The Oslo Stock Exchange’s benchmark index retreated 0.49% mid-day Friday, weighed down by a 1.4% decline in Brent crude prices to 76.14 dollars per barrel. While energy-linked equities faced pressure, corporate earnings reports provided a mixed outlook for the Norwegian market, with Kitron reporting record growth and Elkem signaling ongoing challenges in the silicon market.
Kitron’s Record Growth Driven by Defense Sector
Kitron reported its strongest quarterly results on record for the second quarter of 2026, according to a company filing. The firm’s operating revenue reached 295.7 million euros, a 72% increase from the 172.2 million euros recorded in the same period last year. Operating profit nearly doubled, rising to 28.3 million euros from 15 million euros a year prior.
CEO Peter Nilsson attributed this performance to structural shifts in the market, specifically citing increased European defense spending, the electrification of power grids, and the expansion of data centers. Despite the record figures, the company’s order backlog grew 56% year-over-year to 794.3 million euros. The market reaction was negative, with Kitron shares falling 7.39% following the announcement.
Elkem Faces Profitability Pressures Despite Beating Expectations
Elkem reported a decline in second-quarter 2026 results compared to the previous year, primarily due to lower prices for silicon and ferrosilicon. According to company data, operating revenue fell 4% to 3.708 billion kroner, while the company posted a pre-tax loss of 45 million kroner, compared to a 5 million kroner loss in the same quarter of 2025.
Despite the year-over-year decline, the company’s gross operating result (EBITDA) of 523 million kroner outperformed analyst expectations of 394.1 million kroner, as tracked by Bloomberg. The market responded to the overall trend of falling prices rather than the earnings beat, with Elkem shares dropping 2.54%.
Corporate Governance and Asset Management Updates
Orkla ASA appointed a new board leadership team during an extraordinary general meeting. Christer Kjos, the managing director of Canica Holding and Canica International, was elected as board chairman. The election follows the recommendation of the nomination committee. Jan Ole Stangeland was also named as a new board member. Orkla shares rose 0.28% on the news.
In the shipping sector, BW LPG Limited reported a gain of 36 million dollars from the sale of the vessel BW Elm. The company, which owns 52% of BW LPG India, stated that the move is part of an effort to capitalize on strong secondary market values for older vessels. Shares in BW LPG traded up 1.67%.
Market Performance Summary
As of 11:00 AM, the primary movers on the Oslo Børs showed varied investor sentiment:
- Equinor: Down 1.06%
- Kongsberg Gruppen: Down 2.43%
- Norsk Hydro: Up 0.8%
- Frontline: Up 2.5%
- DNB: Down 0.37%
Frequently Asked Questions
Why did Kitron shares fall despite record earnings?
What is impacting Elkem’s performance?
Elkem’s results are heavily influenced by the global price of silicon and ferrosilicon, which have seen downward pressure affecting the company’s margins.
Who is the new Orkla board chairman?
Christer Kjos, who leads the investment firms Canica Holding and Canica International, has been appointed as the new chairman of the board for Orkla ASA.
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