Corrected Transcript
22-Apr-2026
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Total Pages: 18
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Corrected Transcript
Q1 2026 Earnings Call
22-Apr-2026
CORPORATE PARTICIPANTS
Ida Marie Fjellheim
Carlo Santopadre
Vice President-Investor Relations, Vår Energi ASA
Chief Financial Officer, Vår Energi ASA
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
.....................................................................................................................................................................................................................................................................
OTHER PARTICIPANTS
Tianhong Bi
John A. S. Olaisen
Analyst, Citigroup Global Markets Ltd.
Analyst, ABG Sundal Collier Holding ASA
Teodor Sveen-Nilsen
Naisheng Cui
Analyst, SB1 Markets AS
Analyst, Barclays Capital Securities Ltd.
Sasikanth Chilukuru
Anders Kirkhorn Rosenlund
Analyst, Jefferies International Ltd.
Analyst, Skandinaviska Enskilda Banken AB (Norway)
Victoria McCulloch
Steffen Evjen
Analyst, RBC Europe Ltd.
Analyst, DNB Bank ASA
.....................................................................................................................................................................................................................................................................
MANAGEMENT DISCUSSION SECTION
Operator: Hi, everyone, and welcome to the Vår Energi's Q1 Presentation of 2026. Today's call is being
recorded. For the first part of this call, all participants will be in listen-only. Afterwards, there will be a questionand-answer session. [Operator Instructions]
I would like to introduce Head of IR, Ida Marie Fjellheim. Ida, please go ahead.
.....................................................................................................................................................................................................................................................................
Ida Marie Fjellheim
Vice President-Investor Relations, Vår Energi ASA
Thank you and good morning to everyone. A warm welcome to Vår Energi's first quarter 2026 results
presentation. The presentation today will be held by our CEO, Nick Walker and our CFO, Carlo Santopadre. Nick
and Carlo will go through the presentation and then afterwards we will open up for Q&A.
I will now hand the word over to Nick.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
Well, thank you, Ida, and good morning to you all and thank you for joining us today for our first quarter 2026
results presentation. I'm pleased to report we delivered as planned in the quarter, with record high production and
strong financial results. And we're strongly leveraged to the current high price environment. Our operations have
2
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
not been disrupted by the war in the Middle East, demonstrating the strategic importance of Norway as a secure
and responsible supplier of energy to Europe.
We're continuing to transform as a company to harness the entrepreneurial energy of our team, implementing
technology to improve outcomes and increasing the pace of value creation. We're showing further progress and
incrementally improving the outlook for the company for increased resilience while maintaining flexibility, which I
think is key in supporting investments through the cycles.
With our high-quality portfolio of high-return early phase projects, we are targeting to deliver long-term production
above 400,000 barrels per day, which will sustain high shareholder returns over time. And underpinned by strong
performance and cash flow generation, the company continues to deliver attractive shareholder returns.
So now, let us look at the highlights for the quarter. As planned, we delivered record high production in the quarter
of 406,000 barrels per day. This is supported by strong performance from our operated assets, with 97%
production efficiency in the quarter. And all of the new projects we started up during last year are producing
according to plan.
We delivered strong financial performance, with significant CFFO post-tax in the quarter of $1.1 billion. Available
liquidity is stable at $3.5 billion, and our leverage ratio is reduced to 0.7 times at quarter end.
And the company is well positioned in volatile markets. The war in the Middle East, I think, amplifies the strategic
importance of Norway as a secure, reliable, and responsible supplier of energy to Europe. We are leveraged to
the high prices and we will see the North Sea premium prices reflected in the second quarter, with crude liftings
priced in the first weeks of April averaging $130 per barrel.
We've used this opportunity to lock in high gas prices for a portion of our volumes in the second and third
quarters. We continue to unlock long-term future value from our high-quality portfolio. Two projects were
sanctioned in the quarter, which developed around 80 million barrels of net reserves and we made three
commercial exploration discoveries.
Lastly, we continue to provide attractive long-term shareholder returns. We confirm a dividend distribution for the
first quarter of $300 million, which means we've paid stable or growing dividends for the last 17 quarters. And
we're providing dividend guidance of $300 million for the second quarter. Delivering attractive and sustainable
dividends over the cycles is a top priority of management. Should prices remain elevated through the rest of the
year, we'll make a decision at year-end for an extraordinary distribution of excess cash to our shareholders.
So, looking at some of the details. Vår Energi is a leading pure play E&P and in the quarter, I see we've now
grown to the second largest oil and gas producer in Norway. We have a high-quality diversified asset base in all
areas of the NCS, with interest in around 50% of all producing fields and infrastructure and a large exploration
footprint. It is this opportunity-rich portfolio that will allow us to deliver higher production of value for longer.
We also have a balanced commodity mix, with gas being around one-third of our production volumes, making us
one of the largest gas exporters from Norway. It also means, we're leveraged to the current high gas prices in
Europe, which I think are likely to extend beyond the end of the hostilities in the Middle East.
In the first quarter, we delivered record high production of 406,000 barrels of oil equivalent per day, which is in
line with guidance. All of the new projects we started up last year are producing according to plan. We continue
with excellent performance on our operated assets with high production efficiency. And you can see the second
3
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
and third quarters will be impacted by some planned turnarounds. However, the annual average reduction is small
at around 6,000 barrels per day.
During this year, we will start up four new projects, Balder Phase VI, Jotun FPSO debottlenecking, Eldfisk North,
and the King Development. And we have a large portfolio of 60 new development and infill wells that will start up
during the year. So far, we're on track with 11 new wells in production. We've had a strong start to the year, and
we're on target to deliver annual guidance of 390,000 barrels per day to 410,000 barrels per day.
Looking now at our operation performance, you can see that we continue to incrementally improve our outcomes.
We've seen strong improvement in safety performance in the quarter across a range of metrics. And so far this
year, we've had zero incidents with serious potential. I think this takes hard work every day.
We continue our trend of reducing carbon emissions intensity and we're ranked in the top 15% of the industry
globally, and our methane emissions continue at the near-zero level. We target to reduce emissions further from
three main levers, electrification with power from shore, portfolio optimization, and energy management. When
the ongoing Njord and Snøhvit electrification projects are complete, approximately 40% of the company's
production will be produced with power from shore.
Together with Equinor, we have decided to terminate further work to develop an area solution for the
electrification of the Balder-Grane area with power from shore due to challenging economics. Together with
Equinor and the [ph] licensed (00:07:10) partnership, we will determine how best to mature the development of
the remaining resources in the area.
In addition to emissions reductions, Vår Energi aims to become carbon-neutral in our net equity operational
emissions by 2030 through removals in the voluntary carbon market. We continue to be recognized for our ESG
leadership and are ranked by both Sustainalytics and S&P Global in the top 15% of the global oil and gas
industry.
For production efficiency on our operated assets, you can see we have a strong improving trend, and we
achieved a high 97% in the first quarter, ahead of target. On production costs, we achieved $10.4 per barrel in the
first quarter. This is slightly higher than target due to the impact of the strengthening Norwegian kroner.
And going forward, we expect to maintain production costs at around $10 long-term. I think these elements go
hand-in-hand. Strong safety and environmental focus drives good operational discipline and we aim to deliver
continuous improvement, which over time creates significant value.
And Vår Energi has an amazing portfolio which is opportunity-rich, where we have a track record of continuously
growing reserves and resources organically. You can see our 2P reserves stand at 1.3 billion barrels, which
underpins our current production levels. But we are much more than that. We have 2C contingent resources of
around 900 million barrels. These resources are undeveloped.
And we're moving forward over 30 early phase projects to develop around two-thirds of these volumes. We also
have an exciting exploration portfolio of around 1 billion barrels of net risk resources. So, putting this together, we
have around 3 billion barrels of resource potential, with 6% of this yet to be developed.
Developing this opportunity is how we will deliver higher production for longer and meet our target of over 400,000
barrels per day. The levers that will drive this are: firstly, through maximizing recovery from our high-quality
producing assets; secondly, delivering on our portfolio over 15 projects in execution; thirdly, we're progressing
4
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
over 30 early phase projects towards sanction, and finally, we're unlocking more value with our focused
exploration program that is adding new projects all the time.
With this program, we are progressing activity to create value from around 70% of the undeveloped resource
upside in our portfolio. And on top of this, we continue to take an opportunistic approach to further M&A where
there is a strategic fit and we can create value.
Looking now to how we will deliver this. We have 15 high value projects in execution. These are all subsea tiebacks or facility enhancement projects. You can see developing around 290 million barrels net with strong
economics where the average breakeven is around $30 per barrel and rates of return are over 30%. And because
these projects all leverage existing facilities, the average unit cost is very low at around $3 per barrel.
All of these projects are progressing on track as communicated. And during the quarter, we sanctioned two new
projects, Goliat Gas Export, with more on that in a moment, and the King Development.
The first phase of the King Development is an extended reach well from the Ringhorne platform. The well is
developing 2P reserves over 9 million barrels gross and with a low breakeven of below $15 a barrel. The well is
currently drilling, is expected to start up around mid-year. Success will drive further King Development phases.
And last week, we announced the sanction of the Goliat Gas Export project. This value creating project secures
the lifetime of the Goliat asset in the Barents Sea to around 2050, and unlocks future area developments. The
project is increasing oil production from the Goliat field, and allows the gas reserves that are currently being
reinjected to be exported via the Hammerfest LNG plant under gas banking arrangement, and to be sold when
processing capacity is available.
The project comprises a 12-kilometer gas export line to connect the Goliat FPSO to the Snøhvit pipeline, and is
expected to come on stream in the third quarter of 2029. And this project is developing 2P reserves of 112 million
barrels of oil equivalent, of which around 15% is oil. The project has robust economics, with a breakeven in line
with the company's target, and provides significant upside potential from optimization of the Goliat's operations.
The project is also an enabler for the Goliat Ridge development, where the resource potential is over 200 million
barrels. We are working at pace to move – to also move that project towards sanction. And we have a large
portfolio of over 30 high return early phase projects that we are moving towards sanction.
All our subsea tie-backs to existing infrastructure or facilities enhancement projects with low-costs, short time to
market, and high returns, with average breakevens of around $35 per barrel and rates of return above 25%.
We've built significant momentum with our subsea project factory approach and an entrepreneurial focus on value
creation.
We sanctioned 10 projects in 2025 and have sanctioned a further two projects so far this year. And you can see
that we're working towards a total 13 possible sanctions in 2026. And so, I'm confident we'll deliver on our
guidance of eight project sanctions in the year.
During the quarter, we secured a contract for a high specification harsh environment drilling rig to allow us to do
some of the more complex wells we are planning. And we have the people, the equipment and the contracts in
place to deliver the planned project program. Delivering on this project portfolio will develop around 500 million
barrels of contingent resources and will achieve our target of over 400,000 barrels per day long term. And we're
continuing to add new projects as we further derisk the potential of our exciting portfolio.
5
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
Turning now to our exploration program where we have a leading track record. Since 2021, we've added 290
million barrels of contingent resources at a success rate of 45% and over 70% of these volumes are already in
production or in the development process. We've continued this success this year with three commercial
infrastructure-led discoveries out of six wells drilled so far in the year. These discoveries are already being turned
into value. Frida Kahlo will start production through the Sleipner this quarter, and Omega Sør is expected to
sanction as a tie-back to Snorre by year-end. Most of our high impact exploration program in 2026 is in the
second half of the year. We have seven wells remaining with key prospects to be drilled in the Balder, Gjøa and
Asgard areas. Looking ahead, we have a significant exploration position in all areas of the NCS and we're already
lining up an exciting program for 2027 and 2028 with some important high impact wells.
That rounds off my operational updates and I'll now hand over to Carlo to review the financials. Thank you very
much.
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
Chief Financial Officer, Vår Energi ASA
Thank you, Nick, and good morning, everyone. In the first quarter of 2026, we delivered strong financial results on
the back of record high production and robust realized prices in the quarter. Our average realized price for the
quarter was $77 per boe and we generated material cash flow from operation after tax of $1.1 billion. We continue
to have a strong financial position with $3.5 billion in available liquidity. The leverage ratio stands at 0.7, further
reduced from previous quarter level. Free cash flow in the quarter was $475 million, more than sufficient to cover
Q1 dividends. We continued to deliver attractive returns to our shareholder. We confirm the dividend level of $300
million for Q1 and also guide the same level for Q2. Our long term dividend policy of 25% to 30% of CFFO after
tax over the cycles remains intact.
We generated nearly $2.7 billion in revenues in the quarter, a 45% increase from the same quarter last year,
driven by substantial production increase. Realized an average of $77 per barrel in the quarter, with average
crude price at par with Brent for the quarter at approximately $80 per barrel. The realized gas price of $73 per boe
was approximately $7 below the average spot market reference price. This was due to a combination of volumes
sold year ahead, LNG cargoes and volumes sold with month ahead indexation in a rising market, whereas the
impact will be the opposite in a descending market. We continue to have a robust gas sales strategy with access
to several markets, while retaining the flexibility in the contracts to decide the split between month ahead, day
ahead and fixed price.
More specifically, on our oil sales, we ended the quarter in an underlift position. However, most of this has been
reversed in April with a significant price upside and timing has turned out to be good as we have realized an
average price of approximately $130 per barrel for the 3 million barrels priced until now in the month. Since the
beginning of the year, price volatility has been high and increased further since the beginning of the conflict in the
Middle East. In this context, we have seen material premium differentials to Brent for our oil, and those premiums
will be reflected in our next quarter sales.
The company is carefully evaluating opportunities to hedge a portion of its oil and gas production with financial
instruments, aiming to mitigate downside risk while preserving material exposure to potential market upsides. For
the remainder of 2026, 23% of post-tax adjusted oil production is protected with an average floor of $64 per barrel
ensuring full exposure to market upside. Maximum potential loss associated with the hedging strategy in place is
approximately $15 million. In addition, approximately 8% of the third and fourth quarter 2026 and 6% of the first
quarter 2027 gas production has been hedged using collar options, assuring a floor at around $85 per boe with a
6
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
cap at around $280 per boe. Considering both our fixed price gas sales and our gas hedging, approximately 30%
of our gas sales for the remainder of the year have been sold with a floor price at around $84 per boe.
Vår Energi generated material cash flow in the first quarter. Cash flow from operations after tax in the quarter was
$1.1 billion, a decrease from the previous quarter mainly due to impact of working capital movements, offset by
lower tax payments in the first quarter. CapEx for the quarter, including exploration, was $553 million, lower than
the previous quarter. The 2026 development CapEx guidance is unchanged, and we expect to spend between
$2.5 billion to $2.7 billion for the full year.
Our liquidity and financial positions continue to be solid, with a healthy cash balance stable at around $700 million
and total available liquidity at $3.5 billion. We have a diversified long term capital structure with an average debt
maturity of around five years, which aligns with the strategic needs of the business.
Looking at the development of our cash position in the quarter, we generated above $2.2 billion before tax and
working capital movements, up 20% compared to the previous quarter, mostly delivering by higher prices and
higher volumes. The effect of the price spike in March will possibly impact second quarter cash flow. Increase of
trade receivable for March sales contributed to working capital negatively impacting the quarter of $525 million.
These higher receivables would be collected in Q2.
Tax paid amounted to $640 million, down compared to the previous quarter as a result of two cash payments
instead of three. We had a cash outflow of $582 million in investments into our high value project portfolio. Also, in
February, we distributed as planned $300 million in dividends related to our Q4 2025 results.
The company has a strong financial position. During the quarter, we have reduced our leverage ratio and net
interest-bearing debt on EBITDAX to 0.7, down from 0.8 in the previous quarter, and continues to be well below
our over-the-cycle target of below 1.3.
Our debt portfolio is well diversified. We have a Baa3 rating from Moody's and BBB rating for [indiscernible]
(00:20:39), both with a stable outlook and we are committing to maintain our investment-grade rating. Our strong
financial position, our resilient, flexible project portfolio lay solid foundation for the continued growth and material
shareholder distributions going forward.
Now, let's look at the tax guidance for the 2026 results. In the first half of the year, we pay taxes related to 2025
results. In the second half of the year, we'll give sensitivities based on 2026 estimated profits where half is paid in
the year and half will be paid in the next year. In the first quarter, we paid NOK 6.2 billion in taxes and for the
second quarter of 2026, we expect to pay around NOK 8 billion. We've included a sensitivity for the second half of
2026, which is giving the cash tax estimates and updated price scenarios. Giving a range of $2 billion to $3.1
billion according to the indicated price ranges.
Our balanced capital allocation framework remains firm. In the current elevated price environment, we're well
positioned as a company, being set to produce at a record high level in 2026. Recognizing the potential for
increased profit and cash flow generation in the current market environment, we will allocate [indiscernible]
(00:21:53) funds in accordance to our capital allocation framework. Any additional cash flow will be allocated
between extraordinary shareholder returns and strengthening the balance sheet. Maintaining an investment-grade
balance sheet remains of a fundamental importance to us.
We remain committed to deliver long term attractive dividend to our shareholders, as our track record
demonstrates with 17 quarters of stable or growing dividend. For the first quarter of 2026, we confirmed the
7
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Corrected Transcript
Q1 2026 Earnings Call
22-Apr-2026
dividend of $300 million and guide $300 million for the second quarter, each subject to audited financial results
with sufficient equity and general meeting approval of dividend.
We're in a volatile world as the last few months have clearly shown us. We continue to maintain a disciplined
approach, and for the remainder of 2026, we will continue guiding dividend on a quarterly basis, in line with our
long term dividend policy of 25% to 30% of CFFO after tax over the cycle. Dividends remain top priority for the
management, with a clear focus on attractiveness and sustainability over the cycle. We will assess the situation
towards year-end, and should price remain elevated through the year at the current level, we will make a decision
for an extraordinary distribution of excess cash to our shareholders in accordance with our capital allocation
framework. The company is successfully progressing on its delivery path as planned, strengthening the basis for
a material value generation for longer.
Finally, I will summarize our 2026 guidance, which remains unchanged. Production guidance is [ph] 390,000
barrels per day to 410,000 barrels per day (00:23:24). Production cost will be around $10 per barrel, and we aim
to sustain at this level for the long term. Development CapEx will be $2.5 billion to $2.7 billion. Exploration
expenses and [indiscernible] (00:23:37) will be around $250 million to $300 million and $200 million, respectively.
Last but not least, we are confirming Q1 dividend of $300 million, maintaining a dividend level of $300 million for
Q2 2026. We are keeping the long term dividend policy of 25% to 30% of CFFO post-tax over the cycle.
With that, I hand it back to Nick for concluding remarks. Thank you.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
Well, thank you, Carlo. I've just one final slide to summarize. We're delivering on our investment proposition, and
the company is positioned to generate more value for longer. Our material resource base of around 3 billion
barrels is the foundation for this. We're currently producing above 400,000 barrels per day as planned, and we're
targeting to maintain this level long term and we're opportunity-rich and are investing in a series of high value, low
risk, short cycle projects that will increase returns, adding significant value and cash flow. We continue to
incrementally improve the business for increased resilience and flexibility, with a free cash flow breakeven of
around $40 per barrel, which I think is important for supporting investment through the cycles. We generate more
value for longer and are leveraged to higher prices, supporting long term attractive returns in line with our
dividend policy of 25% to 30% of CFFO post-tax over the cycles.
The war in the Middle East, I think, amplifies the strategic importance of Norway as a secure and responsible
supplier of energy to Europe. All of these factors combine to deliver significant shareholder value, and you can
see total shareholder return since the IPO four years ago of over 170%. These are our first quarter 2026 results
and are I think the reasons to be invested in Vår Energi.
Thank you for your time, and we'd now like to open up for your questions. And with that, I hand to the operator.
8
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Corrected Transcript
Q1 2026 Earnings Call
22-Apr-2026
QUESTION AND ANSWER SECTION
Operator: Thank you. We'll now start the question-and-answer session. [Operator Instructions] Thank you. The
first question will be from the line of Tianhong Bi of Citi. Please go ahead.
.....................................................................................................................................................................................................................................................................
Tianhong Bi
Q
Analyst, Citigroup Global Markets Ltd.
Hi. Morning, guys. Can you hear me okay? Hello? Hi. Can you hear me?
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
Yes, we can.
.....................................................................................................................................................................................................................................................................
Ida Marie Fjellheim
Vice President-Investor Relations, Vår Energi ASA
A
[indiscernible] (00:26:27).
.....................................................................................................................................................................................................................................................................
Tianhong Bi
Analyst, Citigroup Global Markets Ltd.
Q
Yeah, cool. Nick, you mentioned extraordinary dividends. Eni also introduced an extraordinary dividend
mechanism above $90 per barrel Brent. Is that the same kind of template you guys have in mind for Vår as well?
And then on portfolio opportunities, Equinor recently framed its NCS 2035 plan around a 50% reduction in both
tie-back costs and time from discovery to production. Do you see this as an operating efficiency tailwind for Vår,
or could it also create further M&A opportunities between Vår and Equinor? Thank you.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
Good questions. In terms of dividend, look, our focus of management is to provide long term sustainable
dividends. And clearly, if these prices continue through this year, then we generate significantly more cash than
we planned. We're going to continue guiding on a quarterly basis, but in terms of any extraordinary dividends, we
will make a decision at the end of the year. So, it'll be into early next year when we report our Q4 results on what
we would do with the excess cash, but if that continues, then we would look at implementing an extraordinary
dividend. We're not going to guide beyond that because I think there's a lot of volatility in the market. But
ultimately if we see high prices long term, we intend that we should return some of that to shareholders.
In terms of moving projects forward, look, I think we set out at our Capital Markets Day and also last year rather
the increased pace of activity we're doing as a company through our project factory approach. We're already
delivering projects quicker than we've done in the past, and we see that standardization, speed, simplification are
all important factors for creating value long term and we have a big portfolio of opportunities that we operate to
move forward. So to give an example, Balder Phase VI we sanctioned last summer. We've already installed much
of the subsea facilities and we will be online in Q4 this year. So that's 18 months after sanction.
I think it's very good that Equinor is also moving ahead and increasing the pace. And of course, as you know,
quite a lot of our portfolio overlaps with Equinor and so many of – about half of our 30 projects are operated by
9
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
Equinor. And so their approach to increase pace, improve value, we fully support and is also good for us as a
company. Hopefully that answers your questions.
.....................................................................................................................................................................................................................................................................
Tianhong Bi
Analyst, Citigroup Global Markets Ltd.
Q
Thank you.
.....................................................................................................................................................................................................................................................................
Operator: Thank you. And the next question will be from the line of Teodor Sveen-Nilsen. Your line is unmuted.
Please go ahead.
.....................................................................................................................................................................................................................................................................
Teodor Sveen-Nilsen
Analyst, SB1 Markets AS
Q
Good morning and thanks for taking my questions. Two questions. First one on the potential impact of
[indiscernible] (00:29:26). I just wonder [indiscernible] (00:29:32) discuss how the current prices and current cash
flow impacts your investment appetite? Should we expect some accelerated project developments [indiscernible]
(00:29:45) useful. And second question [indiscernible] (00:29:48-00:29:56) and what's your view on the spread
between your realized oil prices and the Brent [indiscernible] (00:30:03) prices if Hormuz opens today?
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
Good morning, Teodor. I'll take the first question. Carlo will cover the second. In terms of – we said at our Capital
Markets Day that we were going to lift our investment rate to speed up projects and invest more for longer to
deliver over 400,000 barrels a day. The reality is we optimize our outlook for our company every day. I mean, it's
a whole series of decisions and we look to create long term value. I mean, my aim is that we set out above
400,000 barrels a day long term. I would like to be able to improve that over time. So very much we continue to
look – outlook and look at the opportunities ahead of us to think about whether we can improve it, but I can't
promise we're going to spend any more money than we've set out, but we continue to look to optimize our
portfolio going forward and that's certainly a possibility. So, Carlo, do you want to address [indiscernible]
(00:31:02)?
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
Chief Financial Officer, Vår Energi ASA
A
Sure, sure, sure. Hi – hi Teodor. Thanks for the question. So when it comes to the realization and the premium on
Brent, and if I got correctly, your question is and our view on what would happen if Hormuz opens tomorrow. Well,
we see high premium as we mentioned, and those will be – this will become visible in our Q2 results, because
those premiums were mostly for the deliveries in May and onward. I think that even if Hormuz opens today, this is
something that will remain – of course will normalize over time, but in the very short term, we'll still remain in a
premium environment, because it will take a while even if there is a full opening today to really absorb the
situation and give to all the logistic aspects involved in that some stabilization. So I'm not expecting this to be a
very long term effect, but in this year, I would expect this to remain stabilizing over time for the next months to
come.
.....................................................................................................................................................................................................................................................................
Teodor Sveen-Nilsen
Analyst, SB1 Markets AS
Q
Okay. Thank you. [indiscernible] (00:32:06). Thanks.
.....................................................................................................................................................................................................................................................................
10
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
Operator: Thank you. For the next questioner, please state your name and company before asking your
question. Your line is now unmuted. Please go ahead. Your line is unmuted. Would you like to check if you're
muted from your end, please?
.....................................................................................................................................................................................................................................................................
Sasikanth Chilukuru
Analyst, Jefferies International Ltd.
Q
Hi.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
Yeah, we've got you.
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
Chief Financial Officer, Vår Energi ASA
A
Yeah.
.....................................................................................................................................................................................................................................................................
Ida Marie Fjellheim
Vice President-Investor Relations, Vår Energi ASA
A
[indiscernible] (00:32:39).
.....................................................................................................................................................................................................................................................................
Sasikanth Chilukuru
Analyst, Jefferies International Ltd.
Q
Hi. This is Sasikanth Chilukuru from Jefferies. I was just – I had two questions and thanks for taking them. The
first was regarding the extraordinary dividend. You also reiterated your dividend policy 25% to 30% of CFFO. I
was just wondering if you would stick to this policy regardless of the macro and even – if the prospects of
extraordinary dividend would fall under this policy? The second was on hedging. You introduced hedges for both
oil and gas production now this quarter. Could you share more detail on the policy guiding this decision?
Additionally, should we expect further hedging activity going forward, especially particularly for oil?
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
Carlo, do you want to take those?
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
Chief Financial Officer, Vår Energi ASA
A
Yeah, I can take – I'll take both. So when it comes to the dividend policy, our dividend policy long term of 25% to
30% of CFFO post-tax over the cycle remains intact. So the extraordinary dividend will be part of the policy, but
it's not going to change the policy, because it's meant to be long term. It's exactly meant to go through the cycle
and the fluctuations over the cycle.
When it comes to the hedging of oil, we are taking a bit more, I will say, proactive approach compared to what we
did back in the past, because the company is very different. We had a program where we were basically hedging
$50 flat in the past years, and then we decided to take a bit different approach, because the size of the company
is very different. Also, the production profile is very much derisked compared to where it was when we were in the
execution phase.
11
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
So we look at the market. Always the target is to hedge just part of our post-tax calibrated production. So we don't
have close to 100% of production. And the main purpose is to secure a floor without capping the upside. So that's
the main objective of the policy. We will continue, of course, doing this actively over time, because we do this on a
rolling basis.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
A
Chief Executive Officer, Vår Energi ASA
I think just to come back on the first one, our policy is 25% to 30% of CFFO post-tax over the cycles, but clearly,
with higher prices, we generate more CFFO. And of course, [indiscernible] (00:34:57) within the policy still gives
us the opportunity perhaps to go above the dividend run rate that we have at the moment. So, as we say, we will
assess this at the year-end and make a decision at that point in time on the level of excess cash that we might
return.
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
A
Chief Financial Officer, Vår Energi ASA
Yeah.
.....................................................................................................................................................................................................................................................................
Sasikanth Chilukuru
Q
Analyst, Jefferies International Ltd.
Very clear. Thank you very much.
.....................................................................................................................................................................................................................................................................
Operator: Thank you. And we'll now take our next question from Victoria McCulloch of RBC. Your line is open.
Please go ahead.
.....................................................................................................................................................................................................................................................................
Victoria McCulloch
Q
Analyst, RBC Europe Ltd.
Morning. Thanks very much for your time this morning. Just one firstly on production. At the CMU earlier this year,
you highlighted that January production was 416,000 barrels a day and that the capacity of the [indiscernible]
(00:35:44) the assets was about 440,000 barrels a day. Can you just talk us through the moving parts from I
guess the average in January to the full quarter? And then on the Goliat Gas expansion, what's your – I guess
what's the expectation in terms of timing for Hammerfest to be able to take the gas from this development
[indiscernible] (00:36:08) what's your base case assumption in terms of timing? That would be very helpful. Thank
you very much.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
A
Chief Executive Officer, Vår Energi ASA
Yeah. On production, we set out at our Capital Markets Day how we'd performed so far this year and clearly, we
have [ph] upsets (00:36:22) in the performance of assets and timing of activity coming online and new wells. So
those things, all of those is complex optimization and so it's clear the quarter average was [ph] 406,000 barrels a
day (00:36:40). That's in line with our guidance range for – in terms of how we set out the year. And we're on
track to deliver within our guidance range. And in fact, what I'll say is that the top end of our guidance range is still
achievable from where we sit today. So timing of wells coming in has a bearing also on some of the outcomes, so
that's sort of how we've set this out.
In terms of Goliat Gas, it's a great project actually. It secures the lifetime of Goliat to 2050. It adds more oil
because it allows us to optimize the management of the reservoir. And then we deliver the gas into the
12
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
Hammerfest LNG project. And of course, that is full for some time. And when that goes on decline or cannot meet
its profile, we get the opportunity to use the capacity to redeliver our volumes. If you assume that it's full till the –
till it comes off plateau in – sometime in the 2040s, that's when we would get the gas back, but if at some point
during that time the facility can't keep its – keep full for whatever reason, then we would also get volumes back.
So – but our base case is the assumption that it comes in the 2040s when Hammerfest LNG goes on decline.
I think this is also a really important project for unlocking the future potential of Goliat. We have our Goliat Ridge
discoveries that we've made and the potential there is over 200 million barrels, and we're working to move that
project forward. And our aim is to do it as quickly as we can. It's very close to Goliat. But of course that – the
moment as we're injecting gas resources into the reservoir, we're limited on how we handle the gas, but of
course, Goliat Ridge would also generate more gas, which would have a challenge for us, and then we'd have to
spend money to dispose of that additional gas somewhere. So this project also facilitates and makes it more
efficient to develop the Goliat Ridge. So they're linked. It's a good project. It creates the long term perspective for
the assets. And now, we can go and invest into the remaining opportunities around there.
.....................................................................................................................................................................................................................................................................
Victoria McCulloch
Q
Analyst, RBC Europe Ltd.
Just if I can ask a follow-up on that quickly, Nick. The breakeven for this project looks, I guess, lower than, I
guess, the threshold which you've talked about sanctioning projects, $30 a boe. Is it just a very compelling
investment at this point in the cycle in addition to opening up to the wider investment area?
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
I mean, it's the right time to do it. There's a lot of resources here. And then, actually, we haven't guided the
specific breakeven, but it's in line with what we have used as a company, which is $35 a barrel or breakeven. So,
it's in line with that as a project.
.....................................................................................................................................................................................................................................................................
Victoria McCulloch
Analyst, RBC Europe Ltd.
Q
Okay. Thanks very much.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
Thanks, Victoria.
.....................................................................................................................................................................................................................................................................
Operator: Thank you. The next question will be from the line of John Olaisen of ABG. Your line is open. Please
go ahead.
.....................................................................................................................................................................................................................................................................
John A. S. Olaisen
Analyst, ABG Sundal Collier Holding ASA
Q
Hey, good morning and thanks for taking my question. Questions, two actually. Q1 2026 was the sixth quarter in a
row with significant underlift if my notes are correct. I just wonder if you could comment on that a little bit. Is that
just a coincidence or is it not a coincidence? And then, also maybe when should we expect to see a version of the
accumulated underlifting?
13
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
My second question is more a comment or a follow-up actually on Teodor's question regarding premium to Brent.
Are there any particular fields that you would highlight where you get the significant premium to Brent at the
moment? I know the Johan Sverdrup is seeing some $10 premium to Brent over the last few weeks. And I know
you're not in Johan Sverdrup, of course, but if there are in the fields that you would highlight, it would be
interesting. Thank you.
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
Chief Financial Officer, Vår Energi ASA
A
Yeah. I'll take – I can take both. Thank you, John. So when it gets to the underlifting, it's true that we've been in a
stable underlifting position and every quarter fluctuates. [ph] What – so, is intend is (00:41:12), I mean, it's just
part of how the lifting program is built up. You know that each field is different, each license is different. It depends
on which is your equity volumes. So, these are very operational mechanism.
In Q2, what we see is that, we see a significant reversal of the underlifting position, again, for the very same
operational reasons, because a lot of cargoes that were not lifted in March are already be lifted in April as we
speak, because we are almost in the end of the month with a very high prices. And this is, of course, a positive
note. So, we expect Q2 to be in a good overlift position, so rebalancing the global position. But, it's very
operational.
When it comes to the premium, just to give a bit of the grades that we see, we are seeing a lot of premium, very
material premium, as Johan Castberg, Grane and Balder, for example, just to make some examples or where we
are seeing quite material premium.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
I think to give a bit of color, we are in over 40 fields, but we've seen premiums up to $20 for some crude sold in
May. But we have a whole range of different qualities. So, we don't want to provide guidance on the broad
spectrum, but I mean, very significant.
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
Chief Financial Officer, Vår Energi ASA
A
Just mentioning some of those that – yeah, so...
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
But, some very significant premiums.
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
Chief Financial Officer, Vår Energi ASA
A
[indiscernible] (00:42:30).
.....................................................................................................................................................................................................................................................................
John A. S. Olaisen
Analyst, ABG Sundal Collier Holding ASA
Q
Thank you.
.....................................................................................................................................................................................................................................................................
14
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
Operator: Thank you. And your next question will be from the line of Nash Cui of Barclays. Your line is open.
Please go ahead.
.....................................................................................................................................................................................................................................................................
Naisheng Cui
Analyst, Barclays Capital Securities Ltd.
Q
Hi, good morning, Nick and Carlo. Thanks for taking my questions. I have two, please. The first one is on
production flexibility. I wonder how easy is it for Vår Energi to push back on some of your maintenance or to bring
more volume online quicker than planned. And then, my second question is on gas price actually. In your report
today, you disclosed good gas color option between $85 to $270 per barrel, which is amazing. That's between Q3
to Q1 next year. I wonder given that, what is your view, kind of medium-term view on gas price over oil? Where do
you see the more relative upside, please? Thank you.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
Okay. So thanks, Nash, and good morning. And I'll take the first and then Carlo will talk about gas prices. In terms
of production, as I went through the slides, I think you saw that we have a slight dip in Q2 and Q3, which is
planned turnarounds. But this year, we actually don't have many. And so, the average impact over the year is
around 6,000 barrels a day. We have looked at those to see what we can shorten or push back, of course, but
there's very limited things that we can do. But actually, the impact is very limited.
In terms of trying to maximize production, that's what we do every day actually. So, we work hard to deliver
volumes. And I can assure you we're going to maximize the production that we can out of our portfolio as much as
we can. But, I think, we don't have much flexibility, because we're already doing that. So, hopefully that answers
the question. And then Carlo, maybe here to pick up the gas prices.
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
Chief Financial Officer, Vår Energi ASA
A
Yeah.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
Chief Executive Officer, Vår Energi ASA
A
And I might want to comment at the end as well.
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
Chief Financial Officer, Vår Energi ASA
A
Yeah, sure, sure, sure. When it comes to the gas price engaging, as you mentioned, we got a very good spot to
place a very attractive color, I will say, with a target again to [ph] protect the downside (00:44:41) although we saw
a cap so high that we felt it was very reasonable to enter into zero color. Where do we see most of the upside is a
bit difficult question, because the two things are, in my view now, very much correlated, because what is
happening in the Middle East is disrupting actually both. And we also have to consider that the storage in Europe
are very, very low.
So, in the very short-term, if the blockade continues, I think both the market will be quite impacted. And there is a
dynamic for storage replenishment in Europe, [indiscernible] (00:45:10) will be dragged into the summer even if
there is an opening. And also fair to say that there are plans to be repaired over time and this will take time. So, in
synthesis, where there is the most, it's a bit difficult to say, but I believe both will be pretty much sustained over
the next months for maybe different dynamics but in the end a very same route.
15
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
And Nick, please.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
A
Chief Executive Officer, Vår Energi ASA
Yeah. I mean, we're obviously disrupted in this period of time with the gas supplies in the world. And that's
obviously why we've got big prices at the moment. And I think when this conflict ends, it'll take some time to
recover. I think, there's some facilities that need to be repaired and this disruption in the world will need to be
unwound. But going into this, the assumption a lot of analysts had, we would see very low prices in Europe due to
the large flows of new LNG coming online, particularly in North America and the Middle East.
I've made it clear I didn't believe the very negative views. I think for lots of reasons, this disruption that we see
today is a good example of the uncertainty. You can see many of those projects aren't necessarily going to come
on time. But I also see a strong demand growth for energy particularly in North America. You can't buy gas. New
gas power generation capacity sold out for six years. And I mean, what's all of that going to do when it comes
online? It's going to burn a lot of gas and a lot of that's to drive AI and data centers around the world.
And so, I think world demand for energy and gas is perhaps underplayed and particularly in North America. And I
think that would flow through to gas prices. So, we have been a bit more positive on the long-term outlook once
this market disruption at the moment settles down. So, that's sort of how we look at things here.
.....................................................................................................................................................................................................................................................................
Naisheng Cui
Q
Analyst, Barclays Capital Securities Ltd.
That's very helpful. Thank you, Nick and Carlo.
.....................................................................................................................................................................................................................................................................
Operator: Thank you. And your next question will be from the line of Anders Rosenlund of SEB. Your line is
open. Please go ahead.
.....................................................................................................................................................................................................................................................................
Anders Kirkhorn Rosenlund
Q
Analyst, Skandinaviska Enskilda Banken AB (Norway)
Yeah. Thank you for taking my question. How much of the reported gas production is production gas, i.e. gas
used for – or fuel gas as you call it used for home consumption?
.....................................................................................................................................................................................................................................................................
Carlo Santopadre
A
Chief Financial Officer, Vår Energi ASA
Yeah. We report this way and it's around 8,000 bod per day.
.....................................................................................................................................................................................................................................................................
Anders Kirkhorn Rosenlund
Q
Analyst, Skandinaviska Enskilda Banken AB (Norway)
Okay. Thank you.
.....................................................................................................................................................................................................................................................................
Operator: Thank you. [Operator Instructions] Thank you. And we'll now move on to our next question from
Steffen Evjen of DNB Carnegie. Your line is open. Please go ahead.
.....................................................................................................................................................................................................................................................................
Steffen Evjen
Analyst, DNB Bank ASA
Q
16
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
Good morning, guys. I have a question on Balder production. So, it was my understanding that the capacity here
[indiscernible] (00:48:16) was around 110,000 barrels per day. Gross, it seems production has now stabilized at
around 90,000 barrels per day over the first two quarters. So, my first question is, could you bridge the gap
between the 90,000 barrels per day and 110,000 barrels per day [ph] and whether this is constrained (00:48:31)
to FPSO or performance of the wells or any other things?
My second question is, should we expect any upside from these levels over the next quarters to the peak capacity
level? Thank you.
.....................................................................................................................................................................................................................................................................
Nicholas Walker
A
Chief Executive Officer, Vår Energi ASA
Good – Steffen, and good morning. I think, we've explained in the past quite a number of times that these Balder
wells, when we drill them, they have high initial rates and they decline quite rapidly and they have a very, very
long tail. And so, that requires us to continually invest into the portfolio with bringing new wells on. So, it reaches a
peak rate rather than a plateau rate. And so, when you -- last year we installed the Jotun FPSO that adds 80,000
barrels a day of gross production when it's – potentially when it's full.
And then, we also have the additional FPU production which was about 30,000 barrels per day. And so, you're
right in saying we have potential capacity of 110,000 barrels per day. But, we also have to continue to invest into
the well stock to keep this full. And I think at the end of last year, we reported some delays on some wells on
Balder Phase V. So, that has had an impact. So, we expected to have a few more of those wells on by now. But
that was all built into our outlook for this year when we came into a guide for this year.
And so, it's this continuous process of continually investing into the capacity. What we are going to find is, it's not
going to be limited by oil capacity. It's going to be limited by gas handling capacity and water handling capacity
ultimately, because as these wells get more water cut and get more gas, that's what's going to be the limiting
factor.
And that's why we're doing the Balder debottlenecking project at the moment which will come online later this
year, which is essentially there to improve gas handling capacity and water handling capacity, which will help us
produce the volumes out quicker. But, we will be continuing to drill here for many, many years. And that's why we
are confident to be able to say that we're going to be able to sustain around 80,000 barrels a day through the area
long-term. Hopefully that answers the question.
.....................................................................................................................................................................................................................................................................
Steffen Evjen
Q
Analyst, DNB Bank ASA
Okay. Yeah, sure. Thank you very much.
.....................................................................................................................................................................................................................................................................
Operator: Thank you. There are no further questions in queue. I will now hand it back to Ida for closing remarks.
.....................................................................................................................................................................................................................................................................
Ida Marie Fjellheim
Vice President-Investor Relations, Vår Energi ASA
Thank you very much. There are no further questions from the chat. So, that concludes the first quarter 2026
presentation. And we thank you all for joining and wish you a good rest of your day. Thank you.
17
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
Vår Energi ASA (VAR.NO)
Q1 2026 Earnings Call
Corrected Transcript
22-Apr-2026
Disclaimer
The information herein is based on sources we believe to be reliable but is not guaranteed by us and does not purport to be a complete or error-free statement or summary of the available data.
As such, we do not warrant, endorse or guarantee the completeness, accuracy, integrity, or timeliness of the information. You must evaluate, and bear all risks associated with, the use of any
information provided hereunder, including any reliance on the accuracy, completeness, safety or usefulness of such information. This information i s not intended to be used as the primary basis
of investment decisions. It should not be construed as advice designed to meet the p articular investment needs of any investor. This report is published solely for information purposes, and is
not to be construed as financial or other advice or as an offer to sell or the solicitation of an offer to buy any security in any state where such an offer or solicitation would be illegal. Any
information expressed herein on this date is subject to change without notice. Any opinions or assertions contained in this i nformation do not represent the opinions or beliefs of FactSet
CallStreet, LLC. FactSet CallStreet, LLC, or one or more of its employees, including the writer of this report, may have a position in any of the securities discussed herein.
THE INFORMATION PROVIDED TO YOU HEREUNDER IS PROVIDED "AS IS," AND TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, FactSet CallStreet, LLC AND ITS LICENSORS,
BUSINESS ASSOCIATES AND SUPPLIERS DISCLAIM ALL WARRANTIES WITH RESPECT TO THE SAME, EXPRESS, IMPLIED AND STATUTORY, INCLUDING WITHOUT LIMITATION ANY IMPLIED
WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, ACCURACY, COMPLETENESS, AND NON-INFRINGEMENT. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE
LAW, NEITHER FACTSET CALLSTREET, LLC NOR ITS OFFICERS, MEMBERS, DIRECTORS, PARTNERS, AFFILIATES, BUSINESS ASSOCIATES, LICENSO RS OR SUPPLIERS WILL BE LIABLE FOR ANY
INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGES FOR LOST PROFITS OR RE VENUES, GOODWILL, WORK STOPPAGE,
SECURITY BREACHES, VIRUSES, COMPUTER FAILURE OR MALFUNCTION, USE, DATA OR OTHER INTANGIBLE LOSSES OR COMMERCIAL DAMAGES, EVEN IF ANY OF SUCH PARTIES IS ADVISED
OF THE POSSIBILITY OF SUCH LOSSES, ARISING UNDER OR IN CONNECTION WITH THE INFORMATION PROVIDED HEREIN OR ANY OTHER SUBJECT M ATTER HEREOF.
The contents and appearance of this report are Copyrighted FactSet CallStreet, LLC 2026 CallStreet and FactSet CallStreet, LLC are trademarks and service marks of FactSet CallStreet, LLC. All
other trademarks mentioned are trademarks of their respective companies. All rights reserved.
18
1-877-FACTSET www.callstreet.com
Copyright © 2001-2026 FactSet CallStreet, LLC
