#financial results #Cash Dividend #Norway #Oslo #BlueNord

BlueNord ASA Announces Q1 2026 Financial Performance

On May 4, 2026, BlueNord ASA released its financial results for the first quarter of 2026, showcasing significant operational and financial strength. The company proposed a substantial cash dividend of USD 100 million for the quarter, amounting to 70% of net cash flow derived from operating activities during this period.

Key Highlights

• - Net hydrocarbon production reached 43.1 mboepd, compared to 42.2 mboepd in Q4 2025.
• - Quarterly revenues totaled USD 318 million, marking an increase from USD 270 million in the previous quarter.
• - EBITDA grew to USD 201 million, up from USD 186 million in Q4 2025.
• - Net operating cash flow stood at USD 141 million, slightly down from USD 165 million in Q4 2025.
• - The company reported 2P reserves of 172.4 Mmboe, alongside near-term 2C resources of 22.6 Mmboe.
• - Successful refinancing of the Reserve Based Lending (RBL) facility, extending its maturity to December 31, 2031, with no amortization until the end of 2028.
• - Strong liquidity position of USD 460 million at the conclusion of the quarter.
• - A fruitful walk-to-work campaign at the Tyra hub successfully brought approximately 80% of the well stock online, enhancing the well potential significantly.

Operational Overview

In Q1 2026, BlueNord recorded a total net production of 43.1 mboepd, successfully meeting its quarterly guidance of 42.0-45.0 mboepd. A pivotal contributor to this performance was the Tyra hub, which delivered its highest quarterly contribution since its restart, contributing 22.9 mboepd. The stable output from the base assets (Dan, Gorm, and Halfdan hubs) averaged 20.1 mboepd, aligning with expectations.

Moreover, the Danish government has extended an invitation to the partners of the Danish Underground Consortium to explore an extension of the existing production licence beyond its current expiration in 2042. This move aligns with the aims of the 2020 North Sea Agreement, which would bolster European energy security by extending the production horizon of the asset base.

Financial Performance

The revenue surge to USD 318 million in the first quarter was driven by increased production volumes and robust output from the Tyra hub. EBITDA climbed to USD 201 million, while operating cash flow stood at USD 141 million. Reflecting the strong performance in Q1, BlueNord proposed a cash dividend of USD 100 million for the first quarter, which places them at the higher end of their distribution policy range of 50-70% of operating cash flow.

In a stride to manage its capital structure effectively, BlueNord also plans to pursue refinancing options for its BNOR16 senior unsecured bond, prompting meetings with fixed-income investors this week.

Outlook

The CEO of BlueNord, Euan Shirlaw, remarked, “The first quarter of 2026 marks another significant milestone for BlueNord, achieving the highest quarterly production in the company's history, showcasing the resilience and performance of our operations at the Tyra hub as well as our consistent base assets. We anticipate further production increases at Tyra in the latter half of the year.”

The current geopolitical climate, particularly surrounding the ongoing conflicts in regions like Iran, underscores the strategic value of reliable European energy sources. BlueNord’s production remains crucial for regional energy security, ensuring stable and more sustainable energy outputs while reducing dependency on foreign energy sources.

As production boosts and performance enhances, BlueNord emphasizes maximizing shareholder returns while preserving a conservative capital structure. The planned refinancing of BNOR16 illustrates this commitment to maintaining robust fundamentals in the face of evolving market dynamics.

For further details, the report and investor presentation can be accessed on BlueNord's website or during the scheduled webcast.

Contact: Cathrine F. Torgersen
Chief Corporate Affairs Officer
Phone: +47 915 28 501
Email: [email protected]

This communication qualifies as inside information per the EU Market Abuse Regulation, with requirements issued in accordance with the Norwegian Securities Trading Act.