1— | KOG | Kongsberg Gruppen ASA | 88+3 | 91+3 | 84+4 | 70-2 | high | Kongsberg Gruppen is the portfolio's top conviction name as record European defence budgets, missile system demand, and a multi-year order backlog point to sustained double-digit earnings growth. | ▼ |
2— | SALM | SalMar ASA | 76 | 74 | 77+2 | 60-2 | high | SalMar is the highest-quality Norwegian salmon farmer with superior biology, strong cash generation, and improving spot prices pointing to a robust Q2 earnings beat. | ▼ |
3— | MOWI | Mowi ASA | 72-2 | 67-3 | 71-1 | 62-1 | high | Mowi's global scale and cost discipline make it a core aquaculture holding as spot prices remain supportive, though Q1 2026 harvest volumes came in slightly below guidance, capping upside. | ▼ |
4▲1 | DNB | DNB Bank ASA | 70 | 66+1 | 72 | 68-4 | high | DNB's dominant Norwegian retail and corporate banking franchise benefits from a still-elevated Norges Bank policy rate environment, supporting net interest margins and a compelling dividend yield. | ▼ |
5▲1 | AUSS | Austevoll Seafood ASA | 68 | 62 | 66+1 | 58 | medium | Austevoll benefits from firm Atlantic salmon prices and a diversified seafood portfolio, though resource-rent tax uncertainty and modest leverage keep conviction at moderate levels. | ▼ |
6▲1 | STB | Storebrand ASA | 67 | 63 | 68 | 65-3 | medium | Storebrand's pension and asset-management business is well-positioned for rising long-dated Nordic yields, with a clean balance sheet and growing defined-contribution inflows as structural tailwinds. | ▼ |
7▲1 | ORK | Orkla ASA | 65 | 55 | 67+1 | 74-4 | medium | Orkla's defensive consumer-staples profile and steady dividend offer stability, but limited top-line growth and ongoing portfolio restructuring constrain near-term re-rating potential. | ▼ |
8▲1 | TEL | Telenor ASA | 64+1 | 53-2 | 65+1 | 76 | medium | Telenor offers a defensive yield and stable Nordic subscriber revenue, but limited organic growth, Asian market regulatory complexity, and muted pricing power make it a hold rather than a buy. | ▼ |
9▼5 | SUBC | Subsea 7 SA | 63-9 | 60-9 | 64-6 | 55-10 | medium | Subsea 7 carries a solid backlog and benefits from sustained offshore capex, but order intake timing and Brent uncertainty introduce near-term visibility risk at current valuation levels. | ▼ |
10— | BWLPG | BW LPG Limited | 61+3 | 58+4 | 63+1 | 50-2 | medium | BW LPG benefits from healthy LPG freight rates driven by U.S. propane export volumes and Middle East supply, though fleet age dynamics and potential rate softening in H2 2026 temper the outlook. | ▼ |
11— | NHY | Norsk Hydro ASA | 58+3 | 55+2 | 60+3 | 52-2 | medium | Norsk Hydro is supported by resilient aluminium demand from the energy-transition supply chain and ongoing Alunorte ramp-up, though LME aluminium price softness and energy cost risks keep the setup mixed. | ▼ |
12▲1 | EQNR | Equinor ASA | 55+7 | 50+7 | 62+4 | 58+6 | medium | Equinor's integrated model and strong balance sheet provide resilience, but soft Brent prices, LNG margin pressure, and a slower-than-expected U.S. offshore wind pivot limit near-term upside. | ▼ |
13▲2 | AKRBP | Aker BP ASA | 52+10 | 48+10 | 58+3 | 50+5 | medium | Aker BP's high-quality Valhall and Yggdrasil assets underpin long-term value, but range-bound Brent crude and elevated capex during the Yggdrasil ramp-up weigh on near-term free cash flow. | ▼ |
14— | SCATC | Scatec ASA | 47+3 | 43+3 | 41-1 | 38 | medium | Scatec's emerging-market solar and wind pipeline offers long-term growth, but currency risk in project markets, high leverage, and execution uncertainty on new awards keep near-term conviction limited. | ▼ |
15▼3 | YAR | Yara International ASA | 44-8 | 38-10 | 42-10 | 44-6 | low | Yara faces persistent fertiliser price weakness, elevated European gas input costs, and structural demand headwinds in key markets, creating a challenged near-term earnings outlook. | ▼ |