Arendals Fossekompani-Q1’26: Guidance largely unchanged – NAV discount at 20%-05/13/2026

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Arendals Fossekompani-Q1’26: Guidance largely unchanged – NAV discount at 20%-05/13/2026

Arendals Fossekompani

NEWSFLASH | 13 MAY 2026

Q1’26: Guidance largely unchanged – NAV discount at 20%

AFK reports Q1’26 EBIT of NOK 155m, more than a doubling y/y driven by less loss contribution from the charge part of

ENRX and a significant uptick in hydropower with the high electricity prices in Q1 offsetting lower power generation. The

company reiterates headline guidance for 2026 including revenue in line with 2025. Operating profit is still expected to be

significantly higher, including the absence of major impairment in 2025 (ENRX). For NSSL Global, the company now expects

EBIT to be in line 2025 (previously expected to be below) with elevated government activity expected to persist near-term.

The 2025 dividend of NOK 3 per share (known) is down from the previous annual dividend of NOK 4 and equals a yield of

~2%. AFK currently trades at a 20% discount to our NAV, vs. the 5Y average of trading around the NAV. Buy, TP NOK 193.

Financials

Helene Tingvold

+47 24 02 81 11, helene.tingvold@paretosec.com

Bård Rosef

+47 24 13 21 56, bard.rosef@paretosec.com

For disclosures on relevant definitions, methods, risks, potential conflicts of interests etc. and disclaimers please see www.paretosec.com. Investment Recommendations should be reviewed in

conjunction with the information therein. When distributed in the US: This document is intended for institutional investors and is not subject to all of the independence and disclosure standards

applicable to equity/debt research reports prepared for retail investors. This material is considered by Pareto Securities to qualify as an acceptable minor non-monetary benefit according to Directive