Slide 1: Unlocking Our Full Potential
Unlocking Our Full Potential Fourth Quarter 2025 Results 24 February 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 Insert footer here
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: Strategically Positioned at the Core of Important Assets
1 DUC Ownership Oil pipeline to Fredericia tegically Positioned at the Core of TotalEnergies 2 Gas pipeline to Nybro ortant AssetsEnergy System Europe’s 20.0% BlueNord Nordsefonden 3 Gas pipeline to Den Helder Gas cross -border points 43.2% ld aProducing 36.8% non - for Europe from within the EU Ene
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 ▪ 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 pr
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 76(1) 19 35 43 (2) 173 (NOK/sh) 115 506 Proposed (3) 89 49 253 Distributions ($mm) Q1-24 Q2-25 Q3-2
Slide 9: Q4-25: Robust Operational and Financial Delivery
Q4 -25: Robust Stable Production, Growing Operational Strong Outlook Cashflow Driving Returns Operational and Financial Delivery Stable Production at 42.4mboe/d Strong Operating Cashflow ▪ Base assets produced 21.7mboe/d ▪ Revenue of $270mm ▪ Tyra hub produced 20.7mboe/d ▪ Adjusted EBITDA of $190mm
Slide 10: Our Strength
Our Strength Focused Operational Delivery
Slide 11: Continued Operational Momentum
Continued Tyra Driving Near -Term Production Growth Operational (net production, mboe/d) c. 45 Momentum 42.4 39.1 37.8 Growing production through each of the last four quarters 29.8 ▪ Tyra production averaged 25.9 25mboe/d in Dec-25 – the Tyra highest month since restart ▪ Base assets expected to co
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 ▪ Maintenance programme in 2025 (net production, mboe/d) to safeguard asset integrity and Equates to c. 4% average annual decline operational efficiency 21.7 ▪ Continued focus on long-t
Slide 13: Tyra Production Continues to Grow
Tyra Production Continues to Grow Focus remains on unlocking Tyra’s full potential ▪ October shutdown successfully delivered, driving improved reliability ▪ Emphasis now on maximising uptime and bringing remaining wells onstream Tyra Achieved Highest Production To Date in December 2025 Monthly Avera
Slide 14: Potential of Tyra Facilities Confirmed
Potential of Facilities Uptime of 95% in December 2025 Tyra Facilities (Facilities uptime %) 95% Confirmed 88% Performance in Dec -25 84% demonstrates that Tyra facilities can operate at high uptime levels ▪ Reliability incidents reduced Planned shut-down to rectify VSD and following October shutdow
Slide 15: Remaining Scope to Unlock Full Tyra Potential
Remaining Scope to Unlock Full Tyra Potential Production impact meaningfully reduced past 3 months Well Potential ➔ Unlocking Remaining Volumes ▪ Weather impacting early 2026 well potential – vessel support in March ▪ Strong well and reservoir performance expected to continue Processing Capacity ➔ I
Slide 16: Reaching Full Potential | Tyra
Reaching Full Potential | Tyra Steady -state Tyra performance expected from mid -2026 Tyra Production Guidance for 2026 (net production, mboe/d) ▪ Facility uptime potential now confirmed 25 -30 24 -29 ▪ Reliability issues may continue until planned Q2 -26 shutdown 21-26 22-24 ▪ Liquids handling cons
Slide 17: Our Opportunity
Our Opportunity Maximising the DUC
Slide 18: Denmark with an Increased Focus on Contributing to Energy Security
Denmark with an Operations support Danish and EU Energy Security and Energy Transition objectives Increased Focus Tyra has enabled Denmark to become a net exporter of natural gas Tyra volumes displace significantly more emissions-intensive LNG imports(1) on Contributing to (Kg CO 2/boe) 76 78 97 Ene
Slide 19: Substantial Discovered Resource Base
Substantial Discovered Resource Base Significant Remaining Potential Projects and wells being actively progressed to target remaining volumes (net resources, mmboe) ▪ BlueNord has a clear focus on maximising economic recovery > 10 28 ▪ Identified volumes provide 33 potential to produce beyond 160 cu
Slide 20: 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 launched in Jan 2026 with drilling expected to restart early 2027 Development Projects Matured Infill Wells (net resources, mmboe) (net resources, mmboe) Uni
Slide 21: 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 22: Our Results
Our Results Financial Strength Driving Returns 22
Slide 23: Q4-25: Financial Strength Driving Material Returns
Revenue EBITDA (USD million) (USD million) $270 $186 $193 $109 Q4-24 Q4 -25 Q4-24 Q4 -25 Strong profitability and cashflow generation driven by operational growth Robust balance sheet Net Cashflow from Operating Activities Liquidity and Leverage (end Q4-25) (USD million) (USD million) supports signi
Slide 24: Outlook for Oil | Realised Prices & Forward Hedges
Outlook for Oil | Realised Prices & Forward Hedges(1) ($/bbl) % hedged Realised Pricing 75 75 70 71 61% 49% 18% 69 Protected by 66 66 66 Hedges 75 74 73 74 71 70 66 66 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 2026 2027 2028 Stable realised pricing through recent Realised Price (Post-Hedging) Market Price (Pre-
Slide 25: Declining Unit Operating Costs as Tyra Production Increases
Declining Unit Total Operating Cost (1) (USD million) Operating Costs as 74 89 104 101 76 Tyra Production Increases 57 63 74 75 49 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 Unit operating costs continue to trend Direct Field Opex Transportation Environmental Costs Production G&A down as Tyra ramps up ▪ Modern T
Slide 26: 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 cashflow growth as the metric that defines our distributions 165 133 132 ▪ Hedging strategy mitigates price volatility and protect
Slide 27: 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 (USD million) ▪ Capex in 2025 of $45mm ▪ 2026 range between $40-50mm 311 ▪ 2027–2030 capex $100 -150mm p.a. 244 238 236 (including ma
Slide 28: Strong Liquidity Position
Strong Liquidity Position Closing Q4 2025 liquidity of $493 million, including $350 million of undrawn RBL ▪ Liquidity below reflects the extended RBL maturity, for which lenders are fully credit approved with closing expected imminently Strong Operational Cashflow in Q4 Robust Capital Structure (US
Slide 29: Proactive and balanced capital management
Proactive and balanced capital management Stable balance sheet with no near -term maturities RBL extension expected to close imminently Leverage declining as expected with Tyra ramp up Maturity extends to December 2031 and amortisation to end 2028 Net Leverage on Downward Trajectory No Near -Term De
Slide 30: Growing Distribution Profile
Growing Distribution Profile Delivering Shareholder Returns Growing Distributions Set to Continue ▪ Returning meaningful capital to our (USD million) shareholders is core to our strategy ▪ Distribution policy of 50– 70% of All distributions to 115 Operating Cashflow to end 2026 date at top of policy
Slide 31: Our Future
Our Future Making Sustainable, Long -Term Returns a Reality
Slide 32: Focused Strategic Priorities
Focused Strategic Priorities Primary Focus: Maximising the DUC Maximising Cash Generated by the DUC ▪ Driving operational delivery through strong partnership with the Operator ▪ Advance near-term value accretive projects Maximising Cash Available for Distributions ▪ Disciplined Capital Allocation ▪
Slide 33: Positive Outlook
Positive Outlook Strategically Important Portfolio in the Heart of the EU ▪ High-quality, diversified asset base with long production history ▪ Supporting European energy security at lower emissions intensity than alternatives Strong Operational and Financial Delivery ▪ Tyra stabilising with near-te
Slide 34: Wie
Wie af BlueNord**
Slide 35: Appendix
Appendix > Wie BlueNordx
Slide 36: Hedge Portfolio: Q4-2025
Hedge Portfolio: Oil | Hedged Volumes and Prices Q1-26 Q2-26 Q3 -26 Q4 -26 Q1-27 Q2-27 Q3 -27 Q4 -27 Q1-28 Q2-28 Q4-2025 Oil Volume (mmbbl) Hedge Price (3) ($/bbl) 1.25 71.1 1.34 72.3 1.37 69.4 1.37 68.2 1.08 66.3 65.8 1.08 0.99 65.5 0.99 65.3 0.68 65.5 0.68 65.5 Total Hedged Oil Volumes (mmbbl) Ave