Interim report
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2026 Third quarter Financial statements and review
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Key figures 2 Press release PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Always safe High value Low carbon Operational 2,166 MBOE/D Equity oil & gas production per day 1.32 TWh Total power generation, Equinor share 1.15 TWh Renewable power generation, Equinor share Financial 11.95 12.35 USD BILLION USD BILLION Net operating income Adjusted operating income* 8.14 1.20 USD BILLION USD Cash flow from operations after taxes paid* Adjusted earnings per share* 0.39 3 USD PER SHARE USD BILLION Announced cash dividend per share Share buy-back programme for 2026 Sustainability 0.26 SIF Serious incident frequency (per million hours worked) 6.0 KG / BOE CO₂ upstream intensity. Scope 1 CO₂ emissions, Equinor operated, 100% basis for the first nine months of 2026 7.6 MILLION TONNES CO2e Absolute scope 1+2 GHG emissions for the first nine months of 2026
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Equinor third quarter 2026 results Equinor delivered an adjusted operating income* of USD 12.35 billion in the third quarter of 2026. Equinor reported a net operating income of USD 11.95 billion and a net income of USD 2.54 billion. Adjusted net income* was USD 2.86 billion, leading to adjusted earnings per share* of USD 1.20. Delivering on the strategy • Acquired gas-fired power plant in the US • Progressing Bay du Nord with new partner in October • Accessed attractive exploration acreage in Namibia, and established a strategic exploration collaboration on the NCS Strong production, cash flow and financial results • Production growth of 2% • Increased 2026 production guiding to ~4% • Strong Marketing, Midstream and Processing results with record contribution from the Mongstad refinery • Cash flow from operations after taxes paid* of USD 8.1 billion Capital distribution • Third quarter cash dividend of USD 0.39 per share • Fourth tranche of the share buy-back of up to USD 1,125 million • Share buy-back of up to USD 3 billion for 2026 Anders Opedal, President and CEO of Equinor ASA: “High production in the third quarter enabled us to capture additional value from higher prices. Based on safe and efficient operations we are increasing our 2026 guiding for oil and gas production growth from 3 to around 4 per cent.” “In a period of continued geopolitical tension, we remain committed to safe and reliable operations, supplying the products our customers need. At the Mongstad refinery, our operational performance was strong and we achieved record results.” “We continue to deliver on our strategy by creating new opportunities for long-term value. In the quarter, we have accessed new exploration acreage and acquired a stake in a gas-fired power plant in the US. We have also progressed the Bay du Nord project in Canada with a new partner.” 3 Press release PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Anders Opedal
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4 Press release PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Financial information Quarters Change First nine months (unaudited, in USD million) Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Net operating income/(loss) 11,955 12,993 5,270 >100% 33,731 19,866 70% Net income/(loss) 2,545 4,836 (204) N/A 10,485 3,744 >100% Basic earnings per share (USD) 1.07 1.99 (0.08) N/A 4.31 1.42 >100% Adjusted operating income* 12,353 11,482 6,215 99% 33,605 21,395 57% Adjusted net income* 2,857 3,225 932 >100% 9,778 4,391 >100% Adjusted earnings per share* (USD) 1.20 1.33 0.37 >100% 4.02 1.67 >100% Cash flows provided by operating activities 7,547 9,470 6,346 19% 22,229 17,865 24% Cash flow from operations after taxes paid* 8,142 7,677 5,334 53% 21,838 14,666 49% Net cash flow before capital distribution* 5,183 5,484 2,085 >100% 13,614 5,342 >100% Operational information Group average liquids price (USD/bbl) [1] 92.3 97.9 64.9 42% 89.3 66.0 35% Total equity liquids and gas production (mboe per day) [3] 2,166 2,165 2,130 2% 2,214 2,116 5% Total power generation (TWh) Equinor share 1.32 1.19 1.37 (4%) 3.90 3.89 —% Renewable power generation (TWh) Equinor share 1.15 0.91 0.91 26% 3.04 2.49 22% 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor’s financial statements and previously reported numbers for 2025 have been restated. For further information and restatement tables, see Note 2 Segments and Supplementary disclosures. * For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures. [ ] For items marked with numbers within brackets, see End notes in the Supplementary disclosures. Adjusted operating income* E&P equity liquids and gas production Total power generation Equinor share Key figures by segment (USD million) (mboe/day) (TWh) E&P Norway 10,570 1,421 0.04 E&P International 545 323 E&P USA 345 422 MMP1) 893 Power1) (5) 1.29 Other incl. eliminations 5 Equinor Group Q3 2026 12,353 2,166 1.32 Equinor Group Q3 2025 6,215 2,130 1.37 Equinor Group first nine months 2026 33,605 2,214 3.90 Equinor Group first nine months 2025 21,395 2,116 3.89 Net debt to capital employed adjusted* 30 September 2026 31 December 2025 %-point change Net debt to capital employed adjusted* 3.8% 17.8% (14.0%) Dividend (USD per share) Q3 2026 Q2 2026 Q3 2025 Cash dividend per share 0.39 0.39 0.37 In the first nine months of 2026, Equinor acquired and settled shares in the market under the 2025 and 2026 share buy-back programmes for USD 3,491 million, which included USD 2,828 million for the state share of the second, third and fourth tranche of the 2025 programme and the first tranche of the 2026 programme.
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Delivering more energy Equinor delivered high production in the third quarter with a total equity production of 2,166 mboe per day. This is a 2% increase compared to the same quarter last year. Production on the NCS remained high, and was stable compared to the third quarter in 2025. New fields, such as Halten East and Verdande, and contribution from new wells offset natural decline and unplanned losses from Johan Castberg and Troll. Production increased by 21% for the international oil and gas reporting segment compared to the same quarter last year. Main drivers were the addition of production from Adura in the UK and Bacalhau in Brazil, as well as lower turnaround activity. This was partially offset by portfolio divestments and natural decline. The US production was lower than in the same quarter last year. Onshore production remained high, while planned downtime and natural decline offshore impacted overall production levels. The renewable power generation increased by 26% due to contributions from Dogger Bank and a new onshore asset in Brazil. The total power generation was 1.32 TWh. Lower gas-to-power generation from Triton resulted in a decrease in total power generation in the third quarter. Growing cash flow with strong financial results Equinor delivered an adjusted operating income* of USD 12.35 billion and adjusted net income* was USD 2.86 billion in the third quarter. The results are primarily impacted by higher liquid prices and European gas prices. In addition, international liftings were lower than the company’s share of production, resulting in lower sales volumes. The reported net operating income of USD 11.95 billion is up from USD 5.27 billion in the same quarter last year. The results were supported by higher commodity prices and strong refining margins. Equinor realised a European gas price of USD 20.0 per mmbtu and a liquids price of USD 92.3 per bbl in the third quarter. The Marketing, Midstream and Processing results were strong, primarily driven by high refining margins and strong refining performance, as well as LNG trading. Adjusted operating and administrative expenses* remained broadly stable compared to the same quarter last year. Higher transportation costs and other variable costs were offset by a lower impact of changes in decommissioning estimates for a US offshore asset. Elevated commodity prices and high production generated cash flows provided by operating activities, before taxes paid and working capital items, of USD 14.68 billion. In the quarter, Equinor paid the two first NCS tax instalments for 2026 totalling USD 6.2 billion. Cash flow from operations after taxes paid* ended at USD 8.14 billion. Organic capital expenditure* was USD 3.28 billion and total capital expenditures were USD 3.82 billion. The net debt to capital employed adjusted ratio* was 3.8% at the end of the third quarter, compared to 10.4% last quarter. Executing on strategy On the NCS, Equinor, Aker BP and Vår Energi established a new strategic exploration partnership to unlock greater value through closer collaboration. In the quarter, Equinor also signed energy supply agreements with companies in Poland, the Netherlands and Germany. Equinor acquired bp’s interest in Bay du Nord in Canada in the quarter. In October, the company sold a 30% interest to Shell. The project maturation continues towards an investment decision. Equinor entered Namibia through an exploration licence interest and was involved in new discoveries in Angola. To further build its integrated power business, Equinor acquired an interest in the gas-fired power plant Lackawanna in the US. Equinor had exploration activity on 13 wells in the quarter. Six wells were completed of which three were commercial. In addition a commercial discovery was confirmed from one of the wells completed in the second quarter. 5 Press release PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Health, safety and the environment Twelve months average per Q3 2026 Full year 2025 Serious incident frequency (SIF) 0.26 0.21 First nine months 2026 Full year 2025 Upstream CO₂ intensity (kg CO₂/boe) 6.0 6.3 First nine months 2026 F i r s t n i n e m o n t h s 2 0 2 5 ¹ ⁾ Absolute scope 1+2 GHG emissions (million tonnes CO₂e) 7.6 7.4 1) Due to a change in the assets included within operational control boundaries related to Technical Service Provider arrangements, the 2025 results have been restated. For further information, see the 2025 Annual report.
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Capital distribution The board of directors has decided a cash dividend of USD 0.39 per share for the third quarter of 2026. This is in line with the communication on 4 February 2026, when results for the fourth quarter of 2025 were announced. At the Capital Markets Day on 16 June this year, Equinor announced an intention to increase the share buy-back programme for 2026 by USD 1.5 billion. This brings the total expected programme for 2026 to up to USD 3 billion. The board has decided to initiate a fourth and final tranche of the share buy-back programme for 2026 of up to USD 1,125 million. The tranche will commence on 29 October 2026 and end no later than 1 February 2027. The third tranche of the share buy-back programme for 2026 was completed on 22 October with a total value of USD 1,125 million. All share buy-back amounts include shares to be redeemed by the Norwegian State. 6 Press release PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Third quarter 2026 review Group review 8 Outlook 11 Supplementary operational disclosures 12 Exploration & Production Norway 14 Exploration & Production International 15 Exploration & Production USA 16 Marketing, Midstream & Processing 17 Power 18 7 PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Group review Operations and financial results Equinor delivered strong financial results in the third quarter of 2026, realising value from high commodity prices and elevated refining margins while maintaining robust production levels. Production in E&P Norway remained high in the third quarter, in line with the same quarter last year. Contributions from Halten East, Verdande and new wells helped offset natural decline in mature fields and higher unplanned losses on the NCS, notably at Johan Castberg and Troll. For the first nine months, the continued ramp-up of new fields drove a 5% increase in production compared with the same period last year. In E&P International, higher contributions from Brazil and the establishment of Adura in late 2025, together with lower turnaround activity, increased production in the third quarter and first nine months of 2026 compared with the corresponding periods last year. Portfolio divestments and natural decline partially offset the increase. Despite higher production, lifted volumes were below entitlement production in the quarter. E&P USA production decreased in the third quarter compared to the same quarter last year, as planned downtime and natural decline in offshore production more than offset higher onshore production. For the first nine months, new wells across several assets largely offset natural decline and planned offshore turnarounds, resulting in broadly stable production compared to the same period last year. Renewable power generation increased by 26% in the third quarter and 22% in the first nine months of 2026 compared with the corresponding periods last year, driven by the ramp-up of Dogger Bank and contributions from a newly operational asset in Brazil. 8 Group review PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Financial information Quarters Change First nine months (unaudited, in USD million) Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Total revenues and other income 33,190 35,177 26,049 27% 96,210 81,115 19% Total operating expenses (21,236) (22,184) (20,779) 2% (62,479) (61,250) 2% Net operating income/(loss) 11,955 12,993 5,270 >100% 33,731 19,866 70% Net financial items (606) 37 (604) —% 391 (548) N/A Income tax (8,804) (8,194) (4,870) 81% (23,637) (15,574) 52% Net income/(loss) 2,545 4,836 (204) N/A 10,485 3,744 >100% Adjusted total revenues and other income* 32,960 34,023 26,063 26% 95,386 80,775 18% Adjusted purchases* [2] (14,473) (16,320) (13,826) 5% (43,322) (42,181) 3% Adjusted operating and administrative expenses* (3,234) (3,441) (3,263) (1%) (10,107) (9,500) 6% Adjusted depreciation, amortisation and net impairments* (2,603) (2,591) (2,543) 2% (7,715) (7,173) 8% Adjusted exploration expenses* (297) (189) (216) 37% (638) (526) 21% Adjusted operating income/(loss)* 12,353 11,482 6,215 99% 33,605 21,395 57% Adjusted net financial items* (561) (313) (628) (11%) 76 (964) N/A Income tax less tax effect on adjusting items (8,934) (7,944) (4,655) 92% (23,903) (16,040) 49% Adjusted net income* 2,857 3,225 932 >100% 9,778 4,391 >100% Basic earnings per share (in USD) 1.07 1.99 (0.08) N/A 4.31 1.42 >100% Adjusted earnings per share* (in USD) 1.20 1.33 0.37 >100% 4.02 1.67 >100% Capital expenditures and Investments 2,872 2,872 3,420 (16%) 8,860 9,848 (10%) Cash flows provided by operating activities 7,547 9,470 6,346 19% 22,229 17,865 24% Cash flows from operations after taxes paid* 8,142 7,677 5,334 53% 21,838 14,666 49% Operational information Quarters Change First nine months Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Total equity liquid and gas production (mboe/day) 2,166 2,165 2,130 2% 2,214 2,116 5% Total entitlement liquid and gas production (mboe/day) 2,056 2,032 2,005 3% 2,095 1,995 5% Total Power generation (TWh) Equinor share 1.32 1.19 1.37 (4%) 3.90 3.89 —% Renewable power generation (TWh) Equinor share 1.15 0.91 0.91 26% 3.04 2.49 22% Average Brent oil price (USD/bbl) 97.0 104.5 69.1 40% 94.0 70.9 33% Group average liquids price (USD/bbl) [1] 92.3 97.9 64.9 42% 89.3 66.0 35% E&P Norway average internal gas price (USD/ mmbtu) 18.07 14.07 9.98 81% 14.41 11.31 27% E&P USA average internal gas price (USD/mmbtu) 1.95 1.96 2.01 (3%) 2.89 2.50 16%
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Lower gas-to-power generation more than offset the increase in renewable power generation, resulting in lower total power generation in the third quarter and stable generation for the first nine months compared with the corresponding periods last year. In the third quarter, Marketing, Midstream and Processing delivered strong results, primarily driven by elevated refining margins and high production efficiency amid tight refining markets. Gas and LNG contributed through trading optimisation,with particularly strong LNG earnings, while Crude, Products and Liquids reported a loss for the quarter as the negative impact of derivative positions in a tight shipping market more than offset strong products trading. For the first nine months, results were also supported by strong trading and high refining margins. Revenues for the third quarter and first nine months of 2026 increased compared with the corresponding periods last year, mainly driven by higher commodity prices. The increase was partially offset by lower third-party and lower liquids sales volumes, with inventory timing effects impacting liquids sales volumes in the third quarter. Adjusted operating and administrative expenses* remained broadly stable in the third quarter of 2026 compared with the same quarter last year. Higher transportation costs and other variable elements were offset by a lower impact from changes in asset retirement obligation estimates for a late-life US offshore asset. For the first nine months, expenses increased compared with the corresponding period last year, largely driven by higher transportation costs due to increased freight rates and other variable elements. The increase also reflected the strengthening of the NOK against the USD, while portfolio changes in E&P International partially offset the increase. The ramp-up of new fields in E&P Norway and E&P International, together with the strengthening of the NOK against the USD, contributed to higher depreciation in the quarter and first nine months of 2026. The increase was partially offset by increased proved reserves and the classification of certain E&P International assets as held for sale. Exploration expenses increased in the third quarter and first nine months of 2026 compared with the corresponding periods last year, mainly due to higher field development costs across E&P Norway and E&P International. A higher capitalisation rate on the NCS in the first half of the year partially offset the increase. In the third quarter, net operating income included impairments of USD 628 million related to an offshore cross-border asset in Norway and the UK and a USD 120 million increase in a provision in E&P International, partially offset by a USD 165 million impairment reversal related to an offshore asset in Norway. The first nine months of 2026 also included a USD 467 million gain on the sale of Argentina onshore assets and a USD 128 million impairment related to an onshore asset in Norway in the second quarter. Net operating income in the third quarter and first nine months of 2025 included net impairments of USD 754 million and USD 1,855 million, respectively, largely reflecting updated price assumptions. The first nine months also included impairments of US assets related to the Empire Wind projects. Net financial items were broadly unchanged from the third quarter of 2025, as lower losses on financial investments were offset by higher currency losses. For the first nine months of 2026, net financial items improved primarily due to net positive fair value development on financial investments, compared with net negative fair value development in the first nine months of 2025. Taxes The effective tax rate was 77.6% for the third quarter of 2026, impacted by high commodity prices and a high share of income from the NCS with statutory tax rate of 78%, and currency effects in entities that are taxable in other currencies than the functional currency. For the first nine months of 2026, the effective tax rate was 69.3%, influenced by high share of income from entities with low tax rates and divestment of onshore assets in Argentina, partially offset by increase in provisions for uncertain tax positions. Cash flow and net debt Favourable commodity prices and high production generated cash flow provided by operating activities before taxes paid and working capital items of USD 14,679 million in the third quarter, up from USD 9,098 million in the same period last year. For the first nine months, cash flow provided by operating activities before taxes paid and working capital items increased from USD 28,885 million in the same period last year to USD 39,722 million. Cash flow from operations after taxes paid* increased to USD 8,142 million from USD 5,334 million in the same quarter last year, mainly reflecting higher income before tax. Dividends received from Adura in the third quarter of 2026 totalled USD 225 million, of which USD 57 million was included in cash flow from operations after taxes paid*. For the first nine months of 2026, cash flow from operations after taxes paid* increased to USD 21,838 million, compared to USD 14,666 million in the same period last year. Tax payments in the third quarter totalled USD 6,537 million, primarily consisting of the first two scheduled Norwegian corporation tax instalments related to 2026 earnings. This is an increase from USD 3,764 million in the same period last year, with the increase reflecting the significantly higher pricing environment of 2026. A working capital increase of USD 595 million reduced cash flow in the third quarter of 2026, compared to a decrease of USD 1,012 million in the third quarter of 2025. Net cash flow before capital distribution* decreased from USD 5,484 million in the second quarter to USD 5,183 million in the third quarter, as the second quarter included proceeds from the divestment of onshore assets in Argentina. In the third quarter, net cash flow* amounted to an inflow of USD 1,108 million after capital distributions of USD 4,076 million, compared with an outflow of USD 3,565 million in the same quarter last year. The prior- year outflow included payments related to the 2024 share buy-back programme. For the first nine months of 2026, net cash flow* amounted to an inflow of USD 7,294 million, compared with an outflow of USD 4,058 million in the same period last year, which also included an extraordinary dividend paid in early 2025. A decrease in net interest-bearing debt adjusted*, mainly due to increased cash from operations and higher equity, reduced the net debt to capital employed adjusted* ratio at the end of September 2026 to 3.8%, from 10.4% at the end of June 2026. 9 Group review PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Capital distribution The board of directors has decided a cash dividend of USD 0.39 per share for the third quarter of 2026. This is in line with the communication on 4 February 2026, when results for the fourth quarter of 2025 were announced. At the Capital Markets Day on 16 June this year, Equinor announced an intention to increase the share buy-back programme for 2026 by USD 1.5 billion. This brings the total expected programme for 2026 to up to USD 3 billion. The board has decided to initiate a fourth and final tranche of the share buy-back programme for 2026 of up to USD 1,125 million. The tranche will commence on 29 October 2026 and end no later than 1 February 2027. The third tranche of the share buy-back programme for 2026 was completed on 22 October with a total value of USD 1,125 million. All share buy-back amounts include shares to be redeemed by the Norwegian State. Health, safety and the environment The twelve-month average serious incident frequency (SIF) increased to 0.26 for the period ending 30 September 2026, up from 0.21 at year-end 2025. Equinor’s absolute Scope 1 and 2 GHG emissions from operated production (100% basis) were 7.6 million tonnes CO₂e in the first three quarters of 2026, an increase of 0.2 million tonnes CO₂e compared with the same period in 2025. The increase was mainly attributable to the start-up at Bacalhau. 10 Group review PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Outlook • Organic capital expenditures* are estimated at around USD 13 billion for 20261. • Oil & gas production for 2026 is estimated to grow around 4% compared to 2025 levels [4]. • Equinor’s ambition is to keep the unit of production cost in the top quartile of its peer group. • Scheduled maintenance activity is estimated to reduce equity production by around 35 mboe per day for the full year of 2026. These forward-looking statements 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 will occur in the future. Deferral of production to create future value, gas off-take, timing of new capacity coming on stream and operational regularity and levels of industry product supply, demand and pricing represent the most significant risks related to the foregoing production guidance. Our future financial performance, including cash flow and liquidity, will be affected by geopolitical and macroeconomic conditions, changes in the regulatory and policy landscape, the development in realised prices, including price differentials, tolls and tariffs and other factors discussed elsewhere in the report. 11 Outlook PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 1) USD/NOK exchange rate assumption of 10
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Supplementary operational disclosures 12 Supplementary operational disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Quarters Change First nine months Quarters Change First nine months Operational information Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Operational information Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Prices Equity production (mboe per day) Average Brent oil price (USD/bbl) 97.0 104.5 69.1 40% 94.0 70.9 33% E&P Norway equity liquids production 671 690 714 (6%) 697 665 5% E&P Norway average liquids price (USD/bbl) 98.2 102.3 67.9 45% 94.6 68.8 38% E&P International equity liquids production 263 261 239 10% 265 260 2% E&P International average liquids price (USD/bbl) 83.4 93.0 62.1 34% 82.1 63.6 29% E&P USA equity liquids production 131 156 155 (16%) 146 150 (3%) E&P USA average liquids price (USD/bbl) 72.7 84.4 55.2 32% 72.9 57.5 27% Group equity liquids production 1,065 1,107 1,109 (4%) 1,108 1,075 3% Group average liquids price (USD/bbl) [1] 92.3 97.9 64.9 42% 89.3 66.0 35% E&P Norway equity gas production 750 724 707 6% 756 725 4% Group average liquids price (NOK/bbl) [1] 878 923 655 34% 853 692 23% E&P International equity gas production 59 56 29 >100% 61 34 77% E&P Norway average internal gas price (USD/mmbtu) [7] 18.07 14.07 9.98 81% 14.41 11.31 27% E&P USA equity gas production 291 277 286 2% 289 282 2% E&P USA average internal gas price (USD/mmbtu) [7] 1.95 1.96 2.01 (3%) 2.89 2.50 16% Group equity gas production 1,101 1,058 1,022 8% 1,106 1,042 6% Realised piped gas price Europe (USD/mmbtu) [6] 19.99 15.79 11.43 75% 16.17 12.79 26% Total equity liquids and gas production [3] [5] 2,166 2,165 2,130 2% 2,214 2,116 5% Realised piped gas price US (USD/mmbtu) [6] 2.24 2.30 2.42 (7%) 3.49 2.98 17% Power generation Entitlement production (mboe per day) Total power generation (TWh) Equinor share 1.32 1.19 1.37 (4%) 3.90 3.89 —% E&P Norway entitlement liquids production 671 690 714 (6%) 697 665 5% Renewable power generation (TWh) Equinor share1) 1.15 0.91 0.91 26% 3.04 2.49 22% E&P International entitlement liquids production 229 200 184 24% 222 210 5% E&P USA entitlement liquids production 117 142 138 (15%) 131 134 (3%) 1) Includes Hywind Tampen renewable power generation. Group entitlement liquids production 1,017 1,032 1,036 (2%) 1,049 1,009 4% E&P Norway entitlement gas production 750 724 707 6% 756 725 4% E&P International entitlement gas production 42 41 19 >100% 45 20 >100% E&P USA entitlement gas production 247 234 242 2% 245 240 2% Group entitlement gas production 1,039 999 968 7% 1,046 985 6% Total entitlement liquids and gas production [3] [5] 2,056 2,032 2,005 3% 2,095 1,995 5%
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13 Supplementary operational disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Health, safety and the environment Twelve months average per Q3 2026 Full year 2025 Total recordable injury frequency (TRIF) 3.1 2.3 Serious Incident Frequency (SIF) 0.26 0.21 Oil and gas leakages (number of)1) 9 6 First nine months 2026 Full year 2025 Upstream CO₂ intensity (kg CO₂/boe)2) 6.0 6.3 First nine months 2026 First nine m o n t h s 2 0 2 5 ⁴ ⁾ Absolute scope 1+2 GHG emissions (million tonnes CO₂e)3) 7.6 7.4 1) Number of leakages with rate above 0.1kg/second during the past 12 months. 2) Operational control, total scope 1 emissions of CO2 from exploration and production, divided by total production (boe). 3) Operational control, total scope 1 and 2 emissions of CO2 ,CH4 and N2O. 4) Due to a change in the assets included within operational control boundaries related to Technical Service Provider arrangements, the 2025 results have been restated. For further information see the 2025 Annual report.
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Exploration & Production Norway Production and revenues Production remained high in the third quarter of 2026, unchanged from the same quarter last year. T h e r a m p ‑ u p o f n e w f i e l d s , p r i m a r i l y H a l t e n E a s t a n d Verdande, and contributions from new wells offset natural decline in mature fields and higher unplanned losses, notably at Johan Castberg and Troll. Liquids production decreased, while gas production increased in the quarter, reflecting the higher share of liquids in the production mix from the fields with natural decline. For the first nine months, contributions from new fields drove a 5% increase in production compared to the same period last year. The significant increase in gas and liquids prices, together with robust production, resulted in higher total revenues and other income in the third quarter and the first nine months of 2026, relative to the corresponding periods in 2025. Operating expenses and financial results Higher operation and maintenance costs, including variable energy costs, were the primary drivers of increased operating and administrative expenses in the third quarter and first nine months of 2026 compared to the same periods last year. The increase was further impacted by the strengthening of the NOK against the USD. The ramp-up of new fields, field-specific investments and the strengthening of the NOK against the USD led to higher depreciation and amortisation costs in the third quarter and first nine months of 2026 compared to the same periods last year, partially offset by increased proved reserves. Exploration activity in the third quarter related to 10 wells, compared to 18 wells in the same quarter last year. Despite the lower activity, exploration expenses increased due to higher field development and seismic costs. For the first nine months of 2026, higher drilling expenditure and field development costs led to an increase in expenses, partially offset by a higher capitalisation rate. In the third quarter and first nine months of 2026, net impairments of USD 295 million negatively affected net operating income. In the first nine months of 2025, net operating income included a gain related to the swap transaction with Petoro of USD 491 million. Additions to PP&E, intangibles and equity accounted investments in the third quarter of 2026 were mainly related to drilling of wells, modifications and development projects. For the first nine months of 2026, additions decreased compared with the same period last year, mainly reflecting assets acquired for USD 1,086 million in the swap transaction with Petoro in the first quarter of 2025. 14 Exploration & Production Norway PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Financial information Quarters Change First nine months (unaudited, in USD million) Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Total revenues and other income 13,530 12,070 8,278 63% 36,074 26,567 36% Total operating expenses (3,255) (2,882) (2,660) 22% (8,916) (7,299) 22% Net operating income/(loss) 10,275 9,187 5,618 83% 27,158 19,268 41% Adjusted total revenues and other income* 13,530 12,070 8,278 63% 36,074 26,076 38% Adjusted operating and administrative expenses* (1,079) (1,139) (926) 16% (3,311) (2,894) 14% Adjusted depreciation, amortisation and net impairments* (1,692) (1,648) (1,602) 6% (4,914) (4,067) 21% Adjusted exploration expenses* (190) (96) (132) 43% (396) (338) 17% Adjusted operating income/(loss)* 10,570 9,187 5,618 88% 27,453 18,777 46% Additions to PP&E, intangibles and equity accounted investments 1,699 1,901 1,557 9% 5,463 5,640 (3%) Operational information Quarters Change First nine months E&P Norway Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change E&P entitlement liquid and gas production (mboe/day) 1,421 1,415 1,422 —% 1,453 1,390 5% Average liquids price (USD/bbl) 98.2 102.3 67.9 45% 94.6 68.8 38% Average internal gas price (USD/mmbtu) 18.07 14.07 9.98 81% 14.41 11.31 27%
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Exploration & Production International Production and revenues The start-up of Bacalhau and the establishment of Adura in the fourth quarter of 2025 led to an increase in equity production in the third quarter and first nine months of 2026 compared to the same periods last year. Lower turnaround activity further contributed to the increase. The increase was partially offset by portfolio changes, including the sale of the 40% operated interest in Peregrino in November 2025 and the Argentina onshore assets in May 2026, as well as by natural production decline across certain fields and operational issues at Roncador. Production Sharing Agreements (PSA) effects decreased in the third quarter and first nine months of 2026 compared to the same periods last year, mainly due to lower production and higher cost recovery from Angola PSA fields. A significant underlift timing effect led to a decrease in adjusted total revenues and other income* in the third quarter compared to the same period last year. Higher prices partially offset this impact and contributed positively in both the third quarter and the first nine months of 2026 compared to the same periods last year. Operating expenses and financial results Operating and administrative expenses were lower in the third quarter compared to the same period last year, primarily due to divestments and lower lifted volumes. This decrease was partially offset by the start-up of production of an asset in Brazil. The decrease for the first nine months of 2026 was mainly driven by divestments and lower operating costs in Angola and at an asset in Brazil, partially offset by Bacalhau production start-up and other variable costs. Higher depreciation rates due to the start of production on a new field in Brazil late in 2025 resulted in higher depreciation costs in the third quarter of 2026 compared to the same quarter last year. For the first nine months of 2026, portfolio changes more than offset the effect of production start up in Brazil, resulting in lower depreciation costs compared to the same period last year. Early phase costs for a Canadian project led to higher exploration expenses in the third quarter and first nine months of 2026 compared to the corresponding periods last year. Net operating income in the third quarter of 2026 was negatively impacted by the impairment of a cross-border asset in the UK and an increase in a provision. A gain on sale of the Argentina onshore assets, recognised in the second quarter of 2026, positively impacted net operating income in the first nine months of 2026. Net operating income in the third quarter and the first nine months of 2025 was negatively impacted by an impairment of assets held for sale in the UK amounting to USD 650 million. Additions to PP&E, intangibles and equity accounted investments in the first nine months of 2026 reflect the effects of portfolio changes and reduced Bacalhau spending after production start-up in the fourth quarter of 2025. 15 Exploration & Production International PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Financial information Quarters Change First nine months (unaudited, in USD million) Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Total revenues and other income 1,280 2,202 1,315 (3%) 4,985 4,234 18% Total operating expenses (1,005) (838) (1,569) (36%) (2,731) (3,493) (22%) Net operating income/(loss) 275 1,363 (254) N/A 2,254 741 >100% Adjusted total revenues and other income* 1,248 1,681 1,315 (5%) 4,432 4,185 6% Adjusted purchases* (13) 78 (38) (65%) 5 (102) N/A Adjusted operating and administrative expenses* (297) (565) (532) (44%) (1,368) (1,589) (14%) Adjusted depreciation, amortisation and net impairments* (308) (284) (269) 15% (876) (974) (10%) Adjusted exploration expenses* (85) (67) (80) 6% (189) (164) 15% Adjusted operating income/(loss)* 545 843 396 38% 2,003 1,356 48% Additions to PP&E, intangibles and equity accounted investments 725 440 695 4% 1,907 2,078 (8%) Operational information Quarters Change First nine months E&P International Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change E&P equity liquid and gas production (mboe/ day) 323 317 267 21% 326 294 11% E&P entitlement liquid and gas production (mboe/day) 271 241 203 34% 266 231 16% Production sharing agreements (PSA) effects 52 76 65 (20%) 60 64 (6%) Average liquids price (USD/bbl) 83.4 93.0 62.1 34% 82.1 63.6 29%
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Exploration & Production USA Production and revenues E&P USA reported lower production in the third quarter of 2026 compared with the corresponding period in 2025. Lower US offshore production was primarily driven by planned downtime and natural decline. This decrease was slightly offset by an increase in onshore production resulting from fewer curtailments in Appalachia North. For the first nine months of 2026, E&P USA production was stable compared with the corresponding period in 2025. Natural decline and planned turnarounds in US offshore production were largely offset by production from new wells drilled across several assets. In addition, Appalachia production benefited from higher gas prices during the first quarter of 2026. Production remained broadly in line with the prior year despite higher planned turnaround activity. In the third quarter of 2026, higher liquids prices more than offset lower US offshore production volumes, resulting in increased revenues compared with the third quarter of 2025. For the first nine months of 2026, higher liquids and natural gas prices contributed to increased total revenues and other income compared with the corresponding period in 2025. Operating expenses and financial results Operating and administrative expenses decreased in the third quarter and first nine months of 2026 compared with the corresponding periods in 2025. An increase in asset retirement costs associated with changes in estimates of a late-life offshore asset was recognised in the third quarter of both 2025 and 2026. The expense recognised in 2026 was lower than in the prior year, driving the decrease in operating and administrative expenses between the two periods. The cost levels between the quarters were otherwise broadly stable. Operating and administrative expenses for the first nine months of 2026 additionally benefited from a favourable non- recurring item recognised during the first quarter of 2026. Depreciation, amortisation and net impairment charges decreased in both the third quarter and first nine months of 2026 compared with the corresponding periods in 2025. The decrease was due to increased proved reserves at year-end 2025, impairments recognised in 2025 on assets with higher depreciation rates, and lower US offshore production volumes. The decrease in the first nine months was also related to a revised abandonment cost estimate for a late-life asset recognised in the comparative period. Adjusted exploration expenses* increased both in the third quarter and first nine months of 2026 compared to the corresponding periods in 2025, partially driven by a revision to the abandonment cost estimate for previously drilled exploration wells. No exploration wells were drilled during any of the periods presented. Additions to property, plant and equipment, intangible assets and equity-accounted investments include continued development in US Offshore, particularly at the Sparta field, in the third quarter and first nine months of 2026. 16 Exploration & Production USA PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Financial information Quarters Change First nine months (unaudited, in USD million) Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Total revenues and other income 1,097 1,374 1,014 8% 3,855 3,251 19% Total operating expenses (752) (654) (1,398) (46%) (2,045) (2,941) (30%) Net operating income/(loss) 345 720 (384) N/A 1,810 310 >100% Adjusted total revenues and other income* 1,097 1,374 1,014 8% 3,855 3,251 19% Adjusted operating and administrative expenses* (388) (270) (569) (32%) (940) (1,186) (21%) Adjusted depreciation, amortisation and net impairments* (342) (359) (405) (16%) (1,053) (1,311) (20%) Adjusted exploration expenses* (22) (25) (3) >100% (53) (24) >100% Adjusted operating income/(loss)* 345 720 37 >100% 1,810 730 >100% Additions to PP&E, intangibles and equity accounted investments 366 366 314 17% 974 915 6% Operational information Quarters Change First nine months E&P USA Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change E&P equity liquid and gas production (mboe/ day) 422 433 441 (4%) 435 432 1% E&P entitlement liquid and gas production (mboe/day) 364 376 380 (4%) 376 374 0% Royalties 58 57 61 (4%) 59 58 2% Average liquids price (USD/bbl) 72.7 84.4 55.2 32% 72.9 57.5 27% Average internal gas price (USD/mmbtu) 1.95 1.96 2.01 (3%) 2.89 2.50 16%
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Marketing, Midstream & Processing Volumes, pricing and revenues Liquids sales volumes were lower compared to the previous quarter, driven by the normalisation of in- transit inventory timing effects from the prior quarter. Lower third-party sales volumes drove the decrease compared with the first nine months of 2025. Gas sales volumes increased slightly compared to the previous quarter and the first nine months of 2025, due to higher Equinor gas production. The realised European piped gas price increased compared to both the previous quarter and the same quarter last year, in line with higher market prices. Tight market conditions and supply disruptions following the conflict in the Middle East drove a significant increase in European gas prices during the quarter. Increased US gas production and well-supplied inventories drove the realised US piped gas price slightly lower than the previous quarter and below the same quarter last year. Financial results In the third quarter of 2026, adjusted operating income* was supported by elevated refining margins and high production efficiency. Refinery margins benefitted from tight global refining capacity and refinery disruptions in the Middle East and Russia. Gas and LNG contributed strongly through optimisation of equity and third-party trading. Crude, Products and Liquids was negatively impacted by derivative positions in a tight shipping market resulting in a loss for the quarter, which was partially offset by strong products trading driven by tight markets and heightened volatility. Adjusted operating income* increased relative to the previous quarter, driven by significantly stronger results from refining margins, higher LNG earnings and stronger European gas prices, partially offset by lower results from crude trading. During the first nine months of 2026, adjusted operating income* was higher than the same period last year across all subsegments, primarily driven by stronger trading results, higher refining margins and lower costs related to developing low carbon projects. Net operating income includes the net effect of fair value changes in storages, fair value changes in embedded and hedge derivatives, changes in onerous provisions and impairments. Additions to PP&E, intangibles and equity accounted investments in both the third quarter and the first nine months of 2026 include new leases for LNG vessels. 17 Marketing, Midstream & Processing PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Financial information Quarters Change First nine months (unaudited, in USD million) Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Total revenues and other income1) 31,671 33,487 25,215 26% 91,841 78,045 18% Total operating expenses1) (30,423) (32,326) (24,698) 23% (88,903) (77,092) 15% Net operating income/(loss)1) 1,248 1,161 517 >100% 2,938 953 >100% Adjusted total revenues and other income*1) 31,486 32,888 25,233 25% 91,617 78,202 17% Adjusted purchases* [2]1) (28,885) (30,391) (23,473) 23% (83,949) (72,913) 15% Adjusted operating and administrative expenses*1) (1,500) (1,477) (1,238) 21% (4,507) (3,721) 21% Adjusted depreciation, amortisation and net impairments*1) (207) (243) (215) (4%) (704) (673) 5% Adjusted operating income/(loss)*1) 893 777 307 >100% 2,457 895 >100% — G a s a n d L N G ¹ ⁾ ² ⁾ 444 291 286 55% 1,220 773 58% — Crude, Products and Liquids (96) 355 31 N/A 612 388 58% — O t h e r ¹ ⁾ 545 130 (10) N/A 625 (265) N/A Additions to PP&E, intangibles and equity accounted investments 431 262 307 41% 1,400 768 82% Operational information Quarters Change First nine months Marketing, Midstream and Processing Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Liquids sales volumes (mmbl) 225.9 242.6 279.1 (19%) 729.2 829.9 (12%) Natural gas sales Equinor (bcm)3) 17.1 16.4 16.8 2% 51.2 49.5 3% Natural gas entitlement sales Equinor (bcm) 15.0 14.4 14.1 6% 44.7 41.1 9% Realised piped gas price Europe (USD/mmbtu) 19.99 15.79 11.43 75% 16.17 12.79 26% Realised piped gas price US (USD/mmbtu) 2.24 2.30 2.42 (7%) 3.49 2.98 17% 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor’s financial statements and previously reported numbers for 2025 have been restated. For further information and restatement tables, see Note 2 Segments and Supplementary disclosures. 2) Previously named Gas and Power. 3) Restated Q2 2026.
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Power Power generation Renewable power generation increased in the third quarter and first nine months of 2026 compared to the corresponding periods last year, primarily driven by the ramp up of Dogger Bank and contributions from a newly operational onshore asset in Brazil. Lower gas-to-power generation resulted in a decrease in total power generation in the third quarter, while total power generation remained broadly stable for the first nine months. Financial results Power reported an adjusted operating loss* in the third quarter of 2026, as strong trading results and contributions from producing assets were more than offset by project development costs and other expenses. Power trading was the main positive contributor, driven by favourable market conditions, weather-driven volatility and value capture across power markets. Significantly higher energy prices increased both revenues and associated purchases. Project development costs continued to negatively impact the result, despite lower activity levels and one-off refunds of grid connection costs related to onshore renewables. Stronger power trading results and lower project development costs reduced the adjusted operating loss* compared to the same quarter last year. For the first nine months of 2026, the adjusted operating loss* decreased compared to the same period last year, largely due to the same drivers as the third quarter and lower early-phase project costs. Net operating income includes fair value changes in derivatives. The first nine months of 2025 included an impairment loss of USD 1,101 million related to US offshore wind projects. Additions to PP&E, intangibles and equity accounted investments in the third quarter and first nine months of 2026 were mainly related to the Empire Wind project in the US. With effect from the first quarter of 2026, the new Power business area (PWR) is presented as a reportable segment in Equinor’s financial statements. The PWR business area is responsible for all power activities, including the activities formerly included in Renewables (REN) and flexible power assets transferred from the business area Marketing, Midstream and Processing (MMP), as well as Danske Commodities’ power trading business. 18 Power PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Financial information Quarters Change First nine months (unaudited, in USD million) Q3 2026 Q2 2026 Q 3 2 0 2 5 ¹ ⁾ Q3 on Q3 2026 2025 Change Revenues third party, other revenue and other income 969 681 594 63% 2,475 1,687 47% Net income/(loss) from equity accounted investments 22 44 (22) N/A 101 (7) N/A Total revenues and other income 991 725 572 73% 2,575 1,680 53% Total operating expenses (1,008) (720) (638) 58% (2,595) (3,030) (14%) Net operating income/(loss) (17) 5 (66) (75%) (19) (1,349) (99%) Adjusted total revenues and other income* 978 691 567 72% 2,528 1,723 47% Adjusted purchases* (887) (574) (519) 71% (2,181) (1,515) 44% Adjusted operating and administrative expenses* (83) (131) (105) (21%) (341) (369) (8%) Adjusted depreciation, amortisation and net impairments* (14) (15) (14) (3%) (42) (36) 16% Adjusted operating income/(loss)* (5) (30) (72) (93%) (36) (198) (82%) Additions to PP&E, intangibles and equity accounted investments 525 588 773 (32%) 1,791 2,271 (21%) Operational information Quarters Change First nine months Power Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Renewable power generation (TWh) Equinor share2) 1.15 0.91 0.91 26% 3.04 2.49 22% Total power generation (TWh) Equinor share 1.32 1.19 1.37 (4%) 3.90 3.89 —% 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor’s financial statements and previously reported numbers for 2025 have been restated. For further information and restatement tables, see Note 2 Segments and Supplementary disclosures. 2) Includes Hywind Tampen renewable power generation, which is owned by E&P Norway and operated by PWR.
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Condensed interim financial statements and notes CONSOLIDATED STATEMENT OF INCOME 20 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 21 CONSOLIDATED BALANCE SHEET 22 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 23 CONSOLIDATED STATEMENT OF CASH FLOWS 24 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS 25 Note 1. Organisation and basis of preparation 25 Note 2. Segments 26 Note 3. Acquisitions and disposals 34 Note 4. Revenues 35 Note 5. Financial items 35 Note 6. Income taxes 36 Note 7. Capital distribution 36 Note 8. Contingent liabilities 37 19 PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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CONSOLIDATED STATEMENT OF INCOME Revenues 4 32,936 34,523 26,017 95,275 80,531 Interest income and other financial income 320 229 265 919 904 Net income/(loss) from equity accounted investments 127 130 (16) 236 6 Interest expenses and other financial expenses (370) (435) (366) (1,239) (1,042) Other income 3 127 524 48 699 578 Other financial items (555) 243 (504) 711 (410) Total revenues and other income 2 33,190 35,177 26,049 96,210 81,115 Net financial items 5 (606) 37 (604) 391 (548) Purchases [net of inventory variation] (14,463) (15,933) (13,917) (43,360) (42,100) Income/(loss) before tax 11,349 13,029 4,666 34,122 19,318 Operating expenses (2,979) (3,070) (3,055) (9,164) (8,650) Selling, general and administrative expenses (395) (273) (258) (977) (910) Income tax 6 (8,804) (8,194) (4,870) (23,637) (15,574) Depreciation, amortisation and net impairments 2 (3,088) (2,719) (3,297) (8,327) (9,029) Exploration expenses (311) (189) (252) (652) (562) Net income/(loss) 2,545 4,836 (204) 10,485 3,744 Total operating expenses 2 (21,236) (22,184) (20,779) (62,479) (61,250) Attributable to equity holders of the company 2,535 4,848 (210) 10,489 3,729 Attributable to non-controlling interests 9 (12) 7 (5) 15 Net operating income/(loss) 2 11,955 12,993 5,270 33,731 19,866 Basic earnings per share (in USD) 1.07 1.99 (0.08) 4.31 1.42 Diluted earnings per share (in USD) 1.06 1.99 (0.08) 4.30 1.42 Weighted average number of ordinary shares outstanding (in millions) 2,374 2,431 2,527 2,433 2,622 Weighted average number of ordinary shares outstanding diluted (in millions) 2,382 2,439 2,535 2,441 2,629 Quarters First nine months Quarters First nine months (unaudited, in USD million) Note Q3 2026 Q2 2026 Q3 2025 2026 2025 (unaudited, in USD million) Note Q3 2026 Q2 2026 Q3 2025 2026 2025 20 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Net income/(loss) 2,545 4,836 (204) 10,485 3,744 Actuarial gains/(losses) on defined benefit pension plans 108 30 306 125 5 Income tax effect on income and expenses recognised in OCI1) (21) (8) (67) (24) 7 Items that will not be reclassified to the Consolidated statement of income 87 22 240 101 12 Foreign currency translation effects 379 (264) (78) 282 2,696 Share of OCI from equity accounted investments 153 (30) 10 139 7 Items that may be subsequently reclassified to the Consolidated statement of income 532 (294) (68) 421 2,702 Other comprehensive income/(loss) 619 (272) 171 522 2,714 Total comprehensive income/(loss) 3,163 4,564 (32) 11,007 6,458 Attributable to the equity holders of the company 3,154 4,576 (39) 11,011 6,443 Attributable to non-controlling interests 9 (12) 7 (5) 15 1) Other comprehensive income (OCI). Quarters First nine months (unaudited, in USD million) Q3 2026 Q2 2026 Q3 2025 2026 2025 21 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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CONSOLIDATED BALANCE SHEET ASSETS Property, plant and equipment 2, 3 63,723 61,241 Intangible assets 6,134 5,950 Equity accounted investments 8,223 8,504 Deferred tax assets 5,507 5,053 Pension assets 2,415 2,107 Derivative financial instruments 1,236 1,020 Financial investments 6,849 6,839 Prepayments and financial receivables 2,498 2,073 Total non-current assets 96,584 92,787 Inventories 4,026 3,330 Trade and other receivables 14,148 10,819 Prepayments and financial receivables1) 5,687 3,885 Derivative financial instruments 1,861 667 Financial investments 5 17,691 14,297 Cash and cash equivalents 6,304 5,036 Total current assets 49,716 38,034 Assets classified as held for sale 3 916 906 Total assets 147,216 131,727 1) Includes collateral deposits of USD 2.4 billion as at 30 September 2026 related to certain requirements set out by exchanges where Equinor is participating. The corresponding figure for 31 December 2025 is USD 1.3 billion. At 30 September At 31 December (in USD million) Note 2026 (unaudited) 2025 (audited) EQUITY AND LIABILITIES Shareholders' equity 44,914 40,424 Non-controlling interests 81 74 Total equity 44,995 40,497 Finance debt 5 21,130 23,763 Lease liabilities 2,828 2,221 Deferred tax liabilities 15,311 14,524 Pension liabilities 4,434 4,076 Provision and other liabilities 14,029 14,715 Derivative financial instruments 1,442 1,150 Total non-current liabilities 59,174 60,450 Trade and other payables 13,610 9,700 Provisions and other liabilities 3,271 3,299 Current tax payable 17,603 10,994 Finance debt 5 4,246 4,047 Lease liabilities 1,458 1,190 Dividends payable 925 923 Derivative financial instruments 1,772 448 Total current liabilities 42,884 30,601 Liabilities directly associated with the assets classified as held for sale 3 164 179 Total liabilities 102,222 91,230 Total equity and liabilities 147,216 131,727 At 30 September At 31 December (in USD million) Note 2026 (unaudited) 2025 (audited) 22 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY At 1 January 2025 1,052 — 52,407 (11,385) 268 42,342 38 42,379 Net income/(loss) 3,729 3,729 15 3,744 Other comprehensive income/(loss) 12 2,696 7 2,714 2,714 Total comprehensive income/(loss) — — 3,741 2,696 7 6,443 15 6,458 Dividends (2,865) (2,865) (2,865) Share buy-back (56) — (5,317) (5,373) (5,373) Other equity transactions — (21) (21) 14 (7) At 30 September 2025 995 — 47,945 (8,689) 275 40,525 67 40,592 At 1 January 2026 995 — 48,028 (8,919) 319 40,424 74 40,498 Net income/(loss) 10,489 10,489 (5) 10,485 Other comprehensive income/(loss) 101 282 139 522 522 Total comprehensive income/(loss) — — 10,591 282 139 11,011 (5) 11,007 Dividends (2,823) (2,823) (2,823) Share buy-back1) (44) — (3,627) (3,670) (3,670) Other equity transactions — (27) (27) 12 (16) At 30 September 2026 951 — 52,142 (8,637) 457 44,914 81 44,995 1) For more information see note 7 Capital distribution (unaudited, in USD million) Share capital Additional paid-in capital Retained earnings Foreign currency translation reserve OCI from equity accounted investments Shareholders' equity Non-controlling interests Total equity 23 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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CONSOLIDATED STATEMENT OF CASH FLOWS Income/(loss) before tax 11,349 13,029 4,666 34,122 19,318 Depreciation, amortisation and net impairments, including exploration write-offs 3,107 2,720 3,369 8,357 9,107 (Gains)/losses on foreign currency transactions and balances 5 302 (231) (72) (117) 129 (Gains)/losses on sale of assets and businesses 3 (21) (467) (12) (488) (524) (Increase)/decrease in other items related to operating activities (41) (92) 938 (1,417) 1 (Increase)/decrease in net derivative financial instruments 6 (444) (69) (97) (241) Cash collaterals for commodity derivative transactions (179) 248 44 (791) 509 Interest received 231 251 327 665 987 Interest paid (75) (263) (93) (511) (401) Cash flow provided by operating activities before taxes paid and working capital items 14,679 14,752 9,098 39,722 28,885 Taxes paid (6,537) (7,075) (3,764) (17,884) (14,219) (Increase)/decrease in working capital (595) 1,793 1,012 391 3,199 Cash flows provided by operating activities 7,547 9,470 6,346 22,229 17,865 Cash (used)/received in business combinations — — — — (26) Capital expenditures and investments (2,872) (2,872) (3,420) (8,860) (9,848) (Increase)/decrease in financial investments (1,423) (1,363) 617 (2,355) 3,154 (Increase)/decrease in derivative financial instruments 61 288 (106) 463 296 (Increase)/decrease in other interest-bearing items (134) (51) 170 (228) 126 Proceeds from sale of assets and businesses 3 47 558 — 693 424 Cash flows provided by/(used in) investing activities (4,321) (3,439) (2,739) (10,286) (5,874) Quarters First nine months (unaudited, in USD million) Note Q3 2026 Q2 2026 Q3 2025 2026 2025 New finance debt — — 556 — 4,198 Repayment of finance debt (1) (873) (766) (1,652) (2,021) Repayment of lease liabilities (414) (429) (393) (1,243) (1,136) Dividends paid (938) (971) (938) (2,829) (3,873) Share buy-back (3,137) (83) (4,712) (3,491) (5,527) Net current finance debt and other financing activities (361) (1,547) 1,269 (1,356) (1,734) Cash flows provided by/(used in) financing activities (4,853) (3,903) (4,983) (10,571) (10,092) Net increase/(decrease) in cash and cash equivalents (1,627) 2,128 (1,375) 1,372 1,898 Effect of exchange rate changes in cash and cash equivalents (134) 14 45 (107) 306 Cash and cash equivalents at the beginning of the period1) 8,062 5,920 9,437 5,036 5,903 Cash and cash equivalents at the end of the period1) 6,300 8,062 8,107 6,300 8,107 1) Cash and cash equivalents net of overdraft Quarters First nine months (unaudited, in USD million) Note Q3 2026 Q2 2026 Q3 2025 2026 2025 24 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS Note 1. Organisation and basis of preparation Organisation and principal activities Equinor Group (Equinor) consists of Equinor ASA and its subsidiaries. Equinor ASA is incorporated and domiciled in Norway and listed on the Oslo Børs (Norway) and the New York Stock Exchange (USA). The registered office address is Forusbeen 50, N-4035, Stavanger, Norway. The objective of Equinor is to develop, produce and market various forms of energy and derived products and services, as well as other businesses. The activities may also be carried out through participation in or cooperation with other companies. Equinor Energy AS, a 100% owned operating subsidiary of Equinor ASA and owner of all of Equinor's oil and gas activities and net assets on the Norwegian continental shelf, is a co-obligor or guarantor of certain debt obligations of Equinor ASA. Equinor's condensed interim financial statements for the third quarter of 2026 were authorised for issue by the board of directors on 27 October 2026. Basis of preparation These condensed interim financial statements are prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (IASB) and as adopted by the European Union (EU). The condensed interim financial statements do not include all the information and disclosures required by IFRS® Accounting Standards for a complete set of financial statements and should be read in conjunction with the Consolidated annual financial statements for 2025. IFRS Accounting Standards as adopted by the EU differs in certain respects from IFRS Accounting Standards as issued by the IASB, however the differences do not impact Equinor's financial statements for the periods presented. Certain amounts in the comparable years have been reclassified to conform to current year presentation. As a result of rounding differences, numbers or percentages may not add up to the total. The condensed interim financial statements are unaudited. Accounting policies The accounting policies applied in the preparation of the condensed interim financial statements are consistent with those applied in the preparation of Equinor’s consolidated annual financial statements as at, and for the year ended, 31 December 2025. A description of the material accounting policies is included in Equinor’s consolidated annual financial statements for 2025. When determining fair value, there have been no changes to the valuation techniques or models and Equinor applies the same sources of input and the same criteria for categorisation in the fair value hierarchy as disclosed in the Consolidated annual financial statements for 2025. For information about IFRS Accounting Standards, amendments to IFRS Accounting Standards and IFRIC® Interpretations effective from 1 January 2026, that could affect the consolidated financial statements, please refer to note 2 in Equinor’s consolidated annual financial statements for 2025. None of the amendments to IFRS Accounting Standards effective from 1 January 2026 have had a significant impact on the condensed interim financial statements. Equinor has not early adopted any IFRS Accounting Standards, amendments to IFRS Accounting Standards or IFRIC Interpretations issued but not yet effective. Use of judgements and estimates The preparation of financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are reviewed on an on-going basis and are based on historical experience and various other factors that are believed to be reasonable under the circumstances. These estimates and assumptions form the basis for making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. Please refer to note 2 in Equinor’s consolidated annual financial statements for 2025 for more information about accounting judgement and key sources of estimation uncertainty. 25 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Note 2. Segments Equinor’s operations are organised into business areas and followed up through operating segments in order to effectively manage and execute our strategy, including the ability to measure the progress of the business against its strategic goals. The operating segments are defined based on the components of Equinor that are regularly reviewed by the chief operating decision maker, Equinor's Chief Executive Officer (CEO). With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor’s financial statements. PWR is responsible for all power activities, including the activities formerly included in Renewables (REN), flexible power assets transferred from the business area Marketing, Midstream and Processing (MMP), as well as Danske Commodities’ power trading business, formerly included in MMP. Restated historical figures are shown in the tables following the comparative quarterly segment tables. The following reportable segments correspond to the operating segments: Exploration & Production Norway (E&P Norway), Exploration & Production International (E&P International), Exploration & Production USA (E&P USA), Marketing, Midstream & Processing (MMP) and Power (PWR). Based on materiality considerations, the remaining business areas Projects, Drilling & Procurement (PDP) and Technology, Digital & Innovation (TDI), as well as Corporate staff and functions, are aggregated into the reportable segment Other. The majority of the costs in PDP and TDI is allocated to the three Exploration & Production segments, MMP and PWR. The accounting policies of the reporting segments are consistent with those described in these Consolidated financial statements, except for the following: movements related to changes in asset retirement obligations are excluded from the line item Additions to PP&E, intangibles and Equity accounted investments, and provisions for onerous contracts reflect only obligations towards group external parties. The measurement basis of segment profit is net operating income/(loss). Deferred tax assets, pension assets, non-current financial assets, total current assets and total liabilities are not allocated to the segments. Transactions between the segments, mainly from the sale of crude oil, gas, and related products, are performed at defined internal prices which have been derived from market prices. The transactions are eliminated upon consolidation. Net Impairments In the third quarter 2026, net impairments in E&P Norway and E&P International mainly related to updated production profiles on a cross-border producing asset on the Norwegian Continental Shelf. 26 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Revenues third party 100 194 65 31,625 925 27 — 32,936 Revenues and other income inter-segment 13,371 995 1,032 (5) 44 10 (15,448) — Net income/(loss) from equity accounted investments — 57 — 51 22 (3) — 127 Other income 59 33 — — — 35 — 127 Total revenues and other income 13,530 1,280 1,097 31,671 991 69 (15,448) 33,190 Purchases [net of inventory variation] (1) (13) — (28,699) (887) — 15,137 (14,463) Operating, selling, general and administrative expenses (1,078) (417) (388) (1,517) (86) (23) 136 (3,374) Depreciation and amortisation (1,692) (308) (342) (207) (14) (41) — (2,603) Net impairment (losses)/reversals (295) (168) — — (22) — — (485) Exploration expenses (190) (99) (22) — — — — (311) Total operating expenses (3,255) (1,005) (752) (30,423) (1,008) (64) 15,272 (21,236) Net operating income/(loss) 10,275 275 345 1,248 (17) 5 (176) 11,955 Additions to PP&E, intangibles and equity accounted investments 1,699 725 366 431 525 77 — 3,822 Balance sheet information Equity accounted investments 5 5,110 — 349 2,575 185 — 8,223 Non-current segment assets 33,084 13,391 11,662 4,530 6,339 852 — 69,857 Non-current assets not allocated to segments 18,504 Total non-current assets 96,584 Third quarter 2026 (in USD million) E&P Norway E&P International E&P USA MMP Power Other Eliminations Total Group 27 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Revenues third party 89 203 77 33,479 656 20 — 34,523 Revenues and other income inter-segment 11,979 1,384 1,297 9 25 10 (14,705) — Net income/(loss) from equity accounted investments — 94 — (2) 44 (7) — 130 Other income 2 521 — — — 1 — 524 Total revenues and other income 12,070 2,202 1,374 33,487 725 25 (14,705) 35,177 Purchases [net of inventory variation] — 78 — (30,576) (574) — 15,138 (15,933) Operating, selling, general and administrative expenses (1,139) (565) (270) (1,380) (131) 3 138 (3,343) Depreciation and amortisation (1,648) (284) (359) (243) (15) (43) — (2,591) Net impairment (losses)/reversals — — — (128) — — — (128) Exploration expenses (96) (67) (25) — — — — (189) Total operating expenses (2,882) (838) (654) (32,326) (720) (39) 15,276 (22,184) Net operating income/(loss) 9,187 1,363 720 1,161 5 (15) 572 12,993 Additions to PP&E, intangibles and equity accounted investments 1,901 440 366 262 588 19 — 3,574 Second quarter 2026 (in USD million) E&P Norway E&P International E&P USA MMP Power Other Eliminations Total Group 28 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Revenues third party 77 125 57 25,171 563 24 — 26,017 Revenues and other income inter-segment 8,212 1,169 957 24 16 8 (10,386) — Net income/(loss) from equity accounted investments — — — 12 (22) (6) — (16) Other income (11) 22 — 8 15 14 — 48 Total revenues and other income 8,278 1,315 1,014 25,215 572 40 (10,386) 26,049 Purchases [net of inventory variation] — (38) — (23,476) (519) — 10,115 (13,917) Operating, selling, general and administrative expenses (926) (532) (569) (1,291) (102) (74) 182 (3,312) Depreciation and amortisation (1,602) (269) (405) (215) (14) (38) — (2,543) Net impairment (losses)/reversals — (650) (385) 283 (3) — — (754) Exploration expenses (132) (80) (39) — — — — (252) Total operating expenses (2,660) (1,569) (1,398) (24,698) (638) (112) 10,297 (20,779) Net operating income/(loss) 5,618 (254) (384) 517 (66) (71) (89) 5,270 Additions to PP&E, intangibles and equity accounted investments 1,557 695 314 307 773 34 — 3,679 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables below. Third quarter 2025 (in USD million) E&P Norway E&P International E&P USA M M P ¹ ⁾ P o w e r ¹ ⁾ Other Eliminations Total Group 29 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Revenues third party 276 580 211 91,748 2,376 84 — 95,275 Revenues and other income inter-segment 35,703 3,790 3,644 6 99 30 (43,272) — Net income/(loss) from equity accounted investments — 61 — 87 101 (12) — 236 Other income 95 554 — — — 49 — 699 Total revenues and other income 36,074 4,985 3,855 91,841 2,575 151 (43,272) 96,210 Purchases [net of inventory variation] (2) 5 — (83,659) (2,181) — 42,478 (43,360) Operating, selling, general and administrative expenses (3,309) (1,488) (940) (4,412) (349) (108) 466 (10,141) Depreciation and amortisation (4,914) (876) (1,053) (704) (42) (125) — (7,715) Net impairment (losses)/reversals (295) (168) — (128) (22) — — (612) Exploration expenses (396) (203) (53) — — — — (652) Total operating expenses (8,916) (2,731) (2,045) (88,903) (2,595) (233) 42,944 (62,479) Net operating income/(loss) 27,158 2,254 1,810 2,938 (19) (82) (327) 33,731 Additions to PP&E, intangibles and equity accounted investments 5,463 1,907 974 1,400 1,791 136 — 11,671 First nine months 2026 (in USD million) E&P Norway E&P International E&P USA MMP Power Other Eliminations Total Group 30 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Revenues and other income inter-segment 25,861 3,724 3,070 49 38 24 (32,766) — Net income/(loss) from equity accounted investments — — — 20 (7) (7) — 6 Other income 496 77 — 9 (20) 16 — 578 Total revenues and other income 26,567 4,234 3,251 78,045 1,680 105 (32,766) 81,115 Purchases [net of inventory variation] — (102) — (72,941) (1,515) (1) 32,460 (42,100) Operating, selling, general and administrative expenses (2,894) (1,603) (1,186) (3,762) (374) (156) 416 (9,560) Depreciation and amortisation (4,067) (974) (1,311) (673) (37) (113) — (7,174) Net impairment (losses)/reversals — (650) (385) 283 (1,103) — — (1,854) Exploration expenses (338) (164) (60) — — — — (562) Total operating expenses (7,299) (3,493) (2,941) (77,092) (3,030) (270) 32,876 (61,250) Net operating income/(loss) 19,268 741 310 953 (1,349) (165) 110 19,866 Additions to PP&E, intangibles and equity accounted investments 5,640 2,078 915 768 2,271 79 — 11,752 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment and previously reported numbers for 2025 have been restated. For further information, see restatement of previously reported segment information tables below. First nine months 2025 (in USD million) E&P Norway E&P International E&P USA M M P ¹ ⁾ P o w e r ¹ ⁾ Other Eliminations Total Group Revenues third party 210 433 181 77,967 1,669 72 — 80,531 31 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Restatement of previously reported segment information Income statement and balance sheet information by segment (in USD million) Q1 2025 Q2 2025 First half 2025 Q3 2025 First nine months 2025 As reported Restated As reported Restated As reported Restated As reported Restated As reported Restated (in USD million) MMP REN MMP PWR MMP REN MMP PWR MMP REN MMP PWR MMP REN MMP PWR MMP REN MMP PWR Revenues third party 29,066 18 28,372 712 24,795 22 24,423 394 53,861 40 52,796 1,106 25,719 16 25,171 563 79,579 56 77,967 1,669 Revenues and other income inter-segment 13 5 8 10 25 5 17 13 38 10 25 23 28 11 24 16 66 22 49 38 Net income/(loss) from equity accounted investments (9) 22 6 7 (21) 31 2 8 (30) 53 8 15 (1) (9) 12 (22) (31) 44 20 (7) Other income 1 (44) 1 (44) — 9 — 9 1 (35) 1 (35) 8 15 8 15 9 (20) 9 (20) Total revenues and other income 29,072 1 28,388 685 24,798 67 24,441 424 53,870 68 52,830 1,108 25,753 34 25,215 572 79,623 102 78,045 1,680 Purchases [net of inventory variation] (27,407) — (26,749) (658) (23,055) — (22,716) (338) (50,462) — (49,466) (996) (23,988) (7) (23,476) (519) (74,450) (7) (72,941) (1,515) Operating, selling, general and administrative expenses (1,353) (107) (1,322) (138) (1,182) (101) (1,149) (134) (2,535) (208) (2,471) (272) (1,323) (70) (1,291) (102) (3,858) (278) (3,762) (374) Depreciation and amortisation (227) (8) (226) (9) (232) (12) (231) (14) (460) (21) (457) (23) (217) (13) (215) (14) (676) (33) (673) (37) Net impairment (losses)/reversals — (145) — (145) — (955) — (955) — (1,100) — (1,100) 283 (3) 283 (3) 283 (1,103) 283 (1,103) Exploration expenses — — — — — — — — — — — — — — — — — — — — Total operating expenses (28,987) (260) (28,297) (950) (24,469) (1,069) (24,096) (1,441) (53,456) (1,329) (52,394) (2,392) (25,244) (92) (24,698) (638) (78,701) (1,421) (77,092) (3,030) Net operating income/(loss) 84 (259) 91 (265) 329 (1,002) 345 (1,018) 413 (1,260) 436 (1,283) 509 (59) 517 (66) 922 (1,319) 953 (1,349) Additions to PP&E, intangibles and equity accounted investments 207 780 207 780 254 718 254 718 461 1499 461 1499 307 773 307 773 768 2271 768 2271 Balance sheet information Equity accounted investments 732 1,781 294 2,219 721 1,958 289 2,390 721 1,958 289 2,390 714 1,933 303 2,345 714 1,933 303 2,344 Non-current segment assets 3,364 3,627 3,364 3,627 3,530 3,639 3,530 3,639 3,530 3,639 3,530 3,639 3,825 4,487 3,825 4,487 3,825 4,487 3,825 4,487 32 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Income statement and balance sheet information by segment (in USD million) Q4 2025 Full year 2025 Full year 2024 As reported Restated As reported Restated As reported Restated (in USD million) MMP REN MMP PWR MMP REN MMP PWR MMP REN MMP PWR Revenues third party 24,961 17 24,041 936 104,540 73 102,008 2,605 101,208 72 98,851 2,429 Revenues and other income inter-segment 222 9 (80) 311 288 31 (31) 349 507 20 284 244 Net income/(loss) from equity accounted investments (30) 55 (18) 43 (61) 99 2 36 (59) 100 (15) 56 Other income (7) 9 (7) 9 2 (10) 2 (10) 136 124 136 124 Total revenues and other income 25,146 90 23,937 1,299 104,769 192 101,981 2,980 101,792 317 99,255 2,853 Purchases [net of inventory variation] (22,793) (1) (21,638) (1,156) (97,243) (8) (94,579) (2,671) (92,789) — (90,515) (2,274) Operating, selling, general and administrative expenses (1,332) (118) (1,280) (170) (5,190) (396) (5,042) (544) (4,919) (687) (4,815) (791) Depreciation and amortisation (243) (14) (241) (16) (919) (47) (913) (53) (949) (34) (945) (38) Net impairment (losses)/reversals — (252) — (252) 283 (1,355) 283 (1,355) 191 (271) 191 (271) Exploration expenses — — — — — — — — — — — — Total operating expenses (24,368) (385) (23,159) (1,594) (103,069) (1,806) (100,251) (4,624) (98,466) (993) (96,084) (3,375) Net operating income/(loss) 778 (295) 778 (295) 1,700 (1,614) 1,730 (1,644) 3,326 (676) 3,172 (522) Additions to PP&E, intangibles and equity accounted investments 374 565 374 565 1142 2837 1142 2837 953 2153 940 2166 Balance sheet information Equity accounted investments 693 2,039 302 2,430 693 2,039 302 2,430 768 1,530 322 1,975 Non-current segment assets 3,899 4,772 3,899 4,772 3,899 4,772 3,899 4,772 3,259 3,138 3,259 3,138 33 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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N o r w a y ¹ ⁾ 37,668 35,932 USA 17,294 16,472 Brazil 11,273 10,234 UK 6,853 7,349 Angola 1,344 1,248 Poland 1,173 1,088 Canada 961 1,015 Denmark 739 768 Germany 278 301 Sweden 199 214 Other 298 1,074 Total non-current assets2) 78,080 75,695 1) Increase is mainly due to weakening of USD versus NOK. 2) Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to country of operations. Non-current assets by country At 30 September At 31 December (in USD million) 2026 2025 Note 3. Acquisitions and disposals Acquisitions Agreement to acquire an interest in Lackawanna Energy Center On 6 August 2026, Equinor entered into an agreement to acquire 87.71% of the Class A shares of Lackawanna Energy Center, a gas-fired power plant in Pennsylvania, US. The remaining Class A shares and all Class B shares are owned by Invenergy AMPCI Thermal Power LLC. Based on the governing arrangements, the investment will be classified as a joint venture and accounted for using the equity method within the Power segment. The Class A shares initially provide preferential access to distributable cash flows under a waterfall structure, with the allocation between the share classes changing upon reaching specified return thresholds. The total consideration is USD 940 million in cash, subject to customary purchase price adjustments. Closing is expected in the fourth quarter of 2026 or the first quarter of 2027, subject to relevant regulatory approvals. Disposals Divestment of onshore assets in Argentina On 7 May 2026, Equinor closed a transaction with Vista Energy to divest its full onshore position in Argentina’s Vaca Muerta basin. The transaction included Equinor’s 30% non-operated interest in Bandurria Sur and its 50% non- operated interest in Bajo del Toro. At closing, the fair value of the consideration amounted to USD 1,425 million, comprising USD 722 million in cash including interim period adjustments, USD 408 million in NYSE-listed Vista Energy shares and contingent consideration linked to production volumes and oil prices over a five-year period. A gain before tax of USD 467 million has been recognised in the second quarter within the E&P International segment and reported as Other Income in the Consolidated Statement of Income. Held for sale Sale of remaining interests in the Peregrino field in Brazil Equinor has agreed to sell its remaining 20% interest in the Peregrino field. The sale is expected to be completed in the fourth quarter of 2026 or in the first quarter of 2027, subject to regulatory and legal approvals. As of 30 September 2026, assets held for sale amounted to USD 916 million, and liabilities directly associated with the assets held for sale amounted to USD 164 million. Peregrino is part of the E&P International segment. 34 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Note 4. Revenues Revenues from contracts with customers by geographical areas When attributing the line item Revenues from contracts with customers for the third quarter of 2026 to the country of the legal entity executing the sale, Norway and the USA accounted for 79% and 18%, respectively (81% and 17%, respectively, for the second quarter of 2026, and 78% and 19%, respectively, for the third quarter of 2025). For the first nine months of 2026, Norway and the USA accounted for 81% and 17% of such revenues, respectively (77% and 20%, respectively, for the first nine months of 2025). Revenues from contracts with customers mainly reflect such revenues from the reporting segment MMP. Crude oil 15,856 19,118 15,114 49,826 45,060 Natural gas 9,642 7,303 5,722 24,183 19,231 - European gas 7,949 6,026 4,848 19,536 16,088 - North American gas 488 444 445 2,006 1,474 - Other incl. Liquefied natural gas 1,206 833 429 2,641 1,669 Refined products 4,711 3,902 2,617 11,983 7,573 Natural gas liquids 1,790 2,414 1,593 6,049 5,442 Power 757 588 448 2,068 1,479 Transportation 322 360 328 986 953 Other sales 278 125 174 581 387 Revenues from contracts with customers 33,357 33,810 25,998 95,676 80,125 Total other revenues1) (421) 713 19 (401) 406 Revenues 32,936 34,523 26,017 95,275 80,531 1) This item mainly relates to commodity derivatives, lease revenues and income recognised from paying taxes in kind with commodities. Revenues from contracts with customers and other revenues Quarters First nine months (in USD million) Q3 2026 Q2 2026 Q3 2025 2026 2025 Note 5. Financial items Interest income and other financial income 320 229 265 919 904 Interest expenses and other financial expenses (370) (435) (366) (1,239) (1,042) Net foreign currency exchange gains/(losses) (302) 231 72 117 (129) Gains/(losses) on financial investments (148) (132) (552) 653 (465) Gains/(losses) other derivative financial instruments (106) 145 (22) (59) 185 Net financial items (606) 37 (604) 391 (548) Quarters First nine months (in USD million) Q3 2026 Q2 2026 Q3 2025 2026 2025 The gain on financial investments in the first nine months of 2026 includes net positive fair value adjustments of the Ørsted investment, compared to net negative fair value adjustments in the first nine months of 2025. On 22 December 2025, the Bureau of Ocean Energy Management in the U.S. ordered the suspension of Empire Wind’s ongoing activities on the Outer Continental Shelf citing national security concerns (the Order). Empire Offshore Wind LLC (EW) filed a lawsuit challenging the validity of the Order. On September 30, 2026, the Court dismissed the case solely on procedural mootness grounds, as the effective period of the Order had expired. The decision provides judicial confirmation that the suspension order has run its course and has no continuing operative effect. The dismissal of the case removes the risk that, as a result of the Order, the project’s USD 2.7 billion loan becomes repayable within twelve months from the reporting date 30 September 2026. The dismissal has no other material impact on the financial statements. Equinor has a US Commercial paper programme available with a limit of USD 5 billion. As of 30 September 2026, USD 0.2 billion were utilised compared to USD 0.2 billion utilised as of 31 December 2025. 35 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Note 6. Income taxes Income/(loss) before tax 11,349 13,029 4,666 34,122 19,318 Income tax (8,804) (8,194) (4,870) (23,637) (15,574) Effective tax rate 77.6% 62.9% 104.4% 69.3% 80.6% Quarters First nine months (in USD million) Q3 2026 Q2 2026 Q3 2025 2026 2025 The effective tax rate was 77.6% for the third quarter of 2026, impacted by high commodity prices and high share of income from the NCS with statutory tax rate of 78%, and currency effects in entities that are taxable in other currencies than the functional currency. For the first nine months of 2026, the effective tax rate was 69.3% , influenced by high share of income from entities with low tax rates and divestment of onshore assets in Argentina, partially offset by increase in provisions for uncertain tax positions. In 2025, the effective tax rate for the third quarter and first nine months was respectively 104.4% and 80.6%, mainly influenced by high share of income from the NCS and the derecognition of deferred tax assets and impairment related to held-for-sale assets. Note 7. Capital distribution Dividend for the third quarter 2026 On 27 October 2026, the board of directors resolved to declare a cash dividend for the third quarter of 2026 of USD 0.39 per share. The Equinor shares will trade ex-dividend 15 February 2027 on the Oslo Børs and 16 February for ADR holders on the New York Stock Exchange. Payment date will be 26 February 2027. Share buy-back programme 2026 Based on the authorisation from the annual general meeting on 12 May 2026, the board of directors will, on a quarterly basis, decide on share buy-back tranches. The 2026 share buy-back programme is up to USD 3.0 billion, following the increase of USD 1.5 billion announced in June 2026, including shares to be redeemed from the Norwegian state. During the first six months, Equinor launched the first two tranches of USD 750 million in total, of which USD 207 million was acquired in the market in the first six months and USD 41 million was acquired in third quarter. In July 2026, Equinor launched the third tranche of USD 1,125 million, including shares to be redeemed from the Norwegian state, and entered into an irrevocable agreement with a third party to purchase shares for USD 371 million in the market. Of this third tranche, shares for USD 269 million have been purchased in the market and settled as of 30 September 2026, whereas USD 371 million has been recognised as reduction in equity. The market execution of the third tranche was completed in October 2026. On 27 October 2026, the board of directors decided to initiate a fourth and final share buy-back tranche of up to USD 1,125 million for 2026, including shares to be redeemed from the Norwegian state. This fourth tranche will start 29 October 2026 and end no later than 1 February 2027. In order to maintain the Norwegian state’s ownership share in Equinor, a proportionate share of the second, third and fourth tranches of the 2025 programme as well as the first tranche of the 2026 programme was redeemed and cancelled through a capital reduction by the annual general meeting on 12 May 2026. The Norwegian state’s share of USD 3,052 million (NOK 28 billion) following the capital reduction was settled in July 2026. A proportionate share of the second, third and fourth tranches of the 2026 programme will be redeemed and cancelled at the annual general meeting in May 2027. First tranche 124 397 Second tranche 124 418 Third tranche 371 418 Norwegian state share1) 3,052 4,141 Total 3,670 5,373 First nine months Equity impact of share buy-back programmes (in USD million) 2026 2025 1) Relates to second to fourth tranche of previous year programme and first tranche of current year programme 36 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Note 8. Contingent liabilities Suit for an annulment of Petrobras’ sale of the interest in BM-S-8 to Equinor In March 2017, an individual connected to the Union of Oil Workers of Sergipe (Sindipetro) filed a class action suit against Petrobras, Equinor, and ANP - the Brazilian Regulatory Agency - to seek annulment of Petrobras’ sale of the interest and operatorship in BM-S-8 to Equinor, which was closed in November 2016 after approval by the partners and authorities. During the last years, court decisions that confirm Equinor’s position have been issued at the first and second court instance levels. The plaintiff still had the possibility of a narrower scope appeal. On 20 July 2026, Equinor received a confirmation that the plaintiff had not appealed within the deadline and the case is now closed with no material financial impact for Equinor. 37 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Supplementary disclosures Exchange rates 39 Use and reconciliation of Non-GAAP financial measures 39 Reconciliation of adjusted operating income 42 Adjusted operating income after tax by reporting segment 49 Reconciliation of adjusted operating income after tax to net income 51 Reconciliation of adjusted net income to net income, including calculation of adjusted earnings per share 51 Calculation of CFFO after taxes paid, net cash flow before capital distribution and net cash flow 52 Organic capital expenditures 53 Calculation of capital employed and net debt to capital employed ratio 54 Forward-looking statements 55 End notes 56 38 PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Supplementary disclosures Exchange rates Quarters Change First nine months Full year Change Exchange rates Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change 2025 Q3 on FY USD/NOK Average daily rate 9.5090 9.4240 10.0995 (6%) 9.5553 10.4896 (9%) 10.3912 (8%) Period-end rate 9.6006 9.9267 9.9877 (4%) 9.6006 9.9877 (4%) 10.0791 (5%) EUR/USD Average daily rate 1.1504 1.1627 1.1680 (2%) 1.1610 1.1162 4% 1.1277 2% Period-end rate 1.1355 1.1394 1.1741 (3%) 1.1355 1.1741 (3%) 1.1750 (3%) Use and reconciliation of Non-GAAP financial measures Non-GAAP financial measures are defined as numerical measures that either exclude or include amounts that are not excluded or included in the comparable measures calculated and presented in accordance with GAAP (i.e., IFRS Accounting Standards in the case of Equinor). The following financial measures included in this report may be considered non-GAAP financial measures: Adjusted operating income is based on net operating income/ (loss) and adjusts for certain items affecting the income for the period to separate out effects that management considers may not be well correlated to Equinor’s underlying operational performance in the individual reporting period. Management believes adjusted operating income provides an indication of Equinor’s underlying operational performance and facilitates comparison of operational trends between periods. Adjusted operating income after tax equals adjusted operating income less tax on adjusted operating income. Tax on adjusted operating income is computed by adjusting the income tax for tax effects of adjustments made to net operating income. The tax rate applied is the tax rate applicable to each adjusting item and tax regime, adjusted for certain foreign currency effects as well as effects of specific changes to deferred tax assets. Management believes adjusted operating income after tax provides an indication of Equinor’s underlying operational performance after tax and facilitates comparisons of operational trends after tax between periods as it reflects the tax charge associated with operational performance excluding the impact of financing. Tax on adjusted operating income should not be considered indicative of the amount of current or total tax expense (or taxes payable) for the period. Adjusted net income is based on net income/(loss) and provides additional transparency to Equinor’s underlying financial performance by also including net financial items and the associated tax effects. This measure includes adjustments made to arrive at adjusted operating income after tax, in addition to specific adjustments related to net financial items and related tax effects, as well as certain adjustments to income tax as described below. Management believes this measure provides an indication of Equinor’s underlying financial performance including the impact from financing and facilitates comparison of trends between periods. Adjusted Earnings Per Share (Adjusted EPS) is computed by dividing Adjusted net income by the weighted average number of shares outstanding during the period. Earnings per share is a metric that is frequently used by investors, analysts and other parties to assess a company's profitability per share. Management believes this measure provides an indication of Equinor’s underlying financial performance including the impact from financing and facilitates comparison of trends between periods. The non-GAAP financial measures presented above are supplementary measures and should not be viewed in isolation or as substitutes for net operating income/(loss), net income/(loss) and earnings per share, which are the most directly comparable IFRS Accounting Standards measures. The reconciliation tables later in this report reconcile the above non- GAAP measures to the most directly comparable IFRS Accounting Standards measure or measures. There are material limitations associated with the above measures compared with the IFRS Accounting Standards measures, as these non-GAAP measures do not include all the items of revenues/ gains or expenses/losses of Equinor that are required to evaluate its profitability on an overall basis. The non- GAAP measures are only intended to be indicative of the underlying developments in trends of our on- going operations. Adjusted operating income adjusts for the following items: • Changes in fair value of derivatives: In the ordinary course of business, Equinor enters into commodity derivative contracts to manage the price risk exposure relating to future sale and purchase contracts. These commodity derivatives are measured at fair value at each reporting date, with the movements in fair value recognised in the income statement. By contrast, the related sale and purchase contracts are not recognised until the transaction occurs resulting in timing differences. Therefore, the unrealised movements in the fair value of these commodity derivative contracts are excluded from adjusted operating income and deferred until the time of the physical delivery to minimise the effect of these timing differences. Further, embedded derivatives within certain gas contracts and contingent consideration related to historical divestments are carried at fair value. Any accounting impacts resulting from such changes in fair value are also excluded from adjusted operating income, as these fluctuations are not indicative of the underlying performance of the business. • Periodisation of inventory hedging effect: Equinor enters into derivative contracts to manage price risk exposure relating to its commercial storage. These derivative contracts are carried at fair value while the inventories are accounted for at the lower of cost or market 39 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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price. An adjustment is made to align the valuation principles of inventories with related derivative contracts. The adjusted valuation of inventories is based on the forward price at the expected realisation date. This is so that the valuation principles between commercial storages and derivative contracts are better aligned. • The operational storage is not hedged and is not part of the trading portfolio. Cost of goods sold is measured based on the FIFO (first-in, first-out) method, and includes realised gains or losses that arise due to changes in market prices. These gains or losses will fluctuate from one period to another and are not considered part of the underlying operations for the period. • Impairment and reversal of impairment are excluded from adjusted operating income since they affect the economics of an asset for the lifetime of that asset, not only the period in which it is impaired, or the impairment is reversed. Impairment and reversal of impairment can impact both the exploration expenses and the depreciation, amortisation and net impairment line items. • Gain or loss from sales of assets is eliminated from the measure since the gain or loss does not give an indication of future performance or periodic performance; such a gain or loss is related to the cumulative value creation from the time the asset is acquired until it is sold. • Eliminations (Internal unrealised profit on inventories): Volumes derived from equity oil inventory vary depending on several factors and inventory strategies, i.e., level of crude oil in inventory, equity oil used in the refining process and level of in-transit cargoes. Internal profit related to volumes sold between entities within the group, and still in inventory at period end, is eliminated according to IFRS Accounting Standards (write down to production cost). The proportion of realised versus unrealised gain fluctuates from one period to another due to inventory strategies and consequently impact net operating income/ (loss). Write-down to production cost is not assessed to be a part of the underlying operational performance, and elimination of internal profit related to equity volumes is excluded in adjusted operating income. • Other items of income and expense are adjusted when the impacts on income in the period are not reflective of Equinor’s underlying operational performance in the reporting period. Such items may be unusual or infrequent transactions, but they may also include transactions that are significant which would not necessarily qualify as either unusual or infrequent. However, other items adjusted do not constitute normal, recurring income and operating expenses for the company. Other items are carefully assessed and can include transactions such as provisions related to reorganisation, early retirement, etc. • Change in accounting policy is adjusted when the impacts on income in the period are unusual or infrequent, and not reflective of Equinor’s underlying operational performance in the reporting period. Adjusted net income incorporates the adjustments above, as well as the following items impacting net financial items: • Changes in fair value of financial derivatives used to hedge interest bearing instruments. Equinor enters into financial derivative contracts to manage interest rate risk on long term interest- bearing liabilities including bonds and financial loans. The financial derivative contracts (hedging instruments) are measured at fair value at each reporting date, with movements in fair value recognised in the income statement. The long term interest-bearing liabilities are measured at amortised cost and not remeasured at fair value at each reporting date. This creates measurement differences and therefore the movements in the fair value of these financial derivative contracts and associated tax effects are excluded from the calculation of adjusted net income and deferred until the time the underlying instrument is matured, exercised, or settled. Management believes that this appropriately reflects the economic effect of these risk management activities in each period and provides an indication of Equinor’s underlying financial performance. • Foreign currency gains/losses on positions used to manage currency risk exposure related to future payments in NOK and foreign currency gains/losses on intercompany bank balances. Foreign currency gains/losses on positions used to manage currency risk exposure (cash equivalents/financial investments and related currency derivatives where applicable), as well as currency gains/losses on intercompany bank balances are eliminated from adjusted net income. The currency effects on intercompany bank balances are mainly due to a large part of Equinor’s operations having a functional currency different from USD, and these effects are offset within equity as other comprehensive income arising on translation from functional currency to presentation currency USD. These currency effects increase volatility in financial performance, which does not reflect Equinor’s underlying financial performance. Management believes that these adjustments remove periodic fluctuations in Equinor’s adjusted net income. Adjustments made to arrive at adjusted operating income and adjusted net income listed above are similarly applied to net income/(loss) from equity accounted investments when relevant. Adjustments to income tax and tax rate: • Derecognition of deferred tax assets or recognition of previously unrecognised deferred tax assets. These changes are related to taxable income in future reporting periods and are not reflective of performance in the current reporting period. • Income tax effects arising only when calculating income tax in the functional currency USD. Certain group companies have USD as functional currency, which is different from the currency in which the taxable income is measured (tax currency). Income tax effects arising only when calculating income tax in the functional currency USD, that are not part of the tax calculation in the tax currency, are adjusted for. Management believes this better aligns the effective tax rate in functional currency with the statutory tax rate in the period. Net debt to capital employed ratio – In Equinor’s view, net debt ratios provide a more informative picture of Equinor’s financial strength than gross interest-bearing financial debt. Three different net debt to capital ratios are presented below: 1) net debt to capital employed, 2) net debt to capital employed adjusted, including lease liabilities, and 3) net debt to capital employed adjusted. These calculations are based on 1) Equinor’s gross interest-bearing financial liabilities as recorded in the Consolidated balance sheet 2) Net interest-bearing debt before adjustments, which excludes cash, cash equivalents and current financial investments from gross interest-bearing debt, and 3) net interest bearing debt adjusted, including lease liabilities which adjusts the above measure for other interest-bearing elements. The following adjustments are made in calculating the net debt to capital employed adjusted, including lease liabilities ratio and the net debt to capital employed adjusted ratio: financial investments held in Equinor Insurance AS (classified as Current financial investments in the Consolidated balance sheet) are treated as non-cash and excluded from the calculation of these non-GAAP measures, as these investments are not readily available for the group to meet short term commitments. These adjustments result in a higher net debt figure and in Equinor’s view 40 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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provides a more prudent measure of the net debt to capital employed ratio than would be the case without such exclusions. Additionally, lease liabilities are further excluded in calculating the net debt to capital employed adjusted ratio. The table Calculation of capital employed and net debt to capital employed ratio later in this report details the calculations for these non-GAAP measures and reconciles them with the most directly comparable IFRS Accounting Standards financial measure or measures. Organic capital expenditures (organic investments/ capex) – Capital expenditures is defined as Additions to PP&E, intangibles and equity accounted investments, which excludes assets held for sale, as presented in note 2 Segments to the Condensed interim financial statements. Organic capital expenditures are capital expenditures excluding expenditures related to acquisitions, leased assets and other investments with significantly different cash flow patterns. Equinor believes this measure gives stakeholders relevant information to understand the company’s investments in maintaining and developing its assets. Forward-looking organic capital expenditures included in this report are not reconcilable to its most directly comparable IFRS Accounting Standards measure without unreasonable efforts, because the amounts excluded from such IFRS Accounting Standards measure to determine organic capital expenditures cannot be predicted with reasonable certainty. Cash flows from operations after taxes paid (CFFO after taxes paid) represents, and is used by management, to evaluate cash generated from operating activities after taxes paid, which is available for investing activities, debt servicing and distribution to shareholders. Cash flows from operations after taxes paid is not a measure of our liquidity under IFRS Accounting Standards and should not be considered in isolation or as a substitute for an analysis of our results as reported in this report. Our definition of Cash flows from operations after taxes paid is limited and does not represent residual cash flows available for discretionary expenditures. The table Calculation of CFFO after taxes paid and net cash flow later in this report provides a reconciliation of Cash flows from operations after taxes paid to its most directly comparable IFRS Accounting Standards measure, Cash flows provided by operating activities before taxes paid and working capital items, as of the specified dates. Net cash flow before capital distribution - Net cash flow before capital distribution represents, and is used by management to evaluate, cash generated from operational and investing activities available for debt servicing and distribution to shareholders. Net cash flow before capital distribution is not a measure of our liquidity under IFRS Accounting Standards and should not be considered in isolation or as a substitute for an analysis of our results as reported in this report. Our definition of Net cash flow before capital distribution is limited and does not represent residual cash flows available for discretionary expenditures. The table Calculation of CFFO after taxes paid and net cash flow later in this report provides a reconciliation of Net cash flow before capital distribution to its most directly comparable IFRS Accounting Standards measure, Cash flows provided by operating activities before taxes paid and working capital items, as of the specified dates. Net cash flow - Net cash flow represents, and is used by management to evaluate, cash generated from operational and investing activities available for debt servicing. Net cash flow is not a measure of our liquidity under IFRS Accounting Standards and should not be considered in isolation or as a substitute for an analysis of our results as reported in this report. Our definition of Net cash flow is limited and does not represent residual cash flows available for discretionary expenditures. The table Calculation of CFFO after taxes paid and net cash flow later in this report provides a reconciliation of Net cash flow to its most directly comparable IFRS Accounting Standards measure, Cash flows provided by operating activities before taxes paid and working capital items, as of the specified dates. For more information on our definitions and use of non- GAAP financial measures, see section 5.5 Use and reconciliation of non-GAAP financial measures in Equinor's 2025 Annual Report. 41 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Reconciliation of adjusted operating income The table specifies the adjustments made to each of the profit and loss line item included in the net operating income/(loss) subtotal. Net operating income/(loss) 11,955 10,275 275 345 1,248 (17) (171) Total revenues and other income 33,190 13,530 1,280 1,097 31,671 991 (15,379) Adjusting items (231) — (32) — (185) (13) — Changes in fair value of derivatives (37) — — — (25) (13) — Gain/loss on sale of assets (1) — — — — (1) — Other adjustments (80) — (32) — (48) — — Periodisation of inventory hedging effect (113) — — — (113) — — Adjusted total revenues and other income 32,960 13,530 1,248 1,097 31,486 978 (15,379) Purchases [net of inventory variation] (14,463) (1) (13) — (28,699) (887) 15,137 Adjusting items (11) — — — (186) — 176 Eliminations 176 — — — — — 176 Operational storage effects (186) — — — (186) — — Adjusted purchases [net of inventory variation] (14,473) (1) (13) — (28,885) (887) 15,313 Operating and administrative expenses (3,374) (1,078) (417) (388) (1,517) (86) 112 Adjusting items 140 — 120 — 17 3 — Gain/loss on sale of assets 120 — 120 — — — — Other adjustments 3 — — — — 3 — Provisions 17 — — — 17 — — Adjusted operating and administrative expenses (3,234) (1,078) (297) (388) (1,500) (83) 112 Items impacting net operating income/(loss) in the third quarter of 2026 (in USD million) Equinor Group E&P Norway E&P International E&P USA MMP Power Other Depreciation, amortisation and net impairments (3,088) (1,986) (476) (342) (207) (36) (41) Adjusting items 485 295 168 — — 22 — Impairment 650 460 168 — — 22 — Reversal of impairment (165) (165) — — — — — Adjusted depreciation, amortisation and net impairments (2,603) (1,692) (308) (342) (207) (14) (41) Exploration expenses (311) (190) (99) (22) — — — Adjusting items 14 — 14 — — — — Impairment 14 — 14 — — — — Adjusted exploration expenses (297) (190) (85) (22) — — — Sum of adjusting items 398 295 270 — (355) 12 176 Adjusted operating income/(loss) 12,353 10,570 545 345 893 (5) 5 Tax on adjusted operating income (8,824) (8,241) (190) (77) (319) 11 (8) Adjusted operating income/(loss) after tax 3,528 2,329 355 268 574 6 (3) Items impacting net operating income/(loss) in the third quarter of 2026 (in USD million) Equinor Group E&P Norway E&P International E&P USA MMP Power Other 42 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Net operating income/(loss) 5,270 5,618 (254) (384) 517 (66) (160) Total revenues and other income 26,049 8,278 1,315 1,014 25,215 572 (10,345) Adjusting items 14 — — — 18 (5) — Changes in fair value of derivatives 51 — — — 51 — — Gain/loss on sale of assets (5) — — — — (5) — Other adjustments (19) — — — (19) — — Periodisation of inventory hedging effect (13) — — — (13) — — Adjusted total revenues and other income 26,063 8,278 1,315 1,014 25,233 567 (10,345) Purchases [net of inventory variation] (13,917) — (38) — (23,476) (519) 10,115 Adjusting items 92 — — — 3 — 89 Eliminations 89 — — — — — 89 Operational storage effects 3 — — — 3 — — Adjusted purchases [net of inventory variation] (13,826) — (38) — (23,473) (519) 10,204 Operating and administrative expenses (3,312) (926) (532) (569) (1,291) (102) 108 Adjusting items 49 — — — 53 (3) — Other adjustments (4) — — — — (4) — Provisions 53 — — — 53 — — Adjusted operating and administrative expenses (3,263) (926) (532) (569) (1,238) (105) 108 Items impacting net operating income/(loss) in the third quarter 2025 (in USD million) Equinor Group E&P Norway E&P International E&P USA M M P ¹ ⁾ P o w e r ¹ ⁾ Other Depreciation, amortisation and net impairments (3,297) (1,602) (919) (790) 68 (17) (38) Adjusting items 754 — 650 385 (283) 3 — Impairment 1,050 — 650 385 15 — — Other adjustments 3 — — — — 3 — Reversal of impairment (299) — — — (299) — — Adjusted depreciation, amortisation and net impairments (2,543) (1,602) (269) (405) (215) (14) (38) Exploration expenses (252) (132) (80) (39) — — — Adjusting items 36 — — 36 — — — Impairment 36 — — 36 — — — Adjusted exploration expenses (216) (132) (80) (3) — — — Sum of adjusting items 944 — 650 421 (210) (6) 89 Adjusted operating income/(loss) 6,215 5,618 396 37 307 (72) (71) Tax on adjusted operating income (4,710) (4,357) (173) (11) (112) (55) (2) Adjusted operating income/(loss) after tax 1,505 1,261 223 25 195 (126) (73) Items impacting net operating income/(loss) in the third quarter 2025 (in USD million) Equinor Group E&P Norway E&P International E&P USA M M P ¹ ⁾ P o w e r ¹ ⁾ Other 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor’s financial statements and previously reported numbers for 2025 have been restated. For further information and restatement tables, see Note 2 Segments and the tables below. 43 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Net operating income/(loss) 12,993 9,187 1,363 720 1,161 5 557 Total revenues and other income 35,177 12,070 2,202 1,374 33,487 725 (14,680) Adjusting items (1,154) — (521) — (598) (35) — Changes in fair value of derivatives (4) — — — 31 (35) — Gain/loss on sale of assets (467) — (467) — — — — Other adjustments (54) — (54) — — — — Periodisation of inventory hedging effect (629) — — — (629) — — Adjusted total revenues and other income 34,023 12,070 1,681 1,374 32,888 691 (14,680) Purchases [net of inventory variation] (15,933) — 78 — (30,576) (574) 15,138 Adjusting items (387) — — — 185 — (572) Eliminations (572) — — — — — (572) Operational storage effects 185 — — — 185 — — Adjusted purchases [net of inventory variation] (16,320) — 78 — (30,391) (574) 14,567 Operating and administrative expenses (3,343) (1,139) (565) (270) (1,380) (131) 141 Adjusting items (98) — — — (98) — — Other adjustments 8 — — — 8 — — Provisions (106) — — — (106) — — Adjusted operating and administrative expenses (3,441) (1,139) (565) (270) (1,477) (131) 141 Items impacting net operating income/(loss) in the second quarter of 2026 (in USD million) Equinor Group E&P Norway E&P International E&P USA MMP Power Other Depreciation, amortisation and net impairments (2,719) (1,648) (284) (359) (371) (15) (43) Adjusting items 128 — — — 128 — — Impairment 128 — — — 128 — — Adjusted depreciation, amortisation and net impairments (2,591) (1,648) (284) (359) (243) (15) (43) Exploration expenses (189) (96) (67) (25) — — — Adjusting items — — — — — — — Adjusted exploration expenses (189) (96) (67) (25) — — — Sum of adjusting items (1,511) — (521) — (384) (35) (572) Adjusted operating income/(loss) 11,482 9,187 843 720 777 (30) (15) Tax on adjusted operating income (8,047) (7,100) (354) (163) (433) 3 — Adjusted operating income/(loss) after tax 3,435 2,087 489 557 344 (27) (15) Items impacting net operating income/(loss) in the second quarter of 2026 (in USD million) Equinor Group E&P Norway E&P International E&P USA MMP Power Other 44 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Net operating income/(loss) 33,731 27,158 2,254 1,810 2,938 (19) (410) Total revenues and other income 96,210 36,074 4,985 3,855 91,841 2,575 (43,121) Adjusting items (824) — (553) — (225) (47) — Changes in fair value of derivatives (225) — — — (182) (43) — Gain/loss on sale of assets (470) — (466) — — (4) — Other adjustments (171) — (87) — (85) — — Periodisation of inventory hedging effect 42 — — — 42 — — Adjusted total revenues and other income 95,386 36,074 4,432 3,855 91,617 2,528 (43,121) Purchases [net of inventory variation] (43,360) (2) 5 — (83,659) (2,181) 42,478 Adjusting items 38 — — — (289) — 327 Eliminations 327 — — — — — 327 Operational storage effects (289) — — — (289) — — Adjusted purchases [net of inventory variation] (43,322) (2) 5 — (83,949) (2,181) 42,805 Operating and administrative expenses (10,141) (3,309) (1,488) (940) (4,412) (349) 358 Adjusting items 34 — 120 — (95) 9 — Gain/loss on sale of assets 120 — 120 — — — — Other adjustments 17 — — — 8 9 — Provisions (103) — — — (103) — — Adjusted operating and administrative expenses (10,107) (3,309) (1,368) (940) (4,507) (341) 358 Items impacting net operating income/(loss) in the first nine months of 2026 (in USD million) Equinor Group E&P Norway E&P International E&P USA MMP Power Other Depreciation, amortisation and net impairments (8,327) (5,209) (1,044) (1,053) (832) (64) (125) Adjusting items 612 295 168 — 128 22 — Impairment 777 460 168 — 128 22 — Reversal of impairment (165) (165) — — — — — Adjusted depreciation, amortisation and net impairments (7,715) (4,914) (876) (1,053) (704) (42) (125) Exploration expenses (652) (396) (203) (53) — — — Adjusting items 14 — 14 — — — — Impairment 14 — 14 — — — — Adjusted exploration expenses (638) (396) (189) (53) — — — Sum of adjusting items (126) 295 (251) — (481) (16) 327 Adjusted operating income/(loss) 33,605 27,453 2,003 1,810 2,457 (36) (82) Tax on adjusted operating income (23,779) (21,344) (860) (419) (1,189) 16 18 Adjusted operating income/(loss) after tax 9,826 6,109 1,143 1,391 1,267 (20) (64) Items impacting net operating income/(loss) in the first nine months of 2026 (in USD million) Equinor Group E&P Norway E&P International E&P USA MMP Power Other 45 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Net operating income/(loss) 19,866 19,268 741 310 953 (1,349) (56) Total revenues and other income 81,115 26,567 4,234 3,251 78,045 1,680 (32,661) Adjusting items (340) (491) (49) — 157 43 — Changes in fair value of derivatives 159 — — — 160 (1) — Gain/loss on sale of assets (474) (491) — — (1) 18 — Other adjustments (58) — (49) — (34) 25 — Periodisation of inventory hedging effect 32 — — — 32 — — Adjusted total revenues and other income 80,775 26,076 4,185 3,251 78,202 1,723 (32,661) Purchases [net of inventory variation] (42,100) — (102) — (72,941) (1,515) 32,459 Adjusting items (81) — — — 28 — (109) Eliminations (109) — — — — — (109) Operational storage effects 28 — — — 28 — — Adjusted purchases [net of inventory variation] (42,181) — (102) — (72,913) (1,515) 32,350 Operating and administrative expenses (9,560) (2,894) (1,603) (1,186) (3,762) (374) 259 Adjusting items 59 — 14 — 41 5 — Gain/loss on sale of assets 16 — 14 — — 2 — Other adjustments 3 — — — — 3 — Provisions 41 — — — 41 — — Adjusted operating and administrative expenses (9,500) (2,894) (1,589) (1,186) (3,721) (369) 259 Items impacting net operating income/(loss) in the first nine months of 2025 (in USD million) Equinor Group E&P Norway E&P International E&P USA M M P ¹ ⁾ P o w e r ¹ ⁾ Other Depreciation, amortisation and net impairments (9,029) (4,067) (1,624) (1,696) (389) (1,140) (113) Adjusting items 1,855 — 650 385 (283) 1,104 — Impairment 2,151 — 650 385 15 1,101 — Other adjustments 3 — — — — 3 — Reversal of impairment (299) — — — (299) — — Adjusted depreciation, amortisation and net impairments (7,173) (4,067) (974) (1,311) (673) (36) (113) Exploration expenses (562) (338) (164) (60) — — — Adjusting items 36 — — 36 — — — Impairment 36 — — 36 — — — Adjusted exploration expenses (526) (338) (164) (24) — — — Sum of adjusting items 1,530 (491) 615 421 (57) 1,152 (109) Adjusted operating income/(loss) 21,395 18,777 1,356 730 895 (198) (165) Tax on adjusted operating income (15,904) (14,608) (728) (170) (512) 71 44 Adjusted operating income/(loss) after tax 5,492 4,169 628 560 383 (127) (121) Items impacting net operating income/(loss) in the first nine months of 2025 (in USD million) Equinor Group E&P Norway E&P International E&P USA M M P ¹ ⁾ P o w e r ¹ ⁾ Other 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor’s financial statements and previously reported numbers for 2025 have been restated. For further information and restatement tables, see Note 2 Segments and the tables below. 46 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Restatement of previously reported segment information Net operating income/(loss) 84 (259) 91 (265) 329 (1,002) 345 (1,018) 413 (1,260) 436 (1,283) 509 (59) 517 (66) 922 (1,319) 953 (1,349) 778 (295) 778 (295) 1,700 (1,614) 1,730 (1,644) Total revenues and other income 29,072 1 28,388 685 24,798 67 24,441 424 53,870 68 52,830 1,108 25,753 34 25,215 572 79,623 102 78,045 1,680 25,146 90 23,937 1,299 104,769 192 101,981 2,980 Adjusting items 170 47 161 55 (11) (19) (22) (8) 159 27 139 48 18 (5) 18 (5) 178 22 157 43 (102) 7 (109) 14 76 29 48 57 Changes in fair value of derivatives 113 — 104 9 (4) — 5 (9) 109 — 109 (1) 51 — 51 — 159 — 160 (1) (111) — (111) — 49 — 49 (1) Gain/loss on sale of assets (1) 43 (1) 43 — (19) — (19) (1) 23 (1) 23 — (5) — (5) (1) 18 (1) 18 — — (1) 18 (1) 18 Other adjustments — 4 — 4 6 — (15) 21 6 4 (15) 25 (19) — (19) — (13) 4 (34) 25 36 15 28 22 22 19 (6) 47 Periodisation of inventory hedging effect 58 — 58 — (12) — (12) — 46 — 46 — (13) — (13) — 32 — 32 — (27) — (27) — 6 — 6 — Provisions — — — — — — — — — — — — — — — — — — — — — (8) — (8) — (8) — (8) Adjusted total revenues and other income 29,241 48 28,549 740 24,787 48 24,419 416 54,029 96 52,968 1,156 25,772 29 25,233 567 79,800 124 78,202 1,723 25,044 97 23,828 1,313 104,845 221 102,029 3,037 Purchases [net of inventory variation] (27,407) — (26,749) (658) (23,055) — (22,716) (338) (50,462) — (49,466) (996) (23,988) (7) (23,476) (519) (74,450) (7) (72,941) (1,515) (22,793) (1) (21,638) (1,156) (97,243) (8) (94,579) (2,671) Adjusting items (6) — (6) — 31 — 31 — 25 — 25 — 3 — 3 — 28 — 28 — 37 — 37 — 65 — 65 — Operational storage effects (6) — (6) — 31 — 31 — 25 — 25 — 3 — 3 — 28 — 28 — 37 — 37 — 65 — 65 — Adjusted purchases [net of inventory variation] (27,413) — (26,756) (658) (23,023) — (22,685) (338) (50,437) — (49,441) (996) (23,985) (7) (23,473) (519) (74,422) (7) (72,913) (1,515) (22,756) (1) (21,601) (1,156) (97,178) (8) (94,515) (2,671) Q1 2025 Q2 2025 First half 2025 Q3 2025 First nine months 2025 Q4 2025 Full year 2025 As reported Restated As reported Restated As reported Restated As reported Restated As reported Restated As reported Restated As reported Restated Items impacting net operating income/ (loss) (in USD million) MMP REN MMP Power MMP REN MMP Power MMP REN MMP Power MMP REN MMP Power MMP REN MMP Power MMP REN MMP Power MMP REN MMP Power 47 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Operating and administrative expenses (1,353) (107) (1,322) (138) (1,182) (101) (1,149) (134) (2,535) (208) (2,471) (272) (1,323) (70) (1,291) (102) (3,858) (278) (3,762) (374) (1,332) (118) (1,280) (170) (5,190) (396) (5,042) (545) Adjusting items 5 18 5 18 (17) (10) (17) (10) (12) 8 (12) 8 53 (3) 53 (3) 41 5 41 5 (35) 10 (35) 10 6 14 6 14 Gain/loss on sale of assets — — — — — 1 — 1 — 1 — 1 — — — — — 1 — 2 — 7 — 7 — 9 — 9 Other adjustments — 6 — 6 — — — — — 7 — 7 — (4) — (4) — 3 — 3 — 3 — 3 — 6 — 6 Provisions 5 12 5 12 (17) (12) (17) (12) (12) — (12) — 53 — 53 — 41 — 41 — (35) — (35) — 6 — 6 — Adjusted operating and administrative expenses (1,348) (89) (1,317) (120) (1,198) (111) (1,166) (144) (2,547) (199) (2,482) (264) (1,270) (74) (1,238) (105) (3,817) (273) (3,721) (369) (1,367) (109) (1,315) (161) (5,184) (382) (5,036) (530) Depreciation, amortisation and net impairments (227) (153) (226) (154) (232) (968) (231) (969) (460) (1,121) (457) (1,123) 67 (15) 68 (17) (393) (1,136) (389) (1,140) (243) (266) (241) (268) (636) (1,403) (630) (1,408) Adjusting items — 146 — 146 — 955 — 955 — 1,101 — 1,101 (283) 3 (283) 3 (283) 1,104 (283) 1,104 — 252 — 252 (283) 1,356 (283) 1,356 Impairment — 146 — 146 — 955 — 955 — 1,101 — 1,101 15 — 15 — 15 1,101 15 1,101 — 252 — 252 15 1,354 15 1,354 Other adjustments — — — — — — — — — 3 — 3 — 3 — 3 — — — 3 — 3 Reversal of impairment — — — — — — — — (299) — (299) — (299) — (299) — — — (299) — (299) — Adjusted depreciation, amortisation and net impairments (227) (7) (226) (8) (232) (12) (231) (14) (460) (20) (457) (22) (217) (13) (215) (14) (676) (32) (673) (36) (243) (14) (241) (16) (919) (46) (913) (52) Sum of adjusting items 169 210 160 219 4 926 (8) 938 173 1,137 152 1,157 (209) (6) (210) (6) (37) 1,131 (57) 1,152 (100) 269 (107) 276 (137) 1,400 (165) 1,428 Adjusted operating income/(loss) 253 (48) 251 (46) 333 (75) 337 (80) 586 (124) 588 (126) 299 (64) 307 (72) 885 (188) 895 (198) 678 (26) 670 (19) 1,563 (214) 1,565 (216) Tax on adjusted operating income (153) 63 (153) 63 (189) 3 (248) 63 (341) 66 (401) 125 (172) 6 (112) (55) (513) 72 (512) 71 (489) (21) (486) (24) (1,003) 51 (998) 47 Adjusted operating income/(loss) after tax 101 15 99 16 144 (72) 89 (17) 245 (58) 188 (1) 127 (58) 195 (126) 372 (116) 383 (127) 189 (47) 184 (43) 561 (163) 567 (170) Q1 2025 Q2 2025 First half 2025 Q3 2025 First nine months 2025 Q4 2025 Full year 2025 As reported Restated As reported Restated As reported Restated As reported Restated As reported Restated As reported Restated As reported Restated Items impacting net operating income/ (loss) (in USD million) MMP REN MMP Power MMP REN MMP Power MMP REN MMP Power MMP REN MMP Power MMP REN MMP Power MMP REN MMP Power MMP REN MMP Power 48 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Adjusted operating income after tax by reporting segment 49 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Quarters Q3 2026 Q2 2026 Q3 2025 (in USD million) Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax E&P Norway 10,570 (8,241) 2,329 9,187 (7,100) 2,087 5,618 (4,357) 1,261 E&P International 545 (190) 355 843 (354) 489 396 (173) 223 E&P USA 345 (77) 268 720 (163) 557 37 (11) 25 MMP1) 893 (319) 574 777 (433) 344 307 (112) 195 Power1) (5) 11 6 (30) 3 (27) (72) (55) (126) Other 5 (8) (3) (15) — (15) (71) (2) (73) Equinor group 12,353 (8,824) 3,528 11,482 (8,047) 3,435 6,215 (4,710) 1,505 Effective tax rates on adjusted operating income 71.4% 70.1% 75.8% First nine months 2026 First nine months 2025 (in USD million) Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax E&P Norway 27,453 (21,344) 6,109 18,777 (14,608) 4,169 E&P International 2,003 (860) 1,143 1,356 (728) 628 E&P USA 1,810 (419) 1,391 730 (170) 560 MMP1) 2,457 (1,189) 1,267 895 (512) 383 Power1) (36) 16 (20) (198) 71 (127) Other (82) 18 (64) (165) 44 (121) Equinor group 33,605 (23,779) 9,826 21,395 (15,904) 5,492 Effective tax rates on adjusted operating income 70.8% 74.3% 1) With effect from the first quarter 2026, the Power business area (PWR) is presented as a reportable segment in Equinor’s financial statements and previously reported numbers for 2025 have been restated. For further information and restatement tables, see Note 2 Segments and the tables below.
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Restatement of previously reported segment information Adjusted operating income after tax by reporting segment (in USD million) Reporting segment Q1 2025 Q2 2025 First half 2025 Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax As reported MMP 253 (153) 101 333 (189) 144 586 (341) 245 REN (48) 63 15 (75) 3 (72) (124) 66 (58) Restated MMP 251 (153) 99 337 (248) 89 588 (401) 188 Power (46) 63 16 (80) 63 (17) (126) 125 (1) Adjusted operating income after tax by reporting segment (in USD million) Reporting segment Q3 2025 First nine months 2025 Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax As reported MMP 299 (172) 127 885 (513) 372 REN (64) 6 (58) (188) 72 (116) Restated MMP 307 (112) 195 895 (512) 383 Power (72) (55) (126) (198) 71 (127) Adjusted operating income after tax by reporting segment (in USD million) Reporting segment Q4 2025 Full year 2025 Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax Adjusted operating income Tax on adjusted operating income Adjusted operating income after tax As reported MMP 678 (489) 189 1,563 (1,003) 561 REN (26) (21) (47) (214) 51 (163) Restated MMP 670 (486) 184 1,565 (998) 567 Power (19) (24) (43) (216) 47 (170) 50 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Reconciliation of adjusted operating income after tax to net income Reconciliation of adjusted net income to net income, including calculation of adjusted earnings per share 51 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Quarters First nine months (in USD million) Q3 2026 Q2 2026 Q3 2025 2026 2025 Net operating income/(loss) A 11,955 12,993 5,270 33,731 19,866 Income tax B1 8,804 8,194 4,870 23,637 15,574 Tax on net financial items B2 87 (71) (59) 111 177 Income tax less tax on net financial items B = B1 - B2 8,718 8,265 4,929 23,526 15,397 Net operating income after tax C = A - B 3,237 4,728 341 10,205 4,468 Items impacting net operating income/(loss)1) D 398 (1,511) 944 (126) 1,530 Tax on items impacting net operating income/(loss) E (107) 218 220 (253) (506) Adjusted operating income after tax F = C+D+E 3,528 3,435 1,505 9,826 5,492 Net financial items G (606) 37 (604) 391 (548) Tax on net financial items H (87) 71 59 (111) (177) Net income/(loss) I = C+G+H 2,545 4,836 (204) 10,485 3,744 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures. Quarters First nine months (in USD million) Q3 2026 Q2 2026 Q3 2025 2026 2025 Net operating income/(loss) 11,955 12,993 5,270 33,731 19,866 Items impacting net operating income/(loss)1) A 398 (1,511) 944 (126) 1,530 Adjusted operating income1) B 12,353 11,482 6,215 33,605 21,395 Net financial items (606) 37 (604) 391 (548) Adjusting items C 45 (350) (24) (316) (416) Changes in fair value of financial derivatives used to hedge interest bearing instruments 106 (145) 22 59 (185) Foreign currency (gains)/losses on certain intercompany bank and cash balances (61) (205) (46) (375) (231) Adjusted net financial items D (561) (313) (628) 76 (964) Income tax E (8,804) (8,194) (4,870) (23,637) (15,574) Tax effect on adjusting items F (130) 250 215 (266) (466) Adjusted net income G = B + D + E + F 2,857 3,225 932 9,778 4,391 Less: Adjusting items H = A + C 443 (1,860) 920 (442) 1,113 Tax effect on adjusting items (130) 250 215 (266) (466) Net income/(loss) 2,545 4,836 (204) 10,485 3,744 Attributable to shareholders of the company I 2,535 4,848 (210) 10,489 3,729 Attributable to non-controlling interests J 9 (12) 7 (5) 15 Adjusted net income attributable to shareholders of the company K = G - J 2,848 3,237 925 9,782 4,377 Weighted average number of ordinary shares outstanding (in millions) L 2,374 2,431 2,527 2,433 2,622 Basic earnings per share (in USD) M = I/L 1.07 1.99 (0.08) 4.31 1.42 Adjusted earnings per share (in USD) N = K/L 1.20 1.33 0.37 4.02 1.67 1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures.
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Calculation of CFFO after taxes paid, net cash flow before capital distribution and net cash flow 52 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 CFFO information Quarters Change First nine months (in USD million) Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Cash flows provided by operating activities before taxes paid and working capital items 14,679 14,752 9,098 61% 39,722 28,885 38% Taxes paid (6,537) (7,075) (3,764) 74% (17,884) (14,219) 26% Cash flow from operations after taxes paid (CFFO after taxes paid) 8,142 7,677 5,334 53% 21,838 14,666 49% Net cash flow information Quarters Change First nine months (in USD million) Q3 2026 Q2 2026 Q3 2025 Q3 on Q3 2026 2025 Change Cash flow from operations after taxes paid (CFFO after taxes paid) 8,142 7,677 5,334 53% 21,838 14,666 49% (Cash used)/received in business combinations — — — >100% — (26) (100%) Capital expenditures and investments (2,872) (2,872) (3,420) (16%) (8,860) (9,848) (10%) Net (increase)/decrease in strategic non-current financial investments1) — 171 — N/A 171 — N/A (Increase)/decrease in other interest-bearing items (134) (51) 170 N/A (228) 126 N/A Proceeds from sale of assets and businesses 47 558 — >100% 693 424 64% Net cash flow before capital distribution 5,183 5,484 2,085 >100% 13,614 5,342 >100% Dividend paid (938) (971) (938) —% (2,829) (3,873) (27%) Share buy-back (3,137) (83) (4,712) (33%) (3,491) (5,527) (37%) Net cash flow 1,108 4,430 (3,565) N/A 7,294 (4,058) N/A 1) This line item includes the divestment of an 8.07% shareholding in Scatec ASA in the second quarter of 2026.
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Organic capital expenditures 53 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Quarters First nine months (in USD billion) Q3 2026 Q2 2026 Q3 2025 2026 2025 Additions to PP&E, intangibles and equity accounted investments 3.8 3.6 3.7 11.7 11.8 Less: Acquisition-related additions 0.1 0.1 — 0.1 1.3 Right of use asset additions 0.5 0.2 0.3 1.9 0.6 Organic capital expenditures 3.3 3.4 3.4 9.7 9.8
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Calculation of capital employed and net debt to capital employed ratio 54 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026 Calculation of capital employed and net debt to capital employed ratio At 30 September At 31 December (in USD million) 2026 2025 Calculation of capital employed* Capital employed A + B1 50,662 52,386 Capital employed adjusted, including lease liabilities A + B2 51,067 52,674 Capital employed adjusted A + B3 46,780 49,262 Calculated net debt to capital employed* Net debt to capital employed (B1) / (A+B1) 11.2% 22.7% Net debt to capital employed adjusted, including lease liabilities (B2) / (A+B2) 11.9% 23.1% Net debt to capital employed adjusted (B3) / (A+B3) 3.8% 17.8% 1) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial investments. Calculation of capital employed and net debt to capital employed ratio At 30 September At 31 December (in USD million) 2026 2025 Shareholders' equity 44,914 40,424 Non-controlling interests 81 74 Total equity A 44,995 40,497 Current finance debt and lease liabilities 5,704 5,237 Non-current finance debt and lease liabilities 23,958 25,984 Gross interest-bearing debt B 29,662 31,222 Cash and cash equivalents 6,304 5,036 Current financial investments 17,691 14,297 Cash and cash equivalents and financial investment C 23,994 19,333 Net interest-bearing debt [8] B1 = B - C 5,668 11,888 Other interest-bearing elements1) 404 288 Net interest-bearing debt adjusted including lease liabilities* B2 6,072 12,176 Lease liabilities 4,286 3,412 Net interest-bearing debt adjusted* B3 1,786 8,765
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Forward-looking statements This report contains certain forward-looking statements that involve risks and uncertainties. In some cases, we use words such as "ambition", "continue", "could", "estimate", "intend", "expect", "believe", "likely", "may", "outlook", "plan", "strategy", "will", "guidance", "targets", and similar expressions to identify forward- looking statements. Forward-looking statements include all statements other than statements of historical fact, including, among others, statements regarding Equinor's plans, intentions, aims, ambitions and expectations; the commitment to develop as a broad energy company and diversify its energy mix; the ambition to be a leading company in the energy transition and reduce net group-wide greenhouse gas emissions; our ambitions and expectations regarding decarbonisation; future financial performance, including earnings, cash flow and liquidity; expectations and ambitions regarding value creation and energy security and health and safety; expectations and ambitions regarding progress on the energy transition plan; expectations regarding cash flow and returns from Equinor’s oil and gas portfolio and renewables and low carbon solutions portfolio; our expectations and ambitions regarding operated emissions, annual CO₂ storage, upstream CO₂ intensity and net carbon intensity; plans to develop fields and strengthen our businesses; expectations and ambitions regarding exploration activities and production levels; aims, expectations and plans for renewables production capacity and power generation, CO2 transport and storage, allocation of expenditures across the NCS, our international oil and gas projects and our integrated power business and the balance between oil and gas and renewables production; our intention to optimise and high-grade our portfolio; robustness of our portfolio; break-even considerations, targets and other metrics for investment decisions; future worldwide economic trends, market outlook and future economic projections and assumptions, including commodity price, currency and refinery assumptions; expectations and ambitions regarding sales, trading and market strategies; estimates of reserves and expectations regarding discoveries; organic capital expenditures* for 2026; expectations and estimates regarding capacity, production, development, performance and execution of fields and projects; expectations and estimates regarding future operational performance, including oil and gas and renewable power production and growth; expectations and ambitions regarding costs, including the ambition to keep unit of production cost in the top quartile of our peer group; scheduled maintenance activity and the effects thereof on equity production; expectations regarding completion and results of acquisitions, disposals, joint ventures, partnerships and other strategic and contractual arrangements; expectations regarding distributions from joint ventures; ambitions regarding capital distributions and expected amount and timing of dividend payments and the implementation of our share buy-back programme; projected impact of legal claims against us; and provisions and contingent liabilities. You should not place undue reliance on these forward-looking statements. Our actual results could differ materially from those anticipated in the forward- looking statements for many reasons. These forward-looking statements reflect current views about future events, are based on management’s current expectations and assumptions and are, by their nature, subject to significant risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements, including levels of industry product supply, demand and pricing, in particular in light of significant price volatility for oil and natural gas; geopolitical, social and/or political instability, including worsening trade relations and tariffs; unfavourable macroeconomic conditions and inflationary pressures; exchange rate and interest rate fluctuations; levels and calculations of reserves and material differences from reserves estimates; regulatory stability and access to resources, including attractive low-carbon opportunities; changes in market demand and supply and policy support from governments for renewables; inability to meet strategic objectives; the effects of climate change and changes in stakeholder sentiment and regulatory requirements regarding climate change; the development and use of new technology; failure to prevent or manage digital and cyber disruptions to our information and operational technology systems and those of third parties on which we rely; operational problems, including cost inflation in capital and operational expenditures; unsuccessful drilling; availability of adequate infrastructure at commercially viable prices; the actions of field partners, commercial and strategic partners and other third- parties; reputational damage; the actions of competitors; failure to effectively deploy new technologies or deficiencies in their implementation; the actions of the Norwegian state as majority shareholder and exercise of ownership by the Norwegian state; changes or uncertainty in or non- compliance with laws and governmental regulations, conditions or requirements; inability to obtain relevant approvals from governments and other parties for activities and transactions; adverse changes in tax regimes; the political and economic policies of Norway and other oil/ energy-producing countries; regulations on low- carbon value chains; liquidity, interest rate, equity and credit risks; risk of losses relating to trading and commercial supply activities; an inability to attract and retain personnel; ineffectiveness of crisis management systems; inadequate insurance coverage; health, safety and environmental risks; physical security risks to personnel, assets, infrastructure and operations from hostile or malicious acts; failure to meet our ethical and social standards; actual or perceived non- compliance with legal or regulatory requirements; and other factors discussed elsewhere in this report and in Equinor's Integrated Annual Report for the year ended December 31, 2025 (including section 5.2 - Risk factors thereof). Equinor's 2025 Integrated Annual Report is available at Equinor's website www.equinor.com. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot assure you that our future results, level of activity, performance or achievements will meet these expectations. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and, except as required by applicable law, we undertake no obligation to update any of these statements after the date of this report, either to make them conform to actual results or changes in our expectations. We use certain terms in this document, such as "resource" and "resources", that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to closely consider the disclosures in our Annual Report on Form 20-F for the year ended December 31, 2025, SEC File No. 1-15200. This form is available on our website or by calling 1-800- SEC-0330 or logging on to www.sec.gov 55 Forward-looking statements PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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End notes 1. The group's average liquids price is a volume weighted average of the segment prices of crude oil, condensate and natural gas liquids (NGL). 2. Transactions with the Norwegian state. The Norwegian state, represented by the Ministry of Trade, Industry and Fisheries, is the majority shareholder of Equinor and it also holds major investments in other entities. This ownership structure means that Equinor participates in transactions with many parties that are under a common ownership structure and therefore meet the definition of a related party. Equinor purchases liquids and natural gas from the Norwegian state, represented by SDFI (the State's Direct Financial Interest). In addition, Equinor sells the State's natural gas production in its own name, but for the Norwegian state's account and risk, and related expenditures are refunded by the State. 3. Equity volumes represent Equinor’s proportionate share of gross production based on working interest ownership in a lease or unit. Entitlement volumes differ from equity volumes where operations are performed under production sharing agreements (PSA) that regulate Equinor’s entitlement to volumes, and in the USA where entitlement production is expressed net of royalty interests. 4. The production guidance reflects our estimates of proved reserves calculated in accordance with US Securities and Exchange Commission (SEC) guidelines and additional production from other reserves not included in proved reserves estimates. 5. Liquids volumes include oil, condensate and NGL, exclusive of royalty oil. 6. The group's average realised piped gas prices include all realised piped gas sales, including both physical sales and related paper positions. 7. The internal transfer price paid from the MMP segment to the E&P Norway, E&P International and E&P USA segments. 8. Since different legal entities in the group lend to projects and others borrow from banks, project financing through external bank or similar institutions is not netted in the balance sheet and results in over-reporting of the debt stated in the balance sheet compared to the underlying exposure in the group. Similarly, certain net interest-bearing debt incurred from activities pursuant to the Marketing Instruction of the Norwegian government are offset against receivables on the SDFI. Some interest-bearing elements are classified together with non-interest bearing elements and are therefore included when calculating the net interest-bearing debt. 56 End notes PRESS RELEASE THIRD QUARTER 2026 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES Equinor third quarter 2026
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Photos: Pages 1, 2, 3, 4, 6, 13, 21, 38, 41 Ole Jørgen Bratland Page 1 Einar Aslaksen Page 7 Rio Energy Page 10, 11, 26 Torstein Lund Eik Page 19 Jan Arne Wold Page 56 Arne Reidar Mortensen Equinor ASA Box 8500 NO-4035 Stavanger Norway Telephone:+47 51 99 00 00 www.equinor.com