Bluenord Asa · OSL:BNOR
Bluenord Asa — Q3 2025 Earnings Presentation
35 slides from Bluenord Asa's earnings presentation, Oct 29, 2025
Slide 1: Entering the Harvesting Phase
We S BlueNord7,> Entering the Harvesting Phase Third Quarter 2025 Results Presentation 290ctober 2025
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION (THE “INFORMATION MATERIAL") HAS BEEN PRODUCED AND DELIVERED BY NORWEGIAN ENERGY COMPANY ASA (THE “COMPANY’). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, INVITATION OR SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE OR SELL ANY SHARES IN THE COMPANY. THE COMPANY D
Slide 3: Today's BlueNord Presenters
Today's BlueNord Presenters Euan Shirlaw Jacqueline Lindmark Boye Miriam Jager Lykke Cathrine Torgersen Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Corporate Affairs Officer sie 3 —_Insertfooterhere BlueNord“”t
Slide 4: Our Foundation
Our Foundation Strategic Portfolio in the Heart of Europe > Wie 3 BlueNord 47>
Slide 5: Strategic European Energy Partner
Strategic Furopean Energy Partner BlueNord is an independent E&P, producing oil & gas from a portfolio of producing fields in Denmark > 36.8% non-operated interest in the DUC, operated by TotalEnergies > High-quality asset base with along production history > Portfolio diversified across four hubs,
Slide 6: Positioned at the Core of Europe's Energy System
@ Oilpipetine to Fredericia Positioned at the Core of @ caveat 5 @© Gas pipeline to Den Helder Europe's Energy System A Gu cronetore pnts Producing Energy for Europe from within the EU Tyra transforms Denmark into anet exporter of natural gas > Directly strengthens European energy security > Reduces
Slide 7: Set for Long-Term Value Creation
Set for Long-Term Value Creation Leveraging the strength of our portfolio to maximise shareholder returns Strong Production Base Positive Operational Outlook Robust & Resilient Cashflow Focused on Shareholder Returns Stable, low-decline assets with along production history Tyrahas already delivered
Slide 8: Entering the Harvesting Phase
Entering the Harvesting Phase Evolution of BlueNord’s Production Base From Investment to Returns Investing Harvesting Maintaining > Tyra online with production DKK 27 bn")invested by DUC Focus on maximising near-term Stable production to 2030+ growing and stabilising partnership to redevelop Tyra di
Slide 9: Commitment to Maximising Distributions
Commitment to Maximising Distributions ACore Pillar of our Strategy is Returning 4 Ne Stated Distribution Policy Meaningful CapitaltoourShareholders ” LSS until end 2026: 90-70% of Net Operating Cashflow V V V Paid Proposed Paid and Proposed 2025 YTD 3-251) 2025 YTD $302m $89m $391m Wwe 3 BlueNord 7
Slide 10: Stable Production, Strong Outlook
10 Stable Production, Strong Outlook fn Stable Production at 39.1mboe/d > Base assets produced 20.2mboe/d > Tyrahub produced18.9mboe/d Bin Strengthening Tyra Stability > Positive impact from maintaining uptime focus; last full unplanned shut-down in August > Plateau expectation remains at ~3Omboe/d
Slide 11: Our Strength
Our Strength Focused Operational Delivery > Wie 3 BlueNord 47>
Slide 12: Continued Operational Momentum
Continued Operational Momentum Growing production through each of the last four quarters > Tyraproduction averaged 22mboe/d in Sep-25, the highest since restart > Maintenance on base assets in 2025YTD expected to drive positive long-term contribution 12 Tyra Driving Near-Term Production Growth + (re
Slide 13: Maximising our Stable Base | Dan, Halfdan and Gorm
Maximising our Stable Base | Dan, Halfdan and Gorm Active asset management > Planned maintenance to maintain long-term integrity > Completion of workover campaign on Dan and well integrity work on Gorm > Additional issues identified during maintenance now resolved 13 Recent Activities to Support Lon
Slide 14: Tyra Formally Inaugurated in October 2025
Tyra Formally Inaugurated in October 2025 Opening of the Tyra hub marks a new era for Danish Energy > Event marked the successful delivery of one of Europe's largest gas redevelopments > Tyrarecognised as acritical contributor to Denmark and Europe's Energy Security > Denmark becomes a net exporter
Slide 15: Strong Underlying Tyra Performance
Strong Underlying Tyra Performance High export rates achieved from only ~60-65% of Tyra well stock > Observed performance strongly supports ability to deliver plateau production > Ongoing optimisation of facilities and processing to unlock full potential 16 Tyra has consistently demonstrated meaning
Slide 16: Focus on Tyra
Focus on Tyra Stability Yielding Results Better reliability driving stronger, more consistent production > No full facility shutdowns since mid- August, demonstrating stronger system stability > Highest gas export to date of 221 mmscf/d in early October > Work to resolve liquids processing constrain
Slide 17: Achieving Full, Reliable Performance at Tyra
Achieving Full, Reliable Performance at Tyra Clear focus areas with actions underway > Processing Capacity > Increasing Export Potential = Dedicated offshore task force addressing water-treatment constraint = Specialist vendor supportin place to accelerate trouble shooting > Process Reliability > Re
Slide 18: Tyra: Near-Term Growth, Long-Term Stability
Tyra: Near- Term Growth, Long-Term Stability Strong operational momentum underpins outlook Strong Near-Term Production Outlook > Early Q4 delivery is strong, recent production ~27 mboe/d 27 21-27 ©-30 > Improved reliability expected following planned shutdown > Optimisation of liquids processing und
Slide 19: Our Opportunity
Our Opportunity Maximising the DUC > Wie 3 BlueNord 47>
Slide 20: Sustaining Peak Production Levels
Sustaining Peak Production Levels We can maintain plateau production levels through 2020s and drive long- term volumes > DUC portfolio supports measured reinvestment in accretive, identified projects > Decisions to invest will be based on maximising both value and long-term cashflow generation > Pro
Slide 21: Substantial Discovered Resource Base
Substantial Discovered Resource Base Significant Remaining Potential Projects and wells being actively progressed to target remaining volumes (rtesoacessmind > BlueNordhas aclear focus on maximising economic recovery 0a =10 P| > Identified volumes provide 93 a —_ potential to produce beyond current
Slide 22: High-Graded Projects | Positioned for Delivery
High-Graded Projects | Positioned for Delivery r Robust plan to bring ~6Ommboe into production @) e > Three developments, leveraging existing infrastructure > Infill well portfolio continuously matured and optimised DODD 0 Development Projects Matured Infill Wells | trtrxosces bod (recente N i > Uni
Slide 23: Our Results
Our Results Financial Strength Driving Returns > Wie 3 BlueNord 47>
Slide 24: Q3-25: Financial Strength Driving Material Returns
EBITDA Ss Revenue > Strong profitability and cashflow generation driven by operational growth Liquidity and Leverage (: > Robust balance sheet Net Cashflow from Operating Activities supports significant distribution potential Q3-25: Financial Strength Driving Material Returns $128 Net Leverage
Slide 25: Outlook for Realised Pricing Protected by Hedges
Outlook for Realised Pricing Protected by Hedges Stable realised pricing through recent market volatility > 47% of forecast oil volumes hedged untilend 2026 > 45% of forecast gas volumes hedged untilend 2026 (1) Chartexcludes c.270,000MWh for 2028 hedged at€30.7/MWh 25 (2) Forwardcurve asat30 Septem
Slide 26: Declining Unit Operating Costs as Tyra Production Increases
Declining Unit Operating Costs as Tyra Production Increases Unit operating costs continue to trend down as Tyra ramps up > Modern Tyra facilities are significantly more efficient > Unit opex will lower further once Tyra at plateau with fixed costs being spread over higher volumes > Excluding workove
Slide 27: Driving Growing Operational Cashflow
Driving Growing Operational Cashflow Key focus on driving operational cashflow growth as the metric that defines our distributions > Hedging strategy mitigates price volatility and protects cashflow > Enhanced margins as lower unit opex delivered with Tyra ramp up > Taxloss position continues to pos
Slide 28: Lower Outlook for Capital Expenditure Post Tyra
Lower Outlook for Capital Expenditure Post Tyra Reduced forward capex following completion of Tyra project Capital Expenditure Significantly Reduced from 2025 Onwards > Capex in 2025E of ~$50mm, witha similar level expected for 2026 > Future investment in 2027+ with projects still to be sanctioned M
Slide 29: Strong Liquidity Position
Strong Liquidity Position Closing liquidity of $447 million, including $250 million of undrawn RBL > Q3 reflects payment of accrued distributions relating to 2024 and H1 2025 Cashflow in Q3 Reflects Payment of Accrued Distributions (us ion) 718 , Y 128 1 66 Y, | — Z2 448 Liquidity Operating Capital
Slide 30: Deleveraging Underway
Deleveraging Underway Stable balance sheet with no near-term maturities > Leverage declining as expected with Tyra ramp up 30 Net Leverage on Downward Trajectory (usp miton) 2.8x No Near-Term Debt Maturities (usp miton) fl ABL Facility Amortisation I Bond Maturities) 78 | (1) Based on current drawin
Slide 31: Growing Distribution Profile
Growing Distribution Profile Delivering Shareholder Retums Growing Distributions Set to Continue (usDmiton) > Returning meaningful capital to our shareholders is core to our strategy > Distribution policy of 50-70% of Operating Cashflow to 2026 > From 2027, wewillseek to maintain a 89 391 meaningful
Slide 32: Our Future
Our Future Making Sustainable, Long-Term Returns a Reality > Wie 3 BlueNord 47>
Slide 33: Focused Strategic Priorities
Focused Strategic Priorities > Driving operational delivery through strong partnership with the Operator > Advance near-term value accretive projects > Disciplined Capital Allocation > Ensure capital structure aligned with distribution objectives Will be considered only where additive to our existin
Slide 34: Positive Outlook
Positive Outlook > High-quality, diversified asset base with long production history > Supporting European energy security at lower emissions intensity than alternatives > Tyra stabilising with near-term growth expected > Low-opex and hedging underpins cashflow resilience > Focus onmonetising discov
Slide 35: Wie
Wie af BlueNord**