Slide 1: Second quarter 2025 Presentation
Second quarter 2025 Presentation Carl K. Arnet, CEO Brice Morlot, CFO 1 August 2025
Slide 2: Second quarter highlights
Second quarter highlights Q2 2025 EBITDA Solid operational performance $99.0M Projects on track Q2 2025 net profit $26.7M Maromba financing activities progressing according to plan Cash position Robust financial position $192.9M 2
Slide 3: Strong operational performance
Strong operational performance Net production kbopd 36.0 • Dussafu production availability at 99% 33.7 32.3 7.3 • Golfinho production availability at 80% 6.4 5.7 25.6 • On track for 2025 targets 23.6 5.4 8.0 28.7 27.3 26.6 20.2 15.6 H1 2025 production 2025 guidance 6.2 mmbbls 11-12 mmbbls Q2 2024 Q3
Slide 4: Competitive unit OPEX
Competitive unit OPEX Average unit OPEX1 Further synergies expected with the recent USD/bbl joint operatorship of BW Adolo FPSO and MaBoMo at Dussafu 28.5 H1 2025 unit OPEX 17.7 18.1 16.5 20.4 18.3 USD/bbl On track for 2025 target 18-22 USD/bbl Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 4 1) Operating
Slide 5: Dussafu continues to deliver
Dussafu continues to deliver H1 2025 net production1 H1 2025 prod. availability Net 2P + 2C recoverable MaBoMo Phase 22 27.7 kbopd 99% 123 mmbbls ~14 mmbbls Execution planned in 2026 5 1) BW Energy 73.5% working interest 2) Net mmboe, previously named Hibiscus / Ruche Phase 2
Slide 6: Maromba execution progressing as planned
Maromba execution progressing as planned FPSO refurbishment on track Rig delivery expected in August, conversion to wellhead platform preparations progressing Detailed engineering underway with all subcontractors in place Orders placed for long-lead items Current 6 Maromba development plan presented
Slide 7: Progressing high-value organic growth projects
Progressing high-value organic growth projects Executed at optimal timing for organisation Projects in execution Pre-FID Appraisal and exploration High impact drilling in Namibia Maromba Golfinho MaBoMo Bourdon Boost Phase 21 2P Reserves 2C resources ✓ Potential oil upside to existing gas 123 12 14
Slide 8: On track to deliver industry-leading growth
On track to deliver industry-leading growth Production outlook kbopd ~90 Maromba development 34.2 27.6 16.3 7.8 2022 2023 2024 H1 2025 2028E 8
Slide 9: Expanding the high-quality resource portfolio
Expanding the high-quality resource portfolio Consistently growing reserve base... …with 160% yet to be developed Net 2P reserves (mmboe) Net 2C resources (mmboe) 229 Kudu 210 (Development on hold) Dussafu (incl. Bourdon1) 171 Maromba1 29 55 100 Golfinho 19 74 Golfinho 42 162 388 39 Maromba mmboe Du
Slide 10: Financial highlights
Financial highlights Second quarter 2025 • Strong operations reflected in financials • Resilient financial position • Project financing near completion • Value creation plan on track • Full year guidance maintained 10
Slide 11: Financial performance
Financial performance1 Production and sales Realised oil price Revenues mmbbls USD/bbl USD million 4 Production Sales 100 Realised oil price Brent spot 300 282 3.7 3.5 3.2 3.2 90 250 3.1 234 3 2.9 82 215 2.8 2.5 80 82 200 193 2.5 2.4 73 75 164 2.1 2 1.9 70 150 67 1.5 60 100 1 50 50 0.5 0 40 0 Q2 202
Slide 12: Solid cash position and strong underlying cash generation
Solid cash position and strong underlying cash generation USD million H1 cash flow impacted by USD 61 million working 223 capital increase through accounts receivables -61 Investments set to increase as project activity ramps up 222 -175 193 -16 12
Slide 13: Robust financial metrics
Robust financial metrics NIBD to EBITDA1 Book equity and equity ratio Total liquidity2 USD million USD million USD million 4.00 700 38% 42% 44% 46% 46% 3.50 600 3.00 500 940 966 2.50 421 862 407 400 805 345 346 341 760 2.00 296 314 300 280 272 1.50 263 200 1.00 0.9x 0.8x 0.7x 0.8x 0.50 0.6x 100 0.00
Slide 14: Optimised capital structure
Debt overview Maturity profile Optimised capital structure USD million USD million • Most current maturities falling after Maromba first oil 600 BWE01 bond • Maromba financing on track 500 Golfinho prepayment • BWE 02 bond process postponed as more attractive financing options are available 400 Duss
Slide 15: Efficient capital deployment
Efficient capital deployment Sources and uses 2025-2027 USD million ~USD 1.0 billion 2,500 Maromba CAPEX to First Oil including contingency USD 80/bbl ~USD 600 million 2,000 FPSO and Wellhead-platform (WHP) financing at highly Excess cash flow for attractive terms, subject to final documentation USD
Slide 16: On track to meet 2025 guidance
On track to meet 2025 guidance Actual YTD 2025 guidance Production1 6.2 11-12 mmbbl (kbopd) (34.2) (30-32) Operating costs2 18.3 18-22 USD/bbl CAPEX3 180 650-700 USD million G&A 10.1 19-22 USD million 16 1) Reflects net production from Dussafu (73.5% Working Interest) and Golfinho (100% WI) 2) Opera
Slide 17: Delivering on our investment proposition
Delivering on our investment proposition Fast growing E&P Significant production increase year-over-year and company improved reserve life through Bourdon discovery Diversified, high value Operated portfolio with 617 mmboe reserves and asset base resources1, generating strong long-term cash flow Ind
Slide 18: Q&A
Q&A 18
Slide 19: Appendix
Appendix 19
Slide 20: P&L
P&L USD Million Q1 2025 Q2 2025 Total revenues and other income 281.9 192.6 Operating expenses (99.8) (93.6) Operating profit before depreciation, amortisation and impairment 1 182.1 99.0 Depreciation and amortisation (64.0) (46.1) Operating profit/(loss) 118.1 52.9 Interest income 3.3 3.7 Interest
Slide 21: Balance sheet
Balance sheet ASSETS Q1 2025 Q2 2025 EQUITY AND LIABILITIES Q1 2025 Q2 2025 Property plant and equipment 1,142.6 1,185.1 Shareholders' equity 940.3 965.9 Intangible assets 308.6 371.1 Total equity 940.3 965.9 Right-of-use assets 88.7 81.9 Derivatives - 1.3 Interest-bearing non-current debt 488.5 539
Slide 22: Cash flow
Cash flow USD Million Q1 2025 Q2 2025 Profit/(loss) before taxes 109.1 47.7 Taxes paid (26.6) (22.1) Depreciation and amortisation 64.0 46.1 Accretion expense 2.1 2.6 Net interest 5.4 (2.0) Unrealised currency exchange differences (2.4) (4.8) Unrealised fair value change on financial instruments 2.5
Slide 23: ir@bwenergy.no www.bwenergy.no
ir@bwenergy.no www.bwenergy.no 23