Slides
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Third quarter 2026 results Torgrim Reitan Chief financial officer 28 October 2026 Open
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Open 28 October 2026 Third quarter 2026 Delivering on strategy − Acquired US gas-fired power plant − Progressing Bay du Nord together with new partner − Accessed attractive exploration acreage in Namibia, and established strategic exploration collaboration in Norway Strong production, cash flow and financial results − Strong production growth of 2% in 3Q − Increased 2026 production guiding to ~4% − Strong MMP results with record contribution from Mongstad − Cash flow from operations after tax of USD 8.1 billion Capital distribution − Third quarter cash dividend of USD 39 cents per share − Fourth tranche of share buy-back of up to USD 1.125 billion − Share buy-back of up to USD 3 billion for 20261 Open 28 October 2026 1.20 USD Adjusted earnings per share 21.8 BN USD Year-to-date Cash flow from operations after tax 12.4 BN USD Adjusted operating income 2.5 BN USD Net income 2 | 3Q 2026 results 1. See CMD26 material for more details on capital distribution Highlights
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Open Serious Incident Frequency (SIF) Serious incidents and near-misses per million hours worked. 12-month average. Total Recordable Injury Frequency (TRIF) Personal injuries per million hours worked. 12-month average. Oil and gas leakages Number of leakages with rate above 0.1 kg/second during the past 12 months. Safety: performance indicators 3,8 3,8 3,0 2,7 2,7 2,8 2,8 2,5 2,3 2,4 2,5 2,4 8 19 13 21 18 15 12 10 11 12 8 102,3 7 0,9 0,7 0,6 0,6 0,7 0,5 0,5 0,6 0,5 0,4 0,4 0,4 2014 20182012 201720162013 2019 2020 202220212015 2023 0,21 0,3 2024 2014 20182012 201720162013 2019 2020 202220212015 2023 2024 2014 20182012 201720162013 2019 2020 202220212015 2023 2024 3,1 6 2025 2025 2025 0,26 2026 per Q3 2026 per Q3 2,3 9 2026 per Q3 3 | 3Q 2026 results
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Open 28 October 2026 Equity production Oil and gas − Stable NCS production with new fields and well executed turn- arounds offsetting natural decline − International production growth of 5% driven by Adura and Bacalhau, partly offset by divestments and US offshore turnarounds 3Q 2026 Power production − Increased renewable power generation driven by Dogger Bank and new onshore assets − Low gas-to-power production driven by weak clean spark spreads 28 October 2026 Power generation TWh 0,91 1,15 0,46 0,17 1,37 1,32 3Q 2025 3Q 2026 Gas-to-power Renewables 1 109 1 065 1 022 1 101 1 422 1 421 267 323 441 422 2 130 2 166 2 130 2 166 3Q 2025 3Q 2026 3Q 2025 3Q 2026 Oil and gas production mboe/d Liquids Gas NCS International USA Open4 | 3Q 2026 results
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Open 28 October 2026 Highlights − E&P Norway: stable production and high realised oil and gas prices − E&P International: production growth capturing higher prices − E&P US: high liquids prices, but results impacted by turnarounds and one-off effects − MMP: above guidance, driven by strong refining performance and LNG − Power: strong contribution from power trading − Net operating income impacted by net impairment of USD 485 million Adjusted operating income (USD million) 3Q26 3Q25 Pre-tax Post-tax Pre-tax Post-tax E&P Norway 10,570 2,329 5,618 1,261 E&P Int 545 355 396 223 E&P US 345 268 37 25 MMP 893 574 307 195 PWR (5) 6 (72) (126) Group 12,353 3,528 6,215 1,505 Financial results 3Q 2026 Realised prices 3Q26 3Q25 Liquids (USD/bbl) 92.3 64.9 European gas (USD/mmbtu) 20.0 11.4 N. American gas (USD/mmbtu) 2.24 2.42 5 | 3Q 2026 results
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Open 28 October 2026 - Two NCS tax instalments totaling USD 6.2 billion1 - 4Q26: Three payments of NOK 93 billion in total − Organic capex USD 3.3 billion − Received cash distribution of USD 225 million from Adura − Capital distribution of USD 4.1 billion including the state’s share of 2025 share buy-back − Cash, cash equivalents and financial investments of USD 24 billion − Decreased net debt ratio to 3.8%2 Cash flow 3Q 2026 1. Based on estimated 2026 financial results 2. Adjusted, excluding IFRS 16 impact 3. CFFO year to date: Income before tax USD 34.1 billion adjusted for non-cash items USD 5.6 billion and excludes changes in working capital items 4. Excludes changes in working capital 5. Including inorganic investments and increase/decrease in other interest-bearing items 6. Cash dividend, share buy-back executed in market, and share buy-back of USD 2.8 billion from the state Cash flow (USD million) 3Q26 YTD2026 Cash flow from operations3 14,679 39,722 Total taxes paid (6,537) (17,884) Cash flow from operations after tax4 8,142 21,838 Cash flow to investments5 (3,006) (9,088) Proceeds from sale of assets 47 693 Strategic non-current investments 171 Net cash flow before capital distribution 5,183 13,614 Capital distribution6 (4,076) (6,320) Net cash flow 1,108 7,294 6 | 3Q 2026 results
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Open 28 October 2026 Strong value proposition KEY MESSAGES 1. Based on USD/NOK of 10 Outlook 2026 Organic capex1 13 BN USD ~ Oil and gas production growth 4 PERCENT ~ Cash dividend 39 CENTS / SHARE Share buy-back 3 BN USD 7 | 3Q 2026 results Open 28 October 2026
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Open 28 October 2026 As used in this presentation, the term “Equinor” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Equinor ASA, one or more of its consolidated subsidiaries, or to all of them taken as a whole. These terms are used for convenience only and are not intended as a precise description of any of the separate companies. This presentation contains forward-looking statements concerning Equinor’s business, financial condition and results of operations that are based on current estimates, forecasts, and projections about the industries in which Equinor operates and the current expectations and assumptions of Equinor’s management. Forward-looking statements include all statements other than statements of historical facts, including, among others, statements regarding future financial, operational or sustainability performance, value creation, growth, investments, costs, expenditures, returns, distributions, technological innovation, exploration and production, levels or development of capacity, reserves and resources, portfolios and execution, development or performance of projects and fields, management objectives and targets, our expectations as to the achievement of certain targets (including those related to our climate ambitions) and expectations, projections or other characterizations of future events or circumstances, including strategies, plans (including our energy transition plan), ambitions or outlook. In some cases, we use words such as “aim”, “ambitions”, “continue”, “anticipate”, “believe”, “could”, “opportunity”, “potential”, “estimate”, “expect”, “goals”, “indicative”, “intend”, “may”, “objectives”, “commitment”, “outlook”, “plan”, “strategy”, “guidance”, “risks”, “schedule”, “seek”, “should”, “target”, “will” or similar statements or variations of such words and other similar expressions to identify forward-looking statements, although not all forward-looking statements contain such terms. Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and are, by their nature, subject to known and unknown risks, uncertainties and other factors, many of which are outside the company’s control and are difficult to predict, that may cause actual results or developments to differ materially from any future results or developments expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, among others: levels of industry product supply, demand and pricing, in particular in light of significant oil price volatility; unfavourable macroeconomic conditions and inflationary pressures; exchange rate and interest rate fluctuations; geopolitical, social and/or political instability, including worsening trade relations and tariffs; levels and calculations of reserves or resources and material differences from such estimates; regulatory stability and access to resources, including attractive renewable and low carbon opportunities; changes in market demand and supply and policy support from governments for renewables; the effects of climate change and changes in stakeholder sentiment and regulatory requirements regarding climate change; inability to meet strategic objectives; 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-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 presentation, in the second quarter 2026 reporting or in our Annual Report on Form 20-F for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission (SEC). Equinor's 2025 Annual Report is available at www.equinor.com. Readers should also consult any further disclosures we may make in documents we file with or furnish to the SEC. All oral and written forward-looking statements made on or after the date of this presentation and attributable to Equinor are expressly qualified in their entirety by the above factors. Any forward-looking statements made by or on behalf of Equinor speak only as of the date they are made. Except as required by applicable law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. The achievement of our climate ambitions depends, in part, on broader societal shifts in consumer demands and technological advancements, each of which are beyond our control. Should society’s demands and technological innovation not shift in parallel with our pursuit of our energy transition plan, our ability to meet our climate ambitions will be impaired. The calculation of the company’s net carbon intensity includes an estimate of emissions from the use of sold products (GHG protocol category 11) as a means to more accurately evaluate the emission lifecycle of what we produce to respond to the energy transition and potential business opportunities arising from shifting consumer demands. Including these emissions in the calculations should in no way be construed as an acceptance by Equinor of responsibility for the emissions caused by such use. This presentation also contains financial information which is not presented in accordance with International Financial reporting Standards (IFRS). Please refer to our filings with the SEC for disclosures and reconciliations to the most directly comparable IFRS measures of non-IFRS financial measures contained herein. This presentation may contain certain forward-looking non- IFRS measures such as organic capex, cash flow from operations after taxes paid (CFFO), free cash flow and ROACE. We are unable to provide a reconciliation of these forward-looking non-IFRS measures as they are not reconcilable to their most directly comparable IFRS measures without unreasonable efforts because the amounts excluded from the relevant IFRS measures used to determine these forward-looking non-IFRS measures cannot be predicted with reasonable certainty. We use certain terms in this presentation, such as “resource” and “resources”, that the SEC’s rules prohibit us from including in our filings with the SEC. Readers are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-15200, (available at Equinor’s website www.equinor.com and www.sec.gov). These materials shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction. Forward-looking statements 8 | 3Q 2026 results
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Open 28 October 2026 Investor Relations in Equinor CONTACT INFORMATION E-mail: irpost@equinor.com Bård Glad Pedersen Senior Vice President bgp@equinor.com +47 91 80 17 91 Lars Valdresbråten IR Senior Manager, Norway lava@equinor.com +47 40 28 17 89 Lindsey Gannaway IR Senior Manager, UK liga@equinor.com +44 78 89 80 82 23 Matthew Singletary IR Senior Manager, US masin@equinor.com +1 2039045983 Erik Gonder IR Manager ergon@equinor.com +47 99 56 26 11 Erlend Kaasen McDougall IR Manager ekm@equinor.com +47 94 28 45 17 Fan Gao ESG lead fgao@equinor.com +44 77 71 91 80 26 Anne Sofie Dahle Senior Consultant asda@equinor.com +47 90 88 75 54 Open 28 October 20269 | 3Q 2026 results
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Appendix 28 October 2026Open10 |
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Open 28 October 2026 Financial results 3Q 2026 Million USD Net income Net operating Income Adjustments Adjusted operating income Adjusted net financial items Adjusted income tax Adjusted net income 3Q 2025 Million USD 5,270 944 6,215 (628) 932 11,955 398 12,353 2,8572,545 (204) (561) 3Q 2026 (8,934) (4,655) 1. Income tax less tax effect on adjusting items 1 11 | 3Q 2026 results
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Open 28 October 2026 Adjusted operating income Million USD E&P Norway E&P International E&P USA MMP PWR Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax Pre-tax Post-tax 3Q 26 10,570 2,329 545 355 345 268 893 574 (5) 6 3Q 25 5,618 1,261 396 223 37 25 307 195 (72) (126) Net operating income Million USD 3Q 26 10,275 275 345 1,248 (17) 3Q 25 5,618 (254) (384) 517 (66) Segment results 3Q 2026 12 | 3Q 2026 results