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Analyst consensus

Our consensus of analysts represents the average estimate of multiple independent financial and equity analysts following Equinor. We aggregate their forecasts on key metrics such as earnings and production estimates, helping investors to predict performance and providing a benchmark for comparing actual outcomes.

Every quarter ahead of the earnings announcement, we collect earnings and production estimates from the equity analysts covering the company. These numbers become a proxy for the market’s expectations of our results.

Closed Period

We voluntarily apply a ‘closed period’ before the results of a reporting period are announced. During the two-week period preceding the announcement, we limit our communications with the capital market and will not meet with capital market representatives.

2nd quarter 2026 — Collected July 2026, 17 analysts provided input

In million USD

E&P Norway

9053

E&P International

1093

E&P USA

630

MMP

623

PWR

-6

Other

-24

Adjusted operating income before tax

11370

Tax, E&P Norway

7049

Tax, E&P International

464

Tax E&P USA

160

Tax, MMP

316

Tax, PWR

0

Tax, Other

1

Tax in total

7990

Adjusted operating income after tax

3380

Expensed exploration impacting EPN

135

Expensed exploration impacting EPI

61

Expensed exploration impacting EP USA

14

mbd

Liquids production Norway

686

Gas production Norway

716

Liquids production EPI, equity

275

Gas production EPI, equity

56

Liquids production EP US, equity

149

Gas production EP US, equity

289

Total production, equity

2172

PSA/royalty effect, EPI

64

PSA/royalty effect, EP USA

61

Total production, entitlement

2047

CFFO after tax (excl. WC), million USD

7323

Organic capex , million USD

3243

Adjusted EPS, USD/share

1,34

Consensus for FY 2026:

Adjusted operating income FY26 (bn USD)

40,20

Tax on adj. operating income FY26 (bn USD)

28,37

Adjusted operating income after tax FY26 (bn USD)

11,84

Adjusted EPS 2026 (USD/share)

4,88

CFFO after tax FY26 (excl. working capital impact) (bn USD)

25,03

Organic capex FY26

12,98

Equity oil production FY26 (mbd)

1 122

Equity gas production FY26 (mbd)

1 085

Declared distribution to shareholders 2026, dividends plus share buy-back (bn USD)

6,53

Method: Consensus numbers for reporting segments, as well as tax and production items, represent the average of the inputs after deducting the highest and lowest value for each item. The consensus numbers for adjusted operating income (before tax) represents the sum of the consensus for reporting segments. Estimate for after tax operating income (adjusted) equals the consensus pre-tax number minus consensus for tax in total.

Historical consensus information