Arctic: Vår Energi - Excellent fit – alleviates main concern

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Arctic: Vår Energi - Excellent fit – alleviates main concern

Vår Energi Buy Hold

VAR NO | E&P | Equity Company Update | 22 July 2026 | 06:58 Sell

Excellent fit – alleviates main concern Financials and estimates changes Target NOK 50.00 (48.00)

Vår's announced acquisition of BlueNord is an excellent strategic and financial fit. For Vår, Key Figures (USDm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Highlights

the transaction is accretive across key metrics, most notably medium-term FCF, where Recommendation Buy

Revenue 7,450.1 8,095.4 12,789.2 10,731.9 9,843.0 Target Price NOK 50.00

the stand-alone outlook weakens in 2027–28. For BlueNord shareholders, the combination (48.00) EBITDA 5,710.9 6,343.5 10,627.0 8,697.0 7,770.1

Share Price NOK 46.5offers greater diversification, improved share liquidity and better visibility on the long-term EBIT 3,791.1 4,184.3 7,238.5 5,431.6 4,788.8

7.5shareholder returns profile. Vår has also delivered a total shareholder return of ~200% since EPS 0.13 0.34 0.79 0.45 0.38 Upside (%)

its IPO, making the use of its shares to fund the majority of the consideration attractive Adj. EBITDA 5,710.9 6,343.5 10,627.0 8,697.0 7,770.1 Market cap (NOKm) 116,064

and well justified. Additional synergies stem from the anticipated refinancing of BlueNord's Adj. EBITDA margin (%) 76.7 78.4 83.1 81.0 78.9 Enterprise Value (USDm) 17,499

debt and lower guarantee requirements related to future decommissioning liabilities. The Revenue growth (%) 8.8 8.7 58.0 (16.1) (8.3) Number of shares (m) 2,496

transaction remains subject to BlueNord shareholder approval at an extraordinary general EPS growth (%) (46.5) 158.7 134.6 (43.9) (14.9) 12 months share price performance:

meeting, and we have therefore not incorporated it into our estimates. Nevertheless, we