Slide 1: Delivering Value Through Energy Security
Delivering Value Through Energy Security Second Quarter 2026 Results 9 July 2026
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION (THE “INFORMATION MATERIAL”) HAS BEEN PRODUCED AND DELIVERED BY NORWEGIAN BY ATTENDING OR RECEIVING THIS INFORMATION MATERIAL YOU ACKNOWLEDGE THAT YOU WILL BE ENERGY COMPANY ASA (THE “COMPANY”). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, RESPONSIBLE FOR YOUR
Slide 3: Today's BlueNord Presenters
Today’s BlueNord Presenters Euan Shirlaw Jacqueline Lindmark Boye Miriam Jager Lykke Cathrine Torgersen Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Corporate Affairs Officer 3
Slide 4: Q2-26: Robust Operational and Financial Delivery
Q2 -26: Robust Stable Production, Growing Operational Strong Outlook Cashflow Driving Returns Operational and Financial Delivery Stable Production at 37.2mboe/d Strong Operating Cashflow ▪ Base assets produced 17.9mboe/d ▪ Revenue of $277mm ▪ Tyra hub produced 19.3mboe/d ▪ Adjusted EBITDA of $148mm
Slide 5: Commitment to Maximising Distributions
Commitment to Maximising Distributions A Core Pillar of our Strategy is Returning Meaningful Capital to our Shareholders Distribution Policy until end 2026: 50 – 70% of Net Operating Cashflow Dividends 209 67(1) 276 (NOK/sh) 174 780 606 Distributions ($mm) Paid Declared Total Paid (2024 to Q1-26) (Q
Slide 6: Our Strength
Our Strength Focused Operational Delivery
Slide 7: Strong Exit Rate Supports H2 Production Growth
Strong Exit Rate Tyra Driving Near -Term Production Growth Supports H2 (net production,mboe/d) Q2 Exit Rate 44.9 c. 45 Production Growth 42.4 43.1 39.1 37.8 37.2 ▪ Tyra and Gorm planned shutdowns impacting Q2 29.8 production with expected improved performance in H2 ▪ Tyra Q2 exit rate above Tyra 26
Slide 8: Maximising our Stable Base | Dan, Halfdan and Gorm
Maximising our Stable Base | Dan, Halfdan and Gorm ▪ Strong start to Q2 with planned activities supporting future Base of Stable, Low -Decline Production (net production,mboe/d) production growth ▪ Annual Gorm shutdown completed to support reliability and facility integrity 20.1 18-20 17-19 17.9 ▪ D
Slide 9: Tyra and Harald Shutdown Scope Executed Successfully
Tyra and Harald Shutdown Gas Production Ramped Up Strongly Post -Shutdown Scope Executed Successfully 260 Maximum Monthly 250 Gas Production (mmscf /d) 240 Planned Well Potential ➔ Unlocking Remaining Volumes Shutdown 230 Successfully ▪ Replaced HEMJ choke and rerouted HEMJ flow Completed 220 ▪ Stro
Slide 10: Reaching Full Potential | Tyra
Reaching Full Potential | Tyra ▪ Planned shutdown safely and successfully executed expected to Tyra Production and 2026 Outlook deliver more stable production (net production,mboe/d) 25 -30 ▪ Steady -state Tyra performance expected in H2 2026 24 -29 22.9 ▪ Process improvements progressing expected t
Slide 11: Our Opportunity
Our Opportunity Maximising the DUC
Slide 12: Substantial Discovered Resource Base
Substantial Discovered Resource Base Significant Remaining Potential Projects and wells being actively progressed to target remaining volumes ▪ BlueNord has a clear focus on (net resources, mmboe) maximising economic recovery ▪ Attractive, near-term > 10 development opportunities 23 combined with lo
Slide 13: High-Graded Projects Positioned for Delivery
High-Graded Projects Positioned for Delivery ▪ Three developments planned, with focus on value > volume ▪ Tyra North progressing towards FID ▪ Rig tender for infill well programme already launched Development Projects (1) Matured Infill Wells (1) (net recoverable volumes, mmboe) (net recoverable vol
Slide 14: Sustaining Peak Production Levels
Sustaining Peak Production Levels Production potential subject to change based on re -worked Halfdan North and We can maintain peak production Robust Long -Term Production Outlook Valdemar Bo South projects (net production, mboe/d) levels through 2020s and drive long - term volumes Fields Currently
Slide 15: Our Results
Our Results Financial Strength Driving Returns 15
Slide 16: Q2-26: Financial Strength Driving Material Returns
Revenue EBITDA (USD million) (USD million) $282 $277 $147 $133 Q2-25 Q2-26 Q2-25 Q2-26 Strong profitability and cashflow generation driven by operational growth, supported by strategic hedge book Net Cashflow from Operating Activities Liquidity and Leverage (end Q2-26) (USD million) (USD million) Ro
Slide 17: Outlook for Oil | Realised Prices & Forward Hedges
Outlook for Oil | Realised Prices & Forward Hedges(1) ($/bbl) % hedged (swaps and collars) Realised Pricing 101 66% 61% 42% Protected by 70 71 66 86 72 71 70 Hedges 73 74 71 79 80 71 70 70 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Jul- 2027 2028 Dec'26 Stable realised pricing through Realised Price (Post-Hedgin
Slide 18: Underlying Unit Operating Costs Remain around Target Level
Underlying Unit Total Operating Cost (USD million) Operating Costs 104 101 76 88 99 Remain around Target Level 74 75 49 55 67 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Unit operating costs expected to Direct Field Opex Transportation Environmental Costs Production G&A return to target level in the second half o
Slide 19: Driving Growing Operational Cashflow
Driving Growing Operational Cashflow Net Cashflow from Operating Activities Growing Significantly with Tyra Production (USD million) Key focus on driving operational cashflow growth as the metric that 249 defines our distributions 184 186 ▪ Short-term elevated commodity price levels late in Q1 into
Slide 20: Strong Liquidity Position
Strong Liquidity Position Closing Q2 2026 liquidity of $546 million, including $336 million of undrawn RBL ▪ Demonstrates strong underlying asset performance and further strengthened by the refinancing of BNOR16 ($300 million) with the issuance of BNOR18 ($400 million) Strong Operational Cashflow in
Slide 21: Proactive capital management with new Bond Issuance
Proactive capital management with new Bond Issuance Stable balance sheet that is deleveraging New BNOR18 $400 million senior unsecured bond issued Leverage continues to decline; maintaining a Strong interest with the book multiple times covered, attractively priced at 7.875% conservative balance she
Slide 22: Our Future
Our Future Making Sustainable, Long -Term Returns a Reality
Slide 23: Positive Outlook
Positive Outlook Strategically Important Portfolio in the Heart of the EU ▪ High-quality, diversified asset base with long production history ▪ Supporting European energy security at lower emissions intensity than alternatives Strong Operational and Financial Delivery ▪ Tyra stabilising with near-te
Slide 24: BlueNord=* we
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Slide 25: Appendix
Appendix > we BlueNord=*
Slide 26: Strategic European Energy Partner
Strategic European Energy Partner BlueNord is an independent E&P, producing oil & gas from a portfolio of producing fields in Denmark ▪ 36.8% non-operated interest in the DUC, operated by TotalEnergies ▪ High-quality asset base with a long production history 2C 2P Gas Oil c. 45 ▪ Portfolio diversifi
Slide 27: DUC Ownership
DUC Ownership Oil pipeline to Fredericia tegically DUC Ownership 1 Oil pipeline to Fredericia TotalEnergies 2 Gas pipeline to Nybro 1 ortant tegically Assets Positioned at the DUC Ownership Core of 20.0% TotalEnergies 2 Gas pipeline to Nybro BlueNord 2 3 Oil Gaspipeline pipelinetotoFredericia Gas pi
Slide 28: Denmark Plays Key Role in Contributing to EU Energy Security
Denmark Plays Operations support Danish and EU Energy Security and Energy Transition objectives Key Role in Tyra has enabled Denmark to become a net exporter of natural gas Tyra volumes displace significantly more emissions-intensive LNG imports(1) Contributing to EU (Kg CO 2/boe) 76 78 97 Energy Se
Slide 29: Hedge Portfolio: Q2-2026
Hedge Portfolio: Oil | Hedged Volumes and Prices Q3 -26 Q4 -26 Q1-27 Q2-27 Q3 -27 Q4 -27 Q1-28 Q2-28 Q3 -28 Q4 -28 Q2-2026 Oil Volume (mmbbl) Hedge Price (3) ($/bbl) 1.47 71.3 1.47 71.4 1.32 70.6 1.32 70.0 1.23 69.6 1.23 69.3 1.10 69.7 1.10 69.7 0.56 69.7 0.56 69.7 Total Hedged Oil Volumes (mmbbl) A
Slide 30: Focused Strategic Priorities
Focused Strategic Priorities Primary Focus: Maximising the DUC Maximising Cash Generated by the DUC ▪ Driving operational delivery through strong partnership with the Operator ▪ Advance near-term value accretive projects Proactive and Conservative Balance Sheet Management ▪ Disciplined capital alloc