Vår Energi ASA

Investor Presentation • Feb 11, 2025

Delivering growth and value

Capital Markets Update 11 February 2025

Disclaimer

The Materials speak only as of their date, and the views expressed are subject to change based on a number of factors, including, without limitation, macroeconomic and market conditions, investor attitude and demand, the business prospects of the Group and other issues. The Materials and the conclusions contained herein are necessarily based on economic, market and other conditions as in effect on, and the information available to the Company as of, their date. The Materials comprise a general summary of certain matters in connection with the Group. The Materials do not purport to contain all information required to evaluate the Company, the Group and/or their respective financial position. The Materials should among other be reviewed together with the Company's previously issued periodic financial reports and other public disclosures by the Company. The Materials contain certain financial information, including financial figures for and as of 31 December 2024 that is preliminary and unaudited, and that has been rounded according to established commercial standards. Further, certain financial data included in the Materials consists of financial measures which may not be defined under IFRS or Norwegian GAAP. These financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS or Norwegian GAAP.

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To the extent available, industry, market and competitive position data contained in the Materials come from official or third-party sources. Third-party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, none of the Company, its affiliates or any of its or their respective representatives has independently verified the data contained therein. In addition, certain of the industry, market and competitive position data contained in the Materials may come from the Company's own internal research and estimates based on the knowledge and experience of the Company in the markets in which it has knowledge and experience. While the Company believes that such research and estimates are reasonable, they, and their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change and correction without notice. Accordingly, reliance should not be placed on any of the industry, market or competitive position data contained in the Materials.

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Capital Markets Update 2025

• 14:00 Delivering growth and value
• 14:30 More value, faster
• 14:55 Sustaining higher production
• 15:10 Unlocking future value
• 15:25 Break
• 15:40 Becoming carbon neutral
• 15:50 Ensuring attractive and resilient returns
• 16:10 Q&A

Leadership team presenting today

Nick Walker

CEO

Carlo Santopadre CFO

COO

Moderators

Ida Marie Fjellheim VP Investor Relations

Ellen W. Hoddell EVP Safety & Sustainability

Rune Oldervoll SVP Production

Luca Dragonetti SVP Exploration

Stian Seipæjærvi Investor Relations

Delivering growth and value

Oil and gas essential for world energy supply

The world needs more oil

Gas critical transition fuel

Global oil demand (Mb/d)1 Growing gas demand (bcm/year)3

1. IEA World Energy Outlook 2024, million barrels per day

2. Source: Rystad Energy 4

3. IEA World Energy Outlook 2024, billion cubic metres 4. IEA World Energy Outlook 2023

Highly attractive NCS1

Opex 2024 (USD/boe)

5

³ Carbon intensity 2024 Low cost Low emissions Significant resources4

(kg CO2/boe produced)3

16

Angola UK Brazil USA Qatar NCS

^{13 12}

^{25 24}

Reliable framework and fiscal regime

Strong public and political support

Oil and gas sector ~22% of Norway's GDP2,4

Largest gas exporter to Europe ~30% of supply

Consistent strategy for growth and value creation

Pure play oil and gas company on the NCS Reliable and secure supplier of energy to Europe Safe and responsible

Track record of value creation

ROACE2

EBITDAX3

>80%

Total shareholder return since IPO4

1. Proved plus probable (2P) reserves from Annual Statement of Reserves

2. Return On Average Capital Employed

3. Earnings Before Interest, Taxes, Depreciation, Amortisation and Exploration Expense

7 4. Share price gain plus dividends reinvested in Vår Energi from 16 February 2022 to 31 January 2025

Creating value

Consistent strategy

"One Team" entrepreneurial culture

Deep and unique NCS expertise

Leading exploration track record

Value driven technology implementation Leveraging strong partnerships

A leading pure-play E&P

3rd largest oil and gas producer in Norway

• High quality portfolio
• Diversified asset base
• Interests in ~50% of all producing assets
• Balanced commodity mix, ~30% gas1

Strong gas position

2nd largest exporter of gas from Norway

36% gas share of production1

Flexible gas sales strategy to capture upsides

^~1.3 USD billion

additional gas revenues above spot price in 2023-20242

10 Photo: Melkøya LNG facility in Hammerfest 1. 2024 production 2. Compared to average spot price for THE, TTF, NBP and PEG in 2023-2024 3. To 2036

2024 delivering strong results

Increased production

280kboepd

Within guidance1

Growing reserves

^~300%

Reserves replacement ratio2

Reduced unit opex

12.8 USD/boe

Better than guidance4

Strong CFFO

3.4 USD billion

After tax

Major projects nearing completion

Johan Castberg Balder X

Successful exploration

^~50% discovery rate

Adding 36-84 mmboe3

Higher synergies

^~600 USD million

Neptune transaction5

Attractive dividends

1.08 USD billion

~30% of CFFO after tax

1. Net

11

• 1. Ratio of reserves added through revisions and/or acquisitions to 2024 production
• 1. Estimated contingent resources, net
• 1. Initial guidance USD 13.5-14.5 per boe
• 1. Acquisition of Neptune Energy Norge, increased from previous guidance of USD 500 million, net present value post-tax including value creation potential

Transformative 2025

Strong production growth

Stepping up the pace

In Q4 20251 Targeting >100 mmboe1

Improved efficiency ^~10 USD/boe

Raising dividends >400 kboepd ^~8project sanctions 300 USD million Unit opex from Q4 2025 Q1 2025 dividend guidance ²

9 project startups

Adding ~180 kboepd3

^~20 exploration wells

Targeting ~125 mmboe4

Carbon neutral 25-30%

CFFO after tax

Targeted by 20305 Raised long-term dividend guidance6

1. Net

2. 1. NOK/USD at 10.5
3. 1. At peak production, net
4. 1. Net risked exploration resources 5. Equity share scope 1
5. 12 6. From previously guided range 20-30% of CFFO after tax

1.2 billion boe Reserves2

9projects on stream in 2025 and high-quality infill program

0.9 billion boe Contingent resources3

>25 early phase projects

>1 billion boe Prospective resources4

Drilling-out

^~50% in next 4 years

Delivering significant production growth

Organically sustaining 350-400 kboepd

15 1. Net risked exploration resources 2. Possible upside on 2P reserves 3. 2C contingent resources 4. 2P reserves 5. Net 6. Average over period 2025-2030 Stepping up the pace

160 mmboe high-value infill wells5

>40 kboepd

^~30 USD/boe

Annually

Breakeven

Over 25 early phase projects >500 ^~35 USD/boe

mmboe3,5 Breakeven

Increased exploration ^~500 mmboe1 ^~60 wells 2024-2027

High investment flexibility

^~70% Capex uncommitted6

Safe and responsible

Serious incident frequency1

Total recordable incident frequency1

Sick leave

16 1. Per million manhours worked

Zero material safety or environmental incidents in 2024

Becoming carbon neutral by 20301

Near zero methane emissions since 20242

>50% emission reduction by 20301,3

Carbon neutrality

through quality carbon offsets by 2030

Zero emissions

since 2024

100% of electricity consumption certified renewable4

Scope 1 Scope 2 Scope 3

Carbon offsets

for own emissions in the value chain since 20245

CCS optionality Two operated licences

Inclusion in OSEBX ESG index

1. Equity share Scope 1 2. Key performance indicator for Oil and Gas Climate Iniative's 2025 upstream methane target is well below 0.2%

2. Compared to 2005 baseline 4. Operational control, net

17

1. Operational control net, up- and downstream transportation

Long-term resilient shareholder returns

18 3. Average for the period 2025-2030

Our investment proposition

Growth Value Returns

Production in Q4 2025

>400 kboepd

Sustained towards 2030

350-400kboepd

High value investments1

^~35 USD/boe breakeven

Targeted by 20302

Carbon neutral

Free cash flow potential 2025-20303

5-9 USD billion

Long-term dividend guidance

25-30% CFFO after tax

19 1. Includes early phase projects and infill wells 2. Equity share scope 1 3. Scenario Brent 65 USD/boe and 85 USD/boe

More value, faster

Growth and long-term value

Delivering Growing

>400 kboepd In Q4 20251

^~600%

Resource and reserves replacement ratio 20242

Sustaining

350-400 kboepd

Towards 2030

21 1. Compared to original target of ~400 kboepd by year-end 2025 2. Ratio of reserves and contingent resources added through revisions and/or acquisitions to production for the period

2024 production within guidance

Full year production 280 kboepd

>30% Year over year growth

Production efficiency1 93% up from 90% in 2023

Delivering >400 kboepd in Q4 2025

Johan Castberg creating value for decades

First oil Q1 2025 Infill drilling from 2027

Cluster 1 Start-up ~2028

Cluster 2 Exploration ongoing 220 kboepd Plateau production1,2

450-650 mmboe

Recoverable reserves1,2

Production cost

250-550 mmboe

Additional unrisked recoverable resources1

1. Operator's estimate, gross 24 2. Vår Energi 30% working interest

Halten East nearing start-up

^~80 kboepd Peak production2

^~100 mmboe Recoverable reserves2

^~3 kg/boe CO2 intensity

Subsea tieback delivering high value barrels

25 1. Gross unrisked additional recoverable resources 2. Gross, Vår Energi 24.6% working interest

Start-up Q1 2025 100-200 mmboe potential in the area for future developments¹

Balder X close to completion

Jotun FPSO Mechanically complete Sail away1 March 2025 Start-up End Q2 2025 ^~80 kboepd Peak production2

^~150 mmboe 2P reserves2

^~5 USD/bbl Production cost3

Adding 45 – 50 mmboe2 Balder phase V start-up Q4 2025 Balder phase VI start-up early 2027

1. Subject to weather conditions 2. Gross, Vår Energi 90% working interest 26 3. At peak production

Significant 2025 production growth

9 project start-ups adding ~180 kboepd1

^~40infill wells

Timing and ramp-up of major projects

Deliver high production efficiency

Limited impact from turnarounds

Guidance 330-360 kboepd >400 kboepd

Q4 2025

27 1. At peak production, start-ups include Johan Castberg, Halten East, Balder X, Gjøa LLP, Balder phase V, Askeladd Vest, Åsgard LPP3, Åsgard SSC phase II, Ormen Lange phase III

Full-year 2025 guidance 11-12 USD/boe

Average unit cost new projects on stream2

^~4 USD/boe

Cost synergies and improvements High-grading portfolio

28 1. In real 2025 and NOK/USD at 10.5 2. Projects starting up in 2025

Increased value from Neptune transaction

Synergies and added value

Net present value post-tax, USD million

Highly accretive acquisition

• Unlocking exploration and project upsides
• Operational excellence
• Finance and tax benefits
• Commercial optimisation
• Economies of scale

Significant resource growth

Reserves and resource development 2024 mmboe1

Reserve replacement ratio

^~300% 2P reserves2 Total resource replacement ratio ^~600% 2P reserves + 2C resources3

Reserve life

^~12 years In 20244

1. Net

2. 1. Ratio of reserves added through revisions and/or acquisitions to 2024 production
3. 1. Ratio of reserves and contingent resources added through revisions and/or acquisitions to 2024 production
4. 30 4. Estimated number of years that the reserves will last based on 2024 production

Transforming to sustain production

Incrementally improving Accelerating subsea developments Flexible and resilient project portfolio High-value infill wells

350-400 kboepd towards 2030

Incrementally improving

1. Including turnarounds 2. Top quartile, based on comparable portfolio 3. Balder wells, all branches included per well slot 4. Project assumption per well

>2 500

Enhanced in-house capabilities From reservoir to market

Value driven technology Subsea multi-lateral drilling on Goliat and Balder

Optimised delivery model Project development and well planning

32

Accelerating subsea developments

Partnerships with top-tier suppliers

Pre-committed subsea systems with future options

Secured rigs and subsea installation vessels

Leveraging standardisation and technology

Key strategic partners

High optionality Improved efficiency Scalable and cost-effective

Reduced time-to-market by ^~12 months

More value, faster Stepping up the pace with development projects

>20projects targeting

^~400 mmboe1

CMU 2024 CMU 2025

>25 projects targeting >500 mmboe1

^~8projects targeting sanction in 2025

>100 mmboe1 development

Balder phase V sanctioned, capturing 34-38 mmboe2

Flexible and resilient portfolio

Capex ^~70% uncommitted1

<2 years

IRR3,4

35

>25%

Breakeven4

1. Average over period 2025-2030 2. From production start-up 3. Internal rate of return 4. Volume-weighted average across portfolio

2. Improved Oil Recovery 6. Subsea Compression 7. Previously Producing Fields 8. Low Pressure Production

North Sea Beta and Dugong

Ekofisk PPF7

• Eldfisk North Extension
• Fram South Garantiana
• Gjøa subsea projects Grosbeak Gudrun LPP8
• Sleipner LPP8 phase I Sleipner LPP8 phase II

Balder Area Balder future phases Balder phase VI Grane gas export King area development Ringhorne North

Barents Sea

• Countach Goliat Gas Johan Castberg cluster 1 & 2
• Johan Castberg IOR5 Snøhvit SSC6

Norwegian Sea

Calypso Heidrun Extension Project Njord northern area Tyrihans North Åsgard projects

>25 early phase projects

Vår Energi licences Target sanctioning in 2025

Progressing >25 early phase projects

	2026	Estimated production start-up	2030
Barents Sea	Johan Castberg cluster 1 IOR1 Johan Castberg SSC2 Snøhvit		Goliat Gas Countach
Norwegian Sea	Tyrihans Åsgard projects Heidrun	North Njord northern area Extension Project	Calypso
North Sea	Eldfisk North Gjøa Extension Gudrun LPP3 Sleipner LPP3 phase I	subsea projects Beta and Dugong 4 Ekofisk PPF Fram South Sleipner LPP3 phase II	Grosbeak Garantiana
Balder Area	Balder phase VI Balder future phases	Ringhorne North King area development	Grane gas export
Subsea tie-backs 1. Improved Oil Recovery 2. Subsea Compression 3. Low Pressure Production 4. Previously Producing Fields	Close to existing infrastructure	Low-risk execution		Short time-to-market

Excluding electrification projects other than Balder and Grane electrification and gas export

36

Fast-tracking high-margin barrels

Maximising recovery with infill wells

Material volumes High value

30-40 wells per year ^~30 USD/boe Developing 160 mmboe1

Breakeven

<1 year Payback

Leveraging existing infrastructure

Improved oil and gas recovery

Sustained high value creation

Sustained high production

resource base

Flexibility and resilience

More developments

1. Net risked exploration resources

39 2. Possible upside on 2P reserves 3. 2C contingent resources

1. 2P reserves

• Rune Oldervoll, SVP Production Sustaining higher production

higher

1.Sustaining

New picture

Material resource base sustaining production

Barents Sea

Barents Sea Expanding core area

Johan Castberg unlocking up to 650 mmboe3 Strong presence in all producing assets Continued exploration success near Goliat

1. Net, approximate numbers

2. 1. Net risked exploration resources
3. 1. Gross estimated recoverable reserves, operator's estimate

Barents Sea Sustaining higher production

Early phase projects targeting >170 mmboe1

Goliat gas	Johan Castberg cluster 1
Countach	Johan Castberg cluster 2
Snøhvit SSC2	Johan Castberg IOR3

Extending plateau of Johan Castberg

Snøhvit extending plateau to 2045

Goliat positioned for growth

43 1. Net 2. Subsea Compression 3. Improved Oil Recovery

Norwegian Sea Unlocking large potential

Stable high gas production High-graded portfolio Growing resource base

1. Net, approximate numbers 2. Net risked exploration resources 3. Based on 2P reserves and 2C resources year-end 2024 Photo: Drilling at the Fenja field

44

Norwegian Sea High value gas hub

4 project start-ups delivering near-term growth 4 project start-ups delivering near-term growth

Early phase projects targeting >60 mmboe¹

Heidrun Extension Project	Åsgard Projects
Tyrihans North	Njord North Flank5
Calypso	Noatun5

50 new production wells next 4 years

Haydn play opener, unlocking new potential

1. Net

2. 1. Subsea compression
3. 1. Low Pressure Production 4. Ultra-Low Pressure
4. 45 5. Njord northern area

North Sea Growing resource base

Big fields get bigger

Highly prospective area with extensive infrastructure

1. Net, approximate numbers 2. Net risked exploration resources

46

North Sea Accelerating developments

Targeting 5sanctions in 2025

1
Fram South	Gjøa subsea projects
Ekofisk projects	Sleipner LPP2 phase I and II
Beta and Dugong	Gudrun LPP2
Grosbeak	Garantiana

>100new production wells on stream by 2028

47 1. Net 2. Low Pressure Production 3. Previously Producing Fields 4. Low-Low Pressure Production

Balder Area Doubling production

Continuous growth of resource base

48

1. Net, approximate numbers 2. Net risked exploration resources

Infrastructure optimisation reducing costs and emissions

Balder X on stream by end Q2 2025

Production beyond 2045

Balder Area Extending lifetime

Early phase projects targeting>120 mmboe1

Balder phase VI	Balder future phases
Grane gas export	King
Ringhorne North	Prince

>25 new production wells on stream in 2025

Continuously turning drilling targets into low-cost barrels Maximising recovery through technology implementation

Sustaining higher production

350-400 kboepd towards 2030

Barents Sea Expanding core area

Norwegian Sea Unlocking large potential

North Sea Growing resource base

50

Balder area Doubling production

Unlocking future value

Strong foundation for future value

Diversified exploration portfolio

Barents Sea Norwegian Sea North Sea Balder Area ^~13 billion boe Undiscovered NCS resources2

Exploration success in 2024 Countach appraisal

6 discoveries from 13 wells1

36-84 mmboe

Discovered resources2

Success rate

16 new licences3 5 operated

1. Reduced from 16 wells due to drilling rig delays to 2025

2. 1. Estimated net recoverable resources 3. Awards in predefined areas
3. 53 4. Gross estimated recoverable resources

Leading NCS explorer

Consistent success 2019-2024

>200 mmboe

2C resource additions

Discovered volumes on the NCS in 20242

mmboe

63

1. Wittemann E&P Consulting, net volumes based on midpoint estimates from discoveries expected to be commercial

54 Photo: Deepsea Yantai drilling rig 1. After tax

Targeted exploration strategy

Significant and flexible inventory of >200 prospects

Near-field exploration

^~85%

Extend production plateau High-margin barrels close to existing infrastructure

High-impact wells

^~15%

55 1. Post-tax

Play openers Resource catalysts for new hubs Ramping up activity

Proven exploration capabilities

Highly skilled and passionate team

Deeply rooted NCS knowledge

Creative thinking ~400 3D seismic surveys

Technological innovation

Leveraging Eni capabilities

Expanding in Goliat area

Exploration success unlocking Goliat ridge potential and extending asset lifetime

Countach and Goliat ridge upside >150 mmboe2

57 1. Gross 2P reserves + 2C resources 2. Gross estimated recoverable and prospective resources

Highly prospective Gjøa area

Cerisa, Ofelia and Gjøa North discoveries unlocking Up to 110 mmboe1

Accelerated near-field drilling campaign targeting >200 mmboe2

Accurate seismic interpretation combined with deep geological understanding

58 1. Estimated gross recoverable resources 2. Gross risked recoverable resources 3. Vår Energi 40% working interest 4. Vår Energi 30% working interest

Stepping up exploration in 2025

Ambitious exploration programme

Targeting significant resources

Exploration spend

^~125 mmboe Net risked prospective resources

Becoming carbon neutral

Delivering on decarbonisation

2024 2030 2050 Scope 1 Scope 2 Scope 3 >50% reduction by 20301,3 Near zero methane emissions from 20242

Carbon neutral

through quality carbon offsets by 20301

Near zero Zero emissions from 2024

100%

of electricity consumption certified renewable4

Carbon offsets

for own emissions in the value chain from 20245

CCS optionality

Two operated licences Value driven approach

1. Equity share Scope 1

2. 1. Key performance indicator for the Oil and Gas Climate Initiative's (OGCI) 2025 upstream methane target is well below 0.2%
3. 1. Compared to 2005 baseline
4. 1. Operational control, net
5. 61 5. Operational control net, up- and downstream transportation

Becoming carbon neutral by 2030

Scope 1 decarbonisation plan1

annual, kt CO2e

Managing emissions across the value chain

Emission reduction			Emission removal
Electrification	Energy management	>90% recycled steel through drilling tubular deliveries in 2024	>25% R&D spend on low carbon solutions	Kelp forest restoration in Norway	Carbon capture with Norwegian climate forest

Top quartile performance

Share of gas sales1,2 Near Zero methane intensity

Carbon emission intensity

kg CO2 boe3

1. Operational control

2. Key performance indicator for Oil and Gas Climate Initiative (OGCI) 2025 upstream methane target is well below 0.2%

64 3. Equity share Scope 1 4. Source: Rystad Energy

Ensuring attractive and resilient returns

Strong 2024 financial results

3.4 USD billion CFFO after tax

^~300 USD million Additional gas revenues above spot prices1

Raising dividends

300 USD million Q1 2025 dividend guidance

Summary slide of financials – change layout Something like Q3 Change picture

0.8x Leverage ratio2 ^~600 USD million

Increased synergies Neptune transaction3

270 USD million Dividend Q4 2024

1. Compared to average spot price for THE, TTF, NBP and PEG in 2024

2. Net interest-bearing debt including lease commitments per end-2024 over 12-months rolling EBITDAX

3. Acquisition of Neptune Energy Norge, increased from previous guidance of USD 500 million, net present value post-tax including value creation potential

66 4. From previously guided range 20-30% of CFFO after tax

High realised prices

Oil Gas NGL

Realised prices

Additional gas revenues above spot price in 2024

^~0.3 USD billion2

Indicative gas sales portfolio

Gas sales split (%)

1. Compared to average spot price for THE, TTF, NBP and PEG in 2024 3. Contracted fixed price based on average exchange rates through Q4 2024

Solid liquidity and financial position

Cash flow development Q4 2024

USD million

Available liquidity 1.3 USD billion

Average debt maturity1 ^~5 years

Diversified long-term capital structure aligned with business needs

Long-term resilient shareholder returns

69 3. Average for the period 2025-2030

Capital allocation framework

Sustain production from existing portfolio

Fund capex for new value-creating projects and exploration

70

Pay dividends according to stated policy

Additional shareholder distributions and deleveraging

Maintain investment grade balance sheet

Strong cash flow generation

Estimated cumulative free cash flow generation, 2025-2030 USD billion

1. Scenario brent 65 USD/boe and 85 USD/boe.

2. Average for the period 2025-2030 71

5–9 USD billion

Free cash flow available for shareholder distributions and deleveraging

^~70% of capex uncommitted2

High dividend capacity

Cash flow generation 2025-20301

USD billion, cumulative

Free cash flow neutral 2025-30

^~40 USD/boe1

High capex flexibility beyond 2025

Solid balance sheet with low leverage ratio

Significant headroom for dividends and deleveraging

Flexible investments in high value barrels

Capex outlook 2025-2030

USD billion1

1. Average for the project portfolio 3. Internal rate of return

73

Breakeven² ^~35 IRR2,3 >25% De-risked sanctioned project portfolio Value accretive early phase investments Infill wells with short time to market Disciplined investment approach

USD/boe

Cash tax sensitivities

Tax payments – sensitivities for 2H 20251

USD million²

^~7 NOK billion 1H 2025 tax payments (USD ~0.7 billion)2

Taxes paid in 1H 2025 related to 2024 results

1. Price assumptions reflects average for the year

2. Based on NOK/USD 10.5 74

Solid investment grade balance sheet

Increased dividends

Attractive and predictable dividends

USD million

1. Illustrative

2. From previously guided range 20-30% of CFFO after tax

76 3. 2H 2025 planned dividend payments will be based on 30.06.25 interim audited financial accounts

Dividend guidance Q1 2025 increased to 300 USD million

Long-term dividend policy raised to 25-30% of CFFO after tax2

2025 planned dividend at low-end of the 25-30% range of CFFO after tax³

Track record of shareholder returns

Total shareholder return1

Since IPO February 2022

1. Share price gain including dividends reinvested in Vår Energi. From 16 February 2024 to 31 January 2025 77 2. Including USD 270 mllion dividends for Q4 2024, to be paid 25 February 2025

Positioned for material value creation

Guidance and outlook

2025		Longer-term
Production	330-360 kboepd Q4 2025: >400 kboepd	2026: ~400 kboepd 2027-2030: 350-400 kboepd
Production cost	USD 11-12 per boe, USD ~10 per boe in Q4	USD ~10 per boe1 Sustain
Capex	USD 2.3-2.5 billion excl. exploration and abandonment Exploration USD ~350 million Abandonment USD ~150 million	2026-30: USD 2-2.5 billion excl. exploration and abandonment p.a. Exploration USD 200-300 million p.a. Abandonment USD ~150 million p.a.
Dividends	Q1 dividend of USD 300 million (~0.12 USD per share) 2025 dividend at low-end of the 25-30% range of CFFO after tax	Dividend of 25-30% of CFFO after tax over the cycle
Other	Cash tax payments of USD ~0.7 billion in 1H 2025

Our investment proposition

Growth Value Returns

Production in Q4 2025

>400 kboepd

Sustained towards 2030

350-400kboepd

High value investments1

^~35 USD/boe breakeven

Targeted by 20303

Carbon neutral

Free cash flow potential 2025-20302

5-9 USD billion

Long-term dividend guidance

25-30% CFFO after tax

80 1. Includes early phase projects and infill wells 2. Scenario Brent 65 USD/boe and 85 USD/boe 3. Equity share scope 1

Appendix

Price assumptions

Reference case, real 2025	2025	2026	2027	Thereafter
Oil price USD/bbl	75	75	75	75
Gas price USD/boe	85	80	60	60
Exchange rate USD/NOK	10.5	10.5	10.5	10.5
Inflation rate		2%	2%	2%

Unless specified, all price sensitivities are run from the second half of 2025

Price sensitivities

Indicated effect on 2025 results1

USD million

1. Based on USD/NOK 10.5

2. Full year realised price change

3. Assuming 50% of 2025 tax paid in 2025, the rest in following year 83

Debt maturities

1. Working capital facility 2. Revolving credit facililty 84 3. Based on EUR/USD of 1.07

Exploration program 2025

Licence	Prospect	Operator	Vår Energi share	Pre-drill unrisked resources mmboe1	Status
PL 1131	Elgol	Vår Energi	40 %		Minor gas discovery
PL 1110	Njargasas	Aker BP	30 %		Dry
PL 229	Zagato	Vår Energi	65 %	15	Ongoing
PL 1090	Kokopelli	Vår Energi	50 %	150	Ongoing
PL 1005	Rondeslottet	Aker BP	40 %	870	Q1
PL 169	Lit	Equinor	13 %	10	Q1
PL 554	Garantiana NW	Equinor	30 %	40	Q1
PL 532	Skred	Equinor	30 %	30	Q2
PL 586	Vidsyn	Vår Energi	75 %	65	Q2
Pl 1238	Daemos	Equinor	25 %	245	Q2
Pl 229	Goliat North	Vår Energi	65 %	10	Q3
Pl 1194	Hoffmann	OMV	30 %	120	Q3
PL 532	Drivis Tubåen	Equinor	30 %	10	Q3
PL 090	F South	Equinor	40 %	25	Q3
PL 1121	Tyrihans East	Equinor	30 %	20	Q3
PL 554 C	Narvi	Equinor	30 %	20	Q3
Pl 554	Avbitertang	Equinor	30 %	25	Q4
PL 1236	Vikingskipet	Equinor	30 %	190	Q4
PL 027	Prince Updip	Vår Energi	90%	45	Q4

Investor Relations at Vår Energi

Ida Marie Fjellheim VP Investor Relations ida.fjellheim@varenergi.no +47 90509291

Stian Seipæjærvi Sr. Investor Relations analyst stian.salmi.seipaejaervi@varenergi.no +47 90954060

General enquires: ir@varenergi.no