Energy Sector – Equinor’s annual report for 2025

Source: Equinor

19 MARCH 2026 – Equinor ASA publishes its annual report for 2025.

“We delivered strong operational performance, record high production and solid financial results in 2025. In a year of increased geopolitical tension and market volatility, we demonstrated our ability to safely and reliably provide energy and create long-term value for our shareholders,” says Anders Opedal, president and CEO of Equinor ASA.

Improved safety performance

Equinor recorded its lowest ever serious incident frequency of 0.21 per million hours worked, down from 0.3 in 2024. The result reflects the company’s continuous efforts to improve safety through sharing learnings and building a safety culture that supports the ambition of zero harm, together with suppliers and partners. However, several serious incidents and a tragic fatality at Mongstad underscores the need for continued focus on safety improvement.

“The safety of our people is our top priority. We need to ensure everyone working for Equinor return home safely, every day,” says Opedal.

Solid operational and financial performance

Equinor delivered adjusted operating income* of USD 27.6 billion, and adjusted net income* of USD 6.43 billion in 2025. Net operating income was reported at USD 25.4 billion and net income at USD 5.06 billion.

“Strong operational performance and new fields like Johan Castberg and the Halten East tie-back contributed to record-high production and competitive returns in 2025. We also laid the groundwork for continued high production and strong competitiveness in the future,” says Opedal.

Strong operational performance across the portfolio led to equity production of liquids and gas of 2,137 mboe per day in 2025, an increase of 3.4% compared to the previous year. Equity production of renewable power also increased to 3.67 TWh in 2025, a 25% increase from 2024.

Despite lower commodity prices, the company reported strong cash flow and an industry-leading return on average capital employed* of 14.5% for 2025. Capital discipline remained firm with organic capital expenditures* of USD 13.1 billion for the year. The net debt to capital employed ratio adjusted* ended at 17.8% in 2025.

The solid financial results of 2025 also led to important contributions to society through taxes. In 2025, Equinor paid USD 20.5 billion in corporate income taxes, of which USD 19.7 billion was paid in Norway, where Equinor has the largest share of its operations and earnings.

Strategic progress across the portfolio

“2025 was a year of execution. We started new production on the Norwegian continental shelf and continued to high-grade our international oil and gas portfolio. We also sanctioned phase two of the Northern Lights carbon capture and storage project and progressed our offshore wind projects,” says Opedal.

On the NCS, Johan Sverdrup continued to deliver strong performance in 2025. New fields such as Johan Castberg and several tie-ins started production, and many of the mature fields were operating with high regularity. Together this contributed to the highest annual production on the NCS in more than 15 years.

Internationally, the Bacalhau oil field in Brazil came on stream in 2025. Equinor realised significant value through the divestment of the Peregrino oil field, and the establishment of the joint venture Adura supports Equinor’s strategic portfolio optimisation and is expected to strengthen free cash flow* going forward.

In 2025, Equinor progressed the major offshore wind projects Empire Wind, Dogger Bank and Bałtyk 2 & 3. To further optimise value creation and strengthen synergies, Equinor also established the new business area Power, which combines renewables, flexible generation, energy storage and power trading.

New renewable projects and low carbon solutions are maturing at a slower pace than anticipated due to external market developments. This has led to a reprioritisation of projects within Equinor to reflect the strong focus on profitability for new investments. Within the current portfolio, Equinor progressed the start-up of Northern Lights phase 1 and the final investment decision for phase 2, and was awarded one new CO₂ storage licence during the year.

Updated Energy transition plan

Equinor reduced operated scope 1 and 2 emissions by 34% from 2015 to 2025, down to 10.1 million tonnes CO₂e. The efforts to reduce emissions continue towards the ambition of a 50% reduction by 2030. The average upstream CO₂ intensity of Equinor’s portfolio was 6.3 kg CO₂ per boe in 2025, less than half of the industry average.

Reflecting changing markets and value creating opportunities, Equinor updated its Energy transition plan with adjusted ambitions. In 2025, the company reached a 4% reduction in net carbon intensity compared to 2019, reflecting progress towards net zero.

* Our annual report and other related reports can be downloaded from equinor.com/reports.

In accordance with Section 203.01 of the New York Stock Exchange Listed Company Manual, Equinor ASA announces that on 19 March 2026 it filed with the Securities and Exchange Commission its 2025 Annual Report on Form 20-F that includes audited financial statements for the year ended December 31, 2025.

The Equinor 2025 Annual Report on Form 20-F may be downloaded from Equinor's website at www.equinor.com. References to this document or other documents on Equinor's website are included as an aid to their location and are not incorporated by reference into this document. All SEC filings made available electronically by Equinor may be obtained from the SEC's website at www.sec.gov.

Shareholders may also request a hard copy of the annual report (including the audited financial statements contained therein)free of charge at www.equinor.com.

(*) These are non-GAAP figures. See Use and reconciliation of non-GAAP financial measures in the annual report for more details.

Cautionary Note regarding Forward Looking Statements

This release contains forward-looking statements. Forward-looking statements reflect current views with respect to future events, are based on the management’s current expectations and assumptions, and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by the forward-looking statements, including those discussed under “Risk Factors” in the 2025 Annual report and elsewhere in Equinor’s publications. You should not place undue reliance on forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, Equinor undertakes no obligation to update any of these statements, whether to make them conform to actual results, changes in expectations or otherwise.

This information is subject to disclosure obligations pursuant to the EU Market Abuse Regulation, ref. section 3-1 in the Norwegian Securities Trading Act, and section 5-12 of the Norwegian Securities Trading Act.

Universities – From ‘Water Terrorist’ to ‘Nobel Prize of Water’: Exiled UN Scientist Named 2026 Stockholm Water Prize Laureate

UN University Institute for Water, Environment and Health

Prof. Kaveh Madani, architect of the ‘water bankruptcy’ framing of today’s acute global predicament, wins world’s highest water honor for his courageous and peerless ability to transform groundbreaking research into global policy, diplomacy and outreach under extreme personal risk and political complexity

Paris – March 18, 2026 – In a special ceremony at the UNESCO Headquarters in Paris to mark World Water Day, Professor Kaveh Madani of Iran, Director of the United Nations University Institute for Water, Environment and Health (UNU-INWEH), was named the 2026 Stockholm Water Prize recipient, to be officially presented by H.M. King Carl XVI Gustaf of Sweden in August 2026, during World Water Week in Stockholm.

The Stockholm Water Prize is the ultimate global recognition for extraordinary achievements in water-related activities. Often described as the “Nobel Prize of Water,” it is the most prestigious water award given annually to an individual or organization for outstanding contributions to the sustainable use and protection of water resources. This year’s selection stands out not only for the scientific achievements of the laureate, but for the extraordinary journey behind them.

Professor Madani’s selection is a historic milestone for the global water community: at 44, he is the youngest laureate in the prize's 35-year history, the first UN official, and the first former politician to receive the honor.

What makes this selection truly inspiring and unique is the resilience behind it. While many past laureates reached this pinnacle through steady institutional support, Madani reached it after being branded an enemy of the state in his own homeland.

Known to many as “Iran’s expat eco-warrior,” his journey—from a celebrated scientist to an accused “spy”, and finally to a global leader in water science and education at the United Nations—represents a triumph of scientific truth over political persecution.

A destiny in water: The academic journey of a native son

For Kaveh Madani, water was a calling long before it was a career. Born in Tehran in 1981, he was the son of two professionals who both worked in Iran’s water sector. Growing up in a country facing severe water challenges helped shape his academic path. He earned his BSc in Civil Engineering from the University of Tabriz before moving to Sweden—the future home of his prize—to complete a MSc in Water Resources at Lund University. He later earned a PhD from the University of California, Davis, and conducted post-doctoral research at University of California, Riverside, before becoming an assistant professor at the University of Central Florida.

A few years later, by his early 30s, Madani was a faculty member at Imperial College London, established as a world-class systems analyst with expertise in mathematical modeling of complex human-water systems to support policy making. His interdisciplinary and innovative work at the interface of hydrology, decision sciences, and economics earned him some of the most prestigious awards of his field at an early age. Yet, the pull of his homeland remained.

In 2017, at the invitation of Iran’s government, he made the perilous decision to leave his prestigious job in London to serve as the Deputy Vice President of Iran and the Deputy Head of Iran’s Department of Environment. His move was seen as a “symbol of hope” for the return of the Iranian diaspora and the rise of a patriotic scientist dedicated to saving his country's environment.

The scientist they called a terrorist

Madani’s tenure in government was as impactful as it was brief. He fought for bold reforms to improve water governance and transparency. He engaged the general public in the national environmental campaigns that he designed using his game theory skills. However, his reforms and courage to speak openly about the country’s growing water crisis threatened entrenched interests.

The backlash was brutal. He was targeted by hardline security forces and subjected to a surreal smear campaign. State-aligned media labeled him a “water terrorist” and a “bioterrorist,” accusing him of using water and environmental projects as a cover for espionage for the CIA, Mossad, and MI6. Some went further, spreading conspiracy theories that he was involved in weather manipulation and “cloud theft” in collaboration with Western powers. They challenged his motives for encouraging the Parliament to ratify the Paris Agreement, a treaty that they believed was a serious threat to national security and the capacity for development.  

In early 2018, the Islamic Revolutionary Guard Corps (IRGC) started an active crackdown on Iranian environmental experts. Despite having a senior governmental role, Madani was a target. He was arrested and interrogated multiple times. His conservationist friends were jailed and one of them, Dr. Kavous Seyed-Emami, an Iranian-Canadian university professor, died in custody under suspicious circumstances.  

A few weeks later, Madani was forced into exile. He left behind a country he loved. After living in hiding for months, he accepted an academic position at Yale University, continuing to raise awareness about Iran’s water problem and advocating for his imprisoned friends to make the world hear their plight.

But he believed that a scientist who has experienced high-level decision-making firsthand can contribute far beyond the traditional role of academia. So, he took his mission to the global stage, eventually rising to lead UNU-INWEH, known as the “UN’s Think Tank on Water.” Today, the scientist whose warnings were once dismissed in his homeland shares his expertise with governments around the world.

Revolutionizing human behavior modeling

Kaveh Madani, who also serves as Research Professor of the City College of New York, is globally recognized for his fundamental contributions to integrating game theory and decision analysis into conventional water resources management models. Early in his career, his scholarly work questioned the implicit assumption of “cooperation” in conventional mathematical human-water models.

Madani argued that in the real world individual incentives often make the optimal solution infeasible. By applying game theory frameworks to human behavior, he showed why traditional engineering models often fail to capture real-world complexities. His research provided a new toolkit for understanding the “non-cooperative” nature of water resources governance, offering pathways for resolving transboundary disputes and fostering cooperation in regions where trust is scarce. This not only impacted behavior modeling in his field but also helped him develop a skillset that was a unique asset to him when he served as Iran’s lead environmental diplomat during his political tenure.

Beyond the crisis: The era of global water bankruptcy

Millions of people around the world have heard the term ‘water bankruptcy’. Many journalists have used it to refer to local water problems. But few people beyond Madani’s compatriots know that this powerful framing is the product of two decades of his work in academia, politics, and public outreach.

Water bankruptcy is not just an influential metaphor. Madani developed this concept after challenging frequently used terms such as “water crisis.” His reasoning was simple but philosophically powerful. A crisis is supposed to be a temporary shock and deviation from normal. When water shortage becomes chronic and lasts forever, using the term “water crisis” becomes misleading to societies, he argued. By formally introducing “water bankruptcy” as a post-crisis state of failure in water management, he called for a fundamental change in global water discourse to spark different policy solutions.

Madani is the author of the landmark UN report that declared that the planet entered the era of ‘Global Water Bankruptcy’ as of January 2026 with many river basins and aquifer systems around the world having lost their ability to bounce back to their historical conditions. The report sparked intense international debate by declaring that the global water problem is no longer a temporary shock, but a state of systemic insolvency and irreversibility. By shifting the discourse to “bankruptcy management,” he has forced many policymakers to confront the reality that for many regions, the old hydrological “normal” is gone forever.

He uses simple financial language to make a complex ecological reality clear: humanity is no longer living off the “interest” of the water cycle that was being deposited into its “chequing” account; it is liquidating the “principal” and “savings” accounts by draining aquifers beyond the point of return. This simplicity is what has made the term so popular. Yet, even Madani’s colleagues in science do not know how the rising adoption of the term in Iran led to conspiracy theories by the Iranian hardliners, claiming that he created this concept to discourage farming in Iran and compromise food and national security.

The people’s scientist: A global voice for water justice

Madani has shattered the traditional mold of the “cloistered academic.” With nearly one million social media followers, he is ‘the most followed water scientist in the world’. He has pioneered a new form of scientific communication, using documentaries, viral digital campaigns, and accessible storytelling to turn complex hydrological data into public knowledge.

By stripping away the jargon, he has empowered a generation of “citizen scientists” and Gen Z activists to hold their own leaders accountable for resource mismanagement. This commitment to transparency is what earned him the reputation of a tireless global influencer for the planet for the digital age; he has proven that when people understand the science of their own survival, they become the most powerful force for environmental change.

A global diplomat: Elevating water in the global agenda

Kaveh Madani’s diplomatic roles are another highlight of his career. During his political tenure, he served as Iran’s lead environmental diplomat and the official in charge of the Department of Environment’s International Affairs and Conventions Center. In 2017, he was elected Vice President of the UN Environment Assembly (UNEA) Bureau, overseeing the world’s highest-level decision-making body on the environment, comprising all 193 UN member states.

Madani’s speech at COP23 in Bonn makes him the first national delegation leader to publicly criticize the limited attention given to water in the Paris Agreement. He called for making water a central pillar of global climate negotiations. Today, as Director of the UN’s Water Think Tank, he remains a fierce champion for the Global South, bridging the gap between scientific evidence and political action, while advocating for the elevation of water in the global policy agenda as the backbone of peace, security, and sustainability.  

At a time when the Middle East is once again overshadowed by war, Kaveh Madani’s life journey serves as a poignant reminder that despite the noise of politics, our shared vulnerability is what unites us; water scarcity is a common threat that transcends all political and military boundaries.

Official Stockholm Water Prize 2026 Citation, The Prize Committee of the Stockholm Water Prize at the Royal Swedish Academy of Sciences

Professor Kaveh Madani is awarded the 2026 Stockholm Water Prize “based on his unique combination of groundbreaking research on water resources management with policy, diplomacy and global outreach, often under personal risk and political complexity.”

Prof. Madani: “In the Persian tradition of Nowruz, water is a symbol of light and purity on our New Year table.  To be named the Stockholm Water Prize Laureate at this specific moment is a vindication I share with all Iranians who believed in me when I was labeled a ‘threat’ for simply speaking the truth. I accept this honor with profound humility, and I am deeply grateful to my nominators, the selection committee, and the mentors, colleagues, and students who have been my intellectual family throughout this journey.

“I share this award with the millions of compatriots who stood by me, with my friends in the conservation community, who were imprisoned and killed for their love of nature, and with the brave and innocent Iranian lives taken from us in January 2026, and those lost before and since.”

“It is a profound coincidence that this news arrives as my country and the region whose sustainability I have fought for have been burning in the fires of conflicts and a war being conducted in defiance of international law. I hope that in the midst of this fragmented world, this Prize and World Water Day serve as a reminder that water does not wait for politics. Water bankruptcy is a common threat that transcends every military line. We must recognize our shared vulnerability if we are ever to find our shared peace.”

Tshilidzi Marwala, UN Under Secretary-General and Rector, United Nations University

“Professor Kaveh Madani exemplifies the mandate of the United Nations University: turning rigorous scientific insight into practical solutions for the world’s most urgent challenges.

His work has transformed how governments and societies understand water scarcity, bringing clarity and urgency to one of the defining issues of our time. Beyond his outstanding scholarship and policy impact, Professor Madani has demonstrated exceptional strategic leadership within the UNU system, revitalizing UNU-INWEH’s global footprint and forging innovative partnerships that bridge the United Nations and academia to accelerate solutions for Member States.

The United Nations family is immensely proud to see his leadership and scholarship recognized with the Stockholm Water Prize.”

Anette Scheibe Lorentzi, Chair of Stockholm Water Foundation

“Through his work and outstanding achievements, Professor Madani has made invaluable contributions to our understanding of cross-cutting and complex water issues. In the face of a changing climate, this knowledge is more important than ever, and I congratulate Professor Madani on being awarded the Stockholm Water Prize 2026”.

Vincent Boudreau, President, City College of New York

“Only a small number of scientists succeed in bridging the worlds of research, policy, and public understanding. Professor Madani belongs to that rare group.”

“His pioneering work on water governance and the concept of ‘water bankruptcy,’ along with his dedication to policy and societal outreach, has helped elevate water to the center of global sustainability discussions.”

“This recognition reflects both his extraordinary scholarship and the vital role of science in shaping a more secure future. The City College has been a proud home to many Nobel laureates and now celebrates the well-deserved awarding of the first ‘Nobel Prize of Water’ to one of its own.”

The Stockholm Water Prize

Known as the ‘Nobel Prize of Water’, the Stockholm Water Prize is the world’s most prestigious water award. Since its inception in 1991, it has been awarded annually to individuals and organizations who have made substantial contributions to the sustainable use and protection of the world’s water resources, thereby leading to improved health and well-being of humans as well as ecosystems.

The Stockholm Water Foundation presents the Prize in collaboration with the Royal Swedish Academy of Sciences, with H.M. King Carl XVI Gustaf of Sweden serving as official patron and presenter.

Each year’s Laureate is announced around World Water Day in March, then formally honored at a royal ceremony during World Water Week in August, where they play a central role in the Week’s celebrations.

stockholmwaterfoundation.org/stockholm-water-prize

UNU-INWEH

The United Nations University Institute for Water, Environment and Health (UNU-INWEH) is one of 13 institutions that make up the United Nations University (UNU), the academic arm of the UN. Known as 'The UN’s Think Tank on Water', UNU-INWEH addresses critical water, environmental, and health challenges around the world. Through research, training, capacity development, and knowledge dissemination, the institute contributes to solving pressing global sustainability and human security issues of concern to the UN and its Member States.

Headquartered in Richmond Hill, Ontario, UNU-INWEH has been hosted and supported by the Government of Canada since 1996. With a global mandate and extensive partnerships across UN entities, international organizations, and governments, UNU-INWEH operates through its UNU Hubs in Calgary, Hamburg, New York, Lund, and Pretoria, and an international network of affiliates.

unu.edu/inweh

Australia – EV Adoption in Australia Still Dominated by High-Income Areas, Study Finds

Source: NIEIR (National Institute of Industry and Economic Research)

Key facts:

  • EV ownership in Australia is concentrated in wealthy metropolitan areas, with average EV-owning households in Local Government Areas earning around $150,000
  • Metropolitan areas have approximately four times higher EV penetration (1.52%) compared to rural regions (0.39%)
  • The 2023 Fringe Benefits Tax exemption has had limited success in expanding EV adoption beyond high-income households
  • EV registrations increased significantly from 79,034 in January 2023 to 259,208 by January 2025
  • EV presence has expanded from 40% of Local Government Areas in 2017 to 83% in 2025.

The average Australian EV owner lives in a community earning $150,000 a year — putting them in the top 22 per cent of the country's neighbourhoods by household income.

NIEIR's new analysis of seven years of registration data finds that pattern holding firm — even as EV sales accelerate across the country.

The National Institute of Economic and Industry Research (NIEIR) today released analysis of national motor vehicle registration data showing that EV ownership is growing fast — but wealthier, metropolitan households continue to drive the transition.

“This looks very much like the early trajectory of rooftop solar,” said Brad Vakulcyzk from NIEIR. “Higher-income households move first, costs fall, and the technology gradually reaches everyone. We're watching the same curve play out with EVs — but policy settings will determine how quickly that happens.”

EVs are growing fast — the numbers are striking

Australia's EV fleet more than tripled in two years. National BEV registrations climbed from 79,034 vehicles in January 2023 to 259,208 by January 2025, with buyers adding an estimated further 100,000 vehicles during 2025 alone.

EVs are also reaching more communities. In 2017, only 40 per cent of Australian Local Government Areas recorded any EV registrations. By 2025, 83 per cent did — a sign that adoption is spreading well beyond the early-adopter suburbs.

But city and country still live in different worlds

Spread the numbers across region types and a sharp divide emerges:

Region Type

EV Share of Vehicles

Metropolitan LGAs

1.52%

Regional LGAs

0.89%

Rural LGAs

0.39%

 

City dwellers are four times more likely to own an EV than rural Australians. Sydney leads the pack — Ku-ring-gai, Mosman, Willoughby and Woollahra all record some of the highest EV shares in the country.

Access to home charging, dwelling type and annual kilometres driven all influence who buys an EV. Notably, residents along key public transport corridors show lower uptake — suggesting commute patterns play a bigger role than proximity to cities alone.

Policy is pushing EVs — but not to everyone

The 2023 Fringe Benefits Tax exemption for EVs works primarily through novated lease and salary sacrifice — arrangements that favour higher-income earners. The data shows it hasn't shifted the underlying adoption pattern.

The used car market may do what policy hasn't. Fleet EVs bought under the FBT exemption typically trade within one to five years, gradually feeding a second-hand supply. As prices fall and stock builds, NIEIR expects adoption to reach into regional and middle-income communities.

NIEIR's LEEM (Local Economy and Employment Model) tracks EV adoption alongside economic activity, energy use and emissions across every industry, down to individual Local Government Areas across Australia — making it one of the few datasets capable of mapping exactly where the energy transition is landing, including EV take-up, and what it means for local economies.

Economy – KOF Economic Forecast, Spring 2026: Swiss Economy in the Shadow of Global Power Politics

Source: KOF Economic Institute

The current forecast is being driven by changes in U.S. tariff policy and by the war being waged by the United States and Israel against Iran. 

Assuming that the conflict has only limited economic repercussions for Switzerland, KOF expects real GDP growth excluding major sporting events to reach 1.0% in 2026 and 1.7% in 2027. If oil prices were to remain 30% higher on a sustained basis, GDP at the end of 2027 would be 0.6% below the baseline forecast.

The current economic forecast continues to be overshadowed by high trade-related and geopolitical uncertainty. At the centre of trade policy risks is the reordering of U.S. tariff policy.

A ruling by the U.S. Supreme Court replaced the previous country-specific tariffs with an across-the-board tariff of 10%, and a further increase to 15% was announced shortly afterwards. This has reduced the risk for further escalation in U.S. tariff policy, but trade barriers for export-oriented sectors remain high.

The geopolitical environment has also deteriorated markedly as a result of the war being waged by the United States and Israel against Iran since late February. The conflict has pushed up oil and gas prices and disrupted a key trade route, the Strait of Hormuz. In its baseline forecast, KOF assumes that the economic impact on Switzerland will remain limited and that energy prices will normalise after an initial shock.

Higher oil prices would further slow growth

In addition to the baseline forecast, KOF analyses an alternative scenario with persistently higher energy prices. In this scenario, oil prices settle at around USD 90 per barrel and remain elevated throughout the forecast period, around 30% above the baseline. While no severe shortages are assumed, persistently higher energy prices would place an additional burden on production, supply chains and household spending.

According to KOF estimates, real GDP growth excluding major sporting events would fall to 0.7% in 2026 and 1.5% in 2027 under the oil price scenario. By the end of 2027, GDP would stand 0.6% below the baseline scenario. Employment growth would also weaken, with around 20,000 fewer full-time equivalent jobs being created. The unemployment rate would rise to 3.1% in 2027, which is 0.1 percentage points higher. Inflation is expected to increase from 0.3% to 0.6% in 2026 and from 0.6% to 0.8% in 2027.

Global economy expands only moderately

The global economy continues to expand at a moderate pace. Economic activity in the euro area has recently improved somewhat. In Germany, modest growth impulses are coming mainly from public spending and stronger order books in manufacturing. In the United States, growth has recently lost momentum and stalled, as reflected in revised labour market data. Even so, the outlook remains cautiously positive. In China, weak growth continues to be driven mainly by investment and foreign trade.

KOF therefore expects the European economy to strengthen slightly over the forecast period. Overall, however, impulses from abroad are likely to remain limited for the Swiss economy.

Domestic demand provides support – investment and foreign trade remain subdued

Against this backdrop, Swiss output is expected to remain below potential for the time being. Private consumption remains a key pillar. It has recently been robust and is expected to stay resilient over the forecast period, supported by low inflation and stable wage growth despite a weaker labour market. Government consumption, by contrast, is likely to increase only moderately. The federal government's planned consolidation measures under the 2027 budget relief package will weigh on growth.

Investment activity remains weak overall. High economic policy uncertainty, weak profitability and low capacity utilisation continue to weigh on investment in machinery and equipment. While survey data have recently pointed to some stabilisation, a broader recovery is not expected until later in the forecast period. Construction investment is showing initial signs of recovery, supported by a favourable interest-rate environment as well as rising planning applications and building permits for housing.

Foreign trade also remains clouded by uncertainty. Goods exports have recently been driven primarily by the chemicals and pharmaceuticals sector, while more cyclical industries such as watches, machinery and electronics continue to suffer from weak international demand. The recent tariff relief vis-à-vis the United States has improved the outlook for parts of industry, but this benefit is partly offset by heightened geopolitical uncertainty. Overall, KOF expects export growth to remain moderate. As imports are likely to grow faster than exports, net trade is expected to make only a small contribution to growth.

Labour market stabilises only gradually – inflationary pressure remains low

The Swiss labour market remained subdued in 2025, but showed initial signs of stabilisation towards the end of the year. Leading indicators suggest that conditions have improved slightly in recent months. After a weak 2025, employment is expected to return to moderate growth during 2026. At the same time, the unemployment rate is likely to edge up until mid-2026 before easing somewhat thereafter. Real wages are expected to continue rising over the forecast period.

Inflationary pressure remains low overall. Headline inflation has hovered just above zero for some time, and core inflation is also at a very low level. Rents and domestic services remain the main drivers, while domestic goods and imports continue to exert downward pressure. The appreciation of the Swiss franc is adding further disinflationary pressure. KOF therefore expects the Swiss National Bank (SNB) to keep its policy rate at 0% throughout the forecast period.

Downside risks have increased

Risks to the forecast remain substantial and are tilted predominantly to the downside. Although the U.S. Supreme Court ruling has curtailed the U.S. government's room for manoeuvre in imposing new tariffs, further trade policy measures cannot be ruled out. In particular, pressure from the U.S. government to lower pharmaceutical prices could weigh heavily on Switzerland's pharmaceutical industry. It also remains unclear whether investment commitments made by Swiss companies in the United States could lead to investment being relocated abroad and, in turn, dampen investment activity in Switzerland.

Internationally, the U.S.–Israeli war against Iran raises the risk of persistently high oil and gas prices and further disruption to global supply chains. Any additional conflict-driven appreciation of the Swiss franc would further undermine the competitiveness of Swiss exporters. Other risks stem from high public debt in several advanced economies and from potential disruption in labour and financial markets arising from developments in artificial intelligence and digitalisation.

Upside risks, by contrast, include an easing of trade and geopolitical tensions, stronger productivity gains from artificial intelligence and digitalisation, and more effective fiscal stimulus in Europe.

The Hague – Three schools and a childcare centre in The Hague to be heated by sports field

Source: The Hague

The Hague, the Netherlands, 18 March 2026 – A football pitch in The Hague is set to become an unexpected source of sustainable energy for the surrounding neighbourhood. In the ‘Moerwijk’ area, the municipality has started installing an underground collector field beneath the artificial grass pitches — a system that will soon provide heat for three primary schools and a childcare centre nearby.

The innovative system captures solar heat absorbed by the artificial turf. Beneath the pitch, a network of water-filled pipes collects this warmth and stores it in the ground. When heat is needed, the stored energy is converted into usable heating for the surrounding buildings.

It marks the first collector field of its kind in The Hague. According to alderman Arjen Kapteijns (Energy Transition), who visited the site this week, the project shows how sports infrastructure can play a broader role in the city’s transition to sustainable energy.

“Sport brings people together, and here it also brings sustainable energy to the neighbourhood,” said Kapteijns. “By using the heat captured under the pitch, we can warm nearby schools and childcare facilities while reducing our reliance on fossil fuels.”

Currently, the three schools rely on natural gas for heating. Once connected to the system, their gas consumption is expected to fall by around 75 to 85 per cent. The shift will reduce annual CO₂ emissions by approximately 30,000 kilograms — comparable to the emissions produced by driving about 250,000 kilometres by car.

The collector field offers an additional advantage for athletes. By drawing heat away from the pitch, the artificial grass remains significantly cooler during warm weather, improving playing conditions. The surface temperature can stay around ten degrees lower than conventional artificial turf.

Read the full article on Stories of Purpose: https://storiesofpurpose.thehague.com/impact/three-schools-and-child-care-centre-be-heated-sports-field

Last year

Last year the same sport facility installed next to this sports field a multifunctional field with a cooling down system and water management storage beneath the playing surface. Creating a cooling system in summer and solving flood problems from the past when large volumes of rain could not drain properly. Read the story of last year: https://storiesofpurpose.thehague.com/impact/water-storage-sport-fields-hague-zuidwest

About The Hague & Partners

The Hague & Partners is the official marketing & acquisition organisation for the promotion of The Hague, focused on residents, visitors, conferences, businesses and institutions. https://thehague.com/en

Tech Trends – China’s OpenClaw drives new ChatGPT wave for investors: deVere Group

Source: deVere Group

March 18 2026 – China is quietly redefining the AI race – and markets are starting to price a second epicentre, as a multipolar AI world creates “significant opportunities” for investors.

This is the bullish analysis from James Green, regional director of deVere Group with global experience across 18 regulated financial entities, as a huge rally hit markets after Nvidia CEO Jensen Huang said China's Large Language Model (LLM) OpenClaw is “definitely the next ChatGPT.”

He described it as a foundational shift that expands what individuals can do with AI.

OpenClaw is an AI agent capable of executing real-world tasks such as booking transport and making reservations, marking a clear evolution from passive LLMs to systems that can act.

James Green says this shift represents a structural turning point for investors.

“AI is moving from answering questions to completing transactions. That changes everything.

“The next phase of the AI story is not about intelligence alone; it's about execution, and who controls it.”

Recent market activity underscores the point. Providers of the underlying models powering these agents have surged, while major Chinese tech firms are accelerating integration into consumer ecosystems.

Companies embedding agentic AI into widely used platforms are seeing immediate investor recognition.

The deVere Investment Director notes that this is where the potentially “significant opportunity” lies.

“Every action an AI agent completes, such as booking a ride, ordering food, managing a schedule—creates a potential revenue stream.

“We're looking at the emergence of a new layer of the global economy, where AI platforms act as intermediaries for transactions at scale.”

He adds that investors have yet to fully price in this transformation.

“Markets have focused heavily on model development, but the monetisation sits one layer above.

“The winners are likely to be those who embed AI into everyday user behaviour and control the flow of transactions.”

This dynamic is particularly pronounced in China, where integrated digital ecosystems allow for rapid deployment.

Major tech firms are racing to incorporate agentic AI into messaging, payments, and cloud services, creating tightly connected environments in which users can move seamlessly from intent to execution.

“China's advantage is not just innovation, it's integration,” says James Green.

“The ability to deploy these systems across platforms that already handle payments, communication and services gives companies a powerful edge in capturing value quickly.”

He also points to the implications for global competition.

“We are moving into a multipolar AI landscape, where leadership is shared rather than concentrated.

“For investors, that broadens the opportunity set significantly.”

Despite geopolitical tensions, capital is following functionality.

“Investors are pragmatic. If a platform can generate transactions and scale monetisation, it will attract capital, regardless of geography.”

He emphasises that this is still an early-stage shift, but one with far-reaching consequences.

“Agentic AI is redefining what it means to be a tech company. These firms are becoming brokers of economic activity, not just providers of digital tools.”

James Green concludes: “The next leg of AI-driven market performance will, we expect, be shaped by companies that can convert intelligence into action, and action into revenue.

“This is where the real upside is now likely to emerge.”

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

Economy – Fed cuts likely delayed to September or October: deVere CEO

Source: deVere Group

March 18 2026 – The Federal Reserve will next cut US interest rates in September, and more likely October, predicts the CEO of one of the world's largest independent financial advisory organisations.

deVere Group's Nigel Green's forecast comes as policymakers hold rates at 3.5% to 3.75% and confront a surge in inflation risks driven by war, energy prices, and persistent economic resilience.

“September, or more likely October, is now the realistic opportunity for a rate cut, and even that is far from guaranteed,” he comments.

“The data coming through is not consistent with easing in July. In fact, it points in the opposite direction.”

He continues: “Inflation is not falling fast enough. The latest wholesale inflation data shows prices rising at 3.4% year-on-year, the strongest pace in a year, and core measures are still running close to 4%.

“And that's before the full impact of the oil shock feeds through.”

The geopolitical backdrop has shifted the policy landscape sharply. Oil prices have surged toward $95–$100 per barrel following the escalation of the Iran conflict, with US gasoline prices climbing to their highest levels since 2023.

“Energy is now the dominant macro driver again,” the deVere CEO explains.

“A near 50% jump in oil prices in a matter of weeks will not stay contained. It feeds directly into transport, production, and consumer prices.

“The Fed knows there's a lag, and that lag is exactly why they will not cut prematurely.”

He adds: “Markets are still behaving as though inflation is under control. It isn't.

“Core inflation is running around 3.1%, and policymakers are now openly considering the risk that it stays closer to 3% even into next year.”

Labour market data reinforces the case for patience rather than urgency. While hiring has softened, the unemployment rate remains relatively low at 4.4%, and wage pressures continue to circulate through the economy.

“Employment conditions are not weak enough to justify rate cuts,” says Nigel Green.

“Yes, job creation has slowed and there was a loss of around 92,000 jobs in February, but the broader picture is still one of resilience. Policymakers don't need to step in to support the labour market yet.”

He adds: “A stable labour market removes the justification for easing. It allows the Federal Reserve to focus squarely on inflation, and inflation remains too high.”

Financial conditions also remain looser than policymakers would prefer. Equity markets have held up, credit remains available, and risk appetite has not materially reset despite elevated rates.

“Markets haven't fully absorbed the reality of restrictive policy,” Nigel Green says.

“Investors appear to continue to price in cuts as if they are inevitable and imminent. The reality is that policy is likely to stay tight for longer than expected.”

He argues that the repeated delays in rate-cut expectations reveal a deeper misreading of the macro environment.

“Expectations have shifted from March to June, from June to July, and now beyond,” he notes.

“Each shift isn't random. It reflects the same underlying issue: inflation is sticky, and the economy isn't weakening fast enough.”

The risk environment is also becoming more complex. Rising oil prices are increasing the probability of stagflation, with sustained energy costs capable of lifting inflation while weighing on growth.

“The Fed is facing conflicting pressures, but inflation remains the dominant threat,” says the financial giant's chief executive.

“Cutting rates into an energy-driven inflation cycle would risk repeating past policy mistakes.

“There's even a growing probability in market pricing of further tightening rather than easing in the near term. This tells you how dramatically the outlook has shifted.”

Looking ahead, Nigel Green believes investors must abandon the assumption that rate cuts are just around the corner.

“The real story is not delayed cuts. It's the possibility of no cuts for longer than markets are currently expecting,” he concludes.

deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients.  It has a network of offices around the world, more than 80,000 clients, and $14bn under advisement.

Tech – CloudMile Showcases the Future of Agentic AI at AI+ Renaissance 2026, Positioning Asia as the Global Foundry for Enterprise AI Assets

Source: CloudMile

SAN FRANCISCO, March 17, 2026 – CloudMile, an established AI and cloud service provider in Asia, made its notable debut at the NVIDIA GTC where CloudMile Founder and CEO Spencer Liu joined a series of premier AI events across the Silicon Valley Bay Area. Spencer delivered a featured keynote addressing the next frontier of intelligence:”From Infrastructure to Intelligence: Crafting Enterprise-Grade Agents”.

Forging the “HALO” Asset: AI with Company DNA

Amidst the “Renaissance” of the AI era, Liu addressed the global shift toward HALO (Heavy Assets, Low Obsolescence). He challenged the audience of 2,000 founders and investors to rethink the definition of “heavy assets” in the age of AI.

“In this era, the most valuable asset you can own is not hardware, but a Tailored AI Agent,” said Spencer Liu, Founder and CEO of CloudMile. “Unlike off-the-shelf software that you 'rent,' a tailored agent is a 'Lifetime Digital Employee.' It learns your proprietary data, follows your security protocols, and carries your company’s unique DNA. At CloudMile, we don't just sell tools; we provide the 'foundry' to forge these unbreakable strategic assets.”

Recognized by the governments of Taiwan and Singapore, CloudMile is an accredited Google Cloud Managed Service Provider (MSP) with over 165 certifications. In 2026, CloudMile’s technical leadership was solidified when it was crowned Grand Champion for the Greater China Region (GCR) in the Google-hosted “Agent Build Challenge,” outperforming 117 competitors.

A key pillar of this partnership is CloudMile’s ability to leverage Google Cloud’s generative AI ecosystem, including models from Google Gemini, Gemini Enterprise, and AI development through Vertex AI.

The AEGIS AI Foundry

To facilitate this vision, CloudMile introduced the AEGIS AI Foundry, a comprehensive management platform designed to move AI from “lab experiment” to a strategic “moat.”

Transparency & Security: A “No Black Box” approach with fully auditable logs.
Hybrid AI Deployment: Seamless operation across public, private, and neo-cloud environments.
Modular “Skill” Architecture: Visual orchestration that allows enterprises to build complex, reusable modules for document audits and business logic.
Plug-and-Play Connectivity: Standardized Model Context Protocol (MCP) integration, bridging Google Search, internal databases, and SaaS tools.

The “Taiwan+1” Strategy: Scaling Across APAC

Liu also detailed CloudMile’s “Taiwan+1” strategy, which leverages Taiwan’s status as the world’s AI hardware foundry and adds the critical layer of Application and Agent Development. This strategy anchors CloudMile’s leadership across North and Southeast Asia, supported by dual headquarters in Taiwan and Singapore.

CloudMile’s technical dominance was recently cemented as the Greater China Region Champion in the Google Cloud Agent Build Challenge. The company is also recognized as a certified AI Technical Service Provider by Taiwan's Ministry of Digital Affairs and a Strategic Partner under Singapore’s Budget 2025 Enterprise AI Initiative.

Building the Future of Enterprise AI

As an official stop on the “Road to SuperAI,” the AI+ Renaissance conference serves as the global stage for the next generation of AI breakthroughs. CloudMile’s participation reinforces its position as the certified partner for AI builders in Asia, combining Google Cloud’s advanced models with deep professional expertise in data and security.

About CloudMile Group

CloudMile Group is a leading AI technology group in Asia, integrating core capabilities in AI, Security, and FinOps. It provides comprehensive solutions spanning data governance, cloud operational efficiency, and security resilience, helping enterprises accelerate transformation in the AI-driven era. As a multinational group focused on talent development and innovation, it offers customized services through its technical brand, CloudMile, and its strategic consultancy brand, Electrum. Dual-headquartered in Taiwan and Singapore, CloudMile serves over 1,400 enterprises across Taiwan, Hong Kong, Singapore, Malaysia, the Philippines, and Indonesia.

For more information, please visit https://cloudmile.ai/tw

Energy Sector – Equinor strengthens helicopter capacity in Bergen

Source: Equinor

19 MARCH 2026 – Equinor has awarded Bristow Norway AS a contract for helicopter services in Bergen, Norway.

The agreement covers two S‑92 helicopters that will provide offshore transport services from Flesland Airport. The contract will commence on 1 May, with a duration of one year and options for extension for a further two one‑year periods. The estimated contract value is approximately NOK 1.1 billion.

“This is an important agreement that strengthens our helicopter capacity. We have already entered into agreements with CHC and Lufttransport in Bergen and this gives us solid capacity at our largest helicopter base,” says Mette Ottøy, senior vice president of Joint Operations Support at Equinor.

Equinor operates approximately 5,000 helicopter flights per year from Bergen Airport, Flesland.

Bristow currently has an agreement with Equinor for five helicopters in Bergen, which expires on 30 April. Under the new contract, two of the existing helicopters will be continued, ensuring good continuity for both personnel and operations.

From 1 May, three operators with a total of seven helicopters will provide offshore transport services from Bergen Airport, Flesland, as CHC and Lufttransport also commence their new contracts.

Fields served by Equinor from Bergen Airport, Flesland

  • Troll field: Troll A, B and C
  • Gullfaks field: Gullfaks A, B and C
  • Statfjord: Statfjord A, B and C
  • Oseberg field: Oseberg A, B and D
  • Martin Linge
  • Kvitebjørn / Valemon

Operators providing offshore transport services for Equinor from Bergen Airport, Flesland, from 1 May

Operator: Bristow Norway AS

Helicopter type: Sikorsky S‑92
Number of helicopters: 2
Planned start-up: 1 May 2026
Duration: 1 year + 2 × 1‑year options

Operator: CHC Helicopter Service

Helicopter type: Sikorsky S‑92
Number of helicopters: 3
Planned start-up: 1 May 2026
Duration: 2 years and 8 months + 2 × 1‑year options

Operator: Lufttransport RW AS

Helicopter type: AW139 (to be replaced by AW189 in 2027)
Number of helicopters: 2
Planned start-up: 1 May 2026
Duration: 2 years and 8 months + 2 × 1‑year options.

Australia digital health market to grow at 10% CAGR through 2035, forecasts GlobalData

Source: GlobalData

Early detection of cancer, a disease that continues to represent a significant global health burden, remains one of the most critical factors in improving survival outcomes. In response, healthcare systems are increasingly focusing on strengthening diagnostic pathways and adopting advanced clinical tools to support more efficient evaluation and management of patients at risk. Against this backdrop, the digital health market in Australia is expected to grow at a compound annual growth rate (CAGR) of 10% through 2035, forecasts GlobalData, a leading intelligence and productivity platform.

GlobalData’s analysis reveals that Australia accounted for 2% of the Asia-Pacific (APAC) digital health market in 2025. Despite this relatively small share, the country’s contribution is expected to expand as healthcare providers are adopting emerging technologies alongside the existing digital solutions, supporting the growth of the Australian digital health sector.

Optellum has recently received regulatory clearance from the Therapeutic Goods Administration (TGA) in Australia for its AI-enabled Virtual Nodule Clinic, a digital health platform developed to support clinicians in assessing pulmonary nodules and aiding in the early detection of possible lung cancer. This authorization allows healthcare providers across Australia to integrate the software-based clinical decision support tool into their routine diagnostic and patient management processes.

Shamreen Parween, Medical Devices Analyst at GlobalData, comments: “The incidence of cancer in Australia is increasing due to a range of contributing factors, highlighting the growing need for effective and timely diagnostic approaches alongside the existing healthcare infrastructure. In this context, initiatives by the Australian Government to promote the adoption of accessible and cost-effective medical technologies may play an important role in improving treatment outcomes and enhancing survival rates among patients.”

Optellum has already received FDA approval and CE marking in European countries and has now secured TGA approval in Australia. This approval supports an artificial intelligence (AI) model that helps predict whether lung cancer is malignant. The software, which is built into the system, reviews chest CT images where lung nodules have been detected. Based on the calculated result, the experts determine the next steps for further treatment. Such assessments may contribute to earlier identification and management of lung cancer, potentially supporting improved outcomes for patients.

Parween concludes: “The development of digital healthcare and the increasing integration of technology-driven solutions across clinical environments are likely to support improvements in disease diagnosis and treatment, while gradually strengthening Australia’s position within the broader Asia-Pacific digital health market.”

Notes

Quotes provided by Shamreen Parween, Medical Devices Analyst at GlobalData

About GlobalData

GlobalData Plc (LSE:DATA) operates an intelligence platform that empowers leaders to act decisively in a world of complexity and change. By uniting proprietary data, human expertise, and purpose-built AI into a single, connected platform, we help organizations see what is coming, move faster, and lead with confidence. Our solutions are used by over 5,000 organizations across the world’s largest industries, providing tailored intelligence that supports strategic planning, innovation, risk management, and sustainable growth.