Slide 1: Delivering growth and value
Delivering growth and value Capital Markets Update 11 February 2025
Slide 2: Disclaimer
Disclaimer The Materials speak only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and market conditions, investor attitude and demand, the business prospects of the Group and other issues. The Materials and
Slide 3: Capital Markets Update 2025
Capital Markets Update 2025 14:00 Delivering growth and value Leadership team presenting today Moderators 14:30 More value, faster 14:55 Sustaining higher production 15:10 Unlocking future value Nick Walker Carlo Santopadre Torger Rød Ida Marie Fjellheim CEO CFO COO VP Investor Relations 15:25 Break
Slide 4: Delivering growth and value
Delivering — growth and — value ie % Var energi
Slide 5: Oil and gas essential for world energy supply
Oil and gas essential for world energy supply The world needs more oil Gas critical transition fuel Global oil demand (Mb/d)1 Growing gas demand (bcm/year)3 100 4 500 Stated policies 2024 Required new forecast3 80 developments 4 250 2023 60 forecast4 Announced pledges 4 000 40 Producing 20 fields2 3
Slide 6: Highly attractive NCS
Highly attractive NCS1 Low cost Low emissions Significant resources4 Reliable framework Opex 2024 (USD/boe)3 Carbon intensity 2024 (kg CO2/boe produced)3 and fiscal regime 24 Strong public and 25 Produced Reserves 24 political support 14 12 12 10 16 13 12 ~ 100 Contingent resources Oil and gas secto
Slide 7: Consistent strategy for growth and value creation
Consistent strategy for growth and value Resilient creation returns Pure play oil and gas company on the NCS Reliable and secure supplier of energy to Europe Safe and responsible 6
Slide 8: Track record of value creation
Track record of value creation Production kboepd 280 2P reserves1 billion boe 1.2 >80% 0.9 Total shareholder 169 return since IPO4 2018 2024 2018 2024 ROACE2 EBITDAX3 % USD billion 20 5.9 16 2.7 2018 2024 2018 2024 1. Proved plus probable (2P) reserves from Annual Statement of Reserves 2. Return On
Slide 9: Creating value
Creating value Consistent “One Team” Deep and Leading Value driven Leveraging strategy entrepreneurial unique NCS exploration technology strong culture expertise track record implementation partnerships 8
Slide 10: A leading pure-play E&P
A leading pure-play E&P Barents Sea Hammerfest 3rd largest oil and gas producer in Norway ▪ High quality portfolio ▪ Diversified asset base ~200 licences ▪ Interests in ~50% of all producing assets Norwegian Sea ~1/3rd operated ▪ Balanced commodity mix, ~30% gas1 40 fields North Sea 6 operated Florø
Slide 11: Strong gas position
Melkøya Access to key gas Strong gas position markets and LNG LNG facility Long-term agreements 2nd largest 36% ~70% exporter of gas from Norway gas share of production1 of gas production3 Åsgard hub Flexible gas sales strategy to capture ~1.3 USD billion Ormen Lange Snorre Statfjord additional gas
Slide 12: 2024 delivering strong results
2024 delivering strong results Increased production Growing reserves Reduced unit opex Strong CFFO 280 kboepd ~300% 12.8 USD/boe 3.4 USD billion Within guidance1 Reserves replacement ratio2 Better than guidance4 After tax Major projects Successful exploration Higher synergies Attractive dividends ne
Slide 13: Transformative 2025
Transformative 2025 Strong production Stepping up Improved Raising growth the pace efficiency dividends >400 kboepd ~8 project sanctions ~10 USD/boe 300 USD million In Q4 20251 Targeting >100 mmboe1 Unit opex from Q4 20252 Q1 2025 dividend guidance CFFO 9 project startups ~20 exploration wells Carbo
Slide 14: Developing a material resource base
Developing a material resource base 1.2 billion boe 9 projects on stream in 2025 and Reserves2 high-quality infill program >3 0.9 billion boe >25 billion boe1 Contingent resources3 early phase projects ~ 60% >1 billion boe Drilling-out yet to be developed Prospective resources4 ~50% in next 4 years
Slide 15: Delivering significant production growth
Delivering significant production growth kboepd ~100% >400 ~400 330-360 9 new 280 projects 213 Base 2023 2024 2025 Q4 2026E guidance 2025 Gas 37% 36% ~30% ~30% share 14 Photo: Jotun FPSO at Worley Rosenberg yard in Stavanger
Slide 16: Organically sustaining 350-400 kboepd
Organically sustaining 350-400 kboepd Stepping up the pace Production outlook 160 mmboe high-value infill wells5 kboepd >40 kboepd ~30 USD/boe Annually Breakeven Exploration1 400 3P reserves2 Over 25 early phase projects 350 Early phase projects3 >500 ~35 USD/boe mmboe3,5 Breakeven ~60 wells Increas
Slide 17: Safe and responsible
Serious incident frequency1 Safe and responsible 1.3 1.0 0.4 0.3 2021 2022 2023 2024 Total recordable incident frequency1 3.2 3.2 3.5 1.9 2021 2022 2023 2024 Sick leave 3.8% 3.2% 2.6% 2.5% Zero material safety or environmental incidents in 2024 2021 2022 2023 2024 16 1. Per million manhours worked
Slide 18: Becoming carbon neutral by 2030
Becoming carbon neutral by 20301 Scope 1 Scope 2 Scope 3 Near zero Zero emissions Carbon offsets methane emissions since 20242 since 2024 for own emissions in the value chain since 20245 >50% emission reduction by 20301,3 Inclusion in Carbon neutrality 100% CCS optionality through quality carbon off
Slide 19: Long-term resilient shareholder returns
Long-term resilient shareholder returns 350-400 Sustained high production High margin barrels ~40 USD/boe kboepd Q4 2025 to 2030 FCF neutral, 2025-2030 Value creation and shareholder return 25-30% Attractive and predictable dividends Strong FCF generation 5-9 CFFO after tax USD billion, 2025-20302 I
Slide 20: Our investment proposition
Our investment proposition Growth Value Returns Production in Q4 2025 High value investments1 Free cash flow potential 2025-20303 >400 kboepd ~35 USD/boe breakeven 5-9 USD billion Sustained towards 2030 Targeted by 20302 Long-term dividend guidance 350-400 kboepd Carbon neutral 25-30% CFFO after tax
Slide 21: More value, faster
More value, | faster @ al con, I 9g ener "a V
Slide 22: Growth and long-term value
Growth and long-term value Delivering Growing Sustaining >400 kboepd ~600% 350-400 kboepd In Q4 20251 Resource and reserves Towards 2030 replacement ratio 20242 1. Compared to original target of ~400 kboepd by year-end 2025 21 2. Ratio of reserves and contingent resources added through revisions and
Slide 23: 2024 production within guidance
2024 production within guidance Production Full year production kboepd 299 287 278 280 kboepd 256 Year over year growth >30% Production efficiency1 93% up from 90% in 2023 Q1 Q2 Q3 Q4 22 1. Operated assets, including turnarounds
Slide 24: Delivering >400 kboepd in Q4 2025
Delivering >400 kboepd in Q4 2025 Change picture Production kboepd Balder X Other Infill drilling >400 Infill drilling Halten Johan East Castberg Q2 20251 New 280 Q1 20251 projects Q1 20251 Base 2024 Q4 2025 Gas 36% ~30% share 23 1. First oil
Slide 25: Johan Castberg creating value for decades
Johan Castberg creating value for decades 220 kboepd Plateau production1,2 450-650 mmboe Recoverable reserves1,2 ~4 USD/bbl Production cost First oil Q1 2025 Infill drilling from 2027 Cluster 1 Start-up ~2028 Cluster 2 Exploration ongoing 250-550 mmboe Additional unrisked recoverable resources1 1. O
Slide 26: Halten East nearing start-up
Halten East nearing start-up ~80 kboepd Peak production2 ~100 mmboe Recoverable reserves2 ~3 kg/boe CO2 intensity Start-up 100-200 mmboe potential Subsea tieback delivering Q1 2025 in the area for future developments1 high value barrels 1. Gross unrisked additional recoverable resources 25 2. Gross,
Slide 27: Balder X close to completion
Balder X close to completion ~80 kboepd Peak production2 ~150 mmboe 2P reserves2 ~5 USD/bbl Production cost3 Jotun FPSO Sail away1 Start-up Adding 45 – 50 mmboe2 Mechanically complete March 2025 End Q2 2025 Balder phase V start-up Q4 2025 Balder phase VI start-up early 2027 1. Subject to weather con
Slide 28: Significant 2025 production growth
Significant 2025 Guidance Q4 2025 production growth 330-360 kboepd >400 kboepd Production outlook 9 project start-ups kboepd Upper range adding ~180 kboepd1 Lower range ~40 infill wells 280 Timing and ramp-up of major projects Deliver high production efficiency Limited impact from turnarounds 2024 Q
Slide 29: Reducing unit opex
Reducing unit opex USD/boe Full-year 2025 guidance 12.8 11-12 11-12 USD/boe ~10 Average unit cost new projects on stream2 Sustaining ~4 USD/boe ~10 USD/boe long-term1 Cost synergies and improvements High-grading portfolio 2024 2025 guidance Q4 2025 1. In real 2025 and NOK/USD at 10.5 28 2. Projects
Slide 30: Increased value from Neptune transaction
Increased value from Neptune transaction Synergies and added value Highly accretive Net present value post-tax, USD million acquisition ~2x ~600 ✓ Unlocking exploration and ~500 project upsides ✓ Operational excellence ✓ Finance and tax benefits >300 ✓ Commercial optimisation ✓ Economies of scale Gu
Slide 31: Significant resource growth
Significant resource growth Reserves and resource development 2024 Reserve replacement ratio mmboe1 +299 2 114 ~300% +304 2P reserves2 1 613 2C 927 Total resource replacement ratio -102 ~600% 2C 628 2P reserves + 2C resources3 2P 2P Reserve life 985 1 187 ~12 years n Pro on P reser es on n en n In 2
Slide 32: Transforming to sustain production
Transforming to sustain production Incrementally improving Accelerating subsea developments Flexible and resilient project portfolio High-value infill wells 350-400 kboepd towards 2030 31
Slide 33: Incrementally improving
Incrementally improving Production efficiency Drilling efficiency Completion length Enhanced in-house capabilities Percent1 Metres per day Metres3 From reservoir to market >2 500 ~130 ~95% 93% Value driven technology Subsea multi-lateral drilling on 90% 105 Goliat and Balder 101 87% 950 80 595 Optim
Slide 34: Accelerating subsea developments
Accelerating subsea developments ✓ Partnerships with top-tier suppliers High optionality ✓ Pre-committed subsea systems with future options Improved efficiency ✓ Secured rigs and subsea installation vessels Scalable and cost-effective ✓ Leveraging standardisation and technology Reduced time-to-marke
Slide 35: More value, faster
More value, faster Stepping up the pace with development projects CMU 2024 CMU 2025 >20 projects targeting >25 projects targeting >500 mmboe 1 ~400 mmboe1 ~8 projects targeting >100 mmboe 1 sanction in 2025 development Balder phase V sanctioned, capturing 34-38 mmboe2 1. Net 34 2. Gross
Slide 36: Flexible and resilient portfolio
Barents Sea Flexible and resilient portfolio Countach Goliat Gas Johan Castberg cluster 1 & 2 Johan Castberg IOR5 Snøhvit SSC6 Norwegian Sea Calypso Heidrun Extension Project Njord northern area Tyrihans North Åsgard projects Capex Payback2 North Sea Beta and Dugong ~70% <2 Ekofisk PPF7 Eldfisk Nort
Slide 37: Progressing >25 early phase projects
Progressing >25 early phase projects 2026 Estimated production start-up 2030 Johan Castberg cluster 1 Barents Johan Castberg IOR1 Goliat Gas Sea Snøhvit SSC2 Countach Norwegian Tyrihans North Calypso Sea Åsgard projects Heidrun Extension Project Njord northern area Eldfisk North Gjøa subsea projects
Slide 38: Fast-tracking high-margin barrels
Fast-tracking high-margin barrels Gjøa subsea Ofelia Balder phase V Ringhorne East projects and phase VI Ringhorne platform Breidablikk Jotun FPSO Up to Gjøa North Cerisa 110 mmboe1 45-50 mmboe 2 Duva From project Gjøa Phase V from Balder FPU initiation to sanction to first sanction in less oil in l
Slide 39: Maximising recovery with infill wells
Maximising recovery with infill wells Material volumes High value 30-40 wells per year ~30 USD/boe Leveraging existing infrastructure Developing 160 mmboe1 Breakeven 40-50 kboepd2 <1 year Improved oil and gas recovery Average annual contribution Payback 1. By 2030 38 2. Net production
Slide 40: Sustained high value creation
Sustained high value creation Production outlook kboepd Sustained high production Exploration1 400 3P reserves2 350 Stronger Early phase resource base projects3 Flexibility and resilience Base4 More developments faster 2024 2025 2026 2027 2028 2029 2030 1. Net risked exploration resources 2. Possibl
Slide 41: Sustaining higher production
Sustaining higher • Rune Oldervoll, SVP Production production New picture 1.Sustaining higher production
Slide 42: Material resource base sustaining production
Material resource base sustaining production Barents Sea Billion boe1 Barents Diverse 0.7 Sea portfolio Norwegian Sea Norwegian 2.1 0.4 Sea Growth across all North Sea hub areas billion boe1 North 0.6 Sea Balder Area >25 early phase projects Balder 0.4 Area 2P reserves 2C resources 41 1. Resource ba
Slide 43: Barents Sea: Expanding core area
Barents Sea >1 billion boe Doubling Expanding core area resource potential4 production in 2025 Resource base 530 mmboe¹ 310 340 2P reserves 2C contingent resources Prospective resources2 Johan Castberg unlocking up to 650 mmboe3 Strong presence in all producing assets Continued exploration success n
Slide 44: Barents Sea: Sustaining higher production
Early phase project Barents Sea Project in execution Licences Sustaining higher production Fields Discoveries Johan Castberg Area Prospects Cluster 2 Early phase projects targeting >170 mmboe1 Start-up Q1 2025 Cluster 1 Goliat Area Johan Castberg Countach Goliat gas Johan Castberg cluster 1 Lupa Cou
Slide 45: Norwegian Sea: Unlocking large potential
Norwegian Sea >50% ~200 mmboe Unlocking large potential gas share3 exploration targets next four years2 Resource base mmboe¹ 320 180 250 2P reserves 2C contingent resources Prospective resources2 Stable high gas production High-graded portfolio Growing resource base 1. Net, approximate numbers 2. Ne
Slide 46: Norwegian Sea: High value gas hub
Aasta Hansteen Norwegian Sea Haydn High value gas hub Heidrun Extension Project Sanction in 2025 44 project project start-ups start-ups delivering delivering near-term near-term growth growth Åsgard SSC2 phase II Start-up 2025 Smørbukk Heidrun Åsgard LPP33 North Åsgard A Morvin ULP4 Start-up 2025 Ea
Slide 47: North Sea: Growing resource base
North Sea Exploration wells Producing Growing resource base ~6 ~100 kboepd3 in 2025 towards 2030 Resource base 210 mmboe¹ 270 310 2P reserves 2C contingent resources Prospective resources2 Big fields get bigger Highly prospective area with extensive infrastructure 1. Net, approximate numbers 2. Net
Slide 48: North Sea: Accelerating developments
Early phase project North Sea Project in execution Licences Accelerating developments Fields Discoveries Beta and Dugong Targeting 5 sanctions in 2025 Statfjord North Garantiana Gjøa subsea projects Sanction in 2025 Snorre Early phase projects targeting >160 mmboe 1 Statfjord Tordis Vega Gjøa Duva G
Slide 49: Balder Area: Doubling production
Balder Area Balder X Production Doubling production on stream by end Q2 2025 beyond 2045 Resource base mmboe¹ 170 30 Grane Ringhorne Balder FPU 280 Jotun FPSO 2P reserves 2C contingent resources Prospective resources2 Continuous growth of resource base Infrastructure optimisation reducing costs and
Slide 50: Balder Area: Extending lifetime
Balder Area Ringhorne North Extending lifetime Iving Ringhorne North Ghost >120 Balder phase VI Early phase projects targeting mmboe1 Sanction in 2025 King / Prince Ringhorne East King area development Prince up-dip Balder phase VI Balder future phases Balder X Ringhorne Start up Q2 2025 platform Jo
Slide 51: Sustaining higher production 350-400 kboepd towards 2030
Sustaining higher production 350-400 kboepd towards 2030 Barents Sea Norwegian Sea Expanding Unlocking large core area potential North Sea Balder area Growing Doubling resource base production 50
Slide 52: Unlocking future value
Unlocking Future value Var energi
Slide 53: Strong foundation for future value
Strong foundation for future value Barents Sea ~13 billion boe Diversified exploration portfolio Undiscovered NCS resources2 Balder Area North Sea 5 billion boe Norwegian Sea Net unrisked prospective resources >1 billion boe1 Barents Sea 33% gas share In exploration portfolio North Sea Norwegian Sea
Slide 54: Exploration success in 2024
Exploration success in 2024 Countach appraisal 4-25 mmboe4 Additional potential of >100 mmboe 6 discoveries from 13 wells Haydn 1 “Play opener” 35-80 mmboe4 36-84 mmboe ~50% Lavrans Discovered resources2 Success rate 12-25 mmboe4 Rhombi 16 new licences 3 ~370 USD million 13-28 mmboe4 5 operated Net
Slide 55: Leading NCS explorer
Leading NCS explorer Discovered volumes on the NCS in 20242 mmboe 63 Consistent success 2019-2024 >200 mmboe ~50% <1 USD/boe Vår NCS peers 2C resource additions Success rate Finding cost1 Energi Photo: Deepsea Yantai drilling rig 2. Wittemann E&P Consulting, net volumes based on midpoint estimates f
Slide 56: Targeted exploration strategy
Targeted exploration strategy Significant and flexible inventory of >200 prospects Near-field exploration Ramping up activity ~85% ~20 Extend production plateau High-margin barrels close to existing infrastructure 13 High-impact wells 15-20 7 wells per year ~15% Play openers Resource catalysts for n
Slide 57: Proven exploration capabilities
Proven exploration capabilities Highly skilled and Deeply rooted Creative ~400 3D seismic Technological Leveraging Eni passionate team NCS knowledge thinking surveys innovation capabilities 56 Photo: Vår Energi’s exploration team in Stavanger
Slide 58: Expanding in Goliat area
Expanding in Goliat area Area resources Goliat FPSO and reserves ~160 mmboe1 Exploration success unlocking Goliat ridge potential and extending asset lifetime Countach and Goliat ridge upside Goliat North 2025 exploration well >150 mmboe2 Zagato Drilling ongoing Countach discovery 1. Gross 2P reserv
Slide 59: Highly prospective Gjøa area
Licences Fields Highly prospective Discoveries Prospects Gjøa area Cerisa, Ofelia and Gjøa North discoveries unlocking Ofelia Cerisa Up to 110 mmboe1 27-52 mmboe1,3 18-39 mmboe1,4 Gjøa North 8-24 mmboe1,4 Accelerated near-field drilling campaign targeting Duva Gjøa >200 mmboe 2 Vega Gjøa platform Ac
Slide 60: Stepping up exploration in 2025
Stepping up exploration in 2025 Barents Sea Ambitious exploration programme ~20 wells 7-8 operated Norwegian Sea Targeting significant ~125 mmboe resources Net risked prospective resources North Sea Exploration spend ~350 USD million Vår Energi licences Net Balder Area Planned wells 59
Slide 61: Becoming carbon neutral
Becoming carbon neutral
Slide 62: Delivering on decarbonisation
Delivering on decarbonisation Scope 1 Scope 2 Scope 3 2024 2030 2050 Near zero >50% reduction Near zero Zero emissions Carbon offsets methane emissions from 2024 for own emissions in the value by 20301,3 from 20242 chain from 20245 Carbon neutral 100% CCS optionality through quality carbon of electr
Slide 63: Becoming carbon neutral by 2030
Becoming carbon neutral by 2030 Scope 1 decarbonisation plan1 annual, kt CO2e ~1 100 >50% annual emissions reduced Electrification Portfolio optimisation Energy Emissions removal management through quality offsetting 2024 emissions 2030 residual 2030 emissions emissions removal 62 1. Equity share Sc
Slide 64: Managing emissions across the value chain
Managing emissions across the value chain Emission reduction Emission removal Electrification Energy management >90% recycled steel >25% R&D spend on Kelp forest restoration Carbon capture with through drilling tubular low carbon solutions in Norway Norwegian climate deliveries in 2024 forest 63
Slide 65: Top quartile performance
Top quartile performance Near Zero methane intensity Share of gas sales1,2 <0.20% 0.02% OGCI target Vår Energi Carbon emission intensity kg CO2 boe3 <6 Member of Inclusion in Oil and Gas Methane OSEBX Global average4 Vår Energi ambition Partnership 2.0 ESG index 1. Operational control 2. Key perform
Slide 66: Ensuring attractive and resilient returns
Ensuring attractive and resilient returns
Slide 67: Strong 2024 financial results
Summary slide of financials – change layout Strong 2024 financial results Something like Q3 Change picture Raising dividends CFFO 3.4 USD billion ~300 USD million 300 USD million 25-30 % after tax CFFO after tax Additional gas revenues above Q1 2025 dividend guidance Long-term dividend guidance4 spo
Slide 68: High realised prices
High realised prices Additional gas revenues above spot price in 2024 ~0.3 USD billion2 Total petroleum revenues USD million Indicative gas sales portfolio Gas sales split (%) 100% UK 75% France Oil Gas G 50% Realised prices Germany and Netherlands USD per boe 25% Fixed Price (USD/boe) ~73 USD/boe ~
Slide 69: Solid liquidity and financial position
Solid liquidity and financial position Cash flow development Q4 2024 USD million 1.3 USD billion Available liquidity (80) USD 1.3 billion ~5 years Average debt maturity1 1 231 (773) 378 Undrawn 790 credit facilities Diversified long-term capital 135 structure aligned with business needs (723) (270)
Slide 70: Long-term resilient shareholder returns
Long-term resilient shareholder returns 350-400 Sustained high production High margin barrels ~40 USD/boe kboepd Q4 2025 to 2030 FCF neutral, 2025-2030 Value creation and shareholder return 25-30% Attractive and predictable dividends Strong FCF generation 5-9 CFFO after tax USD billion, 2025-20302 I
Slide 71: Capital allocation framework
Capital allocation framework Sustain production Pay dividends from existing portfolio according to stated policy Fund capex for new Additional shareholder value-creating projects and distributions and exploration deleveraging Maintain investment grade balance sheet 70
Slide 72: Strong cash flow generation
Strong cash flow generation Estimated cumulative free cash flow generation, 2025-2030 USD billion 5–9 USD billion Free cash flow available for shareholder distributions and deleveraging ~70% of capex uncommitted2 5-9 CFFO before Estimated tax CFFO after tax Committed Uncommitted Financing costs Free
Slide 73: High dividend capacity
High dividend capacity Cash flow generation 2025-20301 Free cash flow neutral 2025-30 USD billion, cumulative 30 ~40 USD/boe1 USD 100/bbl oil price Free cash flow 25 USD 80/bbl Dividends oil price Deleveraging High capex flexibility beyond 2025 20 Strategic flexibility USD 60/bbl oil price Financing
Slide 74: Flexible investments in high value barrels
Flexible investments in high value barrels Capex outlook 2025-2030 De-risked sanctioned project portfolio USD billion1 Value accretive early phase investments 2.6 2.3-2.5 2.0-2.5 Infill wells with short time to market Disciplined investment approach Breakeven² IRR2,3 0.6 0.5-0.6 0.4-0.6 ~35 >25% USD
Slide 75: Cash tax sensitivities
Cash tax sensitivities Tax payments – sensitivities for 2H 20251 USD million² 1 600 ~7 NOK billion 1 400 1 200 1H 2025 tax payments (USD ~0.7 billion)2 1 000 $85/95 boe oil/gas price 800 $75/85 boe oil/gas price $65/75 boe oil/gas price Taxes paid in 1H 2025 related to 2024 results 600 400 200 0 Q1
Slide 76: Solid investment grade balance sheet
Solid investment grade balance sheet Low leverage ratio 13 Prudent risk management USD billion 12 NIBD NIBD/EBITDAX1 Significant available liquidity Protecting the 3.2x 3.3 downside Disciplined investment 2.8 approach Baa3 2.3 1.8 Target 1.3 below 1.3x Loss of production insurance 1.0x 0.5x 0.8x 0.8
Slide 77: Increased dividends
Increased dividends Attractive and predictable dividends Dividend guidance Q1 2025 increased to USD million 25-30% of CFFO after tax¹ 300 USD million Long-term dividend policy raised to 25-30% of CFFO after tax2 2025 planned dividend at low-end of Q1 the 25-30% range of CFFO after tax³ 300 E 1. Illu
Slide 78: Track record of shareholder returns
Track record of shareholder returns Total shareholder return1 Since IPO February 2022 100% 80% >80% 60% Total shareholder return1 40% 20% ~3.2 USD billion Dividends paid2 0% Feb 2022 -20% 2023 2024 Jan 2025 1. Share price gain including dividends reinvested in Vår Energi. From 16 February 2024 to 31
Slide 79: Positioned for material value creation
Positioned for material value creation Production EBITDAX CFFO after tax kboepd USD billion USD billion >400 280 5.9 169 3.4 2.7 1.9 2018 2024 Q4 2025 2018 2024 2025E 2018 2024 2025E 78
Slide 80: Guidance and outlook
Guidance and outlook 2025 Longer-term 330-360 kboepd 2026: ~400 kboepd Production Q4 2025: >400 kboepd 2027-2030: 350-400 kboepd Production cost USD 11-12 per boe, USD ~10 per boe in Q4 Sustain USD ~10 per boe1 2026-30: USD 2.3-2.5 billion excl. exploration and abandonment USD 2-2.5 billion excl. ex
Slide 81: Our investment proposition
Our investment proposition Growth Value Returns Production in Q4 2025 High value investments1 Free cash flow potential 2025-20302 >400 kboepd ~35 USD/boe breakeven 5-9 USD billion Sustained towards 2030 Targeted by 20303 Long-term dividend guidance 350-400 kboepd Carbon neutral 25-30% CFFO after tax
Slide 82: Appendix
Appendix fo Var energi
Slide 83: Price assumptions
Price assumptions Reference case, real 2025 2025 2026 2027 Thereafter Oil price USD/bbl 75 75 75 75 Gas price USD/boe 85 80 60 60 Exchange rate USD/NOK 10.5 10.5 10.5 10.5 Inflation rate 2% 2% 2% Unless specified, all price sensitivities are run from the second half of 2025 82
Slide 84: Price sensitivities
Price sensitivities Indicated effect on 2025 results1 USD million +10 USD/bbl oil price2 +1 USD/mmbtu gas price2 0 100 200 300 400 500 600 700 800 900 EBITDAX CFFO3 Net income 1. Based on USD/NOK 10.5 2. Full year realised price change 83 3. Assuming 50% of 2025 tax paid in 2025, the rest in followi
Slide 85: Debt maturities
Debt maturities W/C and liquidity Maturity profile facility extended to USD million 2027 First Reset Date 15 February 2029 1 286 1 250 1 000 1 000 800² ~6502 214 500 250 2025 2026 2027 2028 2029 2032 2083 USD Senior Notes W/C Facility Euro Hybrid Euro Senior Notes Liquidity facility 1. Working capit
Slide 86: Exploration program 2025
Exploration program 2025 Barents Sea 7 wells Pre-drill Vår unrisked Licence Prospect Operator Energi Status resources share mmboe1 PL 1131 Elgol Vår Energi 40 % Minor gas discovery PL 1110 Njargasas Aker BP 30 % Dry PL 229 Zagato Vår Energi 65 % 15 Ongoing PL 1090 Kokopelli Vår Energi 50 % 150 Ongoi
Slide 87: Investor Relations at Vår Energi
Investor Relations at Vår Energi Ida Marie Fjellheim VP Investor Relations ida.fjellheim@varenergi.no +47 90509291 Stian Seipæjærvi Sr. Investor Relations analyst stian.salmi.seipaejaervi@varenergi.no +47 90954060 General enquires: ir@varenergi.no
Slide 88: var energi
fh var energi