Equinor Asa · OSL:EQNR
Equinor Asa — Q4 2025 Earnings Presentation
32 slides from Equinor Asa's earnings presentation, Feb 4, 2026
Slide 1: Q4 and FY2025
Q4 and FY2025 Anders Opedal Torgrim Reitan Chief executive officer Chief financial officer 4 February 2026
Slide 2: Forward-looking statements
Forward-looking statements As used in this presentation, the term “Equinor” and such terms as “the company,” “the corporation,” “our,” “we,” “us” fracturing and low-carbon value chains; liquidity, interest rate, equity and credit risks; risk of losses relating to trading and “its” may refer to Equin
Slide 3: Strengthening competitiveness, cash flow and robustness
Strengthening competitiveness, cash flow and robustness Anders Opedal PRESIDENT AND CHIEF EXECUTIVE OFFICER
Slide 4: Maximising long term shareholder value
Maximising long term shareholder value Strategic priorities Firm actions to strengthen Delivering guiding capital allocation free cash flow production growth 4 | Q4 and FY25 Results Open 4 February 2026
Slide 5: Safety performance indicators
Safety performance indicators Serious Incident Frequency (SIF) Total Recordable Injury Frequency (TRIF) Oil and gas leakages Serious incidents and near-misses per million hours worked. Personal injuries per million hours worked. 12-month average. Number of leakages with rate above 0.1 kg/second 12-m
Slide 6: Strong deliveries
2025 Strong deliveries • Record high production • Progressing competitive project portfolio 14.5 Percent 18 BN USD 9 BN USD • Cost and capital discipline Return on average Cash flow from Capital distribution • Continued high-grading of portfolio capital employed operations after tax Adjusted (RoACE)
Slide 7: Empire Wind
US OFFSHORE WIND Empire Wind Project status: Project economics: • Preliminary injunction granted following stop-work order in December • Expected total capex for Empire Wind (including SBMT) of USD 7.5 billion • National security was key part of rigorous approval process • USD 4.5 billion invested t
Slide 8: Continued high-grading
INTERNATIONAL O&G Continued high-grading Capturing value through sale of onshore Argentina • Unlocking capital for high value creation opportunities • Deal valued at USD 1.1 billion1 • Cash payment of USD 550 million at closing Establishing Adura as a leading UK operator positioned for growth • Full
Slide 9: Strategic priorities guiding capital allocation
Strategic priorities guiding capital allocation Develop NCS to maximise value Focused growth in international O&G Building an integrated power business Value uplift from trading 9 | Q4 and FY25 Results Open 4 February 2026
Slide 10: Delivering production growth
OIL & GAS Delivering production growth Expecting ~3% growth in 2026 • Strong contribution from Bacalhau and Johan Castberg 6 <2 USD / BOE USD / MMBtu • More than offsetting divestments and natural decline Unit production NCS gas production and cost 2026 pipeline transport cost 2026 Real terms 20251
Slide 11: Firm actions to strengthen free cash flow
FINANCIALS Firm actions to strengthen free cash flow CFFO4 and Capex5 BN USD Reductions in capex outlook of USD 4 billion for 2026 and 27 • Capex outlook: USD 13 bn in 2026, USD 9 bn in 2027 • Reductions mainly in Power and LCS1, reflecting market developments • Maintain stable O&G investments • Net
Slide 12: Competitive capital distribution
CAPITAL DISTRIBUTION Competitive capital distribution CASH DIVIDEND Above 5% growth in cash dividend 39 • Cash dividend increase to 39 cents per share1 • Expect interim cash dividends for 1Q – 3Q 2026 at same level Cents / Share Continued use of share buy-back 4Q 2025 • Share buy-back for 2026 of US
Slide 13: Strong value proposition
KEY MESSAGES Strong value proposition Outlook 2026 1 Organic Oil and gas Cash Share capex2 production growth dividend buy-back ~ 13 ~3 39 1.5 BN USD PERCENT CENTS / SHARE BN USD 1. See appendix for key assumptions and definitions 2. Based on USD/NOK of 10 13 | Q4 and FY25 Results Open 4 February 202
Slide 14: Strengthening competitiveness, cash flow and robustness
Strengthening competitiveness, cash flow and robustness Torgrim Reitan CHIEF FINANCIAL OFFICER
Slide 15: Financial framework
PRIORITIES AND FRAMEWORK Financial framework Growing cash dividend ~ 13 A Percent Single Return on average Credit rating capital employed stand-alone3 2026-272 Value creating investments 39 1.5 • Develop NCS to maximise value • Focused growth in international O&G • Building an integrated power busin
Slide 16: Delivering value through cycles
ROBUSTNESS Delivering value through cycles Upstream O&G projects coming on stream within 10 years4 Strong balance sheet • Net Debt Ratio1 of 17.8% ~ 40 ~ 25 USD / bbl Percent • USD 19.3 billion in cash, cash equivalents and financial investments Break-even Internal rate of return Volume weighted Bas
Slide 17: Resilient cash flow
OIL AND GAS Cash flow from operations after tax 1 Resilient cash flow BN USD, price sensitivities adjusted for NCS tax lag NCS tax system provides robustness to lower prices • Immediate deductions for capex in special petroleum tax (71.8%) • 6 years depreciation against corporate income tax (6.2%)2
Slide 18: Fourth quarter and full year
2025 DELIVERIES Fourth quarter and full year Always safe High value Low carbon 0.21 14.5 18.0 6.3 SIF Percent BN USD KG / BOE Serious incident and near- Return on average Cash flow from CO2 upstream misses per million hours capital employed operations after tax intensity worked. 12-month average 202
Slide 19: Equity production
2025 Equity production Oil and gas Power • Record high production in 2025 driven by Johan Castberg, Halten • Renewable power generation up by 25% in 2025 East, new wells, and US onshore gas • Driven by Dogger Bank A and higher onshore renewable production • 4Q impacted by some operational issues in
Slide 20: Financial results
4Q 2025 Adjusted operating income USD million 4Q25 4Q24 Financial results Pre-tax Post-tax Pre-tax Post-tax • E&P Norway driven by increased production at lower prices E&P Norway 5,026 1,112 6,805 1,529 • E&P Int impacted by portfolio effects and underlift E&P Int 214 121 303 276 • E&P US reflects h
Slide 21: Cash flow
2025 Cash flow Cash Flow USD million 4Q25 FY 2025 • Strong cash flow from operations of USD 18.0 billion Cash flow from operations2 9,554 38,439 • Organic capex of USD 13.1 billion Total taxes paid (6,240) (20,460) 4Q Highlights: Cash flow from operations after tax3 3,314 17,980 • Three NCS tax inst
Slide 22: Strong value proposition
KEY MESSAGES Strong value proposition Outlook 2026 1 Organic Oil and gas Cash Share capex2 production growth dividend buy-back ~ 13 ~3 39 1.5 BN USD PERCENT CENTS / SHARE BN USD 1. See appendix for key assumptions and definitions 2. Based on USD/NOK of 10 22 | Q4 and FY25 Results Open 4 February 202
Slide 23: Appendix
equinor Appendix
Slide 24: Financial results
4Q 2025 4Q 2025 Financial results Million USD 1,314 5,487 709 6,196 167 (4,320) 2,042 1 4Q 2024 1,999 8,735 (839) 7,896 (442) (5,721) 1,733 Million USD 1. Income tax less tax effect on adjusting items 24 | Q4 and FY25 Results Open 4 February 2026
Slide 25: Segment results
4Q 2025 Segment results Adjusted operating E&P Norway E&P International E&P USA MMP REN income Million USD Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax 4Q 25 5,026 1,112 214 121 359 237 678 189 (26) (47) 4Q 24 6,805 1,529 303 276 184 172 659 356 (100) (87) Net
Slide 26: 2025 Full Year Adjusted Operating Income
2025 FULL YEAR ADJUSTED OPERATING INCOME Financial results Adjusted operating income USD million FY25 FY24 Pre-tax Post-tax Pre-tax Post-tax E&P Norway 23,803 5,280 24,564 5,551 E&P Int 1,569 749 2,025 1,600 E&P US 1,089 797 1,031 807 MMP 1,563 561 2,612 1,438 REN (214) (163) (375) (325) Group 27,59
Slide 27: Assumptions and definitions
OUTLOOK AND GUIDING Assumptions and definitions Price scenarios Assumptions Prices used in the presentation material are denoted in real 2025 terms, unless otherwise stated. The outlook and guiding include relevant portfolio optimisation measures aligned with our strategy. For Power, assumptions hav
Slide 28: Indicative effects on 2026 results
PRICE SENSITIVITIES Indicative effects1 on 2026 results Net Income NOI Currency: USD/NOK +0,5 European gas: +2 USD/MMBtu Brent blend: +10 USD/bbl Henry Hub: +2 USD/MMBtu 1. Relative to reference case 65 USD/bbl 28 | Q4 and FY25 Results Open 4 February 2026
Slide 29: Proved reserves and total recoverable resources
OIL AND GAS 91 100 Proved reserves and total Percent Organic reserves Percent Total reserves recoverable resources replacement ratio (RRR) 2023-25, 3-year average replacement ratio1 (RRR) 2023-25, 3-year average Proved reserves (SEC) Proved reserves (SEC) 61 48 Percent Percent Organic reserves Total
Slide 30: Projects coming on stream next 10 years
OIL & GAS | PORTFOLIO OVERVIEW Projects coming on stream next 10 years SANCTIONED NON-SANCTIONED EMISSION REDUCTION New fields Abatement Raia (2028) Wisting Njord Electrification Yggdrasil area development (P – 2027) Flemish Pass BdN Troll West Electrification Sparta (P – 2028) Grane Balder Energy P
Slide 31: The Norwegian petroleum tax system
FISCAL REGIME The Norwegian petroleum tax system Overview Efficient cash recovery of capex • Marginal tax rate of 78%, consisting of corporate tax and special petroleum tax. • Immediate deductions for offshore investments and refund of tax losses in special petroleum tax • Consolidation between fiel
Slide 32: Investor Relations in Equinor
CONTACT INFORMATION Investor Relations in Equinor E-mail: irpost@equinor.com Norway/UK Bård Glad Pedersen Senior Vice President bgp@equinor.com +47 91 80 17 91 Lars Valdresbråten IR Senior Manager, Norway lava@equinor.com +47 40 28 17 89 Lindsey Gannaway IR Senior Manager, UK liga@equinor.com +44 78