Financial Supervisory Authority of Norway takes no further action in Napatech analyst call case and warns on pre-close disclosure risks

The Financial Supervisory Authority of Norway has closed its review of Napatech A/S's unsolicited calls to analysts after concluding that, on the information available, it could not determine that inside information had been disclosed. The authority nonetheless used the case to warn listed issuers that pre-close calls with analysts create a risk of unlawful selective disclosure and require particular care. The review concerned 11 February 2026 calls by Napatech's chair to analysts at investment firms ahead of the company's fourth quarter presentation. In those calls, the chair indicated that analysts' 2026 unit sales estimates were too high and suggested sales would be below 10,000 units, compared with the company's earlier public guidance of 10,700 units, but at a higher price than the previous year. Finanstilsynet said the absence of a script, notes or recordings meant it could not establish the precise content of the calls. It pointed to ESMA good practices for pre-close calls, including assessing proposed disclosures in advance, giving public notice of calls, publishing materials used, recording calls, and keeping and publishing records of what was disclosed. Napatech said it will clarify in its internal policies that it should not contact analysts in the four weeks before an announcement and will align any future pre-close calls with ESMA and Finanstilsynet guidance.