VAR Q2 2025 Earnings Report

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Vår Energi - Internal I Interim report Second quarter and first half 2025

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2 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Vår Energi in brief Vår Energi is a leading independent upstream oil and gas company on the Norwegian continental shelf (NCS). We are committed to deliver a better future through responsible value driven growth based on over 50 years of NCS operations, a robust and diversified asset portfolio with ongoing development projects, and a strong exploration track record. Safe and responsible operations are at the core of our strategy. Our ambition is to be the safest operator on the NCS, and to become carbon neutral in our net equity operational emissions by 2030. Vår Energi has around 1400 employees and equity stakes in 42 producing fields. We have our headquarters outside Stavanger, Norway, with offices in Oslo, Hammerfest and Florø. To learn more, please visit varenergi.no. Vår Energi is listed on the Oslo Stock Exchange (OSE) under the ticker “VAR”. About Vår Energi 2 Key figures 3 Highlights 4 Key metrics and targets 5 Operational review 6 Exploration 12 HSSE 13 Financial review 15 Key figures 15 Revenues and prices 17 Statement of financial position 18 Statement of cash flow 19 First half of 2025 review 20 Outlook 21 Alternative Performance Measures 22 Financial statements 24 Notes 30

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3 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Key figures second quarter 2025 First quarter 2025 in brackets Production kboepd 288 (272) Petroleum revenues USD million 1 828 (1 833) EBIT USD million 1 195 (972) Profit before tax USD million 1 234 (1 279) CFFO USD million 766 (1 322) Capex USD million 761 (595) FCF USD million 4 (727) NIBD/EBITDAX x 0.9 (0.8)

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4 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Second quarter 2025 highlights Vår Energi reports strong results with key growth projects delivered as expected and a pipeline of quality new projects being moved forward to sustain long term resilience Production on-track for the mid-point of full year guidance • Jotun FPSO successfully on stream, peak production expected during September • Johan Castberg producing at plateau • Current production above 350 kboepd • Major turnarounds completed by end of July Strengthened financial position • Unit production cost on track to meet approximately USD 10 per boe by the fourth quarter • 25% of gas volumes locked in at USD 92 per boe • Successful issuance of USD 1.5 billion senior notes • Increased liquidity through refinancing of credit facilities • Utilising flexibility to reduce spend by around USD 500 million in 2025/26 Demonstrating growth and unlocking future value • Adding approximately 180 kboepd at peak from new fields in 2025 • Progressing project portfolio with four project sanctions year to date • Exploration successes adding high value barrels Delivering predictable and attractive dividends • Second quarter dividend of USD 300 million (NOK 1.222 per share) will be distributed 26 August1 • Full year dividend guidance for 2025 and 2026 of USD 1.2 billion KPIs (USD million unless otherwise stated) Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Actual serious incident frequency (x, 12 months rolling) - - 0.1 - 0.1 CO2 emissions intensity (equity share, kg/boe) 10.7 9.8 10.1 10.3 10.1 Production (kboepd) 288 272 287 280 293 Production cost (USD/boe) 12.7 11.6 12.4 12.2 12.2 Cash flow from operations before tax 1 270 1 535 1 669 2 805 3 146 Cash flow from operations (CFFO) 766 1 322 711 2 088 1 720 Free cash flow (FCF) 4 727 (62) 731 253 Dividends paid 300 270 270 570 540 1 The dividend is subject to EGM approval 12 August “We are pleased to report strong results for the quarter. Our key growth projects have been delivered as expected, with four of the nine projects to come on stream this year already online. Johan Castberg is producing at full capacity, the Jotun FSPO at the Balder field and Halten East are ramping up and Ormen Lange Phase III has started ahead of plan. With current production above 350 thousand barrels of oil equivalent per day (kboepd), we expect to reach about 430 kboepd in the fourth quarter, delivering on our plans for transformative growth in 2025. The Company is on track to sustain production at 350-400 kboepd towards 2030, which will be achieved by developing our portfolio of around 30 early phase projects. Over 10 of these projects are set to be sanctioned this year, with four already sanctioned in the first half, including the Balder Phase VI and Fram Sør subsea tie-backs. These projects are being moved forward at speed to deliver high value barrels with strong economics and average breakevens below USD 35 per barrel. Our exploration program continues to deliver successful results, with three commercial discoveries so far this year, continuing the Company’s leading exploration track record on the Norwegian Continental Shelf. During the first half of 2025, the Company’s financial position has been strengthened through the successful refinancing of credit facilities and issuance of senior notes, totalling USD 5.2 billion, reducing cost of debt and providing significant available liquidity. To further improve the resilience and competitiveness of our business in a volatile market, measures are taken to reduce spend by USD 500 million for 2025 and 2026, while maintaining the long-term production outlook. On the back of this strong performance, the Company continues to provide attractive and predictable shareholder distributions. We confirm a dividend of USD 300 million for the second quarter and guide a total dividend distribution of USD 1.2 billon for the full year 2025 and USD 1.2 billion for the full year 2026” Nick Walker, the CEO of Vår Energi

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5 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Key metrics and targets Income statement Unit Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Total income USD million 1 849 1 871 1 940 3 720 3 896 EBIT USD million 1 195 972 992 2 167 2 046 Profit/(loss) before taxes USD million 1 234 1 279 1 032 2 513 1 882 Net profit/(loss) USD million 217 453 222 670 322 Earnings per share USD 0.08 0.18 0.08 0.26 0.12 Other financial key figures Production cost USD/boe 12.7 11.6 12.4 12.2 12.2 Net interest-bearing debt (NIBD) USD million 5 209 4 637 4 336 5 209 4 336 Leverage ratio (NIBD/EBITDAX) 0.9 0.8 0.8 0.9 0.8 Dividend per share USD 0.12 0.11 0.11 0.23 0.22 Production Total production kboepd 288 272 287 280 293 - Oil kboepd 180 160 162 170 166 - Gas kboepd 92 96 103 94 107 - NGL kboepd 16 16 22 16 20 Sales Total sales mmboe 26.0 23.8 25.1 49.8 51.0 - Crude oil mmboe 17.1 15.0 15.1 32.1 29.6 - Gas mmboe 7.7 8.0 7.9 15.8 17.1 - NGL mmboe 1.2 0.7 2.1 1.9 4.3 Realised prices - Crude oil USD/boe 68.5 75.6 84.8 71.8 84.5 - Gas USD/boe 78.8 86.7 70.4 82.9 68.4 - NGL USD/boe 42.8 54.1 43.8 47.0 47.5 Average realised prices (volume weighted) 70.4 78.7 76.8 74.4 76.1 Targets and outlook 2025 guidance (USD million unless otherwise stated) Full Year Production kboepd 330-360 Q4 2025 production target kboepd ~ 430 Production cost USD/boe 11-12 Development capex 2 300- 2 500 Exploration capex ~ 380 Abandonment capex ~ 100 Dividend for Q2 2025 to be distributed in August 300 2025 Full year dividend guidance 1 200 2H 2025 cash tax payment estimate1 ~ 1 200 Long-term financial and operational targets 2026 production target kboepd ~ 400 2027-2030 production target kboepd 350-400 Q4 2025 and long-term production cost2 USD/boe ~ 10 2026-2030 development capex3 2 000 - 2 500 2026-2030 exploration capex3 200 - 300 2026-2030 abandonment capex3 ~ 150 2026 Full year dividend guidance 1 200 Leverage through the cycle NIBD/EBITDAX < 1.3x 1 Assumed NOK/USD at 10.5 2 In real 2025 and NOK/USD at 10.5 3 Per Annum

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6 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Operational review Vår Energi’s production of oil, liquids and natural gas averaged 288 kboepd in the second quarter of 2025. Production in the first half of the year averaged 280 kboepd, and with the main new project start -up’s achieved the Company is on track to deliver fu ll year 2025 production in the middle of the guided range of 330 to 360 kboepd. Fourth quarter 2025 production is expected to be around 430 kboepd. Vår Energi’s net production of oil, liquids and natural gas averaged 288 kboepd in the second quarter 2025, an increase of 6% from the previous quarter. First half 2025 production of 280 kboepd was around the bottom of the expected range, mainly due to the later start-up and slower ramp-up to plateau at Johan Castberg than initially planned. Strong operational performance continues on operated assets, with production efficiency better than target at 95% for the first half of 2025. The Company’s main turnaround activities for 2025 were scheduled in the second quarter/early third quarter, with an impact of around 30 kboepd on second quarter 2025 production volumes. Vår Energy plans to start-up nine new projects during 2025, adding around 180 kboepd production at peak levels. Four of these projects reached first production during the first half of 2025. Halten East started up in March, on time and within budget, and is expected to reach peak production of 20 kboepd net Vår Energi in the fourth quarter of 2025. Johan Castberg achieved first oil in March and ramped up to plateau production of 66 kboepd net Vår Energi in June. First production through the Jotun FPSO at the Balder field was achieved in June in line with guidance, peak production levels of 70 kboepd net Vår Energi are expected to be reached during September. Ormen Lange Phase III (subsea compression) started up in June ahead of schedule and below budget, when ramped up, the production contribution is around 5 kboepd net to Vår Energi. The remaining five projects are all on track to start -up before the end of 2025. Production split first half of 2025

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7 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Current production potential is above 350 kboepd and fourth quarter 2025 production is now estimated to be around 430 kboepd, in line with the previous guidance of over 400 kboepd. Production costs for the first half of 2025 were USD 12.2 per boe, with a guidance range of USD 11-12 per boe for the full year 2025. The first half of 2025 was impacted by start-up of new fields, and seasonal maintenance activities. The Company expects that production costs will reduce to around USD 10 per boe in the fourth quarter of 2025 through the ramp up of lower cost barrels from the new projects and continuous cost improvements . The Company’s significant resource base and comprehensive early phase project portfolio including the recent sanctions supports sustainable production of 350 -400 kboepd towards 2030. The Company is progressing around 30 early phase projects accounting for net 2C contingent resources of around 600 mmboe and expects to sanction over 10 projects during 2025. Four projects have been sanctioned year to date, amongst these, Balder Phase VI, a fast-track development operated by Vår Energi that will contribute with high value production through the Jotun FPSO already in late 2026. Fram Sør, a subsea tie -back development to Troll C took a final investment decision in the second quarter, developing 116 mmboe gross1 resources. The Company has made three commercial exploration successes so far in 2025, with the recent Vår Energi operated Vidsyn well in the Fenja area and Equinor operated Drivis Tubåen well in the Johan Castberg area. The recent Goliat Ridge discoveries are being matured as a fast-track subsea development with flexibility to include potential future discoveries, and two appraisal wells are planned in the Goliat Ridge later this year, Goliat North and Zagato North. The expected exploration spend for 2025 is increased to around USD 380 million, as a result of successful wells. In light of the volitile markets, the Company has taken a proactive approach and has used the flexibility in the business, with around 65% of future capital spend uncommitted 2, to reduce spend by around USD 500 million for the period 2025 – 2026. Vår Energi will utilise the volatility to make the Company even more efficient and competitive. These reductions will be achieved by utilising the flexibility the Company has in the early phase project portfolio, improvements and optimising the operational and exploration activities. The reduced spend levels will have no impact on the Company’s plan to sustain production at 350 – 400 kboepd towards 2030. 1 Vår Energi working interest 40% 2Average over period 2025-2030 Production (kboepd) Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Balder Area 63 64 54 64 54 Barents Sea 36 26 29 31 30 North Sea 85 92 105 88 107 Norwegian Sea 104 90 99 97 102 Total Production 288 272 287 280 293

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8 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES As part of Vår Energi’s hub strategy, the Company identifies strategic focus areas that provide a framework for evaluating exploration and development opportunities, maximising the use of existing infrastructure and optimising value creation throughout the asset portfolio. Balder Area Production (kboepd) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Balder/Ringhorne 27 25 25 24 26 Grane/Svalin 10 12 11 10 8 Breidablikk 26 27 24 19 19 Total Balder Area 63 64 60 53 54 Performance from the Balder Area was strong with production of 63 kboepd in the second quarter, a decrease of 2% compared to the first quarter, driven by planned turnaround activities at Balder and Ringhorne, which was offset by strong performance from the Breidablikk field and increased production from Ringhorne due to new wells coming on stream. The Balder field production efficiency was 91% in first half of 2025, including a successfully conducted planned turnaround. Average production for the first half of 2025 was 64 kboepd, and further production increase is expected for the second half of the year due to Jotun FPSO ramping up to peak production. Five new wells are expected to be brought onstream from Breidablikk/Grane in the second half of the year, which will further increase the overall production from the hub . Projects The Balder X project has progressed its final commissioning in the quarter and successfully started production through the Jotun FSPO in June as planned. All 14 production wells have been completed and will be brought onstream during the ramp-up period and are expected to reach peak production during September.

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9 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES The Jotun FPSO will deliver around 80 kboepd gross1,2 at peak, unlocking gross proved plus probable (2P) reserves of around 150 mmboe1,2. In addition, the drilling of six new wells as part of Balder Phase V project progresses as planned, with the first well expected to commence production the fourth quarter 2025. Additionally, the Balder Phase VI project was sanctioned in the second quarter, ahead of original plan with anticipated first oil by end 2026, with an internal rate of return (IRR) above 35% and breakeven price below USD 35 per boe. Together these projects will capture gross proved plus probable (2P) reserves in the range of 45-50 mmboe2. Further early phase projects are also being progressed at pace to maximise the production capacity of the Jotun FPSO in the years to come. The Balder Next project is targeting to develop the next phase for the Balder field and unlock significant contingent resources. The project consists of taking the Balder Floating Production Unit (FPU) to shore for decommissioning, targeted in 2028. Selected wells producing through Balder FPU will be transferred to the Jotun FPSO. In addition, production will be accelerated as part of the Jotun FPSO debottlenecking project to increase production capacity on the FPSO, as well as developing new production wells. Combined this gives a production from the Balder field area in the range 70-80 kboepd gross2 towards 2030. The decommissioning of Balder FPU is expected to reduce operating costs by approximately USD 130 million gross 2 per annum and to reduce CO2 emissions by around 80,000 tonnes gross 2 per year. The above projects are steps to ensure high value barrels from the Balder area towards 2045 and beyond. 1 Balder Phase V and VI not included 2 Vår Energi working interest 90% Barents Sea Production (kboepd) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Goliat 13 14 14 15 14 Johan Castberg 20 - - - - Snøhvit 4 13 16 17 16 Total Barents Sea 36 26 30 32 29 Average production in the Barents Sea was 36 kboepd in the second quarter, up 38% from the first quarter due to start-up of Johan Castberg. The Goliat field had a production efficiency in the first half of 2025 of 94%, impacted by planned maintenance activities in the second quarter. Two planned infill oil producers were successfully completed at the Goliat field in the quarter, with results in line with expectations. In addition, 4D seismic acquisition over the Goliat field is ongoing, which will support the development of future in -fill drilling plans. Johan Castberg reached plateau levels in June, with 66 kboepd net to Vår Energi. The field will be producing for more than 30 years, contributing to significant growth and value creation, with expected pay-back time in less than 2 years from start-up. The project has completed eighteen of the thirty planned development wells. The drilling program is scheduled to be completed by end of 2026. Snøhvit has executed a planned turnaround in second quarter, commenced in late April, and production is expected to started up in end of July. Average production for the first six months of the year was 31 kboepd, and further production increase is expected for the second half of the year due to Johan Castberg production reaching plateau production levels and the Snøhvit planned turnaround .

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10 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Projects The Johan Castberg area is highly prospective, and several new discoveries made in recent years are already being matured, including an extensive infill drilling program planned to be sanctioned in 2025. The Johan Castberg Cluster 1 development project con sisting of two phases, Isflak and Snøfonn/Skavl, is targeting sanctioning of the first phase, Isflak, in the fourth quarter 2025. In total, there are between 250 and 550 million barrels of additional gross unrisked recoverable resources identified in the area. Snøhvit is progressing the next plateau extension project “Snøhvit Future” that entails both onshore compression and electrification of the Hammerfest LNG onshore facility. The start of onshore compression is planned for late 2028 and the plant will be ele ctrified with power from the grid in 2029. North Sea Production (kboepd) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Ekofisk Area 15 21 23 22 19 Snorre 17 16 17 18 14 Gjøa Area 15 15 18 17 21 Gudrun 7 6 6 5 7 Statfjord Area 10 12 12 14 12 Fram 12 13 15 15 18 Sleipner Area 3 3 4 5 8 Other 5 5 5 6 5 Total North Sea 85 92 100 102 105 Production from North Sea was 85 kboepd in the second quarter, an 8% reduction from previous quarter mainly due to a planned turnaround in the Ekofisk area and lower well capacity from the Fram area. Vår Energi’s operated assets have continued to perform strongly with the Gjøa area achieving 97% production efficiency in the first half of 2025. Average production for the first six months of the year was 88 kboepd in line with expectations. Restoration of Sleipner B production after the fire in 2024 is ongoing and it is expected that the production will start up partly in September 2025 and full production to be resumed in the first half of 2027. The after-tax cash impact is compensated by insurance coverage, which covers the lost production at a predefined price for up to twelve months.

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11 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Projects Fram Sør, Gudrun Low Pressure Project and Snorre Gas Export have been sanctioned in 2025. Fram Sør will develop 116 mmboe gross proved plus probable (2P) reserves 1 and consists of several discoveries combined into one development project that will export oil and gas via the Troll C platform. The development will bring highly valuable barrels on stream by connecting new infrastructure to existing facilities. Fram Sør has strong economics and fulfils Vår Energi’s investment criteria for new developments. The Fram area continues to offer compelling potential for value creation. Building on recent discoveries, Mulder and Rhombi, a series of new exploration targets are set to be drilled in 2025 and 2026, unlocking potential further upside1. The Gjøa subsea projects are being matured towards final investment decision, aiming to improve the overall business case and to ensure alignment across the discoveries. The current plan is to make a project concept selection by end 2025 and with the targe t to sanction the project in 2026. The project consists of the Ofelia, Kyrre, Gjøa North and Cerisa discoveries, with up to 110 mmboe in estimated gross recoverable resources 2. In the Ekofisk area the Ekofisk PPF (Previously Produced Fields) project is being matured towards an investment decision within year end 2025. While the Eldfisk North project is planning a final investment decision during third quarter 2025. 1 Vår Energi working interest 40% 2 Vår Energi working interest 30% in Cerisa and Gjøa North, 40% in Ofeila and Kyrre Norwegian Sea Production (kboepd) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Åsgard area 36 32 33 23 37 Mikkel 10 10 8 5 9 Tyrihans 13 13 11 8 14 Halten Øst 11 1 - - - Ormen Lange 6 8 9 8 8 Fenja 11 12 15 13 17 Njord Area 9 6 5 4 7 Other 9 8 7 7 9 Total Norwegian Sea 104 90 88 70 99 In the Norwegian Sea production for the second quarter was 104 kboepd, a 15% increase from the previous quarter. Average production for the first half of 2025 was 97 kboepd, in line with expectations. The increased production in the quarter was mainly due to Halten East project coming on stream in March 2025, expecting to provide Vår Energi with net production of around 20 kboepd at peak expected in the fourth quarter of 2025. The field holds gross rese rves of around 100 mmboe1 , and the area has additional unrisked gross recoverable resource potential of 100-200 mmboe for future development. 3 Vår Energi 24.6% working interest

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12 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Exploration The Company’s exploration program continues to deliver successful results, with three commercial discoveries so far in 2025 from the 11 exploration wells drilled, continuing the Company’s leading exploration track record on the NCS. The three discoveries contain net recoverable resources in the range of 40 to 60 mmboe and all will be developed as subsea tie-back projects and will add high value barrels. A further 9 exploration wells are planned to be completed in 2025. The expected exploration spend for 202 5 is increased to around USD 380 million, as a result of successful wells. The Vår Energi operated Vidsyn exploration well in licence PL586, close to the Fenja field, in the Norwegian Sea is assessed as a commercial discovery in July. The discovery could open up new opportunities in neighbouring segments of the Vidsyn ridge, which will be further assessed with an appraisal campaign, targeting up to a potential of up to 100 mmboe gross. The gross recoverable resources for the Vidsyn well are estimated in the range of 25 to 40 mmboe1. The Equinor operated Drivis Tubåen exploration well in licence PL 532, close to Johan Castberg, in the Barents Sea was a commercial discovery. The gross recoverable resources are assumed to be in the range of 9 to 15 mmboe 2. The exploration program close to Johan Castberg is key to unlock the prospective resources, ensuring the capacity of the newly started facility is utilised at full towards 2030 and beyond. At Goliat, the Company has formally initiated an early phase project to progress the recent discoveries in the Goliat Ridge³, the close proximity to Goliat FPSO provides opportunity for a fast track, low emission, cost-efficient development adding high value barrels. The discoveries continue to demonstrate the potential of the Goliat ridge, with estimated gross discovered and prospective recoverable resources of above 200 mmboe. The drilling of two further appraisal wells is planned to start in the third quarter this year. A new 3D seismic survey was acquired in the second quarter over the Goliat Ridge area to support development studies. The Aker BP operated Rondeslottet exploration well in licence PL1005, the Equinor operated Lit exploration well in licence PL169, the Equinor operated Garantiana NW well in licence PL 554 and the OMV operated Hoffmann exploration well in licence PL1194 were concluded in June/July 2025 , all were dry wells. The Equinor operated Skred exploration well in licence PL 532 was classified as a non-commercial gas discovery. 1 Vår Energi working interest 75% 2 Vår Energi working interest 30% 3 Vår Energi working interest 65%

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13 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Health, safety, security and the environment (HSSE) Vår Energi’s commitment to safety remains strong with the ambition to be the safest operator on the NCS. The Company continues to enforce the safety tools and improvement initiatives proven to be effective, in close collaboration with our partners and contractors. During the second quarter the Company continued the positive performance with no actual serious incidents nor incidents with a serious potential. Recordable injuries in the second quarter are of lower potential and have seen an improved level in over the last months versus the rolling 12 months average. The Company extracts learnings from incidents to avoid similar events in the future. 1 SIF: Serious incident and near-misses per million worked hours. Includes actual and potential consequence. SIF Actual: incidents that have an actual serious consequence. 2 TRIF: Personal injuries requiring medical treatment per million worked hours. Reporting boundaries SIF & TRIF: Health and safety incident data is reported for company sites as well as contracted drilling rigs, flotels, vessels, projects, and modifications, and transportation of personnel, using a risk-based approach. 3 Classified according to IOGP RP 456. 4 Direct Scope 1 emissions of CO2 (net equity share) of Company portfolio (operated and partner operated) kg of CO2 per produced barrel of oil equivalent. 5 Emission numbers are preliminary until the EU ETS verification is completed by end of the first quarter 2025. Key HSSE indicators, operated activity Unit Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Serious incident frequency (SIF Actual)1 12M rolling avg Per mill. exp. Hours 0.0 0.0 0.1 0.1 0.1 Serious incident frequency (SIF)1 12M rolling avg Per mill. exp. Hours 0.4 0.3 0.3 0.3 0.3 Total recordable injury frequency (TRIF)2 12M rolling avg Per mill. exp. Hours 2.7 3.3 3.5 3.1 2.8 Significant spill to sea Count 0 0 0 0 0 Process safety events Tier 1 and 23 Count 0 0 0 0 1 CO2 emissions intensity (equity share)4,5 kg CO2/boe 10.7 9.8 9.5 10.0 10.1

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14 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES ESG and decarbonisation Vår Energi has industry leading ESG performance and is ranked amongst the top 15% in the global oil and gas industry by Sustainalytics and was with that once again awarded with the badge “2025 Sustainalytics ESG top rated Industry”. Since March 2024, the Company has been included in the Oslo Stock Exchange ESG index as the only oil and gas company. The Company is also the only operator on the NCS with an ISO 50001:2018 energy management certification. Vår Energi has a clear path to more than 50% GHG 1 emissions reduction for its scope 1 emissions by 2030 2 from three main levers, electrification with power from shore, portfolio optimisation and energy management. In addition to emission reductions, Vår Energi is also on the path to become carbon neutral in net equity operational emissions by 2030 through carbon removals in the voluntary carbon market for residual emissions and have entered into flexible agreements to achieve this. Vår Energi has zero scope 2 (market based) emissions3 in first half of 2025, this is achieved through energy efficiencies and purchase of guarantees of origin from renewable sources for the residual scope 2 emissions In the second quarter of 2025 scope 1 net equity CO2 emissions intensity was 10.7 kg CO2 per boe, versus 9.8 kg CO2 per boe in the first quarter 2025. For the first half of 2025 scope 1 net equity CO2 emissions intensity was around 10.3 kg CO2 per boe. This level of emissions intensity is in line with the Company guidance for 2025 and is in the top quartile of world industry performance. For the second quarter and first half of 2025 the operated methane emission intensity for Vår Energi is 0.02%4, well below the Near Zero levels5. Vår Energi has a value driven approach towards creating future optionality through CCS6, and the Company is the operator of both the Iroko (40%) and Trudvang (40%) licences on the NCS. For the latter, operatorship was transferred to Vår Energi during first quarter 2025. 1 Greenhouse gas 2Baseline year 2005 3Vår Energi’s share of operations where the Company is the operator 4Emitted CH4 vs exported gas 5 Near zero below 0.2% as per OGCI definition 6 Carbon capture and storage (CCS)

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15 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Financial review Key figures Total income in the second quarter amounted to USD 1 849 million, a decrease of USD 22 million compared to the previous quarter due to lower prices being offset by higher sales. Volumes sold increased by 9% to 26.0 mmboe in the quarter due to higher production. Realised crude price decreased by 9% in the quarter to USD 68 per boe while realised gas price decreased by 9% in the quarter to USD 79 per boe. Key figures (USD million) Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Total income 1 849 1 871 1 940 3 720 3 896 Production costs (395) (305) (346) (700) (728) Other operating expenses (43) (43) (48) (86) (32) EBITDAX 1 411 1 524 1 546 2 934 3 135 Exploration expenses (70) (69) (56) (139) (89) EBITDA 1 341 1 455 1 490 2 795 3 046 Depreciation and amortisation (587) (458) (498) (1 045) (1 000) Impairment loss and reversals 441 (24) - 417 - Net financial income/(expenses) (38) (33) (26) (71) (44) Net exchange rate gain/(loss) 78 339 65 417 (120) Profit/(loss) before taxes 1 234 1 279 1 032 2 513 1 882 Income tax (expense)/income (1 018) (826) (810) (1 843) (1 560) Profit/(loss) for the period 217 453 222 670 322

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16 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Production cost in the second quarter amounted to USD 395 million, an increase of USD 90 million compared to the previous quarter. The average production cost per barrel produced increased to USD 12.7 per boe in the quarter, compared to USD 11.6 per boe in the previous quarter mainly driven by start-up of new fields and seasonal planned maintenance activities. Second quarter 2025 increased by USD 0.3 per boe, compared to second quarter of 2024. Exploration expenses in the second quarter increased to USD 70 million compared to USD 69 million in the previous quarter mainly due to increased dry well cost. Depreciation and amortisation in the second quarter amounted to USD 587 million, an increase compared to the previous quarter due to higher depreciation rates driven by Halten East and Johan Castberg coming on stream. Impairment loss and reversals in the quarter of USD 441 million was related to an impairment reversal of USD 510 million pre-tax on Balder due to changes in reserves and technical goodwill impairments on Njord, Gjøa and Snøhvit. Net impairment reversal in the quarter amounts to USD 42 million post-tax. Net exchange rate gain in the second quarter amounted to USD 78 million, due to strengthened NOK versus USD offset by the weakening of NOK towards the EUR. Profit before taxes in the second quarter amounted to USD 1 234 million compared to USD 1 279 million in the previous quarter. Income tax expense in the second quarter amounted to USD 1 018 million, an increase of USD 192 million compared to the previous quarter. The effective tax rate for the quarter was 82%, above the marginal tax rate of 78% due to impairment of technical goodwill partly offset by exchange rate gain taxed at 22%. Net result for the period amounted to USD 217 million, a decrease of USD 236 million compared to the previous period mainly due to higher tax expense in the quarter.

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17 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Revenues and prices Vår Energi obtained an average realised price of USD 70 per boe in the quarter. The realised gas price of USD 79 per boe in the second quarter was a result of the sales mix during the period, which included contracts with fixed prices and contracts linked to both short and long-term indexation. The fixed price contracts represented 25% of second quarter gas volumes sold at an average price of USD 92 per boe, substantially above the spot market reference price. Vår Energi continues to execute fixed price transactions. As of 30 June 2025, the Company has entered into a transactions of approximately 18% of the gas production for the third quarter of 2025 has been sold on a fixed price basis at an average price around USD 90 per boe. At the end of the second quarter, Vår Energi has hedged approximately 100% of the post-tax crude oil production until year end of 2025, with put options at a strike price of USD 50 per boe. Total income (USD million) Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Revenue from crude oil sales 1 170 1 136 1 282 2 305 2 504 Revenue from gas sales 607 659 558 1 265 1 170 Revenue from NGL sales 51 39 91 90 202 Hedge - - 2 - 7 Total Petroleum Revenues 1 828 1 833 1 933 3 661 3 882 Other Operating Income 21 38 7 60 14 Total Income 1 849 1 871 1 940 3 720 3 896 Sales volumes (mmboe) Sales of crude 17.1 15.0 15.1 32.1 29.6 Sales of gas 7.7 8.0 7.9 15.8 17.1 Sales of NGL 1.2 0.7 2.1 1.9 4.3 Total Sales Volumes 26.0 23.8 25.1 49.8 51.0 Realised prices (USD/boe) Crude oil 68 76 85 72 85 Gas 79 87 70 83 68 NGL 43 54 44 47 47 Average realised prices 70 79 77 74 76

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18 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Consolidated statement of financial position Total assets at the end of the second quarter amounted to USD 26 224 million, an increase from USD 24 149 million at the end of the previous quarter. Non-current assets were USD 24 258 million and current assets were USD 1 965 million at the end of the second quarter. Total equity amounted to USD 972 million at the end of the second quarter, corresponding to an equity ratio of about 4%. Net interest-bearing debt (NIBD1) at the end of the second quarter was USD 5 209 million, an increase of USD 572 million from the previous quarter. As a result, total available liquidity amounted to USD 3 468 million at the end of the second quarter, compared to USD 2 666 million at the end of the previous quarter. Undrawn credit facilities at the end of the second quarter were USD 2 750 million and total cash and cash equivalents were USD 718 million. The Company maintains a strong financial position with a leverage ratio (NIBD/EBITDAX) of 0.9x at the end of the second quarter, well within the guided target of below 1.3x through the cycle. 1NIBD has been changed to include accrued interest and exclude lease liability and restricted cash to align with covenants in the revolving credit facilities agreement. Please see the Alternative performance measures (APMs) section of the report for detailed descriptions of the Company’s APMs. USD million 30 Jun 2025 31 Mar 2025 31 Dec 2024 Goodwill 3 323 3 247 2 988 Property, plant and equipment 19 951 18 144 16 737 Other non-current assets 985 1 047 876 Cash and cash equivalents 718 661 279 Other current assets 1 248 1 051 988 Total assets 26 224 24 149 21 868 Equity 972 1 009 833 Interest-bearing loans and borrowings 5 908 5 270 5 137 Deferred tax liabilities 12 362 11 286 10 501 Asset retirement obligations 3 920 3 617 3 389 Taxes payable 1 183 1 178 682 Other liabilities 1 878 1 788 1 327 Total equity and liabilities 26 224 24 149 21 868 Cash and cash equivalents 718 661 279 Revolving credit facilities 2 750 2 005 1 030 Total available liquidity 3 468 2 666 1 309 Net interest-bearing debt (NIBD) 5 209 4 637 4 870 EBITDAX 4 quarters rolling 5 702 5 837 5 902 Leverage ratio (NIBD/EBITDAX) 0.9 0.8 0.8

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19 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Consolidated statement of cash flow Cash flow from operating activities (CFFO) post-tax was USD 766 million in the second quarter, a decrease of USD 557 million from the previous quarter. This was mainly due to two tax instalments paid in the quarter and negative working capital movements. The negative working capital movements are related to higher receivables at end of the second quarter compared to the first quarter. Net cash used in investing activities was USD 781 million in the quarter, whereof USD 692 million was related to PP&E expenditures. Investments in the Balder Area and at Johan Castberg represented around 56% of these expenditures. Net cash outflow from financing activities amounted to USD 56 million in the quarter. Cash outflow in the quarter consisted of interest paid of USD 117 million, dividends paid of USD 300 million, partly offset by net inflow of bond issue and payment of RCF of USD 505 million. Free cash flow (FCF) was USD 4 million in the quarter, compared to USD 727 million in the previous quarter. The decrease is mainly driven by lower cash flow from operations, due to higher tax payment and negative working capital impact in the second quarter combined with higher PP&E expenditures. The capex coverage was 1.0 in the second quarter, down from 2.2 in the previous quarter. USD million Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Cash flow from operating activities 766 1 322 711 2 088 1 720 Cash flow used in investing activities (781) (626) (784) (1 408) (2 822) Cash flow from financing activities 56 (349) (327) (293) 708 Effect of exchange rate fluctuation 16 35 (7) 51 (25) Change in cash and cash equivalents 41 347 (400) 388 (395) Cash and cash equivalents, end of period 718 661 315 718 315 Net cash flows from operating activities 766 1 322 711 2 088 1 720 CAPEX 761 595 773 1 357 1 467 Free cash flow 4 727 (62) 731 253 Capex coverage (CFFO)/Capex) 1.0 2.2 0.9 1.5 1.2

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20 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Report for the first half 2025 During the first six months of 2025, Vår Energi reported total income of USD 3 720 million, compared to USD 3 896 million in the first six months of 2024. The decrease was mainly driven by lower sales due to lower production and lower realised crude prices partly offset by higher realised gas prices. Production in the first half of 2025 was 280 kboepd compared to 293 kboepd in the first half of 2024. The decrease was mainly due to reduced production in the North Sea and Norwegian sea areas. Average realised crude prices decreased to USD 71.8 per boe, compared to USD 84.5 per boe in the first half of 2024, while the average realised gas price increased to USD 82.9 per boe, compared to USD 68.4 per boe in the first half of 2024. Production cost in the first half of 2025 was USD 12.2 per boe stable compared to USD 12.2 per boe in the first half of 2024. Operating profit for the first half of 2025 was USD 2 167 million, an increase from USD 2 046 million in the first half of 2024. The increase was mainly due to reversal of impairment of 417 in 2025. Net profit in the first half of 2025 was USD 670 million compared to USD 322 million in the first half of 2024. Net interest-bearing debt at the end of the first half of 2025 was USD 5 208 million compared to USD 4 336 million in the first half of 2024. Net cash flow from operating activities in the first half of 2025 was USD 2 088 million compared to USD 1 720 million in the first half 2024. Net cash used in investing activities was USD 1 408 million in the first half of 2025 compared to USD 2 822 million in the first half of 2024, the decrease was mainly due to the Neptune Energy acquisition in 2024. Net cash outflow from financing activities was USD 293 million in the first half of 2025 compared to a cash inflow of USD 708 million in the first half of 2024. Unit 1H 2025 1H 2024 Net petroleum production kboepd 280 293 Total Income USD million 3 720 3 896 Operating profit USD million 2 167 2 046 Profit before taxes USD million 2 513 1 882 Net profit USD million 670 322 Net interest-bearing debt USD million 5 209 4 336 Net cash flow from operating activities USD million 2 088 1 720 Net cash used in investing activities USD million (1 408) (2 822) Net cash from financing activities USD million (293) 708

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21 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Outlook Vår Energi has an ambition to deliver value-driven growth to support attractive and resilient long-term dividend distributions. The Company’s full year production guidance for 2025 is 330- 360 kboepd and for the fourth quarter 2025 is around 430 kboepd. For 2025, the Company expects development capex between USD 2 300 and 2 500 million, around USD 380 million in exploration capex and around USD 100 million in abandonment capex. Production cost is expected to be between USD 11 and 12 per boe in 2025, reducing to around USD 10 per boe in the fourth quarter 2025. Vår Energi’s material cash flow generation and investment grade balance sheet support attractive dividend distributions. Vår Energi has a full year 2025 and 2026 dividend guidance of USD 1.2 billion1. Vår Energi’s dividend policy is 25-30% of CFFO after tax over the cycle. To ensure continuous access to capital at competitive cost, retaining investment grade credit ratings is a priority for Vår Energi. As such, the Company targets a NIBD/EBITDAX of below 1.3x through the cycle. Transactions with related parties For details on transactions with related parties, see note 24 in the Financial Statements. Subsequent events See note 26 in the Financial Statements. Risks and uncertainties Vår Energi is exposed to a variety of risks associated with its oil and gas operations on the Norwegian Continental Shelf (NCS). Factors such as exploration, reserve and resource estimates, and projections for capital and operating costs are subject to inherent uncertainties. Additionally, the production performance of operated and partner operated oil and gas fields exhibit variability over time and is also affected by planned and unplanned maintenance and turnaround activities. A high activity level on the NCS create challenges for resource availability and may influence the planned progress and costs of Vår Energi's ongoing development projects, which encompass advanced engineering work, extensive procurement activities, and complex construction endeavors. The Company is also exposed to a variety of risks typically associated with the oil and gas sector such as fluctuations in commodity prices, exchange rates, interest rates, and capital requirements. Increasing geopolitical tensions have introduced an elevated level of uncertainty into the energy landscape, affecting supply chains and contributing to global economic volatility. Sudden geopolitical developments can influence energy markets, potentially impacting regulatory environments, trade agreements, and geopolitical stability in regions critical to Vår Energi’s operations. These uncertainties may impact the predictability of market conditions, affecting both short-term decision-making and long-term strategic planning. Recent tensions over trade tariffs increase and potential impacts on global demand introduced additional uncertainties and increased further the level of volatility in the financial market, affecting commodity prices, exchange rates and interest rates. Climate change mitigation is impacting our operations and business with the introduction of new regulations and taxes on CO2 emissions aiming to impact the demand for regular fossil fuels. Additionally, the cost of capital may increase as investors modify their behavior in response to these transformative trends. The company is managing the climate related transition risks by making its business strategies more resilient. The Company’s operational, financial, strategic, compliance risks and the mitigation of these risks are described in the annual report for 2024, available on www.varenergi.no. 1 Remaining 2025 dividend payments will be based on audited interim balance sheet

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22 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Alternative performance measures (APMs) In this interim report, in order to enhance the understanding of the Group’s performance and liquidity, Vår Energi presents certain alter-native performance measures (“APMs”) as defined by the European Securities and Markets Authority (“ESMA”) in the ESMA Guidelines on Alternative Performance Measures 2015/1057. Vår Energi presents the APMs: Capex, Capex Coverage, EBITDAX, EBITDAX Margin, Free Cash Flow, NIBD and NIBD/EBITDAX Ratio. The APMs are not measurements of performance under IFRS (“GAAP”) and should not be considered to be an alternative to: (a) operating revenues or operating profit (as determined in accordance with GAAP), as a measure of Vår Energi’s operating performance; or (b) any other measures of performance under GAAP. The APM presented herein may not be indicative of Vår Energi’s historical operating results, nor is such measure meant to be predictive of the Group’s future results. Vår Energi believes that the APMs described herein are commonly reported by companies in the markets in which it competes and are widely used in comparing and analysing performance across companies within its industry. The APMs used by Vår Energi are set out below (presented in alphabetical order): • “Capex” is defined by Vår Energi as expenditures on property, plant and equipment (PP&E) and expenditures on exploration and evaluation assets as presented in the cash flow statements within cash flow from investing activities. • “Capex Coverage” is defined by Vår Energi as cash flow from operating activities as presented in the cash flow statements (“CFFO”), as a ratio to Capex. • “EBITDAX” is defined by Vår Energi as profit/(loss) for the period before income tax (expense)/income, net financial items, net exchange rate gain/(loss), depreciation and amortisation, impairments and exploration expenses. • “EBITDAX margin” is defined by Vår Energi as EBITDAX and EBITDA as a percentage of total income, respectively. • “EBITDAX 4 quarters rolling” EBITDAX of the last four quarters • “Free cash flow” (“FCF”) is defined by Vår Energi as CFFO less CAPEX. • “Net interest-bearing debt” or “NIBD” is defined by Vår Energi as interest-bearing loans and borrowings including accrued interest (“Total interest-bearing debt” or “TIBD”) less unrestricted cash and cash equivalents1. • “NIBD/EBITDAX” is defined by Vår Energi as NIBD as a ratio of EBITDAX. 1 The Company’s definition of NIBD is changed to align with covenants in the revolving credit facilities agreement, accrued interests are included and lease liabilities and restricted cash are excluded.

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23 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Sandnes, 21 July 2025 Signed electronically Thorhild Widvey Chair Liv Monica Bargem Stubholt Deputy Chair Francesco Gattei Director Guido Brusco Director Francesca Rinaldi Director Claudia Almadori Director Fabio Ignazio Romeo Director Ole Johan Gillebo Director Martha Skjæveland Director, employee elected representative Lilli Sahlman Fagerdal Director, employee elected representative Carl Anders Olof Kjörling Director, employee elected representative Jan Inge Nesheim Director, employee elected representative Nicholas John Robert Walker Chief Executive Officer Responsibility Statement The Board of Directors and the CEO confirm that to the best of our knowledge the interim financial statement for the first half of 2025 have been prepared in accordance with IFRS, as adopted by the EU, IAS 34 Interim financial reporting, and requirements in accordance with the Norwegian Accounting Act, and gives a true and fair view of the Company’s assets, liabilities, financial positions, and results for the period. The Board of Directors and the CEO certify that the financial report for the first six months ended 30 June 2025 gives a true and fair view of the Company’s business performance, major related party transactions, and describes the principal risks and uncertainties that the Company faces.

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24 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Financial statements with note disclosures Unaudited consolidated statement of comprehensive income 25 Note 12 Impairment 39 Unaudited consolidated balance sheet statement 26 Note 13 Trade receivables 41 Unaudited consolidated statement of changes in equity 27 Note 14 Other current receivables and financial assets 41 Unaudited consolidated statement of cash flows 28 Note 15 Financial instruments 41 Notes 30 Note 16 Cash and cash equivalents 43 Note 1 Summary of IFRS accounting principles 30 Note 17 Share capital and shareholders 43 Note 2 Business combination 30 Note 18 Hybrid capital 43 Note 3 Income 32 Note 19 Financial liabilities and borrowings 44 Note 4 Production costs 33 Note 20 Asset retirement obligations 45 Note 5 Other operating expenses 33 Note 21 Other current liabilities 45 Note 6 Exploration expenses 34 Note 22 Commitments, provisions and contingent consideration 46 Note 7 Financial items 34 Note 23 Lease agreements 46 Note 8 Income taxes 35 Note 24 Related party transactions 47 Note 9 Intangible assets 37 Note 25 Licence ownerships 48 Note 10 Tangible assets 38 Note 26 Subsequent events 48 Note 11 Right of use assets 39

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25 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated statement of comprehensive income USD million, except earnings per share data Note Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Petroleum revenues 3 1 827.6 1 833.1 1 933.3 3 660.7 3 882.1 Other operating income 21.4 38.2 6.8 59.6 13.6 Total income 1 849.0 1 871.3 1 940.1 3 720.3 3 895.8 Production costs 4 (395.3) (304.7) (346.4) (700.0) (728.2) Exploration expenses 6 , 9 (69.7) (69.3) (55.8) (139.0) (89.0) Depreciation and amortisation 10 , 11 (587.1) (458.3) (497.8) (1 045.4) (1 000.4) Impairment losses and reversal 9 , 10 , 12 440.8 (23.9) (0.0) 416.9 (0.0) Other operating expenses 5 (43.1) (42.9) (48.0) (85.9) (32.3) Total operating expenses (654.4) (899.0) (948.0) (1 553.4) (1 849.9) Operating profit/(loss) 1 194.6 972.4 992.2 2 166.9 2 045.8 Net financial income/(expenses) 7 (37.9) (32.7) (25.7) (70.6) (44.4) Net exchange rate gain/(loss) 7 77.7 338.9 65.4 416.6 (119.5) Profit/(loss) before taxes 1 234.4 1 278.6 1 031.9 2 513.0 1 881.9 Income tax (expense)/income 8 (1 017.7) (825.7) (810.0) (1 843.4) (1 559.9) Profit/(loss) for the period 216.7 452.9 221.8 669.6 321.9 Attributable to: Holders of ordinary shares 216.7 391.6 221.8 608.3 306.3 Dividends paid on hybrid capital 18 - 61.3 - 61.3 15.6 Profit / (loss) for the period 216.7 452.9 221.8 669.6 321.9 Other comprehensive income (items that may be reclassified subsequently to the income statement) Currency translation differences 42.1 57.8 13.0 99.9 (85.1) Net gain/(loss) on options used for hedging 4.0 (1.6) (5.3) 2.3 (10.0) Other comprehensive income for the period, net of tax 46.1 56.2 7.7 102.3 (95.0) Total comprehensive income 262.9 509.0 229.5 771.8 226.9 Earnings per share EPS basic and diluted 17 0.08 0.18 0.08 0.26 0.12

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26 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated balance sheet statement USD million Note 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024 ASSETS Non-current assets Intangible assets Goodwill 9 3 322.7 3 246.7 2 987.8 3 328.2 Capitalised exploration wells 9 482.1 457.2 404.9 345.6 Other intangible assets 9 154.9 255.4 241.9 262.7 Tangible fixed assets Property, plant and equipment 10 19 950.7 18 143.5 16 737.1 16 876.7 Right of use assets 11 303.4 295.5 198.1 32.5 Financial assets Investment in shares 1.1 0.7 0.7 0.8 Other non-current assets 43.4 38.2 30.8 12.1 Total non-current assets 24 258.3 22 437.0 20 601.3 20 858.5 Current assets Inventories 280.5 272.3 241.4 240.8 Trade receivables 13 , 24 462.3 242.1 373.2 443.4 Other current receivables and financial assets 14 504.8 536.4 373.4 385.2 Cash and cash equivalents 16 717.6 661.2 278.9 314.8 Total current assets 1 965.3 1 711.9 1 266.8 1 384.2 TOTAL ASSETS 26 223.5 24 149.0 21 868.2 22 242.7 USD million Note 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024 EQUITY AND LIABILITIES Equity Share capital 17 46.0 46.0 46.0 46.0 Share premium - - - 218.2 Hybrid capital 18 799.5 799.5 799.5 799.5 Other equity 126.8 163.4 (12.9) 372.3 Total equity 972.3 1 008.8 832.5 1 435.9 Non-current liabilities Interest-bearing loans and borrowings 19 5 832.1 5 198.7 5 082.2 4 588.8 Deferred tax liabilities 8 12 362.2 11 286.1 10 500.9 10 342.9 Asset retirement obligations 20 3 796.9 3 512.7 3 283.7 3 332.4 Pension liabilities 11.1 21.0 15.5 23.8 Lease liabilities, non-current 23 175.1 174.7 141.5 53.1 Other non-current liabilities 440.1 405.0 115.0 119.0 Total non-current liabilities 22 617.5 20 598.2 19 138.8 18 460.0 Current liabilities Asset retirement obligations, current 20 123.0 104.7 105.2 80.6 Accounts payables 24 442.6 392.9 356.1 370.3 Taxes payable 8 1 182.6 1 178.3 681.7 1 175.6 Interest-bearing loans, current 19 76.3 71.7 54.7 53.9 Lease liabilities, current 23 126.0 124.7 70.4 21.3 Other current liabilities 21 683.3 669.7 628.8 645.1 Total current liabilities 2 633.7 2 542.0 1 896.8 2 346.8 Total liabilities 25 251.2 23 140.2 21 035.7 20 806.8 TOTAL EQUITY AND LIABILITIES 26 223.5 24 149.0 21 868.2 22 242.7

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27 Vår Energi – Second Unaudited consolidated statement Other equity USD million Share capital Translation differences Hedge reserve Total equity Balance as of 1 January 2024 Profit/(loss) for the period Other comprehensive income/(loss) Total comprehensive income/(loss) Dividends paid Share-based payment Other - Balance as of 30 June 2024 Balance as of 1 July 2024 Profit/(loss) for the period Other comprehensive income/(loss) Total comprehensive income/(loss) Dividends paid Share-based payments Other - Balance as of 31 December 2024 46.0 Balance as of 1 January 2025 46.0 Profit/(loss) for the period Other comprehensive income/(loss) Total comprehensive income/(loss) Dividends paid Share-based payments Other - Balance as of 30 June 2025 46.0 quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES of changes in equity Share premium Hybrid Capital Other equity 46.0 758.2 799.5 622.6 (443.5) (14.7) 1 768.0 - - 15.6 306.3 - - 321.9 - - - - (85.1) (10.0) (95.0) - - - 306.3 (85.1) (10.0) 226.9 - (540.0) (15.6) - - - (555.6) - - - (3.4) - - (3.4) - - (10.9) - 10.9 - 46.0 218.2 799.5 914.7 (528.5) (13.8) 1 435.9 46.0 218.2 799.5 914.7 (528.5) (13.8) 1 435.9 - - - 5.2 - - 5.2 - - - 0.4 (74.6) 1.7 (72.4) - - - 5.6 (74.6) 1.7 (67.2) - (218.2) - (321.8) - - (540.0) - - - 3.8 - - 3.8 - - (0.5) - 0.5 - - 799.5 601.7 (603.1) (11.6) 832.5 - 799.5 601.7 (603.1) (11.6) 832.5 - - 61.3 608.3 - - 669.6 - - - - 99.9 2.3 102.2 - - 61.3 608.3 99.9 2.3 771.8 - - (61.3) (570.0) - - (631.3) - - - (0.8) - - (0.8) - - 0.0 - - 0.0 - 799.5 639.3 (503.2) (9.2) 972.3

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28 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated statement of cash flows USD million Notes Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Cash flow from operating activities Profit / (loss) before income taxes 1 234.4 1 278.6 1 031.9 2 513.0 1 881.9 Adjustments to reconcile profit before tax to net cash flows: - Depreciation and amortisation 10 , 11 587.2 458.3 497.9 1 045.4 1 000.4 - Impairment loss/(reversal) 9 , 10 (440.8) 23.9 - (416.9) - - (Gain) / loss on sale and retirement of assets 5 1.1 5.3 0.1 6.4 0.2 - Expensed capitalised dry wells 6 , 9 57.1 51.9 35.8 108.9 54.2 - Accretion expenses (asset retirement obligation) 7 , 20 36.7 32.8 29.5 69.5 57.8 - Unrealised (gain) / loss on foreign currency transactions and balances 7 (51.4) (351.8) (68.5) (403.2) 117.7 - Realised foreign exchange (gain) / loss related to financing activities (32.6) (20.7) 1.8 (53.4) 3.3 - Other non-cash items and reclassifications (3.5) 7.7 29.2 4.3 (88.4) Working capital adjustments: - Changes in inventories, accounts payable and receivables (178.9) 154.7 46.8 (24.2) 95.0 - Changes in other current balance sheet items 14 , 21 60.6 (105.2) 64.1 (44.6) 23.6 Income taxes paid 8 (504.3) (213.0) (957.9) (717.3) (1 425.9) Net cash flow from operating activities 765.7 1 322.4 710.7 2 087.9 1 719.8 Cash flow from investing activities Expenditures on exploration and evaluation assets 9 (71.1) (72.5) (85.1) (143.7) (135.4) Expenditures on property, plant and equipment 10 (690.2) (522.7) (687.5) (1 212.9) (1 331.2) Payment for decommissioning of oil and gas fields 20 (19.9) (31.2) (11.3) (51.1) (25.1) Proceeds from sale of assets (sales price) - 0.0 - - - Net cash used on business combination 2 - - 0.0 - (1 330.7) Net cash flow from investing activities (781.3) (626.4) (783.9) (1 407.7) (2 822.4)

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29 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated statement of cash flows - continued USD million Note Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Cash flow from financing activities Dividends paid (300.0) (270.0) (270.0) (570.0) (540.0) Dividends distributed to hybrid owners 18 - (61.3) - (61.3) (15.6) Net proceeds from bond issue 15 , 19 1 500.0 1 088.6 - 2 588.6 - Net proceeds/(payments) of revolving credit facilities 15 , 19 (995.0) (989.1) 75.0 (1 984.1) 1 475.0 Payment of principal portion of lease liability 23 (32.1) (26.7) (24.6) (58.7) (49.1) Interest paid (116.6) (90.4) (106.9) (207.0) (162.5) Net cash flow from financing activities 56.3 (348.9) (326.5) (292.5) 707.8 Net change in cash and cash equivalents 40.7 347.1 (399.8) 387.7 (394.8) Cash and cash equivalents, beginning of period 661.2 278.9 721.6 278.9 734.9 Effect of exchange rate fluctuation on cash 15.8 35.2 (7.1) 51.0 (25.3) Cash and cash equivalents, end of period 717.7 661.2 314.8 717.6 314.8

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30 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Notes (All figures in USD million unless otherwise stated) The unaudited interim condensed consolidated financial statements for the period ended 30 June 2025 have been prepared in accordance with IAS 34 Interim Financial Reporting. Thus, the interim financial statements do not include all information required by IFRSs and should be read in conjunction with the 2024 annual financial statements. The interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period. These interim financial statements have not been subject to review or audit by independent auditors. These interim financial statements were authorised for issue by the Company Board of Directors on 21 July 2025. Note 1 Summary of IFRS accounting principles The accounting principles adopted in the preparation of the interim condensed financial statements are consistent with those followed in the preparation of the annual financial statements for the year ended 31 December 2024. None of the amendments to IFRS Accounting Standards effective from 1 January 2025 has had a significant impact on the condensed interim financial statements. Vår Energi has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Note 2 Business combination On 31 January 2024, Vår Energi completed the acquisition of Neptune Energy Norway AS (renamed Vår Energi Norge AS at completion of the transaction). The transaction was announced on 23 June 2023. Vår Energi paid a cash consideration of USD 2.1 billion, and the transaction was financed through available liquidity and credit facilities. The acquired assets, all located on the NCS, are complementary to Vår Energi’s current portfolio and highly cash generative with low production cost and limited near-term investments. The transaction also strengthens Vår Energi’s position in all existing hub areas and combine two strong organisations with extensive NCS experience. The acquisition date for accounting purposes is 1 January 2024. The acquisition is regarded as a business combination and has been accounted for in accordance with IFRS 3. A purchase price allocation (PPA) has been performed as of 1. January 2024 to allocate the consideration to fair value of the assets and liabilities in Neptune Energy Norway AS. USD million 31 Jan 2024 Value of cash consideration 2 106.8 Each identifiable asset and liability are measured at fair value on the acquisition date based on guidance in IFRS 13. The standard defines fair value as the price that would be received when selling an asset or paid transfer a liability in an orderly transaction between market participants at the measurement date. This definition emphasises that fair value is a market-based measurement and not an entity-specific measurement. When measuring fair value Vår Energi has applied the assumptions that market participants would use under current market conditions (including assumptions regarding risk) when valuing the specific asset or liability. Acquired property, plant and equipment has been valued using the income approach. Trade receivables have been recognised at full contractual amounts due as they relate to large and credit-worthy customers, and there have been no significant uncollectible amounts in Neptune Energy Norway AS historically.

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31 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 2 Business combination - continued For accounting purposes, the recognised amounts of assets and liabilities assumed as at the date of the acquisition were as follows: USD million 01 Jan 2024 Goodwill 1 529.9 Other intangible assets 192.5 Property, plant and equipment 1 976.3 Right of use assets 10.5 Other non-current assets 8.2 Inventories 19.5 Trade receivables 174.2 Other current receivables and financial assets 191.4 Cash and cash equivalents 776.1 Total assets 4 878.6 Deferred tax liabilities 1 120.9 Asset retirement obligation 368.3 Pension liabilities 23.6 Lease liabilities, non-current 7.0 Other non-current liabilities 284.8 Accounts payable 81.7 Taxes payable 705.9 Lease liabilities, current 3.5 Other current liabilities 176.2 Total liabilities 2 771.9 Net assets and liabilities recognised 2 106.8 Fair value of consideration paid on acquisition 2 106.8 The goodwill of USD 1 530 million arises principally because of the following factors: 1. The ability to capture synergies that can be realised from managing a larger portfolio of both acquired and existing fields on the Norwegian Continental Shelf, including workforce ("residual goodwill"). 2. The requirement to recognise deferred tax assets and liabilities for the difference between the assigned fair values and the tax bases of assets acquired and liabilities assumed in a business combination. Licences under development and licences in production can only be sold in a market after tax, based on a decision made by the Norwegian Ministry of Finance pursuant to the Petroleum Taxation Act Section 10. The assessment of fair value of such licences is therefore based on cash flows after tax. Nevertheless, in accordance with IAS 12 para 15 and 19, a provision is made for deferred tax corresponding to the tax rate multiplied by the difference between the acquisition cost and the tax base. The offsetting entry to this deferred tax is goodwill. Hence, goodwill arises as a technical effect of deferred tax ("technical goodwill"). None of the goodwill recognised will be deductible for tax purposes. USD million 01 Jan 2024 Goodwill related to synergies - residual goodwill 218.9 Goodwill as a result of deferred tax - technical goodwill 1 310.9 Net goodwill from the acquisition of Neptune Norway 1 529.9 In first quarter 2025 a reallocation of the PPA value has been performed due to new information available. The PP&E has been decreased by USD 24 million, Goodwill has been increased by USD 66 million, Other non-current liabilities has been increased by USD 252 million and Deferred tax has been decreased by USD 210 million compared to fourth quarter of 2024. The purchase price allocations above are final and based on currently available information about fair values as of the acquisition date, in accordance with guidance in IFRS 3.

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32 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 3 Income Petroleum revenues (USD million) Note Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Revenue from crude oil sales 1 169.6 1 135.7 1 281.8 2 305.2 2 503.7 Revenue from gas sales 606.7 658.8 558.0 1 265.4 1 169.5 Revenue from NGL sales 51.4 38.7 91.4 90.1 201.8 Gains from hedging 14 - - 2.1 - 7.2 Total petroleum revenues 1 827.7 1 833.1 1 933.3 3 660.7 3 882.1 Sales of crude (boe million) 17.1 15.0 15.1 32.1 29.6 Sales of gas (boe million) 7.7 8.0 7.9 15.8 17.1 Sales of NGL (boe million) 1.2 0.7 2.1 1.9 4.3 Other operating income (USD million) Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Gain/(loss) from sale of assets 0.0 0.0 1.3 0.0 3.0 Partner share of lease cost 11.0 11.0 3.2 22.0 6.4 Other operating income 10.4 27.3 2.3 37.6 4.2 Total other operating income 21.4 38.2 6.8 59.6 13.6

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33 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 4 Production Costs USD million Note Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Cost of operations 222.5 176.0 214.9 398.5 420.9 Transportation and processing 56.7 53.3 61.2 110.0 127.7 Environmental taxes 39.7 41.3 32.6 81.0 70.2 Insurance premium 14.8 14.0 16.0 28.8 31.5 Production cost based on produced volumes 333.7 284.5 324.7 618.3 650.2 Back-up cost shuttle tankers 16.0 (4.6) 4.2 11.4 5.1 Changes in over/(underlift) 40.0 17.0 8.9 57.0 54.0 Premium expense for crude put options 15 5.5 7.8 8.6 13.3 18.9 Production cost based on sold volumes 395.3 304.7 346.4 700.0 728.2 Total produced volumes (boe million) 26.2 24.5 26.1 50.7 53.3 Production cost per boe produced (USD/boe) 12.7 11.6 12.4 12.2 12.2 Note 5 Other operating expenses USD million Note Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 R&D expenses 8.8 7.5 11.0 16.2 18.2 Pre-production costs 14.0 18.0 12.6 32.0 24.4 Guarantee fee decommissioning obligation 4.1 4.3 4.2 8.4 9.5 Administration expenses 8.5 10.9 8.0 19.5 18.4 Legal provisions 4.6 - - 4.6 - Integration cost - - 6.0 - 14.3 Value adjustment contingent considerations 22 - - - - (59.0) Other expenses 3.1 2.1 6.3 5.2 6.4 Total other operating expenses 43.1 42.9 48.0 85.9 32.3

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34 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 6 Exploration expenses USD million Note Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Seismic 2.5 5.2 12.7 7.6 19.3 Area fee 4.4 3.9 2.0 8.4 5.0 Dry well expenses 9 57.1 51.9 35.8 108.9 54.2 Other exploration expenses 5.7 8.3 5.3 14.0 10.6 Total exploration expenses 69.7 69.3 55.8 139.0 89.0 Dry well expenses in the second quarter of 2025 are associated with exploration wells in PL 1005 (Rondeslottet), PL 169 (Lit and Svalin M Sør), PL 532 (Skred), PL 554 (Garantiana NW) and PL 1194 (Hoffmann). Note 7 Financial items USD million Note Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Interest income 7.3 4.6 4.2 11.9 14.9 Interests on debts and borrowings 19 (87.1) (81.9) (87.5) (169.0) (165.0) Interest on lease debt (3.9) (3.9) (1.1) (7.8) (2.4) Capitalised interest cost, development projects 92.2 86.0 89.8 178.2 169.7 Amortisation of fees and expenses (3.5) (2.4) (2.2) (5.9) (4.4) Accretion expenses (asset retirement obligation) 20 (36.7) (32.8) (29.5) (69.5) (57.8) Other financial expenses (2.9) (2.3) (1.5) (5.2) (2.1) Change in fair value of hedges (ineffectiveness) 15 (3.2) (0.0) 2.1 (3.3) 2.9 Net financial income/(expenses) (37.9) (32.7) (25.7) (70.6) (44.4) Unrealised exchange rate gain/(loss) 51.4 351.8 68.5 403.2 (117.7) Realised exchange rate gain/(loss) 26.3 (12.9) (3.0) 13.4 (1.9) Net exchange rate gain/(loss) 77.7 338.9 65.4 416.6 (119.5) Net financial items 39.8 306.2 39.7 346.0 (164.0) Vår Energi’s functional currency is NOK, whilst interest bearing loans and bonds are in USD and EUR. The strengthening of NOK during the second quarter of 2025 resulted in net exchange gain of USD 78 million.

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35 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 8 Income taxes USD million Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Current period tax payable/(receivable) 422.5 644.0 502.6 1 066.5 1 005.3 Prior period adjustment to current tax 32.3 (7.3) 0.6 25.0 0.5 Current tax expense/(income) 454.8 636.7 503.2 1 091.5 1 005.8 Change in current year deferred tax 594.9 189.0 306.9 784.0 554.1 Prior period adjustments to deferred tax (32.1) - - (32.1) - Deferred tax expense/(income) 562.9 189.0 306.9 751.9 554.1 Tax expense/(income) in profit and loss 1 017.7 825.7 810.0 1 843.4 1 559.9 Effective tax rate in % 82% 65% 79% 73% 83% Tax expense/(income) in put option used for hedging and pension 1.2 (0.2) (1.7) 1.0 (3.0) Tax expense/(income) in other comprehensive income 1 018.8 825.5 808.4 1 844.4 1 557.0 Reconciliation of tax expense Tax rate Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Marginal (78%) tax rate on profit/loss before tax 78% 962.9 997.3 804.9 1 960.2 1 467.9 Tax effect of uplift 71,8% (3.9) (4.4) (6.9) (8.3) (12.4) Impairment of goodwill 78% 55.1 20.4 - 75.5 - Tax effects of items taxed at other than marginal (78%) tax rate1 56% 3.2 (163.7) 19.4 (160.5) 163.1 Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions 78% 0.4 (23.9) (7.3) (23.5) (58.7) Tax expense/(income) 1 017.7 825.7 810.0 1 843.4 1 559.9 1 The items taxed at other than marginal (78%) tax rate are mainly interests and fluctuations in currency exchange rate on the company's external borrowings.

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36 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 8 Income taxes - continued Deferred tax asset/(liability) Note Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Deferred tax asset/(liability) at beginning of period (11 286.1) (10 500.9) (9 890.5) (10 500.9) (8 943.0) Change in current year deferred tax (594.9) (189.0) (306.9) (784.0) (554.1) Prior period adjustments 32.1 - - 32.1 - Deferred taxes on business combinations2 2 - 209.6 - 209.6 (1 304.2) Deferred taxes recognised directly in OCI or equity (1.2) 0.2 1.7 (1.0) 3.0 Currency translation effects (512.1) (805.9) (147.2) (1 318.0) 455.5 Net deferred tax asset/(liability) as of closing balance (12 362.2) (11 286.1) (10 342.9) (12 362.2) (10 342.9) Tax payable Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Tax payable at beginning of period (1 178.3) (681.7) (1 606.5) (681.7) (964.4) Current period payable taxes (422.5) (644.0) (502.6) (1 066.5) (1 005.3) Payable taxes related to business combinations 2 - - - - (705.9) Net tax payments 504.3 213.0 957.9 717.3 1 425.9 Prior period adjustments and change in estimate of uncertain tax positions (32.3) 7.3 (0.6) (25.0) (0.5) Currency translation effects (53.8) (73.0) (23.8) (126.7) 74.6 Net tax payable as of closing balance (1 182.6) (1 178.3) (1 175.6) (1 182.6) (1 175.6) 2Acquisition of Neptune Energy Norge in Q1 2024.

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37 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 9 Intangible assets USD million Note Goodwill Other intangible assets Capitalised exploration wells Total Cost as of 1 January 2025 5 249.5 242.8 404.9 5 897.1 Additions - - 72.5 72.5 Additions through business combination 2 66.4 - - 66.4 Reclassification - (1.6) (1.8) (3.4) Expensed exploration wells 6 - - (51.9) (51.9) Disposals (2.2) (3.0) - (5.3) Currency translation effects 390.5 18.4 33.5 442.3 Cost as of 31 March 2025 5 704.1 256.5 457.2 6 417.7 Depreciation and impairment as of 1 January 2025 (2 261.6) (0.9) - (2 262.5) Depreciation - (0.1) - (0.1) Impairment reversal/(loss) (23.9) - - (23.9) Currency translation effects (171.9) (0.1) - (171.9) Depreciation and impairment as of 31 March 2025 (2 457.4) (1.1) - (2 458.5) Net book value as of 31 March 2025 3 246.7 255.4 457.2 3 959.2 USD million Note Goodwill Other intangible assets Capitalised exploration wells Total Cost as of 1 April 2025 5 704.1 256.5 457.2 6 417.7 Additions - - 71.1 71.1 Additions through business combination 2 - - - - Reclassification - (111.8) (10.3) (122.1) Expensed exploration wells 6 - - (57.1) (57.1) Disposals - (0.5) - (0.5) Currency translation effects 257.1 12.0 21.2 290.3 Cost as of 30 June 2025 5 961.2 156.1 482.1 6 599.4 Depreciation and impairment as of 1 April 2025 (2 457.4) (1.1) - (2 458.5) Depreciation - - - - Impairment reversal/(loss) 12 (70.7) - - (70.7) Currency translation effects (110.5) (0.1) - (110.5) Depreciation and impairment as of 30 June 2025 (2 638.5) (1.2) - (2 639.7) Net book value as of 30 June 2025 3 322.7 154.9 482.1 3 959.7 Other intangible assets include exploration potentials acquired through business combinations and measured according to the successful efforts method.

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38 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 10 Tangible assets USD million Note Wells and production facilities Facilities under construction Other property, plant and equipment Total Cost as of 1 January 2025 17 101.3 7 445.6 114.1 24 661.0 Additions 148.1 451.7 8.9 608.7 Estimate change asset retirement cost 20 (30.9) - - (30.9) Additions through business combinations 2 (39.0) - - (39.0) Reclassification 2 662.6 (2 641.5) - 21.1 Disposals - - - - Currency translation effects 1 352.1 551.6 9.0 1 912.7 Cost as of 31 March 2025 21 194.2 5 807.5 132.0 27 133.6 Depreciation and impairment as of 1 January 2025 (7 828.7) (38.9) (56.2) (7 923.9) Depreciation (437.4) - (6.3) (443.6) Impairment reversal / (loss) 12 - - - - Currency translation effects (615.1) (3.0) (4.6) (622.6) Depreciation and impairment as of 31 Dec 2024 (8 881.2) (41.9) (67.0) (8 990.1) Net book value as of 31 March 2025 12 313.0 5 765.6 65.0 18 143.5 USD million Note Wells and production facilities Facilities under construction Other property, plant and equipment Total Cost as of 1 April 2025 21 194.2 5 807.5 132.0 27 133.6 Additions 347.7 428.7 6.0 782.4 Estimate change asset retirement cost 20 122.1 - - 122.1 Additions through business combinations 2 - - - - Reclassification 3 934.6 (3 791.7) - 142.9 Disposals - - (0.6) (0.6) Currency translation effects 937.9 296.1 6.0 1 240.0 Cost as of 30 June 2025 26 536.5 2 740.5 143.3 29 420.4 Depreciation and impairment as of 1 April 2025 (8 881.2) (41.9) (67.0) (8 990.1) Depreciation (565.8) - (7.3) (573.1) Impairment reversal / (loss) 12 467.5 44.0 - 511.5 Currency translation effects (412.8) (2.1) (3.2) (418.1) Depreciation and impairment as of 30 June 2025 (9 392.3) 0.0 (77.5) (9 469.8) Net book value as of 30 June 2025 17 144.3 2 740.6 65.8 19 950.7 Capitalised interests for facilities under construction were USD 92 million in the second quarter 2025 compared to USD 86 million in the first quarter 2025. Rate used for capitalisation of interests was 6.45% in the second quarter 2025, compared to 6.39% in the first quarter 2025.

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39 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 11 Right of use assets USD million Offices Rigs, helicopters and supply vessels Warehouse Total Cost as at 1 January 2025 73.5 247.4 18.7 339.6 Additions - 107.9 0.0 107.9 Reclassification - (17.7) (0.0) (17.7) Currency translation effects 5.9 25.2 2.0 33.1 Cost as at 31 March 2025 79.4 362.9 20.7 463.0 Depreciation and impairment as at 1 January 2025 (26.0) (102.8) (12.7) (141.5) Depreciation (1.7) (12.4) (0.4) (14.5) Currency translation effects (2.4) (7.5) (1.6) (11.5) Depreciation and impairment as at 31 March 2025 (30.1) (122.7) (14.7) (167.5) Net book value as at 31 March 2025 49.3 240.2 6.0 295.5 Cost as at 1 April 2025 79.4 362.9 20.7 463.0 Additions 2.1 28.0 - 30.1 Reclassification - (20.7) - (20.7) Currency translation effects 3.7 15.4 1.0 20.1 Cost as at 30 June 2025 85.2 385.6 21.7 492.5 Depreciation and impairment as at 1 April 2025 (30.1) (122.7) (14.7) (167.5) Depreciation (1.9) (11.7) (0.5) (14.1) Currency translation effects (1.4) (5.4) (0.7) (7.5) Depreciation and impairment as at 30 June 2025 (33.4) (139.8) (15.9) (189.1) Net book value as at 30 June 2025 51.9 245.7 5.8 303.4 Note 12 Impairments Impairment testing Impairment tests of individual cash-generating units (CGUs) are performed annually and quarterly when impairment triggers are identified. Impairment testing of fixed assets and related intangible assets was performed as of 30 June 2025. Key assumptions applied for impairment testing purposes as of 30 June 2025 are based on Vår Energi’s macroeconomic assumptions. Below is an overview of the key assumptions applied: Prices The oil and gas prices are based on the forward curve for the next three-year period and from the fourth year the oil and gas prices are based on the company’s long-term price assumptions. Vår Energi’s long term oil price assumption is 75 USD/bbl (real 2024) and long-term gas price assumption is €29/MWh (real 2024), unchanged compared to the assumed prices per 31 March 2025. The nominal oil prices (USD/bbl) applied in the impairment tests are as follows: Year 31 Dec 2024 31 Mar 2025 30 Jun 2025 2025 74.0 72.7 66.8 2026 74.5 72.9 68.9 2027 78.5 77.3 75.1 The nominal gas prices (USD/boe) applied in the impairment tests are as follows: Year 31 Dec 2024 31 Mar 2025 30 Jun 2025 2025 83.1 75.2 67.9 2026 65.6 61.7 65.0 2027 59.1 55.7 58.8

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40 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 12 Impairments - continued Oil and gas reserves Future cash flows are calculated based on expected production profiles and estimated proven, probable and risked possible reserves. Year mmboe 31 Dec 2024 31 Mar 2025 30 Jun 2025 2025 - 2029 611 585 565 2030 - 2034 311 316 323 2035 - 2039 160 162 166 2040 - 2060 132 134 135 Future expenditure Future capex, opex and abex are calculated based on expected production profiles and the best estimate of related cost. Discount rate The post tax nominal discount rate used is 8.0 percent, unchanged vs. 31 March 2025. Currency rates 2025 2026 2027 2028 onwards NOK/USD 10.1 10.0 10.0 10.0 NOK/Euro 11.8 11.6 11.2 10.7 The long-term currency rates are unchanged vs. previous quarter. Inflation Inflation for 2025 is assumed to be 3% and then 2% in future years. Unchanged vs. assumptions per 31 March 2025. Impairments charge/reversal The impairment testing as of 30 June 2025 identified an impairment reversal for Balder CGU of USD 511.4 million, largely attributed to additional reserves from new planned infill wells and updated profiles. Goodwill impairment for Njord, Gjøa, and Snøhvit was recorded at USD 70.6 million, mainly resulting from lower short- term commodity prices. Impairment allocated Cash generating unit (USD million) Net carrying calue Recoverable amount Impairment / reversal (-) Goodwill PP&E Deferred tax impact Balder area 1 561.4 1 673.9 (511.4) - (511.4) 399.0 Njord area 660.7 621.3 39.4 39.4 - - Gjøa area 184.6 164.6 20.0 20.0 - - Snøhvit 652.7 641.5 11.2 11.2 - - Total (440.8) 70.6 (511.4) 399.0 Sensitivity analysis The table below shows how the impairment or reversal of impairment of assets and technical goodwill would be affected by changes in the various assumptions, given that the remaining assumptions are constant. The sensitivities are created for illustration purposes, based on a simplified method and assumes no changes in other input factors. Significant reductions in oil and gas prices or production profiles are likely to result in changes to business plans, field cut-off as well as other factors used when estimating an asset’s recoverable amount. Changes in such input factors may reduce the actual impairment amount compared to the illustrative sensitivity below. Change in impairment after Assumption USD million Change Increase in assumptions Decrease in assumptions Short and long term prices of oil and gas +/-25% (311) 4 096 Production profile +/- 5% (302) 661 Discount rate +/- 1% point 372 (86) Climate related risks The climate related risk assessment is generally described in the company’s annual report. Impairment testing includes a step up of CO2 tax/fees from current levels to approximately NOK 2 371 per ton in 2030 (real 2025).

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41 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 13 Trade receivables USD million Note 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024 Trade receivables - related parties 24 508.4 422.3 448.9 508.9 Trade receivables - external parties 180.9 153.2 181.7 184.9 Sale of trade receivables (227.0) (333.4) (257.4) (250.4) Total trade receivables 462.3 242.1 373.2 443.4 Vår Energi has Credit Discount Agreements with several banks. Under the arrangements the ownership, including credit risk, of invoices for oil and gas sales are transferred to the respective banks, and the receivables to which the payments relate are derecognised from Vår Energi’s balance sheet. Payments to the banks are made when Vår Energi receives payments from the customers. Trade receivables are presented net of payments received from the banks for the sold invoices, as Vår Energi has retained the right to receive payments from the customers and obligation to pay these cash flows to the banks without material delay, but only to the extent Vår Energi collects the payments from the customers. Note 14 Other current receivables and financial assets USD million Note 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024 Net underlift of hydrocarbons 247.9 278.6 223.1 186.7 Net receivables from joint operations 170.2 158.6 121.1 108.9 Prepaid expenses 78.6 93.4 16.8 71.7 Commodity derivatives - financial assets 15 6.7 7.2 17.2 16.3 Other receivables 1.5 (1.5) (4.8) 1.7 Total other current receivables and financial assets 504.8 536.4 373.4 385.2 Note 15 Financial instruments Derivative financial instruments Vår Energi uses derivative financial instruments to manage exposures in fluctuations in interest rates and commodity prices. In May 2023 interest rate swaps were entered into for the same amount as the EUR 600 million Senior Note. Under the swaps, the Company receives a fixed amount equal to the coupon payment for the EUR senior notes and pays a floating rate to the swap providers. The interest rate swaps are accounted for as a fair value hedge. Interest swaps are reflected at fair value with fair value changes to be accounted for as other financial income/expenses. Bond debt is initially recognised at nominal value. The carrying value is adjusted to reflect changes in interest level with fair value changes accounted for as other financial income/expenses. Inefficiencies in hedging are measured and booked against fair value of bond debt and accounted for as other financial income/expenses (note 7). As of 30 June 2025, Vår Energi had the following volumes of commodity derivatives in place with the following strike prices: Hedging instruments Volume (no of options outstanding at balance sheet date) in million (bbl) Exercise price (USD per bbl) Brent crude oil put options 30.06.2025, exercisable in 2025 12.9 50 Hedging instruments Volume (no of options outstanding at balance sheet date) in million (MWH) Excercise price (EUR per MWH) Gas TTF long put options 30.06.2025, exercisable in 2025 0.1 25 Gas TTF short call options 30.06.2025, exercisable in 2025 -0.1 100 Brent crude put options – financial assets USD million Note Q2 2025 Q1 2025 2024 The beginning of the period 7.2 17.2 11.0 Additions through business combinations - - 25.2 New derivatives - - 31.9 Realised hedges exercised 3 - - (9.2) Change in fair value realised hedges (2.4) (0.4) (21.5) Change in fair value unrealised hedges 1.9 (9.6) (20.2) The end of the period 6.7 7.2 17.2 .

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42 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 15 Financial instruments - continued As of 30 June 2025, the fair value of outstanding commodity derivatives assets is USD 6.7 million. Unrealised gains and losses are recognised in OCI. Note that the cost price (time value agreed at the inception of the contracts) for the options is paid at the time of realisation (time of exercise or expiration) and that this deferred payment is presented as current liabilities in the balance sheet, see below table. Brent crude put options – deferred premiums USD million Note Q2 2025 Q1 2025 2024 The beginning of the period (24.1) (31.9) (29.8) Additions through business combinations - - (2.6) Settlement 4 5.5 7.8 32.5 New Brent crude put options - - (31.9) FX-effect 0.0 0.0 (0.1) The end of the period (18.6) (24.1) (31.9) The full intrinsic value (“in the money value”) of the options at the time of expiry, if any, is presented in petroleum revenues. The premiums paid for the put options are accounted for as cost of hedging and recycled from OCI to the income statement in the period in which the hedged revenues are realised and presented as production costs. Commodity Derivatives - financial liabilities USD million Note Q2 2025 Q1 2025 2024 The beginning of the period (0.0) (0.1) - Additions through business combinations - - (8.0) Realised hedges exercised 3 - - 1.4 Change in fair value realised hedges 0.0 0.0 3.6 Change in fair value unrealised hedges (0.0) 0.1 2.9 The end of the period (0.0) (0.0) (0.1) As of 30 June 2025, the fair value of outstanding commodity derivatives liabilities are USD (0.0) million. Unrealised gains and losses are recognised in OCI. Change in Hedge Reserve USD million Note Q2 2025 Q1 2025 2024 The beginning of the period 16.9 14.8 18.8 Additions through business combinations - - (14.6) Realised hedges exercised 3 - - 7.8 Realised cost of hedge expired options (3.2) (7.4) (14.5) Hedge ineffectiveness in net financial income/expense 7 - - (0.0) Change in fair value unrealised hedges (1.9) 9.5 17.3 The end of the period 11.8 16.9 14.8 After tax balance as of 30 June 2025 is USD 9.3 million. Reconciliation of liabilities arising from financing activities The table below shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activities. Non-cash changes USD million 31 Dec 2024 Cash flows Amortisation / Accretion/ Accruals Currency Fair Value Adj. 30 Jun 2025 Long-term interest-bearing debt 1 970.0 (1 984.1) - 14.1 - - Bond USD Senior Notes 2 500.0 1 500.0 - - - 4 000.0 Bond EUR Senior Notes 640.7 1 088.6 - 163.3 5.1 1 897.6 Subord. EUR Fixed Rate 808.5 - 0.4 1.2 - 810.1 Prepaid loan expenses (37.5) (43.3) 5.8 (1.1) - (76.1) Accrued interests 54.7 (44.0) 65.6 - - 76.3 Totals including hybrid 5 936.4 517.1 71.8 177.5 5.1 6 707.8

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43 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 16 Cash and cash equivalents USD million 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024 Bank deposits, unrestricted 699.7 633.3 266.6 306.4 Bank deposit, restricted, employee taxes 17.8 27.9 12.3 8.4 Total bank deposits 717.6 661.2 278.9 314.8 Note 17 Share capital and shareholders As of 30 June 2025, the total share capital of the company is USD 46 million or NOK 399 million. The share capital is divided into 2 496 406 246 ordinary shares and 4 Class B shares. Each share has a nominal value of NOK 0.16. The ordinary shares represent NOK 399 424 999.36 of the total share capital, while the Class B shares represent NOK 0.64 of the total share capital. All shares rank pari passu and have equal rights in all respects, including voting rights, dividends and other distributions, except for the class B shares with respect to board appointments. Four members to the board, will be elected by the general meeting with a simple majority among the votes cast for Class B shares. Such number to be reduced if the holder of the Class B shares holds less shares of the Company. Vår Energi ASA’s share saving program gives employees the opportunity to buy shares in Vår Energi ASA through monthly salary deductions. If the shares are retained for two full calendar years with continuous employment after the end of the saving year, the employees will be awarded a bonus share for each share they have purchased. This will be settled by Vår Energi ASA buying shares in the market. The award is treated as equity settled. The dilutive effect of equity settled shares under the share saving program is immaterial to the EPS calculation. USD million Q2 2025 Q1 2025 Q2 2024 YTD 2025 YTD 2024 Profit (loss) attributable to ordinary equity holders 216.7 452.9 221.8 669.6 321.9 EPS adj. for calc. interest/dividend on hybrid capital * (16.7) (15.3) (13.7) (32.0) (29.6) Number of shares (in millions) 2 496 2 496 2 496 2 496 2 496 Earnings per share in USD basic and diluted 0.08 0.18 0.08 0.26 0.12 Note 18 Hybrid capital Vår Energi ASA has issued EUR 750 million of subordinated fixed rate reset securities due on the 15th of November 2083. This is broadening the Company’s funding sources and investor base and is reinforcing the balance sheet with a new layer of capital. Vår Energi has the right to defer coupon payments and ultimately decide not to pay at maturity. Deferred coupon payments become payable, however, if the Company decides to pay dividends to the shareholders. Maturity 2083 Type Subordinated Financial classification Equity (99 %) Carrying Amount EUR 744 million Notional Amount EUR 750 million Issued 15 Nov 2023 Maturing 15 Nov 2083 Quoted in Luxembourg First redemption at par 15 Nov 2028 Coupon until first reset date 7.862% fixed rate until 15 Feb 2029 Margin Step-ups +0.25% points from 15 Feb 2034 and +0.75% points after 15 Feb 2049 Deferral of interest payment Optional USD million Equity Debt Total Balance as of 31 Dec 2024 799.5 9.0 808.5 Profit/loss allocated to Hybrid owners 61.3 - 61.3 Non-cash changes - 1.6 1.6 Interest classified as dividend (61.3) - (61.3) Balance as of 30 Jun 2025 799.5 10.6 810.1

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44 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 19 Financial liabilities and borrowings Interest-bearing loans and borrowings USD million Coupon/int. Rate Maturity 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024 Bond USD Senior Notes (22/27) 5.00% 05-2027 500.0 500.0 500.0 500.0 Bond USD Senior Notes (22/28) 7.50% 01-2028 1 000.0 1 000.0 1 000.0 1 000.0 Bond USD Senior Notes (22/32) 8.00% 11-2032 1 000.0 1 000.0 1 000.0 1 000.0 Bond USD Senior Notes (25/30) 5.875 % 05-2030 750.0 - - - Bond USD Senior Notes (25/35) 6.50% 05-2035 750.0 - - - Bond EUR Senior Notes (23/29) 5.50% 05-2029 725.6 664.4 640.7 645.1 Bond EUR Senior Notes (25/31) 3.875 % 03-2031 1 172.0 1 081.5 - - Subord.EUR Fixed Rate Sec(23/83) 7.862 % 11-2083 10.6 9.6 9.0 9.0 RCF Working capital facility 1.08%+SOFR+CAS 05-2025 - 975.0 1 475.0 1 475.0 RCF Liquidity facility 1.13%+SOFR+CAS 05-2025 - 20.0 495.0 - RCF Working capital facility 1.00%+SOFR +CAS 05-2028 - - - - RCF Liquidity facility 0.95%+SOFR +CAS 05-2030 - - - - Prepaid loan expenses (76.1) (51.9) (37.5) (40.3) Accrued interests 76.3 71.7 54.7 53.9 Total interest-bearing loans and borrowings 5 908.4 5 270.4 5 136.9 4 642.7 Of which current and non-current: Interest-bearing loans, current 76.3 71.7 54.7 53.9 Interest-bearing loans and borrowings non-current 5 832.1 5 198.7 5 082.2 4 588.8 Bond EUR Senior Notes (23/29): Fair value of hedge related to EUR senior notes 21.2 17.4 19.1 3.3 Hedge inefficiency related to EUR senior notes 1.3 (1.9) (1.8) (0.4) Bond EUR Senior Notes net including FV hedge 703.2 648.9 623.3 642.3 Credit facilities - Utilised and unused amount USD million 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024 Drawn amount credit facility - 995.0 1 970.0 1 475.0 Undrawn amount credit facilities 2 750.0 2 005.0 1 030.0 1 525.0 Vår Energi ASA has five senior USD notes and two senior EUR notes outstanding. The senior notes are registered on the Luxembourg Stock Exchange ("LuxSE") and coupon payments are made semi-annually for the USD notes and annually for the EUR notes. The senior notes have no financial covenants. The fair value of the bonds as of 30 June was USD 6 176 million. In March 2025, Vår Energi ASA issued EUR 1000 million Senior Notes maturing in 2031. In May 2025, the Company issued two tranches of USD Senior Notes of 750 million each, maturing in 2030 and 2035 respectively. The liability of Vår Energi ASA’s EUR 750 million Subordinated Fixed Rate Reset Securities due in 2083 is reflected as interest bearing debt. For more details on the EUR Fixed Rate Reset Security, see note 18. In May 2025, the Company refinanced its’ unsecured revolving credit facilities by signing a new agreement totaling USD 2.75 billion, split over a USD 1000 million working capital facility and a USD 1750 million liquidity facility maturing in 2028 and 2030 respectively with the option to extend for additional two years at the lenders’ discretion. The facilities have covenants covering leverage (net interest-bearing debt to 12 months rolling EBITDAX not to exceed 3.5) and interest coverage (EBITDA to 12 months rolling interest expenses shall exceed 5) which will be tested at the end of each calendar quarter. The interest rate payable for each of the facilities is determined by timing and the company’s credit rating taking the aggregate of the Secured Overnight Financing Rate (SOFR) and the Credit Adjustment Spread (CAS) and adding the applicable margin for the present period as shown in the table.

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45 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 20 Asset retirement obligations USD million Note Q2 2025 Q1 2025 2024 Beginning of period 3 617.4 3 388.9 3 295.1 Additions through business combinations 2 - - 371.5 Change in estimate 10 11.1 57.9 373.2 Change in discount rate 10 111.4 (88.7) (204.2) Accretion discount 7 36.7 32.8 115.7 Payment for decommissioning of oil and gas fields (19.9) (31.2) (66.8) Disposals - - (103.8) Currency translation effects 163.2 257.8 (391.7) Total asset retirement obligations 3 919.9 3 617.4 3 388.9 Short-term 123.0 104.7 105.2 Long-term 3 796.9 3 512.7 3 283.7 Breakdown by decommissioning period 30 Jun 2025 30 Mar 2025 31 Dec 2024 2024-2030 235.1 209.1 216.5 2031-2040 2 230.1 2 083.9 1 949.2 2041-2061 1 454.7 1 324.4 1 223.3 The estimate is based on executing a concept for abandonment in accordance with the Petroleum Activities Act and international regulations and guidelines. The calculations assume an inflation rate of 3% in 2025 and 2% in future years and discount rates between 3.5% - 3.8% per 30 June 2025. The assumptions for inflation rates were unchanged while the discount rates were decreased from 3.8% - 4.1% per 31 March 2025. The discount rates are based on risk-free interest without addition of credit margin. Second quarter 2025 payment for decommissioning of oil and gas fields (abex) is mainly related to Statfjord, Ekofisk, Goliat and Balder area. Vår Energi has a retirement obligation as a shipper in Gassled booked to other non-current liabilities in the balance sheet statement. Vår Energi has accrued USD 92.4 million for this purpose per 30 June 2025, compared to USD 86.5 million per 31 March 2025.. Note 21 Other current liabilities USD million Note 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024 Net overlift from hydrocarbons 216.2 230.4 162.5 136.7 Net payables to joint operations 408.4 327.5 365.5 425.1 Employee payables and accrued public charges 21.7 68.3 47.5 20.5 Contingent Consideration, current - - - 22.2 Commodity derivaties 15 18.6 24.1 31.9 33.9 Other payables 18.4 19.5 21.4 6.7 Total other current liabilities 683.3 669.7 628.8 645.1 The liability for oil put options relates to cost of oil put options that under the purchase agreement is due for payment at the time of settlement of the option (exercise/expiry) and is not a measure of fair value.

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46 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 22 Commitments, provisions and contingent consideration The company has significant contractual commitments for capital and operating expenditures from its participation in operated and partner operated exploration, development and production projects. During the normal course of its business, the company will be involved in disputes, including tax disputes. The company makes accruals for probable liabilities related to litigation and claims based on management’s best judgment and in line with IAS37 and IAS12. After disagreement between the participants in the Breidablikk Unit, the Ministry Energy decided on the apportionment of the Breidablikk field on 29 June 2021, the decision was confirmed by the King in Counsel on 8 October 2021. Based on this tract participation Vår Energi’s equity in the Breidablikk field was 34.4%. Vår Energi claimed that the Company had received approximately 5% less than the Company was entitled to. Sør-Rogaland District Court rejected Vår Energi’s claim on 30 January 2024. Gulating Appeal Court rejected the appeal in decision 6 June 2025. The deadline for an appeal to the Supreme Court is 21 August 2025. Oslo District Court on 18 January 2024 delivered a decision in a case where Greenpeace and Natur og Ungdom had sued the Norwegian State represented by the Ministry of Energy. The Court concluded that the government’s approvals of the respective Plan for Development and Operation (“PDO”) for the three fields; Breidablikk, Tyrving and Yggdrasil are invalid due to insufficient impact assessments of climate effects of CO2 emissions related to the use of produced petroleum by the end user. The Court further granted a temporary injunction prohibiting the State from granting these fields any further approvals that require a valid PDO approval until the matter is resolved. Vår Energi is not a party to this dispute, but the outcome may have implications for Vår Energi as a licensee holding 34.4% interests in the Breidablikk field. The Ministry has appealed to the Borgarting Court of Appeal. The appeal will be heard in September 2025.  The Court of Appeal dismissed the motion for a temporary injunction for the three fields, and this decision was appealed to the Supreme Court. On 11 April 2025 the Supreme Court ruled that the Court of Appeal had not applied a correct understanding of the law in its reasoning and referred the matter concerning the temporary injunction back to the Court of Appeal. Until the Court of Appeal decides otherwise, the temporary injunction established by the Court in the first instance is suspended. There are no effects on the Financial Statements related to this court case. Note 23 Lease agreements USD million Note Q2 2025 Q1 2025 2024 Opening Balance lease debt 299.4 211.9 116.9 New lease debt in period 30.1 107.9 178.3 Additions through business combinations 2 - - 10.5 Payments of lease debt (32.1) (26.7) (83.3) Lease debt derecognised in the period - - 1.0 Interest expense on lease debt 3.9 3.9 5.4 Currency exchange differences (0.2) 2.3 (17.0) Total lease debt 301.1 299.4 211.9 Breakdown 30 Jun 2025 31 Mar 2025 31 Dec 2024 Short-term 126.0 124.7 70.4 Long-term 175.1 174.7 141.5 Total lease debt 301.1 299.4 211.9 Lease debt split by activities 30 Jun 2025 31 Mar 2025 31 Dec 2024 Offices 61.3 58.3 55.7 Rigs, helicopters and supply vessels 233.7 234.7 149.9 Warehouse 6.1 6.3 6.3 Total 301.1 299.4 211.9 Vår Energi has entered into lease agreements for drilling rigs, supply vessels, and warehouses supporting operation at Balder, Gjøa and Goliat, where the most significant lease is the rig COSL Prospector operating in the Barents Sea. The group also has leases for offices in Sandnes, Florø, Oslo and Hammerfest, with the most significant contract being the main office building in Vestre Svanholmen 1, Sandnes. During second quarter 2025 one new lease of parking spaces has been included in lease debt. In addition, the rig COSL Prospector has been updated to include 6 additional months of the optional period. See note 11 for the Right of use assets.

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47 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 24 Related party transactions Vår Energi has a number of transactions with other wholly owned or controlled companies by the shareholders. The related party transactions reported are with entities owned or controlled by the majority ultimate shareholder of Vår Energi, Eni SpA.. Revenues are mainly related to sale of oil, gas and NGL while the expenditures are mainly related to technical services, seconded personnel, insurance, guarantees and rental cost. Current assets USD million 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024 Trade receivables Eni Trade & Biofuels SpA 485.7 341.9 376.6 430.8 Eni SpA 22.0 79.8 71.7 69.5 Eni Global Energy Markets - - - 6.9 Other 0.8 0.6 0.6 1.8 Total trade receivables 508.4 422.3 448.9 508.9 All receivables are due within 1 year. Sales revenue USD million Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Eni Trade & Biofuels SpA 1 139.4 1 169.4 1 351.1 2 308.8 2 524.6 Eni SpA 197.8 235.9 196.9 433.7 391.3 Eni Global Energy Markets 0.3 - 14.7 0.3 36.9 Other - - - - - Total 1 337.5 1 405.4 1 562.7 2 742.8 2 952.8 Current liabilities USD million 30 Jun 2025 31 Mar 2025 31 Dec 2024 30 Jun 2024 Account payables Eni Trade & Biofuels SpA 20.7 13.9 21.3 7.7 Eni SpA 1.2 2.6 10.4 7.8 Eni International BV 8.8 4.4 17.1 8.5 Other 0.4 0.9 0.8 0.5 Total account payables 31.1 21.8 49.6 24.6 Operating and capital expenditures USD million Q2 2025 Q1 2025 Q2 2024 1H 2025 1H 2024 Eni Trade & Biofuels SpA 16.3 (3.5) 4.8 12.7 10.3 Eni SpA 1.7 (1.4) 1.8 0.3 7.9 Eni International BV 4.1 4.3 4.2 8.4 9.5 Other 0.1 0.5 2.0 0.6 2.5 Total 22.2 (0.2) 12.8 22.0 30.1

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48 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 25 Licence ownerships Vår Energi has the following changes in the license portfolio since 31 December 2024. Licences WI% Operator 044 D 13.1 % ConocoPhillips 229 I 65% Vår Energi 554 F 30% Equinor Energy 636 D 30% Vår Energi 1194 C 30% OMV Norge 1218 B 20% Aker BP 1246 17.2 % Equinor Energy 1254 40% Vår Energi 1260 45% Vår Energi 1262 20% Wellesley Petroleum 1263 20% INPEX Idemitsu Norge 1265 40% Equinor Energy 1268 30% Aker BP 1269 30% Equinor Energy 1274 20% OMV Norge 1275 50% Vår Energi Licences/Fields WI% Operator Licence transactions 107 B 22.5 % Equinor Energy 107 D 22.5 % Equinor Energy 820 S 44% Vår Energi 820 SB 44% Vår Energi 956 65% Vår Energi EXL007 40% Vår Energi CCS Note 26 Subsequent events Vår Energi has elected to sell part of its gas on a fixed price/forward basis. Per 30 June 2025 Vår Energi has sold approximately 18% of the gas production for the third quarter in 2025 at around USD 90 pr boe. The exploration wells Skred (PL532), Garantiana NW(PL554) and Hoffmann (PL1194) have been finalized and concluded dry in July 2025. In the financial statement per 30 June 2025 USD 25.7 million related to these wells has been expensed.

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49 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Industry terms Term Definition/description boepd Barrels of oil equivalent per day boe Barrels of oil equivalent bbl Barrels CFFO Cash flow from operations E&P Exploration and Production FID Final investment decision FPSO Floating, production, storage and offloading vessel HAP High activity period HSEQ Health, Safety, Environment and Quality HSSE Health, Safety, Security and Environment IG Investment grade kboepd Thousands of barrels of oil equivalent per day mmbls Millions of barrels mmboe Millions of barrels of oil equivalents mmscf Millions of standard cubic feet MoF Ministry of Finance MoE Ministry of Energy NCS Norwegian Continental Shelf Term Definition/description NGL Natural gas liquids NOD Norwegian Offshore Directorate OSE Oslo Stock Exchange PDO Plan for Development and Operation PIO Plan for Installation and Operations PRM Permanent reservoir monitoring PRMS Petroleum Resources Management System scf Standard cubic feet sm3 Standard cubic meters SPT Special petroleum tax SPS Subsea production system SURF Subsea umbilicals, riser and flowlines 1P reserves The quantities of petroleum which can be estimated with reasonable certainty to be commercially recoverable, also referred to as "proved reserves". 2C resources The quantities of petroleum estimated to be potentially recoverable from known accumulations, also referred to as "contingent resources". 2P reserves Proved plus probable reserves consisting of 1P reserves plus those additional reserves, which are less likely to be recovered than 1P reserves.

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50 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Disclaimer “The Materials speak only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and market conditions, investor attitude and demand, the business prospects of the Group and other issues. The Materials and the conclusions contained herein are necessarily based on economic, market and other conditions as in effect on, and the information available to the Company as of, their date. The Materials comprise a general summary of certain matters in connection with the Group. The Materials do not purport to contain all information required to evaluate the Company, the Group and/or their respective financial position. The Materials should among other be reviewed together with the Company’s previously issued periodic financial reports and other public disclosures by the Company. The Materials contain certain financial information, including financial figures for and as of 30 June 2025 that is preliminary and unaudited, and that has been rounded according to established commercial standards. Further, certain financial data included in the Materials consists of financial measures which may not be defined under IFRS or Norwegian GAAP. These financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS or Norwegian GAAP. The Company urges each reader and recipient of the Materials to seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice. No such advice is given by the Materials and nothing herein shall be taken as constituting the giving of investment advice and the Materials are not intended to provide, and must not be taken as, the exclusive basis of any investment decision or other valuation and should not be considered as a recommendation by the Company (or any of its affiliates) that any reader enters into any transaction. Any investment or other transaction decision should be taken solely by the relevant recipient, after having ensured that it fully understands such investment or transaction and has made an independent assessment of the appropriateness thereof in the light of its own objectives and circumstances, including applicable risks. The Materials may constitute or include forward-looking statements. Forward- looking statements are statements that are not historical facts and may be identified by words such as “plans”, “targets”, “aims”, “believes”, “expects”, “ambitions”, “projects”, “anticipates”, “intends”, “estimates”, “will”, “may”, “continues”, “should” and similar expressions. Any statement, estimate or projections included in the Materials (or upon which any of the conclusion contained herein are based) with respect to anticipated future performance (including, without limitation, any statement, estimate or projection with respect to the condition (financial or otherwise), prospects, business strategy, plans or objectives of the Group and/or any of its affiliates) reflect, at the time made, the Company’s beliefs, intentions and current targets/aims and may prove not to be correct. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. The Company does not intend or assume any obligation to update these forward-looking statements. To the extent available, industry, market and competitive position data contained in the Materials come from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, none of the Company, its affiliates or any of its or their respective representatives has independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Materials may come from the Company’s own internal research and estimates based on the knowledge and experience of the Company in the markets in which it has knowledge and experience. While the Company believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change and correction without notice. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in the Materials. The Materials are not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation of such jurisdiction or which would require any registration or licensing within such jurisdiction. Any failure to comply with these restrictions may constitute a violation of the laws of any such jurisdiction. The Company’s securities have not been registered and the Company does not intend to register any securities referred to herein under the U.S. Securities Act of 1933 (as amended) or the laws of any state of the United States. This document is also not for publication, release or distribution in any other jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction nor should it be taken or transmitted into such jurisdiction and persons into whose possession this document comes should inform themselves about and observe any such restrictions.’

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51 Vår Energi – Second quarter report 2025 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES

Interim report