Financial Report presentation (harbour energy investor presentation may 2026)

Investor Presentation

Harbour Energy plc

May 2026

Overview

One of the world's largest and fastest growing independent oil and gas companies

Strategic acquisition of LLOG (US) completed February 2026, drives resilience and free cash flow growth

Production1

Working interest, kboepd

c.500 kboepd

What sets us apart?

• Track record

• Scale and diversification

• Significant organic inventory

• Proven M&A capability

• Cash flow and returns focused

• Financial discipline

Harbour founded by private equity

2014

Shell UK transaction

2017

ConocoPhillips UK transaction

2019

Premier Oil merger

2021

Wintershall Dea acquisition

2024

Acquisition of LLOG

Sustains production at 475-500 kboepd through end of decade

2026 2027 2028 2029 2030

Growth and diversification

Resilience and longevity

1 Includes effects of the LLOG acquisition and the announced acquisition of Waldorf and Indonesia asset sales. 2024 is presented on a proforma basis for the Wintershall Dea transaction

Globally diverse independent with scale

Significant portfolio reshaping: SE Asia exits and strategic entry into US offshore

Production 475-500 kboepd

Competitive operating costs and

resilient margins

Broad set of strategic organic investment options

Actively managed global portfolio

Driving higher margins and free cash flow

Linking shareholder distributions

directly to free cash flow

Harbour existing interests

CCS opportunities

Country entry 2026

Producing asset exit 2026

Norway

Leading European CO2 storage position

UK

Germany

US

Mexico

North Africa

Indonesia

Diverse portfolio with five key countries driving our results

Norway, UK, Argentina, Mexico and US account for c.90% of our portfolio

%

480-500

kboepd

1.4

bnboe

1.9

bnboe

c.90%

2026F YE 2025 PF YE 2025 PF

production reserves1 resources 1

Norway UK Argentina US Mexico Other2

Norway:

High quality production with significant near field opportunities

UK:

Diverse asset base with high degree

of operational control

Argentina:

Long life production with potential for material growth

US:

Fully operated, oil weighted growth portfolio with long reserve life

Mexico:

Large offshore operated oil discoveries providing growth options

1 Proforma LLOG acquisition (completed 11 February 2026) and Waldorf and Indonesia transactions; 2 Other includes Germany, North Africa and Southeast Asia.

Q1 2026 Highlights

• Continued strong delivery including high operational reliability and excellent project execution

• Portfolio strengthened; LLOG acquisition completed ahead of schedule

• Improved 2026 free cash flow outlook with potential for material debt reduction and shareholder returns

• Investment grade credit ratings confirmed

Harbour Energy |

6

Against a backdrop of unprecedented disruption to energy markets and significant price volatility, we remain focused on playing our part in delivering the oil and gas the world needs, safely and efficiently.

Three complementary transactions materially increase Harbour's 2026-2030 free cash flow

Recycle capital, enhance cash flow and reinvest in accretive growth

Sale of Indonesia assets

$215m1

Acquisition of Waldorf (UK)

$170m

Acquisition of LLOG (US)

$3.2bn

Portfolio high-grading

• Sub-scale production

• High unit opex

• High GHG intensity

  Enhancing cash flow

• Supports resilience and longevity of UK business

• Delivers significant financial synergies

  Strategic entry to US GoA

  • One of world's most prolific basins

  • Fully operated, oil weighted portfolio; exceptional team

  • High margin, long-life assets; deep

    high-return drilling inventory

  • Substantial production and cash flow growth

Completion expected Q2 2026

Completion expected mid-2026

Completed February 2026

1 Before customary adjustments and deposit paid in 2025

Operational review

Prioritising safety in everything we do

Occupational Safety

TRIR1 (per million hours worked)

Greenhouse gas emissions intensity3

kgCO2e/boe

20

• Q1 2026 saw two Tier 2 events (one in Mexico and one in Indonesia)

• All incidents are rigorously

  0.7

  1.0 1.1

  1.3

  18

  28%

  13 13

  investigated with learnings shared

  • Methane intensity remains below target of <0.2%4

  • On track to halve gross operated emissions by 2030 (vs 2018

2023 2024 2025 Q1 2026

2023 2024 2025 Q1 2026

baseline)

Harbour Peer2 range Peer2 average

Harbour

Peer2 range Peer2 average

1 TRIR stands for Total Recordable Injury Rate 2 Peer data (where available) from Aker BP, Apache, Murphy, Santos, Vår Energi, Woodside and Vista, and sourced from Annual Sustainability and/or ESG Reports. 3 GHGi reported on a net equity share basis. 4 Relates to our operated assets

Production guidance narrowed upwards after strong start to the year

Production

WI, kboepd

500

506

480-500 kboepd

(Previously: 475-500 kboepd)

Other

gas

50

Q1 2025 Q1 2026

FYF 2026

European gas

Liquids

2026

FYF 2026

Q1 2026: Continued strong operational delivery

• Production of 506 kboepd in Q1 2026 (Q1 2025: 500 kboepd); April production of 520 kboepd

• Two-months' contribution from the US following completion

  of LLOG offsetting UK decline and Vietnam exit

• Norway outperformance: high reliability; strong delivery from latest Njord well and Harbour operated Gjøa satellites

• New projects/wells onstream in US, Norway, Argentina, Egypt

• Successful completion of planned maintenance in the US

• Operating cost of $12.8/boe (Q1 2025: $13/boe)

Norway UK Argentina US Mexico Other

Harbour Energy | Investor Presentation

Delivering our highest return, most competitive projects

▪

Norway: Pipeline of high value projects on track supporting near term production

including start up from Dvalin North, Irpa, Alve Nord, Idun Nord in 2026

▪

UK: Farm in for 45% of Fotla oil and gas discovery; FID of two well development via the Harbour operated GBA hub targeted by YE 2026

▪

Argentina: Multi-pad drilling at APE with nine wells to be connected in 2026

▪

US GoA: FID of Who Dat East development targeted for Q3; 2nd rig to arrive

FYF2026 2026

before year end accelerating high return drilling and completion opportunities

Harbour Energy | Investor Presentation

Total capex

$bn

$2.2-2.4 bn

Guidance reiterated

0.5

0.5

Q1 2025 Q1 2026

FYF 2026

Norway UK Argentina US Mexico Other

11

Decom

P&D

E&A

Large and diverse 2C resource base underpinning material, sustainable cash flow

Maturing the highest return, most competitive projects within our disciplined financial framework

• Material positions in large oil discoveries in Mexico and in a multi-TCF gas play in Indonesia

• Appointed operator of c.750 mmboe gross Zama; agreed to divest 5%, retaining 27.3%

• Optimising development concepts at Harbour operated Zama & Kan (Mexico) ahead of entering FEED

• Infill drilling, tie-backs to infrastructure, mainly in Norway, US and UK

• Targeting FID of Who Dat East (US), Gjøa N/Ofelia, Cuvette (Norway) and Fotla (UK) developments in 2026

• Recent 2C adds include Fotla (UK) and Omega Sør (Norway)

2P reserves and 2C resources1

bnboe

1.9

Key focus maturing 2C into 2P

1.4

2P 2C

1 YE 2025, Proforma LLOG acquisition (completed 11 February 2026) and Waldorf and Indonesia transactions

Continuing our strong track record of reserve replacement

2P reserves

>100% reserve replacement ratio

YE 2025- YE 2028

bnboe

1.5

Argentina

Mexico

GoA

Norway Other

1

0.5

Anticipated reserve additions 2026-2028

Short cycle, high return (GoA, Norway), major growth (Mexico) and shale (Argentina)

Oil weighted additions with >50% of 2P reserves liquids by 2028

Greater operational control; operate >50% of reserves by 2028

Focus shifts to lower tax, lower cost basins with more running room; GoA, Argentina and Mexico

>55% of reserves by 2028

0

YE 2017 YE 2021 YE 2025 Production LLOG/ Waldorf

acqns

13

Organic additions

YE 2028

Targeting breakevens of <$40/boe and <$5/mscf

Delivering our highest return, most competitive projects to drive higher margin production

Norway UK Argentina US Mexico Other

Total capex

$bn

2.5

Guidance

$2.2-2.4bn

Production

WI, kboepd Guidance 480-500 kboepd

500

2.0

1.5

1.0

0.5

Strict capital discipline

$2.0-2.3bn p.a.

(2027-2030)

400

300

200

100

Growing

higher margin production

Maintain 475-500

kboepd

(2027-2030)

0.0

2025

2026 2027 2028 2030

0

2025

2026 2027 2028 2030

• Near term spend focused on high value, short cycle projects

• LLOG acquisition further high grades the portfolio

• Operational control supports significant optionality longer term

• Increasing volumes in US GoA, new production in Norway and Argentina and - over time - in Mexico offset decline in higher cost and tax UK

  14

  Business Unit review

• Q1 2026 production of 181 kboepd (62% gas)

• High operating margins ($12/boe opex)

• Leveraging infrastructure position to unlock

  capital efficient, short cycle developments

• New projects and wells support future production

• Proven E&A track record; recent discovery and

success in Norway licensing round

Project pipeline

2P reserves and 2C resources, mmboe (net)

Approved developments

Future projects

Harbour operated

2026 oil discovery

50

25

Projects onstream

<$5/mscf

average breakeven for gas projects

<$40/bbl

average breakeven for oil projects

0

2030

Maria

Phase 2

Solveig

Ph 2

Dvalin

North

Irpa

Idun N/

Alve N

Snøhvit

Future

Gjøa N/

Ofelia

Cuvette

Adriana/

Sabina

Storjo

Omega

Sør

Bergknapp

2025

• Significant operational control

• Improved cost structure

• Selective high return, short cycle

  investments - e.g. Fotla farm in

• Optimisation of decommissioning costs

• Waldorf acquisition to drive improved FCF margin through 2030

  Production

  WI kboepd

  Top quartile operating costs

  $/boe

  20

15%

18

2024

2025

Q1 2026

2024

2025

Q1 2026

>90%

Top quartile operating efficiency (2025, operated hubs)

UK:

Transformed free cash flow outlook driven by reduced cost base, improved capital efficiency & accretive M&A

Argentina:

Long life production with potential for material growth

• CMA-1: Long life conventional production with multiple tie-back options (e.g. Fenix)

• Significant growth potential in Vaca Muerta:

  • APE (gas window, Harbour 23%)

  • San Roque (oil window, Harbour 25%)

• SESA (Harbour 15%) a two-vessel c.6 mtpa LNG project, to start up end 2027 enabling access to global markets for our Argentina gas

  Production

  Q1 2026, WI kboepd

  72

  2P & 2C resources

  YE25, mmboe

  722

  266

  Vaca Muerta Basin

  Aguada Pichana Este

  Argentina

  San Roque

  SESA LNG Site

  Río Negro Province

  Operated by

• Development of first phase of San Roque

  black oil targeted to start later in 2026

  Production

  2P reserves 2C resources

  CMA-1

  TotalEnergies

  Operated by SESA

  CMA-1 (conventional) APE San Roque
  
  
  
  

• High margin production growth

  Production, WI kboepd

• Fully operated, oil weighted portfolio 75

• Deep inventory of high return, low breakeven,

  infrastructure led investments

  50

• 2nd rig to arrive before year end 2026; FID of Who Dat East development targeted for Q3 2026

• Best in class cycle time (discovery to first production) 25

  among global peers (2021-2024)1

  Who Dat Buckskin Leon-Castile Other
  
  

  23

  Growing high

  margin production to 2030

  underpinned by 18 year reserve life4

  Q1 20263

  2026

  2027

  2028

  2030

  
  
  

• c.1/3 of GoA discoveries made by LLOG since 20142

Strong fiscal terms

23% blended tax rate

0

Production CAGR: >20% (2026-2030)

Significant upside

0.6bn 2C + prospective resources

1 Source Rystad 2 Management estimate 3 Reflects LLOG production contributing from 1 February, averaged over Q1 4 Based on YE 2025 estimated 2P reserves and expected 2026 production

LLOG acquisition further strengthens our portfolio of organic investment options

>40% average weighted IRR of GoA capex (2026-28)1

1 Harbour management estimates, IRR point forward as at 1 January 2026, assuming WTI at $60/bbl and Henry Hub at $4/mscf (2026 real)

LLOG provides deep inventory of high return, near term investments

10-15 wells planned in Gulf of America 2026-2028 including at Leon-Castile and Buckskin and infrastructure-led exploration wells

Leon

20

10 licences awarded in the GoA BBG 1 and BBG 2 bid rounds (all LLOG-operated)

LLOG portfolio increases competition for capital within Harbour's global portfolio driving project high grading and FCF margin expansion

• Appointed operator of c.750 mmboe gross Zama oil development

• Agreed to divest 5% to subsidiary of Grupo Carso increasing stake of strategic partner with Harbour retaining 27.3%

• More capital efficient, phased FPSO-based Zama development plan agreed

• FEED at Zama and Kan to commence later this year

• Focus on lowering project breakevens, e.g. well

  optimisation, synergies

• High graded portfolio, exiting less competitive licences, e.g. Block 29 (Polok, Chinwol)

Zama Phase I Early Production Plan (EPP)

2P reserves & 2C resources

YE25, mmboe (net)

2P 40

2C

375

Financial review, guidance and outlook

Against a volatile backdrop, Harbour well positioned

BRENT PRICE DEVELOPMENT ($/BBL) TTF PRICE DEVELOPMENT ($/mscf)

Large scale and diverse portfolio

Strong cost focus and strict capital discipline

Significant exposure to Dated Brent and European gas prices

North Sea oil volumes priced at

$85/bbl for Q1 and >$120/bbl during April

Additional hedges secured via zero cost collars with attractive skews, especially for Eur. gas

For Q2-Q4 2026 hedged 50% of Brent/WTI and 65% of Eur. gas economic exposure at average price floor-cap of $69-78/bbl and

$11-15/mscf, respectively1

23

150

25

125

20

100

15

75

10

Dated Brent

50

ICE Brent future

5

Q1 Pre-hedge realised price

Q1 Post-hedge realised price

$14.8/mscf

$76/bbl

$79/bbl

$14.7/mscf

January

| February |

March |

April

January

| February |

March |

April

Harbour Energy | Investor Presentation

1 Reflects completion of LLOG and assumes Waldorf transaction completes mid-2026

Significant free cash flow generation accelerating debt reduction

Net debt1,2

$ billion

Includes hybrid coupon and remainder of 2025 share buyback

Post Q1 repaid

drawn RCF balances and

$240m of bonds

0.16

Reflects strong operational performance and Q2-Q4 weighting of capex and tax payments, partly offset by negative working capital build

Net Debt 31 Dec 2025

LLOG Q1 FCF Equity distributions FX impact/ other

Net debt 31 March

Owing to rounding, totals do not match the sum of the component parts 1 Reflects $1.16/€ at 31 March 2026 and $1.175/€ at 31 December 2025 2 Pre swap; Net debt excludes unamortised fees and impact of cross currency swaps and includes amounts held in escrow

Harbour Energy | Investor Presentation

Improved FCF outlook driven by

higher commodity prices

$ billion

c.1.4

0.6

2026 FCF

(Jan 2026)

Commodity

prices

2026 FCF

(May 2026)

$65/bbl

$11/mscf

$80/bbl

$13/mscf

0.8

Improved 2026 production guidance and free cash flow outlook

2026 guidance includes LLOG and assumes Indonesia and Waldorf transactions completes end Q2 2026

1 Assumes $1.35/£, $1.15/€ and NOK10/$ 2Includes production and development, exploration and appraisal and decommissioning 3 Free cash flow (FCF) after capex, tax and before M&A/divestment proceeds and transaction costs, hybrid bond interest, debt repayment and shareholder distributions 4Assumes mid-point of production and capex guidance.

Strengthened portfolio delivers significant free cash flow growth

FCF profile1

$ billion

2026 FCF outlook

more than doubled

c.1.4

$80/bbl

$13/mscf

c.1.0

c.0.6

$65/bbl

$11/mscf

Delivering material FCF CAGR

through 20301

• Increasing high margin US GoA production driven by near term investment

• Significant financial synergies from 2027 driven by UK Waldorf acquisition

• Effective tax rate materially reducing as production shifts to lower tax countries

• Further cash flow margin improvement around the end of decade from US GoA and growth projects in Mexico

2026 2028 2030+

1 2026 FCF outlook increased to $1.4bn to reflect $80/bbl and $13/mscf. Previous FCF outlook of $0.6 billion assumed $65/bbl and $11/mscf for 2026. From 2027, FCF reflects $70/bbl, $10/mscf escalated in line with costs at 2.5% per annum

Outlook: delivering against our capital allocation priorities

Net debt1

$ billion

Leverage

Free cash flow1

$ billion

Distributions

FCF payout ratio, %

Increased 2026 FCF at

$80/bbl & $13/mscf

c.1.4

c.0.6

c.1.0

FCF of $1.4bn results in

distributions of $600m at low end of 45-75% range

45%

40%

Leverage currently <1x but 2027 leverage impacted by tax lag effect

75%

YE26 YE28 YE30

2026 2028 2030+

1 Investment grade balance sheet

• Investment grade credit profile

• Target <1.0x leverage through cycle

• c.$1.0bn debt reduction by YE281

2

3 Competitive shareholder returns

• 45-75% free cash flow payout

• 16.10 cents/sh ($300m)2 base dividend

• Potential for additional returns

Robust & diverse portfolio

2021-25

(Historical)

2026+

(New policy)

1 2026 FCF outlook of $1.4bn and YE 2026 net debt updated to reflect $80/bbl and $13/mscf. Previous FCF outlook of $0.6 billion and YE 2026 net debt assumed $65/bbl and $11/mscf for 2026. From 2027, FCF and net debt profile reflects

$70/bbl, $10/mscf escalated in line with costs at 2.5% per annum 2 16.10 is per voting ordinary share; $300m includes $46 million base dividend paid on non-voting ordinary shares

Why Harbour Energy?

A track record of strategic, operational and financial delivery supported by active portfolio management and a world class team

A large scale, diverse producing asset base with a competitive cost structure and exposure to Brent oil prices and European gas prices

Production maintained at 475-500 kboepd to end of decade supported by high return projects in our c.20 years of organic inventory

Strong free cash flow growth, rigorous capital discipline, investment grade credit

Returns-focused with attractive distributions policy enabling deleveraging and reinvestment while ensuring shareholders benefit from our growing cash flow

Harbour Energy |

28

Appendix

Group realised prices and production

Q1 2026 realised prices

Group production Q1 2026

kboepd, net

Liquids

(oil and NGLs)

Gas

Total

Owing to rounding, totals do not match the sum of the component parts * Reflects LLOG production contributing from 1 February, averaged over Q1

Q1 2025

Total

Hedging schedule

As at 31 March 2026. Owing to rounding, totals do not match the sum of the component parts

(put-call)

(put-call)

Reflects transacted volumes rather than post tax / economic exposure. Collar ranges reflect the volume weighted average of put and call options respectively. Group totals reflect volume weighted average of traded swap/fixed price and, for collar structures, the

forward curve at 31 March 2026 if forward curve pricing is between the cap and the floor or the floor/cap price if forward curve pricing is outside collar range.

Adopting a payout ratio distributions policy

Links shareholder returns directly to growing free cash flow and strengthens capital allocation framework

2022-2025: Fixed dividend

2026: Payout ratio approach

40%

of annual free cash flow on average returned to shareholders through a fixed dividend and share buybacks

Return 45-75% of annual free cash flow1

Including initial base dividend of 16.10 cents/voting ordinary share ($300m) 2

Leverage <1.0x, payout towards top end; >1.0x leverage pay out towards lower end of range

New policy takes effect immediately with 2025 final dividend of 8.05 cents/voting ordinary share;

total 2025 distributions of $478m representing a 45% 2025 FCF payout

Supports near term deleveraging and disciplined investment in attractive organic growth opportunities

Potential for material distribution growth over time in line with free cash flow outlook

1 Free cash flow is after tax and before hybrid interest, debt repayment and divestment proceeds 2 Includes c.$46 million initial base dividend paid on non-voting ordinary shares