Vår Energi ASA

Investor Presentation • Apr 23, 2025

First quarter 2025

Results presentation 23 April 2025

Today's presenters

Nick Walker CEO

Carlo Santopadre CFO

Ida Marie Fjellheim VP Investor Relations

First quarter 2025 highlights

Production

Production cost

272

kboepd

11.6 USD/boe

CFFO

1.3 USD billion

2

Dividend Q1 and Q2 2025 guidance

300 USD million

Production in-line with expectations

• Continued strong performance on operated assets
• Successful start-ups of Halten East and Johan Castberg

Strong financial performance

• Material cash flow from operations of USD 1.3 billion
• Unit production cost in-line with guidance
• Locked in ~20% of gas volumes at high gas prices in the summer
• Reduced net debt, with leverage ratio of 0.8x
• Successful issuance EUR 1 billion senior notes

Delivering growth and unlocking future value

• Jotun FPSO moored at field and on track for end-Q2 2025 start-up
• Adding ~180 kboepd at peak from new fields in 2025
• Zagato discovery unlocking significant potential in the Goliat area

Continued attractive and predictable dividends

• Maintained guided dividend level for Q2 2025

• Resilience with low free cashflow breakeven and capital flexibility with around 70% of future capex uncommitted¹

• Average over period 2025-2030

A leading pure-play E&P

3 rd 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

Delivering significant production growth

On track to meet 2025 guidance

1. Vår Energi operated assets

2. In 2025, adding ~180 kboepd at peak production, including Johan Castberg, Halten East, Balder X, Gjøa LLP, Balder phase V, Askeladd Vest,

5 Åsgard LPP3, Åsgard SSC phase II, Ormen Lange phase III 272 kboepd Q1 2025 production

330-360 kboepd Full-year guidance unchanged

>400 kboepd Q4 2025

9 project startups²

>30 infill wells

Opex within guidance

Average unit cost new projects on stream²

^~4 USD/boe

Cost synergies and improvements

Safe and responsible

Total recordable injury frequency Serious incident frequency^{1 3}

Near Zero methane intensity4,5

Carbon emissions intensity

kg CO² /boe⁶

1. SIF: Number of incidents with actual or potential serious consequence per million hours worked. 12 months rolling average 2. In first quarter 2025

2. TRIF: Number of personal injuries, excl. first aid treatment, per million worked hours. 12 months rolling average

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

7

1. Operational control 6. Equity share Scope 1

2. Source: Rystad Energy

Inclusion in OSEBX ESG index

Halten East on time and on budget

March 2025

8

high value barrels First oil 100-200 mmboe potential in the area for future developments¹

^~80 kboepd Peak production²

^~100 mmboe Recoverable reserves²

^~3 kg/boe CO² intensity

Subsea tieback delivering

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

Johan Castberg ramping up

220 kboepd Plateau production2,3

450-650 mmboe

Recoverable reserves2,3

^~4 USD/bbl

Production cost

250-550 mmboe

Additional unrisked recoverable resources2

9 3. Vår Energi 30% working interest

Jotun FPSO moored at field

Successful sail-away March 2025

1. Gross, Vår Energi 90% working interest

10 2. At peak production

Start-up on track End Q2 2025

^~80 kboepd Peak production¹

^~150 mmboe 2P reserves¹

^~5 USD/bbl Production cost²

Adding 45 – 50 mmboe¹ Balder phase V start-up Q4 2025 Balder phase VI start-up Q4 2026

Photo: Jotun FPSO moored at field

1. 2024 Annual statement of reserves - Proved plus probable (2P) reserves, net

2. Year-end 2024 2C contingent resources, net

3. Net risked exploration resources

Flexible and resilient early phase project portfolio

Breakeven³

^~35 USD/boe

1. Improved Oil Recovery 5. Subsea Compression 6. Previously Producing Fields 7. Low Pressure Production 8. Net Vår Energi 2C contingent resources

Goliat Ridge

• Goliat Gas
• Johan Castberg Isflak Johan Castberg cluster 1 & 2
• Johan Castberg IOR⁴ Snøhvit SSC⁵

Norwegian Sea

• Calypso Heidrun Extension Project Njord northern area
• Tyrihans North Åsgard projects

~600

mmboe being developed⁸

Vår Energi licences Targeting sanction in 2025

Balder beyond

Balder Area

North Sea Beta and Dugong Ekofisk PPF⁶

Fram South Garantiana

Grosbeak Gudrun LPP⁷

Balder future phases Balder phase VI Grane gas export King area development Ringhorne North Jotun de-bottlenecking

Eldfisk North Extension

Gjøa subsea projects

Sleipner LPP⁷ phase I Sleipner LPP⁷ phase II Snorre gas export

12 1. Average over period 2025-2030 2. Average portfolio internal rate of return 3. Volume-weighted average across portfolio

Goliat ridge exploration success

Reserves and resources mmboe¹

Discoveries Prospects Development wells Goliat Ridge structure Drilling 2H 2025 Drilling 2H 2025 Countach Zagato Goliat North Goliat FPSO New 3D seismic Summer 2025 New 4D seismic Summer 2025 Planned exploration wells Zagato discovery marks third exploration success in a row Zagato North 7500 m

Successful exploration wells

1. Discovered amount 35-100 mmboe 3. At end of 2024 13

2. Gross

Financial highlights

79 USD/boe weighted average realised price

0.8x Leverage ratio¹

14

1.3 USD billion CFFO after tax

2.7 USD billion Available liquidity²

300 USD million Dividend Q1 and Q2 2025 guidance 1 EUR billion

Successful issuance of senior notes

Strong realised prices

Total petroleum revenues Locked-in high gas prices in summer 2025

90 USD per boe² ~20% of gas volumes for Q2 and Q3 2025

Realised prices

USD per boe

USD million

15 1. Volume weighted 2. Contracted fixed price based on average exchange rates in April 2025

^~79 USD/boe Average realised price Q1 2025¹

High cash flow generation

1.3 USD billion Q1 2025 cash flow from operations (CFFO)

2.3-2.5 USD billion

2025 development capex guidance maintained

CFFO and Capex

USD million

CFFO Capex¹

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

1. Including expenditures on property, plants and equipment (PP&E) and exploration

16

Solid liquidity and financial position

Cash flow development Q1 2025

USD million 2.7 USD billion Available liquidity

Diversified long-term capital structure aligned with business needs

Continued strong financial position

Net interest-bearing debt and leverage ratio¹

USD billion

5

Maturity profile

Committed to maintaining Investment Grade rating

0

1

0.1 0.2 0.3 0.4 0.5 0.6 0.7 0.8 0.9

1. Net interest-bearing debt (NIBD) is shown at end of period, including lease commitments. EBITDAX is rolling 12 months

18 2. Based on EURO/USD of 1.08

Baa3 BBB

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. 19

Attractive and predictable dividends

Dividends

Dividend guidance Q2 2025 300 USD million

Dividend for Q1 2025 of USD ~0.12 per share paid 8 May 2025

Paid in NOK at exchange rate of USD/NOK 10.3594

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	Sustain USD ~10 per boe¹
Capex	USD 2.3-2.5 billion ex. exploration and abandonment Exploration USD ~350 million Abandonment USD ~150 million	2026-30: USD 2-2.5 billion ex. 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) Q2 dividend guidance of USD 300 million Full year dividend 25-30% 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

Strong financial results and performance

Operational performance in-line with expectations

Maintaining resilience and flexibility in a volatile market

High available liquidity

Delivering on transformational growth

Attractive and predictable dividend continued

Appendix

Exploration program 2025

Licence	Prospect	Operator	Vår Energi share	Pre-drill unrisked resources mmboe1	Estimated recoverable 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 %		15-43	Discovery
PL 1090	Kokopelli	Vår Energi	50 %			Dry
PL 1005	Rondeslottet	Aker BP	40 %	870		Q2
PL 169	Lit	Equinor	13 %	10		Q2
PL 554	Garantiana NW	Equinor	30 %	40		Q2
PL 532	Skred	Equinor	30 %	30		Q2
PL 586	Vidsyn	Vår Energi	75 %	65		Q2
PL 1238	Daemos	Equinor	20 %	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 229	Zagato North	Vår Energi	65%	18		Q4
PL 027	Prince Updip	Vår Energi	90%	45		Q4 2025 /Q1 2026
PL 1236	Vikingskipet	Equinor	30%	190		Q4 2025 /Q1 2026

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 March 2025 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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