Capital Markets Update 2025

FEBRUARY 5TH, 2025

Forward-looking statements

As used in this presentation, the term "Equinor" and such terms as "the company," "the corporation," "our," "we," "us" and "its" may refer to Equinor ASA, one or more of its consolidated subsidiaries, or to all of them taken as a whole. These terms are used for convenience only and are not intended as a precise description of any of the separate companies.

This presentation contains forward-looking statements concerning Equinor's business, financial condition and results of operations that are based on current estimates, forecasts, and projections about the industries in which Equinor operates and the current expectations and assumptions of Equinor's management. Forward-looking statements include all statements other than statements of historical facts, including, among others, statements regarding future financial, operational or sustainability performance, value creation, investments, costs, expenditures, returns, distributions, portfolios and execution or performance of projects, management objectives and targets, our expectations as to the achievement of certain targets (including those related to our climate ambitions) and expectations, projections or other characterizations of future events or circumstances, including strategies, plans (including our energy transition plan), ambitions or outlook. In some cases, we use words such as "aim", "ambitions", "continue", "anticipate", "likely", "believe", "could", "estimate", "expect", "goals", "indicative", "intend", "may", "milestones", "objectives", "commitment", "outlook", "plan", "strategy", "probably", "guidance", "project", "risks", "schedule", "seek", "should", "target", "will" or similar statements or variations of such words and other similar expressions to identify forward-looking statements, although not all forward-looking statements contain such terms.

Forward-looking statements are not guarantees of future performance. Rather, they are based on current views and assumptions and are, by their nature, subject to known and unknown risks, uncertainties and other factors, many of which are outside the company's control and are difficult to predict, that may cause actual results or developments to differ materially from any future results or developments expressed or implied by the forwardlooking statements. Factors that could cause actual results to differ materially from those contemplated by forwardlooking statements include, among others: levels of industry product supply, demand and pricing, in particular in light of significant oil, natural gas and electricity price volatility; unfavorable macroeconomic conditions and inflationary pressures; exchange rate and interest rate fluctuations; levels and calculations of reserves and material differences from reserves estimates; regulatory stability and access to resources, including attractive renewable and low carbon opportunities; the effects of climate change and changes in stakeholder sentiment and regulatory requirements regarding climate change; changes in market demand and supply for oil, gas, renewables and low carbon solutions; inability to meet strategic objectives; the development and use of new technology; social and/or political instability, including worsening trade relations; failure to prevent or manage digital and cyber disruptions to our information and operational technology systems and those of third parties on which we rely; operational problems, including cost inflation in capital and operational expenditures; unsuccessful drilling; availability of adequate infrastructure at commercially viable prices; the actions of field partners and other third-parties; reputational damage; the actions of competitors; the actions of the Norwegian state as majority shareholder and exercise of ownership by the Norwegian state; changes or uncertainty in or non-compliance with laws and governmental regulations, conditions or requirements and inability to obtain favorable government/third party approvals to activities and transactions; adverse changes in tax regimes; the political and economic policies of Norway and other oil/energy-producing countries; regulations on hydraulic fracturing and low-carbon value chains; liquidity, interest rate, equity and credit

risks; risk of losses relating to trading and commercial supply activities; an inability to attract and retain personnel; ineffectiveness of crisis management systems; inadequate insurance coverage; health, safety and environmental risks; physical security risks to personnel, assets, infrastructure and operations from hostile or malicious acts; failure to meet our ethical, human rights and social standards; non-compliance with international trade sanctions and other factors discussed under "Risk Factors" in our Annual Report on Form 20-F for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (SEC). Readers should also consult any further disclosures we may make in documents we file with or furnish to the SEC.

All oral and written forward-looking statements made on or after the date of this presentation and attributable to Equinor are expressly qualified in their entirety by the above factors. Any forward-looking statements made by or on behalf of Equinor speak only as of the date they are made. Except as required by applicable law, we do not undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

The achievement of our climate ambitions depends, in part, on broader societal shifts in consumer demands and technological advancements, each of which are beyond our control. Should society's demands and technological innovation not shift in parallel with our pursuit of our energy transition plan, our ability to meet our climate ambitions will be impaired. The calculation of the company's net carbon intensity includes an estimate of emissions from the use of sold products (GHG protocol category 11) as a means to more accurately evaluate the emission lifecycle of what we produce to respond to the energy transition and potential business opportunities arising from shifting consumer demands. Including these emissions in the calculations should in no way be construed as an acceptance by Equinor of responsibility for the emissions caused by such use.

This presentation also contains financial information which is not presented in accordance with International Financial reporting Standards (IFRS). Please refer to our filings with the SEC for disclosures and reconciliations to the most directly comparable IFRS measures of non-IFRS financial measures contained herein. This presentation may contain certain forward-looking non-IFRS measures such as organic capex, cash flow from operations after taxes paid (CFFO), net debt ratio, free cash flow and ROACE. We are unable to provide a reconciliation of these forwardlooking non-IFRS measures as they are not reconcilable to their most directly comparable IFRS measures without unreasonable efforts because the amounts excluded from the relevant IFRS measures used to determine these forward-looking non-IFRS measures cannot be predicted with reasonable certainty.

We use certain terms in this presentation that the SEC's rules prohibits us from including in our filings with the SEC. Readers are urged to consider closely the disclosure in our Form 20-F, SEC File No. 1-15200, (available at Equinor's website www.equinor.com and www.sec.gov).

These materials shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.

Capital Markets Update 2025

SAFETY MOMENT

Trusted energy provider

Jannicke Nilsson EXECUTIVE VICE PRESIDENT SAFETY, SECURITY AND SUSTAINABILITY

SAFETY AND SECURITY

A trusted energy provider

Zero harm

Safeguarding our people

Proactive leadership and culture
Major accident prevention
Working safely with suppliers

Energy security

Protecting our assets

Strengthening cybersecurity
Protecting infrastructure
Collaborating with governments and industrial partners

Robust production

Building production resilience

Robust maintenance and efficient operations
Improving asset integrity
Maintaining flow assurance

SIF - Serious incidents and near-misses per million hours worked. 12-month average, bars are shown using two decimal places from 2014 to visualise smaller movements in the frequency. Capital Markets Update 2025

Firm strategic direction - stronger free cash flow and growth

Anders Opedal PRESIDENT AND CHIEF EXECUTIVE OFFICER

Confidential

KEY CMU 2025 - MESSAGES

Stronger value proposition

Firm strategy - delivering high return Strengthening free cash flow

Optimising O&G and value driven growth in REN & LCS
High-grading portfolio and remaining disciplined in new access
Reducing capex and maintaining stable opex while growing production
Securing sustainable competitive distribution capacity

2024

Delivered as promised, well positioned for growth

Strong operational performance driving returns and cash flow
High-grading portfolio through M&A, reducing cost and early phase spend
Strong positions across value chains in selected regions

GLOBAL ENERGY MARKETS

Well positioned for value creation against market backdrop

GROWTH IN ENERGY DEMAND	MARKET AND POLITICAL UNCERTAINTY		UNEVEN PACE IN ENERGY TRANSITION
> 10% O&G production growth to 2027 ~ 7 GW1 renewable energy	Robust balance sheet, resilient, low-risk and focused O&G portfolio		Value driven growth in transition, retiring 50% gross capex ambition4
installed or under development	Trading and optimisation capabilities		> 60 mtpa CO2 storage licences awarded
Largest piped gas exporter to Europe and deepening in US gas market	Strong RoACE > 15% to 2030		Carbon efficient O&G production
EU piped gas price2 vs. cost (USD per MMBtu)	10-year average RoACE3		intensity5 Upstream CO2	(kg CO2 per boe)
> 14	Average ~ 9 %	> 16 %	~ 16
< 2				< 7
	Peers	EQNR

1. Includes Equinor ownership share in Ørsted and Scatec, see appendix 2. Average TTF price January 2025 (source: ICIS Heren)	3. See appendix for definition. Peers = TotalEnergies, Shell, bp, Chevron, Exxon Mobil and ConocoPhilips	(2014-3Q24)	5. IOGP Enviromental performance	4. > 50% share of gross capex to renewables and low carbon solutions by 2030 indicators – 2023 data

Confidential Open 05 February 2025

STRONG VALUE PROPOSITION

Significant free cash flow improvement

Reducing capex

Lower investments renewables and low carbon
Secured project finance Empire Wind 1
Self financed UK O&G IJV

Cost improvements

Stable opex while growing production
Reducing renewables early phase activity
Reducing unit production cost

Continuous improvement

Industry leading execution capabilities
Next generation technologies
High-grading our portfolio
Based on reference case 70 USD/bbl, see appendix for key assumptions and definitions

Competitive capital distribution

2025

2025 capital distribution2

Quarterly cash dividend of 37 cents per share
Share buy-back of USD 5 billion

Long-term competitive capital distribution² • Grow quarterly cash dividend by 2 cents per year • Commitment to competitive share buy-back level

See slide 18 for more details (competitive capital distribution)

OIL & GAS

Increasing growth while cutting emissions

Increasing production to ~ 2.2 million boe/d in 2030
Reducing emissions1 to ~ 6 kg per boe in 2030
150 % reserve replacement ratio in 2024

Production outlook MILLION BOE / DAY

OIL & GAS | E&P INT

Transforming to grow cash flow

On track to start production from Bacalhau phase 1
Deepening in US onshore gas market
Creating UK's largest O&G company with Shell

KG / BOE CO2 intensity³ 2030 <

Delivery of major projects4

Based on reference case 70 USD/bbl,

see appendix for key assumptions and definitions

CFFO less organic capex
Upstream scope 1 CO2 emissions, Equinor operated 100% basis
Total expected recoverable resources (100%) and indicative start-up years

OIL & GAS | E&P NCS

On track to deliver long-term value

Johan Sverdrup 2025 production close to 2023/24 levels
Production growth to 2026 by adding volumes from 19 projects
Adding value and longevity through new projects, IOR and exploration

After tax annual average based on reference case 70 USD/bbl, see appendix for key assumptions and definitions
1. Upstream scope 1 CO2 emissions, Equinor operated 100% basis
1. Total expected recoverable resources (100%) and indicative start-up years

Open 05 February 2025

RENEWABLES AND LOW CARBON SOLUTIONS

Disciplined and returns driven

Adjusting growth

• Reducing 2030 renewables ambition to 10-12 GW1

Strengthening value creation

• Ensuring competitive equity returns

Utilising project financing

• Empire Wind - higher offtake contract and financing secured

PERCENT Nominal equity return³ Producing assets and portfolio >

REN ambition includes Equinor ownership share in Ørsted and Scatec, see appendix
Organic capex, renewables and low carbon solutions portfolio. After EW1 project financing
REN & LCS – project full cycle nominal equity return, including effects of farm downs and project financing

ENERGY TRANSITION

Building resilient businesses for the future

See equinor.com for more details around energy transition plan (to be published 1Q25) 1. Includes Equinor ownership share in Ørsted and Scatec, see appendix 2. Ambition to reduce emissions from our own operations by net 50% by 2030. 90% of this ambition will be realised by absolute reductions 2% • Baseline year 2019 • 15-20% by 2030 • 30-40% by 2035 Net zero progress Net carbon intensity reduction by 2050 Net zero VALUE DRIVEN & BALANCED APPROACH by 2030 50% 34% • Energy efficiency • Electrification • Infrastructure consolidation Emission reduction Reduction net scope 1 & 2 GHG emissions2 EQNR operated 100% basis CO2 transport and storage Million tonnes per annum (mtpa), capacity installed or under development. EQNR share 2.3 • >60 mtpa of storage potential accessed mtpa Renewable power generation GW capacity installed or under development EQNR share1 7 GW ~ by 2030 10-12 GW by 2035 30-50 mtpa • 2.4 GW installed capacity

Open 05 February 2025

CMU 2025 KEY MESSAGES

Strong value proposition

Firm strategy delivering high return
Increasing production growth
Strengthening free cash flow
Competitive capital distribution

See appendix for key assumptions and definitions 2. Based on USD/NOK of 11

Open 05 February 2025

2025

Capital Markets Update, 4Q24 and FY24 results

Strengthening cash flow and resilience

Torgrim Reitan CHIEF FINANCIAL OFFICER

FINANCIAL FRAMEWORK

Strengthening competitiveness and resilience

COMPETITIVE CAPITAL DISTRIBUTION

USD 9 billion in total expected capital distribution in 2025

Long-term commitment

Strong free cash flow supporting competitive capital distribution
Ambition to grow quarterly cash dividend by 2 cents per year
Commitment to competitive share buy-back level

2025 capital distribution in line with previous guidance¹

4Q 2024 cash dividend of 37 cents per share
Expect interim cash dividends for 1Q 3Q 2025 at same level
Share buy-back for 2025 of USD 5 billion first tranche USD 1.2 billion2

The 4Q 2024 cash dividend is subject to approval by the AGM. The 1Q-3Q 2025 cash dividends and further tranches of the share buy-back programme will be decided by the Board on a quarterly basis in line with Equinor's dividend policy, and subject to existing and renewed authorizations from the AGM, and agreement with the Norwegian state regarding share buy-backs. All share buy-back amounts include shares to be redeemed from the Norwegian state. 2. Share buy-back subject to market conditions and balance sheet strength

FINANCIALS

Stronger cash flow outlook

Strong and gradually growing CFFO

Lower capex outlook

Average organic capex

• 2025-27: USD ~ 13 bn

After EW1 project finance coverage

2025: USD ~ 11 bn
2026/27: USD ~ 12.5 bn

Capital allocation subject to returns and competitive distribution capacity

CFFO1 and capex2 BN USD, average per year

Cash flow from operations after tax, see appendix for key assumptions and definitions 2. Organic capex, see appendix for key assumptions and definitions