BlueNord ASA

Investor Presentation • Jul 10, 2025

Delivering Growth, Delivering Returns

Second Quarter 2025

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Today's BlueNord Presenters

Euan Shirlaw Chief Executive Officer

Jacqueline Lindmark Boye Chief Financial Officer

Miriam Jager Lykke Chief Operating Officer

Cathrine Torgersen Chief Corporate Affairs Officer

Q2-25 Highlights: Strong Performance

Tyra Completion Test Met:

• Current peak c. 28mboe/d; more liquids than expected
• BlueNordexpects.plateau at c. 30mboe/d

Proposed distribution for Q2 2025 of \$49m

• 70% of Op. Cashflow(1)
• In addition, share buy-back up to \$ 50million expected to launch 14th July

• Defined as Net Cash Flow from Operating Activities, includes tax payments; excludes capital expenditure and finance costs
• 2) Cash dividend of \$203m (paid), \$49m (approved) andshare-buyback of \$50m
• Cash and undrawn but available RBL capacity

• = Q2-25 production of 37.8mboe/d
• Halfdan, Dan and Gorm produced 21.0mboe/dwhile Tyra produced 16.8mboe/dover the quarter

Substantial Resource Base

• = 2Preserves of 194mmboe
• Near-term 2C resources of 28mmboe
• Drilling campaign optimised to reduce cost and drive near-term cashflow

Solid Financial Performance in Q2-25

• · Revenue of \$260m, up 52% q-o-q
• = EBITDA of \$133m, up 66% q-o-q
• Operating Cashflow(1) of \$70m

• Tyra ramp-up progressing well, with peak production c. 28.0mboe/d
• BlueNord continues to expect Tyra plateau to be c. 30mboe/d

• Distribution policy set at 50 70% of Operating Cashflow(1) until end 2026
• · Proposed Q2-25 distribution of \$49m
• Total distributions(2) of \$302m

• Capital structure fit-for-purpose to enable distribution policy
• · BNOR15 refinanced with BNOR17, a non-dilutive hybrid instrument
• = Liquidity at end Q2-25 of \$718m(3)

Commitment to Maximising Distributions

Distribution for Q2 of \$49m

· Proposed distribution represents 70% of Net Operating Cashflow(1)

Total distributions of \$302m paid and proposed to date

• \$252mas cash dividend (\$203m paid and \$49m proposed on 10th Jul)
• \$50masshare buy-back (Expected launch 14th Jul, DNB Carnegie appointed)

Net Operating Cashflow is the equivalent of Net Cash Flow from Operating Activities per the Cash Flow

Delivering Shareholder Returns

• A core pillar of our strategy is returning meaningful capital to our shareholders
• Tyra operational success was the final key to unlocking our distribution programme

Stated distribution policy in place until end 2026:

50-70%

of Net Operating Cashflow(1)

• · Shareholder returns prioritised
• Supported by a strong capital structure
• Desire to maintain meaningful returns in 2027+

Fit-For-Purpose Capital Structure

BNOR15 refinancing agreed

■ Eliminates share dilution of c. 16% from mandatory conversion to equity

BNOR15 purchase funded by issuance of BNOR17

• Non-dilutive hybrid bond with 12% coupon
• step-up after 4.5 years

BNOR15 refinancing announced in June 2025

■ Acreement reached with 99.99% of BNOR15 holders to buy-back at 128.25% of part11

Refinancing eliminates BNOR15 equity dilution

· BNOR15 was a convertible bond with a mandatory conversion to equity at end 2025

BNOR17 issued to fund tender offer for BNOR17

• BNOR17 is a subordinated callable hybrid bond with maturity in 2085
• Fixed interest rate of 12% per annum and first call and coupon step-up after 4.5 years

Our Value Proposition

Clear and simple focus on leveraging the strength of our underlying business to:

Maximise Distributions

Maintain a Conservative Capital Structure

Near-Term | Strongly Cash Generative

Robust Base Production

Transformational Growth

Low Cost Base, Capex Flexibility

Substantial Tax Losses

Distribution Policy 50-70% of Operating Cashflow

Long-Term | Positive Outlook for Value Creation

Supportive Regulatory Regime

Accretive Investment Projects

Stable Production Outlook

Fit-for-Purpose Capital Structure

Desire to maintain meaningful returns in 2027+

Robust Base Production | Halfdan, Dan & Gorm

Robust Base Production

Q2 base production performance in line with expectations and within Q2 guidance

HCA gas lift module successfully installed via Noble Reacher: project expected completed in July

Q2 impacted by high level of integrity maintenance

Workovers ongoing on Dan with last workover to be completed in August

Q2 production within guidance at 21.0 mboepd

• " Active asset management to enhance volumes and drive growth
• = Completion of a high level of planned maintenance on Dan

Higher level of production for Q3-Q4 2025

• = Completion of the Dan FF workover campaign
• = Platform-based well integrity work on the Gorm field

Production Guidance for Base Assets(1)

mboe/d, net to BlueNord

Transformational Growth | Tyra

Tyra Ramp-Up Progressing

Realized peak June production c. 28 mboe/d net to BlueNord

Tyra has delivered meaningful volumes daily the last 2 months; REMIT relates only to DK not NL

I yra currently producing c. 26 mboe/d at c. 87% operating efficiency (vs. Q2 average 60%)

Priority is process reliability and improving operational efficiency

BlueNord continues to expect plateau production to be c. 30mboe/d

Proven reservoir delivery - focus on process reliability

■ Realized peak production slightly below BlueNord expected plateau of c. 30mboe/d

Updated Tyra guidance for Q3 and Q4

• 30 30 (mboe/d, net to BlueNord) 26 26 20 16,8 22 8,9 10 O 01-25 Q2-25 Q3-25 Q4-25 47% 60% 70-80% 80-90% Operational Efficiency (Actual and Forecast)
• Operator focusing on increasing process reliability and operational efficiency

Tyra Strong Reservoir Performance

RBL Completion Test for Tyra successfully met in June

Reservoir performance to date has been strong, delivering export volumes from up to c. 70% of Tyra well stock

Operator focused on stable operations and ensuring high operational efficiency by undertaking reliability studies and executing outcome

Tyra completion test met in June 2025

· Tyra has consistently demonstrated meaningful production, confirming facility functionality as the ramp-up continues to be ongoing

Ample reservoir and well potential to meet plateau

• = 98% of wells commissioned and up to c. 70% of wells on production
• = Work ongoing to increase production potential
  • Work ongoing to fix minor well issues lift valves, chokes and hydraulic issues
  • Not all wells needed for plateau level production

> Focus on stable operations going forward

• Significant progress on process reliability study by Operator
  • Key factors impacting process reliability and operational efficiency identified
  • . Some areas have already been rectified, work continues on others

Positive Long-Term Outlook

Denmark Offers a Stable and Supportive Regulatory Framework

Danish oil & gas production plays an important role in the country's welfare society and towards the EU's security of supply

Strong Rationale to Maximise Danish Output Beyond End of License

Source: Rystad, NSTA, BlueNord internal data

BlueNord operations consistent with Danish and EU Energy Security and Energy Transition objectives

• Tyra enables Denmark to become a net exporter of natural gas
• Tyra volumes displace significantly more emissions-intensive LNG imports®

Focus in Denmark on Maximising Economic Recovery for oil and gas production

• Stable fiscal regime with tax stability framework for the DUC
• Extensions of Danish licenses are key to enabling full utilisation of existing and future projects - for example, Tyra is only constrained by license expiry in 2042

Oil & gas contributes significantly to Danish welfare

• Estimated to deliver state revenues of c. DKK 55 billion during next 15 years
• Danish state holds direct stake through Nordsøfonden with 20% in DUC

Attractive Investment Projects

DUC partners have an objective of maximising economic recovery

Three projects planned via unmanned platforms, and focus on maximising use of existing infrastructure

Competitive costs: unit technical cost <USD 20/ boe for developments and unit development costs <USD 13 / boe for the infill programme

Portfolio of infill well opportunities being continually matured and optimised

Robust plan to bring an additional +65 mmboe into production

Stable Long-Term Production Outlook

Long-term potential exists to mitigate decline and maintain plateau production levels after Tyra on stream

Decisions to invest further will need to support long-term cashflow generation potential

Profile includes BlueNord's 2P reserves (Sanctioned and Justified-for-Development) and Near-Term and Long-Term 2C Resources1) (currently unsanctioned)

• Represents only a sub-set of the Company's total 2C portfolio of future projects , includes the Tyra North and Halfdan North developments as well as the Syend Reinstatement infill wells
• Includes 2P reserves and Near-Term and Long-Term 2C resources (currently unsanctioned)

Attractive Organic Portfolio Supporting a Robust Production Profile Beyond 20302)

Solid Financial Performance

Q2-25 Earnings Highlights

Revenue mix shows Tyra volumes continue to increase

Opex continues to include workovers and higher with Tyra producing, however declining on a per boe basis

Contribution margin improving as Tyra stabilises

Opex comprises direct costs attributable to lifting and transportation to market of BlueNord's oil and gas production

Realised prices based on lifted volumes. Opex/boe based on production volumes Revenue step-up (USD million)

(USD per boe)

Income Statement Q2-2025

Significant EBITDA step up with Tyra production

Organisational restructure in Q2 delivers >\$1.5m per year in G&A savings going forward

Net financial items affected by settlement of BNOR15

P&L tax positively affected by non-cash FX adjustment on DKK tax loss asset; underlying current tax as expected

Opex plus other production expenses equates to production expenses. Opex comprises the direct costs attributable to lifting and transportation to market of BlueNord's oil and gas production.

Positive net result of \$19 million

(USD million)

	Q2 25	Q1 25
Revenue	260	171
Operating expenses (Opex)(1)	(104)	(89)
Other production expenses(1)	(11)	11
G&A and other operating costs	(12)	(13)
EBITDA	133	80
Adj. EBITDA	145	92
D&A	(64)	(44)
Net financial items	(61)	(38)
Result before tax	8	(2)
Tax	11	21
Net result	19	19

Balance Sheet Q2-2025

Receivables up with higher gas volumes and oil sales outstanding at quarter end

Interest bearing debt increased to reflect BNOR15 agreed redemption price; partly offset by decrease in derivative liability with derecognition of the associated embedded derivative

Trade payables down due to timing of invoices and level of VAT payable outstanding

Stable and transparent balance sheet

(USD million)

Assets	02 25	0125
PP&E(1)	2,642	2,692
Deferred tax	156	142
Restricted cash	68	64
Derivatives (current & non-current)	43	34
Cash	448	414
Receivables & Inventories	172	145
Total Assets	3,529	3,491
Equity & Liabilities	02 25	01 25
Interest bearing debt	1,474	1,375
Asset retirement obligations	1,154	1,137
Other long-term liabilities	1	1
Derivatives (current & non-current)	41	117
Taxespayable (current)
Trade payables & Other current liabilities	94	122
Total Liabilities	2,764	2,752
Equity	765	739
Total Equity & Liabilities	3,529	3,491

Cashflow and Capital Structure Q2-2025

Operating cashflow of \$71m impacted by working capital mainly on oil and gas receivables

Minimal capital spend for Q2 and outlook for 2025 remains at \$50-60m

Significant available liquidity maintained

Capital structure optimised and reflects hybrid bond issuance settled on 10 July 2025

Operating Tax Paid Financing Cashflow Capital Free Cashflow (Pre-Capex)Investments Cashflow Cashflow

(USD million)

Capital structure optimised reflecting hybrid issuance

1180 300 27.0 448 1032 300 880 Undrawn 732 Drawn RBI BNOR16 Total Cash Net Senior Debt BNOR17 Net Interest-bearing Debt Hybrid Bond

Fit-For-Purpose Capital Structure

BNOR15 refinancing agreed

Eliminates share dilution of c. 16% from mandatory conversion to equity

BNOR15 purchase funded by issuance of BNOR17

• Non-dilutive hybrid bond with 12% coupon
• step-up after 4.5 years

BNOR15 refinancing announced in June 2025

■ Acreement reached with 99.99% of BNOR15 holders to buy-back at 128.25% of part11

Refinancing eliminates BNOR15 equity dilution

· BNOR15 was a convertible bond with a mandatory conversion to equity at end 2025

BNOR17 issued to fund tender offer for BNOR17

• BNOR17 is a subordinated callable hybrid bond with maturity in 2085
• Fixed interest rate of 12% per annum and first call and coupon step-up after 4.5 years

Hedge Portfolio: Q2-2025

Active this quarter placing primarily oil hedges for 2026/27 (2.7mmbbl)

~54%/39% of 2025/26 oil production hedged(1)

~61%/40% of 2025/26 gas production hedged(1)

Hedges include both swaps and options (based on the 30 June 2025 forward curve)

> Commodity price hedging provides cashflow visibility

Oil Price Hedging		03-25	Q4-25	01-26	02-26	Q3-26	Q4-26	Q1-27	Q2-27	Q3-27
Oil Volume (bbl)		1,200,000	1,275,000	1,065,000	1,065,000	795,000	795,000	720,000	720,000	195,000
Hedge Price (\$/bbl)		73.40	72.73	69.74	69.74	66.82	66.84	65.51	65.69	65.96
Total Hedged Oil Volumes (mmbbl)				Average Hedged Oil Price (\$/bbl)
		3,7				73,1
2,5				1,8	Spot Brent price(2 \$70/bbl			- 68,5	65,7
Q3-Q4 2025		2026		2027		2025		2026	2027
Gas Price Hedging		03-25	04-25	01-26	02-26	03-26	04-26	Q1-27	Q2-27	Q3-27
Gas Volume (MWh)		2,309,997	1,980,000	1.980.000	1,320,000	1,320,000	1,155,000	1,155,000	135,000	135,000
Hedge Price (€/MWh)		39.45	38.52	38.56	33.21	33.15	34.33	34.25	28.73	28.43

Total Hedged Gas Volumes (MWh)

Average Hedged Gas Price (€/MWh)

23

Closing Reflections

Delivering Transformational Growth

Performance step-change for BlueNord in 2025:

• = Production ↑>100%
• = Gas weighting of ~45%
• Lifting cost c. 50% ■
• Emissionsintensity ↓~30%

Total distributions paid and proposed of \$302m(1)

Cash dividend of \$203m (paid), \$49m (proposed) and share-buyback of \$50m Cash and undrawn but available RBL capacity ର

Appendix

BlueNord At-a-Glance

Independent E&P company focused on the Danish Continental Shelf and listed on the Oslo Stock Exchange

We hold a 36.8% non-operated interest in the DUC(1), which is operated by TotalEnergies

The DUC has a mature and diversified asset base, with 14 fields and a production history since 1972

Danish Underground Consortium 1) As at end 2023; Represents only a sub-set of the 2) Company's total 2C portfolio of future projects , includes the Adda and Halfdan North developments as well as the Svend Reinstatement infill wells