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DNO (DNO) investor relations material

DNO Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.

Q4 2025 earnings summary5 Feb, 2026

Executive summary

Net production reached a record 110,700 boepd in 2025, up 43% year-over-year, driven by the Sval Energi acquisition and strong performance in the North Sea and Kurdistan.
Revenues more than doubled to USD 1,474 million, with cash from operations also more than doubling to USD 929 million.
Operating profit rose to USD 513 million, but net profit was negative USD 25 million due to high Norwegian taxes and financial expenses.
USD 130 million was distributed to shareholders via dividends in 2025, with a new quarterly dividend approved.
Celebrated 500 million barrels produced from the Tawke license, with significant remaining reserves.

Financial highlights

2025 revenues: USD 1,474 million, up 120% from 2024, with 86% from the North Sea.
Operating profit: USD 513 million (vs. USD 204 million in 2024); net profit: negative USD 25 million (vs. negative USD 27 million in 2024).
Cash from operations: USD 929 million (vs. USD 433 million in 2024); operational spend: USD 1,550 million in 2025, projected to rise to USD 1,650 million in 2026.
Q4 2025 revenues were USD 481.6 million, with operating profit at USD 177.1 million, impacted by lower North Sea prices and higher Kurdistan volumes.
Net cash/debt position at year-end was negative USD 885.9 million, a significant shift from a net cash position in 2024.

Outlook and guidance

North Sea net production guidance for 2026 is 82,000 boepd, with development capex projected at USD 590 million.
Kurdistan 2026 capex projected at USD 100 million, targeting 100,000 boepd gross operated production.
Increased CapEx expected in 2026 for drilling and development, with tax-deductible spend in Norway.
Four ongoing North Sea developments expected to come onstream between 2026 and 2029, supporting future growth.
DNO awarded participation in 17 new exploration licenses in Norway in January 2026.

Kurdistan oil sales: pricing strategy outlook

North Sea financing: liquidity and debt structure

Long-term price assumptions: rationale for change

Triggers for 2026 Kurdistan export strategy

North Sea fast-track development enablers

Funding larger M&A without equity issuance

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