Vår Energi ASA

Investor Presentation • Jul 22, 2025

Second quarter 2025

Results presentation 22 July 2025

Today's presenters

Nick Walker CEO

Carlo Santopadre CFO

Ida Marie Fjellheim VP Investor Relations

Second quarter 2025 highlights

Production

Production cost

288 kboepd

12.7 USD/boe

CFFO

2

766 USD million

2025 and 2026 dividend guidance

1.2 USD billion

Production on-track for the mid-point of full year guidance

• Jotun FPSO successfully on stream, peak expected during September
• Johan Castberg producing at plateau
• Current production above 350 kboepd
• Major turnarounds completed by end July

Strengthened financial position

• Unit production cost on track to meet USD ~10 per boe by Q4
• 25% of gas volumes locked in at USD 92 per boe
• Successful issuance of USD 1.5 billion senior notes
• Increased liquidity through refinancing of credit facilities
• Utilising flexibility to reduce spend by USD ~500 million in 2025/26

Demonstrating growth and unlocking future value

• Adding ~180 kboepd at peak from new fields in 2025
• Progressing project portfolio with four project sanctions year to date
• Exploration successes adding high value barrels

Delivering predictable and attractive dividends

• Q2 dividend of USD 300 million confirmed
• Full year dividend guidance for 2025 and 2026 of USD 1.2 billion

Maintaining resilience in volatile markets

Resilience	Refinanced	High gas prices	High flexibility	Reduced spend
~40 USD per boe Free cash flow neutral, 2025-2030	5.2 USD billion strengthened financial capacity	90 USD per boe ~20% volumes for Q2/Q3 2025	65 Percent capex uncommitted1	~500 USD million in 2025/2026

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, incl. turnarounds

6 2. Before re-start of Snøhvit following completion of turnaround expected end July and with low volumes from the startup of Jotun FPSO

>350 kboepd Current production²

330-360 kboepd Full-year guidance unchanged

~430 kboepd Expected production in Q4 2025

4 of 9 Projects on-stream

Jotun FPSO started up

Peak production Expected during September

1. Gross, Vår Energi 90% working interest Photo: Jotun FPSO moored at field,

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

Johan Castberg at plateau

220 kboepd Plateau production2,3

450-650 mmboe

Recoverable reserves2,3

~4 USD/bbl

Production cost

250-550 mmboe

Additional unrisked recoverable resources2,3

1. Final investment decision 2. Operator's estimate, gross

8 3. Vår Energi 30% working interest

Continuous operational improvement

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

2. Net 3. Operated assets, including turnarounds

9

Becoming carbon neutral by 2030 ¹

Carbon emissions intensity

kg CO² /boe²

Near Zero methane intensity4,5

Inclusion in OSEBX ESG index

1. Net equity operational emissions

2. 1. Equity share Scope 1
3. 1. Source: Rystad Energy

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

10 5. Operational control

Developing a material resource base 9 projects on stream in 2025 ~30 early phase projects Drill-out ~50% next 4 years 1.2 0.9 >1 ~20 exploration wells in 2025 >10 project sanctions in 2025 ~60% yet to be developed >3 billion boe¹ resource base

2P reserves² 2C resources³ Prospective

resources⁴

1. Net

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

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

11 4. Net risked exploration resources

Flexible and resilient early phase project portfolio

^~30 early phase projects

^~600 mmboe¹ to be developed

IRR2,3 >25%

Breakeven³

1. Previously Producing Fields 7. Low Pressure Production 8. Flow Conditioning Unit

Targeting sanction in 2025

1. Part of scope will be sanctioned in 2025 Sanctioned in 2025

2. Net Vår Energi 2C contingent resources

3. 1. Average portfolio internal rate of return 12Vår Energi licences

4. 12 3. Volume-weighted average across portfolio 4. Improved Oil Recovery

5. Subsea Compression

Fram Sør Subsea tieback to Troll C delivering high value barrels

More than 200 mmboe potential in the area for future developments¹

57 kboepd Peak production²

116 mmboe Recoverable reserves²

2.2 USD billion Capex²

<8 USD per boe Production cost

1. Gross unrisked additional recoverable resources

First oil End 2029

13 2. Gross, Vår Energi 40% working interest 13

Balder Phase VI 18 months from sanction to production

<35 USD/bbl Break-even price

>35 percent Internal rate of return

15 mmboe Recoverable reserves³

260 USD million Capex³

First oil End 2026

Balder Next maturing towards FID1,2 70-80 kboepd towards 20303

1. Balder Next consists of the Balder Floating Production Unit (FPU) decommissioning, well transfer to Jotun FPSO, debottlenecking at Jotun FPSO to increase

2. production capacity and new production wells.

3. 14 2. Final Investment Decision
   • 1. Gross., Vår Energi 90% working interest

Leading exploration results

3 commercial discoveries¹

40-60 mmboe net discovered resources²

9 wells remaining targeting >110 mmboe³

15

1. 11 wells drilled YTD 2025 2. Recoverable 3. Net unrisked resource potential 4. Gross etimated recoverable resources 5. VE interest 30%

2. VE interest 65% 7. VE interest 75%

Drivis Tubåen

Tie-back to Johan Castberg

9-15 mmboe4,5

Goliat Ridge 2 appraisal wells 2025

>200 mmboe4,6 potential

Vidsyn Ridge Tie-back to Njord/Fenja Up to 100 mmboe potential4,7

• Vår Energi licences
• Discoveries
• Remaining wells in 2025

Financial highlights

70 USD per boe weighted average realised price 766 USD million CFFO after tax

300 USD million Dividend Q2 confirmed

Successful issuance of senior notes

3.5 USD billion Available liquidity¹

1. Cash, cash equivalents and undrawn facilities

16 2. Net interest-bearing debt excluding lease commitments per 30 June 2025 over 12-months rolling EBITDAX

Robust realised prices

^~70 USD/boe

Q2 2025¹

Average realised price

Realised prices

USD per boe

USD million

17 1. Volume weighted 2. Contracted fixed price based on average exchange through Q2 2025

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

92 USD per boe² 25% of gas volumes for Q2 2025

90 USD per boe² 18% of gas volumes for Q3 2025

Solid cash flow generation

766 USD million

Q2 2025 cash flow from operations (CFFO)

2.3-2.5 USD billion

2025 development capex guidance maintained

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

18

CFFO and Capex

USD million

CFFO Capex¹

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

Strong liquidity and financial position

Cash flow development Q2 2025

USD 3.5 billion

Diversified long-term capital structure aligned with business needs

Strengthened financial position

Committed to maintaining Investment Grade rating

1. Net interest-bearing debt (NIBD) is shown at end of period, excluding lease commitments and including accrued interest. EBITDAX is rolling 12 months 2. Based on EURO/USD of 1.17

2. First reset date 15 February 2029

20 4. Refinancing completed 1H 2025

5

Baa3 BBB

Cash tax sensitivities

Tax payments – sensitivities for 1H 2026¹

USD million²

Taxes paid in 1H 2026 related to 2025 results

~13 NOK billion

2H 2025 tax payments

(USD ~1.2 billion)²

1. Price assumptions reflects average for the year

2. Based on NOK/USD 10.5

3. Agreed tax payments for September, October and November can be adjusted upwards within 1 September 21

Attractive and predictable dividends

Dividend guidance 2025 and 2026 1.2 USD billion

Dividend for Q2 of USD ~0.12 per share to be paid 26 August 2025

Guidance and outlook

2025		Longer-term
Production	330-360 kboepd Q4 2025: ~430 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 ~380 million Abandonment USD ~100 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	Q2 dividend of USD 300 million (~0.12 USD per share) Full year 2025 dividend guidance USD 1.2 billion	2026 dividend guidance USD 1.2 billion Dividend of 25-30% of CFFO after tax over the cycle
Other	Cash tax payments of USD ~1.2 billion in 2H 2025

Delivering strong results

Key growth projects delivered

Production expected at the mid-point of full year guidance

Demonstrating growth and unlocking future value

Strengthened and more resilient financial position

Delivering predictable and attractive dividends

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 %			Dry
PL 169	Lit	Equinor	13 %			Dry
PL 554	Garantiana NW	Equinor	30 %			Dry
PL 532	Skred	Equinor	30 %			Minor gas discovery
PL 586	Vidsyn	Vår Energi	75 %		25-40	Discovery
PL 532	Drivis Tubåen	Equinor	30 %		9-15	Discovery
PL 1194	Hoffmann	OMV	30 %			Dry
PL 1238	Deimos	Equinor	20 %	245		Ongoing
PL 090	F Sør	Equinor	40 %	25		Q3
PL 229	Goliat North	Vår Energi	65 %	10		Q3
PL 554 C	Narvi Brent	Equinor	30 %	20		Q3
PL 057	Camilla Nord	Harbour	3.3%	20		Q3/Q4
PL 248B	Omega Alfa Sør	Equinor	5%	30		Q4
PL 1121	Tyrihans Øst	Equinor	30 %	20		Q4
PL 554	Avbitertang	Equinor	30 %	25		Q4
PL 229	Zagato North	Vår Energi	65%	18		Q4
PL 1236	Vikingskipet	Equinor	30%	190		Q4 2025/Q1 2026
PL 027	Prince Updip	Vår Energi	90%	45		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 30 June 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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