Interim report
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QUARTERL Y REPORT Q3 2026
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2 · Aker BP Quarterly Report · Q3 2026 THIRD QUARTER 2026 RESULTS Aker BP delivered strong earnings and cash flow in the third quarter , driven by efficient oper- ations, higher sold volumes and strong realised prices. The Yggdrasil and Valhall PWP–Fenris projects passed major offshore milestones and remain on track for first production next summer , while the Skarv Satellites Project came on stream in late August. Highlights • Production : Net production was 374 mboepd, reflecting planned maintenance. Full-year production guidance of 380–400 mboepd is reiterated. • Sales: Net sold volumes were 396 mboepd, up five percent from the previous quarter. • Earnings and cash flow : EBITDA was USD 3.4 billion, and cash flow from operations was USD 2.4 billion. • Net profit: USD 986 million, equivalent to USD 1.56 per share, including a positive after-tax effect of USD 262 million from an impairment reversal. • Projects : Yggdrasil and Valhall PWP–Fenris progressed according to plan. The Hugin B, Munin and Valhall PWP topsides were installed, all major subsea components at Yggdrasil are now in place, and offshore hook-up and commissioning are underway. • Skarv Satellites : Production commenced in late August, almost a year ahead of the original schedule. • Financial position : The financial position remained robust, with a leverage ratio of 0.50 and USD 5.8 billion in available liquidity. • Dividend: A quarterly dividend of USD 0.6615 per share is payable on or about 12 November 2026. Commenting on the results, CEO Karl Johnny Hersvik said: “Aker BP delivered strong results in the third quarter, supported by safe and reliable operations, higher sold volumes and strong realised prices. Our financial position remains robust, with low leverage and substantial liquidity.” “Offshore, this was one of the most important quarters in our project history. With the Hugin B, Munin and Valhall PWP topsides installed and all major subsea components in place at Yggdrasil, we have entered the final phase towards start-up of both Yggdrasil and Valhall PWP–Fenris next summer. I am particularly pleased that the Skarv Satellites Project came on stream almost a year ahead of the original schedule. This demonstrates our execution capabilities and the value of developing new resources through existing infrastructure.” “As we look beyond the current project portfolio, we see substantial opportunities for continued value creation on the Norwegian Continental Shelf. We are strengthening our opportunity set through exploration and new partnerships, while using technology, AI and a more integrated operating model to unlock more resources and improve how we work. Our strategy remains unchanged, but we are improving how we execute it to create even more shareholder value.” Forward-looking statements in this report reflect current views about future events and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future and may not be within our control. All figures are presented in USD unless otherwise stated, and figures in brackets apply to the previous quarter.
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3 · Aker BP Quarterly Report · Q3 2026 Key figures UNIT Q3 2026 Q2 2026 Q3 2025 9M 2026 9M 2025 INCOME STATEMENT T otal income USD million 3 872 3 682 2 599 10 580 8 383 EBITDA USD million 3 403 3 351 2 262 9 415 7 286 Net profit/loss USD million 986 521 285 2 265 278 Earnings per share (EPS) USD 1.56 0.82 0.45 3.59 0.44 CASH FLOW STATEMENT Cash flow from operations USD million 2 433 3 123 2 023 7 568 5 372 Cash flow from investments USD million (1 876) (1 790) (1 871) (5 475) (5 493) Cash flow from financing USD million (737) (690) (547) (2 101) (1 779) Net change in cash and cash equivalents USD million (181) 643 (395) (7) (1 900) OTHER FINANCIAL KEY FIGURES Net interest-bearing debt USD million 7 067 6 938 6 071 7 067 6 071 Leverage ratio 0.50 0.55 0.49 0.50 0.49 Dividend per share USD 0.66 0.66 0.63 1.98 1.89 PRODUCTION AND SALES Net petroleum production mboepd 374.3 383.6 414.0 385.3 423.3 Over/underlift mboepd 21.4 (8.0) (17.9) 7.0 (1.1) Net sold volume mboepd 395.7 375.7 396.1 392.3 422.3 - Liquids mboepd 343.3 322.1 340.0 339.2 363.2 - Natural gas mboepd 52.4 53.5 56.1 53.1 59.1 REALISED PRICES Liquids USD/boe 100.6 107.9 70.3 96.6 70.9 Natural gas USD/boe 123.3 88.4 63.3 97.4 72.8 AVERAGE EXCHANGE RATES USDNOK 9.51 9.42 10.10 9.56 10.49 EURUSD 1.15 1.16 1.17 1.16 1.12
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4 · Aker BP Quarterly Report · Q3 2026 FINANCIAL REVIEW Income statement (USD MILLION) Q3 2026 Q2 2026 Q3 2025 9M 2026 9M 2025 T otal income 3 872 3 682 2 599 10 580 8 383 EBITDA 3 403 3 351 2 262 9 415 7 286 EBIT 3 778 2 205 1 475 8 636 4 311 Pre-tax profit 3 704 2 150 1 426 8 579 4 213 Net profit/loss 986 521 285 2 265 278 EPS (USD) 1.56 0.82 0.45 3.59 0.44 Total income for the third quarter amounted to USD 3,872 (3,682) million. Sold volumes increased by five percent to 395.7 (375.7) thousand barrels of oil equivalent per day (mboepd). The average realised liquids price decreased by seven percent to USD 100.6 (107.9) per barrel of oil equivalent (boe), while realised gas prices were 39 percent higher at USD 123.3 (88.4) per boe. Production expenses for oil and gas sold increased to USD 341 (267) million, mainly driven by higher sold volumes. The average production cost was USD 9.0 (8.8) per boe produced. Further details are provided in note 2. Exploration expenses increased to USD 107 (47) million, mainly driven by higher dry well expenses and seismic cost. Depreciation amounted to USD 495 (521) million, equivalent to USD 14.4 (14.9) per boe. Impairments amounted to a net reversal of USD 870 million, compared to an impairment charge of USD 625 million in the previous quarter. The impairment reversal relates to other intangible assets at Valhall and Wisting and was driven by higher short-term oil and gas prices and updated cost profiles, as well as the maturation of the Wisting project towards con- cept selection. Further details are provided in note 7. Operating profit for the quarter was USD 3,778 (2,205) million. Net financial expenses amounted to USD 73 million, compared with net financial expenses of USD 55 million in the previous quarter. See note 4 for more information. Profit before taxes amounted to USD 3,704 (2,150) million. Tax expense totalled USD 2,718 (1,629) million, corresponding to an effective tax rate of 73 (76) percent. Further information is provided in note 5. Net profit for the quarter was USD 986 (521) million.
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5 · Aker BP Quarterly Report · Q3 2026 Balance sheet (USD MILLION) 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Goodwill 11 268 11 268 11 268 11 679 Property, plant and equipment (PP&E) 29 418 28 254 25 451 24 025 Other non-current assets 3 793 2 910 2 943 3 482 Cash and cash equivalents 2 307 2 492 2 344 2 344 Other current assets 3 499 2 764 2 801 2 647 T otal assets 50 284 47 687 44 806 44 175 Equity 12 201 11 670 11 226 11 738 Bank and bond debt 8 444 8 507 8 666 7 665 Other long-term liabilities 24 780 23 328 21 290 20 617 T ax payable 2 487 1 912 1 053 1 646 Other current liabilities 2 373 2 271 2 571 2 508 T otal equity and liabilities 50 284 47 687 44 806 44 175 Net interest-bearing debt 7 067 6 938 7 094 6 071 Leverage ratio 0.50 0.55 0.63 0.49 At the end of the third quarter, total assets amounted to USD 50.3 (47.7) billion, of which non-current assets represented USD 44.5 (42.4) billion. Equity totalled USD 12.2 (11.7) billion, corresponding to an equity ratio of 24 (24) percent. Bond debt decreased to USD 8.4 (8.5) billion, reflecting a bond repayment of USD 105 million, while the company’s bank facilities remained fully undrawn. Other long-term liabilities amounted to USD 24.8 (23.3) billion. Tax payable at quarter-end was USD 2.5 (1.9) billion. Total available liquidity was USD 5.8 (6.0) billion, consisting of USD 2.3 (2.5) billion in cash and cash equivalents, USD 0.3 (0.3) billion in financial investments, and USD 3.2 (3.2) billion in undrawn credit facilities.
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6 · Aker BP Quarterly Report · Q3 2026 Cash flow (USD MILLION) Q3 2026 Q2 2026 Q3 2025 9M 2026 9M 2025 Cash flow from operations 2 433 3 123 2 023 7 568 5 372 Cash flow from investments (1 876) (1 790) (1 871) (5 475) (5 493) Cash flow from financing (737) (690) (547) (2 101) (1 779) Net change in cash and cash equivalents (181) 643 (395) (7) (1 900) Cash and cash equivalents 2 307 2 492 2 344 2 307 2 344 Net cash flow from operating activities was USD 2,433 (3,123) million in the quarter, primarily reflecting changes in working capital driven by higher trade receivables. Net cash used in investment activities amounted to USD 1,876 (1,790) million, including USD 1,788 (1,735) million in invest- ments in fixed assets. Net cash from financing activities was an outflow of USD 737 (690) million. The main items in the third quarter were dividend payments of USD 418 (418) million and repayment of bonds of USD 105 million. Dividends The General Meeting has authorised the Board to approve dividend distributions pursuant to section 8-2 (2) of the Norwegian Public Limited Companies Act. In the third quarter of 2026, Aker BP paid a dividend of USD 0.6615 per share. The Board has resolved to pay a dividend of USD 0.6615 per share in the fourth quarter, with disbursement expected on or about 12 November 2026. The Aker BP share will trade ex-dividend on 3 November 2026. Hedging Aker BP uses a range of instruments to manage economic exposure: Commodity hedging : The company has hedged approximately 30 percent of its remaining 2026 gas price exposure through collars, with average put and call strikes of EUR 27/MWh and EUR 46/MWh. Currency hedging : The company’s hedging programme covers approximately 50-70 percent of planned NOK expenditures through the end of 2027, at annual average USD/NOK rates between 10.5 and 11.0. In addition, accrued tax liabilities are hedged on a continuous basis. All derivatives are marked to market, with changes in fair value recognised in the income statement.
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7 · Aker BP Quarterly Report · Q3 2026 OPERATIONAL REVIEW Organisational changes During the quarter, Aker BP announced changes to its execu- tive management structure, effective from 1 January 2027. The new structure is organised around the company’s value chain, from exploration to production, and is intended to support a more integrated and scalable operating model with fewer interfaces and faster decision-making. The model will build on experience from the major develop - ment portfolio, including Yggdrasil and Valhall PWP–Fenris, and further develop Aker BP’s alliance-based approach through earlier supplier involvement, greater standardisation and more integrated use of data and digital workflows, while maintaining the highest standards of health, safety and envi - ronment. It will also provide the organisational foundation for scaling AI-enabled processes across disciplines and the value chain. Together, these changes are intended to improve the speed, predictability and cost efficiency of maturing and executing opportunities, supporting stronger long-term value creation for shareholders. Alvheim area KEY FIGURES AKER BP INTEREST Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Production, mboepd Alvheim (incl. KEG) 80% 33.3 35.7 35.6 38.1 43.0 Bøyla (incl. Frosk) 80% 3.7 4.8 5.2 5.5 2.6 Skogul 65% 1.5 1.3 1.4 1.1 1.3 Tyrving 61.19% 9.0 9.3 9.1 10.5 9.4 Vilje 46.904% 1.4 1.4 1.4 1.0 1.0 Volund 100% 0.5 1.3 2.5 1.0 1.2 T otal production 49.4 53.9 55.1 57.2 58.5 Production efficiency 98% 99% 96% 98% 99% Net production from the Alvheim area averaged 49 mboepd in the third quarter of 2026, compared with 54 mboepd in the previous quarter. The decrease primarily reflects natural pro- duction decline and slightly lower production efficiency due to maintenance activities and temporary well-related constraints. Production efficiency was 98 percent, compared with 99 per - cent in the previous quarter. Maturation of an improved oil recovery (IOR) campaign continued during the quarter, supporting sustained produc- tion and increased recovery from the Alvheim area. A final investment decision is targeted for the first half of 2027, with drilling expected to start in 2028. An additional well target was matured during the quarter, with a decision to progress planned for the fourth quarter, which would expand the cam - paign to four wells.
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8 · Aker BP Quarterly Report · Q3 2026 Eiga area KEY FIGURES AKER BP INTEREST Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Production, mboepd Edvard Grieg 65% 15.5 14.4 19.3 23.3 16.7 Solveig 65% 21.4 15.3 19.9 18.8 11.6 Symra 50% 9.3 6.3 0.0 0.0 0.0 Ivar Aasen 36.1712% 6.1 4.8 7.9 7.0 5.7 Hanz 35% 1.2 0.8 0.7 0.4 1.7 Troldhaugen 80% 0.8 0.4 1.0 0.9 0.8 T otal production 54.2 41.9 48.7 50.4 36.5 Production efficiency 97% 74% 95% 95% 73% Net production from the Eiga area averaged 54 mboepd in the third quarter of 2026, compared with 42 mboepd in the previous quarter. Production efficiency improved to 97 percent in the third quarter, from 74 percent in the previous quarter which was affected by a planned 20-day turnaround. Production performance was solid throughout the quar - ter, supported by high facility uptime and stable operations across the Eiga area. Production was temporarily affected by operational activities, including a gas export interruption, well intervention campaigns and rig intake at Ivar Aasen. The 2026 improved oil recovery (IOR) campaign at Ivar Aasen commenced during the quarter, with the rig arriving in late August. Drilling of the first of four planned wells is ongoing. Drilling activities at Symra were completed during the quarter, and start-up of the final two wells is planned for the end of Oc tober. Johan Sverdrup KEY FIGURES AKER BP INTEREST Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Production, mboepd T otal production 31.7163% 195.1 213.5 223.1 217.3 232.9 The Johan Sverdrup field delivered strong performance during the third quarter. Aker BP’s share of production averaged 195 mboepd during the quarter, impacted by reduced production efficiency due to planned maintenance activities. Drilling activities at the field centre continued, with two pro- ducer sidetracks completed during the period. Due to strong drilling performance, the 2026 drilling plan now includes one additional retrofit multilateral (RMLT) well, accelerated from 2 0 27. The drilling rig Deepsea Bergen continued operations during the quarter and completed one producer and one injector, thereby finalising the infill campaign on the available slots at the Phase 2 subsea facilities. The rig has temporarily left the Johan Sverdrup area and will return later for the Phase 3 develop- ment drilling. Johan Sverdrup Phase 3 The Johan Sverdrup Phase 3 development, sanctioned in 2025, progressed according to plan during the third quarter, including further marine installation and topside modification activities. The drilling campaign is expected to start in the fourth quarter of 2026, with production start-up scheduled for the fourth quarter of 2027.
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9 · Aker BP Quarterly Report · Q3 2026 Johan Sverdrup Phase 4 Following the successful drilling of an appraisal well at Tonjer in the northern part of the field, maturation of a develop - ment concept for the area is progressing towards a potential investment decision. The combined resources are estimated to be between 20 and 30 million barrels of oil equivalent, with production start targeted in 2029. Redetermination concluded The redetermination process for the Johan Sverdrup Unit was concluded in June. Following the redetermination, Aker BP’s ownership interest in the unit increased from 31.5733 to 31.7163 percent, effective 1 July 2026. The redetermination resulted in a reallocation of historical investments and production volumes among the partners based on the revised ownership interests. As part of the settle - ment, Aker BP will receive an additional production entitlement of approximately 3,000 barrels per day from 1 July 2026 to 30 June 2028 and has made a pre-tax payment of approxi - mately USD 25 million related to the redistribution of historical investments. Following completion of the redetermination process, Petoro has initiated legal proceedings against Equinor, Aker BP and TotalEnergies, partly challenging the outcome of the redeter- mination. Aker BP continues to apply the revised ownership interests resulting from the completed redetermination process. Skarv area KEY FIGURES AKER BP INTEREST Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Production, mboepd Skarv 23.835% 24.0 26.9 26.7 30.9 29.8 Ærfugl Nord 30% 0.9 2.0 0.6 0.0 -0.3 Alve Nord 58.0825% 2.9 0.0 0.0 0.0 0.0 Ørn 30% 1.7 0.0 0.0 0.0 0.0 Idun Nord 23.835% 1.3 0.0 0.0 0.0 0.0 T otal production 30.8 29.0 27.3 30.9 29.5 Production efficiency 96% 99% 98% 99% 96% Net production from the Skarv area averaged 31 mboepd in the third quarter of 2026, compared with 29 mboepd in the previous quarter. The increase reflects the start of production from the Skarv Satellites Project in late August. Production efficiency was 96 percent, down from 99 percent in the second quarter. The decrease was mainly due to a planned annual emergency shutdown test, as well as capacity restric - tions and technical issues at the Kårstø gas processing plant. Skarv Satellites Project The Skarv Satellites Project ties back the Alve Nord, Idun Nord and Ørn fields to the Skarv FPSO. Production from the three fields commenced in late August 2026. Four of the six new wells are currently on stream, while the remaining two wells are expected to start production during the fourth quarter of 2026. Post-start-up modification work on the FPSO and project close-out activities are ongoing. The partnership continues to mature near-field opportunities to sustain production and maximise recovery from the Skarv area, including Ærfugl Phase 3 and the Skarv E development. Investment decisions are expected in late 2026 and early 2027.
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10 · Aker BP Quarterly Report · Q3 2026 Ula area KEY FIGURES AKER BP INTEREST Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Production, mboepd Ula 80% 3.6 3.4 2.7 4.3 5.1 T ambar 55% 2.8 3.7 2.2 3.6 4.6 Oda 15% 0.5 0.7 0.5 0.6 0.6 T otal production 6.9 7.8 5.3 8.5 10.3 Production efficiency 85% 78% 73% 92% 91% Net production from the Ula area averaged 7 mboepd in the third quarter of 2026, compared with 8 mboepd in the previous quarter. Production performance was good during the quarter. Production from the Ula area is expected to cease by the end of 2028. Decommissioning preparations are progressing, and the cessation plan is awaiting Ministry approval. Valhall area KEY FIGURES AKER BP INTEREST Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Production, mboepd Valhall 90% 29.8 28.6 31.1 37.7 37.2 Hod 90% 8.0 9.0 7.7 8.3 9.0 T otal production 37.9 37.5 38.8 45.9 46.2 Production efficiency 91% 87% 91% 95% 92% Net production from the Valhall area averaged 38 mboepd in the third quarter of 2026, in line with the previous quarter. Higher production efficiency was offset by temporary well shut-ins while reservoir sections were drilled for a Valhall PWP well. Production efficiency was 91 percent, up from 87 percent in the second quarter. The 2026 improved oil recovery (IOR) drilling campaign at Valhall Flank West started in September, with the wells expected on stream in the fourth quarter. Several infill opportunities are maturing towards investment decisions, expected around year-end 2026 and in early 2027. Valhall PWP–Fenris Project The Valhall PWP–Fenris development will modernise the Valhall hub and bring the Fenris gas discovery on stream, with first production expected around mid-2027. The development comprises a new production and wellhead platform (PWP) at the Valhall field centre and an unmanned installation at Fenris tied back to Valhall. The project made good progress in the third quarter. Integration and commissioning of the PWP process, utility and wellbay modules continued at Stord prior to sail-away in August. The PWP topside was then installed at the Valhall field centre, together with the flare fabricated in Sandnessjøen. Offshore hook-up and commissioning started in early September. The accommodation unit Haven remained at Valhall through- out the quarter, and Noble Interceptor arrived in September to provide additional accommodation during the PWP hook-up campaign. Modifications to the existing Valhall facilities and bridge hook-up activities progressed according to plan. At Fenris, offshore hook-up continued from a dedicated walk- to-work vessel. The 2026 subsea campaign is nearing comple - tion following installation of the umbilicals between Fenris and Valhall. Drilling at the Valhall PWP continued until August, when the rig was relocated to allow installation of the topside. By then, eight wells had been drilled. The rig will return in 2027 to complete the drilling programme, including new wells to increase recov- ery from Valhall.
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11 · Aker BP Quarterly Report · Q3 2026 Yggdrasil The Yggdrasil area is operated by Aker BP in partnership with Equinor and ORLEN Upstream Norway. It is estimated to contain approximately 800 mmboe of recoverable resources, including Omega Alfa. The partners aim to increase this to more than one billion barrels of oil equivalent, supported by further exploration and reservoir maturation. The development comprises the Hugin A processing platform, the unmanned Hugin B and Munin platforms, extensive subsea infrastructure and more than 55 planned wells. All facilities will be powered from shore, enabling very low greenhouse gas emissions. The investment estimate is USD 12.5-13.0 billion net to Aker BP before tax, and first production is expected around mid-2027. The project remained on track, with several key milestones achieved in the third quarter. The Munin topside was installed in August, and offshore hook-up and commissioning are well underway. The Subsea Alliance installed the remaining umbili- cals, completing installation of all major subsea components at Yggdrasil. Drilling at Hugin A was completed with strong oper- ational performance. At the end of the quarter, three rigs were drilling in the area, and one more is expected before year-end. Onshore, outfitting and commissioning of the Hugin A top - side progressed at Stord. The power-from-shore project is in final commissioning ahead of handover to operations. The Integrated Operations Centre in Stavanger is operational, and work on Yggdrasil’s digital infrastructure is progressing accord- ing to plan. Maturation of the Omega Alfa discovery, which added esti- mated recoverable resources of 96–134 mmboe, continued during the quarter. Follow-up exploration and appraisal drilling is planned in the greater Frigg area from next year. Legal case regarding PDO approvals The legal proceedings concerning the Ministry of Energy’s PDO approvals for the Aker BP-operated Tyrving and Yggdrasil fields and the Equinor-operated Breidablikk field are pending before the Norwegian Supreme Court. The Supreme Court heard the case in grand chamber in August 2026, and a ruling has not yet been issued. In November 2025, the Borgarting Court of Appeal found that the climate impacts of emissions from downstream combustion of produced oil and gas had not been sufficiently assessed and ordered the Ministry to reconsider the PDO approv- als. The Government’s appeal regarding the validity of the Ministry’s decisions was admitted to the Supreme Court. The environmental organisations’ appeal concerning an injunction on ongoing field activities was not admitted. Following additional assessments, the King in Council (Norway’s formal government approval process) decided in May 2026 that the PDO approvals for Breidablikk, Tyrving and Yggdrasil would not be reversed. Aker BP continues to execute the Yggdrasil development as planned, and the matter is not expected to have material conse - quences for the company’s operations.
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12 · Aker BP Quarterly Report · Q3 2026 E XPLOR ATION Aker BP completed four exploration and appraisal wells in the third quarter, resulting in two discoveries and one successful appraisal. The Alpehumle well (PL1153, Aker BP 40 percent, operator) proved gas north of the Duva field, with preliminary estimates of 1–15 mmboe gross recoverable resources. The Equinor- operated Linga well (PL782S, Aker BP 40 percent) proved gas/ condensate northwest of the Balder field, estimated at 1–13 mmboe. The Svarteknippa well (PL979, Aker BP 60 percent, operator) was dry. An appraisal well on the Verdandi and Lillefix discoveries, drilled from the Symra subsea template (PL167, Aker BP 50 percent, operator), increased the resource estimate to 8–15 mmboe, from 4–12 mmboe before drilling. The partners are assessing the potential for a tie-back to Symra. Strategic exploration collaboration In August, Aker BP, Equinor and Vår Energi established a stra- tegic exploration collaboration targeting high-impact oppor- tunities on the NCS. The companies will combine expertise, data, technology and exploration capacity to mature and test approximately 20–25 high-impact prospects over the next four to five years, with an ambition to drill around five wells per year. The collaboration enables the partners to pursue more of these opportunities than they could individually, with the aim of making discoveries large enough to support new standalone developments.
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13 · Aker BP Quarterly Report · Q3 2026 BUSINESS DEVELOPMENT In September, Aker BP completed the Ringvei Vest and Wisting parts of the transactions with Equinor announced in May. Aker BP acquired a 19 percent interest in a portfolio of licences in the Ringvei Vest area, and transferred a 7.5 percent interest in Wisting to Equinor, reducing its share from 35 to 27.5 percent. The acquisition of a 38.16 percent interest in UK licence P2343 is expected to complete shortly. During the third quarter, Aker BP entered into two transac- tions that strengthen its positions close to existing infrastruc - ture. Both are subject to approval by the relevant authorities. In the North Sea, Aker BP agreed to acquire Apache’s operated interest in the UK part of the Losgann discovery. Losgann and the Norwegian Froskelår discovery form a single cross-border accumulation on the UK–Norway median line. Subject to cus- tomary consents, the transaction gives Aker BP operatorship on both sides of the border, providing a stronger basis for progressing the discovery towards development as a potential tie-back to the Alvheim area. In the Norwegian Sea, Aker BP agreed to acquire operatorship and a 51 percent working interest in the Slagugle area (PL891, PL891B and PL891C) from ConocoPhillips. Three wells drilled between 2020 and 2025 have proven around 50 million barrels of recoverable oil gross from the main Slagugle structure, and a subsea development concept has been partially matured. Aker BP sees potential to add resources through further exploration ahead of a possible development using nearby infrastructure at Skarv or Heidrun. Following completion, ConocoPhillips will retain 29 percent and INPEX Idemitsu 20 percent.
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14 · Aker BP Quarterly Report · Q3 2026 HEAL TH, SAFETY , SECURITY AND ENVIRONMENT HSSE remains Aker BP’s top priority across all operations, drilling campaigns and project activities. The company is committed to maintaining high HSSE standards and continuously improving safety and environmental performance. KEY HSSE INDICATORS UNIT Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 T otal recordable injury frequency (TRIF) L12M Per mill. working hours 2.6 2.3 2.1 2.0 1.7 Serious incident frequency (SIF) L12M Per mill. working hours 0.1 0.3 0.3 0.3 0.2 Acute spill Count 0 0 1 0 1 Process safety events Tier 1 and 2 Count 0 0 1 0 0 GHG emissions intensity, equity share (scope 1&2) Kg CO2e/boe 3.8 3.1 3.0 2.7 2.9 Health & Safety The twelve-month rolling average for total recordable injury frequency (TRIF) increased to 2.6 in the third quarter, following nine reported incidents. Of these, six were classified as lost- time injuries and three required medical treatment without resulting in absence from work. During the current period of high offshore installation activ - ity, actions to improve HSSE performance include enhanced onboarding and training, increased leadership and safety coach presence, and focused reinforcement of selected HSSE learn - ing themes. The serious incident frequency (SIF) decreased to 0.1 with no serious incidents reported during the third quarter. No inci- dents were classified as Tier 1 or Tier 2 process safety events. Incidents are routinely investigated to identify root causes and incorporate lessons learned into ongoing safety improvement efforts. Environment No spills to the environment were recorded in the third quarter. Aker BP’s greenhouse gas (GHG) emissions intensity was 3.8 kg CO2e per boe, compared with 3.1 kg CO 2e per boe in the previous quarter. The increase was mainly driven by higher turbine use at Edvard Grieg following a technical failure of the electric boiler, increased exploration activity, the start-up of the Skarv Satellites Project and lower production volumes. The electric boiler remains out of service while repair and replace- ment alternatives are being evaluated.
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15 · Aker BP Quarterly Report · Q3 2026 OUTLOOK Aker BP is well positioned for long-term value creation, leveraging several core strengths. • Aker BP is a pure-play oil and gas company, producing from a portfolio of world-class assets with high operational efficiency, low costs, and a strong safety record. This generates substantial cash flow and provides a solid foundation for further value creation through increased recovery and near-field exploration. • With a substantial resource base, extensive exploration acreage, and a portfolio of high-return field development projects, Aker BP is well positioned for continued profitable growth. Executed under a capital-efficient tax framework, these projects remain on track to deliver significant production increase in the years ahead. • The company is also an industry leader in emissions efficiency, with one of the lowest greenhouse gas emission intensities in the oil and gas sector and a well-defined pathway towards GHG neutrality for scope 1 and 2 emissions. • Aker BP is driving industrial transformation through a comprehensive improvement agenda, leveraging strategic alliances, dig- italisation and artificial intelligence to enhance operational excellence and sustainable growth. Building on its advanced digital ecosystem and extensive industrial data foundation, the company aims to embed artificial intelligence across its operations and business processes to improve decision-making, efficiency and productivity. These initiatives strengthen competitiveness across the entire value chain. • Aker BP has established a resilient financial framework with clear capital allocation priorities. Maintaining a robust balance sheet with financial flexibility and an investment grade credit rating remains the top financial priority. This approach ensures the funding of high-return, low break-even projects, maximising long-term value creation. Over time, this value will be returned to shareholders through dividends. While geopolitical and macroeconomic uncertainty remains, Aker BP has a strong foundation for continued high performance, supported by a robust balance sheet, substantial liquidity, industry-leading low costs, and a resilient portfolio of low break-even, high-return investments. By focusing on what it can control – safe and efficient operations, disciplined project execution, and long-term value creation – the company is well positioned to navigate the current environment. Guidance for 2026 Aker BP’s financial guidance for 2026 remains largely unchanged from the previous quarter: • Production: 380-400 mboepd • Production cost: USD ~8.5 per boe (previously USD ~8 per boe) • Capex: USD 6.8-7.2 billion • Exploration spend: USD ~400 million • Abandonment spend: USD ~100 million • Dividend: USD 0.6615 per share per quarter, annualised at USD 2.646 per share
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16 · Aker BP Quarterly Report · Q3 2026 FINANCIAL STATEMENTS WITH NOTES
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17 · Aker BP Quarterly Report · Q3 2026 INCOME STATEMENT (UNAUDITED) Q3 Q2 Q3 (USD million) Note 2026 2026 2025 2026 2025 Petroleum revenues 3,773.3 3,597.5 2,528.7 10,365.3 8,212.1 Other income 98.8 85.0 69.9 215.2 171.3 Total income 1 3,872.0 3,682.5 2,598.5 10,580.4 8,383.4 Production expenses 2 341.2 266.7 246.2 905.4 809.7 Exploration expenses 3 106.6 46.7 71.9 201.3 239.0 Depreciation 6 495.0 521.1 614.7 1,545.9 1,897.1 Impairment 6,7 -869.8 624.5 172.5 -766.9 1,077.8 Other operating expenses 21.5 18.0 18.3 58.5 48.5 Total operating expenses 94.5 1,477.1 1,123.6 1,944.3 4,072.1 Operating profit/loss 3,777.5 2,205.3 1,474.9 8,636.2 4,311.3 Interest income 23.8 21.5 28.5 77.6 106.4 Other financial income 84.9 104.6 51.4 150.6 510.3 Interest expenses 18.5 18.9 16.2 57.4 46.2 Other financial expenses 163.7 162.1 112.2 228.4 668.3 Net financial items 4 -73.5 -55.0 -48.5 -57.6 -97.9 Profit/loss before taxes 3,704.1 2,150.3 1,426.4 8,578.6 4,213.4 Tax expense (+)/income (-) 5 2,717.7 1,629.3 1,140.9 6,313.4 3,935.8 Net profit/loss 986.4 521.0 285.5 2,265.2 277.6 Weighted average no. of shares outstanding basic and diluted 631,249,470 631,738,272 630,465,201 631,573,548 631,290,842 Basic and diluted earnings/loss USD per share 1.56 0.82 0.45 3.59 0.44 STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) Q3 Q2 Q3 (USD million) Note 2026 2026 2025 2026 2025 Profit/loss for the period 986.4 521.0 285.5 2,265.2 277.6 Total comprehensive income/loss in period 986.4 521.0 285.5 2,265.2 277.6 01.01.-30.09. 01.01.-30.09. Group Group
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18 · Aker BP Quarterly Report · Q3 2026 STATEMENT OF FINANCIAL POSITION (UNAUDITED) Group (USD million) Note 30.09.2026 30.06.2026 31.12.2025 30.09.2025 ASSETS Intangible assets Goodwill 6 11,267.6 11,267.6 11,267.6 11,678.8 Capitalised exploration expenditures 6 641.4 583.0 567.8 580.1 Other intangible assets 6 1,908.4 1,083.4 1,258.3 1,791.7 Tangible fixed assets Property, plant and equipment 6 29,417.5 28,254.5 25,450.5 24,024.6 Right-of-use assets 6 1,125.2 1,117.2 961.5 935.7 Financial assets Long-term receivables 88.4 84.6 81.6 81.4 Other non-current assets 20.7 19.5 20.0 24.1 Long-term derivatives 13 9.2 22.1 54.0 68.9 Total non-current assets 44,478.4 42,431.8 39,661.2 39,185.3 Inventories Inventories 736.2 661.9 552.3 476.6 Financial assets Trade receivables 1,635.6 1,034.7 781.4 755.3 Other short-term receivables 8 723.0 693.5 1,106.7 1,020.0 Financial investments 9 300.0 300.0 300.0 300.0 Short-term derivatives 13 104.2 73.8 60.3 94.6 Cash and cash equivalents Cash and cash equivalents 10 2,307.0 2,491.7 2,344.1 2,343.6 Total current assets 5,806.0 5,255.6 5,144.8 4,990.1 TOTAL ASSETS 50,284.4 47,687.4 44,806.0 44,175.4
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19 · Aker BP Quarterly Report · Q3 2026 STATEMENT OF FINANCIAL POSITION (UNAUDITED) Group (USD million) Note 30.09.2026 30.06.2026 31.12.2025 30.09.2025 EQUITY AND LIABILITIES Equity Share capital 84.3 84.3 84.3 84.3 Share premium 12,946.6 12,946.6 12,946.6 12,946.6 Other equity -829.9 -1,361.3 -1,804.7 -1,292.7 Total equity 12,201.1 11,669.7 11,226.2 11,738.3 Non-current liabilities Deferred taxes 5 19,514.1 17,904.7 16,001.2 15,445.4 Long-term abandonment provision 12 4,422.3 4,623.2 4,576.0 4,476.6 Long-term bonds 11 8,318.4 8,317.9 8,358.6 7,362.7 Long-term derivatives 13 39.6 5.7 0.6 - Long-term lease debt 15 803.8 794.3 712.7 695.1 Total non-current liabilities 33,098.3 31,645.8 29,649.0 27,979.9 Current liabilities Trade creditors 512.0 284.3 692.6 459.2 Short-term bonds 11 125.3 188.9 307.2 302.6 Accrued public charges and indirect taxes 13.4 19.1 46.3 45.9 Tax payable 5 2,486.7 1,912.1 1,052.8 1,646.4 Short-term derivatives 13 44.3 62.5 3.4 2.1 Short-term abandonment provision 12 49.5 72.8 93.4 94.9 Short-term lease debt 15 426.3 428.3 359.4 353.8 Other current liabilities 14 1,327.5 1,403.9 1,375.7 1,552.3 Total current liabilities 4,985.0 4,371.9 3,930.7 4,457.2 Total liabilities 38,083.3 36,017.8 33,579.8 32,437.1 TOTAL EQUITY AND LIABILITIES 50,284.4 47,687.4 44,806.0 44,175.4
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20 · Aker BP Quarterly Report · Q3 2026 STATEMENT OF CHANGES IN EQUITY - GROUP (UNAUDITED) (USD million) Equity as of 31.12.2024 84.3 12,946.6 573.1 -0.1 179.8 -1,092.7 -339.9 12,691.1 Dividend distributed - - - - - -796.3 -796.3 -796.3 Profit/loss for the period - - - - - -7.8 -7.8 -7.8 Purchase of treasury shares - - - - - -36.8 -36.8 -36.8 Share-based payments - - - - - 0.7 0.7 0.7 Equity as of 30.06.2025 84.3 12,946.6 573.1 -0.1 179.8 -1,933.1 -1,180.2 11,850.8 Dividend distributed - - - - - -398.2 -398.2 -398.2 Profit/loss for the period - - - - - 285.5 285.5 285.5 Share-based payments - - - - - 0.3 0.3 0.3 Equity as of 30.09.2025 84.3 12,946.6 573.1 -0.1 179.8 -2,045.5 -1,292.7 11,738.3 Dividend distributed - - - - - -398.2 -398.2 -398.2 Profit/loss for the period - - - - - -145.3 -145.3 -145.3 Sale of treasury shares - - - - - 31.3 31.3 31.3 Share-based payments - - - - - 0.2 0.2 0.2 Other comprehensive income for the period - - - -0.0 - - -0.0 -0.0 Equity as of 31.12.2025 84.3 12,946.6 573.1 -0.1 179.8 -2,557.6 -1,804.7 11,226.2 Dividend distributed - - - - - -836.2 -836.2 -836.2 Profit/loss for the period - - - - - 1,278.9 1,278.9 1,278.9 Share-based payments - - - - - 0.7 0.7 0.7 Equity as of 30.06.2026 84.3 12,946.6 573.1 -0.1 179.8 -2,114.1 -1,361.3 11,669.7 Dividend distributed - - - - - -418.1 -418.1 -418.1 Profit/loss for the period - - - - - 986.4 986.4 986.4 Purchase of treasury shares - - - - - -37.1 -37.1 -37.1 Share-based payments - - - - - 0.3 0.3 0.3 Equity as of 30.09.2026 84.3 12,946.6 573.1 -0.1 179.8 -1,582.7 -829.9 12,201.1 Total other equity Total equity Other equity Other comprehensive income Share capital Share premium Other paid-in capital Actuarial gain (+)/loss (-) Foreign currency translation reserves Accumulated deficit
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21 · Aker BP Quarterly Report · Q3 2026 STATEMENT OF CASH FLOWS (UNAUDITED) Q3 Q2 Q3 (USD million) Note 2026 2026 2025 2026 2025 CASH FLOW FROM OPERATING ACTIVITIES Profit/loss before taxes 3,704.1 2,150.3 1,426.4 8,578.6 4,213.4 Taxes paid 5 -543.5 -503.9 -295.3 -1,362.3 -2,584.3 Taxes refunded 5 - - - - 0.2 Depreciation 6 495.0 521.1 614.7 1,545.9 1,897.1 Impairment 6,7 -869.8 624.5 172.5 -766.9 1,077.8 Expensed capitalised dry wells 3,6 29.7 -0.4 24.2 29.5 127.5 Accretion expenses related to abandonment provision 4,12 53.4 51.2 47.9 153.9 141.1 Total interest expenses 4 18.5 18.9 16.2 57.4 46.2 Changes in unrealised gain/loss in derivatives 1,4 -1.7 87.7 46.7 80.8 -356.4 Foreign currency exchange on bonds, tax payable and cash and cash equivalents 67.4 -50.3 28.8 26.3 423.4 Changes in inventories and trade creditors/receivables -553.5 206.0 44.3 -865.3 119.0 Changes in other working capital items 75.0 16.3 -95.5 138.4 285.3 Changes in other balance sheet items, and other non-cash items -41.8 1.2 -8.3 -48.1 -18.2 NET CASH FLOW FROM OPERATING ACTIVITIES 2,432.8 3,122.6 2,022.6 7,568.4 5,372.1 CASH FLOW FROM INVESTMENT ACTIVITIES Payment for removal and decommissioning of oil fields 12 -16.5 -7.4 -9.7 -34.0 -64.7 Disbursements on investments in fixed assets (excluding capitalised interest) 6 -1,788.4 -1,735.0 -1,764.9 -5,298.4 -4,868.4 Disbursements on investments in capitalised exploration expenditures 6 -71.3 -47.8 -96.0 -142.3 -260.1 Investments in financial assets 9 - - - - -300.0 NET CASH FLOW FROM INVESTMENT ACTIVITIES -1,876.1 -1,790.3 -1,870.5 -5,474.6 -5,493.3 CASH FLOW FROM FINANCING ACTIVITIES Repayment of bonds 11 -104.8 - - -200.3 -63.6 Net drawdown/repayment/fees related to revolving credit facility -2.5 - - -2.5 - Interest paid (including interest element of lease payments) -69.1 -173.5 -67.8 -311.2 -285.7 Payments on lease debt related to investments in fixed assets -53.4 -56.9 -31.0 -164.0 -68.3 Payments on other lease debt -52.3 -41.4 -49.7 -131.8 -129.6 Paid dividend -418.1 -418.1 -398.2 -1,254.2 -1,194.5 Net purchase/sale of treasury shares -37.1 - - -37.1 -36.8 NET CASH FLOW FROM FINANCING ACTIVITIES -737.4 -689.9 -546.7 -2,101.2 -1,778.5 Net change in cash and cash equivalents -180.7 642.5 -394.6 -7.4 -1,899.7 Cash and cash equivalents at start of period 2,491.7 1,861.9 2,745.5 2,344.1 4,146.9 Effect of exchange rate fluctuation on cash and cash equivalents -3.9 -12.7 -7.3 -29.7 96.3 CASH AND CASH EQUIVALENTS AT END OF PERIOD 10 2,307.0 2,491.7 2,343.6 2,307.0 2,343.6 SPECIFICATION OF CASH EQUIVALENTS AT END OF PERIOD Bank deposits, cash and cash equivalents 2,305.2 2,479.4 2,313.1 2,305.2 2,313.1 Restricted bank deposits 1.8 12.2 30.5 1.8 30.5 CASH AND CASH EQUIVALENTS AT END OF PERIOD 10 2,307.0 2,491.7 2,343.6 2,307.0 2,343.6 Group 01.01.-30.09.
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22 · Aker BP Quarterly Report · Q3 2026 NOTES (unaudited) (All figures in USD million unless otherwise stated) Note 1 Income Group Q3 Q2 Q3 Breakdown of petroleum revenues (USD million) 2026 2026 2025 2026 2025 Sales of liquids 3,175.6 3,163.9 2,199.2 8,944.3 7,028.3 Sales of gas 594.4 430.7 326.7 1,411.9 1,174.3 Tariff income 3.2 2.9 2.7 9.0 9.5 Total petroleum revenues 3,773.3 3,597.5 2,528.7 10,365.3 8,212.1 Sales of liquids (boe million) 31.6 29.3 31.3 92.6 99.2 Sales of gas (boe million) 4.8 4.9 5.2 14.5 16.1 Other income (USD million) Realised gain (+)/loss (-) on commodity derivatives -6.4 -6.2 -3.8 -15.5 -7.3 Unrealised gain (+)/loss (-) on commodity derivatives -13.6 22.6 -2.9 -16.4 -0.5 Gain on licence transactions1) 45.5 -0.0 - 44.5 - Other income2) 73.3 68.5 76.6 202.6 179.1 Total other income 98.8 85.0 69.9 215.2 171.3 1) The gain relates to the Wisting and Ringvei Vest asset swap. 2) The figure includes partner coverage of leased assets recognised on gross basis in the balance sheet and used in operated activity. 01.01.-30.09. These unaudited condensed consolidated interim financial statements ('interim financial statement') have been prepared in accordance with the IFRS® Accounting Standards as adopted by the EU IAS 34 'Interim Financial Reporting', thus the interim financial statements do not include all information required by IFRS and should be read in conjunction with the group's 2025 annual financial statements. The interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period. These interim financial statements have been subject to a review in accordance with the International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. These interim financial statements were authorised for issue by the company’s board of directors on 28 October 2026. The accounting principles used for this interim report are consistent with those used in the company’s 2025 annual financial statements. In preparing these interim financial statements, management has made judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The significant judgements made by management in applying the group’s accounting policies and the key sources of estimation uncertainty are in all material respects the same as those that were applied in the group's 2025 annual financial statements.
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23 · Aker BP Quarterly Report · Q3 2026 Note 2 Production expenses Group Q3 Q2 Q3 Breakdown of production expenses (USD million) 2026 2026 2025 2026 2025 Cost of operations 218.0 225.9 201.1 645.2 575.2 Shipping and handling 69.2 63.3 72.9 189.9 200.3 Environmental taxes 24.2 17.4 16.9 57.8 47.3 Production expenses based on produced volumes 311.3 306.6 290.9 892.9 822.8 Adjustment for over (+)/underlift (-) 29.9 -39.9 -44.7 12.5 -13.1 Production expenses based on sold volumes 341.2 266.7 246.2 905.4 809.7 Total produced volumes - Total produced volumes liquids (boe million) 29.6 30.0 32.9 90.7 99.4 - Total produced volumes gas (boe million) 4.8 4.9 5.2 14.5 16.1 Production expenses per boe produced (USD/boe) 9.0 8.8 7.6 8.5 7.1 Note 3 Exploration expenses Group Q3 Q2 Q3 Breakdown of exploration expenses (USD million) 2026 2026 2025 2026 2025 Seismic 24.4 2.2 15.6 37.8 26.2 Area fees 4.2 3.2 3.2 11.1 12.3 Field evaluation 31.3 23.1 10.3 70.0 25.2 Dry well expenses1) 29.7 -0.4 24.2 29.5 127.5 G&G and other exploration expenses 17.0 18.7 18.6 52.9 47.9 Total exploration expenses 106.6 46.7 71.9 201.3 239.0 1) Dry well expenses in Q3 2026 are mainly related to Svarteknippa. 01.01.-30.09. 01.01.-30.09.
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24 · Aker BP Quarterly Report · Q3 2026 Note 4 Financial items Group Q3 Q2 Q3 (USD million) 2026 2026 2025 2026 2025 Interest income 23.8 21.5 28.5 77.6 106.4 Realised gains on derivatives 31.5 27.4 49.7 138.0 153.1 Change in fair value of derivatives 53.1 - 1.7 - 356.9 Net currency gains - 77.1 - 11.5 - Other financial income 0.3 - - 1.1 0.4 Total other financial income 84.9 104.6 51.4 150.6 510.3 Interest expenses 94.5 96.0 84.8 286.7 267.0 Interest on lease debt 14.9 14.9 13.7 44.4 35.1 Amortised loan costs 7.0 7.4 7.3 21.8 22.9 Capitalised borrowing costs, development projects -97.9 -99.4 -89.7 -295.5 -278.9 Total interest expenses 18.5 18.9 16.2 57.4 46.2 Net currency loss 63.5 - 25.6 - 452.9 Realised loss on derivatives 8.7 - 0.2 8.7 74.1 Change in fair value of derivatives 37.9 110.3 38.5 64.4 - Accretion expenses related to abandonment provision 53.4 51.2 47.9 153.9 141.1 Other financial expenses 0.3 0.6 -0.0 1.4 0.2 Total other financial expenses 163.7 162.1 112.2 228.4 668.3 Net financial items -73.5 -55.0 -48.5 -57.6 -97.9 01.01.-30.09.
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25 · Aker BP Quarterly Report · Q3 2026 Note 5 Tax Group Q3 Q2 Q3 Tax for the period (USD million) 2026 2026 2025 2026 2025 Current year tax payable/receivable 1,057.2 884.2 141.8 2,746.2 1,503.3 Change in current year deferred tax 1,671.3 740.9 998.6 3,575.6 2,432.0 Prior period adjustments -10.8 4.2 0.5 -8.5 0.5 Tax expense (+)/income (-) 2,717.7 1,629.3 1,140.9 6,313.4 3,935.8 2026 2026 2025 Calculated tax payable (-)/tax receivable (+) (USD million) Q3 01.01.-30.06. 01.01.-31.12. Tax payable/receivable at beginning of period -1,912.1 -1,052.8 -2,433.6 Current year tax payable/receivable -1,057.2 -1,689.1 -1,355.1 Tax receivable/payable related to acquisitions/sales -2.4 - -31.3 Net tax payment/refund 543.5 818.8 3,042.0 Prior period adjustments and change in estimate of uncertain tax positions 10.8 -2.6 27.5 Currency movements of tax payable/receivable -69.3 13.4 -302.2 Net tax payable (-)/receivable (+) -2,486.7 -1,912.1 -1,052.8 2026 2026 2025 Deferred tax liability (-)/asset (+) (USD million) Q3 01.01.-30.06. 01.01.-31.12. Deferred tax liability/asset at beginning of period -17,904.7 -16,001.2 -12,990.0 Change in current year deferred tax -1,671.3 -1,904.3 -3,122.8 Deferred tax related to acquisitions/sales 61.9 - 135.5 Prior period adjustments - 0.8 -23.9 Deferred tax charged to other comprehensive income - - 0.1 Net deferred tax liability (-)/asset (+) -19,514.1 -17,904.7 -16,001.2 Group Q3 Q2 Q3 Reconciliation of tax expense (USD million) 2026 2026 2025 2026 2025 78% tax rate on profit/loss before tax 2,889.3 1,677.3 1,112.6 6,691.7 3,286.6 Tax effect of uplift -134.2 -153.2 -143.3 -409.1 -378.0 Permanent difference on impairment -70.8 70.8 134.6 -55.5 840.7 Foreign currency translation of monetary items other than USD 45.6 -57.3 18.4 -13.9 342.7 Foreign currency translation of monetary items other than NOK 39.9 -12.8 9.2 74.5 67.3 Tax effect of financial and other 22% items 40.3 67.6 39.6 122.7 -82.9 Currency movements of tax balances -51.1 31.8 -14.7 -61.5 -135.0 Tax effect of acquisitions/sales -35.5 - - -35.5 - -5.8 4.9 -15.6 -0.1 -5.7 Tax expense (+)/income (-) 2,717.7 1,629.3 1,140.9 6,313.4 3,935.8 01.01.-30.09. Group Group 01.01.-30.09. The financial statements of the company are presented in USD, its functional currency. However, as per statutory regulations, current taxes are calculated as if NOK was the functional currency. Consequently, when determining taxable income, currency gains and losses from the financial statements are replaced with the translation effect of monetary items other than NOK. Tax balances are maintained in NOK and converted to USD using the period-end exchange rate. These adjustments can influence the effective tax rate, due to fluctuations in the exchange rate between NOK and USD. Other permanent differences, prior period adjustments and change in estimate of uncertain tax positions
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26 · Aker BP Quarterly Report · Q3 2026 Note 6 Tangible fixed assets and intangible assets TANGIBLE FIXED ASSETS - GROUP Property, plant and equipment (USD million) Book value 31.12.2025 14,326.0 11,000.9 123.5 25,450.5 Acquisition cost 31.12.2025 14,360.0 23,995.9 386.5 38,742.4 Additions 3,322.5 216.0 9.4 3,547.8 Disposals/retirement - - - - Reclassification -664.8 817.3 -0.1 152.4 Acquisition cost 30.06.2026 17,017.7 25,029.2 395.8 42,442.7 Accumulated depreciation and impairment 31.12.2025 34.0 12,995.0 263.0 13,291.9 Depreciation - 883.1 13.2 896.3 Impairment/reversal (-) - - - - Disposals/retirement depreciation - - - - Accumulated depreciation and impairment 30.06.2026 34.0 13,878.1 276.1 14,188.2 Book value 30.06.2026 16,983.7 11,151.1 119.6 28,254.5 Acquisition cost 30.06.2026 17,017.7 25,029.2 395.8 42,442.7 Additions1) 1,651.6 -118.5 6.8 1,539.9 Disposals/retirement - - - - Reclassification2) -884.3 932.5 - 48.2 Acquisition cost 30.09.2026 17,785.0 25,843.2 402.6 44,030.8 Accumulated depreciation and impairment 30.06.2026 34.0 13,878.1 276.1 14,188.2 Depreciation - 417.7 7.4 425.1 Impairment/reversal (-) - - - - Disposals/retirement depreciation - - - - Accumulated depreciation and impairment 30.09.2026 34.0 14,295.8 283.5 14,613.3 Book value 30.09.2026 17,751.0 11,547.4 119.1 29,417.5 1) Additions include USD 25 million related to a 0.14 percentage point increase in the ownership interest in Johan Sverdrup, paid during the quarter. 2) The reclassification is mainly related to the Skarv Satellites Project in the Skarv area, which entered production phas e during Q3 2026. Fixtures and fittings, office machinery Production facilities including wells Total Assets under development Production facilities, including wells, are depreciated in accordance with the unit-of-production method. Office machinery, fixtures and fittings etc. are depreciated using the straight-line method over their useful life, i.e. 3-5 years. Estimated future removal and decommissioning costs are included as part of cost of production facilities or fields under development. The additions in Q3 are impacted by decreased abandonment provision as a result of updated discount rate, as described in note 12.
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27 · Aker BP Quarterly Report · Q3 2026 Right-of-use assets (USD million) Book value 31.12.2025 809.1 24.1 126.4 1.8 961.5 Acquisition cost 31.12.2025 1,025.6 51.2 155.5 2.7 1,235.0 Additions 199.6 80.8 14.5 44.5 339.4 Allocated to abandonment activity - - - - - Disposals/retirement - - -4.7 - -4.7 Reclassification -101.6 -1.3 - - -102.9 Acquisition cost 30.06.2026 1,123.6 130.8 165.3 47.2 1,466.9 Accumulated depreciation and impairment 31.12.2025 216.5 27.1 29.1 0.9 273.5 Depreciation 70.2 4.1 5.9 0.7 80.8 Impairment/reversal (-) - - - - - Disposals/retirement depreciation - - -4.7 - -4.7 Accumulated depreciation and impairment 30.06.2026 286.7 31.1 30.2 1.6 349.6 Book value 30.06.2026 836.9 99.6 135.0 45.6 1,117.2 Acquisition cost 30.06.2026 1,123.6 130.8 165.3 47.2 1,466.9 Additions1) 103.8 - 4.6 - 108.4 Allocated to abandonment activity -0.5 - - - -0.5 Disposals/retirement - - - - - Reclassification2) -56.2 -1.6 - - -57.7 Acquisition cost 30.09.2026 1,170.7 129.2 169.9 47.2 1,517.0 Accumulated depreciation and impairment 30.06.2026 286.7 31.1 30.2 1.6 349.6 Depreciation 36.0 2.1 2.9 1.2 42.2 Impairment/reversal (-) - - - - - Disposals/retirement depreciation - - - - - Accumulated depreciation and impairment 30.09.2026 322.7 33.3 33.2 2.7 391.8 Book value 30.09.2026 848.0 95.9 136.8 44.5 1,125.2 1) Mainly related to an extension of the Deepsea Nordkapp lease contract. 2) Reclassified to tangible and intangible assets in line with the activity of the right-of-use asset. Office Vessels and boats Other TotalDrilling rigs Right-of-use assets are depreciated linearly over the lifetime of the related lease contract.
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28 · Aker BP Quarterly Report · Q3 2026 INTANGIBLE ASSETS - GROUP (USD million) Goodwill Depreciated Not depreciated Total Book value 31.12.2025 11,267.6 567.8 599.6 658.6 1,258.3 Acquisition cost 31.12.2025 15,014.1 797.4 2,574.0 1,122.7 3,696.8 Additions - 64.6 0.0 1.9 1.9 Expensed dry wells - 0.2 - - - Disposals/retirement - - - - - Reclassification - -49.6 81.8 -81.8 - Acquisition cost 30.06.2026 15,014.1 812.6 2,655.8 1,042.8 3,698.7 Accumulated depreciation and impairment 31.12.2025 3,746.5 229.6 1,974.4 464.1 2,438.5 Depreciation - - 73.8 - 73.8 Impairment/reversal (-) - - 83.4 19.6 103.0 Disposals/retirement depreciation - - - - - Accumulated depreciation and impairment 30.06.2026 3,746.5 229.6 2,131.6 483.7 2,615.3 Book value 30.06.2026 11,267.6 583.0 524.2 559.1 1,083.4 Acquisition cost 30.06.2026 15,014.1 812.6 2,655.8 1,042.8 3,698.7 Additions - 78.6 0.0 62.3 62.3 Expensed dry wells - -29.7 - - - Disposals/retirement - - - -79.3 -79.3 Reclassification - 9.5 50.7 -50.7 - Acquisition cost 30.09.2026 15,014.1 871.0 2,706.5 975.1 3,681.6 Accumulated depreciation and impairment 30.06.2026 3,746.5 229.6 2,131.6 483.7 2,615.3 Depreciation - - 27.7 - 27.7 Impairment/reversal (-) - - -520.7 -349.1 -869.8 Disposals/retirement depreciation - - - - - Accumulated depreciation and impairment 30.09.2026 3,746.5 229.6 1,638.6 134.6 1,773.2 Book value 30.09.2026 11,267.6 641.4 1,067.9 840.5 1,908.4 Group Q3 Q2 Q3 Depreciation in the income statement (USD million) 2026 2026 2025 2026 2025 Depreciation of tangible fixed assets 425.1 437.0 519.5 1,321.4 1,639.4 Depreciation of right-of-use assets 42.2 41.9 46.2 123.0 109.7 Depreciation of other intangible assets 27.7 42.2 48.9 101.6 148.0 Total depreciation in the income statement 495.0 521.1 614.7 1,545.9 1,897.1 Impairment in the income statement (USD million) Impairment/reversal of tangible fixed assets - - - - - Impairment/reversal of other intangible assets -869.8 624.5 - -766.9 - Impairment/reversal of capitalised exploration expenditures - - - - - Impairment of goodwill - - 172.5 - 1,077.8 Total impairment in the income statement -869.8 624.5 172.5 -766.9 1,077.8 01.01.-30.09. Capitalised exploration expenditures Other intangible assets include both planned and producing projects on various fields. The producing projects are depreciated in line with the unit-of-production method for the applicable field. Other intangible assets
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29 · Aker BP Quarterly Report · Q3 2026 Note 7 Impairment Impairment testing Prices The nominal oil prices applied in the impairment test are as follows: 2026 2026 Nominal oil prices (USD/boe) Q3 Q2 2026 101.4 73.9 2027 87.1 71.1 2028 77.7 69.7 2029 75.3 74.6 From 2030 (in real 2026 terms) 75.0 75.0 The nominal gas prices applied in the impairment test are as follows: 2026 2026 Nominal gas prices (GBP/therm) Q3 Q2 2026 1.84 1.08 2027 1.42 0.87 2028 0.94 0.69 2029 0.75 0.68 From 2030 (in real 2026 terms) 0.67 0.67 Oil and gas reserves Future expenditure Discount rate Future cash flows are calculated on the basis of expected production profiles and estimated proven and probable reserves including potentially additional risked volumes. Impairment tests of individual cash-generating units are performed when impairment/reversal triggers are identified, and goodwill is tested for impairment at least annually. In Q3 2026, impairment tests have been performed for fixed assets and related intangible assets, including technical goodwill. Impairment is recognised when the book value of an asset or a cash-generating unit, including associated goodwill, exceeds the recoverable amount. Correspondingly, a reversal of impairment is recognised when the recoverable amount exceeds the book value. Prior period impairment of goodwill is not subject to reversal. The recoverable amount is the higher of the asset's fair value less cost to sell and value in use. The impairment testing for Q3 has been performed in accordance with the fair value method (level 3 in the fair value hierarchy) and based on discounted cash flows. The expected future cash flow is discounted to the net present value by applying a discount rate after tax that reflects the current market valuation of the time value of money, and the specific risk related to the asset. The discount rate is derived from the weighted average cost of capital (WACC) for a market participant. Cash flows are projected for the estimated lifetime of the fields, which may extend beyond five years. For producing licences and licences in the development phase, the recoverable amount is estimated based on discounted future after tax cash flows. Below is an overview of the key assumptions applied for impairment testing purposes as of 30 September 2026. Future capex, opex and abandonment costs are calculated based on the expected production profiles and the best estimate of the related cost. The cost profiles include an estimated impact of the currently high cost escalation in the industry. Future price level is a key assumption and has significant impact on the net present value. Forecasted oil and gas prices are based on management's estimates and available market data. Information about market prices in the near future can be derived from the futures contract market. The information about future prices is less reliable on a long-term basis, as there are fewer observable market transactions going forward. In the impairment test, the oil and gas prices are therefore based on the forward curve from the beginning of Q4 2026 to the end of Q3 2029. From Q4 2029, the oil and gas prices are based on the company's long-term price assumptions. The post-tax nominal discount rate applied is 8.4 percent, consistent with the rate used in Q2 2026.
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30 · Aker BP Quarterly Report · Q3 2026 Currency rates 2026 2026 USD/NOK Q3 Q2 2026 9.62 9.90 2027 9.64 9.95 2028 9.62 9.98 2029 9.68 9.99 From 2030 10.00 10.00 Inflation Impairment testing of assets including technical goodwill Cash-generating unit (USD million) WWiissttiinngg11)) Net carrying value 112.0 9,286.2 Recoverable amount 370.3 9,897.7 Impairment/reversal (-)2) -258.3 -611.5 Allocated as follows: Technical goodwill -- - Other intangible assets3) -258.3 -611.5 Tangible fixed assets -- - Sensitivity analysis Assumption (USD million) Change Oil and gas price forward period +/- 50% - 3,199.7 Oil and gas price long-term +/- 20% - 1,743.2 Production profile (reserves) +/- 5% - 508.0 Discount rate +/- 1% point 101.2 - Currency rate USD/NOK +/- 2.0 NOK - 1,182.7 Inflation +/- 1% point - 454.4 Change in impairment after The table below shows how the recorded impairment or reversal of impairment for the current period would be affected by changes in the various assumptions, given that the remaining assumptions are constant. The figures in the table below are partly related to impairment of technical goodwill, which would have no impact on deferred tax. Increase in assumptions Decrease in assumptions The technical goodwill recognised in previous business combinations is allocated to each CGU for the purpose of impairment testing. Hence, the impairment test of technical goodwill is included in the impairment testing of assets, and the technical goodwill is written down before the asset. The carrying value of the assets is the sum of tangible assets, intangible assets and technical goodwill as of the assessment date. In line with the methodology described in the annual report, deferred tax (from the date of acquisitions) reduces the net carrying value prior to the impairment charges. When deferred tax liabilities from the acquisitions decrease as a result of depreciation, more goodwill is as such exposed for impairment. This may lead to future impairment charges even though other assumptions remain stable. Below is an overview of the impairment reversals and the carrying value per cash-generating unit where impairment has been recognised in Q3 2026: Valhall CGU The long-term inflation rate is assumed to be 2.0 percent. The currently high cost escalation in the industry is reflected in the cash flows rather than in the inflation rate. 2) The reversal of previously recognised impairment losses is capped at the maximum allowable reversal amount. 3) USD 90.8 million relates to acquisitions allocated to the Valhall CGU from previous years, recognised on a post-tax basis. 1) The net carrying value reflects the ownership interest prior to the derecognition of 7.5 percent ownership interest transferred as part of the Wisting and Ringvei Vest asset swap. The impairment reversals in Q3 are mainly related to an increase in short-term future oil and gas prices and updated cost and production profiles.
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31 · Aker BP Quarterly Report · Q3 2026 Note 8 Other short-term receivables (USD million) 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Prepayments 264.6 236.2 672.5 553.0 VAT receivable 20.4 24.5 29.4 14.9 Underlift of petroleum 39.0 63.6 48.7 116.0 Other receivables, mainly balances with licence partners 399.0 369.2 356.1 336.1 Total other short-term receivables 723.0 693.5 1,106.7 1,020.0 Note 9 Financial investments (USD million) 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Notes 300.0 300.0 300.0 300.0 Financial investments 300.0 300.0 300.0 300.0 Note 10 Cash and cash equivalents Breakdown of cash and cash equivalents (USD million) 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Bank deposits 2,103.8 2,279.4 2,014.1 2,213.1 Restricted bank deposits1) 1.8 12.2 30.1 30.5 Cash equivalents2) 201.4 200.0 300.0 100.0 Cash and cash equivalents 2,307.0 2,491.7 2,344.1 2,343.6 Undrawn RCF facility 3,225.0 3,225.0 3,225.0 2,950.0 1) As of 30 September 2026, the figure is related to a margin account in connection with the purchase of EU Emissions Trading System (ETS) allowances traded on the ICE Exchange. 2) The company has invested USD 201.4 million in a financial instrument which locks in a price differential that generates an implied return corresponding to 4.29 percent per year. The investment is rated A+ and considered to carry low credit risk and can be cancelled at any time without mark-to-market exposure and at no cost. In 2025, the company signed a new USD 3.225 billion Revolving Credit Facility (RCF), comprising a USD 1.225 billion Working Capital Facility and a USD 2.0 billion Liquidity Facility. Following a one-year extension approved by the banks in September 2026, the facilities mature in October 2029 and October 2031, respectively. The Liquidity Facility has one remaining extension option that could extend the final maturity to 2032. The interest rate for both the Working Capital Facility and the Liquidity Facility is Term SOFR plus a margin of 0.85 percent at a BBB rating. Drawing under the RCF will add a utilisation fee. A commitment fee of 35 percent of the applicable margin is paid on the undrawn part of the RCF. The RCF was undrawn as at 30 September 2026. The financial covenants are as follows: - Leverage ratio: Net interest-bearing debt divided by twelve months rolling EBITDAX (excluding any impacts from IFRS 16) shall not exceed 3.5 - Interest coverage ratio: Twelve months rolling EBITDA divided by Interest expenses (excluding any impacts from IFRS 16) shall be a minimum of 3.5 The financial covenants in the group's current debt facilities exclude the effects from IFRS 16, and therefore cannot be directly derived from the group's financial statements. See reconciliations of Alternative Performance Measures for detailed information. As at 30 September 2026, the leverage ratio is 0.50 and interest coverage ratio is 36.4 (see APM section for further details). Group Group Group The Notes have a maturity period of three years, with an option for the company to redeem them by providing three months' notice. The interest rate is based on SOFR plus a 0.55 percent margin. The Notes are rated A+ and are considered to have low credit risk.
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32 · Aker BP Quarterly Report · Q3 2026 Note 11 Bonds Group Senior unsecured bonds (USD million) 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Senior Notes 5.600% (Jun 23/Jun 28) USD 500 mill 498.7 498.6 498.2 498.0 Senior Notes 1.125% (May 21/May 29) EUR 750 mill 849.7 852.4 878.8 877.9 Senior Notes 3.750% (Jan 20/Jan 30) USD 1,000 mill 997.4 997.2 996.8 996.6 Senior Notes 4.000% (Sep 20/Jan 31) USD 750 mill 747.5 747.3 747.0 746.9 Senior Notes 3.100% (Jul 21/Jul 31) USD 1,000 mill 910.3 905.7 896.4 891.8 Senior Notes 4.000% (May 24/May 32) EUR 750 mill 846.2 848.9 875.1 874.2 Senior Notes 6.000% (Jun 23/Jun 33) USD 1,000 mill 995.0 994.8 994.5 994.3 Senior Notes 5.125% (Oct 24/Oct 34) USD 750 mill 743.6 743.4 743.1 742.9 Senior Notes 5.250% (Oct 25/Oct 35) USD 1,000 mill 989.4 989.1 988.4 - Senior Notes 5.800% (Oct 24/Oct 54) USD 750 mill 740.5 740.5 740.3 740.2 Long-term bonds - book value 8,318.4 8,317.9 8,358.6 7,362.7 Long-term bonds - fair value 7,931.6 8,224.1 8,286.0 7,326.1 Senior Notes 2.875% (Sep 20/Jan 26)1) USD 0.0 mill - - 95.5 95.4 Senior Notes 2.000% (Jul 21/Jul 26)2) USD 0.0 mill - 104.6 103.2 102.6 Accrued interest bonds 125.3 84.3 108.5 104.7 Short-term bonds - book value 125.3 188.9 307.2 302.6 Short-term bonds - fair value 125.3 189.0 307.2 302.5 1) The bond was redeemed in Q1 2026. 2) The bond was redeemed in Q3 2026. Note 12 Provision for abandonment liabilities 2026 2026 2025 (USD million) Q3 01.01.-30.06. 01.01.-31.12. Provisions as of beginning of period 4,696.0 4,669.4 4,279.4 Incurred removal cost -24.4 -14.3 -84.8 Accretion expense 53.4 100.5 190.0 Impact of changes to discount rates -377.5 -160.7 -31.9 Change in estimates and new provisions 124.3 101.1 320.7 Change in abandonment liability due to asset sales - - -4.0 Total provision for abandonment liabilities 4,471.9 4,696.0 4,669.4 Short-term 49.5 72.8 93.4 Long-term 4,422.3 4,623.2 4,576.0 Group Interest is paid on a semi-annual basis, except for the EUR Senior Notes which are paid on an annual basis. None of the bonds have financial covenants. Outstanding amount The nominal pre-tax discount rate (risk-free) at the end of Q3 is between 4.3 percent and 5.4 percent, depending on the timing of the expected cashflows. The corresponding range at end of Q2 2026 was 3.9 percent to 4.9 percent. The calculations assume an inflation rate of 2.0 percent.
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33 · Aker BP Quarterly Report · Q3 2026 Note 13 Derivatives (USD million) 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Unrealised gain interest rate swaps - 1.2 1.7 5.1 Unrealised gain currency contracts 9.2 20.9 52.3 63.8 Long-term derivatives included in assets 9.2 22.1 54.0 68.9 Unrealised gain commodity derivatives 6.5 4.3 - 6.8 Unrealised gain currency contracts 97.7 69.6 60.3 87.8 Short-term derivatives included in assets 104.2 73.8 60.3 94.6 Total derivatives included in assets 113.3 95.9 114.2 163.4 Unrealised losses interest rate swaps 39.6 5.7 - - Unrealised losses currency contracts - - 0.6 - Long-term derivatives included in liabilities 39.6 5.7 0.6 - Unrealised losses commodity derivatives 22.9 7.1 - 1.2 Unrealised losses currency contracts 21.4 55.4 3.4 0.9 Short-term derivatives included in liabilities 44.3 62.5 3.4 2.1 Total derivatives included in liabilities 83.9 68.2 4.0 2.1 Breakdown of other current liabilities (USD million) 30.09.2026 30.06.2026 31.12.2025 30.09.2025 Balances with licence partners 147.0 106.6 82.4 171.2 Share of other current liabilities in licences 864.5 1,042.5 1,015.5 1,110.4 Overlift of petroleum 33.5 28.3 28.9 29.7 Accrued interest 28.3 29.8 26.0 34.7 Payroll liabilities and other provisions 254.2 196.7 222.9 206.2 Total other current liabilities 1,327.5 1,403.9 1,375.7 1,552.3 The group uses various types of financial hedging instruments. Commodity derivatives may be used to hedge the price risk of oil and gas and foreign exchange derivatives are used to hedge the group’s currency exposure, mainly in NOK, EUR and GBP. The derivative portfolio is revalued on a mark to market basis, with changes in value recognised in the income statement. The nature of the derivative instruments and the valuation method are consistent with the disclosed information in the annual financial statements as of 31 December 2025. All derivatives are measured at fair value on a recurring basis (level 2 in the fair value hierarchy). As of 30 September 2026, the company’s foreign exchange hedging programme covers approximately 50-70 percent of planned NOK expenditures through the end of 2027, at annual average USD/NOK rates between 10.5 and 11.0. In addition, accrued tax liabilities are hedged on a continuous basis. The company has also hedged approximately 30 percent of the 2026 remaining gas price exposure through collars with an average put and call strike of EUR 27/MWh and EUR 46/MWh. The company had no oil price derivatives exposure as of 30 September 2026. Note 14 Other current liabilities Group Group
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34 · Aker BP Quarterly Report · Q3 2026 Note 15 Leasing Group 2026 2026 2025 (USD million) Q3 01.01.-30.06. 01.01.-31.12. Lease debt as of beginning of period 1,222.6 1,072.0 675.6 New leases and remeasurements2) 108.4 339.4 662.9 Payments of lease debt1) -120.6 -219.6 -326.0 Lease debt derecognised - - - Interest expense on lease debt 14.9 29.5 47.4 Currency exchange differences 4.8 1.2 12.2 Total lease debt 1,230.1 1,222.6 1,072.0 Short-term 426.3 428.3 359.4 Long-term 803.8 794.3 712.7 1) Payments of lease debt split by activities (USD million): Investments in fixed assets 61.0 127.8 133.5 Abandonment activity 0.8 0.1 2.5 Operating expenditures 1.7 4.7 9.6 Exploration expenditures 11.6 0.9 36.7 Other income 45.5 86.0 143.7 Total 120.6 219.6 326.0 Group 2026 2026 2025 Nominal lease debt maturity breakdown (USD million):: Q3 01.01.-30.06. 01.01.-31.12. Within one year 477.2 477.9 403.8 Two to five years 698.2 690.4 669.3 After five years 236.1 233.6 157.1 Total 1,411.5 1,401.9 1,230.1 Note 16 Contingent liabilities and assets The incremental borrowing rate applied in discounting of the nominal lease debt is between 2.7 percent and 6.9 percent, dependent on the duration of the lease and when it was initially recognised. The identified leases have no significant impact on the group's financing, loan covenants or dividend policy. The group does not have any residual value guarantees. Extension options are included in the lease liability when, based on management's judgement, it is reasonably certain that an extension will be exercised. 2) Mainly related to an extension of the Deepsea Nordkapp lease contract. During the normal course of its business, the group will be involved in disputes, including tax disputes. The group has made accruals for probable liabilities related to litigation and claims based on management's best judgement and in line with IAS 37 and IAS 12.
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35 · Aker BP Quarterly Report · Q3 2026 Note 17 Subsequent events Note 18 Investments in joint operations Total number of licences 30.09.2026 30.06.2026 Aker BP as operator 132 132 Aker BP as partner 70 63 Changes in production licences in which Aker BP is the operator: Changes in production licences in which Aker BP is a partner: Licence: 30.09.2026 30.06.2026 Licence: 30.09.2026 30.06.2026 PL 090JS1) 19.000% 0.000% PL 248C1) 19.000% 0.000% PL 248I1) 19.000% 0.000% PL 5371) 27.500% 35.000% PL 537B1) 27.500% 35.000% PL 6301) 19.000% 0.000% PL 9231) 19.000% 0.000% PL 923B1) 19.000% 0.000% PL 9251) 19.000% 0.000% Total - - Total 9 2 1) Part of asset transactions. End of financial statement The group has not identified any events with significant accounting impacts that have occurred between the end of the reporting period and the date of this report that require accounting recognition or disclosure in these interim financial statements.
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36 · Aker BP Quarterly Report · Q3 2026 Alternative performance measures Leverage ratio is calculated as net interest-bearing debt divided by twelve months rolling EBITDAX, excluding any impacts from IFRS 16 Net interest-bearing debt is book value of current and non-current interest-bearing debt less financial investments and cash and cash equivalents Interest coverage ratio is calculated as twelve months rolling EBITDA, divided by interest expenses, excluding any impacts from IFRS 16 Operating profit/loss is short for profit/loss before interest and other financial items and taxes Production cost per boe is production expenses based on produced volumes, divided by number of barrels of oil equivalent produced in the corresponding period (see note 2) 1) Includes payments of lease debt as disclosed in note 15. Free cash flow (FCF) is net cash flow from operating activities less net cash flow from investment activities, adjusted for investments in financial assets Aker BP may disclose alternative performance measures (APMs) as part of its financial reporting as a supplement to the financial statements prepared in accordance with IFRS. Aker BP believes that the APMs provide useful supplemental information to management, investors, security analysts and other stakeholders and are meant to provide an enhanced insight into the financial development of Aker BP’s business operations and to improve comparability between periods. In the first quarter of 2026, Aker BP revised the definition and calculation methodology for the APMs abex, capex and expex. Previously, these metrics were calculated based on cash flow figures; they are now derived from costs incurred, as reflected in the relevant balance sheet items. As a result, the APMs now represent operational activity rather than payments, aligning with the principles applied when establishing financial guidance for these parameters. The calculations and descriptions of the APMs have been refined to better convey their economic significance and to enhance comparability with the financial statements. EBITDA is short for earnings before interest and other financial items, taxes, depreciation and amortisation and impairment EBITDAX is short for earnings before interest and other financial items, taxes, depreciation and amortisation, impairment and exploration expenses Equity ratio is total equity divided by total assets Capex is additions to property, plant and equipment less capitalised borrowing cost and non-cash effects related to assets arising from abandonment liabilities 1) Abandonment spend (abex) is incurred cost for removal and decommissioning of oil fields 1) Depreciation per boe is depreciation divided by number of barrels of oil equivalent produced in the corresponding period Dividend per share (DPS) is dividend paid in the quarter divided by number of shares outstanding Available liquidity is the sum of cash and cash equivalents, financial investments and undrawn RCF facility Exploration spend (expex) is additions to capitalised exploration wells and exploration expenses less dry well expenses 1)
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37 · Aker BP Quarterly Report · Q3 2026 Q3 Q2 Q3 01.01.-30.09. 01.01.-30.09. (USD million) Note 2026 2026 2025 2026 2025 Abandonment spend Incurred removal cost 12 24.4 10.2 9.7 38.7 66.5 Right-of-use allocated to abandonment activity 6 -0.5 - - -0.5 -1.8 Payments of lease debt, abandonment activity 15 0.8 0.1 0.0 1.0 2.4 Abandonment spend 24.7 10.3 9.7 39.1 67.1 Depreciation per boe Depreciation 6 495.0 521.1 614.7 1,545.9 1,897.1 Total produced volumes (boe million) 2 34.4 34.9 38.1 105.2 115.6 Depreciation per boe 14.4 14.9 16.1 14.7 16.4 Dividend per share Paid dividend 418.1 418.1 398.2 1,254.2 1,194.5 Number of shares outstanding 631.2 631.7 630.5 631.6 631.3 Dividend per share 0.66 0.66 0.63 1.99 1.89 Capex Property, plant and equipment - additions 6 1,539.9 1,940.6 2,095.1 5,087.7 5,363.4 Capitalised borrowing costs, development projects 4 -97.9 -99.4 -89.7 -295.5 -278.9 12 377.5 98.9 -136.9 538.2 -21.9 12 -124.3 -60.1 -103.6 -225.3 -194.2 15 61.0 65.5 36.3 188.7 80.6 Capex 1,756.2 1,945.4 1,801.2 5,293.8 4,949.1 EBITDA Total income 1 3,872.0 3,682.5 2,598.5 10,580.4 8,383.4 Production expenses 2 -341.2 -266.7 -246.2 -905.4 -809.7 Exploration expenses 3 -106.6 -46.7 -71.9 -201.3 -239.0 Other operating expenses -21.5 -18.0 -18.3 -58.5 -48.5 EBITDA 3,402.7 3,350.9 2,262.1 9,415.3 7,286.2 EBITDAX Total income 1 3,872.0 3,682.5 2,598.5 10,580.4 8,383.4 Production expenses 2 -341.2 -266.7 -246.2 -905.4 -809.7 Other operating expenses -21.5 -18.0 -18.3 -58.5 -48.5 EBITDAX 3,509.3 3,397.7 2,334.0 9,616.6 7,525.2 Equity ratio Total equity 12,201.1 11,669.7 11,738.3 12,201.1 11,738.3 Total assets 50,284.4 47,687.4 44,175.4 50,284.4 44,175.4 Equity ratio 24% 24% 27% 24% 27% Exploration spend Capitalised exploration expenditures - additions 6 78.6 47.1 96.0 143.2 260.1 Exploration expenses 3 106.6 46.7 71.9 201.3 239.0 Dry well expenses 3 -29.7 0.4 -24.2 -29.5 -127.5 Payments of lease debt, exploration expenditures 15 11.6 0.7 7.5 12.6 31.8 Exploration spend 167.1 94.9 151.2 327.6 403.4 Payments of lease debt, investments in fixed assets Abandonment liability - impact of changes to discount rates Abandonment liability - changes in estimates and new provisions
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38 · Aker BP Quarterly Report · Q3 2026 Q3 Q2 Q3 01.01.-30.09. 01.01.-30.09. (USD million) Note 2026 2026 2025 2026 2025 Interest coverage ratio Twelve months rolling EBITDA 11,484.4 10,343.8 10,003.9 11,484.4 10,003.9 Twelve months rolling EBITDA, impacts from IFRS 16 15 -174.0 -177.4 -144.2 -174.0 -144.2 Twelve months rolling EBITDA, excluding impacts from IFRS 16 11,310.4 10,166.4 9,859.7 11,310.4 9,859.7 Twelve months rolling interest expenses 4 378.5 368.9 348.5 378.5 348.5 Twelve months rolling amortised loan cost 4 39.0 39.4 31.0 39.0 31.0 Twelve months rolling interest income 4 106.8 111.5 154.1 106.8 154.1 Net interest expenses 310.7 296.7 225.5 310.7 225.5 Interest coverage ratio 36.4 34.3 43.7 36.4 43.7 Leverage ratio Long-term bonds 11 8,318.4 8,317.9 7,362.7 8,318.4 7,362.7 Short-term bonds 11 125.3 188.9 302.6 125.3 302.6 Other interest-bearing debt - - - - - Cash and cash equivalents 10 2,307.0 2,491.7 2,343.6 2,307.0 2,343.6 Financial investments 9 300.0 300.0 300.0 300.0 300.0 Net interest-bearing debt, excluding lease debt 5,836.8 5,715.2 5,021.8 5,836.8 5,021.8 Twelve months rolling EBITDAX 11,790.3 10,615.0 10,353.7 11,790.3 10,353.7 Twelve months rolling EBITDAX, impacts from IFRS 16 15 -173.0 -176.4 -143.4 -173.0 -143.4 Twelve months rolling EBITDAX, excluding impacts from IFRS 16 11,617.3 10,438.6 10,210.3 11,617.3 10,210.3 Leverage ratio 0.50 0.55 0.49 0.50 0.49 Net interest-bearing debt Long-term bonds 11 8,318.4 8,317.9 7,362.7 8,318.4 7,362.7 Short-term bonds 11 125.3 188.9 302.6 125.3 302.6 Other interest-bearing debt - - - - - Long-term lease debt 15 803.8 794.3 695.1 803.8 695.1 Short-term lease debt 15 426.3 428.3 353.8 426.3 353.8 Cash and cash equivalents 10 2,307.0 2,491.7 2,343.6 2,307.0 2,343.6 Financial investments 9 300.0 300.0 300.0 300.0 300.0 Net interest-bearing debt 7,066.8 6,937.7 6,070.6 7,066.8 6,070.6 Available liquidity Cash and cash equivalents 10 2,307.0 2,491.7 2,343.6 2,307.0 2,343.6 Financial investments 9 300.0 300.0 300.0 300.0 300.0 Undrawn RCF facility 10 3,225.0 3,225.0 2,950.0 3,225.0 2,950.0 Available liquidity 5,832.0 6,016.7 5,593.6 5,832.0 5,593.6 Free cash flow Net cash flow from operating activities 2,432.8 3,122.6 2,022.6 7,568.4 5,372.1 Net cash flow from investment activities -1,876.1 -1,790.3 -1,870.5 -5,474.6 -5,493.3 Investments in financial assets - - - - 300.0 Free cash flow 556.7 1,332.4 152.0 2,093.8 178.8 Operating profit/loss, see income statement Production cost per boe, see note 2
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PricewaterhouseCoopers AS, org.no.: 987 009 713 MVA, Statsautoriserte revisorer og medlemmer av Den norske Revisorforening Kanalsletta 8, Postboks 8017, NO-4068 Stavanger, T: 02316 (+47 952 60 000) www.pwc.no To the Shareholders of Aker BP ASA Report on Review of Interim Financial Information Introduction We have reviewed the accompanying condensed consolidated statement of financial position of Aker BP ASA as at 30 September 2026, and the related condensed consolidated income statement, the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the three-month and nine-month period then ended, and a summary of significant accounting policies and other explanatory notes. Management is responsible for the preparation of this interim financial information in accordance with IAS 34 Interim Financial Reporting. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (ISAs), and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information does not, in all material respects, give a true and fair view of the financial position of the entity as at 30 September 2026, and of its financial performance and its cash flows for the three-month and nine-month period then ended in accordance with IAS 34 Interim Financial Reporting. Stavanger, 28 October 2026 PricewaterhouseCoopers AS Gunnar Slettebø State Authorised Public Accountant
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CONTAC T Postal address: P.O. Box 65 1324 Lysaker, Norway Telephone: +47 51 35 30 00 E-mail: post@akerbp.com Aker BP ASA Fornebuporten, Building B Oksenøyveien 10 1366 Lysaker www.akerbp.com