Arctic: General Oceans - Soft start to 2026, but demand outlook remains healthy

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Arctic: General Oceans - Soft start to 2026, but demand outlook remains healthy

General Oceans Buy Hold

GENO NO | Technology | Equity Company Update | 19 May 2026 | 06:15 Sell

Soft start to 2026, but demand outlook remains healthy Financials and estimates changes Target NOK 30.00 (34.00)

We reiterate our Buy recommendation with a target price of NOK 30 (from NOK 34) Key Figures (NOKm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

following the Q1 report. The lower target price reflects estimate revisions and peer multiple Recommendation Buy

Revenue 961.5 1,303.9 1,480.7 1,695.0 1,883.1 Target Price NOK 30.00

contraction. While Q1 revenues came in below expectations, partly due to FX headwinds, (34.00) EBITDA 128.4 250.3 309.0 391.2 453.5

Share Price NOK 24.45the weaker performance in Sensors also points to softer demand in certain end markets, EBIT 68.2 185.5 238.3 313.9 370.2

22.7although comparisons were impacted by a particularly strong Q1 last year driven by a larger EPS 0.20 0.86 0.95 1.26 1.49 Upside (%)

delivery. However, strong gross margins, supported by product mix and pricing, combined Adj. EBITDA 128.4 273.6 309.0 391.2 453.5 Market cap (NOKm) 4,694

with solid cost control largely offset the weaker topline, keeping underlying EBITA margins Adj. EBITDA margin (%) 13.4 21.0 20.9 23.1 24.1 Enterprise Value (NOKm) 4,023

broadly stable Y/Y despite revenues declining 5%. Despite the softer Q1 development, Adj. EPS 0.20 0.97 0.95 1.26 1.49 Number of shares (NOKm) 192

management continues to point to healthy underlying demand, with no signs of broader Revenue growth (%) 17.8 35.6 13.6 14.5 11.1 12 months share price performance:

market weakness despite reduced activity in early-phase offshore wind. At the same time, EPS growth (%) (147.3) 322.2 10.3 32.6 18.4