BlueNord (BNOR) investor relations material

Executive summary

• Q3 production reached 43.6 mboepd, the highest quarterly level since Tyra restarted; portfolio output exited the quarter at ~50 mboepd.

• Record Q3 revenue was $346.0m; EBITDA was $219.6m and adjusted EBITDA was $221.2m.

• Shareholders approved the proposed Vår Energi merger on 24 August; completion is targeted around year-end 2026, subject to conditions and approvals.

• The proposed merger targets long-term production of ~450 mboe/d and is intended to strengthen scale, resilience and cash generation.

• $780m has been returned through dividends and share buy-backs.

Financial highlights

• Q3 revenue was $346.0m versus $276.8m in Q2; EBITDA was $219.6m versus $146.8m, and adjusted EBITDA was $221.2m versus $148.4m.

• Q3 net loss was $19.7m, compared with net income of $19.1m in Q2; a $104.3m non-cash unrealised derivative loss contributed to $158.9m net financial expense.

• Net cash flow from operating activities was $69.7m; cash flow before tax and working-capital movements was $212m, while working capital reduced cash flow by $70.8m.

• Q3 tax payments settled prior-year matters; a partial tax receipt is expected in Q4.

• Elevated commodity prices and strategic hedges supported realised pricing and cash generation amid market volatility.

Outlook and guidance

• Q4 2026 production guidance is 42–49 mboepd: base assets 18–20 mboepd and Tyra 24–29 mboepd.

• 2026 CapEx guidance is $40–50m; 2027–2030 CapEx is forecast at $100–150m annually, including maintenance and subject to project sanction and timing.

• Tyra stability and near-term growth are expected in H2 2026; focus is shifting to sustaining performance and reliability.

• Tyra North is progressing toward FID, with a finalized FDP and rig tender for an infill well programme; the project is expected to deliver almost 20m net barrels.

• Identified projects support production around current levels into the 2030s; Denmark is reviewing a potential DUC licence extension to 2050.