Q4 EBITDA of 2,069m is 3% below cons. on higher opex and exploration expensesQ4 FCF ~0.4bn lower than cons. due to higher capex (and some working capital build)2026 production guidance: 370 - 400 kboepd (slight relief)2026 capex guidance: USD 6.2-6.7bn (vs. cons. USD 5.7bn and ARCe USD 5.9bn)All project developments remain on schedule, but USD 1.1bn capex increase on Valhall FenrisMixed report - we expect a fairly neutral market reaction today
