Bluenord Asa · OSL:BNOR
Bluenord Asa — Q1 2026 Earnings Presentation
35 slides from Bluenord Asa's earnings presentation, May 4, 2026
Slide 1: Delivering Value Through Energy Security
Delivering Value Through Energy Security First Quarter 2026 Results 4 May 2026
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION (THE “INFORMATION MATERIAL”) HAS BEEN PRODUCED AND DELIVERED BY NORWEGIAN BY ATTENDING OR RECEIVING THIS INFORMATION MATERIAL YOU ACKNOWLEDGE THAT YOU WILL BE ENERGY COMPANY ASA (THE “COMPANY”). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, RESPONSIBLE FOR YOUR
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 3
Slide 4: Our Foundation
Our Foundation Strategic Portfolio in the Heart of Europe
Slide 5: Strategic European Energy Partner
Strategic European 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 a long production history 2C 2P Gas Oil c. 45 ▪ Portfolio diversifi
Slide 6: Important Assets Strategically Positioned at the Core of Europe
DUC Ownership Oil pipeline to Fredericia tegically DUC Ownership 1 Oil pipeline to Fredericia TotalEnergies 2 Gas pipeline to Nybro 1 ortant tegically Assets Positioned at the DUC Ownership Core of 20.0% TotalEnergies 2 Gas pipeline to Nybro BlueNord 2 3 Oil Gaspipeline pipelinetotoFredericia Gas pi
Slide 7: Set for Long-Term Value Creation
Set for Long-Term Value Creation Leveraging the strength of our portfolio to maximise returns Strong ▪ Stable, low-decline assets with a long production history Production Base ▪ Tyra has already delivered transformational growth; more to come Positive ▪ Tangible plan to maintain peak production lev
Slide 8: Commitment to Maximising Distributions
Commitment to Maximising Distributions A Core Pillar of our Strategy is Returning Meaningful Capital to our Shareholders Distribution Policy until end 2026: 50 – 70% of Net Operating Cashflow Dividends 173 36 (1) 209 (NOK/sh) 100 606 506 Distributions ($mm) Paid Proposed Total Paid (2024 -25) (Q1-26
Slide 9: Q1-26: Robust Operational and Financial Delivery
Q1-26: Robust Stable Production, Growing Operational Strong Outlook Cashflow Driving Returns Operational and Financial Delivery Stable Production at 43.1mboe/d Strong Operating Cashflow ▪ Base assets produced 20.1mboe/d ▪ Revenue of $318mm ▪ Tyra hub produced 22.9mboe/d ▪ Adjusted EBITDA of $203mm ▪
Slide 10: Our Strength
Our Strength Focused Operational Delivery
Slide 11: Operational Momentum Continued into Q1
Operational Tyra Driving Near -Term Production Growth Momentum (net production,mboe/d) c. 45 Continued into Q1 42.4 43.1 39.1 37.8 Growing production through each of the last five quarters 29.8 ▪ Q1-26 delivered the highest quarterly production since Tyra Tyra restart: 43.1mboe/d total BlueNord prod
Slide 12: Maximising our Stable Base | Dan, Halfdan and Gorm
Maximising our Stable Base | Dan, Halfdan and Gorm Active asset management Base of Stable, Low -Decline Production (net production,mboe/d) ▪ Effects of Gorm lifetime extension programme materialising, with >95% operational efficiency in March 2026 ▪ Focus on maximising production potential: Gorm WRO
Slide 13: Production from Tyra Consistently Increasing
Production from Tyra Quarter -on-Quarter Increase Since Restart Consistently Increasing Average production (mboe/d) Operational Efficiency 80% Operational efficiency significantly improved in Q1 69% 62% 59% Well Potential ➔ Unlocking Remaining Volumes ▪ Mar-26 Walk-2-Work campaign: Five additional w
Slide 14: Operational Stability Supporting Increased Well Availability
Operational Stability Supporting Increased Well Availability Clear steps towards higher production identified Choke Capacity Water Handling Well Slugging Surface choke capacity temporarily constrains Few wells with high oil -in-water Process stability issues limit production at times well rates as m
Slide 15: Reaching Full Potential | Tyra
Reaching Full Potential | Tyra Steady -state Tyra performance expected from mid -2026 Tyra Production and 2026 Outlook (net production,mboe/d) ▪ Q1-26 production well within guidance 25 -30 24 -29 ▪ Stability levels have been ahead of expectations, but potential for 21-26 22.9 issues to continue unt
Slide 16: Our Opportunity
Our Opportunity Maximising the DUC
Slide 17: Denmark Plays Key Role in Contributing to EU Energy Security
Denmark Plays Operations support Danish and EU Energy Security and Energy Transition objectives Key Role in Tyra has enabled Denmark to become a net exporter of natural gas Tyra volumes displace significantly more emissions-intensive LNG imports(1) Contributing to EU (Kg CO 2/boe) 76 78 97 Energy Se
Slide 18: Substantial Discovered Resource Base
Substantial Discovered Resource Base Significant Remaining Potential Projects and wells being actively progressed to target remaining volumes ▪ BlueNord has a clear focus on (net resources, mmboe) maximising economic recovery ▪ Attractive, near-term > 10 development opportunities 23 combined with lo
Slide 19: High-Graded Projects Positioned for Delivery
High-Graded Projects Positioned for Delivery ▪ Three developments planned, with focus on value > volume ▪ Rig tender for infill well programme already launched with drilling expected to restart early 2027 Development Projects (1) Matured Infill Wells (1) (net recoverable volumes, mmboe) (net recover
Slide 20: Sustaining Peak Production Levels
Sustaining Peak Production Levels Production potential subject to change based on re -worked Halfdan North and We can maintain peak production Robust Long -Term Production Outlook Valdemar Bo South projects (net production, mboe/d) levels through 2020s and drive long - term volumes Fields Currently
Slide 21: Our Results
Our Results Financial Strength Driving Returns 21
Slide 22: Q1-26: Financial Strength Driving Material Returns
Revenue EBITDA (USD million) (USD million) $318 $201 $227 $80 Q1-25 Q1-26 Q1-25 Q1-26 Strong profitability and cashflow generation driven by operational growth Robust balance sheet Net Cashflow from Operating Activities Liquidity and Leverage (end Q1-26) (USD million) (USD million) supports signific
Slide 23: Outlook for Oil
Outlook for Oil | Realised Prices & Forward Hedges(1) ($/bbl) % hedged (swaps and collars) Realised Pricing 67% 97 61% 39% Protected by 75 70 71 66 86 80 76 Hedges 74 73 74 71 79 74 73 73 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Apr- 2027 2028 Dec'26 Stable realised pricing through recent Realised Price (Post-
Slide 24: Low Unit Operating Costs as Tyra Production Increases
Low Unit Operating Total Operating Cost (1) (USD million) Costs as Tyra 89 104 101 76 88 Production Increases 63 74 75 49 55 Q1-25 Q2-25 Q3-25 Q4-25 Q1-26 Unit operating costs remain at the Direct Field Opex Transportation Environmental Costs Production G&A lower end with stable Tyra production ▪ Mo
Slide 25: Driving Growing Operational Cashflow
Driving Growing Operational Cashflow Net Cashflow from Operating Activities Growing Significantly with Tyra Production (USD million) Key focus on driving operational 184 186 cashflow growth as the metric that defines our distributions 133 132 ▪ Current elevated commodity price 141 levels expected to
Slide 26: Lower Outlook for Capital Expenditure Post Tyra
Lower Outlook for Capital Expenditure Post Tyra Reduced forward capex requirements reiterated Capital Expenditure Significantly Reduced from 2025 Onwards (USD million) ▪ Capex in 2025 of $45mm ▪ 2026 range between $40-50mm 311 ▪ 2027–2030 capex $100 -150mm p.a. 244 238 236 (including maintenance), b
Slide 27: Strong Liquidity Position
Strong Liquidity Position Closing Q1 2026 liquidity of $460 million, including $350 million of undrawn RBL ▪ Liquidity continues to be strong and demonstrates the strong cash generation from stable operational performance of the assets Strong Operational Cashflow in Q1 2026 Robust Capital Structure
Slide 28: Proactive and balanced capital management
Proactive and balanced capital management Stable balance sheet with no near -term maturities Refinancing of BNOR16 being contemplated Leverage declining as expected with Tyra ramp up Proactive management given balance sheet strength Net Leverage on Downward Trajectory No Near -Term Debt Maturities (
Slide 29: Growing Distribution Profile
Growing Distribution Profile Delivering Shareholder Returns Growing Distributions Set to Continue ▪ Returning meaningful capital to our (USD million) shareholders is core to our strategy All distributions to date at top of policy ▪ Distribution policy of 50– 70% of range (70%) 100 Operating Cashflow
Slide 30: Our Future
Our Future Making Sustainable, Long -Term Returns a Reality
Slide 31: Focused Strategic Priorities
Focused Strategic Priorities Primary Focus: Maximising the DUC Maximising Cash Generated by the DUC ▪ Driving operational delivery through strong partnership with the Operator ▪ Advance near-term value accretive projects Maximising Cash Available for Distributions ▪ Disciplined Capital Allocation ▪
Slide 32: Positive Outlook
Positive Outlook Strategically Important Portfolio in the Heart of the EU ▪ High-quality, diversified asset base with long production history ▪ Supporting European energy security at lower emissions intensity than alternatives Strong Operational and Financial Delivery ▪ Tyra stabilising with near-te
Slide 33: BlueNord
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Slide 34: Appendix
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Slide 35: Hedge Portfolio: Q1-2026
Hedge Portfolio: Oil | Hedged Volumes and Prices Q2-26 Q3 -26 Q4 -26 Q1-27 Q2-27 Q3 -27 Q4 -27 Q1-28 Q2-28 Q3 -28 Q1-2026 Oil Volume (mmbbl) Hedge Price (3) ($/bbl) 1.44 75.0 1.47 73.5 1.47 73.5 1.32 73.6 1.32 73.5 1.23 72.5 1.23 72.5 1.05 72.6 1.05 72.6 0.51 73.6 Total Hedged Oil Volumes (mmbbl) Av