DNO (DNO) investor relations material

Executive summary

• Net production averaged 142,768 boepd, up 61% QoQ, as Kurdistan production resumed; Q3 revenue reached $1,023.0m and operating profit $641.1m.

• Growth priorities include North Sea development, stepped-up Kurdistan drilling, disciplined M&A and a search for a third geographic base.

Financial highlights

• Q3 revenue was $1,023.0m versus $760.5m in Q2; operating profit was $641.1m and net profit $101.1m.

• Operating cash flow was $660.3m; net investing activities were a $129m outflow, including $171.6m in capex and $26m in decommissioning, partly offset by $68m net inflows from divestments and license transactions.

• 9M revenue exceeded $2.4bn, up 143% YoY; 9M net profit was $235m versus $41m in 9M 2025.

• Higher realized gas and Kurdistan sales prices supported results; lower oil prices and North Sea hedge losses were offsets.

Outlook and guidance

• FY 2026 North Sea production guidance is ~86,000 boepd; Kurdistan gross operated production guidance is 50,000 boepd. The North Sea target remains 100,000 boepd by 2030.

• Six North Sea developments are under execution and six more approach investment decisions, all targeted onstream before 2030.

• Kjøttkake, renamed Lyra, was approved for development; first oil is targeted in H1 2028, with 37 MMboe recoverable resources and ~20,000 boepd gross plateau production.

• Norma appraisal moved to 2027, reducing projected 2026 exploration spend by $40m to $160m; Carmen appraisal shifted to early 2027.

• Expected Q4 cash tax is $230m, subject to NOK exchange-rate movements; substantial tax payments are expected into H1 2027.