Var Energi ASA (VAR.OL): 2Q26: BlueNord Combination Overshadows a Mixed Quarter

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Var Energi ASA (VAR.OL): 2Q26: BlueNord Combination Overshadows a Mixed Quarter

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21 Jul 2026 02:31:48 ET │ 12 pages

Var Energi ASA (VAR.OL)

2Q26: BlueNord Combination Overshadows a Mixed Quarter

CITI'S TAKE

Buy Var’s 2Q result is overshadowed by the pending BlueNord combination,

which would take the company beyond Norway and lifts its long-term Price (20 Jul 26 17:30) NKr43.61

production target to c.450kboepd. BlueNord would add c.45kboepd of Target price NKr48.00

stable, low-decline production and increase Var’s 2P and 2C resource Expected share price return 10.1%

base by 9%, with limited near-term capital requirements. Based on Expected dividend yield 11.0%

BlueNord's LTM CFFO of $682m, the transaction implies c.4.0x EV/LTM Expected total return 21.1%

CFFO, which looks fair to us including synergies. The transaction is

Market Cap NKr108,868M expected to be accretive per share across production, cash flow and

US$11,278M distributions, while retaining the existing c.US$2.5bn annual capex

envelope. The quarter itself was mixed, with income ahead but post-

working-capital CFFO below consensus. Net debt fell 35% QoQ and Vår

raised both 2Q dividend and 3Q guidance to $350m. In our view, the Tianhong Bi, CFAAC

pending deal could strengthen the higher-for-longer production case +44-020-7986-4098

without compromising the financial framework. tianhong.bi@citi.com

Alastair R Syme

2Q26 Summary — Total income of $3,719m was 4% above consensus of $3,580m, +44-20-7986-4030

with gas revenues benefiting from commercial settlements relating to previous alastair.syme@citi.com

periods. Reported net income of $839m was 74% above consensus of $482m,

positively impacted by an exchange-rate gain following the change in functional Kate O’Sullivan

currency from NOK to USD.