Dno Asa Class A · OSL:DNO
Dno Asa Class A — Dno Asa Ord — Q1 2026 Earnings Presentation
14 slides from Dno Asa Class A's earnings presentation, May 7, 2026
Slide 1: Q1 2026 Interim Results Presentation
5/7/2026 7:35 AM Q1 2026 Interim Results Presentation
Slide 2: North Sea performance lifts DNO profits
North Sea performance lifts DNO profits • Strong first-quarter results driven by record North Sea production and sharply Net production thousand boepd higher March oil and gas prices 149.7 • Operating profit surged 60 percent quarter-on-quarter to USD 284 on revenues of 131.7 USD 627 million, up 30
Slide 3: Kurdistan operations restarted
Kurdistan operations restarted • DNO started the year with strong production from its operated Tawke license (75 percent), where it also brought two newly drilled wells onstream early in the quarter • However, as a safety measure, the Company elected to temporarily halt production and drilling follo
Slide 4: Financial results
Financial results Revenues Operating profit Net profit USD million USD million USD million 627 547 482 284 258 222 188 177 86 51 28 20 -4 -7 -34 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Page 4
Slide 5: Cash flow
Cash flow • Q1 2026 operational cash flow of USD 383 million Q1 2026 cash flow (USD 264 million in Q4 2025) USD million • North Sea tax instalments of USD 64 million were paid 383 in Q1 2026 (USD 97 million in Q4 2025) -64 • Net investing activities of USD 153 million (USD 180 million in Q4 2025) co
Slide 6: Balance sheet
Balance sheet Total Property, Plant and Equipment Net debt Total equity USD million USD million USD million 3,029 3,010 2,746 2,813 1,434 1,411 1,329 1,327 1,174 1,067 860 886 808 790 -43 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2025 Q2 2025 Q3 2025 Q4 2025
Slide 7: Sprinting to 100,000 boepd in North Sea by 2030
Sprinting to 100,000 boepd in North Sea by 2030
Slide 8: North Sea fields coming onstream 2026-2029
North Sea fields coming onstream 2026-2029 Symra (20%) Dvalin N (10%) Bestla (39.3%) Berling (30%) • 2018 oil and gas discovery • 2021 gas discovery • 2016 oil and gas discovery • 2018 gas and condensate discovery • 59 MMboe gross reserves • 83 MMboe gross reserves • 23 MMboe gross reserves • 46 MMb
Slide 9: Discoveries up for project sanction, rapid development
Discoveries up for project sanction, rapid development • “Get off your asses and develop” campaign engaged Vidsyn • Four discoveries now on track to be sanctioned in 2026 • Push to accelerate all projects to come onstream before 2030 Year of Final investment Scheduled Discovery DNO stake Operator If
Slide 10: Kjøttkake and Kveikje exemplify our fast-track mindset
Kjøttkake and Kveikje exemplify our fast-track mindset Gjøa platform Kjøttkake project existing hub • Joint 2025 DNO-Aker BP sprint study identified fast-track concept • On schedule to achieve first oil Q1 2028 • Key success criteria: immediate appraisal, standardized equipment, pre- Nova Water inje
Slide 11: Kvitebjørn area tie-back project added through recent swap
Kvitebjørn area tie-back project added through recent swap • March 2026 swap of discoveries and prospects with Equinor another step to bring forward production in Norway • Most notable addition is a 19 percent stake in gas condensate discovery Atlantis up for final investment decision early next yea
Slide 12: Updated North Sea 2026 exploration program
Updated North Sea 2026 exploration program Pre-drill Chance Chance volumes of of DNO 2026 License Name Type (MMboe) Success* Commerciality* interest Q1 Q2 Q3 Q4 1 PL1148 Carmen Appraisal N/A Discovery Medium 30% 2 PL293 Afrodite Appraisal N/A Discovery Low 10% 3 PL929 Anabelle Exploration 10-60 Medi
Slide 13: 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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