Dno Asa Class A · OSL:DNO
Dno Asa Class A — Dno Asa Ord — Q4 2025 Earnings Presentation
13 slides from Dno Asa Class A's earnings presentation, Feb 5, 2026
Slide 1: 2025 Interim Results Presentation
2025 Interim Results Presentation
Slide 2: North Sea transformed, Kurdistan resilient in 2025
North Sea transformed, Kurdistan resilient in 2025 • Net production across portfolio increased 43 percent year-on-year to 110,700 barrels of Net production oil equivalent per day (boepd), highest in the Company’s 54-year history, boosted in thousand boepd 110.7 second half of 2025 by transformative
Slide 3: Pressing the accelerator in Kurdistan
Pressing the accelerator in Kurdistan • Even with damaging drone strikes, 2025 gross production averaged 70,100 boepd from Tawke license • Following repairs and additional well workovers, gross operated production reached 77,300 boepd in the fourth quarter • After a 30-month investment hiatus in Kur
Slide 4: Revamped North Sea on expansion path
Norne area Revamped North Sea on expansion path Dvalin Maria • Active but focused exploration and fast-track development of discoveries Fenja DNO production • Projected 2026 net production of 82,000 boepd up from 2025 average of Norwegian by core area Sea 81,100 boepd (pro forma, including Sval Ener
Slide 5: Stronger outlook for North Sea production
Stronger outlook for North Sea production Thousand boepd Previous projection (March 2025) 100 Upsides 90 80 Contribution from to-be-sanctioned 70 developments (2C contingent resources) 60 50 40 Contribution from current fields and ongoing developments (2P reserves) 30 20 10 0 2026 2027 2028 2029 203
Slide 6: Four discoveries up for project sanction this year
Four discoveries up for project sanction this year • Another four discoveries scheduled for final investment Ofelia decisions (FIDs) by license partnerships in 2026 DNO 10% Cerisa • All are tie-backs to the Gjøa hub in Northern North Sea DNO 10% • DNO’s 2025 Kjøttkake discovery, which has been fast-
Slide 7: North Sea 2026 exploration program
North Sea 2026 exploration program 5 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 PL1177 Schroeder Exploration 15-76 Low High 15% 3 PL636 Sava North Exploration 11-65 Medium
Slide 8: Annual financial results
Annual financial results Revenues Operating profit Net profit USD million USD million USD million 1,474 1,377 1,004 668 667 513 431 385 321 218 204 6 19 -27 -25 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 • 2025 operational spend of USD 1,550 million (pro forma, includ
Slide 9: Financial results by quarter and year
Financial results by quarter and year USD million Q4 2025 Q3 2025 Full-Year 2025 Full-Year 2024 Revenues 481.6 546.8 1,474.0 666.8 Production costs -192.9 -180.3 -557.9 -224.9 Movement in overlift/underlift 45.5 4.6 86.0 2.1 Depreciation, depletion and amortization -148.6 -128.2 -403.4 -184.1 Cost o
Slide 10: Cash flow
Cash flow • 2025 operational cash flow of USD 929 million (USD 2025 cash flow USD million 433 million in 2024) 929 • North Sea tax instalments of USD 264 million paid in 2025 (USD 1 million in 2024) -264 • Net investing activities of USD 831 million (USD 354 million in 2024) consist of USD 814 milli
Slide 11: Balance sheet
Balance sheet Total Property, Plant and Equipment Net debt Total equity USD million USD million USD million 3,029 1,285 1,369 1,329 1,109 1,133 1,109 1,235 1,019 1,080 886 153 -153 -99 -388 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 • Step change in key balance sheet
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