— | EQNR | Equinor ASA | 76 | — | — | — | | Dominant Norwegian energy position with strong free cash flow. Accelerating renewables capex provides long-term optionality. | ▼ |
— | AKRBP | Aker BP ASA | 58 | — | — | — | | Pure-play Norwegian oil with strong Valhall and Skarv cash generation. Dividend policy attractive at current oil price. | ▼ |
— | NHY | Norsk Hydro ASA | 61 | — | — | — | | Aluminium prices recovering; renewable energy segment undervalued by market. Bauxite-to-aluminium integration de-risks cost base. | ▼ |
— | YAR | Yara International ASA | 44 | — | — | — | | Fertiliser cycle past peak; European gas costs pressuring margins. Long-term food security demand intact but near-term headwinds. | ▼ |
— | MOWI | Mowi ASA | 71 | — | — | — | | Global salmon supply constrained by biology and regulation. Mowi's vertical integration supports margin resilience. | ▼ |
— | SALM | SalMar ASA | 65 | — | — | — | | SalMar's Iceland and Norway volumes growing. NRS merger synergies still flowing through. Premium valuation warranted. | ▼ |
— | AUSS | Austevoll Seafood ASA | 38 | — | — | — | | Smaller aquaculture holding; less liquid than MOWI/SALM. Pelagia processing diversification partially offsets salmon volatility. | ▼ |
— | DNB | DNB Bank ASA | 68 | — | — | — | | Largest Norwegian bank, well capitalised. Rising rates beneficial for NIM; credit quality stable. | ▼ |
— | STB | Storebrand ASA | 51 | — | — | — | | Storebrand benefits from higher rates on insurance float. DC pension growth structural tailwind; some sensitivity to equity markets. | ▼ |
— | TEL | Telenor ASA | 47 | — | — | — | | Mature Nordic telco; dividend yield attractive but growth limited. Asian operations (dtac/True merger) add execution risk. | ▼ |
— | KOG | Kongsberg Gruppen ASA | 82 | — | — | — | | Record defence order book; Kongsberg Maritime exposure adds civil upside. Margins expanding as production scales. | ▼ |
— | SUBC | Subsea 7 SA | 41 | — | — | — | | Offshore services recovery underway but contract backlog conversion lumpy. Exposure to deepwater timing risk. | ▼ |
— | ORK | Orkla ASA | 54 | — | — | — | | Defensive consumer staples with stable Nordic distribution. Branded goods pricing power limits inflation pass-through risk. | ▼ |
— | BWLPG | BW LPG Limited | 28 | — | — | — | | LPG shipping rates cyclically elevated but mean-reverting. Spot exposure high; limited forward contract coverage adds earnings volatility. | ▼ |
— | SCATC | Scatec ASA | 32 | — | — | — | | Renewables development pipeline attractive long term but capital-intensive. Near-term cash burn and execution risk on emerging-market projects. | ▼ |