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Vår Energi - Internal I Interim report Third quarter 2026

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2 Vår Energi – Third quarter report 2026 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). 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 Highlights 4 Key metrics and targets 5 Operational review 6 Exploration 15 HSSE 16 Financial review 18 Key figures 18 Revenues and prices 20 Statement of financial position 21 Statement of cash flow 22 Outlook 23 Alternative Performance Measures 24 Financial statements 25 Notes 31

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3 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Key figures third quarter 2026 Second quarter 2026 in brackets Production kboepd 369 (376) Petroleum revenues USD million 3 566 (3 705) EBIT USD million 2 214 (2 242) Profit before tax USD million 2 094 (2 419) CFFO USD million 1 518 (2 075) Capex USD million 725 (645) FCF USD million 758 (1 395) NIBD/EBITDAX x 0.3 (0.4)

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4 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Third quarter 2026 highlights Vår Energi reports strong financial results and increased shareholder returns, whilst continuing to build long-term value Higher production expected in fourth quarter • Solid performance on operated assets with 91% production efficiency YTD • Main turnarounds completed in the second and third quarters • Higher production expected in the fourth quarter with new projects and wells onstream Strong financial position • Significant CFFO post tax of USD 1.5 billion in the quarter • 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 third quarter dividend and fourth quarter dividend guidance of USD 400 million1 • Long term dividend policy of 25-30% of CFFO after tax over the cycles KPIs (USD million unless otherwise stated) Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Actual serious incident frequency (x, 12 months rolling) 0.3 0.2 - 0.3 - CO2 emissions intensity (equity share, kg/boe) 8.5 8.9 9.5 8.6 9.5 Production (kboepd) 369 376 370 383 311 Production cost (USD/boe) 11.1 11.2 10.6 10.9 11.6 Cash flow from operations before tax 2 657 2 925 1 765 7 280 4 571 Cash flow from operations (CFFO) 1 518 2 075 1 234 4 650 3 322 Free cash flow (FCF) 758 1 395 494 2 628 1 174 Dividends paid 350 300 300 950 870 1 Third quarter dividend based on 31.05.26 audited interim balance sheet and fourth quarter dividend subject to 30.09.26 audited interim balance sheet with sufficient free equity and general meeting approval of dividend. 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 approv als. 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 potent ial further distribution prior to closing. “We are pleased to report strong financial results in the third quarter of 2026, which is supported by high realised oil and gas prices. With strong cash flow from operations of USD 1.5 billion post tax in the quarter, materially reduced net debt over the year to USD 3.1 billion and record high available liquidity of USD 7.5 billion, the Company continues to build resilience and flexibility. With the BlueNord combination expected to complete around year end, we are building the largest independent producer of oil and gas in Europe, with an increased long term production target of around 450 kboepd. We continue to strengthen our portfolio and long-term value creation on the Norwegian Continental Shelf. The Pandion acquisition and DNO swap completed during the quarter, while we are progressing a portfolio of around 50 new projects. We are further improving performance and our outlook by increasing oil and gas recovery, accelerating new projects and delivering exploration success. Combining technology, strong partnerships and integrated ways of working through our project factory approach enables us to realise more value from our resource base, faster and for longer. Underpinned by continued high prices and strong financial performance, the Company is increasing shareholder distributions with an extraordinary component. The Company will distribute USD 400 million 1 for the third quarter of 2026 and is also guiding USD 400 million 1 for the fourth quarter of 2026. Which means for the full year we will pay USD 1.45 billion compared to USD 1.2 billion for 2025.” Nick Walker, the CEO of Vår Energi

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5 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Key metrics and targets Income statement Unit Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Total income USD million 3 567 3 719 2 140 9 952 5 861 EBIT USD million 2 214 2 242 1 071 5 764 3 238 Profit/(loss) before taxes USD million 2 094 2 419 1 005 5 917 3 518 Net profit/(loss) USD million 304 839 152 1 516 821 Earnings per share USD 0.11 0.33 0.05 0.58 0.31 Other financial key figures Production cost USD/boe 11.1 11.2 10.6 10.9 11.6 Net interest-bearing debt (NIBD) USD million 3 110 3 388 5 136 3 110 5 136 Leverage ratio (NIBD/EBITDAX) 0.3 0.4 0.9 0.3 0.9 Dividend per share USD 0.14 0.12 0.12 0.38 0.35 Production Total production kboepd 369 376 370 383 311 - Oil kboepd 234 235 255 244 199 - Gas kboepd 118 123 98 121 95 - NGL kboepd 17 18 18 19 17 Sales Total sales mmboe 34.8 35.4 31.1 104.8 80.8 - Crude oil mmboe 22.5 22.2 20.8 67.8 52.9 - Gas mmboe 10.6 10.5 8.6 31.3 24.4 - NGL mmboe 1.7 2.7 1.7 5.8 3.6 Realised prices - Crude oil USD/boe 103.2 109.7 68.6 97.5 70.6 - Gas USD/boe 108.4 91.5 72.4 91.2 79.1 - NGL USD/boe 60.6 62.2 39.0 58.9 43.3 Average realised prices (volume weighted) 102.7 100.7 68.1 93.5 71.9 2026 Guidance (USD million unless otherwise stated) Full Year Production kboepd ~ 390 Production cost USD/boe ~ 11 Development capex 2 500- 2 700 Exploration spend 250-300 Abandonment spend ~ 200 4Q 2026 cash tax payment estimate ~ 1 700 Dividend for Q3 2026 to be distributed in December1 400 Fourth quarter 2026 dividend guidance1 400 Dividend of 25-30% of CFFO after tax over the cycles 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 dividends. 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.

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6 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Operational review Production of oil, liquids and natural gas averaged 369 kboepd in the third quarter of 2026, impacted by operational issues mainly at Johan Castberg, the Jotun FPSO and production irregularities in the Åsgard Area. Vår Energi’s production in the first nine months of 2026 averaged 383 kboepd. With the planned main turnarounds for 2026 completed, and planned project start-up’s and infill wells ramping up in the fourth quarter of 2026, the Company is expected to deliver a revised full year 2026 production guidance of around 390 kboepd, compared to the original guidance of 390 to 410 kboepd. Vår Energi’s net production of oil, liquids and natural gas averaged 369 kboepd in the third quarter 2026. Performance for operated assets was consistent with target, with a production efficiency, including planned turnarounds, of 91% in first nine months of 2026. The Company’s production in the first nine months of 2026 of 383 kboepd was impacted by operation al issues at Johan Castberg FPSO, following a requirement to replace the offloading hose and issues in July with the power generation system, an extended turnaround in July at the Jotun FPSO due to a failure of the gas compressor requiring a replacement to be installed, these issues have been resolved, and production impact in the Åsgard area due to curtailments at the Kårstø onshore gas processing plant, and reduced gas production from Ormen Lange following subsea compressor issues. None of the main production impacts are reservoir related and have been managed effectively. Production (kboepd) Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Balder Area 100 96 97 105 75 Barents Sea 89 86 90 88 51 North Sea 72 77 81 78 86 Norwegian Sea 108 116 103 114 99 Total Production 369 376 370 383 311 Production split Q3 2026

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7 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES The Eldfisk North Extension project commenced production in the second quarter of 2026, ahead of schedule, and the King Development project commenced production in the third quarter of 2026. The Company also plans to start-up the Balder Phase VI project in the last quarter of 2026. In addition, more than 50 new production wells are planned to come on stream during the year, with around 70% already in production, resulting in higher production in the fourth quarter. Production cost for the first nine months of 2026 was USD 10.9 per boe, compared with full - year guidance of approximately USD 10 per boe. The increase was primarily driven by the strengthening of the NOK against the USD, the unplanned maintenance in the second and third quarters, and higher fuel and power prices due to the conflict in the Middle East. The 2026 production cost guidance is revised to around USD 11 per boe. Vår Energi has 15 projects in execution, developing around 370 mmboe of proved plus probable (2P) net reserves1. The projects have strong economics with average breakeven of around USD 30 per boe and rate of return around 35%. Additionally, the Company is maturing around 30 early phase projects targeting 2C contingent resources of around 500 mmboe1. The Company expects to sanction up to 8 new projects during 2026, with four projects sanctioned year to date, developing a total of around 170 mmboe net 2P reserves 1. The 2026 development capital spend is expected to be in guided range of USD 2.5 to 2.7 billion, with the increase due to the strengthening of the NOK against the USD. The Company has made four commercial discoveries so far in 2026; Polynya and Skrugard North Tubåen in the Johan Castberg area, Frida Kahlo in the Sleipner area, and Omega Sør in the Snorre area. The Omega Sør discovery has a targeted project sanction in 20 26, as a subsea tie-back to the Snorre field. The Frida Kahlo discovery was drilled from the Sleipner B platform and started production already during the second quarter of 2026. Both the Polynya and Skrugard North Tubåen discoveries will be included in future subsea tie-back phases to the Johan Castberg FPSO. Vår Energi, Equinor and AkerBP announced in the quarter the establishment of a strategic exploration collaboration to pursue some of the largest remaining opportunities on the Norwegian continental shelf (NCS). The aim is to increase the chances of major discoveries that can support new standalone field developments and long-term value creation. The companies have agreed to combine expertise, data, technology and exploration capacity. Over the next four to five years, the companies plan to mature and test a portfolio of approximately 20 to 25 exploration opportunities, with an ambition to drill around five high - impact exploration wells annually. 1 Includes impact from recent transactions, subject to closing

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8 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES In July Vår Energi announced the combination with BlueNord ASA, building the largest independent producer of oil and gas in Europe. The transaction adds high -quality and long- life assets on the Danish Continental Shelf (DCS) with stable long -term production and limited near term investments, supporting resilient cash generation, strengthening Vår Energi’s long-term dividend capacity and the position as a reliable and secure supplier of energy to Europe. The combined company will have approximately 2.4 billi on boe of 2P reserves and 2C contingent resources, and the Company’s long-term production target is increased to around 450 kboepd. Completion of the transaction is subject to certain partner and authority approvals, and is targeted to complete around end 2026. During the year, Vår Energi agreed a series of value accretive transactions on the NCS to further optimise its asset portfolio, including the acquisition Pandion Energy AS’ portfolio, swap agreements with DNO Norge AS and Equinor, and divestments in the Go liat field, Fenja field and Ringhorne North discovery. During the third quarter, Vår Energi entered into an agreement with Kistos Energy Norway AS to further align ownership interests across the Balder Area. The transactions support Vår Energi’s strategy of actively high-grading its portfolio by increasing exposure to core areas, targeting high-value opportunities, strengthen positions around key hubs, adding ownership in producing assets and near-term developments, and improve capital allocation flexibility across the business. The transactions will secure long - term production growth in the Gjøa and Åsgard areas and contribute to align interests in the Ringhorne North development. Vår Energi will retain operatorship of both the Goliat and Fenja fields and will assume operatorship of the Peon 1 gas discovery. The DNO swap and acquisition of Pandion’s assets were completed at the end of third quarter. The remaining transactions are expected to close in fourth quarter of 2026, with completion subject to customary authority approvals. 1 Transfer of operatorship is subject to Ministry of Energy approval

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9 Vår Energi – Third quarter report 2026 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) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Balder/Ringhorne 64 73 83 81 59 Grane/Breidablikk 36 23 35 32 38 Total Balder Area 100 96 118 113 97 Production in the Balder Area was 100 kboepd in the third quarter, an increase of 4% compared to the second quarter 2026. Production efficiency at Balder/Ringhorne was 88% year to date, including planned turnarounds. The turnaround at the Jotun FPSO in the third quarter was impacted by the failure of the gas compressor during the planned start -up requiring a replacement to be installed. This is now rectified and normal production resumed at end July. During the third quarter the final Balder Phase V wells were completed and the King Development project started production in the quarter. Average production year to date from the Balder Area was 105 kboepd, and production is expected to increase in t he fourth quarter of 2026 following the conclusion of the turnarounds, start -up of new wells and start-up of the Balder phase VI project. 1 Danish Underground Consortium (DUC) is a Danish E&P joint venture in which BlueNord owns 36.8% working interest. Combination pending required condition for completion.

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10 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES In the second quarter the 2P reserves at the Breidablikk field was increased by 50% from the Plan for Development and Operations (PDO) submission in 2021, driven by improved and successful placement of the horizontal development wells at the top of the reservoir and better than expected reservoir performance resulting in improved recovery factor. The total recoverable reserves and resources are now estimated to be around 350 mmboe gross 1. The Breidablikk Phase 2 development including new subsea templates is being matured to fully exploit these upside resources. This is a strong enabler for the extended lifetime to 2060 for the Grane platform as the host for Breidablikk. Projects The Balder Phase VI project is nearing completion, with first oil expected in the fourth quarter 2026. Together with the Balder Phase V project, this will capture gross 2P reserves of around 50 mmboe2. The King Development project was sanctioned in early 2026 and started-up as planned in the third quarter 2026, as an extended reach well from the Ringhorne platform. This project adds gross 2P reserves of around 9 mmboe 2, with breakeven level below USD 15 per boe. The Balder Next projects, comprising of Jotun FPSO debottlenecking, New Wells and Balder Floating Production Unit (FPU) decommissioning, is targeting to develop the next phase for the Balder field and unlock significant contingent resources. In the fourth quarter 2025, the Jotun FPSO Debottlenecking project was sanctioned, the project will increase water and gas handling capacity at the FPSO, which allows for accelerated production. The project is expected to be largely complete by end 2026, with exception of installation of an upgraded compressor system, which will be completed in either 2027 or 2028. The project facilitates for the retirement of the Balder FPU, that is planned in 2028, with planned sanction in late 2026. The decommissioning of Balder FPU is expected to reduce operating costs by around USD 130 million gross per annum and CO2 emissions by around 70 thousand tonnes gross per year. The Balder Next New Wells project was sanctioned in June 2026 and comprises a first phase development of seven new wells tied back to the Jotun FPSO, with expected start -up in the fourth quarter of 2027. The project will develop 86 mmboe 1 gross 2P reserves and has strong economics with a breakeven of around USD 30 per boe and a rate of return of more than 35%. The above-mentioned projects contribute to ensure high value barrels from the Balder area towards 2050. Additional early phase projects are being progressed at pace to utilise the production capacity of the Balder facilities long term. Portfolio optimisations Vår Energi’s acquisition of a 15% interest in the Ringhorne North (PL956) discovery from DNO Norge AS was completed at the end of third quarter. The transaction strengthens the Company’s position in the strategically important Balder area, contribute to align ownership interest and adding exposure to the near-term development. Vår Energi has entered into an agreement with Kistos Energy Norway AS to divest a 10% interest in each of PL956, PL956B and PL169E. The transaction further aligns ownership interests across the Balder Area, supporting more efficient management of the hub and long-term value creation. 1 Vår Energi working interest 34.4% 2 Vår Energi working interest 90%

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11 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Barents Sea Production (kboepd) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Goliat 19 12 14 15 16 Johan Castberg 53 60 58 47 64 Snøhvit 17 15 16 17 9 Total Barents Sea 89 86 88 78 90 Average production in the Barents Sea was 89 kboepd in the third quarter, an increase of 3% compared to the previous quarter. The overall production from Johan Castberg has been impacted by two operational issues, one in late 2025 and early 2026 when Johan Castberg experienced problems with the offloading hose, used for exporting of oil from the FPSO to the shuttle tankers, this was rectified in early January. While in late second quarter and leading into the third quarter the production was impacted by issues with the power generation system on the FPSO. The issue was rectified and production resumed in mid-July and is now producing at plateau levels. The Goliat field continued to deliver strong operational performance, with production efficiency of 95% year to date, including planned turnaround activities in the second quarter. Two infill oil producers have commenced production year to date and are pro ducing above expectations. Average production year to date from the Barents Sea was 88 kboepd, and production levels in the fourth quarter of 2026 are expected to be higher as there are no planned turnarounds and the Johan Castberg FPSO is producing at full capacity. Projects The Goliat Gas Export project was sanctioned in first quarter 2026. This project will provide a gas export solution for Goliat, and facilitate for gas production from Goliat, which will extend the field life to 2050 and in addition increase oil production by optimising the reservoir management. This project will develop gross 2P reserves of 112 mmboe 1. The project also facilitates for future value-accretive developments in the area, including the Goliat Ridge project which is being matured. Snøhvit is progressing the next plateau extension project, the Snøhvit Future Project, that entails both onshore compression and electrification of the Hammerfest LNG onshore facility. The start-up of onshore compression is now planned first half of 2029, one yea r after the original plan, and the plant will be electrified with power from the grid in 2030. The cost estimated has been increased due to the complexities with the integration of the new facilities into an operating LNG plant to around USD 3.4 billion gross compared to the original PDO estimate of USD 1.6 billion gross 2. This represents a minor net change compared to the estimate used in the third quarter 2025 financial statement. Portfolio optimisations In the second quarter, Vår Energi announced the divestment of a 20% stake in the Goliat field to Orlen Upstream AS. Following completion, the Company will retain a 45% interest and operatorship of Goliat. The Goliat field in the Barents Sea remains a key h ub and of strategic importance to Vår Energi. The divestments allow the Company to accelerate value creation from recent exploration success while maintaining operatorship and exposure to future value creation. 1 Vår Energi working interest 65%, excluding divestment of 20% working interest to Orlen Upstream Norway which is expected to close in fourth quarter 2026 2 Vår Energi working interest 12%

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12 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES North Sea Production (kboepd) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Ekofisk Area 18 17 18 21 21 Snorre Area 7 7 10 16 16 Gjøa Area 16 16 17 16 11 Statfjord Area 9 8 10 10 10 Sleipner Area 7 12 12 9 6 Fram 9 11 12 13 11 Other 6 5 5 6 5 Total North Sea 72 77 84 90 81 Production from North Sea was 72 kboepd in the third quarter, a reduction of 6% from previous quarter due to planned turnaround at the Sleipner Area. Average production in the North Sea year to date was 78 kboepd in line with expectations. Vår Energi’s ope rated assets in the Gjøa Area had a 97% production efficiency year to date, including planned turnaround activities in the second quarter. The turnaround at the Sleipner Area was successfully executed as per plan in September. Restoration of Sleipner B production after the fire in 2024 is ongoing and the full production is expected to be resumed in the first quarter of 2028, currently around 4 kboepd net is shut- in. Projects The Gjøa Subsea Projects were sanctioned in the second quarter of 2026, and Plan for Development and Operations (PDOs) was delivered to the Ministry of Energy in June. The project comprises of the Ofelia, Gjøa Nord and Cerisa discoveries in three separate licences, as a coordinated subsea development tied back to the Gjøa area facilities. First production is expected from Cerisa West in the third quarter of 2027, followed by start -up from Ofelia, Gjøa Nord and Cerisa Main in 2028. In total, the project will develop 2P reserves of 76 mmboe gross1 and is expected to extend the lifetime of the Gjøa area from the early 2030s to around 2040. The project has strong economics, with a breakeven below 35 USD per boe , and a rate of return of above 25%. In the Ekofisk area the Ekofisk PPF (Previously Produced Fields) project is developing 126 mmboe2 2P reserves gross, and with an expected start-up is in 2028. In the Snorre area, the Beta and Dugong projects are targeting sanctions in 2027. The developments are close to the Snorre facilities and will be developed as coordinated subsea tie--back projects. In total the projects are maturing gross contingent resources (2C) of around 80 mmboe3. 1 Vår Energi working interest 60% in Ofelia, 25% in Gjøa Nord and 30% in Cerisa 2Vår Energi working interest in PL018B/F 52.284%, project is also covering PL044/D Vår Energi working interest of 9.13%. Eldfisk North Extension PL018 working interest of 12.388%. 3Vår Energi working interest 20% in Beta and 45% in Dugong

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13 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Portfolio optimisations Vår Energi has entered into an asset exchange with Equinor and will acquire a 32.5% interest in the Peon discovery (PL269, PL318/B/C/D), with the plan to tie it back to the Gjøa facilities. As a part of the transaction Equinor will transfer the operatorship to Vår Energi (subject to Ministry of Energy approval). Peon is one of the largest undeveloped gas discoveries on the NCS with estimated gross recoverable resources of 105 to 195 mmboe and is located approximately 60 kilometres northwest of the Vår Energi operated Gjøa field. The development will add high value production from around 2030 as Peon is brought on stream and will extend the economic lifetime of the Gjøa hub to around 2045. The completion of the transaction is expected in fourth quarter of 2026 and is subject to customary authority approvals. Additionally, through the acquisition of Pandion and DNO assets on the NCS, Vår Energi adds a 15% interest in the Nova field (PL418), a 20% interest in the Ofelia development (PL929) and a portfolio of exploration licences in the Gjøa area, including the Annabelle prospect (PL929), which is planned to be drilled later this year. The transaction was completed at the end of the third quarter. The transaction strengthens Vår Energi’s position around the Gjøa infrastructure, increasing ownership across producing assets and key development projects, including Nova, which is currently the only producing asset tied to the infrastructure where the Company does not currently hold an ownership interest. This adds near-term production while reinforcing the Company’s strategy of optimising ownership around existing hubs.

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14 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Norwegian Sea Production (kboepd) Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Åsgard Area 80 79 75 75 67 Njord Area 16 21 24 20 18 Ormen Lange 6 10 9 11 10 Other 5 7 8 9 8 Total Norwegian Sea 108 116 116 115 103 Production in the Norwegian Sea in the third quarter was 108 kboepd, a decrease of 7% compared to previous quarter. Halten East reached plateau production during second quarter and has continued to deliver stable production during third quarter. Åsgard production has been curtailed during second and third quarters due to reduced capacity, following unplanned maintenance, at the Kårstø onshore gas processing plant. During the third quarter, production from Ormen Lange was impacted by compressor reliability issues within the subsea compression system. One compression station is currently offline, and production is operating at around 60% capacity. Average production year to date was 114 kboepd, and production for fourth quarter 2026 is expected to be higher mainly due to higher production from Åsgard as majority of planned maintenance is completed, no further production curtailments are expected due to the Kårstø onshore facilities and Halten East remains at plateau production. A new Fenja infill well commenced production during third quarter, with production as expected. Projects In the Fenja area, the Vidsyn discovery made in 2025 is being further matured and the project is targeting sanction in 2027 with a potential start-up in 2029. The discovery has the potential to hold up to 100 mmboe gross1. The reservoir contains high-quality gas- condensate only eight kilometres from the existing Fenja subsea infrastructure, which is tied-in to the Njord host facility. Portfolio optimisations Through the recent acquisition of Pandion’s assets, Vår Energi adds a 49% interest in the Sierra Solberg discovery (PL263) which is being planned as a subsea tie -back development into the Åsgard facilities. In the second quarter, Vår Energi agreed to divest a 25% interest in the Fenja area to Concedo AS. Following completion, the Company will retain a 50% interest in the Fenja area and remain operator. The divestment allows the Company to accelerate value creation from recent exploration success while maintaining operatorship and exposure to future va lue creation. 1 Vår Energi working interest 75%, excluding divestment of 25% working interest to Concedo AS expected to close in the fourth quarter of 2026

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15 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Exploration The Company’s exploration programme continues to deliver successful results, with four commercial discoveries so far in 2026 from eight wells drilled. Six further exploration wells are planned in the fourth quarter. The exploration spend for 2026 is expected to be within the guided range of USD 250 to 300 million. The Skrugard North Tubåen discovery in licence PL532 was made during the third quarter, with an estimated gross recoverable resource estimate of between 8 to 11 mmboe 1. Together with the Polynya discovery, also in licence PL532, made earlier this year, contributes to grow the resources in the Johan Castberg area. The close proximity to the Johan Castberg FPSO provides opportunity for an efficient subsea tie-back development adding high value barrels. The Johan Castberg area holds a substantial resource potential, there are expected to be between 250 and 550 mmboe gross additional unrisked recoverable resources in the area, and the licence is targeting to unlock more than one billion barrels over the asset’s lifetime. Vår Energi also participated in a commercial discovery at Omega Sør in licence PL057. The discovery is situated near the Snorre facilities, operated by Equinor, with estimated gross recoverable resources between 25 to 89 mmboe 2. The project is targeting sanction by the end of 2026. The Frida Kahlo discovery in licence PL046, located northwest of the Sleipner Vest field, was brought on stream in the second quarter 2026 and has estimated gross recoverable resources of between 5 to 9 mmboe 3. The Vår Energi operated Lakris exploration well, in licence PL1002 located in Åsgard area, drilled in the third quarter found gas in non-commercial quantities. Six exploration wells are planned in the fourth quarter of 2026; three wells in the Balder area and three wells in the Gjøa area. 1 Vår Energi working interest 30% 2 Vår Energi working interest 4.9% 3 Vår Energi working interest 17.2%

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16 Vår Energi – Third quarter report 2026 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 high ambition to be the safest operator on the NCS. The Company continues to enforce implementation of the safety tools and improvement initiatives proven to be effective, in close collaboration with our partners and contractors. During the first nine months of 2026 the Company continued the positive development in the safety performance, in particularly related to dropped objects and process safety events. However, one actual serious incident was recorded in the third quarter due to a hand injury. Recordable injuries in the first nine months are of lower potential, but the overall frequency of events remains at the same level versus the rolling 12 months average. The Company ensures targeted 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: all personal injuries except first aid (i.e., medical treatment, restricted work, and lost time injuries) 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. 3 Classified according to IOGP RP 456. Q3 2025 has been changed after Q3 2025 reporting due to update of incident classification. 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 2027. Previous quarters are also adjusted for errors in estimates. . Key HSSE indicators, operated activity Unit Q3 2026 Q2 2026 Q1 2026 Q4 2025 Q3 2025 Serious incident frequency (SIF Actual)1 12M rolling avg Per mill. exp. Hours 0.3 0.2 0.0 0.0 0.0 Serious incident frequency (SIF)1 12M rolling avg Per mill. exp. Hours 0.6 0.8 0.6 0.9 0.7 Total recordable injury frequency (TRIF)2 12M rolling avg Per mill. exp. Hours 2.9 3.0 2.4 3.0 3.0 Significant spill to sea Count 0 0 0 0 0 Process safety events Tier 1 and 23 Count 0 0 0 1 2 CO2 emissions intensity (equity share)4,5 kg CO2/boe 8.5 8.9 8.5 8.6 9.5

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17 Vår Energi – Third quarter report 2026 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 oil and gas industry by both S&P Global and Sustainalytics. The Company is awarded the badge “2025 Sustainalytics ESG top rated Industry”. The Company is also the only operator on the NCS with an ISO 50001:2018 energy management certification. During the third quarter, the Company received its first MSCI ESG Rating and achieved an AA rating, placing Vår Energi in the MSCI ESG Leader category. Vår Energi targets to reduce its net equity scope 1 GHG 1 emissions from three main levers; electrification with power from shore, portfolio optimisation and energy management. It is expected that approximately 40% of the Company’s production is produced with power from shore when the sanctioned electrification projects at Njord and Snøhvit have been completed. In addition to emission reductions, Vår Energi is on the path to become carbon neutral in net equity operational emissions by 2030 through carbon removals in the voluntary carbon market. Carbon removals will be used for residual emissions and Vår Energi has entered into flexible agreements to achieve this. Vår Energi has achieved the target of zero scope 2 (market based) emissions 2 through energy efficiencies and purchase of guarantees of origin from renewable sources for the residual scope 2 emissions. In the third quarter of 2026 scope 1 net equity CO 2 emissions intensity was 8.5 kg CO2 per boe, and for the first nine months of 2026 scope 1 net equity CO 2 emissions intensity was around 8.6 kg CO2 per boe. This level of emissions intensity is in line with the Company guidance for 2026 and is in the top 15% of world industry performance. For the third quarter and first nine months of 2026 the operated methane emission intensity for Vår Energi is 0.03%3, well below the Near Zero levels4. Vår Energi maintains a value-driven approach to CCS5. The ambition is to develop the Trudvang EXL007 licence (operator, 40% working interest) into an attractive CO 2 transport and storage hub on the NCS for European emitters. The licence is targeting project concept selection during 2026 and potential sanction in 2027, subject to the establishment of a robust commercial value chain. During the third quarter of 2026 Vår Energi entered into an agreement with Nippon Yusen Kabushiki Kaisha (NYK), one of the largest shipping and logistics companies in the world, to bring NYK into the Trudvang partnership through the transfer of a 30% interest in the licence 6. 1 Greenhouse gas 2 Vår Energi’s share of operations where the Company is the operator 3 Emitted CH4 vs exported gas 4 Near zero below 0.2% as per OGCI definition 5 Carbon capture and storage 6 Following the required governmental approval of the transaction, the partnership will consist of Vår Energi CCS AS (operator, 40%), INPEX Idemitsu Norge AS (30%), and NYK (30%).

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18 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Financial review Key figures Total income in the third quarter amounted to USD 3 567 million, a decrease of USD 152 million compared to the previous quarter, mainly due to lower crude oil and NGL revenues, partly offset by higher gas revenues. Volumes sold decreased by 2% to 34.8 mmboe in the quarter due to timing of liftings. Realised crude price decreased by 6% in the quarter to USD 103 per boe while realised gas price increased by 19% in the quarter to USD 108 per boe. Key figures (USD million) Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Total income 3 567 3 719 2 140 9 952 5 861 Production costs (426) (509) (298) (1 305) (998) Other operating expenses (68) (109) (44) (239) (130) EBITDAX 3 073 3 100 1 799 8 409 4 733 Exploration expenses (41) (33) (67) (143) (206) EBITDA 3 032 3 067 1 732 8 266 4 528 Depreciation and amortisation (818) (822) (863) (2 498) (1 908) Impairment loss and reversals (0) (4) 202 (4) 619 Net financial income/(expenses) (83) (91) (117) (288) (187) Net exchange rate gain/(loss) (37) 268 51 441 467 Profit/(loss) before taxes 2 094 2 419 1 005 5 917 3 518 Income tax (expense)/income (1 790) (1 580) (854) (4 401) (2 697) Profit/(loss) for the period 304 839 152 1 516 821

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19 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Production cost in the third quarter amounted to USD 426 million, a decrease of USD 83 million compared to the previous quarter. The average production cost per barrel produced decreased slightly to USD 11.1 per boe in the quarter, compared to USD 11.2 per boe in the previous quarter. Exploration expenses in the third quarter increased to USD 41 million compared to USD 33 million in the previous quarter, due to the non-commercial Lakris well discovery. Depreciation and amortisation in the third quarter amounted to USD 818 million, stable compared to the previous quarter. Net exchange rate loss in the third quarter amounted to USD 37 million. The Company changed functional currency from 1 June 2026 from Norwegian kroner (NOK) to U.S. dollars (USD). Profit before taxes in the third quarter amounted to USD 2 094 million compared to USD 2 419 million in the previous quarter. Income tax expenses in the third quarter amounted to USD 1 790 million, an increase of USD 210 million compared to the previous quarter. The effective tax rate for the quarter was 85%, above the marginal tax rate of 78%. The higher rate was mainly driven by foreign exchange effects. The net result for the period amounted to USD 304 million, a decrease of USD 535 million compared to the previous period mainly due to lower profit before taxes and higher income tax expense.

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20 Vår Energi – Third quarter report 2026 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 103 per boe in the quarter. The realised crude price was USD 103 per barrel, representing a premium of USD 6 per barrel compared to dated Brent. The increase in premium differentials to Brent observed since early September will be reflected in fourth quarter realised prices, as cargoes are normally sold weeks ahead of delivery. The realised gas price of USD 108 per boe in the third quarter is approximately 18 USD below the average spot market reference price. Volumes sold on gas year ahead and fixed price contracts represented 29% of third quarter gas volumes sold at an average price of USD 87 per boe. 25% of third quarter volumes were sold with month ahead indexation in a rising market (approximately USD 22 per boe below spot), whereas the impact will be the opposite in a falling market. Vår Energi continues to execute fixed-price gas transactions. For the fourth quarter of 2026 and the first quarter of 2027, approximately 30% of the Company’s gas production has been sold under fixed-price and year-ahead contracts at an average price of around USD 82 per boe. In the first quarter, the Company implemented hedging measures to reduce downside exposure for a portion of its oil and gas production while maintaining upside participation. 13% of rest of year post-tax oil production as of 30 of September 2026 is protected with an average price floor of USD 75 per bbl using collar options, and a cap that averages approximately USD 140 per bbl. Additionally, approximately 9% of first half 2027 post tax production has been hedged using collar options, protecting USD 70 per bbl, with a cap of approximately USD 92 per bbl. As of 30 September 2026, approximately 15% of fourth quarter 2026, 17% of first quarter 2027 and 10% of second quarter 2027 of the post tax gas production has been hedged through a combination of collars and 3-way options. Hedges protect an average pricing floor of approximately USD 83 per boe, while capped at USD 224 per boe in 2026 and USD 206 per boe in 2027. Additionally, approximately 1% of fourth quarter 2026 post-tax gas production has been swapped at approximately USD 98 per boe. Total income (USD million) Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Revenue from crude oil sales 2 317 2 437 1 427 6 606 3 732 Revenue from gas sales 1 153 1 110 623 2 998 1 889 Revenue from NGL sales 102 169 65 341 155 Hedge (6) (11) - (17) - Total Petroleum Revenues 3 566 3 705 2 115 9 928 5 776 Other Operating Income 0 14 25 24 85 Total Income 3 567 3 719 2 140 9 952 5 861 Sales volumes (mmboe) Sales of crude 22.5 22.2 20.8 67.8 52.9 Sales of gas 10.6 10.5 8.6 31.3 24.4 Sales of NGL 1.7 2.7 1.7 5.8 3.6 Total Sales Volumes 34.8 35.4 31.1 104.8 80.8 Realised prices (USD/boe) Crude oil 103 110 69 97 71 Gas 108 91 72 91 79 NGL 61 62 39 59 43 Average realised prices 103 101 68 93 72

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21 Vår Energi – Third quarter report 2026 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 third quarter amounted to USD 32 544 million, an increase from USD 29 743 million at the end of the previous quarter. Non-current assets were USD 25 084 million and current assets were USD 7 459 million at the end of the third quarter. Total equity amounted to USD 1 911 million at the end of the third quarter, corresponding to an equity ratio of about 6%. Net interest-bearing debt (NIBD) at the end of the third quarter was USD 3 110 million, a reduction of USD 278 million from the previous quarter. As a result, total available liquidity amounted to USD 7 501 million at the end of the third quarter, compared to USD 5 255 million at the end of the previous quarter. Undrawn credit facilities at the end of the third quarter were USD 2 750 million and total cash and cash equivalents were USD 4 751 million. The Company maintains a strong financial position with a leverage ratio (NIBD/EBITDAX) of 0.3x at the end of the third quarter, well within the guided target of below 1.3x through the cycle. USD million 30 Sep 2026 30 Jun 2026 31 Dec 2025 Goodwill 3 666 3 569 3 358 Property, plant and equipment 20 501 20 377 19 976 Other non-current assets 917 926 1 047 Cash and cash equivalents 4 751 2 505 700 Other current assets 2 708 1 475 1 064 Total assets 32 544 29 743 26 145 Equity 1 911 1 984 560 Interest-bearing loans and borrowings 7 862 5 892 5 942 Deferred tax liabilities 13 289 13 158 12 618 Asset retirement obligations 3 889 3 856 3 832 Taxes payable 3 313 2 635 1 317 Other liabilities 2 280 2 217 1 877 Total equity and liabilities 32 544 29 743 26 145 Cash and cash equivalents 4 751 2 505 700 Revolving credit facilities 2 750 2 750 2 750 Total available liquidity 7 501 5 255 3 450 Net interest-bearing debt (NIBD) 3 110 3 388 5 258 EBITDAX 4 quarters rolling 10 266 8 991 6 590 Leverage ratio (NIBD/EBITDAX) 0.3 0.4 0.8

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22 Vår Energi – Third quarter report 2026 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 1 518 million in the third quarter, a decrease of USD 557 million from the previous quarter. This was mainly due to working capital movements and higher tax payments in the quarter. Net cash used in investing activities was USD 828 million in the quarter, whereof USD 699 million was related to PP&E expenditures. Net cash inflow from financing activities amounted to USD 1 552 million in the quarter. Cash inflow in the quarter mainly consisted of proceeds from bond issuing of USD 2 500 million, offset by interest paid of USD 54 million, repayment of bonds of USD 500 million, interest paid to hybrid owners of USD 10 million and dividends paid of USD 350 million. Free cash flow (FCF) was USD 758 million in the quarter, compared to USD 1 395 million in the previous quarter. The decrease is mainly driven by lower cash flow from operations and higher Capex. The Capex coverage was 2.1 in the third quarter, down from 3.2 in the previous quarter. USD million Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Cash flow from operating activities 1 518 2 075 1 234 4 650 3 322 Cash flow used in investing activities (828) (681) (740) (2 091) (2 148) Cash flow from financing activities 1 552 419 (374) 1 479 (666) Effect of exchange rate fluctuation 5 (5) 2 14 53 Change in cash and cash equivalents 2 241 1 814 120 4 038 508 Cash and cash equivalents, end of period 4 751 2 505 840 4 751 840 Net cash flows from operating activities 1 518 2 075 1 234 4 650 3 322 CAPEX 725 645 726 1 923 2 083 Free cash flow 758 1 395 494 2 628 1 174 Capex coverage (CFFO/Capex) 2.1 3.2 1.7 2.4 1.6 Free cash flow for Q3 2025 and YTD 2025 has been recalculated to reflect the updated definition of free cash flow, which includes payments for decommissioning of oil and gas fields.

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23 Vår Energi – Third quarter report 2026 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 long-term dividend distributions. The Company’s full year production guidance for 2026 is around 390 kboepd. For 2026, the Company expects development capex between USD 2 500 and 2 700 million, USD 250-300 million in exploration spend and around USD 200 million in abandonment spend. Production cost is expected to be around USD 11 per boe in 2026. In the current macro and operating environment Vår Energi’s material cash flow generation and investment grade balance sheet support attractive dividend distributions. Vår Energi’s long-term 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. Tensions over trade tariffs increase and potential impacts on global demand and oil and gas supply dynamics 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 2025, available on www.varenergi.no.

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24 Vår Energi – Third quarter report 2026 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 alternative 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 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 expenditures on property, plant and equipment (PP&E), expenditures on exploration evaluation assets and payment from decommissioning of oil and gas fields as presented in the cash flow statements within cash flow from investing activities. • “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 equivalents. • “NIBD/EBITDAX” is defined by Vår Energi as NIBD as a ratio of EBITDAX 4 quarters rolling.

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25 Vår Energi – Third quarter report 2026 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 Note 12 Impairment 40 Unaudited consolidated balance sheet statement Note 13 Trade receivables 42 Unaudited consolidated statement of changes in equity Note 14 Other current receivables and financial assets 42 Unaudited consolidated statement of cash flows Note 15 Financial instruments 43 Notes Note 16 Cash and cash equivalents 45 Note 1 Summary of IFRS accounting principles Note 17 Share capital and shareholders 45 Note 2 Business combination Note 18 Hybrid capital 46 Note 3 Income Note 19 Financial liabilities and borrowings 47 Note 4 Production costs Note 20 Asset retirement obligations 49 Note 5 Other operating expenses Note 21 Other current liabilities 49 Note 6 Exploration expenses Note 22 Commitments, provisions and contingent consideration 50 Note 7 Financial items Note 23 Lease agreements 50 Note 8 Income taxes Note 24 Related party transactions 51 Note 9 Intangible assets Note 25 Licence ownerships 52 Note 10 Tangible assets Note 26 Subsequent events 52 Note 11 Right of use assets 26 27 28 29 31 31 32 33 34 34 35 35 36 38 39 40 Note27 Assets held for sale 53

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26 Vår Energi – Third quarter report 2026 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 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Petroleum revenues 3 3 566.3 3 704.8 2 115.1 9 928.5 5 775.7 Other operating income 0.3 13.8 25.3 24.0 84.9 Total income 3 566.5 3 718.6 2 140.4 9 952.5 5 860.7 Production costs 4 (425.6) (509.3) (297.6) (1 304.7) (997.6) Exploration expenses 6 , 9 (40.6) (32.6) (66.6) (143.0) (205.6) Depreciation and amortisation 10 , 11 (818.0) (822.2) (862.6) (2 498.3) (1 908.1) Impairment losses and reversal 9 , 10 , 12 (0.2) (3.6) 201.7 (3.7) 618.6 Other operating expenses 5 (67.8) (109.4) (44.1) (238.5) (130.0) Total operating expenses (1 352.2) (1 477.0) (1 069.2) (4 188.2) (2 622.6) Operating profit/(loss) 2 214.3 2 241.6 1 071.1 5 764.3 3 238.1 Net financial income/(expenses) 7 (83.5) (91.2) (116.7) (288.3) (187.3) Net exchange rate gain/(loss) 7 (36.9) 268.2 50.9 441.5 467.5 Profit/(loss) before taxes 2 093.9 2 418.6 1 005.4 5 917.5 3 518.3 Income tax (expense)/income 8 (1 790.2) (1 579.7) (853.7) (4 401.3) (2 697.1) Profit/(loss) for the period 303.7 838.9 151.7 1 516.2 821.2 Attributable to: Holders of shares 293.2 838.9 151.7 1 435.8 760.0 Dividends paid on hybrid capital 18 10.5 - - 80.4 61.3 Profit / (loss) for the period 303.7 838.9 151.7 1 516.2 821.2 Other comprehensive income (items that may be reclassified subsequently to the income statement) Currency translation differences - 39.7 6.3 54.0 106.2 Net gain/(loss) on options used for hedging (19.0) 19.7 0.9 (9.4) 3.2 Other comprehensive income for the period, net of tax (19.0) 59.5 7.1 44.6 109.4 Total comprehensive income 284.7 898.4 158.8 1 560.8 930.6 Earnings per share EPS basic and diluted 17 0.11 0.33 0.05 0.58 0.31

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27 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated balance sheet statement USD million Note 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 ASSETS Non-current assets Intangible assets Goodwill 9 3 665.8 3 568.8 3 358.1 3 333.5 Capitalised exploration wells 9 543.6 542.5 632.9 543.2 Other intangible assets 9 139.6 143.9 135.8 153.2 Tangible fixed assets Property, plant and equipment 10 20 501.2 20 376.9 19 975.8 20 177.9 Right of use assets 11 210.1 215.2 240.1 278.8 Financial assets Investment in shares 1.4 1.4 1.1 1.1 Other non-current assets 22.7 23.2 37.4 40.6 Total non-current assets 25 084.3 24 871.8 24 381.1 24 528.2 Current assets Inventories 400.8 361.6 336.2 330.7 Trade receivables 13 , 24 1 020.5 577.2 206.9 392.4 Other current receivables and financial assets 14 393.7 535.9 521.3 555.9 Cash and cash equivalents 16 4 751.3 2 504.9 699.9 840.3 Assets held for sale 27 893.1 892.0 - - Total current assets 7 459.4 4 871.5 1 764.2 2 119.2 TOTAL ASSETS 32 543.6 29 743.4 26 145.3 26 647.5 USD million Note 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 EQUITY AND LIABILITIES Equity Share capital 17 43.2 43.2 46.0 46.0 Hybrid capital 18 1 753.6 1 753.6 799.5 799.5 Other equity 113.7 187.6 (285.5) (12.6) Total equity 1 910.5 1 984.4 560.0 832.9 Non-current liabilities Interest-bearing loans and borrowings 19 7 743.1 5 318.8 5 842.3 5 840.1 Deferred tax liabilities 8 13 289.0 13 157.7 12 617.7 12 617.7 Asset retirement obligations 20 3 634.3 3 632.4 3 643.0 3 822.3 Pension liabilities 14.2 13.5 12.9 11.9 Lease liabilities, non-current 23 75.4 78.8 114.6 150.6 Other non-current liabilities 200.1 152.9 443.9 425.6 Total non-current liabilities 24 956.2 22 354.1 22 674.3 22 868.2 Current liabilities Asset retirement obligations, current 20 254.6 223.9 188.5 125.3 Accounts payable 24 540.9 556.7 478.0 488.4 Taxes payable 8 3 313.2 2 635.4 1 317.0 1 394.3 Interest-bearing loans, current 19 118.5 573.5 99.6 126.3 Lease liabilities, current 23 136.9 135.5 133.3 130.0 Other current liabilities 21 689.9 641.5 694.5 682.1 Liabilities ass. with assets held for sale 27 622.9 638.2 - - Total current liabilities 5 676.9 5 404.9 2 911.0 2 946.4 Total liabilities 30 633.1 27 759.0 25 585.4 25 814.6 TOTAL EQUITY AND LIABILITIES 32 543.6 29 743.4 26 145.3 26 647.5

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28 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated statement of changes in equity Other equity USD million Share capital Share premium Hybrid Capital Other equity Translation differences Hedge reserve Total equity Balance as of 1 January 2025 46.0 - 799.5 601.7 (603.1) (11.6) 832.5 Profit/(loss) for the period - - 61.3 760.0 - - 821.2 Other comprehensive income/(loss) - - - 0.0 106.2 3.2 109.4 Total comprehensive income/(loss) - - 61.3 760.0 106.2 3.2 930.6 Dividends paid - - (61.3) (870.0) - - (931.3) Share-based payments - - - 1.0 - - 1.0 Other - - - - - - - Balance as of 30 September 2025 46.0 - 799.5 492.7 (496.9) (8.4) 832.8 Balance as of 1 October 2025 46.0 - 799.5 492.7 (496.9) (8.4) 832.8 Profit/(loss) for the period - - - 176.8 - - 176.8 Other comprehensive income/(loss) - - - - (1.5) 9.2 7.7 Total comprehensive income/(loss) - - - 176.8 (1.5) 9.2 184.6 Dividends paid - - - (600.0) - - (600.0) Share-based payments - - - 3.1 - - 3.1 Other - - - - - - - Balance as of 31 December 2025 46.0 - 799.5 219.2 (504.7) (0.0) 560.0 Balance as of 1 January 2026 46.0 - 799.5 219.2 (504.7) (0.0) 560.0 Profit/(loss) for the period - - 80.4 1 435.8 - - 1 516.2 Other comprehensive income/(loss) - - - - 54.0 (9.4) 44.6 Total comprehensive income/(loss) - - 80.4 1 435.8 54.0 (9.4) 1 560.8 Dividends paid - - (80.4) (950.0) - - (1 030.4) Share-based payments - - - 0.8 - - 0.8 Hybrid bond issue - - 819.3 - - - 819.3 Other - - - 0.0 - - 0.0 Effect of change in functional currency (2.8) - 134.9 (582.7) 450.7 0.0 0.0 Balance as of 30 September 2026 43.2 - 1 753.6 123.1 - (9.4) 1 910.5

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29 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Unaudited consolidated statement of cash flows USD million Notes Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Cash flow from operating activities Profit / (loss) before income taxes 2 093.9 2 418.6 1 005.4 5 917.5 3 518.3 Adjustments to reconcile profit before tax to net cash flows: - Depreciation and amortisation 10 , 11 818.0 822.2 862.7 2 498.3 1 908.1 - Impairment loss/(reversal) 9 , 10 0.2 3.6 (201.7) 3.7 (618.6) - (Gain) / loss on sale and retirement of assets 5 (23.8) 20.9 (0.3) 28.9 6.1 - Expensed capitalised dry wells 6 , 9 25.0 1.3 48.7 79.4 157.6 - Accretion expenses (asset retirement obligation) 7 , 20 42.1 42.0 36.6 123.7 106.1 - Unrealised (gain) / loss on foreign currency transactions and balances 7 93.4 (334.7) (59.3) (483.8) (462.5) - Realised foreign exchange (gain) / loss related to financing activities - - - (0.3) (53.4) - Interest cost reclassification 41.1 46.9 76.5 162.8 84.5 - Other non-cash items and reclassifications 10.8 0.9 1.1 14.3 (2.6) Working capital adjustments: - Changes in inventories, accounts payable and receivables (498.7) 89.4 75.4 (775.5) 51.2 - Changes in other current balance sheet items 14 , 21 55.3 (185.7) (79.5) (289.1) (124.1) Income taxes paid 8 (1 139.5) (850.1) (531.2) (2 629.6) (1 248.5) Net cash flow from operating activities 1 517.9 2 075.3 1 234.2 4 650.3 3 322.3 Cash flow from investing activities Expenditures on exploration and evaluation assets 9 (26.0) 3.6 (109.5) (72.9) (253.2) Expenditures on property, plant and equipment 10 (698.6) (649.0) (616.4) (1 850.4) (1 829.4) Payment for decommissioning of oil and gas fields 20 (35.1) (35.2) (14.3) (99.2) (65.4) Proceeds from sale of assets (sales price) (0.4) - - (0.4) - Investment in shares - - - (0.2) - Net cash used on business combination 2 (68.3) - - (68.3) - Net cash flow from investing activities (828.4) (680.6) (740.3) (2 091.4) (2 148.0)

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30 Vår Energi – Third quarter report 2026 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 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Cash flow from financing activities Dividends paid (350.0) (300.0) (300.0) (950.0) (870.0) Dividends distributed to hybrid owners 18 (10.5) - - (80.4) (61.3) Net proceeds from bond issue 15 , 19 2 500.0 - - 2 500.0 2 588.6 Net proceeds/(payments) of revolving credit facilities 15 , 19 - - - - (1 984.1) Repayment of bonds (500.0) - - (500.0) - Payment of principal portion of lease liability 23 (33.7) (35.6) (32.8) (103.2) (91.5) Interest paid (54.2) (108.2) (40.9) (250.4) (247.9) Net cash flow from financing activities 1 551.6 419.3 (373.6) 1 479.1 (666.2) Net change in cash and cash equivalents 2 241.1 1 814.0 120.3 4 038.0 508.0 Cash and cash equivalents, beginning of period 2 504.9 696.1 717.6 699.9 278.9 Effect of exchange rate fluctuation on cash 5.2 (5.2) 2.4 13.5 53.4 Cash and cash equivalents, end of period 4 751.3 2 504.9 840.3 4 751.3 840.3

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31 Vår Energi – Third quarter report 2026 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 September 2026 have been prepared in accordance with IFRS® Accounting Standards and IAS 34 “Interim Financial Reporting”. Thus, the interim financial statements do not include all information required by IFRS®’s and should be read in conjunction with the 2025 annual financial statements. The interim financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the financial position, results of operations and cash flows for the dates and interim periods presented. Interim period results are not necessarily indicative of results of operations or cash flows for an annual period. These interim financial statements have 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 20 October 2026. Note 1 Summary of IFRS accounting principles 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 2025, except for the change in functional currency. Material estimates and judgements made by management in applying the IFRS Accounting Standards are the same as those applied in the 2025 annual financial statements. None of the amendments to IFRS Accounting Standards effective from 1 January 2026 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. Functional currency Effective 1 June 2026, Vår Energi ASA changed its functional currency from Norwegian kroner (NOK) to U.S. dollars (USD) in accordance with IAS 21 The Effects of Changes in Foreign Exchange Rates. Following a reassessment of the indicators set out in IAS 21, management concluded that USD has become the currency of the primary economic environment in which the company operates. The reassessment reflects significant changes over time in the company's underlying economic circumstances since the previous functional currency assessment. In particular, increased production volumes and the start-up of new producing fields have resulted in a substantial growth in petroleum revenues denominated USD. Management acknowledges that certain indicators supporting a USD functional currency started developing prior to 2026. The implementation and maturation of the Company’s accounting system SAP S/4HANA and the audited balance sheet as at 31 May 2026 provided a practical, reliable and controlled basis for implementing the change from 1 June 2026, supporting the timing and application of the change. Management therefore concluded that USD is the currency that most faithfully reflects the economic effects of the Company's underlying transactions, events and conditions. The change has been applied prospectively from 1 June 2026 in accordance with IAS 21. Comparative information has not been restated.

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32 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 2 Business combination On 30 September 2026 the Company completed the acquisition of Pandion’s 10% share in the Nova field, 20% in the Ofelia and 49% in the Sierra Solberg discoveries. The cash consideration amounted to USD 79.7 million, comprising the agreed consideration of USD 110 million less settlement adjustments relating to the period from 1 January 2026 to completion. On the same date the Company completed the swap with DNO Norge AS, acquiring 5 % in Nova and 15% in the Ringhorne North discovery in exchange for 5% of the operated field Gjøa and a balancing consideration of USD 17.5 million. Vår Energi ASA received USD 11.4 million in cash consideration, comprising the settlement incurred in the period from 1 January to completion offset by the consideration amount paid. The acquisitions are regarded as business combinations and have been accounted for in accordance with IFRS 3. USD million 30 Sep 2026 Value of swap and cash consideration 95.7 Deferred tax assets and liabilities are recognised for differences between the fair values assigned to the acquired assets and liabilities and their respective tax bases. Licenses can only be sold in a market after tax, a decision made by the Norwegian Ministry of Finance pursuant to the Petroleum Taxation Act Section 10. The assessment of fair value of such licenses 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. Pro forma revenue and profit or loss for the combined entity, assuming the acquisition had occurred at the beginning of the annual reporting period, have not been presented because the amounts would not differ materially from those reported in the consolidated financial statements. USD million 30 Sep 2026 Goodwill 104.1 Other intangible assets 41.5 Property, plant and equipment 128.4 Other current receivables and financial assets 5.9 Total assets 279.9 Deferred tax liabilities 112.0 Asset retirement obligation 21.7 Taxes payable 48.5 Other current liabilities 2.1 Total liabilities 184.2 Net assets and liabilities recognised 95.7 Fair value of consideration on acquisition 95.7 USD million 30 Sep 2026 Goodwill related to synergies - residual goodwill - Goodwill as a result of deferred tax - technical goodwill 104.1 Net goodwill from the acquisition 104.1

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33 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 3 Income Petroleum revenues (USD million) Note Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Revenue from crude oil sales 2 316.6 2 437.0 1 426.6 6 606.0 3 731.8 Revenue from gas sales 1 153.2 1 109.6 623.1 2 998.1 1 888.6 Revenue from NGL sales 102.5 169.3 65.3 341.5 155.4 Gain/(loss) on cash flow hedge 14 (6.0) (11.1) - (17.1) - Total petroleum revenues 3 566.3 3 704.8 2 115.1 9 928.5 5 775.7 Sales of crude (boe million) 22.5 22.2 20.8 67.8 52.9 Sales of gas (boe million) 10.6 10.5 8.6 31.3 24.4 Sales of NGL (boe million) 1.7 2.7 1.7 5.8 3.6 Other operating income (USD million) Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Gain/(loss) from sale of assets (9.7) 1.9 - (7.8) 0.0 Partner share of lease cost 9.9 8.8 13.3 36.8 35.3 Other operating income 0.0 3.2 12.0 (5.0) 49.6 Total other operating income 0.3 13.8 25.3 24.0 84.9 Vår Energi has elected to sell a portion of its gas production on a fixed-price and forward basis. For the fourth quarter of 2026, approximately 30% of the Company’s gas production has been sold under fixed-price and year- ahead contracts at an average price of around USD 82 per boe.

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34 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 4 Production Costs USD million Note Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Cost of operations 221.7 234.4 227.4 687.6 625.9 Transportation and processing 85.0 78.9 73.8 240.3 183.7 Environmental taxes 54.5 53.4 45.2 163.4 126.2 Insurance premium 16.3 15.3 15.4 49.3 44.2 Production cost based on produced volumes 377.4 382.0 361.8 1 140.6 980.1 Back-up cost shuttle tankers (2.5) - (2.8) (2.5) 8.6 Changes in over/(underlift) 29.0 105.3 (68.4) 106.2 (11.3) Premium expense for crude put options 15 5.4 7.1 7.0 13.0 20.3 Hydrocarbon sales and distribution costs 16.4 14.9 - 47.3 - Production cost based on sold volumes 425.6 509.3 297.6 1 304.7 997.6 Total produced volumes (boe million) 34.0 34.2 34.1 104.7 84.8 Production cost per boe produced (USD/boe) 11.1 11.2 10.6 10.9 11.6 Note 5 Other operating expenses USD million Note Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Retirement/disposal of assets 30.7 42.5 - 105.0 - Administration expenses 9.9 21.8 8.6 47.7 28.0 R&D expenses 20.6 12.3 9.9 41.6 26.2 Guarantee fee decommissioning obligation 5.4 5.0 4.2 15.2 12.6 Pre-production costs 0.0 0.4 12.2 0.0 44.1 Legal provisions - - (0.7) - 3.9 Other expenses 1.3 27.3 9.9 29.0 15.1 Total other operating expenses 67.8 109.4 44.1 238.5 130.0

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35 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 6 Exploration expenses USD million Note Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Seismic 0.7 14.6 (6.4) 16.5 1.2 Area fee 4.4 3.6 5.1 12.4 13.5 Dry well expenses 9 25.0 1.3 48.3 79.4 157.2 Other exploration expenses 10.5 13.1 19.6 34.6 33.6 Total exploration expenses 40.6 32.6 66.6 143.0 205.6 Dry well expenses in the third quarter of 2026 are mainly associated with exploration well in PL 1002 (Lakris). Note 7 Financial items USD million Note Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Interest income 24.8 17.8 5.1 46.2 17.0 Interest on debt and borrowings 19 (96.5) (84.7) (90.3) (271.3) (259.3) Interest on lease debt (2.7) (2.8) (3.8) (8.4) (11.6) Capitalised interest cost, development projects 36.4 26.6 23.3 82.0 201.5 Amortisation of fees and expenses (7.9) (3.9) (9.6) (15.8) (15.4) Accretion expenses (asset retirement obligation) 20 (42.1) (42.0) (36.6) (123.7) (106.1) Other financial expenses 1.9 (2.6) (4.8) (0.1) (10.0) Change in fair value of hedges (ineffectiveness) 15 2.6 0.5 (0.1) 2.9 (3.4) Net financial income/(expenses) (83.5) (91.2) (116.7) (288.3) (187.3) Net exchange rate gain/(loss) (36.9) 268.2 50.9 441.5 467.5 Net financial items (120.4) 177.0 (65.8) 153.2 280.2 Effective 1 June 2026, Vår Energi changed its functional currency from NOK to USD. As the company's interest-bearing loans and bonds are denominated in USD and EUR, exchange rate fluctuations are expected to have reduced impact on financial results.

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36 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 8 Income taxes USD million Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Current period tax payable/(receivable) 1 749.0 1 373.2 727.5 4 353.0 1 793.9 Prior period adjustment to current tax 20.0 (5.5) 5.4 14.4 30.4 Current tax expense/(income) 1 768.9 1 367.7 732.9 4 367.5 1 824.4 Change in current year deferred tax 21.3 221.0 120.8 42.7 904.8 Prior period adjustments to deferred tax - (8.9) - (8.9) (32.1) Deferred tax expense/(income) 21.3 212.1 120.8 33.8 872.7 Tax expense/(income) in profit and loss 1 790.2 1 579.7 853.7 4 401.3 2 697.1 Effective tax rate in % 85% 65% 85% 74% 77% Tax expense/(income) in put option used for hedging and pension (5.4) 5.7 0.3 (2.6) 1.3 Tax expense/(income) in total comprehensive income 1 784.8 1 585.4 854.0 4 398.7 2 698.3 Reconciliation of tax expense Tax rate Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Marginal (78%) tax rate on profit/loss before tax 78% 1 633.3 1 886.6 784.2 4 615.8 2 744.4 Tax effect of uplift 71.8% (2.2) (2.2) (4.5) (6.1) (12.8) Impairment of goodwill 78% 0.7 2.8 20.2 3.5 95.7 Foreign currency translation of monetary items 34.9 (76.0) - (41.1) - Exchange rate translation of tax balances and payable taxes 71.8 (160.3) - (88.5) - Tax effects of items taxed at other than marginal (78%) tax rate1 56% 43.6 (65.5) 50.7 (75.5) (109.7) Tax effects of acquisition, sale and swap of licences2 (19.5) - - (19.5) - Other permanent differences, prior period adjustments and change in estimates of uncertain tax positions 78% 27.6 (5.7) 3.1 12.7 (20.5) Tax expense/(income) 1 790.2 1 579.7 853.7 4 401.3 2 697.1 1 The items taxed at other than marginal (78%) tax rate are mainly interest and fluctuations in currency exchange rate on the company's external borrowings. 2 Tax effect related to sale of interest in Gjøa in third quarter of 2026 While the Company's functional currency is USD, Norwegian tax rules require taxable income to be determined based on transactions in NOK. This means that accounting foreign exchange gains and losses are replaced by NOK translation effects on monetary items, and historical tax balances are maintained and depreciated in NOK. Payable tax balances are calculated and maintained in NOK and translated to USD at the period-end exchange rate. Any revaluation of current tax payable resulting from movements in the NOK/USD exchange rate is recognised within income tax expense. Consequently, exchange rate fluctuations impact the effective tax rate reported in the financial statements.

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37 Vår Energi – Third quarter report 2026 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 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Deferred tax asset/(liability) at beginning of period (13 157.7) (12 797.9) (12 362.2) (12 617.7) (10 500.9) Change in current year deferred tax (21.3) (221.0) (120.8) (42.7) (904.8) Prior period adjustments - 8.9 - 8.9 32.1 Deferred taxes on business combinations2 (112.0) - - (112.0) 209.6 Deferred taxes related to acquisition, sale and swap of licences3 1.4 - - 1.4 - Deferred taxes related to redetermination1 - - - 43.8 - Deferred taxes recognised directly in OCI or equity 5.4 (5.7) (0.3) 2.6 (1.3) Transfer to asset held for sale 27 (4.8) 551.0 - 546.1 - Currency translation effects - (693.0) (134.4) (1 119.5) (1 452.4) Net deferred tax asset/(liability) as of closing balance (13 289.0) (13 157.7) (12 617.7) (13 289.0) (12 617.7) Tax payable Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Tax payable at beginning of period (2 635.4) (2 008.2) (1 182.6) (1 317.0) (681.7) Current period payable taxes (1 749.0) (1 373.2) (727.5) (4 353.0) (1 793.9) Payable taxes related to business combinations2 (48.5) - - (48.5) - Payable taxes related to redetermination1 - - - (50.3) - Net tax payments 1 139.5 850.1 531.2 2 629.6 1 248.5 Prior period adjustments and change in estimate of uncertain tax positions (20.0) 5.5 (5.4) (14.4) (30.4) Currency translation effects - (109.6) (10.0) (159.6) (136.7) Net tax payable as of closing balance (3 313.2) (2 635.4) (1 394.3) (3 313.2) (1 394.3) 1 Redetermination of Snorre field in the first quarter of 2026 2 Acquisition of assets from Pandion and DNO in the third quarter of 2026. See note 2 for more on business combinations. 3 Tax effect related to sale of interest in Gjøa in third quarter of 2026.

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38 Vår Energi – Third quarter report 2026 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 Jan 2026 6 095.3 135.8 632.9 6 863.9 Additions (0.0) - 46.9 46.9 Reclassification - - (11.5) (11.5) Expensed exploration wells 6 - - (54.4) (54.4) Disposals - (4.0) (11.9) (15.8) Transfer to asset held for sale 27 (97.4) - (116.7) (214.0) Currency translation effects 544.6 12.1 57.1 613.9 Cost as of 30 Jun 2026 6 542.6 143.9 542.5 7 229.0 Depreciation and impairment as of 1 January 2026 (2 737.2) - - (2 737.2) Impairment reversal/(loss) (3.6) - - (3.6) Transfer to asset held for sale 27 11.5 - - 11.5 Currency translation effects (244.6) - - (244.6) Depreciation and impairment as of 30 Jun 2026 (2 973.8) - - (2 973.8) Net book value as of 30 Jun 2026 3 568.8 143.9 542.5 4 255.1 USD million Note Goodwill Other intangible assets Capitalised exploration wells Total Cost as of 1 Jul 2026 6 542.6 143.9 542.5 7 229.0 Additions - (0.2) 26.0 25.8 Additions through business combination 2 104.1 41.5 - 145.6 Reclassification (13.8) (35.1) - (48.9) Expensed exploration wells 6 - - (25.0) (25.0) Disposals - (1.7) 0.0 (1.7) Transfer to asset held for sale 27 8.1 (8.9) 0.2 (0.6) Cost as of 30 Sep 2026 6 641.0 139.6 543.6 7 324.2 Depreciation and impairment as of 1 Jul 2026 (2 973.8) - - (2 973.8) Impairment reversal/(loss) 12 (0.2) - - (0.2) Transfer 10.3 - - 10.3 Transfer to asset held for sale 27 (11.5) - - (11.5) Depreciation and impairment as of 30 Sep 2026 (2 975.2) - - (2 975.2) Net book value as of 30 Sep 2026 3 665.8 139.6 543.6 4 349.0 Other intangible assets include exploration potentials acquired through business combinations and measured according to the successful efforts method.

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39 Vår Energi – Third quarter report 2026 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 Jan 2026 29 829.7 900.0 147.6 30 877.3 Additions 867.9 333.9 3.5 1 205.3 Estimate change asset retirement cost 20 (245.3) - - (245.3) Reclassification 542.3 (491.2) - 51.0 Disposals - (36.9) - (36.9) Transfer to asset held for sale 27 (1 961.1) (40.8) - (2 001.8) Currency translation effects 2 694.7 75.5 13.3 2 783.5 Cost as of 30 Jun 2026 31 728.3 740.5 164.4 32 633.1 Depreciation and impairment as of 1 Jan 2026 (10 811.6) (0.0) (89.9) (10 901.5) Depreciation (1 631.4) - (13.8) (1 645.2) Impairment reversal / (loss) 12 - - - - Transfer to asset held for sale 27 1 312.4 - - 1 312.4 Currency translation effects (1 013.6) - (8.4) (1 022.0) Depreciation and impairment as of 30 Jun 2026 (12 144.1) (0.0) (112.2) (12 256.3) Net book value as of 30 Jun 2026 19 584.1 740.5 52.2 20 376.8 USD million Note Wells and production facilities Facilities under construction Other property, plant and equipment Total Cost as of 1 Jul 2026 31 728.3 740.5 164.4 32 633.1 Additions 380.8 354.7 (0.4) 735.0 Estimate change asset retirement cost 20 5.2 - - 5.2 Additions through business combinations 2 128.4 - - 128.4 Reclassification 434.7 (364.9) - 69.8 Disposals* (46.3) 0.2 - (46.1) Transfer to asset held for sale 27 6.3 30.2 - 36.4 Cost as of 30 Sep 2026 32 637.3 760.7 163.9 33 561.9 Depreciation and impairment as of 1 Jul 2026 (12 144.1) (0.0) (112.2) (12 256.3) Depreciation (790.9) - (7.6) (798.5) Disposals 29.8 - - 29.8 Reclassification (10.3) - - (10.3) Transfer to asset held for sale 27 (25.5) - - (25.5) Depreciation and impairment as of 30 Sep 2026 (12 941.0) (0.0) (119.7) (13 060.7) Net book value as of 30 Sep 2026 19 696.3 760.6 44.2 20 501.2 *Reflects disposal of 5% share in the Gjøa asset. Capitalised interests for facilities under construction were USD 36 million in the third quarter 2026 compared to USD 27 million in the second quarter 2026. Rate used for capitalisation of interests was 6.45% in the third quarter 2026, same as in the second quarter 2026.

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40 Vår Energi – Third quarter report 2026 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 of 1 Jan 2026 85.3 349.8 21.6 456.7 Additions - 28.5 1.9 30.4 Reclassification - (39.5) (0.0) (39.5) Currency translation effects 7.6 30.1 1.9 39.7 Cost as of 30 Jun 2026 92.9 369.0 25.4 487.3 Depreciation and impairment as of 1 Jan 2026 (37.2) (162.6) (16.9) (216.6) Depreciation (3.9) (30.0) (1.1) (35.1) Currency translation effects (3.4) (15.4) (1.5) (20.3) Depreciation and impairment as of 30 Jun 2026 (44.5) (208.0) (19.5) (272.0) Net book value as of 30 Jun 2026 48.4 161.0 5.8 215.2 Cost as of 1 Jul 2026 92.9 369.0 25.4 487.3 Additions - 46.6 - 46.6 Reclassification - (20.9) (0.0) (20.9) Disposals (20.5) - - (20.5) Cost as of 30 Sep 2026 72.4 394.7 25.3 492.4 Depreciation and impairment as of 1 Jul 2026 (44.5) (208.0) (19.5) (272.0) Depreciation (1.9) (17.1) (0.5) (19.5) Disposals 9.2 - - 9.2 Depreciation and impairment as of 30 Sep 2026 (37.3) (225.1) (20.1) (282.4) Net book value as of 30 Sep 2026 35.1 169.7 5.3 210.1 Note 12 Impairments Impairment testing Impairment tests of individual cash‑generating units (CGUs) are performed annually and quarterly due to the presence of significant technical goodwill that is not amortised. As the CGUs remain in production, this constitutes an ongoing indicator of impairment. Impairment testing of property, plant and equipment and related intangible assets was performed as of 30 September 2026. Key assumptions applied for impairment testing purposes as of 30 September 2026 are based on Vår Energi’s macroeconomic assumptions. Below is an overview of the key assumptions applied: Prices Oil and gas prices are based on the forward curve for the first three years and on the Company’s long-term price assumptions thereafter. Vår Energi’s long term oil price assumption is USD 79/bbl (real 2026), while the long-term gas price assumption is EUR 31/MWh (real 2026). The nominal long-term price assumptions are unchanged from 30 June 2026. The nominal oil prices (USD/bbl) applied in the impairment tests are as follows: Year 31 Dec 2025 30 Jun 2026 30 Sep 2026 2026 62.5 73.1 100.9 2027 70.0 73.9 86.3 2028 78.9 77.9 80.9 The nominal gas prices (USD/boe) applied in the impairment tests are as follows: Year 31 Dec 2025 30 Jun 2026 30 Sep 2026 2026 54.4 83.8 146.8 2027 55.4 67.2 100.7 2028 58.8 60.3 67.4

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41 Vår Energi – Third quarter report 2026 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 2025 30 Jun 2026 30 Sep 2026 2026 - 2029 527 466 438 2030 - 2034 377 389 404 2035 - 2039 194 200 204 2040 - 2060 230 234 234 Future expenditure Future capital, operating and abandonment expenditures are based on expected production profiles and management’s best estimates of the related costs. Discount rate The post tax nominal discount rate applied is 8.0 percent, unchanged from 30 June 2026. Currency rates 2026 2027 2028 2029 onwards NOK/USD 9.5 10.0 10.0 10.0 NOK/Euro 11.4 11.5 11.5 11.5 The long-term currency rates are unchanged vs. previous quarter. Inflation Inflation is assumed to be 3.0% in 2026, 2.5% in 2027 and 2.0% thereafter. The inflation assumption for 2026 increased from 2.5% and 2027 increased from 2.0% as of 30 June 2026. Impairments charge/reversal Exploration disposals during the third quarter resulted in impairment of related technical goodwill of USD 0.2 million. The impairment testing performed as of 30 September 2026 did not identify any further impairments, primarily reflecting higher near-term commodity price assumptions. Sensitivity analysis The table below illustrates the potential impact on impairment losses or reversals for assets and technical goodwill from changes in the key assumptions, holding all other assumptions constant The sensitivity analysis is provided for illustrative purposes and is based on a simplified methodology that assumes no changes in other input factors. Significant reductions in oil and gas prices or production profiles could result in changes to business plans, economic field cut-off dates and other assumptions used in estimating recoverable amounts. Such changes could reduce the actual impairment impact compared with the illustrative sensitivities presented below. Change in impairment after Assumption USD million Change Increase in assumptions Decrease in assumptions Oil and gas prices short and long term +/-25% - 2 116 Oil and gas prices forward period +/-25% - 9 Production profile +/- 5% - 15 Discount rate +/- 1% point - - 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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42 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 13 Trade receivables USD million Note 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Trade receivables - related parties 24 1 135.2 692.6 456.5 658.2 Trade receivables - external parties 233.9 210.1 171.4 151.7 Trade receivables sold (348.6) (325.6) (421.0) (417.5) Total trade receivables 1 020.5 577.2 206.9 392.4 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 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Net underlift of hydrocarbons 165.2 364.2 364.4 345.9 Net receivables from joint operations 114.0 48.9 113.2 148.3 Prepaid expenses 95.0 91.3 39.8 54.0 Commodity derivatives - financial assets 15 6.3 18.9 - 0.8 Other receivables 13.2 12.6 3.8 6.9 Total other current receivables and financial assets 393.7 535.9 521.3 555.9

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43 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES 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 September 2026, Vår Energi had the following volumes of commodity derivatives in place with the following average strike prices: Hedging instruments - Brent crude Volume (no of options outstanding at balance sheet date) in million (BBL) Long Put Exercise price (USD per bbl) Short Call Exercise price (USD per bbl) Long Call Exercise price (USD per bbl) Swap Exercise price (USD per bbl) Collar options, exercisable in 2026 1.0 75 140 - - Collar options, exercisable in 2027 1.2 70 92 - - Hedging instruments - Gas Volume (no of options outstanding at balance sheet date) in million (MWH) Long Put exercise price(EUR per MWh) Short Call Exercise price (EUR per MWh) Long Call Exercise price (EUR per MWh) Swap Exercise price (EUR per MWh) Collar options, exercisable in 2026 0.5 42 137 - - Swaps, exercisable in 2026 0.1 - - - 48 3-way options, exercisable in 2026 0.3 40 70 80 - Collar options, exercisable in 2027 1.0 41 101 - - 3-way options, exercisable in 2027 0.3 40 102 112 - Brent crude put options – financial assets USD million Note Q3 2026 Q1-Q2 2026 2025 The beginning of the period 18.9 - 17.2 New derivatives 4.8 14.3 - Realised hedges exercised 3 - (0.3) - Change in fair value realised hedges (4.4) (0.1) (17.2) Change in fair value unrealised hedges (13.0) 5.0 - The end of the period 6.3 18.9 - As of 30 September 2026, the fair value of outstanding commodity derivatives assets is USD 6.3 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.

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44 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Brent crude put options – deferred premiums USD million Note Q3 2026 Q1-Q2 2026 2025 The beginning of the period (6.6) - (31.9) Settlement 4 5.4 7.7 31.9 New Brent crude put options (4.8) (14.3) - FX-effect - - - The end of the period (6.0) (6.6) - 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 Q3 2026 Q1-Q2 2026 2025 The beginning of the period - - (0.1) Realised hedges exercised 3 6.0 11.4 - Change in fair value realised hedges 1.2 (2.0) 0.1 Change in fair value unrealised hedges (19.5) (9.4) - The end of the period (12.3) - - As of 30 September 2026, the fair value of outstanding commodity derivatives liabilities is USD 12.3 million. Unrealised gains and losses are recognised in OCI. Change in Hedge Reserve USD million Note Q3 2026 Q1-Q2 2026 2025 The beginning of the period (12.4) - 14.8 Realised hedges exercised 3 (6.0) (11.1) - Realised cost of hedge expired options (2.1) (5.6) (14.8) Change in fair value unrealised hedges 32.5 4.4 - The end of the period 11.9 (12.2) - After tax balance as of 30 September 2026 is USD 9.4 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 2025 Cash flows Amortisation / Accretion/ Accruals Currency Fair Value Adj. 30 Sep 2026 Long-term interest-bearing debt - - - - - - Bond USD Senior Notes 4 000.0 2 000.0 - - (37.4) 5 962.6 Bond EUR Senior Notes 1 894.4 - - (63.2) (22.3) 1 808.9 Subord. EUR Fixed Rate 11.0 43.8 1.5 (1.7) - 54.6 Prepaid loan expenses (63.1) (30.2) 15.8 (5.5) - (83.0) Accrued interests 99.6 (99.6) 118.5 - - 118.5 Totals including hybrid 5 941.9 1 914.0 135.8 (70.4) (59.7) 7 861.6 Note 15 Financial instruments - continued

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45 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 16 Cash and cash equivalents USD million 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Bank deposits, unrestricted 4 751.3 2 504.7 683.6 830.2 Bank deposit, restricted (0.0) 0.3 16.2 10.1 Total bank deposits 4 751.3 2 505.0 699.9 840.3 Note 17 Share capital and shareholders As of 30 September 2026, the total share capital of the company is USD 43.2 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 Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Profit / (loss) for the period 303.7 838.9 151.7 1 516.2 821.2 EPS adjustment for calc. interest on hybrid capital (27.9) (24.5) (17.1) (69.4) (49.1) Profit / (loss) attributable to shareholders for EPS 275.8 814.4 134.6 1 446.8 772.2 Number of shares (millions) 2 496 2 496 2 496 2 496 2 496 Basic and diluted earnings per share (USD) 0.11 0.33 0.05 0.58 0.31 The Q2 2026 basic and diluted EPS has been revised from USD 0.32 to USD 0.33 following a correction to the adjustment for calculated interest on hybrid capital from USD 30.4 million to USD 24.5 million.

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46 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 18 Hybrid capital Vår Energi is using subordinated fixed rate reset securities to broaden the Company’s range of funding sources and investor base which reinforces the balance sheet with a new layer of capital. For the hybrid bonds issued, the Company 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. Separation of embedded derivative in the hybrid bond The hybrid bond issued in April 2026 contains an issuer call option that the Company has assessed as an embedded derivative. Management has concluded that the call option is not closely related to the host debt component under IFRS 9 B4.3.5(e), as the exercise price neither approximates the amortised cost of the host debt nor compensates the holder for lost interest over the remaining term. The derivative has therefore been separated and is measured at fair value through profit or loss. The fair value at the reporting date is assessed to be close to zero, as the underlying coupon payments are fully discretionary. This conclusion involves significant judgment, and a different assessment could have resulted in the call option being accounted for as an integral feature of the host debt, with a corresponding effect on the allocation between the liability and equity components at initial recognition. USD million Equity Debt Total Balance as of 31 December 2025 799.5 11.0 810.5 Addition 834.2 43.8 878.0 Fees (14.9) - (14.9) Profit/loss allocated to Hybrid owners 80.4 - 80.4 Interest - 1.5 1.5 Currency translation - (1.7) (1.7) Interest classified as dividend (80.4) - (80.4) Effect of change in functional currency 134.9 - 134.9 Balance as of 30 September 2026 1 753.6 54.6 1 808.3 Hybrid capital Maturity 2083 Maturity 2086 Type Subordinated Subordinated Financial classification Equity (99 %) Equity (95 %) Determination of debt element By calculation of Net Present Value using initial coupon as discount rate By calculation of Net Present Value using initial coupon as discount rate Carrying Amount EUR 744 million EUR 713 million Notional Amount EUR 750 million EUR 750 million Issued 15 Nov 2023 29 Apr 2026 Maturing 15 Nov 2083 29 Apr 2086 Quoted in Luxembourg Luxembourg First redemption at par 15 Nov 2028 29 Apr 2031 Coupon until first reset date 7.862% fixed rate until 15 Feb 2029 4.95% fixed rate until 29 Jul 2031 Calculation of coupon post first reset date Prevailing 5 Year EUR Mid-Swap Rate plus the applicable margin (initial credit spread + any relevant margin step-ups) Prevailing 5 Year EUR Mid-Swap Rate plus the applicable margin (initial credit spread + any relevant margin step-ups) Initial Credit Spread 4.765% 2.308% Margin Step-ups +0.25% points from 15 Feb 2034 and +0.75% points after 15 Feb 2049 +0.25 % points from 29 July 2036 and +0.75 % points from 29 July 2051 Deferral of interest payment Optional Optional

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47 Vår Energi – Third quarter report 2026 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 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Bond USD 500M Senior Notes (22/27) 5.00% Repaid - 500.0 500.0 500.0 Bond USD 1000M Senior Notes (22/28) 7.50% 01-2028 1 000.0 1 000.0 1 000.0 1 000.0 Bond USD 1000M Senior Notes (22/32) 8.00% 11-2032 1 000.0 1 000.0 1 000.0 1 000.0 Bond USD 750M Senior Notes (25/30) 5.875 % 05-2030 750.0 750.0 750.0 750.0 Bond USD 750M Senior Notes (25/35) 6.50% 05-2035 750.0 750.0 750.0 750.0 Bond USD 750M Senior Notes (26/29) 5.50% 09-2029 750.0 - - - Bond USD 750M Senior Notes (26/31) 5.75% 09-2031 745.3 - - - Bond USD 1000M Senior Notes (26/36) 6.125 % 09-2036 967.3 - - - Bond EUR 600M Senior Notes (23/29) 5.50% 05-2029 673.4 688.8 719.4 722.7 Bond EUR 1000M Senior Notes (25/31) 3.875 % 03-2031 1 135.5 1 139.4 1 175.0 1 174.1 Subord. EUR 750M Fixed Rate Sec. (23/83) 7.862 % 11-2083 12.2 11.5 11.0 10.8 Subord. EUR 750M Fixed Rate Sec. (26/86) 4.950 % 04-2086 42.5 42.6 - - RCF Working capital facility 0.925%+SOFR +CAS 05-2029 - - - - RCF Liquidity facility 0.875%+SOFR +CAS 05-2031 - - - - Prepaid loan expenses (83.0) (63.5) (63.1) (67.5) Accrued interests 118.5 73.5 99.6 126.3 Total interest-bearing loans and borrowings 7 861.6 5 892.3 5 942.0 5 966.5 Of which current and non-current: Interest-bearing loans, current 118.5 573.5 99.6 126.3 Interest-bearing loans and borrowings non-current 7 743.1 5 318.8 5 842.3 5 840.1 As of 30 September 2026, the fair value of outstanding Securities was USD 7 890 million, comprising seven Senior Fixed Rate unsecured USD Notes, two Senior Fixed Rate unsecured EUR Notes, two EUR Subordinated Fixed Rate Reset Notes (hybrid bonds), two USD Fixed to Floating Swaps and one EUR Fixed to Floating Swap. In September 2026, the Company issued three tranches of USD Senior Fixed Rate Notes totalling USD 2 500 million, split into notional value and remain due on, USD 750 million September 2029, USD 750 million September 2031 and USD 1 000 million September 2036, respectively. Of which USD 250 million of the 2031 Notes, and USD 1 000 million of the 2036 Notes were hedged through two Fixed to Floating Swaps. The use of proceeds included the redemption of the May 2027 USD 500 million Notes. The 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 Securities have no financial covenants. The liability part of the two EUR 750 million Subordinated Fixed Rate Reset Notes is reflected as interest bearing debt. Under IAS 32 para 15, Vår Energi has recognised the net present value of the principal as debt in the balance sheet on initial recognition. The difference between the proceeds and debt recognised is recorded as equity. For more details on the EUR Fixed Rate Reset Notes, see note 18. As of 30 September 2026, the Company’s unsecured Revolving Credit Facilities totaling USD 2,750 million, split over a USD 1 000 million Working Capital Facility and a USD 1 750 million Liquidity Facility remain due for maturity in May 2029 and May 2031 respectively with the option to extend for an additional year 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 dependent on 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. The carrying amounts of bonds presented in the table above include cumulative fair value hedge adjustments. The reconciliation below shows the carrying amounts before these adjustments. For the USD 750 million Senior Notes due 2031, USD 250 million of the nominal amount is designated in a fair value hedge of interest-rate risk using interest-rate swaps. The cumulative fair value hedge adjustment relates solely to this designated portion; the remaining USD 500 million is not designated in the hedge. The full nominal amounts of the USD 1 000 million Senior Notes due 2036 and the EUR 600 million Senior Notes due 2029 are designated in fair value hedges of interest-rate risk.

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48 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 19 Financial liabilities and borrowings – continued Detailed fair value hedge disclosure USD million 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Bond USD 750M Senior Notes (26/31) Nominal amount designated in the fair value hedge¹ 250.0 Carrying amount including fair value hedge adjustment 745.3 - - - Reversal of cumulative fair value hedge adjustment 4.7 - - - Carrying amount excluding fair value hedge adjustment 750.0 - - - Bond USD 1000M Senior Notes (26/36) Nominal amount designated in the fair value hedge¹ 1 000.0 Carrying amount including fair value hedge adjustment 967.3 - - - Reversal of cumulative fair value hedge adjustment 32.7 - - - Carrying amount excluding fair value hedge adjustment 1 000.0 - - - Bond EUR 600M Senior Notes (23/29) Nominal amount designated in the fair value hedge (in EUR million)¹ 600.0 600.0 600.0 600.0 Carrying amount including fair value hedge adjustment 673.4 688.8 719.4 722.7 Reversal of cumulative fair value hedge adjustment 7.9 (5.1) (14.4) (18.3) Carrying amount excluding fair value hedge adjustment 681.3 683.6 705.0 704.5 Credit facilities - Utilised and unused amount USD million 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Drawn amount credit facility - - - - Undrawn amount credit facilities 2 750.0 2 750.0 2 750.0 2 750.0 ¹ Information only—not a reconciling item.

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49 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 20 Asset retirement obligations USD million Note Q3 2026 Q1-Q2 2026 2025 Beginning of period 3 856.3 3 831.5 3 388.9 Additions through business combinations 2 21.7 - - Change in estimate 10 242.3 (232.5) 122.0 Change in discount rate 10 (237.1) (12.6) (136.1) Accretion discount 7 42.1 81.7 144.3 Payment for decommissioning of oil and gas fields (35.1) (64.1) (116.4) Disposal (11.7) - - Transfer to Asset held for sale 27 10.5 (87.2) - Currency translation effects - 339.5 428.8 Total asset retirement obligations 3 888.9 3 856.3 3 831.5 Short-term 254.6 223.9 188.5 Long-term 3 634.3 3 632.4 3 643.0 Breakdown by decommissioning period 30 Sep 2026 30 Jun 2026 31 Dec 2025 2025-2030 522.0 501.3 502.4 2031-2040 1 763.7 1 693.1 1 652.7 2041-2050 1 097.0 1 129.5 1 100.4 2051-2061 506.2 532.4 576.0 The estimate is based on executing a concept for abandonment in accordance with the Petroleum Activities Act and international regulations and guidelines. The calculations are based on an assumed inflation rate of 3.0% for 2026, 2.5% for 2027 and 2.0% for all subsequent years, as well as discount rates in the range of 4.5% to 4.7% as of 30 September 2026. The inflation assumptions were changed from 2.5% in 2026 and 2.0% in 2027, whereas the discount rates have been changed from the 4.1%–4.5% range applied as of 30 June. The discount rates are based on risk-free interest without addition of credit margin. Third quarter 2026 payment for decommissioning of oil and gas fields (abex) is mainly related to Statfjord, Ekofisk 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 106.1 million for this purpose per 30 September 2026, compared to USD 100.7 million as per 30 June 2026. Note 21 Other current liabilities USD million Note 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Net overlift from hydrocarbons 105.7 258.0 217.6 276.0 Net payables to joint operations 460.1 302.2 415.6 365.2 Employee payables and accrued public charges 26.3 8.9 49.6 9.7 Contingent Consideration, current - - (0.2) - Commodity derivatives - Financial liability 15 18.3 6.6 - 11.6 Other payables 79.4 65.8 12.0 19.7 Total other current liabilities 689.9 641.5 694.5 682.1 The Commodity derivatives liability relates to Market-to-Market value of the options and cost of options that under the purchase agreement is due for payment at the time of settlement of the option (exercise/expiry). The cost of options is not a measure of fair value.

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50 Vår Energi – Third quarter report 2026 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. In the ordinary course of business, the company is involved in disputes, including tax disputes. Provisions are recognised for probable liabilities relating to litigation and claims based on management’s best estimate and in accordance with IAS 37 and IAS 12. After disagreements among the Breidablikk Unit participants, the Ministry of Energy resolved the distribution of the Breidablikk field on June 29, 2021, and this decision was confirmed by the King in Council on October 8, 2021. According to the allocation, Vår Energi holds a 34.4% equity share in the field. Vår Energi argues that it has received about 5% less than what it is entitled to. The claim has been dismissed by the Sør Rogaland District Court and the Gulating Appeal Court. Vår Energi appealed the decision to the Supreme Court, which ruled against the Company in October 2026. On January 18, 2024, the Oslo District Court found that government approvals for the Plans for Development and Operation (“PDO”) for Breidablikk, Tyrving, and Yggdrasil were invalid because of inadequate climate impact assessments regarding CO2 combustion emissions from end-users. A temporary injunction was issued to prevent new approvals for activities on these fields. Vår Energi is not a party to the dispute but is impacted as a licensee in the Breidablikk field holding 34.4% equity share. The Norwegian state appealed this decision, and on November 14, 2025, the Borgarting Court of Appeal determined that both previous PDO approvals and the Ministry of Energy’s 2024 decision to maintain those approvals after additional emission impact assessments were invalid due to insufficiently reasoned decisions. The court also imposed a new temporary injunction requiring the state to issue new PDO decisions within six months of the ruling. The state has appealed the decision to the Supreme Court, with a judgment expected in the fourth quarter of 2026. At present, there are no direct effects on production at Breidablikk or immediate obligations for licensees, since the Court of Appeal concluded that licensees had satisfied their requirements to carry out impact assessments. Note 23 Lease agreements USD million Note Q3 2026 Q1-Q2 2026 2025 Opening Balance lease debt 214.3 247.9 211.9 New lease debt in period 46.6 30.4 145.9 Payments of lease debt (33.8) (69.5) (125.6) Lease debt derecognised in the period (15.0) - - Interest expense on lease debt 2.7 5.8 15.2 Currency exchange differences (2.6) (0.3) 0.6 Total lease debt 212.3 214.3 247.9 Breakdown 30 Sep 2026 30 Jun 2026 31 Dec 2025 Short-term 136.9 135.5 133.3 Long-term 75.4 78.8 114.6 Total lease debt 212.3 214.3 247.9 Lease debt split by activities 30 Sep 2026 30 Jun 2026 31 Dec 2025 Offices 37.7 55.1 58.0 Rigs, helicopters and supply vessels 169.2 153.4 184.8 Warehouse 5.4 5.8 5.1 Total 212.3 214.3 247.9 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 leases are the rigs COSL Prospector operating in the Barents Sea and COSL Pioneer operating in the North Sea. The Company 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. Three existing leases were extended during third quarter 2026, with the main impact relating to the extension of the lease for the drilling rig COSL Pioneer. In addition, the lease for the office in Grenseveien in Sandnes was terminated.

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51 Vår Energi – Third quarter report 2026 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 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Trade receivables Eni Trade & Biofuels SpA 988.2 578.8 397.7 599.7 Eni SpA 139.4 105.9 58.2 57.8 Eni Global Energy Markets - - - 0.1 Other 7.6 7.9 0.6 0.6 Total trade receivables 1 135.2 692.6 456.5 658.2 All receivables are due within 1 year. Sales revenue USD million Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Eni Trade & Biofuels SpA 2 422.9 2 599.9 1 495.2 6 943.1 3 804.1 Eni SpA 405.7 315.3 194.4 945.3 628.1 Eni Global Energy Markets 22.9 23.7 0.4 46.6 0.6 Total 2 851.5 2 938.9 1 690.0 7 935.0 4 432.8 Current liabilities USD million 30 Sep 2026 30 Jun 2026 31 Dec 2025 30 Sep 2025 Account payables Eni Trade & Biofuels SpA - - - 12.0 Eni SpA 3.2 4.6 0.1 0.3 Eni International BV 16.1 10.7 18.5 13.2 Other - 0.1 - - Total account payables 19.3 15.4 18.6 25.5 Operating and capital expenditures USD million Q3 2026 Q2 2026 Q3 2025 YTD 2026 YTD 2025 Eni Trade & Biofuels SpA (1.2) 2.9 (2.7) 4.3 10.1 Eni SpA 1.5 1.2 0.4 5.8 0.7 Eni International BV 5.0 5.7 4.2 15.5 12.6 Other 0.3 1.2 (0.2) 1.5 0.2 Total 5.6 11.0 1.7 27.1 23.6

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52 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 25 Licence ownerships Vår Energi has the following new ownershare in the license portfolio since 31 December 2025. Licences WI% Operator New ownership PL 090 K 40% Equinor Energy PL 229 J 65% Vår Energi PL 375 D 20% Vår Energi PL 956/956 B 65% Vår Energi PL 984 C 20% DNO PL 1078 B 30% Equinor Energy Pl 1196 100% Vår Energi PL 1281 50% Equinor Energy PL 1298 30% Vår Energi PL 1300 15% Aker BP PL 1301 41% Vår Energi PL 1303 29% Equinor Energy PL 1309 30% OMV PL 1310 70% Vår Energi PL 1311 50% Equinor Energy PL 1312 50% Vår Energi Business Arrangement Area WI% Operator Change in ownership Snorre Unit 18% Equinor Energy PL 153/153 B/153 C 25% Vår Energi Business combination WI% Operator Change in ownership PL263 D/E/F/G/H 49% Equinor Energy PL 378 12% Harbour Energy PL 418/418 B 15% Harbour Energy PL 929 60% Vår Energi PL 956/956 B 80% Vår Energi PL 1151/1151 B 20% Harbour Energy PL 1180 70% Vår Energi Note 26 Subsequent events The Company is not aware of any material events occurring after the reporting date that would require adjustment to, or disclosure in, these financial statements.

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53 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES Note 27 Assets held for sale USD million Note 30-Lwe-26 30-See-26 Assets held for sale Goodwill 9 89.3 85.9 Other Intangible assets 9 8.9 - Capitalised exploration 9 116.5 116.7 Facilities under construction 10 10.6 40.8 Wells and production facilities 10 667.9 648.7 Total assets held for sale 893.1 892.1 Liabilities directly associated with assets held for sale Asset retirement obligations 20 76.8 87.2 Deferred tax 8 546.1 551.0 Total liabilities held for sale 622.9 638.2 Net assets/(liabilities) held for sale 270.1 253.9 In June 2026 Vår Energi entered into a series of value accretive transactions on the Norwegian Continental Shelf to further optimise its asset portfolio. Vår Energi has agreed to divest a 20% interest in the Goliat field to Orlen Upstream Norway AS and a 25% interest in the Fenja field to Concedo AS for a total consideration of up to USD 350 million. Vår Energi has further agreed to a swap of assets with Equinor Energy AS. Under the agreement, Vår Energy will receive a 32.5% interest in the Peon discovery, in exchange for 5% share in the Fram field and positions in the Grosbeak and Mulder discoveries. All transactions are expected to close in the the fourth quarter of 2026, with completion subject to customary authority approvals. The non-current assets and non-current liabilities related to the farm down in Goliat, Fenja and Fram have been classified as held for sale as at 30 June 2026 according to requirements in IFRS 5 Non-current Asset Held for Sale and Discontinued Operations. In accordance with IFRS 5, no DD&A has been charged in Q3 2026 related to the assets subject to reclassification. An assessment of the disposal groups has been performed, and no impairment has been identified, as all transactions are expected to result in a gain on disposal.

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54 Vår Energi – Third quarter report 2026 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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55 Vår Energi – Third quarter report 2026 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 September 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 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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56 Vår Energi – Third quarter report 2026 ABOUT VÅR ENERGI HIGHLIGHTS KEY METRICS AND TARGETS OPERATIONAL REVIEW FINANCIAL REVIEW FINANCIAL STATEMENTS NOTES

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