Financials Equinor ASA

Equities

EQNR

NO0010096985

Integrated Oil & Gas

Real-time Oslo Bors Other stock markets 10:03:32 16/01/2026 GMT			5-day change	1st Jan Change
249.10 ^NOK	+0.69%		+3.92%	+5.11%

09:15am	Vår Energi's Barents Sea Field Tests Confirm Oil Quality, Volumes	MT
08:35am	Var Energi Delivers Successful Well Test Results at the Goliat Ridge	CI

Projected Income Statement: Equinor ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	45,818	90,924	150,806	107,174	103,774	102,915	96,135	95,006
Change	-	98.45%	65.86%	-28.93%	-3.17%	-0.83%	-6.59%	-1.17%
EBITDA ¹	11,812	45,382	85,202	46,404	40,762	37,930	33,758	34,009
Change	-	284.2%	87.74%	-45.54%	-12.16%	-6.95%	-11%	0.74%
EBIT ¹	3,938	33,486	74,940	36,220	29,798	27,502	23,397	23,663
Change	-	750.33%	123.8%	-51.67%	-17.73%	-7.71%	-14.93%	1.14%
Interest Paid ¹	-836	-2,080	-207	2,114	58	-583	-570.1	-672.6
Earnings before Tax (EBT) ¹	-4,259	31,583	78,604	37,884	30,986	26,139	23,355	23,549
Change	-	841.56%	148.88%	-51.8%	-18.21%	-15.64%	-10.65%	0.83%
Net income ¹	-5,510	8,563	28,746	11,885	8,806	6,226	6,540	7,223
Change	-	255.41%	235.7%	-58.66%	-25.91%	-29.29%	5.04%	10.45%
Announcement Date	10/02/21	09/02/22	07/02/23	07/02/24	05/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	11,746	17,549	17,462	23,264	32,608	36,393	36,459	43,633	34,321	29,224	22,872	26,024	29,054	25,135	25,538	25,446	27,654	29,920	25,145	26,049	22,127	20,638	20,155	20,371	25,984	-	-	-
Change	-	49.4%	-0.5%	33.23%	40.17%	11.61%	0.18%	19.68%	-21.34%	-14.85%	-21.74%	13.78%	11.64%	-13.49%	1.6%	-0.36%	8.68%	8.19%	-15.96%	3.6%	-15.05%	-6.73%	-2.34%	1.07%	27.55%	-	-	-
EBITDA ¹	2,489	8,017	7,409	11,601	18,355	20,409	19,873	28,243	17,768	14,717	9,294	10,822	11,569	9,976	9,830	9,223	11,559	10,810	9,143	8,567	8,921	8,655	8,223	8,457	9,411	8,832	7,969	7,988
Change	-	222.1%	-7.58%	56.58%	58.22%	11.19%	-2.63%	42.12%	-37.09%	-17.17%	-36.85%	16.44%	6.9%	-13.77%	-1.46%	-6.17%	25.33%	-6.48%	-15.42%	-6.3%	4.13%	-2.98%	-4.99%	2.84%	11.28%	-6.15%	-9.77%	0.24%
EBIT ¹	756	5,467	5,298	9,771	14,989	17,991	17,590	24,301	15,059	11,973	7,543	8,024	8,681	7,533	7,482	6,887	7,896	8,646	6,535	6,215	6,088	5,866	5,565	5,725	6,889	6,174	5,347	5,339
Change	-	623.15%	-3.09%	84.43%	53.4%	20.03%	-2.23%	38.15%	-38.03%	-20.49%	-37%	6.38%	8.19%	-13.22%	-0.68%	-7.95%	14.65%	9.5%	-24.42%	-4.9%	-2.04%	-3.66%	-5.13%	2.89%	20.33%	-10.38%	-13.4%	-0.16%
Charge d'intérêts ¹	-410	-707	-393	-536	-443	-1,169	2,023	-	-	1,189	323	13	589	-366	126	365	-548	11	-48	-604	-157	-205	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-1,400	4,513	4,905	9,031	13,135	17,223	19,756	27,156	14,469	13,707	7,374	7,466	9,337	7,998	7,530	7,271	8,187	8,893	5,759	4,666	6,734	6,239	6,710	7,224	7,357	-	-	-
Change	-	422.36%	8.69%	84.12%	45.44%	31.12%	14.71%	37.46%	-46.72%	-5.27%	-46.2%	1.25%	25.06%	-14.34%	-5.85%	-3.44%	12.6%	8.62%	-35.24%	-18.98%	44.32%	-7.35%	7.55%	7.66%	1.84%	-	-	-
Net income ¹	-2,421	1,851	1,940	1,410	3,368	4,710	6,760	9,384	7,895	4,962	1,830	2,497	2,603	2,668	1,872	2,285	1,996	2,627	1,313	-210	1,683	1,669	1,832	2,089	2,194	-	-	-
Change	-	176.46%	4.81%	-27.32%	138.87%	39.85%	43.52%	38.82%	-15.87%	-37.15%	-63.12%	36.45%	4.25%	2.5%	-29.84%	22.06%	-12.65%	31.61%	-50.02%	-115.99%	901.38%	-0.83%	9.77%	14.03%	5.03%	-	-	-
Announcement Date	10/02/21	29/04/21	28/07/21	27/10/21	09/02/22	04/05/22	27/07/22	27/10/22	07/02/23	04/05/23	26/07/23	27/10/23	07/02/24	25/04/24	24/07/24	24/10/24	05/02/25	30/04/25	23/07/25	29/10/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Equinor ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	19,493	867	-13,288	-7,069	6,639	10,221	14,434	16,079
Change	-	-95.55%	-1,632.64%	46.8%	193.92%	53.95%	41.22%	11.4%
Announcement Date	10/02/21	09/02/22	07/02/23	07/02/24	05/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Equinor ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	8,476	8,040	8,758	10,575	12,177	12,796	12,941	12,364
Change	-	-5.14%	8.93%	20.75%	15.15%	5.08%	1.13%	-4.46%
Free Cash Flow (FCF) ¹	1,910	20,776	26,378	14,126	7,933	5,644	4,184	5,456
Change	-	987.75%	26.96%	-46.45%	-43.84%	-28.85%	-25.87%	30.4%
Announcement Date	10/02/21	09/02/22	07/02/23	07/02/24	05/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Equinor ASA

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	25.78%	49.91%	56.5%	43.3%	39.28%	36.86%	35.12%	35.8%
EBIT Margin (%)	8.59%	36.83%	49.69%	33.8%	28.71%	26.72%	24.34%	24.91%
EBT Margin (%)	-9.3%	34.74%	52.12%	35.35%	29.86%	25.4%	24.29%	24.79%
Net margin (%)	-12.03%	9.42%	19.06%	11.09%	8.49%	6.05%	6.8%	7.6%
FCF margin (%)	4.17%	22.85%	17.49%	13.18%	7.64%	5.48%	4.35%	5.74%
FCF / Net Income (%)	-34.66%	242.63%	91.76%	118.86%	90.09%	90.66%	63.97%	75.53%
Profitability
ROA	0.77%	7.35%	18.84%	7.88%	6.41%	5.1%	5.35%	5.44%
ROE	2.46%	27.44%	61.82%	23.2%	19.39%	16.06%	16.2%	16.67%
Financial Health
Leverage (Debt/EBITDA)	1.65x	0.02x	-	-	0.16x	0.27x	0.43x	0.47x
Debt / Free cash flow	10.21x	0.04x	-	-	0.84x	1.81x	3.45x	2.95x
Capital Intensity
CAPEX / Current Assets (%)	18.5%	8.84%	5.81%	9.87%	11.73%	12.43%	13.46%	13.01%
CAPEX / EBITDA (%)	71.76%	17.72%	10.28%	22.79%	29.87%	33.74%	38.33%	36.36%
CAPEX / FCF (%)	443.77%	38.7%	33.2%	74.86%	153.5%	226.7%	309.3%	226.61%
Items per share
Cash flow per share ¹	3.169	8.856	11.04	8.16	7.114	7.404	6.468	6.892
Change	-	179.41%	24.69%	-26.1%	-12.83%	4.08%	-12.63%	6.55%
Dividend per Share ¹	0.41	0.71	2.9	3.4	2.47	1.499	1.574	1.639
Change	-	73.17%	308.45%	17.24%	-27.35%	-39.31%	4.99%	4.12%
Book Value Per Share ¹	10.43	12.02	17.01	16.02	15.01	15.68	16.38	17.41
Change	-	15.21%	41.54%	-5.85%	-6.3%	4.49%	4.46%	6.25%
EPS ¹	-1.69	2.63	9.03	3.93	3.11	2.248	2.629	2.955
Change	-	255.62%	243.35%	-56.48%	-20.87%	-27.7%	16.91%	12.41%
Nbr of stocks (in thousands)	3,253,801	3,227,308	3,168,793	2,953,894	2,728,126	2,497,464	2,497,464	2,497,464
Announcement Date	10/02/21	09/02/22	07/02/23	07/02/24	05/02/25	-	-	-