BlueNord (BNOR) Pareto Securities' 32nd Annual Energy Conference Presentation summary

Strategic focus and asset overview

• Focused on the Danish Continental Shelf with a 36.8% non-operated interest in the DUC, operated by TotalEnergies, covering 14 fields with a long production history and substantial reserves base of 221 mmboe 2P reserves as of end 2023.

• Emphasizes maximizing distributions and maintaining a conservative capital structure, with a policy to distribute 50-70% of operating cashflow.

• Near-term strategy is strongly cash generative, supported by robust base production, transformational growth, hedged volumes, and substantial tax losses.

• Long-term outlook is positive, with a stable production profile, accretive investment projects, and a fit-for-purpose capital structure.

Operational performance and production outlook

• Tyra field has shown strong reservoir performance, delivering export volumes from up to 70% of its well stock and is expected to reach a plateau production level of 30 mboe/d net.

• Operator is focused on stable operations and production stability, with remedial actions planned for Q3/Q4 2025 to address process control challenges.

• Long-term production outlook targets c.50 mboe/d during 2025-2030, supported by sanctioned and near-term projects, with further investments planned to sustain plateau levels.

• Portfolio includes both 2P reserves and 2C resources, with ongoing and future development projects to optimize and extend production.

Financial management and shareholder returns

• Proactive hedging strategy in place, with significant portions of oil and gas production hedged through 2027/28, providing cashflow visibility and price protection.

• Recent refinancing of BNOR15 eliminated a potential 16% share dilution, replaced by a non-dilutive hybrid bond (BNOR17) with a 12% coupon and long maturity.

• Total distributions of $302m paid year-to-date, including $252m in cash dividends and $50m in share buybacks, with a stated policy to distribute 50-70% of net operating cashflow until end 2026.

• Strong capital structure supports ongoing and future shareholder returns, with a commitment to maintain meaningful returns beyond 2027.