DNO ASA

Investor Presentation • Nov 6, 2025

Q3 2025: Transformational quarter

• Solid quarter reflecting full contribution from the USD 1.6 billion acquisition of Sval Energi Group AS in Norway in Q2 2025
• DNO production of 115,400 barrels of oil equivalent per day (boepd) net, of which 77,300 boepd from the North Sea, 34,900 boepd from the Kurdistan region of Iraq and 3,100 boepd from West Africa
• Quarter-on-quarter doubling both of revenue to USD 547 million and also of operating profit to USD 222 million
• Net profit climbed back into black at USD 20 million
• The Company's string of exploration successes continued during the quarter with the discovery of Vidsyn (DNO 25 percent) with gross mean recoverable resources of 31 million barrels of oil equivalent (MMboe)
• DNO paid USD 36 million in dividends last quarter and will make another quarterly dividend payment of NOK 0.375 per share later this month, representing NOK 1.50 per share on an annualized basis

Net production thousand boepd

Post-quarter North Sea developments and outlook

• DNO's North Sea strategy is focused on rapidly developing and monetizing its multiple discoveries on the Norwegian Continental Shelf in partnership with like-minded companies
• While continuing to actively explore, with three wells currently drilling, including Page (50 percent), Tyrihans Øst (30 percent) and Camilla Nord (5.5 percent)
• Meanwhile, field development executions proceed on schedule with Andvare (32 percent) put on production in late September and Verdande (10.5 percent) expected to follow this month
• Following a multi-asset swap with Aker BP, DNO will increase its interest in Verdande to 14 percent, bringing the contribution of Andvare and Verdande, both in the Norne area, to 8,000 boepd net at peak
• This transaction streamlines DNO's portfolio by strengthening its presence in our Norne core area
• In exchange, the Company will transfer its stake in the non-core Vilje field and interests in the Kveikje discovery and three exploration permits to Aker BP
• Following the gas offtake agreement and related financing facility signed in July, DNO is finalizing similar structures for its North Sea oil and liquids production effective 1 January 2026
• Bringing total prefinancing facilities to over USD 900 million at attractive interest rates

Kjøttkake development sprinting to cross finishing line in 2028

• Operated by DNO, Kjøttkake was discovered in Q1 2025
• A subsea tieback concept to Gjøa area infrastructure has been identified as the optimal development solution
• DNO and license partners will fast-track the development of Kjøttkake, targeting production start in Q1 2028
• Three years from discovery to production is a standout on the Norwegian Continental Shelf, where such tiebacks typically take at least twice as long to complete
• Pursuant to government approvals, operatorship of the project will transfer to Aker BP and revert to DNO following first production
• To deliver the project on time, Aker BP will draw on its alliance with suppliers
• As partners in other North Sea finds, DNO and Aker BP will cooperate to shorten development timelines

North Sea 2025 exploration program

				Pre-drill volumes	Chance of	DNO	2025				Post-drill volumes
	License	Name	Type	(MMboe)	Success*	interest	Q1	Q2	Q3	Q4	(MMboe)
1	PL1119	Mistral	Exploration	21-63	Medium	10%					19-44
2	PL1182S	Kjøttkake	Exploration	22-53	Medium	40%					39-75
3	PL1109	Horatio	Exploration	32-123	Medium	20%					-
4	PL586	Vidsyn	Exploration	10-30	Low	25%					25-40
5	PL1086	Page	Exploration	27-75	Medium	50%
6	Vega Unit	Camilla Nord	Exploration	7-16	Medium	5.5%
7	PL1121	Tyrihans Øst	Exploration	10-41	Medium	30%
Discovery Drilling ongoing *Low: <20% Medium: 20%-50% High: >50%										Dry well

• Earlier this year, DNO made three commercial discoveries in four exploration wells with total net mean recoverable resources of 34 Mmboe
• Three wells currently drilling, including Page (50 percent), Tyrihans Øst (30 percent) and Camilla Nord (5.5 percent)

Post-quarter Kurdistan developments and outlook

• At Kurdistan's Tawke license (DNO 75 percent and operator), Q3 2025 gross production from Tawke and Peshkabir fields averaged 46,600 boepd, down 38 percent from previous quarter due to damage to surface facilities from drone strikes in mid-July
• With rapid repairs, gross production has been restored to approximately 75,000 boepd currently
• Kurdistan oil is again flowing to international markets through the Iraq-Türkiye Pipeline with exports resumed in late September after a two and a half year hiatus
• To ensure steady and predictable cash to support its ongoing Kurdistan spend, DNO continues to sell its entitlement oil to local buyers under existing contracts on a per barrel price in the low USD 30s with payments made in advance
• These buyers, in turn, deliver the oil to the export pipeline under arrangements negotiated with Kurdistan
• Drilling at the Tawke and Peshkabir fields will restart by yearend with the DQE-51 and Sindy rigs mobilized to drill eight wells in 2026
• Targeting an increase from the two fields to 100,000 boepd in gross operated production

Financial results – key figures

• More than doubling of revenue and operating profit with full contribution from Sval Energi assets
• Notwithstanding higher financial expenses and taxes, higher operating profit drove net profit back into positive territory

Cash flow

• Q3 2025 operational cash flow of USD 407 million (USD 135 million in Q2 2025)
• North Sea tax instalments of USD 53 million were paid in Q3 2025 (USD 114 million in Q2 2025)
• Net investing activities of USD 225 million (USD 294 million in Q2 2025) consist of USD 217 million in asset investments, USD 10 million in decommissioning, partly offset by USD 1 million net cash inflow from equity accounted investments (West Africa)
• Net cash outflow from financing activities of USD 386 million (USD 412 million in Q2 2025) driven by bridge loan repayment of USD 300 million and dividends of USD 36 million
• Cash at end Q3 2025 totaled USD 531 million

Balance sheet

• Step change in key balance sheet metrics following acquisition of Sval Energi and associated financing in Q2 2025

Important notice

This presentation (the "Presentation") has been prepared and delivered by DNO ASA ("DNO" or the "Company"). Copyright of all published material including photographs, drawings and images in this document remains vested in DNO and third party contributors as appropriate. Accordingly, neither the whole nor any part of this document shall be reproduced in any form nor used in any manner without express prior permission and applicable acknowledgements. No trademark, copyright or other notice shall be altered or removed from any reproduction.

The Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or industry and markets in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. Any forward-looking statements and other information contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts based on the current expectations, estimates and projections of the Company or assumptions based on information currently available to the Company, which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development.

Although the Company believes that its expectations and the Presentation are based upon reasonable assumptions, neither the Company, nor any of its subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking information and statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.

Any investment involves risks, and several factors could cause the actual results, performance or achievements of the Company as described herein to be materially different from any future results, performance or achievements that may be expressed or implied by statements and information in this Presentation, including, among others, risks or uncertainties associated with the Company's business, segments, development, growth management, financing, market acceptance and relations with customers. More generally an investment will involve risks related to general economic, political and business conditions, changes in domestic and foreign laws and regulations, taxes, changes in competition and pricing environments, fluctuations in currency exchange rates and interest rates and other factors. Should one or more of such risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this Presentation.

DNO is making no representation or warranty, expressed or implied, as to the accuracy, reliability or completeness of the Presentation, and neither DNO nor any of its directors, officers or employees will have any liability to you or any other persons resulting from your use.

The Presentation speaks and reflects prevailing conditions and views as of the date of this release. It may be subject to corrections and change at any time without notice except as required by law. The delivery of this Presentation or any further discussions of the Company with any recipient shall not, under any circumstances, create any implication that the Company assumes any obligation to update or correct the information herein, nor any implication that there has been no change in the affairs of the Company since such date.