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BlueNord (BNOR) investor relations material
BlueNord DNB Carnegie’s Energy & Shipping Conference 2026 presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Strategic positioning and asset base
Operates as an independent E&P with a diversified portfolio of oil and gas fields in Denmark, holding a 36.8% non-operated interest in the DUC, operated by TotalEnergies.
Asset base spans four hubs and 14 fields, with a stable production history and growth driven by the Tyra redevelopment.
DUC accounts for approximately 90% of Danish oil and gas production, positioning Denmark as a net exporter of natural gas and a key contributor to EU energy security.
Operational and financial performance
Achieved stable production of 42.4 mboe/d in Q4-25, with Tyra hub contributing 20.7 mboe/d and base assets 21.7 mboe/d.
Delivered revenue of $270mm, adjusted EBITDA of $190mm, and net operating cashflow of $165mm in Q4-25.
RBL maturity extended to 2031, with total liquidity including undrawn RBL at $493mm and continued deleveraging to 1.9x at end 2025.
Value creation and shareholder returns
Focused on maximizing shareholder returns through stable, low-decline assets and disciplined capital allocation.
Achieved lifting cost of ~$13/boe, supported by price hedges and tax losses.
Distribution policy targets 50-70% of net operating cashflow until end 2026, with $506mm paid and proposed distributions in 2025.
- Record production and cash flow fueled robust shareholder returns and a positive long-term outlook.BNOR
Q4 202524 Feb 2026 - Q2 2024 delivered strong output and Tyra progress, setting up for major shareholder returns.BNOR
Q2 20243 Feb 2026 - Strong Q3, Tyra II restart and HEMJ discovery drive growth and major distributions ahead.BNOR
Q3 202417 Jan 2026 - Tyra II ramp-up and $215M distribution drive strong growth and outlook for 2025.BNOR
Q4 202423 Dec 2025 - Tyra ramp-up boosts Q1 output; strong liquidity and $253M distributions proposed.BNOR
Q1 202518 Nov 2025 - Q2 2025 delivered strong revenue and EBITDA growth, major capital returns, and eliminated dilution risk.BNOR
Q2 202516 Nov 2025 - Stable production and strong cashflow drive high shareholder returns, with Tyra at the core.BNOR
Company Presentation3 Nov 2025 - Tyra ramp-up doubled production and cash flow, enabling $302M in Q3 shareholder returns.BNOR
Q3 202529 Oct 2025 - Strong production, proactive hedging, and robust distributions drive long-term value.BNOR
Pareto Securities' 32nd Annual Energy Conference Presentation10 Sep 2025
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