Equinor to start first phase of 2026 share buyback program

Equinor is set to kick off the initial phase of its 2026 share buy-back program on February 5th, 2026, starting with up to USD 375 million as announced alongside the company’s fourth-quarter results on February 4th, 2026. This first tranche will see Equinor purchasing shares worth up to USD 123.75 million from the market, with the total tranche amounting to USD 375 million, including shares to be redeemed from the Norwegian State. The timeline for this tranche extends until no later than March 30th, 2026.

The company has outlined plans for a share buy-back program of up to USD 1.5 billion for the year 2026, inclusive of shares to be redeemed from the Norwegian State. This program’s execution will be contingent upon market conditions and the company’s financial strength, structured in tranches where Equinor will repurchase shares at specified USD values over defined periods. For the first tranche in 2026, Equinor will engage in a non-discretionary agreement with a third party responsible for executing share repurchases independently.

The decision to initiate subsequent share buy-back tranches after the first in 2026 will be made by the board of directors on a quarterly basis, aligning with the company’s dividend policy. Authorization for share buy-back from the annual general meeting and agreement with the Norwegian State regarding share repurchase will also be crucial factors in this decision-making process.

The primary objective of the share buy-back program is to diminish the company’s issued share capital. All shares acquired in the first tranche of 2026 will be canceled through a capital reduction at the annual general meeting scheduled for May 2026.

Key details regarding the 2026 share buy-back program reveal that Equinor possesses an authorization from the board of directors, dating back to the annual general meeting held on May 14th, 2025. As per this authorization, a maximum of 84 million shares can be acquired in the market, with approximately 33,097,247 shares still available at the commencement of the first tranche for 2026. The price range per share is set between NOK 50 as the minimum and NOK 1,000 as the maximum, with the authorization valid until the annual general meeting in May 2026 or no later than June 30th, 2026.

Equinor has a formal agreement with the Norwegian State concerning its involvement in the share buy-back process. At the May 2026 annual general meeting, the State will vote in favor of canceling shares bought in the market according to the board’s authorization, along with the redemption and cancellation of a proportionate percentage of its shares to maintain a 67% ownership share in the company. The redemption price for the State’s shares will be calculated based on the volume-weighted average of shares bought by Equinor in the market, including interest rate compensation and dividend adjustments.

Shares will be procured on the Oslo Stock Exchange and possibly other EEA trading venues during the first tranche of 2026. Transactions will adhere to relevant safe harbor conditions outlined in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052, and the Norwegian Financial Supervisory Authority’s Guidelines for buy-back programs from March 2025.

Equinor aims to propose the cancellation of shares acquired in the market during the first tranche of 2026 and the redemption and cancellation of a proportional number of the State’s shares at the May 2026 annual general meeting. This process will continue into subsequent tranches for 2026, ensuring alignment with the State’s shares and corporate guidelines at the 2027 annual general meeting. This information is made public in compliance with the EU Market Abuse Regulation and the disclosure requirements specified in the Norwegian Securities Trading Act.