Dno Asa Class A · OSL:DNO
Dno Asa Class A — Q3 2026 Earnings Presentation
13 slides from Dno Asa Class A's earnings presentation, Oct 29, 2026
Slide 1: Q3 2026 Interim Results Presentation
Q3 2026 Interim Results Presentation
Slide 2: DNO races ahead on stronger production, higher prices
DNO races ahead on stronger production, higher prices • Net production increased 61 percent from previous quarter to 142,800 barrels of oil Net production equivalent per day (boepd), of which North Sea contributed 85,400 boepd, thousand boepd Kurdistan region of Iraq 54,900 and West Africa 2,500 boe
Slide 3: Our strategy and priorities for further growth
Our strategy and priorities for further growth North Sea • Active investment in a portfolio of 130 licenses, including 31 producing fields, six ongoing developments and another six discoveries approaching final investment decision Deliver organic growth from broad • Fast-track projects towards produ
Slide 4: Kjøttkake now approved; DNO beefing up Gjøa area
Kjøttkake now approved; DNO beefing up Gjøa area Ofelia (10%) • Development of DNO’s 2025 Kjøttkake discovery (40 percent) approved by license partners Cerisa (10%) Gjøa Nord (5%) • First oil in H1 2028 with gross 20,000 boepd at plateau and 37 MMboe of total recoverable resources Duva (10%) • Three
Slide 5: Kvitebjørn area coughing up larger resources
Kvitebjørn area coughing up larger resources • March 2026 asset swap with Equinor provided DNO entry into Afrodite (discovery) and Atlantis Afrodite (10%) (now approaching investment decision) • Recent appraisal well on Afrodite more than doubles resource estimate to 77-180 MMboe • Afrodite candidat
Slide 6: North Sea developments drive growth towards 2030
2 3 North Sea developments drive growth towards 2030 5 11 1 • Offshore Norway, five new field developments delivered since 2025, six more under execution and six additional projects approaching final investment decision (FID), all targeted onstream before 2030 16 Developments delivered Under executi
Slide 7: Updated North Sea 2026 exploration program
Updated North Sea 2026 exploration program Pre-drill Chance Chance Post-drill volumes of of DNO 2026 volumes License Name Type (MMboe) Success* Commerciality* interest Q1 Q2 Q3 Q4 (MMboe) 1 PL1148 Carmen Appraisal N/A Discovery Medium 30% 21-107 2 PL167 Symra/Heimdal Appraisal N/A Discovery High 20%
Slide 8: Kurdistan production resumed
Kurdistan production resumed Gross operated production • In northern Iraq, DNO resumed production at midyear from its 90000 boepd operated Tawke license (75 percent) after a four-month precautionary shutdown due to escalation of drone and missile 80000 77,268 73,219 attacks in the Middle East 70000
Slide 9: Financial results
Financial results Revenues Operating profit Net profit USD million 1,023 USD million USD million 761 627 641 547 482 439 284 222 177 101 83 51 20 -34 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Page 9
Slide 10: Cash flow
Cash flow • Q3 2026 operational cash flow of USD 660 million Q3 2026 cash flow (USD 639 million in Q2 2026) USD million • North Sea tax instalments of USD 136 million were 660 paid in Q3 2026 (USD 98 million in Q2 2026) • Net investing activities of USD 129 million (USD 228 -136 63 1,008 million in
Slide 11: Balance sheet
Balance sheet Total Property, Plant and Equipment Net debt Total equity USD million USD million USD million 3,264 3,174 3,029 3,010 2,813 1,411 1,364 1,416 1,329 1,327 886 808 790 553 232 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Q3 2026 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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,
Slide 13: Slide 13