DNO ASA

Record financials driven by North Sea; strong operating momentum - Q3 revenue: $1.023bn (+34% vs Q2); ~90% of revenue from the North Sea. - Operating profit: $641m (+46% vs Q2) (Q3 operating profit $222m), supported by higher realized gas prices and higher Kurdistan prices, partly offset by lower realized oil prices and a small net loss on North Sea hedges. - Net profit: $101m (-22% vs Q2) due to higher taxes (see next bullet). - YTD revenue ~$2.4bn, up 143% vs first 9 months of 2025; YTD net profit $235m vs $41m in 1–3Q25. - Surprising/positive: despite net profit decline QoQ, the quarter still delivered record revenues and strong cash generation.

Cash generation strong; net debt down sharply, but high taxes create a cash/timing burden - Operational cash flow: $660m; cash position increased from $550m to just over $1bn in Q3. - Investing activities (net): $129m (asset investments & decommissioning $198m, offset by $68m net inflow from disposals/license transactions). - Net debt: $232m (substantially down), but tax payable is not included in that number: income tax payable ~$938m on the books. - Tax expense in Q3: $494m, mainly driven by higher taxable income; management flagged ongoing high tax payments ahead: - Q4 cash tax expected: ~$230m. - Strong tax “overhang” into 1H 2027.

Capital discipline + growth plan: target 100,000 boe/d by 2030 (North Sea) with active organic development - North Sea production run-rate: guidance ~86,000 boe/d for full-year (slightly higher than earlier expectations). - Strategy remains centered on portfolio optimization + organic growth + selective bolt-on M&A (disciplined approach; “10 opportunities for 1”). - Portfolio progress described as “conveyor belt”: - 5 projects delivered since start of last year → producing ~18,000 bbl/d. - 6 projects under development (post-FID Kjottkake/Lyra) → ~40m boe reserves expected to be booked end of year. - Additional projects expected to add another ~40m coming through to sanction near term (details per their project funnel).