Tech Economy – Tech to remain volatile, creating investor opportunities: deVere

Source: deVere Group

February 5 2026 – More volatility is expected in tech stocks over the next few months as the market contends with fresh evidence that artificial intelligence is beginning a wider reckoning and as fears grow about its disruptive effects on existing business models.

This is the warning from the CEO of one of the world's largest independent financial advisory organisations as software and services equities tumble sharply on concerns that faster, more capable AI tools could erode pricing power in legacy software models, wiping out nearly $1 trillion in market value in recent sessions.

Nigel Green, chief executive of deVere Group, says today's market moves mark a fundamental re-evaluation of value in the digital economy.

He explains: “Investors have moved beyond AI hype and are now rigorously testing business models against the harsh reality of what these technologies actually deliver.

“When machines can automate complex analytical, legal and compliance tasks that once justified premium pricing, the entire logic underpinning software valuations is up for re-assessment.”

This transition from optimism to differentiation has created pronounced bifurcation across technology sectors.

While AI infrastructure and data-centre builders have held relatively firmer ground, companies built on recurring software licences and process automation have been most exposed in the selloff.

“What we're witnessing isn't simply 'AI excitement ebbing', it's a redefinition of which parts of tech genuinely benefit from intelligence automation and which parts are most vulnerable to obsolescence.”

Market indicators underscore these tensions. Software indexes in Europe, the US, and Asia have all posted steep declines as investors digest the implications of new generative AI tools that handle core enterprise workflows.

The Nasdaq's tech-heavy profile has felt particular strain, while commodities such as gold and precious metals have risen as traditional safe havens amid equity volatility.

Meanwhile, some tech names with deep AI concentration or earnings resilience have bucked the trend, reflecting a growing premium for proven monetisation and sustainable margins.

The deVere boss emphasises that this moment is not solely about fear of technology replacing humans.

“The deeper issue markets are grappling with is economic: pricing power is now being adjudicated through AI's ability to unbundle value, compress workflows, and deliver outputs with minimal human intervention.

“In sectors where incumbents cannot justify their cost structures in an AI-driven context, valuations are adjusting rapidly and ruthlessly.”

He highlights two core mechanisms driving the sell-off.

First, AI diminishes switching costs by offering equivalent or superior service with far less friction, making entrenched long-term contracts less defensible.

“When customers can pivot to intelligent agents that perform at scale and at lower cost, the lock-in that once supported high valuations starts to evaporate.

“Second, the gap between promise and monetisation narrows under scrutiny, forcing investors to think much more critically about earnings sustainability.”

Nigel Green underscores that volatility may persist until the market reaches a new equilibrium on how AI translates into durable profit streams.

“Expect continued differentiation,” he says. “Companies that control the economics of AI — through proprietary infrastructure, data moats, or genuine scarcity in service delivery — will attract capital.

“Others that merely embed generic AI capabilities to defend legacy models will find their margins under sustained pressure.”

He also notes that geopolitical and macroeconomic factors are amplifying these thematic shifts.

With macro risks such as tariff tensions and interest rate uncertainty still present, capital flows are increasingly selective, favouring quality and proven growth prospects over broad momentum.  

“AI intersects with macro realities that heighten market sensitivity to any signal that future earnings could be compromised.”

Looking ahead, the CEO anticipates further stock price dispersion in the tech complex as earnings releases and valuations are recalibrated against real economic benefit from AI deployment.

“Investors will reward companies that demonstrate clear revenue capture from their AI investments,” he notes.

“Conversely, those that fail to adapt cost bases or innovate beyond legacy frameworks will continue to face valuation headwinds.”

In his view, this period of adjustment, while uncomfortable, represents a maturation of how markets price innovation in a world where intelligence automation is rapidly becoming a fundamental competitive factor.

“The era of unquestioned software pricing power is ending.”

He concludes: “Markets are now pricing based on tangible economic differentiation, not narrative alone.

“This will create volatility, as we've seen in the last few days – and volatility always creates important investor opportunities.”

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.

Australia – CommBank releases Australian-first report outlining how it is adopting AI

Source: Commonwealth Bank of Australia (CommBank)

5 February 2026 – Today Commonwealth Bank becomes the first Australian bank to release a report outlining how it is ideating, developing, deploying and managing Artificial Intelligence (AI) at an organisational level with a focus on responsible practices. The report explores the Bank’s approach to AI, its journey over the past decade, and practical examples of AI in action across the organisation.

These include using AI to help protect customers from fraud and scams, strengthen cyber security, enhance customer experiences and detect abuse in transaction descriptions.

AI is reshaping industries and has the potential to deliver significant economic benefits for Australia, with industry estimates suggesting AI could add $45 billion to $115 billion a year to the economy by 2030.

Recognising this opportunity, the Australian Government’s National AI Plan highlights the important role business plays in adopting AI responsibly.

Commonwealth Bank CEO Matt Comyn said the report aims to share what the Bank has learned in adopting AI and managing associated risks.

“We’ve heard that stakeholders want to better understand how AI is being used across the Bank and our approach to managing the risks associated with its adoption. This report outlines our progress and the safeguards we have in place to support responsible use.”

“To realise the full potential of AI, we must work together to build capability, foster innovation and support responsible adoption. We aim to share our knowledge as we navigate this rapidly evolving landscape,” Mr Comyn said.

“Our people are central to delivering for our customers, which is why we’re expanding skilling programs to build confidence and capability.”

Executive General Manager and lead on the Report Alex Matthews said CBA sees significant opportunities with AI but is equally mindful of the risks.

“As Australia’s largest bank, trust is fundamental to how we use AI. Our approach is focused on our risk management foundations and guided by our AI principles.”

“Banking technology has evolved significantly in the past 30 years, and we are using AI to help reduce scams and fraud, protect against phishing, and deliver more tailored and relevant experiences for our customers.

“We recognise the importance of collaboration with government, universities and business to foster innovation, build capability and support the responsible adoption of AI. We will continue to refine our approach as the technology evolves,” Mr Matthews said.

As part of this commitment, CommBank this week also launched a longitudinal research initiative developed with Melbourne Business School to better understand how Australians perceive, use and trust AI in banking over time.

The full Our Approach to Adopting AI report is available on the CommBank website.

Key highlights include:

Responsible AI practices

Established a dedicated governance forum to oversee AI risk framework development.
AI approach built on risk management frameworks, guided by Code of Conduct and AI principles.
Group AI Policy includes six principles; environmental and social, fairness, transparency, privacy and data protection, reliability and security, and accountability.
Toolkits and guardrails focused on responsible practices support our teams in ideating, building, deploying and managing AI systems, and include ongoing monitoring and annual reviews.
In 2024, we launched an AI learning series for our people and by the end of 2025, over 27,600 employees had engaged with the series.

AI critical in helping to protect Australians from scams and fraud

Invested over $AU900 million in FY2025 to help protect customers from fraud, scams, cyber threats and financial crime.
CommBank uses AI to help enhance scam and fraud detection strategies by quickly identifying unusual events in complex patterns of activity. These methods are applied to process more than 20 million payments daily on average and send 40,355 proactive warning alerts per day on average to customers via the CommBank app. This has played a crucial role in helping to reduce customer fraud losses by over 20% in the first half of 2026 financial year compared to the first half of 2025 financial year.
Partnered with Apate.ai, a cyber intelligence company, to help fight scams using AI-powered bots that engage scammers in real-time conversations.

AI has the potential to transform customer experiences

AI is being used to help enhance customer experiences, from fraud protection and cyber security to detecting abuse in transaction descriptions.
Since 2015, CommBank’s machine‑learning Customer Engagement Engine (CEE) helped CBA to better understand its customers and, in turn, help deliver improved and more tailored experiences.
The CEE enabled the development of tools like Benefits finder – a free feature in the CommBank app and NetBank that has helped personal and business customers access more than 400 rebates since 2019, ranging from family energy support to wage subsidies for businesses.
CommBank’s Generative AI solution Compass AI is helping our frontline teams to be able to spend more time focused on the needs of our customers. It delivers inquiries from its business bank knowledge base three times faster than traditional methods and has been used to answer more than 500,000 questions since July 2024.

Building Australia’s AI capability is a shared responsibility

CommBank is a founding member of the National Security Tech Alliance and a founding partner in the Future Skills Organisation Skills Accelerator-AI, which equips educators and learners with practical AI skills.
Helping accelerate research and bring advanced skills back to Australia through collaboration with leading universities, including the University of Adelaide’s Australian Institute for Machine Learning.
Investing in programs to inspire young Australians to pursue careers in science, technology, engineering and mathematics, as well as AI, promoting diversity and inclusion in the tech workforce.
The launch of a Tech Hub in Seattle, Washington in the USA is enabling our technologists to collaborate with and learn from global technology leaders.
In December 2025, we released an AI video series to help Australians build confidence with AI and introduced a technology skills initiative to support small businesses in using AI to grow.

Pacific – Solomon Islands – VATUD, Aoke-Langalanga constituencies laud PRC’s generous livelihood assistance

Source: Solomon Islands Government

The VATUD Constituency (TVC) and Aoke-Langalanga Constituency (ALC) Offices of the Ministry of Rural Development (MRD) have expressed their sincere gratitude to the People’s Republic of China (PRC) Embassy in Honiara for its unwavering support in enhancing rural livelihoods through a generous donation of essential equipment and supplies.

During a recent brief handover, Justin Tanema, Constituency Development Officer (CDO) for TVC, conveyed deep appreciation of the people and their Member of Parliament Honourable Freda Tuki Soriocomua for the timely support in terms of materials.

These materials, valued at $100,000, are intended for constructing 50 solar lights on Tikopia Island, particularly along the recently constructed footpath from Te Karoa (between Terano School and Namo Village), and routes from Uta to Ravenga and Ratia to Marae Lasi. The donation includes:

• 33 solar lights of 200 watts

• 17 solar lights of 300 watts

• 63 bags of 40kg cement

• 31 galvanized pipes of 4”x6m

Similarly, Mr David Farobo Tomani, CDO for Aoke-Langalanga Constituency, on behalf of the Member of Parliament Honourable Matthew Wale, also thanked PRC’s continuous support and contribution to his Constituency for improvement of community livelihoods.

CDO Tomani noted that the constituency is actively engaged in seaweed farming project aimed at boosting income and providing sustainable livelihoods opportunities for coastal and artificial island communities of the Langalanga Lagoon; particularly those in Ward 30.  

The total value of the PRC contribution to Aoke Langalanga project was $100,000.00.

During the brief handover, PRC emphasized that enhancing rural livelihoods is vital for development, resilience, and quality of life.

“PRC is honoured to contribute to your community development efforts. We are committed to support small infrastructures and contribute to rural development, and capacity building as part of our strategic partnership. PRC’s support will always work towards supporting the Solomon Islands NDS 2026-2035 with the vision of “Improving the Social and Economic Livelihoods of All Solomon Islanders.”  

The MRD also acknowledged PRC’s ongoing commitment to developing rural livelihoods and improving living standards for Solomon Islanders.

The Ministry called on the constituency offices to utilize the assistance transparently and effectively for the benefit of their communities.

As Solomon Islands navigates its development journey, continued support from the PRC remains invaluable.

The MRD looks forward to further collaboration with PRC and other partners to foster sustainable development across rural communities in Solomon Islands.

Africa – Is AU willing to become the institution Africa needs?

Received from: Media Fast – article By Mike Omuodo.

From an online post, a commentator asked an intriguing question: “If the African Union (AU) cannot create a single currency, a unified military, or a common passport, then what exactly is this union about?”.

The comment section went wild, with some commentators saying that AU no longer serves the interest of the African people, but rather the interests of the West and individual nations with greedy interests in Africa's resources. Some even said jokingly that it should be renamed “Western Union”.

But seriously, how has a country like France managed to maintain an economic leverage over 14 African states through its CFA Franc system, yet the continent is unable to create its own single currency regime? Why does the continent seem to be comfortable with global powers establishing their military bases throughout its territories yet doesn't seem interested in establishing its own unified military? Why does the idea of an open borders freak out our leaders, driving them to hide under sovereignty?

These questions interrogate AU's relevance in the ensuing geopolitics. No doubt, the AU is still relevant as it still speaks on behalf of Africa on global platforms as a symbol of the continent's unity. But the unease surrounding it is justified because symbolism is no longer enough.

In a continent grappling with persistent conflict, economic fragmentation, and democratic reversals, institutions are judged not by their presence, but by their impact.

From the chat, and several other discussion groups on social media, most Africans are unhappy with the performance of the African Union so far. To many, the organization is out of touch with reality and they are now calling for an immediate reset.

To them, AU is a club of cabals, whose main achievements have been safeguarding fellow felons.

One commentator said, “AU's main job is to congratulate dictators who kill their citizens to retain power through rigged elections.” Another said, “AU is a bunch of atrophied rulers dancing on the graves of their citizens, looting resources from their people to stash in foreign countries.”

These views may sound harsh, but are a good measure of how people perceive the organization across the continent.

Blurring vision

The African Union, which was established in July 2002 to succeed the OAU, was born out of an ambitious vision of uniting the continent toward self-reliance by driving economic Integration, enhancing peace and security, prompting good governance and, representing the continent on the global stage – following the end of colonialism.

Over time, however, the gap between this vision and the reality on the ground has widened. AU appears helpless to address the growing conflicts across the continent – from unrelenting coups to shambolic elections to external aggressions.

This chronic weakness has slowly eroded public confidence in the organization and as such, AU is being seen as a forum for speeches rather than solutions – just as one commentator puts it, “AU has turned into a farce talk shop that cannot back or bite.”

Call for a new body

The general feeling on the ground is that AU is stagnant and has nothing much to show for the 60+ years of its existence (from the times of OAU). It's also viewed as toothless and subservient to the whims of its 'masters'.  Some commentators even called for its dissolution and the formation of a new body that would serve the interests of the continent and its people.

This sounds like a no-confidence vote. To regain favour and remain a force for continental good, AU must undertake critical reforms, enhance accountability, and show political courage as a matter of urgency. Without these, it may endure in form while fading in substance.

The question is not whether Africa needs the AU, but whether the AU is willing and ready to become the institution Africa needs – one that is bold enough to initiate a daring move towards a common market, a single currency, a unified military, and a common passport regime. It is possible!

Mr. Omuodo is a pan-African Public Relations and Communications expert based in Nairobi, Kenya.

Biodiversity – UK Hosts Global Gathering of Governments, Scientists and Biodiversity Leaders to Agree Landmark Business & Biodiversity Report

Source: Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES)

#IPBES12 Plenary Session Kicks Off in Manchester

  • Representatives of the 150+ member Governments of IPBES are meeting in Manchester all this week — hosted by the UK Government
  • On the agenda: approval of a major new intergovernmental scientific report on Business & Biodiversity, launching on 9 February
  • Next IPBES assessment topics will also be discussed.

Manchester, UK – The twelfth session of the Plenary of the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) began on Tuesday in Manchester, marking the first time that the United Kingdom of Great Britain and Northern Ireland is hosting a session of the IPBES Plenary.

Delegates representing the more than 150 IPBES member Governments, as well as observers, Indigenous Peoples and local communities, stakeholders and many of the world's leading biodiversity scientists and experts, have converged to strengthen the links between the science of biodiversity and both policy and action.

One of the most important outcomes of the meeting is expected to be the approval of the Summary for Policymakers of the landmark new IPBES Business & Biodiversity Report. This 3-year scientific assessment, involving 80 expert authors from every region of the world, will become the accepted state of science on the impacts and dependencies of business on biodiversity and nature's contributions to people, providing all decision-makers with evidence and options for action to measure and better manage business relationships with nature.
       
The events of the week began on Monday, with the most successful IPBES Stakeholder Day in the platform's history — with more than 500 stakeholders from the UK and around the world exploring opportunities for engagement with the work of IPBES.

The formal Plenary session got underway earlier today with a remarkable performance by local Manchester artists Bionics and the Wires, using bionic arms to enable plants to create music and visual art.

This was followed by a keynote address from the Right Honourable Emma Reynolds MP, UK Secretary of State for Environment, Food and Rural Affairs; as well as remarks by Astrid Schomaker, Executive Secretary of the Convention on Biological Diversity; Kaveh Zahedi,  FAO Director of the Office of Climate Change, Biodiversity and Environment, as well as by IPBES Chair, Dr. David Obura, and IPBES Executive Secretary, Dr. Luthando Dziba.

“This week you will work to agree the Business and Biodiversity Assessment; I pray with all my heart, that it will help shape concrete action for years to come, including leveraging public and private sector finance,” said His Majesty King Charles, in a message delivered by UK Secretary of State for Environment, Food and Rural Affairs, Emma Reynolds MP.

Minister Reynolds added: “Around the world, momentum is building. Countries are restoring wetlands and forests. Communities are reviving degraded landscapes. Businesses are discovering that investing in nature delivers real returns. The tide for nature is beginning to turn. But we cannot afford to slow down. The window to halt biodiversity loss by 2030 is narrowing. We need to build on that momentum — and we need to do it now. That is why platforms like IPBES matter more than ever. At a time when some are stepping back from international cooperation, the rest of us must step forward. Together we will demonstrate that protecting and restoring nature isn't just an environmental necessity, it's essential for our security, our economy, and our future.”

“Manchester — which has been at the forefront of historic industrial and business transformations — is a fitting venue for consideration of the vital IPBES Business and Biodiversity Assessment,” said Dr. David Obura. “This is especially important just days after the World Economic Forum's 2026 Global Risks Report again spotlighted biodiversity loss as the second most urgent long-term risk to business around the world.”

“IPBES is therefore on track to deliver — over the coming years — crucial knowledge and inspiration to support the implementation of current goals and targets, and to provide the scientific foundation needed by the many processes now shaping the global agenda beyond 2030,” said Dr. Luthando Dziba.
 
For more details about the Report, including its scope, scale and significance, please see the 'primer' (available in 12 languages): https://www.ipbes.net/events/ipbes-12-plenary/primers
 
Notes:

Often described as the “IPCC for biodiversity”, IPBES is an independent intergovernmental body comprising more than 150 member Governments. Established by Governments in 2012, it provides policymakers with objective scientific assessments about the state of knowledge regarding the planet's biodiversity, ecosystems and the contributions they make to people, as well as the tools and methods to protect and sustainably use these vital natural assets. For more information about IPBES and its assessments visit www.ipbes.net

Tech Economy – Software stocks hit as AI jolts pricing power – deVere Group

Source: deVere Group

February 4 2026 – The software selloff is investors' real-time repricing of the sector in the AI age, asserts the CEO of one of the world's largest independent financial advisory organizations.

The stark analysis from Nigel Green of deVere Group comes as a new AI automation tool from Anthropic sparked a $285 billion plunge in big-name stocks across the software sector.

He says: “The selloff is not about fear of AI — it's about what software businesses can realistically charge in an AI-first world.

“When AI agents can perform legal review, data analysis, research and compliance instantly, subscription-heavy models lose pricing leverage.

“Investors are reassessing whether decades-old assumptions around recurring revenues still hold.

“The sharp falls in software stocks reflect a market recognizing that margins, not innovation, are now the battleground.”

The scale and speed of the declines underline how abruptly investor thinking has shifted.

Software companies long valued for predictable subscription income, entrenched workflows and information advantages are now being judged against a different standard: how defensible those revenues remain when AI can replicate outputs faster, cheaper and with minimal friction.

Markets are increasingly questioning whether software businesses built around information resale, process automation or labour substitution retain meaningful scarcity value.

Tasks that once justified premium pricing and long-term contracts are being compressed by AI systems that can deliver comparable results in seconds.

As a result, the traditional logic underpinning software valuations is coming under sustained pressure.

Nigel Green notes that this represents a fundamental change in how investors assess technology risk. The assumption that digital products naturally enjoy durable pricing power is being challenged as automation strips complexity out of workflows.

“It is a valuation reset driven by economics. AI forces investors to examine what customers are actually paying for, and whether those services remain differentiated when intelligent systems become widely available.”

He continues: “Markets are drawing a clear distinction between companies that genuinely control AI economics and those that simply integrate AI to protect existing businesses.

“The former can potentially expand margins, while the latter risk seeing cost savings passed directly to clients.

“Markets are, it seems, penalizing firms that rely on legacy platforms, high headcount or process-heavy models that can be bypassed entirely.”

Another factor weighing on valuations is the rapid erosion of switching costs. As AI systems improve, the friction that once locked customers into long-term software contracts weakens.

Outputs become more standardised, competition intensifies and customer loyalty becomes harder to monetize.

Nigel Greens adds that the selloff reflects a growing recognition that “AI compresses value chains and concentrates returns.” A small number of firms, he explains, will “capture disproportionate gains, while a far larger group will struggle to defend pricing power.”

He concludes: “AI removes the insulation that once protected software margins.

“What looked like stable, recurring revenue is increasingly exposed.

“Investors aren't waiting for earnings warnings or guidance cues. They're repricing now, because AI accelerates disruption faster than quarterly results can capture.”

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.

Swiss Economy – KOF Business Tendency Surveys: Significant improvement in the business situation at the start of the year – KOF

Source: KOF Economic Instutute

The KOF Business Situation Indicator for the Swiss private sector, which is calculated from the KOF Business Tendency Surveys, rose in January for the second month in a row. Thanks to this significant improvement, business activity at the beginning of this year is much more encouraging than it was at the start of 2025. In addition, companies are more optimistic about their business expectations for the next six months than they have been previously.

The rise in the Business Situation Indicator for January is mainly driven by developments in the manufacturing sector, where business has improved significantly. However, this industry is not alone in its impressive performance: the Business Situation Indicator is increasing in the financial and insurance services, wholesale, hospitality and construction sectors as well. It is also rising in the retail sector, albeit only very modestly. Business activity in other services remains more or less stable, while it is cooling slightly in the project engineering sector. All in all, the positive trend in January is fairly broad-based across the Swiss economy.

Manufacturing industry is looking to the future with greater optimism

The business outlook for the coming six months is brightening, particularly in the manufacturing sector. In addition, firms in the retail trade, financial and insurance services, project engineering and construction are more confident than they were previously. Expectations in the hospitality industry, the wholesale trade and other services are slightly more cautious than before.

Firms are looking to recruit more staff

Given the more encouraging business outlook, companies are increasingly planning to recruit additional staff. The hospitality industry in particular is finding it increasingly difficult to attract suitable workers. However, the construction industry and the project engineering sector are complaining the most about labour shortages.

Wage expectations remain unchanged

When asked about the expected growth in gross wages at their own firms over the next twelve months, respondents to the January survey – as with the October survey – revealed an average increase of 1.3 per cent. Above-average wage rises are anticipated in hospitality, project engineering and construction. Firms' forecasts of consumer price inflation over the next twelve months have hardly changed since the last survey in October. They now expect to see an average inflation rate of 0.9 per cent (October: 1.0 per cent).

The results of the KOF Business Tendency Surveys for January 2026 are based on responses from around 4,500 firms in the manufacturing, construction and major service sectors. This equates to a response rate of around 56 per cent.

Energy – Equinor to commence first tranche of the 2026 share buy-back programme

Source: Equinor

04 FEBRUARY 2026 – Equinor will on 5 February 2026 commence the first tranche of up to USD 375 million of the share buy-back programme for 2026, as announced in relation with the company’s fourth quarter results on 4 February 2026.

In this first tranche of the share buy-back programme for 2026, shares for up to USD 123.75 million will be purchased in the market, implying a total tranche of up to USD 375 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 30 March 2026.

Equinor announces a share buy-back programme of up to USD 1.5 billion for 2026, including shares to be redeemed from the Norwegian State. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the first tranche for 2026, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

Commencement of new share buy-back tranches after the first tranche for 2026 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the first tranche for 2026 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2026.

Further information about the share buy-back programme and the first tranche:

The first tranche of the share buy-back programme for 2026 is based on an authorisation granted to the board of directors at the annual general meeting of the company held on 14 May 2025. According to the authorisation, the maximum number of shares which can be purchased in the market is 84 million, of which 33,097,247 remain available per commencement of the first tranche for 2026 (buy-backs made under previous tranches in the authorisation period taken into account). The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation is valid until the annual general meeting of the company in May 2026, but no later than 30 June 2026.

An agreement between Equinor and the Norwegian State regulates the State's participation in the share buy-back: at the annual general meeting of the company in May 2026, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State's shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus interest rate compensation, adjusted for any dividends paid.

In the first tranche for 2026, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out 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 programmes from March 2025.

The board of directors will propose to the annual general meeting of the company to be held in May 2026, to cancel shares purchased in the market in this first tranche for 2026 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State. Based on renewal of this agreement, shares purchased under subsequent tranches of the share buy-back programme for 2026 and a proportionate number of the State's shares will follow a similar process at the annual general meeting of the company in 2027.

This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

Energy – Equinor fourth quarter and full year 2025 results

Source: Equinor

04 FEBRUARY 2026 – Equinor delivered an adjusted operating income* of USD 6.20 billion and USD 1.55 billion after tax* in the fourth quarter of 2025. Equinor reported a net operating income of USD 5.49 billion and a net income of USD 1.31 billion. Adjusted net income* was USD 2.04 billion, leading to adjusted earnings per share* of USD 0.81.

The fourth quarter and full year were characterised by:

  • Strong production and operational performance, delivering 6% production growth in the quarter and 3.4% for the full year
  • Continued high-grading of portfolio
  • Cost and capital discipline

Taking action to strengthen competitiveness, cash flow and robustness

Strategic priorities guiding capital allocation

  • Develop the NCS to maximise value
  • Focused growth in international oil and gas
  • Building an integrated power business

  • Strengthening free cash flow* by reducing the organic capital expenditures* outlook for 2026/27 by USD 4 billion
  • Reducing operating costs1 by 10% in 2026 through strong cost focus and portfolio high-grading
  • Expecting around 3% oil and gas production growth in 2026
  • Set to deliver return on average capital employed* of around 13% for 2026/27

Capital distribution

  • Proposed increase of fourth quarter cash dividend to USD 0.39 per share
  • Announced share buy-back of up to USD 1.5 billion for 2026

Anders Opedal, President and CEO of Equinor ASA:

“With new fields on stream and strong operations, we deliver record-high production and competitive returns in 2025.”

“We continue to allocate capital to further develop and maximise value from the Norwegian continental shelf. At the same time, we are delivering focused growth in our international oil and gas portfolio and building our integrated power business, now focusing on the execution of already‑sanctioned projects.”

“In 2026, we expect around 3 percent production growth, up from record levels in 2025. We are taking firm actions to strengthen free cash flow, remain robust towards lower prices and maintain competitive capital distribution.”

Strong production

Equinor had high production in the fourth quarter, with a total equity production of 2,198 mboe per day, up 6% from 2,072 mboe per day in the same quarter last year. For the full year, the production reached a record high of 2,137 mboe per day, a 3.4% increase from the year before.

On the Norwegian continental shelf (NCS), the production in the quarter was high with a 5% increase compared to the same quarter in 2024. New fields, such as Johan Castberg and Halten East, delivered substantial contributions, along with new wells. This offset impact from unplanned maintenance at Johan Castberg. For the full year, production was up by 2% in 2025 compared to 2024.

The acquisition of additional interests in US onshore gas assets in late 2024 and new wells on stream, resulted in strong production from the E&P USA segment in the fourth quarter and full year of 2025, compared to the year before.

The exits from Nigeria and Azerbaijan in 2024, along with a production stop and sale of a 40% operated interest in the Peregrino field in Brazil in the fourth quarter of 2025, resulted in lower production in E&P International in the quarter and full year of 2025. Production from new wells in Argentina and Angola contributed positively to the results. Other important contributions were the establishment of the Adura joint venture with Shell in the UK and the Bacalhau field in Brazil coming on stream.

The total power generation was 1.76 TWh in the quarter and 5.65 TWh for the full year. The renewable portfolio drove the increase through ramp-up of production from the offshore wind farm Dogger Bank A and higher onshore production. This led to a 42% increase in renewable generation for the fourth quarter and a 25% increase for the full year, compared to 2024.

Financial results

Equinor realised a European gas price of USD 10.6 per mmbtu and realised liquids prices were USD 58.6 per bbl in the fourth quarter of 2025.

Equinor delivered an adjusted operating income* of USD 6.20 billion and USD 1.55 billion after tax* in the fourth quarter. The results are affected by lower liquids prices, which were partially offset by higher production and higher gas prices in the US.

The reported net operating income of USD 5.49 billion is down from USD 8.74 billion in the same quarter last year. This was impacted by net impairments of USD 626 million in REN, E&P International and E&P Norway. Net impairments for the full year of 2025 amounted to USD 2,481 million, mainly impacted by reduced expected synergies from future offshore wind projects in the US and updated price assumptions.

The Marketing, Midstream and Processing results were strong, driven by gas trading and optimisation, and a favourable price review result.

Adjusted operating and administrative expenses* are higher compared to the same quarter last year. This is mainly due to higher transportation costs driven by market conditions and currency effects. This was partially offset by a reduction in the Gassled removal obligation and cost improvements in the renewable segment.

High production generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 9.55 billion for the fourth quarter.

Equinor paid three NCS tax instalments totalling USD 5.96 billion in the quarter.

Cash flow from operations after taxes paid* ended at USD 3.31 billion for the fourth quarter, bringing the cash flow from operations after taxes paid* to USD 18.0 billion for the year.

Organic capital expenditure* was USD 3.29 billion for the quarter and USD 13.1 billion for the full year.

The net debt to capital employed adjusted ratio* was 17.8% at the end of the fourth quarter, compared to 12.2% at the end of the third quarter of 2025.

Strategic progress

Equinor continued to develop the portfolio and deliver on its strategy in the quarter.

On the NCS, production started from the Verdande subsea field in the Norwegian Sea, adding volumes to and extending the field life of Norne beyond 2030.

2025 was a successful exploration year with 14 commercial discoveries on the NCS, of which seven were Equinor-operated. Three commercial discoveries were made during the quarter, contributing with volumes to meet the ambition of maintaining the production level from 2020 in 2035.

The international portfolio was significantly strengthened with the production start at Bacalhau, off the coast of Brazil, adding future production and cash flow. The operatorship of the Peregrino field was transferred to PRIO in the quarter.

Equinor and Shell officially launched Adura, which is expected to play a crucial role in securing the UK’s energy supply. Adura is fully self-funded and aims to distribute more than 50% of cash flow from operations from 2026.

A 10-year gas sale agreement was signed with gas and electricity company Pražská plynárenská, securing Norwegian gas to the Czech Republic until 2035.

The new business area Power was established in fourth quarter of 2025, integrating renewables with flexible power assets. Power is a reportable segment effective from 1 January 2026.

Equinor’s first hybrid power complex, combining solar and wind resources, was launched in Brazil. In Texas, US, Equinor’s first commercial battery storage system came online in the quarter.

At the end of the quarter, the Empire Wind project in the US received a second stop work order. Operations were resumed in January, following the grant of a preliminary injunction. Project execution is strong and the project is now over 60% complete.

The three-year average reserves replacement ratio (RRR) 2023-2025 was 100%, including both organic and inorganic replacements.

Equinor’s absolute scope 1 and 2 GHG emissions from operated production (100% basis) were 10.2 million tonnes CO₂e in 2025, a 33% reduction from 2015.

The positive twelve-month average serious incident frequency (SIF) trend continues, and was 0.21 in 2025, compared to 0.3 in 2024.

Competitive capital distribution

The board of directors proposes to the annual general meeting in 2026 a cash dividend of USD 0.39 per share for the fourth quarter of 2025. This is an increase of USD 0.02 per share from the third quarter of 2025 and in line with the previously announced ambition. The Equinor share will trade ex-dividend on Oslo Børs from and including 13 May and New York Stock Exchange from and including 15 May 2026.

The interim cash dividends for the first, second and third quarters of 2026 are expected to be at the same level as for the fourth quarter of 2025. This is to be decided by the board of directors on a quarterly basis and in line with the company's dividend policy, subject to existing and renewed authorisation from the annual general meeting.

The fourth tranche of the share buy-back programme for 2025 was completed on 29 January 2026 with a total value of USD 1,266 million. Following this, the total share buy-backs under the share buy-back programme for 2025 amounts to USD 5 billion.

The board of directors has decided to announce share buy-back for 2026 of up to USD 1.5 billion. The 2026 share buy-back programme will be subject to market outlook and balance sheet strength. The first tranche of up to USD 375 million of the 2026 share buy-back programme will commence on 5 February and end no later than 30 March 2026. Commencement of new share buy-back tranches after the first tranche will be decided by the board of directors on a quarterly basis in line with the company's dividend policy. It will be subject to existing and new board authorisations for share buy-back from the company's annual general meeting and agreement with the Norwegian State regarding share buy-back.

All share buy-back amounts include shares to be redeemed by the Norwegian state.

Strengthening competitiveness, cash flow and robustness

Key messages:

Strategic priorities guiding capital allocation
Equinor will continue to develop the NCS to maximise value and aims to maintain the production level from 2020 in 2035. Focused growth from the high-graded international oil and gas portfolio is expected to deliver strong production and cash flow growth2. In building the integrated power business, Equinor will be disciplined in execution and capital allocation. Trading provides value uplift across businesses.
Firm actions to strengthen free cash flow*
Equinor has taken firm actions to strengthen cash flow and robustness towards lower prices. The organic capex* outlook for 2026 and 2027 is reduced by USD 4 billion, mainly within power and low carbon. Cost improvement efforts continue with an aim to reduce operating cost1 with 10% in 2026, including the effects from portfolio high-grading. The investments of around USD 10 billion annually to oil and gas will be maintained. Reflecting changing markets and fewer value creating opportunities, the net carbon intensity ambition for 2030 and 2035 is updated to 5-15% and 15-30% respectively.
Delivering production growth
A production growth of around 3% is expected for oil and gas in 2026. Equinor has added attractive exploration acreage in Norway, Brazil and Angola, and around 30 exploration wells are planned for 2026. A reduction to USD 6 per boe unit production cost is aimed for in 2026. Equinor will continue the efforts to deliver a carbon efficient portfolio, and had a CO₂ upstream intensity of 6.3 kg/boe for Equinor operated assets in 2025.

Updated outlook for 2026:

Organic capital expenditures* are estimated at around USD 13 billion for 20263.
Oil & gas production for 2026 is estimated to grow around 3% compared to 2025 level.

This press release contains Forward Looking Statements. Please see the Forward Looking Statement disclaimer published on our web page: https://www.equinor.com/investors/4q2025-forward-looking-statements

1) Adjusted operating and administrative expenses* excluding royalties and transportation costs, over/underlift and a few selected one-offs. Including portfolio changes, equity accounting effects, and excluding held for sale assets.
2) All forward-looking financial numbers are based on Brent blend 65 USD/bbl, European gas price 9 USD/MMBtu and Henry Hub 3.5 USD/MMBtu.
3) USD/NOK exchange rate assumption of 10.
*For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

Amnesty International – North Korea: People ‘executed for watching South Korean TV’, bribery to escape punishment widespread

 Source: Amnesty International

 

  • Escapees tell of brutal system of arbitrary punishments for watching South Korean TV
  • Wealthy can escape harshest penalties by bribing corrupt officials
  • Children ‘forced to watch’ public executions as warning not to consume foreign media.

North Koreans caught watching South Korean television shows face public humiliation, years in labour camps or even execution – with the harshest punishments for those too poor to pay bribes, according to testimonies given to Amnesty International.

North Koreans who fled the country have told Amnesty of an arbitrary and corrupt system where secret consumption of South Korean TV is widespread but the penalties for violating vaguely worded “culture” laws banning foreign media are determined largely by wealth and connections. Many of those interviewed recounted living in constant fear of home raids and arbitrary detention, while some said they were forced to watch public executions as schoolchildren as part of their “ideological education”.


“These testimonies show how North Korea is enforcing dystopian laws that mean watching a South Korean TV show can cost you your life – unless you can afford to pay,” said Sarah Brooks, Amnesty International's Deputy Regional Director.


“The authorities criminalize access to information in violation of international law, then allow officials to profit off those fearing punishment. This is repression layered with corruption, and it most devastates those without wealth or connections.”

Laws criminalizing freedom of expression

 

Amnesty International conducted 25 in-depth individual interviews with North Korean escapees in 2025. The group included 11 individuals who fled North Korea between 2019 and 2020, with the most recent departure in June 2020. Most were aged between 15 and 25 at the time of their escape. Covid-19 border closures have made escapes extremely rare since 2020.

 

North Korea has long maintained one of the world's most restrictive information environments. Testimonies gathered by Amnesty International describe how accessing foreign culture or information was being actively punished, including by execution, at least before 2020. 

 

The introduction of the 2020 Anti-Reactionary Thought and Culture Act, which defines South Korean content as “rotten ideology that paralyzes the people's revolutionary sense”, enables such severe punishments to persist. The new law mandates between five and 15 years of forced labour for watching or possessing South Korean dramas, films or music and prescribes heavy sentences including the death penalty for the distribution of “large amounts” of content or for organizing group viewings. 

 

Despite the severe risks, interviewees described a society in which consumption of South Korean and other foreign media are widespread. Dramas and films are commonly smuggled in on USB drives from China, which young North Koreans watch on “notetels” – notebook computers with built-in televisions. 

 

‘People sell their houses to get out of camps’

North Koreans who fled the country between 2012 and 2020 told Amnesty International that people commonly watched South Korean TV knowing that they risked extreme punishment, but also that it was possible to escape the worst penalties if you were able to pay.

 

“People are caught for the same act, but punishment depends entirely on money,” said Choi Suvin, 39, who left North Korea in 2019. “People without money sell their houses to gather 5,000 or 10,000 USD to pay to get out of the re-education camps.” 

 

Kim Joonsik, 28, was caught watching South Korean dramas three times before leaving the country in 2019, but avoided punishment because his family had connections to officials.

 

“Usually when high school students are caught, if their family has money, they just get warnings,” he said. “I didn't receive legal punishment because we had connections.”

 

But he said three of his sisters’ high school friends received years-long sentences in labour camps in the late 2010s for watching South Korean dramas. Their families could not afford bribes. When Kim's own sister was arrested, the family paid USD 9,000 to secure her release before the case progressed to formal charges.

 

The bribes described by Choi and Kim – from between USD 5,000 to 10,000 – represent several years' worth of income for most North Korean families, making them unreachable for all but the wealthiest. 

 

‘Everyone knows everyone watches’

 

For decades, North Korea’s government has reportedly deployed a specialized law enforcement unit to crack down on foreign media consumption. Referred to as the “109 Group”, the unit conducts warrantless home and street searches of bags and mobile phones. Fifteen interviewees from different regions mentioned the 109 Group to Amnesty, indicating a nationwide, systematic approach to enforcement of these restrictive laws.

 

Interviewees said security officials actively solicit bribes from people arrested for consuming foreign media, and from their families. One escapee who had been caught watching foreign media quoted members of the 109 Group telling them: “We don't want to punish you harshly, but we need to bribe our bosses to save our own lives.”

 

The arbitrary and discriminatory enforcement of laws is systematic. Officials who most likely consume South Korean media themselves arrest and prosecute others for identical conduct. One interviewee described the open secret: “Workers watch it openly, party officials watch it proudly, security agents watch it secretly, and police watch it safely. Everyone knows everyone watches, including those who do the crackdowns.”

 

Nonetheless, it appears that periodic crackdowns have temporarily disrupted the usual operation of this system of bribery. Kim Gayoung, 32, who left North Korea in June 2020, described how North Korean leader Kim Jong Un began ordering 'intensive crackdown' campaigns in the late 2010s. During these periods, officials faced pressure to demonstrate enforcement results, making bribes less effective even for wealthy or well-connected families.

 

“My cousin worked at the People's Committee [the local government administrative body]. He said when someone was caught, no one would help them out. Even with bribes or connections, there was no guarantee of help because the crackdowns had become so severe,” she said.

 

‘Tens of thousands gathered to watch executions’

 

Interviewees described how North Korea uses public executions to terrorize entire communities into compliance. Choi Suvin witnessed a public execution in Sinuiju, North Pyongan Province “in 2017 or 2018” of someone accused of distributing foreign media. 

 

“Authorities told everyone to go, and tens of thousands of people from Sinuiju city gathered to watch,” she said. “They execute people to brainwash and educate us.”

Some interviewees described schools systematically forcing students to attend public executions as part of “ideological education”. Executions were carried out by firing squad – in one case witnessed, a squad of 10 people fired approximately 30 rounds at the condemned person. Authorities in some cases placed a substance in victims' mouths to prevent them from speaking before execution.  

 

“When we were 16, 17, in middle school, they took us to executions and showed us everything,” said Kim Eunju, 40, who fled in 2019. “People were executed for watching or distributing South Korean media. It's ideological education: if you watch, this happens to you too.”

 

An interviewee who left in 2017 described how “all” middle and high schools in Chongjin, North Hamgyong Province, were ordered to watch executions. “The message is: this is what happens [when you watch South Korean shows]. I saw two executions, both times in middle school.”

 

Schools also serve as sites for public humiliation. Kim Yerim, 26, who escaped in 2019, witnessed 10 high school seniors subjected to hours-long “public criticism” sessions for having watched foreign TV. 

 

“Authorities gathered elementary, middle and high school students to show what happens when you do wrong,” she said. “For several hours, officials from the Youth League and other Party organizations criticized the accused, saying 'your spirit is corrupted,' 'you lack ideological preparedness.'”

 

Schools conduct regular ideological education sessions on the dangers of foreign media. Kim Gayoung described weekly “ideological education” sessions where “teachers explain the laws and new rules”, while other sessions involve witnessing trials.

 

A system built on corruption and fear

 

Amnesty International is calling on the North Korean government to respect and protect freedom of expression, including the right to access information, and urgently repeal all laws that unjustly criminalize access to information, including the 2020 Anti-Reactionary Thought and Culture Act. It must abolish the death penalty for all offences, and as a first step urgently establish an official moratorium on all executions, including public executions. Children, in particular, must be protected from the cruel exposure to public executions. 

 

The government must also end the use of arbitrary detention and cease discriminatory treatment based on wealth or social status. Authorities must ensure equal application of the law and guarantee fair trial rights for all persons accused of crimes in line with international standards.

 

“This government's fear of information has effectively placed the entire population in an ideological cage, suffocating their access to the views and thoughts of other human beings. People who strive to learn more about the world outside North Korea, or seek simple entertainment from overseas, face the harshest of punishments,” Sarah Brooks said. 

 

“This completely arbitrary system, built on fear and corruption, violates fundamental principles of justice and internationally recognized human rights. It must be dismantled so that North Koreans can dare to enjoy the freedoms to which they are entitled.”

 

Background

 

Covid-19 border closures from 2020 to 2023 largely halted North Koreans leaving the country, with arrivals in South Korea plummeting from 1,047 in 2019 to 224 in 2025. The escape process itself typically takes months to years, during which individuals are at risk of human rights violations and abuses. This traumatic journey means escapees often need time before they can provide testimony. Upon arrival in South Korea, they must complete debriefing by South Korean authorities and resettlement programmes.

 

While Amnesty International publicly and regularly reports on the resort to public executions in North Korea, along with other alarming practices, due to severe restrictions on access to information the organization has been unable to independently verify the extensive use of the death penalty in North Korea. The adoption of the Reactionary Thought and Culture Law in 2020 signified a codification of some of these harsh penalties. 

 

The experiences shared by escapees who left North Korea before 2020 appear consistent with practices allowed for in North Korean laws and policies of more recent years. They also show internal consistency across different time periods and regions and align with findings from UN agencies, notably the UN Office of the High Commissioner for Human Rights.

 

Testimonies gathered by Amnesty International in 2025 indicate that the consumption of foreign media was criminalized, prosecuted and punished including by death before the 2020 law came into effect. Testimonies collected in separate research, and in media reports, have also indicated that extrajudicial executions have been carried out without any investigation, trial or sentencing. 

 

However, Amnesty International was unable to determine if other laws were used to convict people in these cases, and which ones, or whether the executions witnessed by interviewees were carried out extrajudicially. Amnesty International opposes the death penalty unconditionally, in any cases and under any circumstances. 

 

North Korea's laws and practices violate international human rights law, including the International Covenant on Civil and Political Rights, which it ratified in 1981. Systematically forcing children to witness public executions constitutes multiple grave violations and also violates children's rights under the Convention on the Rights of the Child, which North Korea ratified in 1990.  

 

Since the 1953 armistice that paused but did not formally end the Korean War, North and South Korea have remained technically at war, with the two countries remaining deeply divided.

 

Amnesty International wrote to the government of the Democratic People's Republic of Korea, sharing these research findings and inviting a response to the allegations documented. No response has yet been received.

 

*All names are pseudonyms to protect interviewees.