Vår Energi ASA

Earnings Release • Oct 21, 2025

Vår Energi reports strong results in the third quarter 2025

Vår Energi reports strong results in the third quarter 2025

Sandnes, Norway, 21 October 2025: Vår Energi ASA (OSE: VAR) reports strong third

quarter results with transformational growth delivered ahead of schedule and a

pipeline of new projects being progressed for long-term value creation.

Production milestones met ahead of schedule

· Average fourth quarter production expected ~430 kboepd

· Jotun FPSO reached peak production in September

· Adding ~180 kboepd at peak from new projects in 2025, 7 out of 9 projects on

stream

· Derisked outlook with key projects delivered

Solid financial performance

· Significant cash flow from operations of USD 1.2 billion

· Reduced net debt and USD 3.6 billion of available liquidity

· Unit production cost expected around USD 10 per boe in the fourth quarter of

2025

· 18% of third quarter gas volumes sold at USD 90 per boe

Unlocking long-term future value creation

· Expected to sanction ten projects in 2025

· Increasing ownership in Ekofisk Previously Produced Fields project adding

high value barrels

Delivering predictable and attractive dividends

· Third quarter dividend of USD 300 million (NOK 1.211 per share) will be

distributed 25 November¹

· Full year dividend guidance for 2025 and 2026 of USD 1.2 billion

"We are pleased to see strong results for the quarter. Seven of the nine growth

projects planned for start-up in 2025 are on stream, including Johan Castberg

and the Jotun FPSO at the Balder field, with both producing at plateau. Our

company is de-risked and has never been in a stronger position to continue to

deliver high value and attractive  shareholder returns.

With the strong ramp up of our new projects we expect to produce an average of

approximately 430 thousand barrels of oil per day (kboepd) in the fourth quarter

and we're on track to meet around the mid-point of the full year guidance range

of 330 to 360 kboepd.

We are on target to sustain production at 350 to 400 kboepd towards 2030 and

beyond. This will be delivered through our portfolio of around 30 early phase

projects, backed by already discovered resources that are being moved towards

development sanction at pace. We expect to sanction 10 projects in 2025, of

which 4 are already moving forward, with average break evens below 35 USD/boe.

Furthermore, the recent acquisition of TotalEnergies' interest in the Ekofisk

Previously Produced Fields project adds high value barrels to our portfolio at

an attractive price.

The Company demonstrates strong resilience, driven by solid financial results,

reduced net debt and efficient operating cost of 10.6 USD/boe in the quarter.

On the back of this strong performance Vår Energi continues to provide

attractive shareholder distributions. We confirm a dividend of USD 300 million

for the third quarter and maintain our total dividend distribution guidance of

USD 1.2 billion for the full year 2025 and 2026." says Nick Walker the CEO of

Vår Energi.

1.The dividend is subject to EGM approval 11 November

Webcast and conference call

The company will today hold a webcast followed by Q&A at 10:00 CET hosted by CEO

Nick Walker and CFO Carlo Santopadre. You can follow the webcast with supporting

slides, available on: https://events.webcast.no/vaar-energi/quarterly

-reports/fexyBLZcSHCpppx8Jyt8

The report, presentation and webcast will be available at www.varenergi.no.

About Vår Energi

Vår Energi is a leading independent upstream oil and gas company on the

Norwegian continental shelf (NCS). To learn more, please visit varenergi.no.

Contact

Investor relations

Ida Marie Fjellheim, VP Investor Relations

+47 90509291

ida.fjellheim@varenergi.no

Media relations

Andreas Wulff, VP Public Affairs

+47 92616759

andreas.wulff@varenergi.no

This announcement may include projections and other "forward-looking" statements

within the meaning of applicable securities laws. Any such projections or

statements reflect the current views of Vår Energi AS ("Var Energi") about

further events and financial performance. No assurances can be given that such

events or performance will occur as projected and actual results may differ

materially from these projections. Var Energi undertakes no obligation to

publicly release any revisions to these forward-looking statements to reflect

events or circumstances after the date of this announcement.

This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act. This stock exchange

release was published by Ida Fjellheim, Head of Investor Relations at Vår Energi

ASA, on 21 October 2025 at 07:00 CEST.