BlueNord (BNOR) DNB Carnegie’s Energy & Shipping Conference 2026 presentation summary

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.