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Var Energi USD

At a glance: strengths & risks
✓Revenue growing (+67% y/y, Q3 2026)✓Profit growing (+93% y/y, Q3 2026)✓Low leverage (0.8x EBITDA)✓Cheaper than own history (EV/EBITDA 1.6 vs avg 2.3)✗Margins compressing (90%→85%, Q3 2026)

Sector: Oil & gas

Geography: Norway (North Sea, Barents Sea)

COMM_VAR

Price chart

50.5 NOKDay 1.28%

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
50.5 NOK · 1.28%
Market cap
13.3 bn USD

Growth

Δ revenue y/y
66.6%
Δ EBITDA y/y
56.8%

Multiples

P/E (LTM)
8.7x
3y avg: 18.4x
P/B (FY)
23.7x
P/E (ann.)
11.3x
EV/EBITDA (LTM)
1.6x
3y avg: 2.3x
EV/EBITDA (ann.)
1.4x

Cash return

Dividend yield
9.7%
FCF yield (LTM)
22.6%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+40.8%
↓ details

Liquidity

Daily turnover (listing)
233.4 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
2026-09-30Q3 2026 (3M)OK3566.5
y/y 66.6%
2214.3
y/y 106.7%
818.0
y/y -5.2%
3032.3
y/y 56.8%
293.2
y/y 93.3%
1517.9-759.732543.6
y/y 22.1%
1910.5
y/y 129.4%
60.2%3110.3Report (PDF)
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 69.0%
858.1
y/y 87.2%
2126.8
y/y 75.9%
373.6
y/y -17.5%
1057.1-582.226914.3
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 —
1284.9-788.026145.3
y/y 19.6%
560.0
y/y -32.7%
121.5%5258.3Yahoo Finance
2025-09-30Q3 2025 (3M)OK2140.4
y/y —
1071.1
y/y —
862.6
y/y —
1933.7
y/y —
151.7
y/y —
1234.2-725.926647.5
y/y —
832.9
y/y —
67.2%5126.1Report (PDF)
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 —
765.6-781.226223.5
y/y —
972.3
y/y —
87.5%5208.7Yahoo Finance
2025-03-31Q1 2025 (3M)OK1833.1
y/y —
750.7
y/y —
458.3
y/y —
1209.0
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%
3407.9-2941.321868.2
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 —
3420.3-2681.719289.2
y/y —
1768.0
y/y —
—2421.9Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-09-30

Short-term debt (incl. ST leases)118
Long-term debt (incl. LT leases)7 743
− Cash & equivalents4 751
Net debt3 110

Net debt / LTM EBITDA: 0.3x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

02 0004 0006 0008 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Year-over-year change

0%50%100%150%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Cash flow

Operating and investing cash flow (OCF + ICF) ($ mln)

-1 000-50005001 0001 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Net debt / cash ($ mln)

02 0004 0006 0002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q12026 q22026 q3

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 5.84x of reported net profit; after capex, 1.70x.
year2022202320242025
cash flow / profit6.07x5.61x10.42x5.44x
accruals, % of assets-25.2%-14.6%-14.1%-14.4%
Last twelve months (to 2026-09-30): 3.88x of profit came back as operating cash flow.
net debt / EBITDA 0.8x · capex 1.5x of depreciation · dividends 70% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

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 2026-09103
+51.5%		11.10
+4.7%		8369 000—
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
Q3 2025-096810.60———
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; https://varenergi.no/wp-content/uploads/2026/10/260721-Q2-2026-presentation-1.pdf; https://varenergi.no/wp-content/uploads/2026/10/Third-quarter-2026-Var-Energi-ASA-presentation.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; https://varenergi.no/wp-content/uploads/2026/10/260721-Q2-2026-presentation-1.pdf; https://varenergi.no/wp-content/uploads/2026/10/Third-quarter-2026-Var-Energi-ASA-presentation.pdf

Key-commodity price — Brent

Current 96spot vs LTM +45%

Commodity-player potential

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

Upside: +40.8% ▲ +0.0 pp 1d

Main driver: Brent +16% vs LTM; revenue ×1.45 vs costs ×1.04; EBITDA 9 856→12 249; at 2.5× EV/EBITDA → +41%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+60%95.8482.3781.57+16%-1%
Nat. gas in Europe (Dutch TTF) (rev)+38%1 052.60546.82498.10+92%-9%

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

1 · Reported baseline (LTM)
LTM revenue12 119
LTM EBITDA9 856
LTM cash costs (revenue − EBITDA)2 263
2 · Revenue projection
Revenue multiplier — spot×1.450 (+45%)
= Spot revenue17 567
Revenue multiplier — 3y price×0.960 (-4%)
= 3-year-price revenue11 638
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs2 353
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs2 353
4 · EBITDA projection (revenue − costs)
= Spot EBITDA15 213
= 3-year-price EBITDA9 285
Conservative EBITDA = min(spot, avg)12 249
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)2.5x
Target EV = EV/EBITDA × conservative EBITDA30 010
Net debt3 110
Target market cap = EV − net debt27 298
Current market cap13 625

Upside = target market cap ÷ current − 1 = +40.8%

Life of mine: 11 yrs — before haircut +100.3%

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%6 2254 745+31.2%

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +8% vs +8% the year before — a -0.1 pp move. 3-year CAGR -7%.
revenue growth by year: 2023 -30% · 2024 +8% · 2025 +8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 1.1x · target 75th pct (3y) 2.3x · LTM avg 2.5x

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

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal21.92.3x2.3x
LukoilRussia43.12.5x4.2x
TatneftRussia17.12.8x4.8x
GazpromRussia33.72.9x4.9x
Occidental Petroleumglobal58.75.0x5.0x
RosneftRussia46.23.2x5.4x
ConocoPhillipsglobal168.26.2x6.2x
Gazprom NeftRussia30.74.0x6.8x
SantosAustralia20.09.3x7.4x
Chevronglobal432.27.6x7.6x
Exxon Mobilglobal701.58.7x8.7x
NovatekRussia41.88.4x14.2x
Group median4.5x5.8x
Group average5.2x6.4x
This companyglobal13.31.6x1.6x

Group median 4.5x as traded, 5.8x adjusted; this company 1.6x — a 71% discount.

Group average 5.2x as traded, 6.4x adjusted; against the average this company is at a 74% discount.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 18.7x, Russia 4.0x, South Africa 5.7x, Kazakhstan 6.1x, India 19.3x, Indonesia 5.2x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-11-15; the company's own is live.

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 8.7x (price to trailing 12-month earnings).
What is Var Energi's EV/EBITDA?
Var Energi trades at 1.6x EV/EBITDA.
What is Var Energi's P/B ratio?
Var Energi trades at a P/B of 23.7x.
What is Var Energi's dividend yield?
Var Energi's trailing 12-month dividend yield is 9.7%.
What is Var Energi's return on equity (ROE)?
Var Energi's ROE is 60.2%.
What is Var Energi's market capitalization?
Var Energi's market cap is 13.3 bn USD.

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