BlueNord ASA

Good morning, everyone, and thanks for joining us today. Before we walk through our recent performance and outlook, I'd like to start by reflecting briefly on Blue Norge Year as a whole. 2025 was the year when what we offered to our shareholders really shifted. For a long time, our focus was on building the operational portfolio, getting Tyra back on stream. Then this year, that work has finally translated into tangible returns. We've moved from building the business to returning capital from it. Has everything gone perfectly? No. Have we had challenges to overcome? Yes. But the direction's been clear, the discipline's been there, and the progress we're making is real. And now let's look ahead to the remainder of 2026. The priority for us here is really straightforward. Maximise delivery under our existing distribution framework, converting operational performance into cash flow, converting cash flow into distributions, and maintaining a conservative capital structure. And what that means in simple terms is 2025 was about starting to deliver meaningful returns. 2026 is about maximizing them. And from 2027 onwards, it's about sustaining those distributions over the long term. With that context, let's turn to the first slide. Blue Nord has a focused portfolio built around our 36.8% non-operated working interest in the Danish Underground Consortium. Together with the North Sea Fund and Total Energies, that gives us exposure to a high quality diversified asset base with more than 220 million barrels of 2P reserves and near term 2C resources. These volumes sit alongside a meaningful longer dated 2C resource base. Since Tyra came back on stream, our net production has nearly doubled compared to pre-restart levels, and we still see upside as reliability and performance continue to improve. Importantly, most of that incremental production from Tyra is natural gas. So today, our role in supporting energy security in Denmark and more broadly across the EU is more direct than it has been in many years. And with that context in mind, let's move to the next slide. So the EU still imports close to 90% of its gas. That makes assets like Tyra strategically important. With Tyra back online, Denmark has become a net exporter of natural gas, strengthening European energy security and reducing reliance on imported supply that's often more expensive, more carbon intensive and less reliable. And that broader context matters for us in practice. Denmark offers a stable and supportive framework for responsible oil and gas production. There's regulatory certainty, predictable fiscal terms supported by a tax stability mechanism, and a clear political recognition that gas has an important role to play in the energy transition. And we saw that recognition again over the weekend when the Danish government signalled its intention to explore a potential extension of the DUC licence from 2042 to 2050. We view that as a positive and strategically important step. From a reserves standpoint, Tyra's current life is constrained by the license expiry rather than by its underlying economics. An extension would increase our 2P reserves and give us more time to convert our 2C resources into cash flow, using infrastructure that's already in place and volumes that are already discovered. And that's an important point. This isn't about us adding expiration risk to our business model. We don't need new discoveries to benefit from an extension. Our model is built around developing and monetizing resources that are already well understood. More time simply means more flexibility to realize that value. And there's also a potential balance sheet benefit. Extending the license would defer abandonment liabilities, reducing their net present value today, and pushing out the timing of funding requirements. That strengthens the long-term financial profile of the business. Bringing all of this together, a stable framework, high-quality discovered resources and a potentially longer production horizon, and it reinforces our confidence in the long-term distribution capacity of the company. And now to something that we'll keep coming back to because it sits at the very core of everything we do. Our strategy is very simple. Maximise the cash our assets generate and return as much of that cash as we responsibly can to our shareholders. At the centre of our business is a portfolio of long-life, low-decline assets, now materially strengthened by the restart of Tyra. Tyra's increased production, its increased cash flow, while at the same time structurally lowering unit opex. The potential of our operational portfolio also doesn't stop here. we're progressing a number of attractive near-term development opportunities that leverage existing infrastructure. Projects that are designed to help sustain peak production into the 2030s. And while volumes and these production volumes in particular are important, you can also clearly see here our capital discipline at work. Two of the three developments in the near-term portfolio that we have are being reworked currently to prioritise value over volume, focusing on returns and cash contribution rather than headline production growth. From a financial standpoint, we're supported by a strong balance sheet, an active hedging programme and a material tax loss position, all of which reinforce cash generation and distribution capacity. In Q4, we also achieved lifting costs of $13 per barrel in line with our steady state post-tire guidance. That's an important operational milestone for us and one that directly supports the resilience of our cash flow generation. So the result is a business that is delivering meaningful returns today with the financial strength and resource depth to maintain distributions through time. With that foundation in place, let's move to the next slide. So we have a clear distribution policy in place through the end of 2026. And to date, every distribution we've made has been at the top end of the 70% range of operating cash flow. For Q4, that means we're proposing a dividend of $115 million, which is roughly 43 NOC per share. That brings the total to date for paid and proposed distributions to $506 million, of which $456 million, or 173 NOC per share, has been paid as dividends, with a further $50 million returned through a share buyback. While our current framework runs through the end of this year, our focus on shareholder returns extends well beyond this. The fundamentals supporting distributions, long life production, growing cash flow, a resilient balance sheet and disciplined capital allocation extend well beyond 2026. And that is one of the reasons why balance sheet discipline today really matters. The financial position we carry into 2027 will directly influence the scale and sustainability of distributions from that point forward. As we move through this year, we'll set out how the framework evolves from 2027 onwards. But what you should expect is a continuity of the theme, the same focus on maximising sustainable capital returns, the same financial discipline and the same emphasis on cash generation. And with that in mind, let's turn to the next slide to look at where performance sits today with our Q4 results. So I'll shortly hand over to Miriam, Catherine and Jacqueline to take you through the detail. But before doing that, I'd like to highlight some key points from the quarter. Starting with our base assets, production from DAN, Halfdan and Gorham was in line with guidance at 21.7 thousand barrels of oil equivalent per day in Q4. Activities in 2025 and those planned for 2026 will strengthen the long-term contribution from these hubs and position them to sustain low decline production well into the future. At Tyra, production averaged 20,700 barrels of oil equivalent per day in the quarter, continuing the quarter-on-quarter growth trend. This included a planned October shutdown, which was executed successfully. In December, we had our strongest month since restart at approximately 25,000 barrels of oil equivalent per day. The focus now is on improving reliability, increasing uptime and unlocking remaining well potential. While the operator continues to make progress here, we now expect to reach steady state operations around the middle of 2026, after the planned shutdown in June of this year. In terms of guidance for the full year and including two planned shutdowns, we are expecting average production of around 25,000 barrels per day over the period. As we look forward, our view on Tyra's long-term potential remains unchanged. We continue to see the maximum potential at around 30,000 barrels per day once stable operations are fully established. If we turn now to the projects, our capital discipline is clear. We're reworking both the Halfdan North and Valdemar Bow South developments with a clear focus on value over volume, prioritising returns rather than headline production. And in addition to this, the operator has also launched a rig tender for the Infill Well programme that's scheduled to commence in 2027. Financially, revenue for the quarter was $270 million. Adjusted EBITDA increased approximately 40% quarter-on-quarter to $190 million, and operating cash flow was up 30% to $165 million. During the period, we also hit our post-tire lifting cost guidance of $13 per barrel. If we move on to the balance sheet, we're pleased to announce this morning that we have agreed a refinancing of our reserve-based lending facility. This will result in the maturity being extended to 2031 with no amortisation until the end of 2028. This materially enhances financial flexibility, better aligns the debt profile with our cash flow outlook and supports our distribution capacity. And finally, our strong liquidity position of $493 million at the end of the quarter underpins the proposed Q4 distribution of $115 million. This again represents 70% of operating cash flow for the period. And with that overview, it's a good time to turn over to Miriam to take you through the operational detail behind these results. Thank you.

Thank you, Johan. Today, I will present the strong base assets production in Q4 2025, close out 2025 and share BlueNord's guidance for 2026. I will also provide an update on TIRA and outline BlueNord's 2026 TIRA guidance. We have delivered consistent production growth over the past four quarters, demonstrating the resilience of our base assets and Tyra's significant progress. In December 2025, Tyra reached its highest output since resuming operations with an average net production of 25,000 barrels of oil equivalent per day. This achievement demonstrates significant progress in addressing operational challenges. Tyra continues to drive near-term production growth, while our base assets, Halfdan, Dan and Gorm, remain reliable contributors to the overall DOC performance. Targeted maintenance throughout the year has ensured stable, reliable operations. As we look ahead, our focus remains on maximizing asset performance and reducing operating costs. I'm pleased to share that Q4 production from the base assets reached 21.7 thousand barrels of oil equivalent per day net, aligning with our guidance of 21 to 23. This marked our highest quarterly output in 2025, despite setbacks in October caused by a flow line leak on DAN and operational issues on GORM, both of which have now been resolved. Operational efficiency remained robust through Q4, exceeding 90% on average for the base assets and reaching 98% for Halfdan. Dan and Halfdan delivered consistently and Gorm recovered strongly after the issues were addressed. Highlights for 2025 is the strong well and reservoir performance and the extensive maintenance activities being executed as planned. The Haftar North East gas lift project was successfully commissioned in July, enabling steady gas production and extending well life. Finally, the Dan Well Workover Campaign was completed in August, with six workovers supporting a low natural production decline. Looking ahead, we expect stable contributions from the base assets in 2026, with maintenance mainly on GORM and Halfdan. While these will cause short-term production shortfalls, they are vital for long-term integrity and high operational efficiency. ROAM work on GORM is planned for 2026 and will be done cost-effectively from the platform. We anticipate maintaining an average annual production decline of 4%, demonstrating our effective long-term strategy. Our focus in 2026 will remain on stable operations and reservoir management, optimizing weld performance and preparing for 2027 drilling activity. Based on this, our guidance for Q1 2026 is 20,000 to 21,000 barrels of oil equivalent per day net. Production will decrease slightly in Q2 and Q3 because of planned maintenance, reaching 18,000 to 20,000 barrels of oil equivalent per day net in Q4. I would also like to mention that the operator has initiated the DAN rightsizing project to reduce structural costs in the near future. Tyre continues to increase production, achieving higher monthly average and peak export rates. This has been achieved with only up to 75% of wells online. In December 2025, Tyre reached its highest monthly average production since restarting, of 25,000 barrels of oil equivalent per day. By the end of January 2026, a gas production rate of 227 million standard cubic feet per day was delivered. These milestones are the result of strategic facility interventions and process optimization. The planned shutdown in October has improved the reliability and the focus is to optimize processing, bring more wealth online and further improve reliability. Our ambition is to elevate the performance from the current average levels towards peak levels and ultimately to exceed them. If we look at the facility uptime, which means excluding locked-well potential, we obtain a clearer understanding of the potential for the Tyre facilities. In December 2025, Tyre achieved a 95% uptime, confirming the facility potential. Since the planned shutdown in October, there have been fewer reliability issues, clearly demonstrating that the targeted improvements have helped maintain steady operations and reduced unplanned shutdowns. Further, the most recent disruptions were caused by external factors such as weather conditions, human error and third-party impacts. The optimized alarm settings have reduced the time to resume production after unplanned shutdowns. The high uptime potential and ongoing plans to improve reliability and processing capacity reinforce confidence in Tyre's facilities. To unlock Tyre's full potential, we continue to focus on three areas and we are taking action in each area. Main priority is unlocking remaining well potential. As operational stability has improved, additional wells can be brought online to further boost the production. We have planned a well campaign in March to bring more tire satellite wells on production. Secondly, we need to further increase the export potential. Processing capacity has been meaningfully improved over the past three months. There is a continued effort on process optimization and flow assurance. Finally, we need to ensure process reliability. The October 2025 intervention campaign successfully improved reliability and reduced unplanned shutdowns. However, it became evident from this work that a second shutdown was necessary to rectify the reliability challenges. Further upgrades are scheduled for the planned shutdown in June 2026, including enhancements to the VSD and control system. By advancing all three areas together, Tire will be able to deliver consistently strong results and demonstrate its status as a cornerstone of our production portfolio. Let's look at tires production and outlook. Q4 net deliveries reached 20.7 thousand barrels of oil equivalent per day, an improvement over Q3, despite the planned October shutdown. To summarize the tire status. Facility uptime potential has been confirmed and reliability is projected to increase following the scheduled shutdown in June, during which system performance will be optimized and remaining process control system issues addressed. Both the well and reservoir performance are maintaining robust levels, with additional well capacity anticipated to be available from March. Optimization of liquid processing continues, with notably progress already observed. Accordingly, our guidance for Q1 2026 is set at 22,000 to 24,000 barrels of oil equivalent per day net. Production volumes are expected to increase throughout subsequent quarters. However, both Q2 and Q4 will experience temporary reductions due to scheduled activities. We expect stable Tyra performance from mid-2026. Our strategy is to maintain momentum, maximize the value of our assets and ensure long-term stability for Tyra. I will now hand over to Catherine, our Chief Corporate Affairs Officer, who will share 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 EUC and also shed some light on Sunday's announcement. As we have repeated for several quarters, Blue Nord's current and future production is of great strategic importance, not only from an energy security perspective, but also to the Danish economy. Oil and gas revenues support the Danish welfare society through tax revenues and also through skilled employment. And with this as a backdrop, I would like to address Sunday's announcement from the Danish Ministry of Climate, Energies and Utilities, where Blue Nord and our partners in the DUC were invited to explore a potential extension of the DUC license beyond its current 2042 expiry. First and foremost, we view this as a very constructive and positive step. It shows the government as being responsible and pragmatic, recognizing Denmark's role in the European energy markets. We have over time maintained an open and constructive dialogue with the Danish government and have consistently expressed our interest in extending the license to 2050, which is in line with the 2020 North Sea Agreement. And Sunday's announcement signals a clear willingness to formally explore that pathway. The government's invitation came at a time when taking responsible action is critical. The geopolitical situation over the past few months has not improved for neither Denmark nor Europe. It's rather the opposite. In addition, the EU as a whole is facing a scarce gas storage situation as a consequence of a very cold winter. And we are today seeing gas storage levels far below the average compared to previous years. This, coupled with the recent EU ban of all Russian gas molecules, including LNG, makes EU further reliant on importing long-distance LNG, which carries a much higher impact on the environment and is less reliable. An extension of our licence to 2050 would provide a tangible contribution to reducing Europe's dependence on imported energy, and it would strengthen security of supply. And we look forward to continuing our constructive dialogue together with our partners in the DUC. And that is a natural segue to the next slide, which outlines our substantial discovered resource base. We have 193 million barrels of 2P reserves, of which 160 comes from producing assets and 33 approved and justified for development. In addition, 28 million barrels are defined as near-term 2C resources, meaning they are being progressed and are on a pathway to being converted into 2P reserves. We also have defined around 10 million as longer term 2Cs. And in addition, there is a significant potential in the resource base, which can be unlocked if the license is extended. These figures are based on the year 2024, and we will soon publish our 2025 annual statement of reserves, which is expected sometime during March. And based on the resource base just shown on the previous slide, we are on a continuous basis assessing both development projects and infill drilling. We have three well-known development projects, Tyra North, Halvdan North and Voldemarbo South. Tyra North is a natural tie back to the new Tyra facilities and is expected to deliver 20 million barrels net to Blue Nord. Halvdan North and Valdemarbo South we are currently reassessing. The Halvdan North project is being reworked to potentially long reach wells on Tyra South East and for Valdemarbo South the project is simply being re-evaluated to reduce costs. We are, as Jacqueline will discuss more in detail later, focused on keeping future CapEx at a responsible level in the business. And very simply said, for all three projects, we will prioritize value over volumes. And then looking at the infill wells we have in the portfolio. Last month, the operator went out with a tender to hire a jackup rig in the DUC. This rig will be on contract sometime first half of next year and will mainly drill infill wells. Infill drilling is a very cost efficient and quick way of adding additional production. And the main cost element is really related to the rig you're using. The infill wells in our portfolio all have strong economics, with development capex below $13 per barrel. And as of today, we have planned two wells on Halfdan, one on Valdemar Upper Cretaceous and two wells on Sven, together representing a value of 11 million barrels net to the company. In addition, we have a significant potential to drill further wells around the Tyra hub. The redeveloped Tyra 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. It's also worth mentioning that an extension of the license to 2050 will be a key enabler to continue to progress what is here defined as additional potential. And finally, bringing the previous pages together in this updated production profile. With production outlook for the current year updated, this slide shows the materiality of the existing business coupled with the planned investment activities. On average, we stay around the 50,000 barrels mark for the next six to seven years. And remember that this is possible even with a very responsible and balanced level of capex during the same period. On this page, there are mainly two things I want you to focus on. First, the production we have on stream today from Tyra, Halfdan, Dan and Gorm, coupled with the contribution from the near-term projects. This you can see up until the point in 2030. The profile running to 2030 shows you just that. The impact of our producing fields and our near-term projects, which also includes infill drilling, showed on the previous page. And then secondly, you see the part in light green. We will be entering the 2030s well above 50,000 barrels per day. And the light green profile shows you the impactfulness of also developing the longer term 2C resources. The production profile is only constrained on this page by the expiry of the license. And even without an extension of this, the barrels we produce all the way to 2042 are profitable for Blue Nord. And then one thing we have not included in this profile is how this could look if the license is extended to 2050 and further investment opportunities are unlocked as a result of that. Again, value over volumes as a principle, but there is no doubt that the output potential is significant. And on that note, I will hand over to our CFO, Jacqueline, who will take you through the Q4 financials.

Thank you, Catherine. I'll now take you through our financial performance and most importantly, how the operational progress you've just heard about is translating directly into cash generation and returns. The key message to keep in mind as we go through this section is that Tyra has fundamentally changed the cash flow profile of the business. We are now in a position where higher production, lower unit costs and disciplined capital allocation are all reinforcing each other. This is exactly the phase we have been building towards. And with that foundation in place, let's turn to how this operational progress is showing up in our financial performance for the quarter. Starting with headline performance, we delivered strong profitability and cash flow in Q4, driven primarily by higher production from Tyra and stable realised pricing. Revenue increased meaningfully year on year to $270 million, reflecting primarily higher gas volumes, while EBITDA growth to $186 million demonstrates the lower unit OPEX now embedded in the business. Importantly, this growth is high quality growth and it is converting efficiently into cash. We note that revenue is restated in this quarter to reflect a reclassification of gas penalties and purchases associated with meeting our gas nomination obligations. There is no net effect on EBITDA, but it does increase both revenue and costs, primarily in Q1 and Q2 reported figures. This impact is shown in detail in our Q4 report. Turning to net cash flow from operating activities, this increased to $165 million, which is what we expect to see as Tyra ramps up. From a balance sheet perspective, leverage has continued to trend down and liquidity remains strong, especially with the imminent closing of our amend and extend process for the RBL, which maintains the facility size and gives us flexibility both to return capital and to manage the business. Now let's look in more detail at how this performance is delivered and managed through our key areas of focus, hedging activity, cost management and sensible capital allocation. Our hedging program continues to do exactly what it is intended to do, protect cash flow and provide visibility. A significant proportion of both oil and gas volumes are hedged through to the end of 2026, smoothing the impact of market volatility. and we continue to add volumes where it makes sense to do so. This slide shows you the updated view as of the end of last week, where we have been adding hedges during times of higher pricing on both oil and gas. We also see the benefit of our positioning in Europe, where we sell gas into the German market with pricing linked to THE. The current premium on German pricing recognises the lower storage in the area and the strategic benefit of our position in this market. With pricing volatility well managed, the driver of cash flow growth is volumes and cost efficiency, which brings us to the cost base. As Tyra production increases, unit operating costs are coming down, just as we guided. The modern Tyra facilities are significantly more efficient, and as volumes increase, the largely fixed costs of the DUC are spread over more volumes. The reduction in Q4 compared to Q3 on an absolute level reflects primarily that workovers were completed in Q3. But excluding workovers, lifting costs are already well down on prior periods and we have hit our target this quarter with lifting costs per BOE at $13. This cost trajectory is a key enabler of sustainable cash flow growth and underpins the resilience of our margins going forward. Lower unit costs combined with higher production is exactly what drives the step change we are now seeing in operating cash flow. And this slide captures the heart of the financial story. Net cashflow from operating activities has increased materially quarter on quarter, driven by three factors, higher production from Tyra, lower unit costs, and the continued benefit of our tax loss position. Importantly, this is not a one-off step change. As Tyra maintains stability, operating cashflow remains strong. and that directly drives our ability to distribute capital to shareholders. This is further enhanced by our tax loss position, which is expected to support operating cash flow through to the end of 2027. Operating cash flow is the metric that defines our distributions, and we are seeing the trajectory we expected at this stage. As cash flow grows, it's equally important to look at how we continue to maximise the business in a focused way with capital intensity significantly lower post-Hira. With the completion of the Taira redevelopment, capital expenditure has stepped down materially. CapEx in 2025 was significantly lower than during the investment phase, and we expect a similar level in 2026. Future investment from 2027 onwards will be disciplined, value-accretive, and carefully phased. For 2026, we expect CAPEX to be in the range of $40 to $50 million, and looking ahead, it will be around $100 to $150 million per year, subject to project sanction and timing. This combination of rising operating cash flow and lower capex creates real financial capacity to deleverage, to maintain balance sheet strength and to return capital. This combination of rising cash flow and lower capex is what strengthens liquidity and underpins our financial flexibility. So we continue to maintain a strong liquidity position supported by robust operating cash flow generation, even after capital investments, financing costs and distributions. An important development here is the RBL amend and extend process we initiated in early 2026, which is nearing completion. It reduces near-term refinancing risk and aligns the balance sheet more closely with the cash generating and investment cycle of the DUC assets. This facility extension feeds directly into how we manage leverage and long-term balance sheet resilience. And I'll talk more about this on the next slide. So as you can see here, leverage is declining as expected with the Tyra ramp up and there are no near-term debt maturities. As highlighted on the previous slide, we kicked off 2026 demonstrating our proactive approach to maintaining or managing the capital structure with an extension of the RBL facility, which is set to close imminently. This decision provides a long runway, ensuring optionality and flexibility in the business with sufficient liquidity for the years ahead. It gives us the ability to invest in our assets, prioritise distributions and maintain financial resilience. We're extending the maturity to end 2031 and pushing amortisation out to end of 2028, whilst maintaining the facility size and pricing. With commitments above our needs, this outcome demonstrates the continued support of our lender syndicate and the quality of our base business. With a resilient capital structure in place, we continue to focus on what this means for shareholder returns. So returning meaningful capital to shareholders remains core to our strategy. Our policy of distributing 50 to 70% of operating cash flow through to the end of 2026 is unchanged. What has changed is the level and visibility of our operating cash flow underpinning that policy. With Tyra now contributing meaningfully, Capex materially lower and the balance sheet strong, we are positioned to deliver growing and sustainable distributions supported by cash generation. So to summarise, the financial transition of Blue Nord is now visible in the numbers. Tyra is driving sustained growth in operating cash flow, supported by higher and more stable production, declining unit costs and disciplined capital allocation. At the same time, the RBL extension strengthens our capital structure, extending maturity, improving flexibility and aligning the balance sheet with the cash generating and investment cycle of the assets. The combination of growing operating cash flow, lower capex and a resilient balance sheet underpins our ability to deliver meaningful and sustainable shareholder returns in line with our stated distribution policy. This marks a clear shift from an investment led phase to a cash generation and returns focused business. And now I'll hand back to Euan for closing remarks.

Thank you, Jacqueline. So as we wrap up, I want to bring it back to the strategy and to the platform that we've deliberately built over the past seven years. We've shaped Blue Nord into a focused low cost producer with long life assets, a resilient balance sheet and a clear distribution philosophy. That foundation is now firmly in place and our priorities are equally clear. Maximize cash flow from our producing assets and maximize what we can sustainably return to shareholders. That takes operational execution from Miriam and her team and financial discipline from Jacqueline and the broader organisation. But ultimately, what really matters is the strength of the platform that we've built and what it enables us to deliver going forward. As we mentioned last quarter, we are reviewing selective growth opportunities outside the DUC, but always within the boundaries of our existing strategy. And the word selective here does matter. We're only going to deploy capital where it enhances per share distributions in the near to medium term. That's the test. If it doesn't strengthen our ability to return more capital to shareholders, then it's not for us. Whether we are progressing organic opportunities, engaging with the Danish government on a license extension or evaluating external transactions, we apply the same lens. Growth isn't an objective in itself. Sustainable distributions are. The platform that we have gives us options. The discipline that we use ensures that we choose the right ones. And you can be absolutely clear on this one point. Our focus remains on delivering sustainable distribution growth for our shareholders over the long term. Finally, before we move to Q&A, let me just leave you with a few closing thoughts. First, on operations. Tyra continues to move forward during the quarter. Q4 was our highest production quarter to date, and December was our strongest month since restart. There's still more work to do, and we've been very consistent about that, but the focus now isn't just peak rates. It's about stable, repeatable performance. Reaching steady state around mid-2026 and building consistency from there remains the key priority. We continue to see around 30,000 barrels per day as achievable over time, but reliability and sustained averages are what really matter. Second, on shareholder returns, the distribution programme is established and delivering at the top end of our policy range. The proposed Q4 distribution of $115 million takes total returned capital in 2025 to over half a billion dollars. That's real progress. The refinancing of the RBL further strengthens the financial platform behind those returns. And as we move through 2026, we'll set out how we see the framework evolving from 2027 onwards. But the principle won't change. Disciplined capital management and maximising sustainable returns to shareholders. And finally, on outlook. The platform that we have today is materially stronger than it was a year ago. Production has nearly doubled with Tyra back online, unit costs are in line with our steady state guidance, the balance sheet is extended and aligned with our cash flow profile, and the potential license extension meaningfully lengthens the runway of our business. So yes, execution and particularly Tyra remains our focus, but we also see clear opportunity ahead. Unlocking Tyra's full potential, progressing value-led developments and leveraging our strategic position in the Danish energy system all point in the same direction, increasing sustainable distributions over time. And with that, I'll pause so we can take your questions and then we'll come back to answer.

Thank you. Thank you.

Okay, so we have many questions today. When will you know if BlueNord will extend the license to 2050?

So we've been fairly actively engaging with the Danish government for a while now. I think we view the announcement on Sunday as being a very positive step and one that demonstrates that the government in Denmark is now firmly behind the potential license extension for the DUC. I think we'll be working as quickly as we can to get it done. It's difficult to give specific guidance on it, but we certainly think it's a near-term event

Tyra has clearly been more challenging than expected. Can you give us more color on what additional measures and costs are needed in 2026 to achieve stable plateau production and how this affects your confidence in the 2026 production guidance?

So what we have seen as represented today was a very high production performance in December of the 25,000 BaW equivalent per day. That is what we can achieve without having all the wells online. So what we need now is to get more of the wells online and we have that in the plan for March. So that is our way to get to a higher production. That doesn't need any, you can say, extra cost. It comes with what we already have planned in the budget for what you do operationally.

We understand one plant shutdown is in June. When is the second plant shutdown?

So basically, you can say the first shutdown we had in October, where we did an rectified work, and we have then the second one in June. What we have also included in our guidance for the year is that we need to do some work on Harold, some pipeline picking in October that will impact production, but it's not per se a second shutdown. And how is the visibility for the 2026 production guidance? So we have... So we have guided towards the 30 that we think we can get to. And we have included a very realistic forward-looking plan for what we have seen in the performance in the past. And we have included that we will get more wealth online in 2026.

Could you please comment on cost base OPEX per barrel into 2026-2027, including how much of the cost base is variable to production versus fixed?

So the OPEX, the vast majority is fixed. So, of course, it will move with production and as production increases, then we are more in line and consistent with that $13 per BOE lifting costs, which we've guided on.

And how even will the capex spend be over 2027 to 2030?

So at the moment we are looking at, and we did talk about in the presentation, the CapEx projects and working those and reworking them at the moment. We do expect over that period, as we guided, it would be somewhere between the 100 to 150 now. The amount will depend on that sequencing of the different projects and the sanction timeline. So it's difficult right now to be more specific than that, but certainly within that range is what our expectation is right now.

And a follow-on to the same question. Could it be quite lumpy and would this have an impact on dividends?

So we wouldn't expect that to be driving the dividend. We obviously are planning our capital allocation with that in mind and that includes the dividend. So it shouldn't be the thing that then drives the amount.

And how much of this capex is maintenance versus growth investment?

So the maintenance amount within that usually is, on average, would be somewhere around the 25 million. So that could be a little bit higher, a little bit lower, but a ballpark average around 25 in a given year.

How much of the reserves resources will be brought into production with this spend? Does it include Halfton North and Valdemarbo South?

So it does include the projects that are in our long-term plan. So again, just referring back to our presentation as well, we are looking at those projects and they are being reworked around the CAPEX levels and the project set up or expectations. So yes, it does include it is the short answer in the expectations.

And what assumptions on Tyra uptime and maximum output rates have been made when setting the four-year 2026 production guidance?

So we have made a realistic guidance for the year. It includes what we have seen in the past. We've seen performance where we've had to have shorter shutdowns, and that has been included for 26. And of course, we hope to outperform this. We have set the upper range guidance of 30,000 barrels of oil equivalent per day. And we, of course, hope to get up to the upper end of our range. But we have included what we think is realistic for now. In December, we saw a very high uptime, the 95% that we presented. And here, we just need to get more wealth online. So we need the better weather so we can go out in March and get more wealth online. And in the forecast that we have guided towards, we are not at such high level of uptime.

Dividend for 2027 is restricted by bond covenants. Should we expect 50% dividend of net income for 2027 and beyond?

So one of the things that I think we've done well throughout Blue Nord is establishing a track record of making sure that the capital structure that we have in place reflects the underlying aspects of the business. So while at the moment we sit with a distribution covenant in 2027 that is, as you say, 50% of net income after tax, I think the reality is that our distributions going forward will be much more driven by what is the cash generation capacity of the business and how much are we able to responsibly distribute. There are a couple of things this quarter that are certainly supportive of that. One is the refinancing of the RBL facility to push out the maturity. I don't think that's necessarily an unexpected event, but it's certainly a positive one in terms of continuing the track record of moving the maturity of the RBL forward. And then the second one is the lower capex on the development project portfolio as we go forward. I said this in the presentation itself, but it's definitely a reflection of the fact that we are focused on making sure that where we can spend less capex to get higher value barrels, that's what we'll do. And obviously that in and of itself is supportive of the distribution capacity because you have lower capex. So I think in short, while we currently have a distribution covenant that may lower the dividend capacity, certainly versus where we are today, I think in reality, the more relevant driver when we get to 2027 is the cash generation capacity. And I think it is worthwhile just noting that BNOR16, which is the bond that you're referring to, does have a first call date in the middle of 2027.

Congratulations on another strong quarter and positive developments. First question, I understand that discussing reserves upside potential from a potential license extension may be premature, but could you please elaborate more specifically on the positive effects you see from such an extension?

So maybe I can start and if there's anybody else that wants to chime in, we can go from there. I think there's obviously the first just macro point and we can get into some more specifics. But I think the first macro point is just that it really does support the position that we've been putting forward for a number of years now that Denmark is a very constructive place to do business as an oil and gas company. The contribution that we make in Denmark is recognised not just from an energy security perspective, which is obviously important, also the contribution that we make from tax revenues and the fact that we keep skilled employment going. So I think it's a very, very firm base for our operations. If we touch more on just some of the specific things, as I mentioned also in the presentation, Tyra currently is only constrained by the license expiry, so you would effectively have a longer production life for Tyra. That then corresponds effectively to an increase in your 2P reserves, reserves that are currently not included because of the license expiry. It does strengthen the case for development projects that you have in your portfolio. I think what we're showing now is a medium term kind of development program to the end of the 2030s, which has three projects and several infill wells. It obviously strengthens those project economics. But on top of that, it potentially unlocks incremental projects. further developments that are not currently included within our plan. And what that means is that you would either see a reclassification of sort of near-term 2C resources into 2P reserves, or an expansion of the near-term 2C resources because you're moving volumes that are kind of outside the current development plan into the current development plan. Maybe some other quick points. I think one is that the longer runway of cash generation probably leads to, through time, higher debt capacity, given you have a longer runway. But the reality about the longer runway is that it's kind of driven predominantly by the fact that you're also able to defer some of your abandonment expenditure. So that will be now coming in later if you have a licence extension, which obviously supports the kind of the medium term cash flow profile. Those are most of the points that I can think of anyway.

Now that RBL refinancing is near finalisation and the maturity has been extended by two years, how do you view the impact on dividend potential between 2027 and 2029?

I think that's probably a very similar answer to the one that we gave to the previous question. I think the act of increasing or the act of refinancing the RBL and pushing out the maturity, I mean, that is certainly positive to distribution capacity because you don't have to repay debt over the horizon where you're talking about dividends there. On the other hand, I think it's very much what we would expect. It's very much what we've continued to deliver. So yes, it is positive, but it's also in line with what we were expecting.

The 2026 production guidance appears to be around 10% lower than previous guidance. While this is influenced by planned shutdowns, maintenance and Tyra performance, have you incorporated additional contingency related to the timing of when Tyra reaches steady-state plateau production? Put differently, what, in your view, would need to happen to reach the top end of the 2026 production guidance?

So we haven't included what you can call contingency, but we have included our view on the performance of Tyra, so that's included in the guidance. And we know that we need the shutdown in June to rectify the last scope of work. So we have included that. And to just answer the question of what would we need, we need a month like December where the uptime is good, and then we need more wells online.

What capex level is consistent with the production profile indicated on slide 21?

So I think we answered that a little bit earlier. So what we're showing on the production profile reflects the projects and the infill wells that Catherine articulated in the presentation. So that CAPEX estimate that we're guiding through 26, 27 to 30 is reflecting that program of projects. So around the 100 to 150 over that time.

And then growth outside of Denmark. How do you assess UK versus Norway versus other areas?

So maybe if we just run through those in turn, I think the UK, while it's seen quite a lot of M&A activity over the last year, couple of years, predominantly that's been driven by companies that are operating within the UK already, essentially coming together to realize tax synergies. I think from a new entrant perspective, I think the UK is still a very difficult landscape to get your head around, given the fiscal uncertainty. I think if I look at it from our perspective, particularly, we also look at it and say, well, actually, in Denmark, we're in this position where we have a tax stability mechanism, effectively a compensation clause that prevents or restricts kind of your exposure to changes in fiscal regime. moving from that very stable position and then moving into a region that has a less stable fiscal regime, I think it's probably quite difficult. Ultimately, it does depend on the transaction, and there may still be some things that could be interesting, but it's still not at the top of the list, I think, given the uncertainty that we've seen. On the fiscal stability point, that's obviously one area where Norway does compare pretty well. The reality, on the other hand, is that Norway is, from an M&A perspective, is very competitive. There are lots of people who see the benefit of operating in Norway. So ultimately, you need to balance these things up. And on your point around the other areas, I think... When we talk about looking at growth outside Denmark, I think we're still operating within a framework that is broadly consistent with where we are at the moment. And what we've talked about is being our kind of key strategic drivers, the main one being the provision of gas into Europe and gas into the EU. So I think that probably gives you a sense of, at least in the near term, when we talk about growth outside Denmark, we're not looking at a fundamental shift. And ultimately, just to re-emphasize one point that I made earlier, the real focus when we talk about growth is that we will only do things that are accretive to our distribution profile. That's a very clear line for us.

And then given the strong cash flow outlook for 2026, could you clarify under what conditions you would prioritize share buybacks versus cash dividends, given the authorization from the 2025 AGM is still not fully used?

So our starting point, at least at the moment, is that the distributions that we're making are predominantly dividends. I think that's based on, I think, something close to our consensus, having spoken to our shareholders when we have gone through recent discussions with them. In some circumstances, it would make sense to prioritize share buybacks, but that's predominantly linked to what your share price is at the time. I think given where we are at the moment, I think there's an expectation or the expectation should continue to be predominantly cash dividends. But we obviously do assess on an ad hoc basis as we go through whether it makes more sense from a value perspective and from a shareholder perspective for those distributions to be made as share buybacks.

Five infill wells are highlighted on page 20. Do you expect to drill all in 2027? Also, when would we expect to receive more details regarding the additional potential for infill opportunities?

So we will start drilling in 2027, and we will start with the Haften Ecofiske wells, the two wells we have planned. And then after that, we will go to Velma of Cretaceous. So that's the plan for 2027. And then the plan to get more infill wells matured is something we're looking at when we get more results in from Tyra, because they sit in the Tyra hub area.

And I think the rest of the questions we have already answered. So thank you to everyone who has dialed in.