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Var Energi USD

At a glance: strengths & risks
✓Revenue growing (+103% y/y, Q2 2026)✓Profit growing (+287% y/y, Q2 2026)✓Low leverage (0.7x EBITDA)✗Margins compressing (100%→89%, Q2 2026)

Sector: Oil & gas

COMM_VAR

Price chart

50.82 NOKDay -1.51%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
50.82 NOK · -1.51%
Market cap
13.2 bn USD

Growth

Δ revenue y/y
102.7%
Δ EBITDA y/y
131.8%

Multiples

P/E (LTM)
9.0x
3y avg: 18.2x
P/B (FY)
23.6x
P/E (ann.)
3.9x
EV/EBITDA (LTM)
2.1x
3y avg: 2.3x
EV/EBITDA (ann.)
1.4x

Cash return

Dividend yield
9.6%
FCF yield (LTM)
0.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+93.7%
↓ details

Liquidity

Daily turnover (listing)
220.7 mln NOK

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK3704.8
y/y 102.7%
2201.3
y/y 206.9%
822.2
y/y 40.0%
3023.5
y/y 131.8%
838.9
y/y 287.1%
2075.3-680.629743.4
y/y 13.4%
1984.4
y/y 104.1%
263.2%3387.6Yahoo Finance
2026-03-31Q1 2026 (3M)OK2657.4
y/y 45.0%
1268.7
y/y —
858.1
y/y 87.2%
2126.8
y/y 22.5%
373.6
y/y -17.5%
1057.1-582.426914.3
y/y 11.5%
565.5
y/y -43.9%
265.6%5201.7Yahoo Finance
2025-12-31Q4 2025 (3M)OK2189.9
y/y —
976.3
y/y —
802.0
y/y —
1778.3
y/y —
25.2
y/y —
1284.9-969.726145.3
y/y 19.6%
560.0
y/y -32.7%
110.5%5258.3Yahoo Finance
2025-06-30Q2 2025 (3M)OK1827.6
y/y —
717.2
y/y —
587.2
y/y —
1304.4
y/y —
216.7
y/y —
765.6-781.326223.5
y/y —
972.3
y/y —
87.5%5208.7Yahoo Finance
2025-03-31Q1 2025 (3M)OK1833.1
y/y —
—
y/y —
458.3
y/y —
1736.7
y/y —
452.9
y/y —
1322.4-626.424149.0
y/y —
1008.8
y/y —
196.8%4637.1Yahoo Finance
2024-12-31FY 2024 (12M)OK7372.3
y/y 8.2%
3618.0
y/y -8.2%
1915.9
y/y 34.7%
5533.9
y/y 3.2%
327.1
y/y -46.4%
3407.9-4244.121868.2
y/y 13.4%
832.6
y/y -52.9%
25.2%4870.3Yahoo Finance
2023-12-31FY 2023 (12M)OK6816.0
y/y —
3940.5
y/y —
1422.6
y/y —
5363.1
y/y —
610.2
y/y —
3420.3-2668.119289.2
y/y —
1768.0
y/y —
—2421.9Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)574
Long-term debt (incl. LT leases)5 319
− Cash & equivalents2 505
Net debt3 388

Net debt / LTM EBITDA: 0.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

0%50%100%150%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-1 000-50005001 0001 5002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

02 0004 0006 0002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodRealized price
USD/boe		Operating cost
USD/boe		Hedged share of production
%		Production
boe/d		Oil & liquids share
%
Q3 2026-09——8——
Q2 2026-06101
+44.3%		11.20
−11.8%		—376 000—
H1 2026-0689
+20.3%		10.80
−11.5%		—391 000—
Q1 2026-037710.40———
Q4 2025-126210———
FY 2025-1269
−8.0%		11.10—332 328.77
+18.3%		65
Q2 2025-067012.70———
H1 2025-067412.20———
FY 2024-1275——280 821.92
+31.8%		—
FY 2023-12———213 000—

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://varenergi.no/wp-content/uploads/2026/02/260209_Var-Energi-CMU-2026_web.pdf; https://varenergi.no/wp-content/uploads/2026/03/Var-Energi-Annual-Report-2025.pdf; https://varenergi.no/wp-content/uploads/2026/07/260721-Q2-2026-presentation.pdf; https://varenergi.no/wp-content/uploads/2026/07/Second-Quarter-2026-Final.pdf

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
1 294 mln boe (2P)
2025
Reserve life (R/P)
10.7 yrs
reserves ÷ annual output
Annual production
121.30 mln boe
2025

Production, mln boe

77.752023102.502024121.302025

Proved reserves

YearReserves, mln boe (2P)
20251 294
20241 187

Production

YearProduction, mln boeper day, mln boe
2025121.30
+18.3%		0.33
2024102.50
+31.8%		0.28
202377.750.21

Company reports: https://varenergi.no/wp-content/uploads/2026/02/260209_Var-Energi-CMU-2026_web.pdf; https://varenergi.no/wp-content/uploads/2026/03/Var-Energi-Annual-Report-2025.pdf; https://varenergi.no/wp-content/uploads/2026/07/260721-Q2-2026-presentation.pdf; https://varenergi.no/wp-content/uploads/2026/07/Second-Quarter-2026-Final.pdf

Key-commodity price — Brent

Current 98spot vs LTM +27%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +93.7% ▼ -0.0 pp 1d

Main driver: Brent +28% vs LTM; revenue ×1.52 vs costs ×1.04; EBITDA 9 129→12 117; at 2.4× EV/EBITDA → +94%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+60%97.6476.5180.81+28%+6%
Nat. gas in Europe (Dutch TTF) (rev)+38%859.94443.18476.47+94%+8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue10 380
LTM EBITDA9 129
LTM cash costs (revenue − EBITDA)1 251
2 · Revenue projection
Revenue multiplier — spot×1.523 (+52%)
= Spot revenue15 809
Revenue multiplier — 3y price×1.062 (+6%)
= 3-year-price revenue11 026
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 301
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 301
4 · EBITDA projection (revenue − costs)
= Spot EBITDA14 508
= 3-year-price EBITDA9 725
Conservative EBITDA = min(spot, avg)12 117
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)2.4x
Target EV = EV/EBITDA × conservative EBITDA29 080
Net debt3 388
Target market cap = EV − net debt26 291
Current market cap13 574

Upside = target market cap ÷ current − 1 = +93.7%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY6 8166 288+8.4%4 7843 721+28.6%
2024 FY7 3726 278+17.4%5 2264 165+25.5%
2025 FY7 9666 977+14.2%7 1654 745+51.0%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 3.1x · target 75th pct (3y) 2.6x · LTM avg 2.4x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-08-211.355 NOKEx-dividend: 1.355 NOK per sharePaidYahoo Finance (ex-div)
2026-06-031.11 NOKEx-dividend: 1.11 NOK per sharePaidYahoo Finance (ex-div)
2026-02-031.209 NOKEx-dividend: 1.209 NOK per sharePaidYahoo Finance (ex-div)
2025-11-171.211 NOKEx-dividend: 1.211 NOK per sharePaidYahoo Finance (ex-div)
2025-08-181.222 NOKEx-dividend: 1.222 NOK per sharePaidYahoo Finance (ex-div)
2025-04-291.245 NOKEx-dividend: 1.245 NOK per sharePaidYahoo Finance (ex-div)
2025-02-171.213 NOKEx-dividend: 1.213 NOK per sharePaidYahoo Finance (ex-div)
2024-10-281.18 NOKEx-dividend: 1.18 NOK per sharePaidYahoo Finance (ex-div)
2024-07-291.184 NOKEx-dividend: 1.184 NOK per sharePaidYahoo Finance (ex-div)
2024-04-291.192 NOKEx-dividend: 1.192 NOK per sharePaidYahoo Finance (ex-div)
2024-02-191.136 NOKEx-dividend: 1.136 NOK per sharePaidYahoo Finance (ex-div)
2023-11-031.204 NOKEx-dividend: 1.204 NOK per sharePaidYahoo Finance (ex-div)
2023-08-041.091 NOKEx-dividend: 1.091 NOK per sharePaidYahoo Finance (ex-div)
2023-05-031.148 NOKEx-dividend: 1.148 NOK per sharePaidYahoo Finance (ex-div)
2023-02-241.226 NOKEx-dividend: 1.226 NOK per sharePaidYahoo Finance (ex-div)
2022-11-021.225 NOKEx-dividend: 1.225 NOK per sharePaidYahoo Finance (ex-div)
2022-08-041.025 NOKEx-dividend: 1.025 NOK per sharePaidYahoo Finance (ex-div)
2022-05-050.827 NOKEx-dividend: 0.827 NOK per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Var Energi — from primary filings.

Frequently asked questions

What is Var Energi's P/E ratio?
Var Energi trades at a P/E of 9.0x (price to trailing 12-month earnings).
What is Var Energi's EV/EBITDA?
Var Energi trades at 2.1x EV/EBITDA.
What is Var Energi's P/B ratio?
Var Energi trades at a P/B of 23.6x.
What is Var Energi's dividend yield?
Var Energi's trailing 12-month dividend yield is 9.6%.
What is Var Energi's return on equity (ROE)?
Var Energi's ROE is 18.0%.
What is Var Energi's market capitalization?
Var Energi's market cap is 13.2 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map