Bluenord Asa · OSL:BNOR
Bluenord Asa — Q3 2026 Earnings Presentation
26 slides from Bluenord Asa's earnings presentation, Oct 28, 2026
Slide 1: Delivering Value Through Energy Security
Delivering Value Through Energy Security Third Quarter 2026 Results 28 October 2026
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION (THE “INFORMATION MATERIAL”) HAS BEEN PRODUCED AND DELIVERED BY NORWEGIAN BY ATTENDING OR RECEIVING THIS INFORMATION MATERIAL YOU ACKNOWLEDGE THAT YOU WILL BE ENERGY COMPANY ASA (THE “COMPANY”). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, RESPONSIBLE FOR YOUR
Slide 3: Today’s BlueNord Presenters
Today’s BlueNord Presenters Euan Shirlaw Jacqueline Lindmark Boye Miriam Jager Lykke Cathrine Torgersen Chief Executive Officer Chief Financial Officer Chief Operating Officer Chief Corporate Affairs Officer 3
Slide 4: Proposed Merger with Vår Energi: Strengthening the Future of BlueNord’s Shareholders
Proposed Merger with Vår Energi: Strengthening the Future of BlueNord ’s Shareholders Growth Value Returns Adding strategic Raised long-term target to Increased resilience, cash assets on the highly generation and long-term compatible DCS2 ~450 mboe/d dividend capacity Strengthened position as a rel
Slide 5: Largest independent producer of oil and gas in Europe
Barents Sea Largest independent producer of oil and gas in Europe Vår Energi licences BlueNord licences Hammerfest Office locations Production in Europe 2026E1 mboe/d BlueNord2 ~390 Norwegian Sea ~200 licences ~1/3rd operated 57 fields North Sea Florø 6 operated Oslo Balder Area Stavanger 5 hub area
Slide 6: Q3-26: Robust Results and Transformational Proposed Merger with Vår Energi
Q3 -26: Robust Stable Production, Strong Revenue and Strong Outlook Earnings Results and Transformational Stable Production at 43.6 mboe/d Record revenue and earnings Proposed Merger ▪ Base assets produced 17.6mboe/d ▪ Revenue of $346mm ▪ ▪ with Vår Energi Tyra hub produced 26.0 mboe/d ▪ Adjusted EB
Slide 7: Our Strength: Focused Operational Delivery
Our Strength Focused Operational Delivery
Slide 8: Production Momentum Builds as Tyra Steps Up
Production Tyra Driving Near -Term Production Growth Momentum Builds (net production, mboe/d) 42 -49 43.6 as Tyra Steps Up 39.1 42.4 43.1 37.8 37.2 ▪ Q3 production reached 43.6 29.8 mboe/d, the highest quarterly level since Tyra restart ▪ Tyra growth more than offset Tyra planned maintenance impacts
Slide 9: Resilient Base Assets Deliver Through Planned Maintenance
Resilient Base Assets Deliver Through Planned Maintenance ▪ Q3 production of 17.6 mboe/d, within the–19 17 mboe/d Base of Stable, Low -Decline Production (net production, mboe/d) guidance range ▪ Planned Halfdan hub maintenance safely completed 20.1 18-20 ▪ Dan and Gorm integrity constraints resolve
Slide 10: Tyra Steps Up: Higher Output and Improved Stability
Tyra Steps Up: Higher Output and Improved Stability ▪ Gas production now operating around export capacity ▪ Planned shutdown delivered key production and reliability improvements ▪ Net production reached a new daily record of ~30 mboe/d Maximum gas production in line with export capacity Record dail
Slide 11: Tyra: From Ramp-Up to Stable High Production
Tyra: From Ramp-Up to Stable High Production ▪ Post-shutdown performance demonstrates the benefit of Tyra Production and 2026 Outlook reliability and process improvements (net production, mboe/d) ▪ Q3 production reached 26.0 mboe/d 26.0 24 -29 ▪ Further process optimisation under way to support high
Slide 12: Our Opportunity: Maximising the DUC
Our Opportunity Maximising the DUC
Slide 13: Denmark Plays Key Role in Contributing to EU Energy Security
Denmark Plays Operations support Danish and EU Energy Security and Energy Transition objectives Key Role in Tyra volumes displace significantly more emissions-intensive LNG imports(1) 97 Contributing to EU (Kg CO 2/boe) 76 78 Energy Security 33 22 DUC Norway US Qatar Peru ▪ Current environment highl
Slide 14: High-Graded Projects Positioned for Delivery
High-Graded Projects Positioned for Delivery ▪ Strong portfolio of projects supporting Vår’s long -term production target of c.450mboe/d ▪ Tyra North progressing towards FID ▪ Rig tender for infill well programme Development Projects (1) Matured Infill Wells (1) (net recoverable volumes, mmboe) (net
Slide 15: Our Results: Financial Strength Maintained
Our Results Financial Strength Maintained 17
Slide 16: Q3-26: Financial Strength Maintained
Revenue EBITDA (USD million) (USD million) $220 $346 $251 $131 Q3-25 Q3 -26 Q3-25 Q3 -26 Strong profitability and cashflow generation driven by operational growth, supported by strategic hedge book Net Cashflow from Operating Activities Liquidity and Leverage (end Q3-26) (USD million) (USD million)
Slide 17: Stable Realised Pricing through Market Volatility
Stable Realised Oil | Realised Prices & Forward Hedges(1) ($/bbl) % hedged (swaps and collars) Pricing through 66% 114 61% 42% Market Volatility 101 97 95 86 81 71 66 74 71 79 80 81 73 73 74 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4 '26 2027 2028 ▪ 66% of forecast oil volumes hedged Realised Price (Post-Hedg
Slide 18: Underlying Unit Operating Costs around Target Level
Underlying Unit Total Operating Cost (USD million) Operating Costs 101 76 88 99 92 around Target Level 75 49 55 67 63 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 ▪ Operating costs returning towards Direct Field Opex Transportation Environmental Costs Production G&A target level with Tyra production stabilising po
Slide 19: Growing Operational Cashflow
Growing Operational Cashflow Net Cashflow from Operating Activities Growing with Tyra Production (USD million) ▪ Elevated commodity price levels continued throughout Q3 driving cashflow and working capital 184 186 212 ▪ Tax payment in Q3 relating to settlement of prior years matters to be 139 141 13
Slide 20: Stable Balance Sheet
Stable Balance Sheet ▪ Closing Q3 2026 liquidity of $392 million, including $261 million of undrawn RBL liquidity; impacted by working capital and tax payments in Q3 ▪ Leverage ratio of 1.65x at the end of Q3; maintaining a conservative balance sheet Strong Liquidity Maintained in Q3 2026 Robust Cap
Slide 21: Our Future: Making Sustainable, Long-Term Returns a Reality
Our Future Making Sustainable, Long -Term Returns a Reality
Slide 22: Positive Outlook
Positive Outlook Strategically Important Portfolio in the Heart of the EU ▪ High-quality, diversified asset base with long production history ▪ Supporting European energy security at lower emissions intensity than alternatives Strong Operational and Financial Delivery ▪ Tyra stabilising with near-te
Slide 23: BlueNord=*
we BlueNord=*
Slide 24: Appendix
Appendix > we BlueNord=*
Slide 25: Strategic European Energy Partner
Strategic European Energy Partner BlueNord is an independent E&P, producing oil & gas from a portfolio of producing fields in Denmark ▪ 36.8% non-operated interest in the DUC, operated by TotalEnergies ▪ High-quality asset base with a long production history 2C 2P Gas Oil c. 45 ▪ Portfolio diversifi
Slide 26: Strategically Important Assets: DUC Ownership
DUC Ownership Oil pipeline to Fredericia tegically DUC Ownership 1 Oil pipeline to Fredericia TotalEnergies 2 Gas pipeline to Nybro 1 ortant tegically Assets Positioned at the DUC Ownership Core of 20.0% TotalEnergies 2 Gas pipeline to Nybro BlueNord 2 3 Oil Gaspipeline pipelinetotoFredericia Gas pi