Dno Asa Class A · OSL:DNO
Dno Asa Class A — Dno Asa Ord — Q3 2025 Earnings Presentation
10 slides from Dno Asa Class A's earnings presentation, Nov 6, 2025
Slide 1: Q3 2025 Interim Results Presentation
Q3 2025 Interim Results Presentation “Get off the sofa and develop!”
Slide 2: Q3 2025: Transformational quarter
Q3 2025: Transformational quarter • Solid quarter reflecting full contribution from the USD 1.6 billion acquisition Net production thousand boepd of Sval Energi Group AS in Norway in Q2 2025 • DNO production of 115,400 barrels of oil equivalent per day (boepd) net, 115.4 of which 77,300 boepd from t
Slide 3: Post-quarter North Sea developments and outlook
Post-quarter North Sea developments and outlook • DNO’s North Sea strategy is focused on rapidly developing and monetizing its multiple discoveries on the Norwegian Continental Shelf in partnership with like-minded companies • While continuing to actively explore, with three wells currently drilling
Slide 4: Kjøttkake development sprinting to cross finishing line in 2028
Kjøttkake development sprinting to cross finishing line in 2028 • Operated by DNO, Kjøttkake was discovered in Q1 2025 Duva (tieback to Gjøa) • A subsea tieback concept to Gjøa area infrastructure has been identified as the optimal development solution • DNO and license partners will fast-track the
Slide 5: North Sea 2025 exploration program
North Sea 2025 exploration program 7 1 Pre-drill Chance Post-drill volumes of DNO 2025 volumes License Name Type (MMboe) Success* interest Q1 Q2 Q3 Q4 (MMboe) 4 1 PL1119 Mistral Exploration 21-63 Medium 10% 19-44 2 PL1182S Kjøttkake Exploration 22-53 Medium 40% 39-75 3 PL1109 Horatio Exploration 32-
Slide 6: Post-quarter Kurdistan developments and outlook
Post-quarter Kurdistan developments and outlook • At Kurdistan’s Tawke license (DNO 75 percent and operator), Q3 2025 gross production from Tawke and Peshkabir fields averaged 46,600 boepd, down 38 percent from previous quarter due to damage to surface facilities from drone strikes in mid-July • Wit
Slide 7: Financial results – key figures
Financial results – key figures Revenues Operating profit Net profit USD million USD million USD million 547 258 222 177 188 170 86 31 28 20 20 -4 -7 -82 -98 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 • More than doubling o
Slide 8: Cash flow
Cash flow • Q3 2025 operational cash flow of USD 407 million Q3 2025 cash flow (USD 135 million in Q2 2025) USD million • North Sea tax instalments of USD 53 million were paid in Q3 2025 (USD 114 million in Q2 2025) 407 -53 • Net investing activities of USD 225 million (USD 294 million in Q2 2025) c
Slide 9: Balance sheet
Balance sheet Total Property, Plant and Equipment Net debt Total equity USD million USD million USD million 2,746 2,813 1,434 1,411 1,210 1,174 1,222 1,109 1,080 1,067 860 808 -99 -43 -134 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Slide 10: Important notice
Important notice This presentation (the “Presentation”) has been prepared and delivered by DNO ASA (“DNO” or the “Company”). Copyright of all published material including photographs, drawings and images in this document remains vested in DNO and third party contributors as appropriate. Accordingly,