Vår Energi (VAR) Investor presentation summary

Strategic position and asset base

• Third largest oil and gas producer in Norway with interests in about 50% of all producing assets and a balanced commodity mix of approximately 30% gas.

• Holds around 190 licences, with about one-third operated, across 42 fields and four hub areas in the Norwegian Sea, Barents Sea, and North Sea.

Production growth and project delivery

• Achieved transformational growth, with production guidance of 330-335 kboepd in 2025 and a target of 350-400 kboepd by 2026.

• Nine new projects completed in 2025, adding around 180 kboepd at peak, including major developments in the Barents Sea, Norwegian Sea, and Balder Area.

Resource base and exploration

• Maintains a material resource base of approximately 3 billion boe, with about 60% yet to be developed and 30 early phase projects identified.

• Delivered 10 project sanctions in 2025, adding around 160 mmboe 2P reserves and sanctioning projects with an average IRR above 30% and breakeven near $30/boe.

• Achieved five commercial discoveries in 2025, with a success rate above 70% and net discovered resources of 40-70 mmboe.