Equinor

Transaction in Own Shares • Jul 23, 2025

Equinor to commence third tranche of the 2025 share buy-back programme

Equinor to commence third tranche of the 2025 share buy-back programme

Equinor (OSE: EQNR, NYSE: EQNR) will on 24 July 2025 commence the third tranche

of up to USD 1,265 million of the share buy-back programme for 2025, as

announced in relation with the second quarter results 23 July 2025.

In this third tranche of the share buy-back programme for 2025, shares for up to

USD 417.5 million will be purchased in the market, implying a total third

tranche of up to USD 1,265 million including shares to be redeemed from the

Norwegian State. The tranche will end no later than 27 October 2025.

Equinor announced at the Capital Market Update in February 2025 a share buy-back

programme of up to USD 5 billion for 2025, including shares to be redeemed from

the Norwegian State, in order to conclude the two-year programme for 2024 -

2025, announced in February 2024. The share buy-back programme will be subject

to market outlook and balance sheet strength and be structured into tranches

where Equinor will buy back shares for a certain value in USD over a defined

period. For the third tranche in 2025, Equinor will be entering into a non-

discretionary agreement with a third party who will execute repurchases of

shares and make its trading decisions independently of the company.

Commencement of new share buy-back tranches after the third tranche in 2025 will

be decided by the board of directors on a quarterly basis in line with the

company's dividend policy and will be subject to board authorisation for share

buy-back from the company's annual general meeting and agreement with the

Norwegian State regarding share buy-back (as further described below).

The purpose of the share buy-back programme is to reduce the issued share

capital of the company. All shares purchased as part of the third tranche for

2025 will thus be cancelled through a capital reduction at the annual general

meeting of the company in May 2026.

Further information about the share buy-back programme and the third tranche:

The third tranche of the share buy-back programme for 2025 is based on an

authorisation granted to the board of directors at the annual general meeting of

the company held on 14 May 2025. According to the authorisation, the maximum

number of shares which can be purchased in the market is 84 million, of which

67,622,812 remain available per commencement of the third tranche in 2025 (buy-

backs made under previous tranches in the authorisation period taken into

account). The minimum price that can be paid per share is NOK 50, and the

maximum price is NOK 1,000. The authorisation is valid until the annual general

meeting of the company in May 2026, but no later than 30 June 2026.

An agreement between Equinor and the Norwegian State regulates the State's

participation in the share buy-back: at the annual general meeting of the

company in May 2026, the State will, as per proposal by the board of directors,

vote for the cancellation of shares purchased in the market pursuant to the

board authorisation, and the redemption and cancellation of a proportionate

number of its shares in order to maintain its ownership share in the company at

67%. The price to be paid to the State for redemption of the State's shares

shall be the volume-weighted average of the price paid by Equinor for shares

purchased in the market plus an interest rate compensation, adjusted for any

dividends paid.

In the third tranche in 2025, shares will be purchased on the Oslo Stock

Exchange and possibly other trading venues within the EEA. Transactions will be

conducted in accordance with applicable safe harbour conditions, and as further

set out in the Norwegian Securities Trading Act of 2007, EU Commission

Regulation (EC) No 2016/1052 and the Norwegian Financial Supervisory Authority's

Guidelines for buy-back programmes from March 2025.

The board of directors will propose to the annual general meeting to be held in

May 2026, to cancel shares purchased in the market in this third tranche in

2025 and to redeem and cancel a proportionate number of the State's shares per

the agreement with the State. Any shares purchased under subsequent tranches of

the share buy-back programme for 2025, including a proportionate number of the

State's shares will follow a similar process at the annual general meeting of

the company in 2026.

This is information that Equinor is obliged to make public pursuant to the EU

Market Abuse Regulation and that is subject to the disclosure requirements

pursuant to Section 5-12 the Norwegian Securities Trading Act.

Further information from:

Investor relations

Bård Glad Pedersen, senior vice president Investor Relations,

+47 918 01 791

Media

Sissel Rinde, vice president Media Relations,

+47 412 60 584