Bluenord Asa · OSL:BNOR
Bluenord Asa — Q2 2025 Earnings Presentation
27 slides from Bluenord Asa's earnings presentation, Jul 10, 2025
Slide 1: BlueNord Delivering Growth, Delivering Returns
We S BlueNord7,> Delivering Growth, Delivering Returns Second Quarter 2025 10 July 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 S> «< %G 4 <> Euan Shirlaw Jacqueline Lindmark Boye Miriam Jager Lykke Cathrine Torgersen Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Corporate Affairs Officer We BlueNord*
Slide 4: Q2-25 Highlights: Strong Performance
Q2-25 Highlights: Strong Performance Tyra Completion Test Met: "Current peak c.28mboe/d; more liquids than expected = BlueNord expects plateau at c. 30mboe/d Proposed distribution for Q2 2025 of $49m = 70% of Op. Cashflow”) = |naddition, share buy-back up to $ 50million expected to launch 14" July f
Slide 5: Commitment to Maximising Distributions
Commitment to Maximising Distributions Distribution for Q2 of $49m = Proposed distribution represents 70% of Net Operating Cashflow” Total distributions of $302m paid and proposed to date = $252mas cash dividend ($203m paid and $49m proposed on 10" Jul) * $50mas share buy-back (Expected launch 14" J
Slide 6: Fit-For-Purpose Capital Structure
Fit-For-Purpose Capital Structure BNOR'15 refinancing agreed = Eliminates share dilution of c.16% from mandatory conversion to equity BNOR15 purchase funded by issuance of BNOR17 * Non-dilutive hybrid bond with 12% coupon # Maturity 2085, with coupon step-up after 4.5 years / eae BNOR15 refinancing
Slide 7: Our Value Proposition
Our Value Near-Term | Strongly Cash Generative Proposition Clear and simple focus on . Distribution leveraging the strength of our Policy 50-70% underlying business to: . of Operating Maximise Distributions Cashflow Maintain a Conservative Capital Structure Long-Term | Positive Outlook for Value Cre
Slide 8: Robust Base Production | Halfdan, Dan & Gorm
Robust Base Production | Halfdan, Dan & Gorm
Slide 9: Robust Base Production
Robust Base Q2 production within guidance at 21.0 mboepd Production Active asset management to enhance volumes and drive growth Completion of a high level of planned maintenance on Dan Q2 base production performance in line with Higher level of production for Q3-Q4 2025 expectations and within Q2 gu
Slide 10: Transformational Growth | Tyra
Transformational Growth | Tyra
Slide 11: Tyra Ramp-Up Progressing
Tyra Ramp-Up Progressing Realized peak June production c. 28 mboe/dnet to BlueNord Tyrahas delivered meaningful volumes daily the last 2 months; REMIT relates only to DK not NL Tyra currently producing c.26 mboe/dat c. 87% operating efficiency (vs. Q2 average 60%) Priority is process reliability and
Slide 12: Tyra Strong Reservoir Performance
Tyra Strong Tyra completion test met in June 2025 Rese ravie)| r Tyra has consistently demonstrated meaningful production, confirming facility functionality as the ramp-up continues to be ongoing Performance Ample reservoir and well potential to meet plateau RBL Completion Test for Tyra 98% of wells
Slide 13: Positive Long-Term Outlook
Positive Long-Term Outlook
Slide 14: Denmark Offers a Stable and Supportive Regulatory Framework
Denmark Offers a Stable and Supportive Regulatory Framework Danish oil & gas production plays an importantrole in the country’s welfare society and towards the EU’s security of supply Strong Rationale to Maximise Danish Output Beyond End of License \ a ie BlueNord operations consistent with Danish a
Slide 15: Attractive Investment Projects
Attractive Robust plan to bring an additional +65 mmboe into Investment production Projects Precis as DUC partners have an objective of 2P Reserves 2P Reserves maximising economic recovery 2C Resources ® 55 2C Resources Three projects planned via unmanned platforms, and focus on maximising use of ex
Slide 16: Stable Long-Term Production Outlook
Stable Long-Term Attractive Organic Portfolio Supporting a Robust Production Outlook Production Profile Beyond 20302) mboepd net toBlueNord 7 i j 60 Long-term potential exists to e50mboepd mitigate decline and during 2025-2030 maintain plateau production levels after Tyraonstream Planned investment
Slide 17: Solid Financial Performance
Solid Financial Performance
Slide 18: Revenue and Opex per boe
Direct Field Opex Environmental cost Oil Revenue 7 Transportation Production G&A Gas Revenue 1 1 1 Revenue per boe Opex per boe 1) Opex comprises direct costs attributable to lifting and transportation to market of BlueNord’s oil and gas production 2) Realised prices based on lifted volumes, Opex/bo
Slide 19: Opex plus other production expenses
1) Opex plus other production expenses equates to production expenses. Opex comprises the direct costs attributable to lifting and transportation to market of BlueNord’s oil and gas production.
Slide 20: Includes exploration and evaluation
1) Includes exploration and evaluation
Slide 21: Cashflow and Robust Liquidity
Cashflow and Positive free cash flow Robust Liquidity Capital Structure Q2-2025 448 Operating cashflow of $71m ae impacted by working capital mainly on oil and gas receivables Minimal capital spend for Q2 (UsD milion) (UsD milion) 270 718 302 and outlook for 2025 remains at Ceshiow Casto (re-Capodme
Slide 22: Fit-For-Purpose Capital Structure
Fit-For-Purpose BNOR15 refinancing announced in June 2025 Capital Structu re Agreement reached with 99.99% of BNOR15 holders to buy-back at 128.25% of par" BNOR!15 refinancing agreed Refinancing eliminates BNOR15 equity dilution = Eliminates share dilution of BNOR15 was aconvertible bond with amanda
Slide 23: Hedge Portfolio
Hedge Portfolio: Q2-2025 Active this quarter placing primarily oil hedges for 2026/27 (2.7mmbbl) ~54%/39% of 2025/26 oil production hedged ~61%/40% of 2025/26 gas production hedged Commodity price hedging provides cashflow visibility Oil Price Hedging Q3-25 0425 Q126 Q226 Q3-26 Q426 Q1-27 Q227 03.27
Slide 24: Closing Reflections
Closing Reflections
Slide 25: Delivering Transformational Growth
Delivering Net Production | mboe/d Commodity Mix | % gas c.50 Growth <. 25% 25 Performance step-change for | K re100% J | | ( -% J BlueNord in 2025: 2024 2025 2024 2025 i tC) Production #8 > 100% Lifting Cost | USD/boe Emissions Intensity | Kg CO,/boe Gas weighting of ~45% <13 27 Lifting cost c. 50%
Slide 26: Appendix
Appendix
Slide 27: BlueNord At-a-Glance
BlueNord At-a-Glance v 1d Reinstatement infil DUC Ownership mTotalEnergies @BlueNord @Nordsefonden Substantial Reserves Base” (mmboe) < | 2P Reserves: m2P Approved + Justified Reserves: ™2C Resources (Near-Term) 161 Near-Term Production Growth (mboe/ah G9 Germany - A 2024 2025