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Vår Energi is transitioning from a conventional upstream producer to an infrastructure-backed consolidation platform, leveraging existing assets for cash generation and growth. Completion of major 2025 projects and the BlueNord acquisition shift VARRY toward a cash-harvesting model, with reduced construction risk and enhanced long-life production. Q2-2026 saw record financial performance, with $3.07B EBITDA, $839M net income, and leverage reduced to 0.4x EBITDAX, supporting robust dividends and financial flexibility.

Vår Energi ASA (VARRY) Shareholder/Analyst Call Prepared Remarks Transcript

At quarter-end our portfolio had more than 106% upside to our estimated NAV and was trading at a weighted average P/E of 6.6x (net of cash), FCF/EV yield of 17% and a return on tangible capital of 29%. The top contributor during the quarter was Watches of Switzerland (+59.2% +113 bps), the British dealer of luxury watches and Rolex's most important authorized dealer. The top detractor was Vår Energi (VNRNF) (-18%, -57 bps), the Norwegian oil and gas operator.