Slides
Page 1
Use to sample colours Third quarter 2026 Results presentation 21 October 2026
Page 2
Use to sample colours Higher production expected in fourth quarter • Solid performance on operated assets with 91% production efficiency YTD • Main turnarounds completed in Q2 and Q3 • Higher production expected in Q4 with new projects and wells onstream Strong financial position • Successful issuance of USD 2.5 billion senior notes • Record high available liquidity of USD 7.5 billion • Reduced net debt with leverage at 0.3x • Well-positioned to capture upside from higher commodity prices Unlocking long-term value • BlueNord combination progressing towards completion around year-end • DNO swap and Pandion acquisition completed in the quarter • King Development start-up, adding high-value barrels • High Impact Exploration Collaboration established with Equinor and Aker BP Increased dividend with extraordinary component • Increased Q3 dividend and Q4 dividend guidance of USD 400 million1,2 • Long term dividend policy of 25-30% of CFFO after tax over the cycles Production 369 kboepd CFFO 1.5 USD billion Dividend Q3 and Q4 2026 guidance1,2 400 USD million Production cost 11.1 USD/boe 2 Third quarter 2026 highlights 1. Q3 dividend based on 31.05.26 audited interim balance sheet, and Q4 dividend subject to 30.09.26 audited interim balance sheet with sufficient free equity and general meeting approval of dividend. 2. The USD 400 million for the Q3 and Q4 dividend is attributable to the shareholders of the combined company pending closing of the BlueNord transaction. Completion of the combination is subject to customary conditions, including partner and authority approvals. Should the transaction complete after the record date for the Q3 dividend, the cash consideration payable to BlueNord shareholders will be adjusted to compensate for the value of the Q3 dividend and any potential further distribution prior to closing.
Page 3
Use to sample colours Vår Energi to combine with BlueNord1 1. Completion of the combination is subject to customary conditions, including partner and authority approvals. Combination is targeted to complete end 2026 2. Danish Continental Shelf Image: NASA Earth Observatory Adding strategic assets on the highly compatible DCS2 Raised long-term target to ~450 kboepd Increased resilience, cash generation and long-term dividend capacity Growth Value Returns Strengthened position as a reliable and secure energy supplier to Europe 3
Page 4
Use to sample colours Largest independent producer of oil and gas in Europe 4 1. Source: European production if guidance available, otherwise Rystad Energy estimates, peers include Aker BP, Harbour Energy, NEO NEXT+, Adura, Ithaca Energy, DNO, Serica Energy and OKEA. 2. BlueNord transaction announced 21 July 2026 to combine is pending required conditions for completion. 3. Danish Underground Consortium (DUC) is a Danish E&P joint venture in which BlueNord owns 36.8% working interest. Completion of the combination is subject to customary conditions, including partner and authority approvals. Production in Europe 2026E1 kboepd BlueNord2 57 fields 6 operated 5 hub areas ~200 licences ~1/3rd operated Vår Energi licences BlueNord licences Office locations Oslo Norwegian Sea Hammerfest Florø Stavanger Barents Sea North Sea Balder Area DUC3 ~390 Copenhagen
Page 5
Use to sample colours Higher expected production in Q4 34 of>50 Wells started up2 Production outlook 2026 kboepd 1. Vår Energi operated assets, incl. planned turnarounds 2. Infill and development wells planned to come onstream in 20265 32% Gas share Q3 91% Production efficiency year to date1 383 kboepd First nine months 2026 production Major turnarounds completed ~390 kboepd Full-year guidance
Page 6
Use to sample colours 85 90 93 92 1.0 0.4 0.3 0.9 0.4 Continuous improvement 6 1. SIF: Number of incidents with actual or potential serious consequence per million hours worked 2. YTD 30 September 2026 3. Net 4. Source: Rystad Energy 5. Net equity operational emissions, offsets using carbon removals in the voluntary carbon market 6. Vår Energi operated assets, incl. planned turnarounds 7. Including BlueNord, pending required conditions for completion 2022 YTD 20262 17 12 10 9.5 8.6 Global average4 YTD 2026 2022 YTD 2026 2022 2025 11.1 10.9 YTD 2026 Long term target 10-11 USD/boe7 13.591 Target carbon neutral by 20305 2023 2024 2023 2024 2023 2024 2023 2024 12.8 14.1 Zero material safety incidents in 2024-26 2025 2025 2025 Serious incident frequency Incident per million hours1 Carbon emissions intensity kg CO2 /boe3 Production efficiency Percent6 Operating cost USD/boe
Page 7
Use to sample colours Developing a material resource base 7 15 projects in execution ~30 early phase projects 10-15 exploration wells per year 1.5 0.9 0.7 2P reserves2 2C resources3 Prospective resources4 >50% >3 billion boe1 resource base yet to be developed 1. Net including BlueNord, pending required conditions for completion 2. 2025 Annual statement of reserves – Proved plus probable (2P) reserves, net 3. Year-end 2025 2C contingent resources, net 4. Net risked exploration resources Proforma for the combined company
Page 8
Use to sample colours Higher production for longer 8 Improved recovery Projects in execution Exploration Early phase projects ~450 kboepd Long-term target 1. Net 2. Net risked exploration resources and net 2C resources not in plan 3. Possible upside on 2P reserves, Vår Energi 4. Source: Rystad, BlueNord transaction is pending required conditions for completion . Includ s Vå En gi’s s v s, imp ov d cov y and C conting nt sou c s in a ly phas p oj cts Accretive M&A Production outlook kboepd1 200 Current forecast5 Exploration + additional 2C2 3P reserves3 BlueNord4 450
Page 9
Use to sample colours 9 DUC11 Barents Sea Goliat Gas Export Johan Castberg Isflak Johan Castberg IOR5 Snøhvit Onshore Compression Mikkel FCU6 Njord power from shore Norwegian Sea Ekofisk PPF7 Fram Sør Gudrun LPP8 Snorre Gas Export FLX Future Energy9 Gjøa Subsea Projects North Sea9 Balder Area Jotun FPSO debottlenecking Balder Next New Wells Balder phase VI King development10 15 high value projects in execution 9 Photo: Subsea tree to Goliat 1. Net, including impact of recent transactions, subject to closing 2. 2028-2032 3. Internal rate of return 4. Volume weighted average 5. Improved Oil Recovery ~35% IRR3,4 ~30 USD/boe Breakeven4 ~370 mmboe 2P reserves1 ~3 USD/boe Average unit operating cost2 6. Flow Conditioning Unit 7. Previously Producing Fields 8. Low Pressure Production 9. Field Life extension 10.Started production in Q3 2026 11. Danish Underground Consortium (DUC) is a Danish E&P joint venture in which BlueNord owns 36.8% working interest. Completion of the combination is subject to customary conditions, including partner and authority approvals. Vår Energi licences BlueNord licenses Sanctioned in 2026
Page 10
Balder Phase VI nearing start-up 18 months from sanction to first oil ~17 mmboe Gross reserves ~30 USD/boe Breakeven <1 year Payback from production >30% Internal rate of return 10
Page 11
Use to sample colours DUC7 Flexible and high return early phase projects 11 1. Non-sanctioned, Net Vår Energi 2P reserves and 2C contingent resources. Including impact of recent transactions, subject to closing 2. Internal rate of return 3. Volume weighted average >25% IRR2,3 ~35 USD/boe Breakeven3 ~30 Early phase projects ~500 mmboe1 to be developed 4. Ultra Low Pressure 5. Low Pressure Production 6. Subject to closing of Equinor transaction 7. Danish Underground Consortium (DUC) is a Danish E&P joint venture in which BlueNord owns 36.8% working interest. Completion of the combination is subject to customary conditions, including partner and authority approvals. Vår Energi licences BlueNord licenses Potential sanction in 2026 Barents Sea Goliat Ridge Johan Castberg Snøfonn/Skavl Johan Castberg Polynya Snøhvit Subsea Compression Åsgard A ULP4 Erlend/Ragnfrid Fogelberg Heidrun Extension Project/Othello South Hyme Bauge LPP5 Isbjørn Lavrans phase 2 Njord Northern Area Sierra/Solberg Tyrihans East Tyrihans North Tyrihans Subsea Boosting Vidsyn Norwegian Sea North Sea Beta/Dugong Garantiana Omega Sør Peon6 Rhombi Sigrun Sleipner LPP5 Snorre IOR Balder Area Balder FPU Decommission Breidablikk 5th Template Grane Gas Export Ringhorne North Ringhorne Vision
Page 12
Use to sample colours 1212 Exploring to unlock future value 1. Net 2. Commercial >70% in production or in development ~295 mmboe 2C resource additions1 ~50% Success rate2 Consistent success 2021-2026 Targeting the next major NCS discovery 20-25 Exploration targets ~5 wells annually High Impact Exploration Collaboration
Page 13
0.8 USD billion Free cash flow 7.5 USD billion Available liquidity1 Strong Q3 financial results 13 103 USD/boe Weighted average realised price 1. Cash, cash equivalents and undrawn facilities 2. Net interest-bearing debt excluding lease commitments per 30 September 2026 over 12-months rolling EBITDAX 3. The USD 400 million for the Q3 and Q4 dividend is attributable to the shareholders of the combined company pending closing of the BlueNord transaction. Completion of the combination is subject to customary conditions, including partner and authority approvals. Should the transaction complete after the record date for the Q3 dividend, the cash consideration payable to BlueNord shareholders will be adjusted to compensate for the value of the Q3 dividend and any potential further distribution prior to closing. 1.5 USD billion CFFO after tax 0.3x Leverage ratio2 400 USD million Dividend Q3 and Q4 2026³
Page 14
Strong price realisations 1. Volume weighted ~82 USD/boe ~30% of gas volumes sold at fixed price for Q4 2026 and Q1 20273 103 USD/boe Average realised price Q3 20261 Realised prices USD/boe 2. As of 30 September 2026, 13% of Q4 post tax oil production is hedged protecting USD 75 per bbl, capped at USD 140 per boe, and 15% of post tax gas production protecting USD 83 per, capped at USD 224 per boe. 3. Converted to USD based on average exchange rate in Q3 2026 14 Total petroleum revenues USD million as il Capturing commodity price upside, whilst hedged to protect the downside2 ~6 USD/boe Net premium realised to dated Brent in Q3 2026 3 566
Page 15
Use to sample colours Material cash flow generation 15 1. Including expenditures on property, plants and equipment (PP&E) and exploration 1 518 USD million Q3 2026 cash flow from operations after tax (CFFO) 2.5-2.7 USD billion 2026 development capex guidance maintained 1 234 2 075 1 518 726 645 725 0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Q3 2025 Q2 2026 Q3 2026 CFFO Capex1 CFFO and Capex USD million
Page 16
Use to sample colours 2 505 4 751 1 902 Diversified long-term capital structure aligned with business needs 16 7.5 USD billion Cash at end Q2 2025 CFFO before taxes and working capital Working capital Taxes paid Cash flow from investments FX Cash at end Q3 2026 (1 140) (828) (350) 5 3 101 1 518 Dividends paid CFFO after tax Net financing Undrawn credit facilities 7.5 USD billion Available liquidity ~5 years Average debt maturity1 1. Weighted average for outstanding bonds, excluding hybrid Cash flow development Q3 2026 USD million Record high liquidity (443)
Page 17
5.2 3.4 3.1 6.0 9.0 10.3 0.8x 0.4x 0.3x Q2 2026 Strengthened financial position 0 1 2 3 4 6 7 8 9 10 11 12 13 5 Q3 2025 Q3 2026 NIBD EBITDAX NIBD/EBITDAX1 1. Net interest-bearing debt (NIBD) is shown at end of period, ex cluding lease commitments and including accrued interest. EBITDAX is rolling 12 months 2. Based on EURO/USD of 1.15 3. First reset date 15 February 2029 4. First reset date 29 April 203117 1000 750 750 750 1000 750 1000 ~810²,³ ~8602,41000 1750 ~7002 ~11502 2026 2027 2028 2029 2030 2031 2032 2035 2036 2083 2086 USD Senior Notes Euro Senior Notes W/C Facility Liquidity facility Euro Hybrid Baa3 BBB Committed to maintaining Investment Grade rating Net interest-bearing debt and leverage ratio¹ USD billion Maturity profile USD million BBB
Page 18
Use to sample colours Cash tax sensitivities 1. Price assumptions reflect average realised prices for the year 2. Based on a USD/NOK exchange rate of 10.0 3. Excludes tax relating to BlueNord 0 200 400 600 800 1 000 1 200 1 400 1 600 1 800 2 000 2 200 2 400 2 600 2 800 Q3 2026 Q4 2026 Q1 2027 Q2 2027 ~17 NOK billion Q4 2026 tax payments (USD ~1.7 billion)2 $105/105 boe oil/gas price $100/100 boe oil/gas price $95/95 boe oil/gas price Taxes paid in 1H 2027 related to 2026 results Tax payments, sensitivities for 1H 2027 USD million1,2,3 18
Page 19
Use to sample colours Long term attractive dividends 19 quarters of stable or growing dividends 1. The USD 400 million for the Q3 and Q4 dividend is attributable to the shareholders of the combined company pending closing of the BlueNord transaction. Completion of the combination is subject to customary conditions, including partner and authority approvals. Should the trans action complete after the record date for the Q3 dividend, the cash consideration payable to BlueNord shareholders will be adjusted to compensate for the valu e of the Q3 dividend and any potential further distribution prior to closing. 2. Over the cycles 19 Dividends USD million Increased Q4dividend guidance1 400 USD million Long-term dividendpolicy2 25-30% of CFFO after tax Q31 400 Q2 350 Q1 300 Q41 400 150 USD million in 2026 additional dividends 1 450 2026 Additional dividends Base +150
Page 20
Use to sample colours Strengthened investment proposition1 20 1. All numbers includes recently announced transactions with BlueNord and Pandion. Completion of the BlueNord transaction is subject to customary conditions, including partner and authority approvals. 2. 2P reserves + 2C resources proforma Vår Energi and BlueNord, net. 3. Free cash flow potential based on reference oil prices of USD 93/ bbl in 2026, USD 80/bbl in 2027 and USD 77/bbl thereafter, with low/high cases at ±USD 10/bbl. Reference gas prices are USD 16/mmbtu in 2026–2027 and USD 9/mmbtu thereafter. Assuming USD/NOK ~10 and inflation 2% per annum 4. 2026-2032 5. Over the cycles Increased reserves and resources Higher production for longer Stronger cash flow generation Business resilience maintained Higher free float 2.4 billion boe2 ~450 kboepd 8-13 USD billion ~40 USD/boe ~43% of shares Increased index weightings Long-term target Free cash flow3,4 FCF neutral4 Building the largest independent producer of oil and gas in Europe Increased dividend capacity 25-30% CFFO after tax Long-term dividend policy5
Page 22
Use to sample colours 22 1. The USD 400 million for the Q3 and Q4 dividend is attributable to the shareholders of the combined company pending closing of the BlueNord transaction. Completion of the combination is subject to customary conditions, including partner and authority approvals. Should the transaction complete after the record date for the Q3 dividend, the cash consideration payable to BlueNord shareholders will be adjusted to compensate for the value of the Q3 dividend and any potential further distribution prior to closing. 2026 guidance USD ~11 per boeProduction cost Development USD 2.5-2.7 billion Exploration USD 250-300 million Abandonment USD ~200 million Capex Dividend Q3 and Q4 2026: USD 400 million1 ~390 kboepd Production
Page 23
Use to sample colours Vår Energi licences Norwegian Sea 2 wells Barents Sea 3 wells North Sea 5 wells Balder Area 5 wells 2026 exploration program 1. Gross 2. Appraisal23 Licence Prospect Operator Vår Energi share Pre-drill unrisked resources mmboe1 Estimated recoverable resources1 Status PL 124B Othello South Equinor 10 % Minor oil discovery PL 027 Prince Updip Vår Energi 90 % Dry PL 1236 Vikingskipet Equinor 30 % Dry PL 057 Omega Sør Equinor 4.9 % 25-89 Discovery PL 532 Polynya Equinor 30 % 14-24 Discovery PL 046 Frida Kahlo Equinor 17.2% 5-9 Discovery PL 532 Skrugard North Tubåen Equinor 30 % 8-11 Discovery PL 1002 Lakris Vår Energi 42 % Minor gas discovery PL 1203 Jotun Deep Vår Energi 30 % 60 Ongoing PL 636 Sava Vår Energi 30 % 38 Q4 PL 1105S Purzel Vår Energi 50 % 43 Q4 PL 929 Anabelle Vår Energi 60 % 44 Q4 PL 1042 MG Equinor 30 % 27 Q4 PL 984 Norma2 DNO 20 % 80 Q4/Q1 27 PL 596 Ringhorne North2 Vår Energi 80 % 11 Q4/Q1 27
Page 24
Use to sample colours Disclaimer 24 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 specific issues. The Materials and the conclusions contained herein arenecessarily 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 30September 2026 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 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 mustnot 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 Recipient 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 possible 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 timemade, 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, the 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 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 thisdocument comes should inform themselves about and observe any such restrictions.