BlueNord ASA

Good morning, welcome and thank you for joining us as we walk through Bluenord's Q3 performance. So I'm really pleased to say that this was another quarter of progress, especially at Tyra. We've seen higher volumes and much greater stability. Also, operational cash flow has nearly doubled from the previous quarter, and that's allowed us to propose a significantly higher Q3 distribution of $89 million. So that snapshot is encouraging, but a single quarter doesn't tell the whole story. Today we want everyone, whether this is your first quarterly presentation or your 25th, to leave with a clear sense of what makes Blue Nord Blue Nord. Where we've come from, where we are now, and most importantly, where we're going. So here's how we'll do that. I'll start with the foundation that underpins our performance and returns. Then Miriam will take you through the operational delivery across the DUC portfolio. Not only Tyra's ramp up, but also the contribution from Dan, Halfdan and Gorm. Catherine will look at the opportunity ahead, the discovered barrels not yet in production and the work underway with the operator to bring them on stream. Jacqueline will walk you through how that operational performance feeds into our financials and translates into a growing distribution profile. And finally, I'll come back to talk about our priorities going forward, how we continue to strengthen the business and deliver long-term value. So for admin, please feel free to submit questions as we go through. And let's start by turning to the first page. So Blue Nord holds a 36.8% non-operated working interest in the Danish Underground Consortium. Together with our partners, the Danish state-owned North Sea Fund and Total Energies, a world-class operator with deep North Sea expertise, we're exposed to a high-quality, diversified asset base with over 220 million barrels of net 2p reserves and near-term 2c resources. It's a strong platform of long life production and value. And with the restart of the Tyra Hub, we've already nearly doubled production with more growth still to come. With the majority of this new production being natural gas, we're also now more than ever directly contributing to energy security in Denmark and across the EU. So let's turn to the next slide. Even today, the EU still imports close to 90% of its gas. But with Tyra back online, Denmark is once again a net exporter. That's a major shift and one that strengthens energy security across Europe while helping to reduce reliance on imported higher emissions alternatives. For us, Denmark also provides a really strong and supportive framework for oil and gas production. There's a clear recognition that gas is a critical enabler of the energy transition. There's regulatory certainty with an end date for production set in 2050. And we also have predictable fiscal terms that are governed by a tax stability mechanism. That combination gives us the confidence and stability to not only keep contributing strategically, but also drive long-term value for our stakeholders. And with that in mind, let's turn to the next page. So our strategy is very clear. We want to maximise the cash generated from our assets and then return as much of that cash as we can to our shareholders. At the heart of our business is a portfolio of long life, low decline assets that's now been transformed by Tyra. Tyra meaningfully boosts production and cash flow while at the same time lowering OPEX and CAPEX. We're also pushing forward a number of attractive near-term development opportunities that make the most of our existing infrastructure. These projects will help us sustain today's high production levels well into the 2030s. On the financial side, we benefit from a strong balance sheet, solid commodity price hedging and a material tax loss position, all of which further support cash generation and distributions. So all in all, the result is a business that's delivering shareholder returns for today while still offering plenty of long-term value creation. And with that value now starting to flow back to shareholders, let's move to the next slide. So I'm happy to say that the transformation of Blue Nord is now complete. We've delivered one of Europe's largest offshore redevelopments, strengthened the balance sheet, and today we're producing nearly twice what we did before Tyra came back online. With this major investment phase behind us, that increase in volumes now translates directly into higher cash flow. And with our disciplined capital allocation framework, our focus remains unchanged to return that value to you, our shareholders. And if we turn to the next slide, we can look at what that means in a little more detail. We have a clear distribution policy in place through to the end of 2026, returning 50 to 70% of operating cash flow to shareholders. For Q3, we're proposing a distribution of $89 million, and that brings total paid and proposed distributions to $391 million to date. Every distribution we've announced so far across 2024 and the first nine months of 2025 have been at the upper end of our policy range. And that's exactly what we said we'd deliver, material and consistent returns to shareholders. And against that backdrop, let's move to the next slide and talk about exactly where performance stands today based on our Q3 results. So I'll shortly hand over to Miriam and Jacqueline, who will take you through the detail, but I do also want to highlight a few quick points before handing over. So starting with our base production, Dan, Halfdan and Gorm averaged 20.2 thousand barrels of oil equivalent per day during the quarter. That was slightly below guidance, mainly because planned maintenance ran longer than expected. But that work strengthens these hubs and will support production well into the future. At Tyra, production averaged 18,900 barrels a day in Q3, continuing the quarter-on-quarter growth trend. And while we'd initially expected a little bit more this quarter, it's important that the trajectory remains positive. September averaged 22,000 barrels per day, the highest rate we've seen since restart. Financially, revenue and EBITDA were both broadly in line with Q2, but operating cash flow jumped significantly, which is key since this is the basis that we use to set our distributions. Combined with our strong balance sheet and liquidity position, this underpins the proposed Q3 distribution of $89 million, again representing 70% of operating cash flow for the period. And with that, it's a good time for Miriam to take you through the operational detail behind this performance. So Miriam, over to you. Thanks.

Thank you, Johan. I will now give more details to the operational status and outlook. We continue to see operational progress, with production increase through each of the last four quarters. This reflects not only the resilience of our base assets, but also the growth achieved at Tyra. In September 2025, Tyra production averaged 22,000 barrels of oil equivalent per day net, marking the highest monthly output since the restart of the Tyra facilities last year. This is a significant achievement, especially considering the operational challenges we have faced since restart and the current water treatment system constraints. Tyre continues to be the primary driver of near-term production growth, but it is important to acknowledge the contributions from our base assets, Haftan, DAN and GORN. For our base assets, active asset management remains a top priority. Q3 production was 20.2 thousand barrels of oil equivalent per day net, which is slightly below our guidance of 21 to 23. This reflects an intensive maintenance program designed to underpin the long-term stability of our base assets. With no significant maintenance planned for Q4, the guidance of 21,000 to 23,000 barrels of oil equivalent per day net is reiterated. Key maintenance and optimization work completed across the DOC hubs, DAN workovers, GORM integrity updates and half-dank gas lift commissioning support production stability and long-term asset performance. An annual production decline of less than 4% reflects the effectiveness of this strategy. Going forward, our focus remains on sustaining high operational efficiency and supporting long-term performance through facility maintenance as well as well and reservoir management. Now, let's look at Tyra. October 25 marked a major milestone with the formal inauguration of the Tyra Hub. This event was not just a celebration of a successful project delivery, but also a recognition of Tyra's critical role in Danish and European energy security. Tyra's redevelopment is one of the largest gas projects in Europe and a successful delivery persistence Denmark as a net exporter of natural gas. Importantly, tyrosine gas has a significantly lower CO2 footprint compared to alternatives like LNG, supporting both national and European climate goals. September saw the lowest emissions intensity since shutdown in 2019, reflecting operational improvements. The inauguration event also underscored Tire's contribution to a stable energy supply at home and across Europe, helping to keep the wheels of industry turning while maintaining a lower environmental impact, as highlighted by the MDE of Total Energies. And this is also recognized more broadly. Denmark's Minister of Climate, Energy and Utilities highlighted that gas remains a crucial transitional fuel. Now let's talk about tyre performance specifically. Tyre has consistently demonstrated strong production potential, and with only 60 to 65% of wells online, we have achieved high export rates and have come close to plateau production levels. The observed performance strongly supports our ability to deliver and sustain plateau production. Ongoing optimization of facilities and processing is key to unlocking the full potential of the hub. The Held East Middle Jurassic Well, in short HMJ, has significantly outperformed pre-drill expectations. Since March 25, HMJ has contributed around 30% of Tyre's output and the investment achieved payback in less than six months. HemJ's success has also extended the Harris Hop life into the mid-2030s. While we believe there remains significant untapped potential in the reservoir that will become clearer as we gather further well-test results and more stable production data, the focus is now building upon this strong base by significantly operational stability. Our focus on operational stability at Terra is showing tangible results. Since mid-August, we have not experienced any full facility shutdowns other than the planned in October, which is a clear indicator of a stronger facility reliability. In September 2025, we saw the highest monthly average production of 22,000 barrels of oil equivalent per day net since the restart of TIRA. In October, we achieved a record gas export of 221 million standard cubic feet per day and a total oil and gas production of 27,000 barrels of oil equivalent per day net. These improvements are the result of targeted interventions and a relentless focus on operational excellency. We are committed to building on this momentum and delivering even stronger results in the coming quarters. To achieve full potential at Tyre, we have identified three focus areas and we are taking action in each area. Firstly, we need to increase the export potential. A dedicated offshore task force is addressing water treatment constraints, which has been a limited factor for processing capacity. Specialist vendors are supporting these efforts to accelerate troubleshooting and implement effective solutions. Secondly, on process reliability. The October 2025 intervention campaign, completed just recently, was designed to improve operational efficiency and reduce unplanned shutdowns. The scope was successfully executed, with only a few minor items being finalized today. A brief issue during the restart of the IP compressor was quickly resolved and work is now underway to bring the LP compressor back online. In the meantime, production continues from Herold and HemJ. Thirdly, we need to unlock remaining weld potential. As operational stability increases, we will bring additional welds online to further boost the production. Strong weld and reservoir performance is expected to continue, supporting our growth ambitions. Looking ahead, the near-term production outlook for Tyra is very strong. Early Q4 delivery is robust, with recent production reaching approximately 27,000 barrels of oil equivalent per day net. We delivered Q3 tyre production of 18.9 thousand barrels of oil equivalent per day net in the upper end of our revised Q3 guidance of 17 to 19, and we are reiterating our Q4 guidance of 20 to 27 thousand barrels of oil equivalent per day net, reflecting our expectations based on the recent work of Total Energies. And our strategy is to maintain this momentum, maximize the value of our assets and ensure long-term stability for Tyra. And with that, I will hand over to Catherine, our Chief Corporate Affairs Officer, to talk about the long-term outlook for BlueNord.

Thank you very much, Miriam, and good morning to everyone. I will now run through the opportunity set we currently have in the DUC. A new of this quarter is that I will also show you the production profile of the business going all the way until the end of the license expiry, which currently is in 2042. Together with the partners in the DUC, we have a robust plan with activities over the next years, which will not only support the production we're seeing near term, but also allow us to stay above 50,000 barrels per day beyond the end of this decade. And for the first time, we're not only showing the profile until 2030, but until the end of the license, which currently expires in 2042. On this page, there are mainly two things I want you to focus on. Firstly, the production we have on stream today from the base assets and Tyra, coupled with a contribution from the near-term projects, which will be sanctioned over the next few years. The profile running to 2030 is showing you just that, our producing fields and our near-term projects. Secondly, and what is new, is that we're illustrating the production from 2031 until the end of the license in 2042. This is what you will see in light green. We are well above 50,000 barrels a day at the start of the 2030s, and the profile continues all the way to 2042. The production profile is only constrained by the expiry of the license. And even without an extension of this, the barrels we produce are profitable for Blue Nord until the point where we potentially exit in 2042, which is around 50,000 barrels per day. One thing we have not included in this profile is how the long-term production profile may look if the license is extended and further investment opportunities are unlocked as a result of that. And as a general principle, all decisions made in the partnership to consider further investments to boost the long-term production in the DUC will be made through an economic lens where we progress to see resources not only for the sake of increasing output, but to add valuable barrels that are profitable and support the long-term cash flow of the business. And this takes me to the next page, where we show a breakdown of the discovered reserve space, which, together with the already producing assets, constitutes the backbone of the long-term production profile shown on the previous page. We currently have 193 barrels of 2P reserves, and it's worth mentioning that we have had a positive reserves replacement ratio since the acquisition of the assets in 2019. 33 million of these are projects justified for development, meaning they are mature enough to be included in the 2P base. In addition, we have 28 million barrels of 2C resources, which we define as near term, and which we will aim to move from 2C resources to 2P reserves. And we also have more than 10 million longer term 2Cs, which are typically different infill opportunities. And lastly, there is definitely potential beyond what we're showing today, as we're currently on the constraint by the license expiry in 2042. And then looking more in detail at the substantial resource base we have in the company, which are not only producing valuable barrels today, but also those resources which will deliver new volumes in the near and medium term. We have a tangible plan in the partnership to sanction both infill wells and three development projects, which are adding not only to the future production, but also to our future 2P reserves. The projects Tyra North, Halfton North and Valmarbo South require simple infrastructure with unmanned platforms, and all three of these are to be tied back to existing infrastructure. Two of them will be tied back to Tyra, and the idea is that these will help backfill the brand new and efficient processing capacity we have on Tyra. The fact that these projects are tiebacks also help to make them very competitive from a price point, with unit technical costs sub $20 per barrel. Tyra North and Halfdan North have already been progressed sufficiently to be included in our 2P reserves, and all three projects add significantly to the future of the production profile, with a total of 45 million barrels. And then in addition, we have several infill drilling opportunities. Infill drilling is a very cost efficient and relatively quick way of adding additional production. And the main cost element is really related to the rig that you're using. The infill wells in our portfolio have very robust economics with unit development capex below $13. From what we have disclosed today, we have two wells on Halfdan, one on Valdemar and two wells on Sven. Together, these wells represent a total of 11 million barrels in 2P and near-term 2C resources. And in addition, we have a significant potential to drill further wells around the Tyra hub. The redeveloped Hyra did not only represent a major step change for our business, it also unlocked a gross potential of more than 200 million barrels of resources. These opportunities will be communicated once further matured and will need to meet strict economic requirements in order to be sanctioned. One of the truly impactful investments around the Tyra Hub we have already executed, which was the Hem J, which we drilled last year. And with a payback time of less than six months, it definitely represents the type of investment opportunity we will continue to chase and which both utilizes the new Tyra facility and also contributes significantly to the current and future cash flow of the business. And on that note, I will leave the word to our CFO, Jacqueline, who will take you through our Q3 financials.