BlueNord (BNOR) Company Presentation summary

Strategic positioning and asset base

• Holds a 36.8% non-operated interest in the DUC, operated by TotalEnergies, with a diversified portfolio across 14 fields in Denmark.

• DUC accounts for about 90% of Danish oil and gas production, making Denmark a net exporter of natural gas and a key contributor to European energy security.

• Tyra hub is central to growth, with plateau production expected at around 30 mboe/d and significant impact on Denmark’s export status.

Operational and financial performance

• Q3-25 production was stable at 39.1 mboe/d, with Tyra contributing 18.9 mboe/d and base assets 20.2 mboe/d.

• Revenue for Q3-25 reached $246 million, adjusted EBITDA $137 million, and net operating cashflow $128 million.

• Net debt stood at $1,003 million with total liquidity of $447 million and net leverage at 2.30x.

• Unit operating cost in Q3-25 was $24/boe, with lifting cost at $17/boe, expected to decline further as Tyra ramps up.

Shareholder returns and capital allocation

• Distribution policy targets 50-70% of net operating cashflow through 2026, with $391 million paid and proposed for 2025.

• Focus on disciplined capital allocation, flexible capex, and deleveraging, with capex reduced to ~$50 million for 2025 and 2026.

• Deleveraging underway, with net leverage declining and no near-term debt maturities.