Var Energi ASA (VAR.OL): 2Q26 Trading Update and Pre-Print Positioning Check

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Var Energi ASA (VAR.OL): 2Q26 Trading Update and Pre-Print Positioning Check

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09 Jul 2026 02:24:12 ET │ 14 pages

Var Energi ASA (VAR.OL)

2Q26 Trading Update and Pre-Print Positioning Check

CITI'S TAKE

Var’s 2Q trading update was softer than expected on volumes, with

production of 376kboepd c.3% below VisibleAlpha consensus, but the

shortfall looks largely explained by scheduled maintenance, most of which Buy

was completed in the quarter. The 2H26 delivery bridge remains credible, Price (08 Jul 26 17:30) NKr43.03

supported by King, Balder VI, Jotun debottlenecking and the remaining infill

Target price NKr48.00programme, leaving FY26 guidance of 390-410kboepd achievable, in our

view. Realisations were a useful offset, with overall realised prices 2% ahead Expected share price return 11.6%

of consensus, and gas remained ahead of Norwegian peers. Positioning is Expected dividend yield 11.2%

still firmly long-biased, leaving Var with less room for disappointment but

Expected total return 22.7%enough support if 2H delivery and FY26 cash-return story remains on track.

Market Cap NKr107,420M

2Q26 Trading Statement — Var reported 2Q production of 376kboepd, 3% below US$10,916M

Visible Alpha consensus of 386kboepd. The miss was mainly maintenance-driven,

with a c.20kboepd impact in the quarter and c.11kboepd annualized impact for

FY26, while the majority of planned turnaround activity was executed in 2Q. We still

see the FY26 production guidance range of 390-410kboepd as achievable, helped Price Performance

by the 2H start-up of King Development, Balder VI and Balder Next/Jotun

(RIC: VAR.OL, BB: VAR NO)debottlenecking, alongside the remaining 60% of 60-well infill programme coming

onstream. Sales volumes were supported by an overlift position, with 34.2mmboe