DNO (DNO) Q4 2025 earnings summary

Executive summary

• Net production rose 43% year-over-year to 110,700 boe/d in 2025, the highest in company history, driven by the Sval Energi acquisition.

• Revenues more than doubled year-over-year to $1.474 billion, with cash from operations also more than doubling to $929 million.

• Operating profit reached $513 million, but net profit was negative $25 million due to high taxes and financial expenses.

• $130 million was distributed to shareholders via quarterly dividends in 2025.

• Business now balanced between North Sea (Norway) and Kurdistan, with a smaller presence in West Africa.

Financial highlights

• 2025 revenue more than doubled year-over-year to $1.474 billion, with 86% from the North Sea.

• Operating profit increased to $513 million, but net profit was negative $25 million due to high taxes and financing costs.

• Cash from operations nearly doubled to $929 million.

• Net cash/debt position at year-end was negative $885.9 million, a significant shift from a net cash position in 2024.

• Total dividends paid in 2025 were $130 million, with a new quarterly dividend of NOK 0.375 per share approved.

Outlook and guidance

• Targeting 100,000 boe/d gross production from the Tawke license, with DNO's share guided at 65,000 boe/d for 2026.

• North Sea net production guided at 82,000 boe/d for 2026.

• CapEx expected to rise to $1.65 billion in 2026, supporting drilling and development programs.

• Four ongoing North Sea developments are expected to come onstream between 2026 and 2029.

• DNO was awarded participation in 17 new exploration licenses in Norway in January 2026.