BlueNord ASA (0HTF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone, and thanks for joining us today. Before we walk through our recent performance and outlook, I'd like to start by reflecting briefly on Blue Norge Year as a whole. 2025 was the year when what we offered to our shareholders really shifted. For a long time, our focus was on building the operational portfolio, getting Tyra back on stream. Then this year, that work has finally translated into tangible returns. We've moved from building the business to returning capital from it. Has everything gone perfectly? No. Have we had challenges to overcome? Yes. But the direction's been clear, the discipline's been there, and the progress we're making is real. And now let's look ahead to the remainder of 2026. The priority for us here is really straightforward. Maximise delivery under our existing distribution framework, converting operational performance into cash flow, converting cash flow into distributions, and maintaining a conservative capital structure. And what that means in simple terms is 2025 was about starting to deliver meaningful returns. 2026 is about maximizing them. And from 2027 onwards, it's about sustaining those distributions over the long term. With that context, let's turn to the first slide. Blue Nord has a focused portfolio built around our 36.8% non-operated working interest in the Danish Underground Consortium. Together with the North Sea Fund and Total Energies, that gives us exposure to a high quality diversified asset base with more than 220 million barrels of 2P reserves and near term 2C resources. These volumes sit alongside a meaningful longer dated 2C resource base. Since Tyra came back on stream, our net production has nearly doubled compared to pre-restart levels, and we still see upside as reliability and performance cont...