DNO (DNO) Q3 2025 earnings summary

Executive summary

• Q3 2025 was transformational, marked by the first full quarter of Sval Energi acquisition integration, which doubled revenue and operating profit and drove net production to 115,400 boepd, with major contributions from the North Sea, Kurdistan, and West Africa.

• The quarter featured a major exploration success with the Vidsyn discovery in Norway, adding 31 MMboe in gross mean recoverable resources.

• Leadership transition occurred with the retirement of CFO Haakon Sandborg and appointment of Birgitte Wendelbo Johansen.

Financial highlights

• Revenue reached USD 547 million, up 112% quarter-on-quarter, with operating profit at USD 222 million and net profit at USD 20 million.

• Operational cash flow surged to USD 407 million, and cash at quarter-end was USD 531 million after repaying a USD 300 million bridge loan and paying USD 36 million in dividends.

• Investments totaled USD 225 million, including significant CapEx in the North Sea.

• Lifting costs increased to USD 110.9 million, with average costs per boe at USD 7.5 in Kurdistan and USD 12.2 in the North Sea.

Outlook and guidance

• North Sea strategy focuses on rapid development and monetization, with four developments scheduled between 2026 and 2029 and three wells currently drilling.

• Kurdistan production restored after drone strikes, with plans to ramp up to 100,000 bbl/day by end of next year and restart drilling by year-end.

• Prefinancing facilities for North Sea oil and liquids to exceed USD 900 million by 2026.