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DNO (DNO) investor relations material
DNO Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Revenue rose to $258 million in Q2 2025, up 37–38% from the previous quarter, driven by the Sval Energi acquisition, which was completed for $1.6 billion and integrated from June 1, 2025.
Operating profit surged to $86 million, up over 200% quarter-on-quarter, with net production increasing 10% to 92,600 boepd, supported by Kurdistan, North Sea, and West Africa.
Quarterly dividend increased by 20% to NOK 0.375 per share, with a $30 million payment reflecting strong shareholder returns.
Operations in Kurdistan were impacted by mid-July drone attacks, causing temporary shutdowns and facility damage, but production has partially resumed.
Issued a $400 million hybrid bond and secured a $500 million gas offtake facility, strengthening the balance sheet.
Financial highlights
Q2 2025 revenue reached $258 million, up from $188 million in Q1, with Sval Energi contributing for one month.
Operating profit was $86 million, up from $28 million in Q1.
Net loss of $7.3 million in Q2, impacted by higher finance and tax expenses.
EBITDA/EBITDAX rose to $135–174 million, with cash flow from operations at $135 million and cash at quarter-end of $788 million.
Free cash flow was negative $110.7 million, reflecting acquisition and financing activities.
Outlook and guidance
Full quarter Sval Energi integration expected from Q3 2025, projected to further boost all metrics.
H2 2025 North Sea production guidance is 80,000–85,000 boepd, with new tiebacks in the Norwegian Sea to add 7,000 boepd at peak.
Kurdistan operations have resumed near normal levels post-drone attacks, with ongoing repairs and security measures; plans to resume drilling and restore production to pre-shutdown levels.
Ongoing engagement with KRG regarding recovery of outstanding receivables and future export payments.
Ongoing steps to optimize capital structure and reduce cost of debt.
Next DNO earnings date

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