Entering the Harvesting Phase

Non-Deal Roadshow Presentation, November 2025

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Our Foundation

Strategic Portfolio in the Heart of Europe

Strategic European Energy Partner

BlueNord is an independent E&P, producing oil & gas from a portfolio of producing fields in Denmark

36.8% non-operated interest in the DUC, operated by TotalEnergies
High-quality asset base with a long production history
Portfolio diversified across four hubs, containing 14 fields
Stable base production with growth delivered by Tyra

Positioned at the Core of Europe's Energy System

Producing Energy for Europe from within the EU

Tyra transforms Denmark into a net exporter of natural gas

Directly strengthens European energy security
Reduces reliance on Russian supply and LNG imports

Set for Long-Term Value Creation

Leveraging the strength of our portfolio to maximise shareholder returns

Strong Production Base

Stable, low-decline assets with a long production history

Tyra has already delivered transformational growth; more to come

Positive Operational Outlook

Portfolio of accretive projects currently being progressed

Tangible plan to maintain peak production levels until 2030+

Robust & Resilient Cashflow

Lifting cost expected to decline to below \$13/boe with Tyra at plateau

Near-term cashflow also supported by price hedges and tax losses

Focused on Shareholder Returns

Disciplined capital allocation – with cash generation the key metric Flexible capex and deleveraging already underway

Entering the Harvesting Phase

From Investment to Returns

Tyra online with production growing and stabilising
Balance sheet reset, now built for distributions
Distributions increasing

Evolution of BlueNord's Production Base

Commitment to Maximising Distributions

Stated Distribution Policy until end 2026:

50 - 70%

of Net Operating Cashflow

Paid 2025 YTD

Proposed Q3-25⁽¹⁾

Paid and Proposed 2025 YTD

\$302m

\$391m

Q3-25: Robust Operational and Financial Delivery

Stable Production, Strong Outlook

Stable Production at 39.1mboe/d

Base assets produced 20.2mboe/d
Tyra hub produced 18.9mboe/d

Strengthening Tyra Stability

Positive impact from maintaining uptime focus; last full unplanned shut-down in August
Plateau expectation remains at ~30mboe/d

Driving Positive Outlook for Growth

Significant remaining potential within DUC
Plan in place with identified projects to maintain production at peak levels of c. 50mboe/d beyond 2030

Growing Operational Cashflow Driving Returns

Strong Operating Cashflow

Revenue of \$246mm
Adjusted EBITDA of \$137mm
Net Operating Cashflow of \$128mm

Robust Capital Structure

Net debt⁽¹⁾ of \$1,003mm
Net leverage of 2.30x
Total liquidity (incl. undrawn RBL) of \$447mm

Driving Shareholder Returns

Proposed distribution of \$89mm for Q3-25⁽²⁾
Total paid and proposed of \$391mm in 2025

Our Strength

Focused Operational Delivery

Continued Operational Momentum

Growing production through each of the last four quarters

Tyra production averaged 22mboe/d in Sep-25, the highest since restart
Maintenance on base assets in 2025YTD expected to drive positive long-term contribution

Tyra Driving Near-Term Production Growth

(net production, mboe/d)

Maximising our Stable Base | Dan, Halfdan and Gorm

Active asset management

Planned maintenance to maintain long-term integrity
Completion of workover campaign on Dan and well integrity work on Gorm
Additional issues identified during maintenance now resolved

Tyra Formally Inaugurated in October 2025

Opening of the Tyra hub marks a new era for Danish Energy

Event marked the successful delivery of one of Europe's largest gas redevelopments
Tyra recognised as a critical contributor to Denmark and Europe's Energy Security
Denmark becomes a net exporter of natural gas, with significantly lower emissions than alternatives (e.g. LNG)

We contribute not only to a stable supply at home but also keeping the wheels turning across Europe... with a lower CO2 footprint than the alternatives

Ole Hansen

Managing Director of TotalEnergies EP Denmark

Gas is not the future, but as a transitional fuel it is crucial for us to maintain stability and security while we develop a green and fossil-free energy system

Lars Aagaard

Denmark's Minister of Climate, Energy and Utilities

Strong Underlying Tyra Performance

High export rates achieved from only ~60-65% of Tyra well stock

Observed performance strongly supports ability to deliver plateau production
Ongoing optimisation of facilities and processing to unlock full potential

HEMJ: Significantly Ahead

of Pre-Drill Expectations

~30% of Tyra output since Mar-25

Payback achieved in < six months

Focus on Tyra Stability Yielding Results

Better reliability driving stronger, more consistent production

No full facility shutdowns since mid-August, demonstrating stronger system stability
Highest gas export to date of 221 mmscf/d in early October
Work to resolve liquids processing constraints ongoing

Achieving Full, Reliable Performance at Tyra

Clear focus areas with actions underway

> Processing Capacity → Increasing Export Potential

Dedicated offshore task force addressing water-treatment constraint
Specialist vendor support in place to accelerate trouble shooting

> Process Reliability → Reducing Unplanned Shutdowns

Oct-25 intervention campaign planned to improve uptime
Root-cause solutions being implemented to avoid repeat events

> Well Potential → Unlocking Remaining Volumes

Additional wells to be brought online as processing stability increases
Strong well and reservoir performance expected to continue

Tyra: Near-Term Growth, Long-Term Stability

Strong operational momentum underpins outlook

Early Q4 delivery is strong, recent production ~27 mboe/d
Improved reliability expected following planned shutdown
Optimisation of liquids processing underway
Strong well and reservoir performance
Plateau production levels expected well into 2027

Our Opportunity

Maximising the DUC

Sustaining Peak Production Levels

We can maintain plateau production levels through 2020s and drive long-term volumes

DUC portfolio supports measured reinvestment in accretive, identified projects
Decisions to invest will be based on maximising both value and long-term cashflow generation
Production constrained by current licence expiry in 2042

Substantial Discovered Resource Base

Significant Remaining Potential

BlueNord has a clear focus on maximising economic recovery
Identified volumes provide potential to produce beyond current licence expiry in 2042

High-Graded Projects Positioned for Delivery

Robust plan to bring ~60mmboe into production (2)

Three developments, leveraging existing infrastructure
Infill well portfolio continuously matured and optimised

Our Results

Financial Strength Driving Returns

Strong profitability and cashflow generation driven by operational growth

Robust balance sheet supports significant distribution potential

Q3-25: Financial Strength Driving Material Returns

Outlook for Realised Pricing Protected by Hedges

Stable realised pricing through recent market volatility

47% of forecast oil volumes hedged until end 2026
45% of forecast gas volumes hedged until end 2026

Declining Unit Operating Costs as Tyra Production Increases

Unit operating costs continue to trend down as Tyra ramps up

Modern Tyra facilities are significantly more efficient
Unit opex will lower further once Tyra at plateau with fixed costs being spread over higher volumes
Excluding workovers, unit operating cost in Q3-25 of \$24/boe and lifting cost of \$17/boe