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DNO (DNO) investor relations material
DNO Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q1 2026 delivered strong financial and operational results, with record North Sea production and high oil and gas prices driving a 30% sequential revenue increase to USD 627 million and a 60% rise in operating profit to USD 284 million.
Net profit reached USD 51 million, rebounding from a net loss in Q4 2025, while cash from operations was USD 383 million.
Net production averaged 131,700 boepd, down 12% sequentially due to lower Kurdistan volumes, but North Sea output remained robust at 88,600 boepd.
Kurdistan operations were temporarily halted for safety after regional conflict but partially resumed in April 2026; drilling and investment have resumed post-ceasefire.
Strategic focus remains on accelerating North Sea production to 100,000 boepd by 2030, leveraging organic growth and targeted acquisitions.
Financial highlights
Q1 2026 revenue reached USD 627 million, up from USD 482 million in Q4 2025, mainly due to higher prices and increased North Sea sales volumes.
Operating profit rose 60% quarter-on-quarter to USD 284 million; net profit was USD 51 million, compared to a net loss in Q4 2025.
Operational cash flow reached USD 383 million, up from USD 264 million in Q4 2025.
Cash and cash equivalents at quarter-end were USD 531 million.
Net debt reduced to USD 790 million; equity ratio at 21%.
Outlook and guidance
North Sea production and operational spend guidance unchanged; Kurdistan guidance updated due to ongoing uncertainties.
Expectation of lower production and investment in Kurdistan for 2026, but optimism for higher output upon restart.
Multiple North Sea fields scheduled to come onstream between 2026 and 2029, with Symra starting production nine months ahead of schedule in April 2026.
- Record production and revenues in 2025, but net profit was negative amid higher debt.DNO
Q4 202517 Apr 2026 - Net profit doubled to $35M, cash rose to $943M, and dividend increased 25% in Q2 2024.DNO
Q2 20241 Feb 2026 - Q3 2024 revenue up 24% to USD 170.5M, net profit USD 20M, strong cash and liquidity.DNO
Q3 202416 Jan 2026 - USD 1.6B Sval Energi deal quadruples North Sea output and boosts reserves by 50%.DNO
M&A Announcement17 Dec 2025 - Strong cash flow and production growth offset by impairments, with robust balance sheet.DNO
Q4 202416 Dec 2025 - Q2 2025 saw record revenue and profit growth, Sval Energi integration, and a 20% dividend hike.DNO
Q2 202523 Nov 2025 - Sval Energi deal to quadruple North Sea output as Q1 profit, cash, and discoveries surge.DNO
Q1 202519 Nov 2025 - Revenue and profit doubled in Q3 2025, led by Sval Energi and Kurdistan recovery.DNO
Q3 202513 Nov 2025
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