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.