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Vår Energi (VAR) investor relations material
Vår Energi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary21 Oct, 2025
Executive summary
Achieved transformational growth ahead of schedule, with Q3 2025 production at 370,000 boe/d and Q4 guidance at ~430,000 boe/d, driven by new project ramp-ups and strong operational efficiency.
Seven of nine new projects are on stream, including Jotun FPSO and Johan Castberg at plateau, with the remainder expected by year-end.
Jotun FPSO reached peak production ahead of plan, significantly contributing to output.
Strong cash flow from operations (USD 1.2 billion), reduced net debt, and available liquidity of USD 3.6 billion.
Q3 dividend of USD 300 million declared, with full-year dividend guidance of USD 1.2 billion for 2025 and 2026.
Financial highlights
Q3 2025 total income was USD 2,140 million, with CFFO at USD 1.2 billion and capex at USD 726 million.
Average realised price was USD 68/boe; 18% of gas volumes sold at USD 90/boe under fixed-price contracts.
Net interest-bearing debt at quarter-end was USD 5.2 billion, leverage ratio at 0.9x, and available liquidity at USD 3.6 billion.
Q3 dividend of USD 300 million confirmed; annual dividend guidance of USD 1.2 billion for 2025 and 2026.
EBIT margin was 50% in Q3 2025; net profit was USD 152 million, down from Q2 due to higher depreciation.
Outlook and guidance
Full-year 2025 production guidance: 330,000–360,000 boe/d; Q4 2025 expected at ~430,000 boe/d.
Production cost guidance: USD 11–12/boe for 2025, trending to USD 10/boe by Q4 and targeted long-term.
Development capex for 2025 guided at USD 2.3–2.5 billion; exploration capex at USD 400 million.
Dividend policy: 25–30% of CFFO after tax; annual dividend guidance of USD 1.2 billion for 2025 and 2026 maintained.
Targeting sustainable production of 350,000–400,000 boe/d through 2030 and beyond.
Why discontinue Halten/Snorre power projects?
How to sustain 350-400 kboepd post-2025?
What drove Q3 impairment adjustments?
Leverage target's role in 2026 dividend confidence?
How will CapEx flexibility optimize 2026 investments?
Key drivers for sustaining $10/boe OpEx long-term?
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Next Vår Energi earnings date
Q4 202510 Feb, 2026
Next Vår Energi earnings date
Q4 202510 Feb, 2026
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Vår Energi AS is an oil and gas exploration and production company. It operates offshore assets primarily in the Norwegian Continental Shelf, producing hydrocarbons through partnerships and operator-led developments. The company is headquartered in Sandnes, Norway, and its shares are listed on the Oslo Stock Exchange.
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