Meren’s Q4 update was softer than expected, with Q4 figures, 2026 guidance and the latest reserves report all slightly below our forecasts. We therefore reduce 2026e EBITDA by 13%, primarily reflecting a 6% cut to our production assumptions. The NAV impact is partly mitigated by a lower risk factor applied to the Venus/Namibia development, where improved visibility on FID supports reduced project risk. In addition, reflecting recent sector multiple expansion, we now apply 1.0x core NAV (previous ....
