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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.
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Q1 2026 earnings summary7 May, 2026

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.

Kurdistan production recovery status post-halt
Impact of Equinor asset swap on 2030 production
Timeline for recovery of $290m KRG arrears
Kurdistan commercial viability requirements
North Sea fast-track development strategy
Impact of the July Turkey pipeline expiry
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