BlueNord
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BlueNord (BNOR) investor relations material

BlueNord Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary24 Feb, 2026

Executive summary

  • Transitioned from investment-led to cash generation, with Tyra's restart nearly doubling production and supporting Denmark's net exporter status for natural gas.

  • Achieved record quarterly production of 42.4 mboepd, with Tyra hub ramp-up and base assets performing within guidance.

  • Distribution policy targets 50–70% of operating cash flow through 2026, with $506 million paid or proposed for 2025.

  • Strategic focus on maximizing value from the DUC portfolio, sustaining peak production into the 2030s, and engaging on a potential license extension to 2050.

  • Delivered robust operational and financial results in Q4-25, with strong cash flow generation and significant shareholder returns.

Financial highlights

  • Q4 2025 revenue reached $270.3 million, up from $193 million in Q4 2024, driven by higher gas volumes and Tyra's ramp-up.

  • Adjusted EBITDA rose 40% quarter-on-quarter to $190 million; operating cash flow up 30% to $167.7 million.

  • Available liquidity at quarter-end was $493 million, including $350 million undrawn RBL.

  • Net leverage declined to 1.9x at year-end 2025; net interest-bearing debt decreased to $957.3 million.

  • Production expenses per boe dropped to $19.6, with lifting cost at $13/boe, reflecting Tyra's efficiency.

Outlook and guidance

  • 2026 production guidance: 25–49 mboepd, with Tyra expected to reach steady-state mid-2026 after a planned June shutdown.

  • CapEx for 2026 expected at $40–50 million; 2027–2030 CapEx guided at $100–150 million annually.

  • Distribution policy of 50–70% of operating cash flow remains unchanged through 2026, with updated framework from 2027.

  • Identified project pipeline and potential DUC license extension support sustained peak production into the 2030s.

Detail Tyra's path to steady-state production
Elaborate on 2027 infill drilling strategy
Explain 2027 distribution framework changes
Tyra steady state mid-2026. What enables 30k boepd
DUC license extension: Key financial benefits
2027+ distribution strategy given bond covenant
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Frequently asked questions

BlueNord ASA, an oil and gas company, focuses on the exploration, development, and production of hydrocarbon resources in Norway, Denmark, and the United Kingdom. It primarily operates in the Norwegian Continental Shelf with focused activities in the North Sea, Norwegian Sea, and Barents Sea. BlueNord ASA was founded in 2005 and is headquartered in Oslo, Norway.

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