Slide 1: Q2 2025 Interim Results Presentation
Q2 2025 Interim Results Presentation
Slide 2: Q2 2025 summary and post-quarter developments
Q2 2025 summary and post-quarter developments • Revenue up 37 percent to USD 258 million from the prior quarter and operating Net production thousand boepd profit up 206 percent to USD 86 million, even with the contribution from the 92.6 transformative USD 1.6 billion acquisition of Sval Energi Grou
Slide 3: Resilient DNO to resume spend
Resilient DNO to resume spend • At Kurdistan’s Tawke license (75 percent and operator), gross production from Tawke and Peshkabir fields averaged 74,800 boepd (82,100 boepd in Q1 2025) with strict spending discipline and no drilling of new wells in two years • In mid-July, explosive drone strikes by
Slide 4: Taking action to further increase North Sea output
Taking action to further increase North Sea output • Post Sval acquisition, DNO has production from over 30 Projected North Sea production 100 North Sea fields (thousand boepd) 90 • Most recent development, Maria Revit from Sval Energi’s portfolio, put on production in May 2025 and will 80 contribut
Slide 5: North Sea 2025 exploration program
North Sea 2025 exploration program 7 1 Pre-drill Chance Post-drill volumes of DNO 2025 volumes License Name Type (MMboe) Success* interest Q1 Q2 Q3 Q4 (MMboe) 4 1 PL1119 Mistral Exploration 21-63 Medium 10% 19-44 2 PL1182S Kjøttkake Exploration 22-53 Medium 40% 39-75 3 PL1109 Horatio Exploration 32-
Slide 6: Key priorities in the North Sea
Key priorities in the North Sea • Improve balance between cash flow generation and growth initiatives • Work harder, together with like-minded industry partners, to significantly reduce time from discovery to investment decision for discoveries on the Norwegian Continental Shelf • Highgrade the enla
Slide 7: Financial results – key figures
Financial results – key figures Revenues Operating profit Net profit USD million USD million USD million 258 188 170 177 137 86 31 28 35 20 -3 -4 -7 -82 -98 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 • Increase in revenue a
Slide 8: Cash flow
Cash flow • Q2 2025 operational cash flow of USD 135 million Q2 2025 cash flow (USD 100 million in Q1 2025) USD million • A North Sea tax instalment of USD 114 million was 135 paid in Q2 2025 (no payments/refunds in Q1 2025) 1,473 -114 • Net investing activities of USD 294 million (USD 109 million i
Slide 9: Balance sheet and capital structure
Balance sheet and capital structure • On the asset side of the balance sheet, ASSETS End Q2 2025 End Q1 2025 End 2024 the acquisition of Sval Energi leads to Property, plant and equipment (PPE) 2,746.2 1,174.3 1,109.4 materially higher PPE as well as goodwill Goodwill 1,415.3 109.0 102.1 Cash and ca
Slide 10: Our shareholders are the only sacred cows at DNO
Our shareholders are the only sacred cows at DNO • The Board of Directors has authorized a Shareholder distributions USD million dividend payment of NOK 0.375 per share in 75 September 2025 • Representing NOK 1.50 per share on an Total distributions: annualized basis, up 20 percent from prior USD 44
Slide 11: Outlook
Outlook • Full quarter production and earnings contribution from Sval Energi from third quarter North Sea operational spend USD million 2025 790 • Verdande (10.5 percent) and Andvare (32 percent) tieback developments in the Abex, 30 Norwegian Sea to come onstream in H2 2025 adding 7,000 boepd at pea
Slide 12: Important notice
Important notice This presentation (the “Presentation”) has been prepared and delivered by DNO ASA (“DNO” or the “Company”). Copyright of all published material including photographs, drawings and images in this document remains vested in DNO and third party contributors as appropriate. Accordingly,
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