BlueNord ASA

Investor Presentation • Sep 10, 2025

Delivering Growth, Delivering Returns

Pareto Securities' 32nd Annual Energy Conference

10 September 2025

Disclaimer

THIS PRESENTATION (THE "INFORMATION MATERIAL") HAS BEEN PRODUCED AND DELIVERED BY NORWEGIAN ENERGY COMPANY ASA (THE "COMPANY"). THIS INFORMATION MATERIAL DOES NOT CONSTITUTE AN OFFER, INVITATION ORSOLICITATION OF AN OFFERTO BUY, SUBSCRIBE OR SELL ANY SHARES IN THE COMPANY

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THIS INFORMATION MATERIAL MAY CONTAIN CERTAIN FORWARD-LOOKING STATEMENTS RELATING TO THE BUSINESS. FINANCIAL PERFORMANCE AND RESULTS OF THE COMPANY AND/OR THE INDUSTRY IN WHICH IT OPERATES.FORWARD-LOOKINGSTATEMENTS CONCERN FUTURE CIRCUMSTANCES ANDRESULTS AND OTHER STATEMENTS THAT ARENOT HISTORICAL FACTS SOMETIMES IDENTIFIED BY THE WORDS "BELIEVES", EXPECTS","PREDICTS","INTENDS","PROJECTS","PLANS","ESTIMATES","AIMS","FORESEES","ANTICIPATES" "TARGETS", AND SIMILAR EXPRESSIONS. THEFORWARDLOOKING STATEMENTS CONTAINED IN THIS INFORMATION MATERIAL, INCLUDING ASSUMPTIONS, OPINIONS AND VIEWS OF THE COMPANY OR CITED FROM THIRD PARTY SOURCES ARESOLELY OPINIONS AND FORECASTS WHICH ARE SUBJECT TO RISKS, UNCERTAINTES AND OTHERFACTORS THATMAY CAUSE ACTUAL EVENTS TO DIFFERMATERIALLY FROM ANY ANTICIPATEDDEVELOPMENT.NETHER THE COMPANY NOR ANY OF ITS SUBSIDIARY UNDERTAKINGS OR ANY SUCHPERSONS AFFILIATES, OFFICERS OREMPLOYEES PROVIDES ANY ASSURANCE THAT THE ASSUMPTIONS UNDERLYING SUCHFORWARD-LOOKING STATEMENTS AREFREE FROMERRORS, NOR DOES ANY OF THEM ACCEPT ANY RESPONSIBILITY FOR THE FUTURE ACCURACY OF THE OPINIONS EXPRESSEDINTHIS INFORMATION MATERIAL OR THE ACTUAL OCCURRENCE OF THE FORECASTED DEVELOPMENTS. THE COMPANY ASSUMENO OBLIGATION TOUPDATE ANY FORWARD-LOOKING STATEMENTS OR TO CONFIRM THESE FORWARD-LOOKING STATEMENTS TO OUR ACTUAL RESULTS.

BY ATTENDING ORRECEIVING THISINFORMATION MATERIAL YOU ACKNOWLEDGE THAT YOU WILL BE RESPONSIBLE FOR YOUR OWN ASSESSMENT OF THE MARKET POSITION OF THE COMPANY AND THAT YOU WILL CONDUCT YOUR OWN ANALYSIS AND BESOLELY RESPONSIBLE FORFORMING YOUR OWN VIEW OF THE POTENTIAL FUTURE PERFORMANCE OF THE COMPANY'S BUSINESS AND A POTENTIAL INVESTMENT IN THE COMPANY.

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AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS.PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALL Y DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS ANDINFORMATION INTHIS INVESTOR PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE ANDRELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS. CHANGES IN DOMESTIC AND FOREIGN LAWS ANDREGULATIONS. TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES ANDINTEREST RATES AND OTHERFACTORS. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVEINCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS INVESTOR PRESENTATION. THE COMPANY DOES NOT INTEND, ANDDOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS INVESTOR PRESENTATION.

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

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

Maintain a Conservative Capital Structure

Near-Term | Strongly Cash Generative

Robust Base Production

Transformational Growth

Volumes Hedged & Flexible Low-Cost Base

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

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

Maintain a Conservative Capital Structure

Near-Term | Strongly Cash Generative

Robust Base Production

Transformational Growth

Volumes Hedged & Flexible Low-Cost Base

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

c.23

c.26 c.28

Jun-25 c.26

Jul-25 c.25

Aug-25

c.21

▪ Mar-25 Apr-25 May-25

• -

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

Maintain a Conservative Capital Structure

Near-Term | Strongly Cash Generative

Robust Base Production

Transformational Growth

Volumes Hedged & Flexible Low-Cost Base

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

Hedge Portfolio: September 2025

Continuing proactive hedging strategy, placing oil hedges into 2026/27 and gas hedges through 2028, leveraging on the strong long-term TTF forward curve.

~ 54%/42%/25%of 2025/26/27 oil production hedged(")

~61%/42%/13%of 2025/26/27 gas production hedged(1)

Based on the production guidance for 2025 including Tyra

Spot price as at 08 September 2025 Hedges include both swaps and options (based on the 8 September 2025 forward curve)

> Commodity price hedging provides cashflow visibility

Oil Price Hedging	Q3-25	Q4-25	Q1-26	02-26	Q3-26	Q4-26	Q1-27	02-27	Q3-27	Q4-27
Oil Volume (mmbbl)	1.20	1.28	1.11	1.11	0.87	0.87	0.72	0.72	0.35	0.35
Hedge Price (\$/bbl)	73.4	72.8	69.7	69.6	66.7	66.8	65.6	65.7	65.8	65.9
Total Hedged Oil Volumes (mmbbl)				Average Hedged Oil Price (\$/bbl)
	3,96					73,1
2,48			012		Snot Bront Bringle		68.4

Gas Price Hedging Q3-25 Q4-25 Q1-26 Q2-26 Q4-26 Q1-27 Q2-27 Q2-27 Q2-27 Q4-27 Q1-28
Gas Volume (GWh)
Hedge Price (€/MWh)					29.6

Total Hedged Gas Volumes (GWh)

Average Hedged Gas Price (€/MWh)

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

Maintain a Conservative Capital Structure

Near-Term | Strongly Cash Generative

Robust Base Production

Transformational Growth

Volumes Hedged & Flexible Low-Cost Base

Substantial Tax Losses

Distribution Policy 50-70% of Operating Cashflow

Long-Term | Positive Outlook for Value Creation

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)

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

Maintain a Conservative Capital Structure

Near-Term | Strongly Cash Generative

Robust Base Production

Transformational Growth

Volumes Hedged & Flexible Low-Cost Base

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

Fit-For-Purpose Capital Structure

BNOR15 refinancing completed

■ Eliminates share dillution 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 successfully completed

■ Agreement reached with BNOR15 holders in June 2025

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

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

� Maintain a Conservative Capital Structure

Near-Term | Strongly Cash Generative

Robust Base Production

Transformational Growth

Volumes Hedged & Flexible Low-Cost Base

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

Commitment to Maximising Distributions

RBL Completion Test for Tyra met in June 2025

Total distributions of \$302m paid year-to-date

• \$252m as cash dividend
• \$50masshare buy-back (Executed in July 2025)

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

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+

Q&A