Core Viewpoint - DNO ASA, a Norwegian oil and gas operator, is set to release its Q4 2025 operating and interim financial results on February 5, 2026, and has provided an update on production and sales volumes for the quarter [1]. Production and Sales Volumes - Gross operated production in Q4 2025 was 77,268 boepd in Kurdistan, up from 46,572 boepd in Q3 2025 and slightly higher than 74,163 boepd in Q4 2024 [2]. - North Sea production was 10,555 boepd in Q4 2025, down from 11,508 boepd in Q3 2025 but significantly higher than 6,602 boepd in Q4 2024 [2]. - Net entitlement production in Kurdistan for Q4 2025 was 20,019 boepd, an increase from 14,449 boepd in Q3 2025 and 17,424 boepd in Q4 2024 [2]. - North Sea net entitlement production reached 88,271 boepd in Q4 2025, up from 77,324 boepd in Q3 2025 and significantly higher than 19,031 boepd in Q4 2024 [2]. - Sales volumes in Kurdistan for Q4 2025 matched net entitlement production at 20,019 boepd, while North Sea sales were 74,952 boepd, down from 79,419 boepd in Q3 2025 but higher than 17,088 boepd in Q4 2024 [2]. - Equity accounted production in Côte d'Ivoire was 3,456 boepd in Q4 2025, up from 3,143 boepd in Q3 2025 and higher than 2,994 boepd in Q4 2024 [2]. Financial Highlights - DNO paid a dividend of NOK 0.375 per share in Q4 2025, totaling USD 35.8 million, which annualizes to NOK 1.50 per share [3]. - The company also paid taxes amounting to USD 96.5 million in Norway related to estimated taxable profit for 2025 and final tax assessment for 2024 [3]. Exploration Activities - DNO participated in three exploration wells on the Norwegian Continental Shelf during the quarter [4]. - The Page well in PL1086 was classified as dry, while the Tyrihans Øst well in PL1121 and Camilla Nord in Vega Unit discovered between 1-8 million barrels of oil equivalent (MMboe) and 2.2-4.7 MMboe, respectively, indicating potential for tie-back to existing infrastructure [4].

Financial Data and Key Metrics Changes - The company achieved record high EBITDA of $106 million in Q2 2025, with a last twelve months EBITDA of $344 million, benefiting from stable cash costs and higher gold prices [7][31] - Net revenues increased to $190 million in Q2 2025, reflecting a significant rise due to increased production and gold prices [31] - Net profit for the quarter was reported at $8 million, with adjusted net income reaching $37 million [9][33] Business Line Data and Key Metrics Changes - Gold equivalent production for Q2 was 64,000 ounces, an increase from 60,000 ounces in Q1 2025, and consistent with the same period last year [6][19] - Copper production contributed approximately 20% to revenues, with adjustments made for gold equivalent calculations based on copper sales [7][8] - The adjusted EBITDA contributions from various business units included Aranzazoo and Minos at $36 million and $34 million respectively, while Almas contributed $25 million [35] Market Data and Key Metrics Changes - The average gold price for the last twelve months was approximately $2,800, with current prices hovering around $3,400, indicating potential for further EBITDA improvement [7][31] - The company is experiencing stable all-in sustaining cash costs at BRL $1,449 million, consistent with previous quarters and last year when adjusted for constant prices [22][24] Company Strategy and Development Direction - The company is focused on three strategic avenues: delivering greenfield projects on time and budget, increasing exploration investments, and pursuing M&A opportunities [15][96] - Recent acquisitions include Bluestone and MSG, with plans to ramp up production at Borborema and Herradorada, expected to contribute significantly to future output [10][12] - The company aims to improve its market multiple by increasing production and addressing trading volume through its NASDAQ listing [13][100] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about production increases in the second half of the year, particularly with Borborema expected to reach commercial production by September [11][73] - The company is actively engaging with local communities and authorities in Guatemala to ensure smooth project development [44][47] - Management highlighted the importance of maintaining safety standards, with over 1,000 days without lost time incidents during construction [17] Other Important Information - The company announced a dividend of $0.33 per share, resulting in a last twelve months dividend yield of 7.4% [16] - The IPO on NASDAQ is seen as a strategic move to enhance liquidity and market presence [14][96] Q&A Session Summary Question: What is the timeline for the final investment decision between Matupa and Guatemala? - Management expects to make a decision by the end of the year, contingent on social licensing progress in Guatemala [44][49] Question: What are the first impressions from site visits to MSG and opportunities for improvement? - Initial assessments indicate potential for increased production and reduced costs through equipment upgrades and operational efficiencies [46][50] Question: Is there space for additional M&A given the stronger cash position? - The company remains open to M&A opportunities while focusing on current projects, with a cautious approach to ensure accretive acquisitions [54][60] Question: What is the expected production and sales level for Borborema in Q3 and Q4? - The company anticipates reaching around 80% capacity by September, with plans to achieve full capacity by the end of the year [71][73] Question: What is the cash impact from gold hedges in the coming quarters? - The company has hedged approximately 80% of projected production from Borborema, with varying impacts expected in the second semester [72][78]