We reiterate our Buy recommendation with a TP of NOK 250/share (from NOK 260). Despite a softer-than-expected Q1, there are no material changes to underlying trends or Norbit’s competitive positioning. The company has reaffirmed its 2026 guidance, despite FX headwinds and a more PIR-skewed Q2, underpinning confidence in both 2026 topline growth and margin expansion. While concerns have emerged around Oceans, given softer trends in Q4–Q1 and Q2 guidance, even when adjusting for FX, management rem ....
