We reiterate our Buy recommendation with a TP of NOK 230/sh. While Q4 was disappointing, the weakness in Oceans reflects the loss of specific contracts in the quarter rather than any structural shift in demand, with end-market activity remaining solid. The shortfall in Connectivity was primarily timing-related, with revenues expected to be recognised in Q1/26 rather than lost. Importantly, the company guides for >NOK 3bn in 2026 revenues, implying >20% organic growth on top of 43% growth in 2025 ....
