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DNO (DNO) investor relations material
DNO Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 was transformational, marked by the full integration of the Sval Energi acquisition, which doubled revenue and operating profit and drove net production to 115,400 boepd, with major contributions from the North Sea, Kurdistan, and West Africa.
The quarter featured a major exploration success with the Vidsyn discovery in Norway, adding 31 MMboe in gross mean recoverable resources.
Leadership transition occurred with the appointment of a new CFO.
Financial highlights
Revenue reached USD 547 million in Q3 2025, up 112% quarter-on-quarter, with operating profit at USD 222 million and net profit returning to positive at USD 20 million.
Operational cash flow surged to USD 407 million, and free cash flow was USD 101 million.
Cash balance at quarter-end was USD 531 million after repaying a USD 300 million bridge loan and paying a USD 36 million dividend.
Capital expenditures totaled USD 225 million, mainly in the North Sea.
Lifting costs increased, with average costs per boe at USD 7.5 in Kurdistan and USD 12.2 in the North Sea.
Outlook and guidance
North Sea strategy focuses on rapid development and monetization of discoveries, with several wells drilling and four developments scheduled to come onstream between 2026 and 2029.
Kurdistan production is targeted to reach 100,000 boepd by 2026, with drilling set to restart and eight wells planned for 2026.
Prefinancing facilities for North Sea oil and liquids to exceed USD 900 million by 2026.
Guidance on operational spend and CapEx for the Norwegian portfolio remains valid.
KRG payment strategy and arrears recovery outlook
Sval Energi goodwill: technical vs. residual
North Sea portfolio strategy post-Aker BP swap
Kurdistan export strategy post-July 2026?
Impact of accelerated North Sea developments on NPV?
Capital allocation priorities for cash reserves?
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Q4 20256 Feb, 2026
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Frequently asked questions
Norwegian oil and gas exploration company, DNO ASA engages in the development and production of oil and gas fields in Norway and around the world. The company owns interests in production licenses across several license areas onshore Norway and offshore the United Arab Emirates. DNO also operates a number of joint ventures with international oil companies such as Shell, Total, StatoilHydro, ConocoPhillips, and Petronas.
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