6

Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Board of Directors’ Report

Vår Energi ASA is a leading independent upstream oil and gas company on the highly attractive NCS. The Company holds strategic positions in some of the most productive and profitable regions across the shelf. In 2025, the Company made significant progress in developing and executing its strategy for long- term value creation as a leading, growing and profitable oil and gas company and thereby deliver additional value for its stakeholders and shareholders.

Vår Energi was founded in 2018 through the merger of Eni Norge AS and Point Resources AS, followed by the 2019 acquisition of ExxonMobil Exploration and Production Norway AS, which enhanced the Company’s operational platform. The Company was listed on the Oslo Stock Exchange on 16 February 2022 under the ticker “VAR”. In 2024, Vår Energi further strengthened its strategic position on the NCS through the acquisition of Neptune Energy Norge AS.

In 2025 Vår Energi delivered record-high production, high reserve replacement, strong financial performance and significant value creation, while further de-risking the outlook through the completion and start-up of nine

projects, including the Jotun FPSO at the Balder field and Johan Castberg. The Company is in a stronger position for long-term value creation, and continued to deliver attractive returns, reflected in shareholder distributions for 2025 of USD 1.2 billion, in line with guidance. Vår Energi’s investment grade credit ratings of

BBB from S&P Global and Baa3 from Moody’s Investors Service were reaffirmed, both with a stable outlook.

The Company maintained focus on safe operations with zero material actual safety or environmental incidents recorded in 2025.

Three people walk along a modern office corridor with glass railings, and the Vår Energi logo is visible on a wall in the background.

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Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Board of Directors continued

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Thorhild Widvey Chair

Other directorships: Chair Bergen International Festival, Board member QSPA. Board member smaller companies.

Experience: Ms. Widvey has over 20 years of experience in the Norwegian public and private sectors, with a focus on the energy industry. Ms. Widvey is, among other things, a former Minister of Petroleum and Energy and State Secretary in the Ministry of Foreign Affairs. Ms. Widvey was the chair of Statkraft from 2016 until 2023 and has served as a member of the board of directors of Aker Solutions and Solstad Offshore and many other companies in the oil and gas industries.

Education: Leadership.

Citizenship: Norwegian

Place of residence (country): Norway

Year of birth: 1956

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Liv Monica Bargem Stubholt Deputy Chair

Other directorships: Eidsiva Energi AS, Cadre AS, Gigante Salmon AS and Green Ammonia Berlevåg AS. Board member of VNG AG and Nordic Ferry Infrastructure AS.

Experience: Ms. Stubholt is an independent advisor with a focus on Governance, Strategy and the Energy sector. Ms. Stubholt, a former corporate law partner (Selmer and BAHR) has served as Investment Director at Aker ASA, President and CEO of Aker Seafoods ASA, CEO of Aker Clean Carbon AS, EVP in Kværner ASA, and State Secretary at the Norwegian Ministry of Foreign Affairs and the MoE.

Education: Ms. Stubholt holds a Master of Laws degree from the University of Oslo.

Citizenship: Norwegian

Place of residence (country): Norway

Year of birth: 1961

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Francesco Gattei Board member

Other directorships: Board Director of Ithaca Energy (UK) Limited (energy company listed in London).

Experience: Mr. Gattei has over 30 years of experience in the oil and gas industry across various senior roles at Eni S.p.A. group. Mr. Gattei is currently Chief Transition & Financial Officer, Chief Operating Officer and General Manager for Eni S.p.A. and he has previously served as Upstream Director of the Americas, Head of Investor Relations, Secretary to Eni’s Advisory Board, Senior VP of Market Scenarios and Strategic Options, and Head of Upstream M&A. He is currently board member of Ithaca Energy plc a company listed in UK.

Education: Mr. Gattei holds a Master's in Energy and Environmental Management from the Scuola Mattei. Furthermore, he earned a degree in Economics and Commerce in 1994 at the University of Bologna with a thesis on the oil market.

Citizenship: Italian

Place of residence (country): Italy

Year of birth: 1969

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Guido Brusco Board member

Other directorships: Chairman of Confindustria Energia (association of energy companies operating in Italy), Board Director of Ithaca Energy (UK) Limited (energy company listed in London), Board Director of Azule Energy Holdings Limited (energy company located in Angola, JV between Eni and BP) and Board Director of ENI foundation.

Experience: Mr. Brusco has over 30 years of experience in the upstream oil and gas sector of the Eni S.p.A. Group. Mr. Brusco is currently the Chief Operating Officer of Global Natural Resources and General Manager for Eni S.p.A. and previously served as Upstream Director, EVP for the Sub-Saharan Region, Managing Director of Eni Angola, Managing Director of Agip Caspian Sea and Agip KCO (Kazakhstan).

Education: Mr. Brusco holds a degree cum laude in Mechanical Engineering from Università La Sapienza in Rome.

Citizenship: Italian

Place of residence (country): Italy

Year of birth: 1970

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Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Board of Directors continued

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Francesca Rinaldi Board member

Other directorships: None

Experience: Ms. Rinaldi has over 20 years of experience in the oil and gas industry, she has enjoyed a varied and rich international experience in Italy, Egypt, Angola, Kazakhstan and UK. Her current position is the Head of Operated by Other Business Performance and Asset Valorisation Initiatives, based in Eni Headquarters.

Previously, she has covered diverse roles in Well Operations, including the Head of Drilling Completion and Production Optimisation activities for all Eni worldwide assets, and she was also appointed Managing Director of Eni UK in London.

Education: Ms. Rinaldi graduated in Engineering from the University of Bologna and holds a Masters in Management Development from the SDA Bocconi School of Management in Milan. She also attended an Executive Leadership programme in Oxford University.

Citizenship: Italian

Place of residence (country): Italy

Year of birth: 1978

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Claudia Almadori Board member

Other directorships: Board member OGCI Climate Investments LLP (since January 2024).

Experience: Ms. Almadori has 15 years of experience in the energy business for Eni S.p.A. Group. She is currently the Head of Procurement; previously she has held various positions in Eni, serving within the Internal Audit Department as Head of the Internal Audit Relations with Governance Bodies and as team leader in health, safety & environment audit activities across the whole Eni S.p.A. Group. Formerly, she worked in a consultancy firm in projects related to HSE and sustainability, on behalf of companies and multinationals in different industrial sectors.

Education: Ms. Almadori holds a degree cum laude in Environmental Engineering from University of Perugia (Italy); she also completed an international advanced training course on Social & Environmental Sustainability.

Citizenship: Italian

Place of residence (country): Italy

Year of birth: 1979

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Fabio Ignazio Romeo Board member

Other directorships: Epta Refrigeration S.p.A.

Experience: Mr. Romeo is partner at Corporate Hangar, a consultancy supporting clients’ innovation processes. He was formerly the Chairman for Oman Cables, served as a Director at CESI S.p.A. and a Vice Chairman of Elkat S.A. Mr. Romeo served as Director at Prysmian Group S.p.A. from 2007 to April 2021 and as Chief Strategy Officer from 2014 until he left the company.

Education: Mr. Romeo holds an undergraduate degree in Electrical Engineering from Politecnico di Milano, and a graduate degree and doctorate in Electrical Engineering and Computer Sciences from the University of California, Berkeley.

Citizenship: Italian

Place of residence (country): Italy

Year of birth: 1955

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Ole Johan Gillebo Board member

Other directorships: Serving as Chair or Board Member of certain private investment companies.

Experience: Mr. Gillebo has over 20 years of experience across corporate finance, investment banking and private equity in the US and Europe, including serving as Investment Director in the European Buyout Team of EQT Partners, and as Executive Director in the Global Energy Team at Goldman Sachs’ Investment Banking Division. He started his career in the CFO group at Equinor.

Education: Mr. Gillebo holds an MBA from Columbia Business School; BA in Economics and BBA in Finance from Pacific Lutheran University; further graduate studies at Harvard University and London Business School.

Citizenship: Norwegian

Place of residence (country): Norway

Year of birth: 1981

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Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Board of Directors continued

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Jan Inge Nesheim Board member, employee-elected representative

Other directorships: None

Experience: Mr. Nesheim has worked offshore for Vår Energi for more than 30 years (previously ExxonMobil and Point Resources). Mr. Nesheim holds the position of Discipline Responsible Mechanical at Balder. Prior to joining Vår Energi, he worked offshore for other companies such as Smedvig Drilling. During recent years, Mr. Nesheim has been an employee-elected Board member representing the trade union SAFE, as well as the head of the local trade union. Previously, Mr. Nesheim has represented the employees in numerous committees, such as the Working Environment Committee and the Works Council.

Education: Mr. Nesheim is educated as a Marine Chief Engineer.

Citizenship: Norwegian

Place of residence (country): Norway

Year of birth: 1963

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Martha Skjæveland Board member, employee-elected representative

Other directorships: None

Experience: Ms. Skjæveland has worked for Vår Energi since 2006. She has more than 33 years of experience in the oil industry and across drilling, operations, projects, service companies and commercial. She has been the leader of the trade union Styrke (former Industri Energi) within Vår Energi since 2010. She was also Eni Norge’s representative in the Eni Corporate European Works Council from 2011 to 2018, and deputy board member of Eni Norge’s board of directors from 2016 to 2018.

Education: Ms. Skjæveland has mixed education in working environment and economics from different universities in Norway.

Citizenship: Norwegian

Place of residence (country): Norway

Year of birth: 1966

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Carl Anders Olof Kjörling Board member, employee-elected representative

Other directorships: None

Experience: Mr. Kjörling has worked for Vår Energi since 2012. Mr. Kjörling currently holds the position of Senior Commercial Analyst and previously held several leadership positions within the Company. He has more than 19 years of experience in the industry and previously worked for other companies such as SLB (Schlumberger), NOV and Aker Solutions. Mr. Kjörling serves on the Board of Directors as an employee-elected representative. Since 2023, he has been the local leader for the trade union Tekna.

Education: Mr. Kjörling has a Bachelor’s degree in mechanical engineering from Arizona State University in 2006 and a master’s degree in industrial economics from the University of Stavanger in 2012.

Citizenship: Swedish and Norwegian

Place of residence (country): Norway

Year of birth: 1981

Four individual portrait photographs of board members, each shown from the shoulders up against a neutral background.

Lilli Sahlman Fagerdal Board member, employee-elected representative

Other directorships: None

Experience: Ms. Fagerdal has worked for Vår Energi since 2011. Ms. Fagerdal currently holds the position of Quality and Risk Manager and previously worked in several departments in the Company, including the Goliat Development Project in South Korea, OR&A Goliat, HSEQ and leading Modification Projects. Ms. Fagerdal has more than 25 years of experience working in operating companies. She serves on the Board of Directors as an employee elected representative from NITO.

Education: Ms. Fagerdal has a Bachelor’s degree in Automation, certificate of apprenticeship in Process operations and a certificate as a Project Management Professional.

Citizenship: Norwegian

Place of residence (country): Norway

Year of birth: 1981

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Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Executive Committee continued

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Carlo Santopadre

Chief Financial Officer (CFO)

Experience: Mr. Santopadre has over 15 years of experience in the oil and gas industry, primarily with the Italian energy major Eni S.p.A. He has held various senior finance roles in Eni Head Office and subsidiaries across North Africa, the Middle East, and West Africa. Prior to joining Eni, he worked for KPMG.

Education: Mr. Santopadre has a Master’s degree in corporate finance from the LUISS Guido Carli University.

Year of birth: 1981

Four individual portrait photographs of executive committee members, each shown from the shoulders up against a neutral background.

Tone Rognstad

Executive Vice President for People, Communication, IT & Digital

Experience: Ms. Rognstad joined the Company in 2022 and comes from the role as VP for Project Management and Control in Equinor ASA. During her 15 years as an executive in Equinor ASA, she gained extensive managerial experience within the field of people, leadership and organisational development. She held roles in corporate, shared services and the business areas. Prior to joining Equinor ASA, Ms. Rognstad held various executive leadership positions in General Electric, both in Norway and internationally, within the areas of marketing, risk and operations.

Education: Ms. Rognstad holds a Bachelor’s degree in Banking and Finance from BI Norwegian Business School.

Year of birth: 1967

Four individual portrait photographs of executive committee members, each shown from the shoulders up against a neutral background.

Ellen Waldeland Hoddell

Executive Vice President Safety & Sustainability

Experience: Ms. Hoddell has over 15 years of experience within the oil and gas industry in Norway. She has held several positions within the area of Safety and Sustainability within Eni Norge and Vår Energi, including risk and barrier management, technical and operational safety and emergency preparedness and response.

Education: Ms. Hoddell graduated with a Master’s degree in Risk Management and Societal Safety from the University of Stavanger in 2010.

Year of birth: 1980

Four individual portrait photographs of executive committee members, each shown from the shoulders up against a neutral background.

Sverre Bjelland

Executive Vice President Legal, Compliance & Public Affairs

Experience: Mr. Bjelland joined the Company in 2024 and has over 20 years of experience within the oil and gas industry in Norway. Prior to joining Vår Energi he had the role of partner in Schjødt AS and Head of the Oil, Gas and Offshore Energy Group. His experience also includes Assistant Director General in the petroleum law and legal affairs section in the Ministry of Energy as well as VP in Statoil’s (now Equinor) legal department, with responsibility for Development and Production Norway in one period and subsequently for Marketing, Processing and Renewable.

Education: Mr. Bjelland holds a law degree as cand.jur from the University of Bergen.

Year of birth: 1975

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Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

2025 highlights

January

Awarded 16 new production licences on the NCS.

March

Jotun FPSO starts sail-away to the Balder field.

Start-up of production from Halten East and Johan Castberg.

Vår Energi announces that it priced an offering of EUR 1 billion Senior Notes.

May

Vår Energi announces that it priced an offering of USD 1.5 billion Senior Notes.

July

Confirms gas and condensate discovery in Vidsyn exploration well, near the Fenja field.

September

Jotun FPSO reached peak production.

Start-up of gas production from Askeladd West.

November

Confirms successful appraisal well at Goliat Ridge oil discovery.

February

Confirms third oil discovery on Goliat Ridge.

April

Jotun FPSO arrives at Balder field.

June

Start-up of production from Jotun FPSO.

Johan Castberg producing at plateau.

Final investment decisions for Balder Phase VI and Fram Sør.

Start-up of production from Ormen Lange Phase III.

Confirms oil discovery close to Johan Castberg.

Vår Energi successfully completed the refinancing of existing credit facilities totalling USD 2.75 billion.

August

Reached 400 kboepd production milestone ahead of schedule.

October

Announces increased ownership in the Ekofisk Previous Produced Fields (PPF) with completion in December.

December

Confirms another successful appraisal well at Goliat Ridge discovery.

Final investment decision for Isflak development in the Johan Castberg area.

Final investment decision for PPF project in the Greater Ekofisk Area.

Successful start-up of Balder Phase V.

Final investment decision Jotun debottlenecking project.

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Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Key figures 2025

(2024)

Production (kboepd)

332

(280)

Petroleum revenues (USD million)

7 966

(7 372)

EBIT (USD million)

4 185

(3 790)

Profit before tax (USD million)

4 307

(3 313)

CFFO (USD million)

4 607

(3 408)

Capex (USD million)

2 820

(2 875)

FCF 1 (USD million)

1 671

(467)

NIBD/EBITDAX

0.8

(0.8)

1 Free cash flow updated to include payment for decommissioning of oil and gas fields from the cash flow from investing activities

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Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Operational review

Vår Energi’s production of oil, gas and natural gas liquids (NGL) averaged 332 kboepd in 2025, an increase of 19% compared to 280 kboepd produced in 2024. The year-on-year increase was driven by start-up of nine projects where the main contributors were Johan Castberg, Jotun FPSO at the Balder field and Halten East. Total volumes sold were 116 mmboe. Oil represented 65% of the production in 2025, with gas and NGL making up 30% and 5%, respectively.

Vår Energi has production from 42 fields. The Company’s operated fields, which comprise Goliat, Balder, Ringhorne and Ringhorne East, Fenja, Gjøa and Duva, delivered 26% of the production and the remainder is from partner operated fields. Production efficiency for the operated fields was 92% 1 in 2025, a decrease from 93% in 2024 due to planned turnarounds.

1 Operated assets, excluding Jotun FPSO ramp-up

Production split

Production (kboepd)

2025

2024

Balder area

85

55

Barents Sea

58

31

North Sea

87

104

Norwegian Sea

103

90

Total

332

280

Production cost was USD 11.1 per boe in 2025 compared to USD 12.8 per boe in 2024. Total production cost based on sold volumes in 2025 was USD 1.3 billion compared to USD 1.3 billion for 2024. Despite the start up of new fields during the year, the cost remained stable, reflecting continued cost reductions and efficiency improvements across the portfolio.

Projects and development

2025 was a transformational year for Vår Energi. The Company delivered strong progress across all major development hubs, with nine new growth projects started up during the year as planned, contributing to the record high production of 397 kboepd in the fourth quarter.

The development projects delivered in 2025 are Halten East, Johan Castberg, Jotun FPSO, Ormen Lange Phase III, Snøhvit Askeladd Vest, Gjøa Low-Pressure Project, Åsgard Subsea

Compression Phase II, Balder Phase V and Åsgard Low Pressure Project III, with the Halten East, Balder and Johan Castberg projects being the main contributors to the growth. At peak, the nine projects are adding around 180 kboepd net production. Development spend in 2025 was USD 2.5 billion (USD 2.6 billion in 2024) which is in line with guidance.

The Company sanctioned 10 projects in 2025, targeting to develop around 160 mmboe net 2P reserves. These projects demonstrate strong economics, with an average portfolio rate of return of above 30% and breakeven price of around USD 30 per barrel. Three of the sanctioned projects, Balder Next – Jotun debottlenecking, Eldfisk North Extension and Balder Phase VI target production start-up in 2026.

With a strengthened asset base underpinned by increased reserves and resources Vår Energi is guiding full year 2026 production in the range of 390 to 410 kboepd and raises the long-term production target to more than 400 kboepd. This is supported by a portfolio of 13 high value projects in execution, a flexible and robust pipeline of around 30 early phase projects being matured with breakevens of around USD 35 per boe. A Subsea Factory way of working has been established for faster project delivery and higher value creation.

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Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Exploration

The Company participated in 20 exploration wells, including two appraisal wells in 2025 resulting in 6 discoveries, representing a success rate of around 35%, continuing the Company’s strong exploration track record on the NCS. Total estimated net recoverable resources discovered in 2025 are in the range 45 to 75 mmboe, with the main discoveries being the Goliat Ridge close to the Company’s operated Goliat FPSO in the Barents Sea and Vidsyn close to the Company’s operated Fenja subsea field in the Norwegian Sea. The volumes were delivered with a finding cost of around USD 1.7 per boe post tax.

In the first quarter of 2025, a successful exploration well was drilled on the Goliat Ridge, which was followed up with two further successful appraisal wells and two production tests on the discovery, confirming the potential of the trend. The discoveries demonstrate the potential of the Goliat Ridge, with estimated gross discovered and prospective resources of above 200 mmboe. A subsea tie-back of the Goliat Ridge discovery to the nearby Goliat FPSO is being planned.

In the third quarter of 2025, the Vidsyn gas-condensate discovery was made with estimated gross recoverable resources in the range 25 to 40 mmboe. The discovery could open up new opportunities in neighbouring segments of the Vidsyn ridge, where the total potential of the ridge is assessed up to 100 mmboe gross and an appraisal program is being planned.

A subsea tie-back via the nearby Fenja subsea template is being planned.

Additional partner operated discoveries of oil and gas have been made in the F Sør well, close to the Troll field in the North Sea, the Drivis Tubåen oil discovery in the Barents Sea, and Tyrihans Øst, an oil/condensate/gas discovery in the Norwegian Sea. The discovery made through the exploration pilot well Smørbukk Midt, part of Åsgard Unit, is already connected to Åsgard field and produced an average of 16 kboepd gross during the fourth quarter.

During the first quarter of 2026 Vår Energi participated in 6 exploration wells resulting in three commercial discoveries. These include Omega Sør (Vår Energi working interest 5%) near the Snorre facilities, Polynya (Vår Energi working interest 30%) near Johan Castberg and Frida Kahlo (Vår Energi working interest 17.2%) located northwest of the Sleipner Vest field, which will be brought on stream in April 2026.

Reserves and resources

As of 31 December 2025, Vår Energi’s total net proved and probable reserves (2P) were estimated to 1 294 mmboe, up from 1 187 mmboe at year-end 2024. The increase is mainly a function of maturing several projects like Goliat Gas, Ekofisk Previously Produced Fields as well as Balder VI and Balder Next to reserves. The 2P Reserves Replacement Ratio for 2025 is 185%, while it is 174% on a 3-year rolling average basis. During 2025 several projects came on

stream leading to a significant shift in the portion of 2P reserves being in the developed category, which now stands at 59% of total 2P reserves, up from 45% at year-end 2024.

Total 2P reserves are distributed with 23% in the Balder area, 19% in the Norwegian Sea, 32% in the Barents Sea and 26% in the North Sea. The Company’s 2P reserves were split into 60% oil, 35% gas and 5% NGL. The Company’s five largest fields, Balder, Ringhorne, Johan Castberg, Goliat and Snorre combined, amounted to 53% of total 2P reserves at year end 2025.

As of 31 December 2025, total 2C resources are 865 mmboe, a slight reduction from 2024 as projects are moved into execution. Exploration successes and technical revisions are positively contributing, as the Company is actively de-risking and progressing discovered resources into new development projects.

The Company’s Reserve Life Index at year end 2025, calculated based on proved and probable reserves, was approximately 10 years.

Research and Development

Vår Energi’s research and development (R&D) activities seek to provide technical solutions to support Vår Energi’s corporate strategy. Value-driven technology implementation is a key enabler to ensure safe, responsible, efficient and high-value barrels to the market, all in line with Vår Energi’s corporate strategy.

To maximise value creation the technology portfolio is divided in five key areas: safety and responsibility, accelerating decarbonisation, developing marginal barrels, maximising recovery and operational excellence.

In 2025, Vår Energi invested in R&D across the full value chain in a balanced portfolio of projects aligned with the business needs and strategy. Vår Energi partnered in research, development and qualification projects on topics such as next-generation subsea production systems, on-demand and additive manufacturing, improving subsurface understanding and processing, developing new tools to optimise drilling operations and improving health, safety and environment (HSE) performance.

Multiple decarbonisation initiatives were ongoing – including carbon capture and storage (CCS), digital inventory and on- demand manufacturing, and restoration of kelp forests. Vår Energi also collaborated in several large-scale national projects supporting decarbonisation, run by Norwegian research institutes, and jointly funded by other operators and the Research Council of Norway.

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Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Security

Geopolitical tensions drive persistent risks such as physical sabotage of assets or critical infrastructure. The Company is continuously improving the security awareness and ownership, tightening personnel security (own and suppliers), increasing offshore training to execute security plans and enhancing cyber capabilities to detect, prevent, respond and recover, keeping the residual risk stable despite elevated threat levels.

Information and Cyber Security Risk

Vår Energi is exposed to information and cyber security threats, such as attempts to gain unauthorised access to systems, disrupt operations or compromise sensitive data. Geopolitical tensions and sophisticated state sponsored actors heighten the risk of cyber attacks on Vår Energi digital infrastructure, suppliers and critical operational systems. Successful attacks could impact production, safety, systems, data integrity or confidentiality and lead to financial or reputational consequences. The Company mitigates this risk through a strengthened cyber security framework, continuous monitoring and threat detection, enhanced access and identity controls, supplier security requirements, employee training and awareness initiatives and established response and recovery procedures to ensure resilience.

Operations

Vår Energi’s operations may be affected by technical issues, equipment failures, variable reservoir performance and operational interruptions that can reduce production

efficiency or delay planned activities. Such challenges may lead to increased operating costs, deferred production or reduced reliability across Vår Energi’s asset portfolio. The Company mitigates this risk through systematic maintenance and integrity management, continuous improvement of operating procedures, strengthened cross-discipline collaboration and the use of digital tools to enhance planning, monitoring and operational performance.

Project Execution

Vår Energi’s development projects depend on timely and high quality engineering, fabrication and installation. Delays, capacity constraints, or quality deviations in the supply chain or at fabrication yards may impact cost, schedule and production start up. To mitigate this, the Company applies a structured project development model, solid early phase governance, and strong partnerships to secure critical expertise and long lead items. Continuous portfolio oversight and improved planning processes support predictable and safe project deliveries.

Supply Chain

Vår Energi depends on a broad network of suppliers providing equipment, technology and services essential to operations, well deliveries and project execution. Global market tightness, logistical disruptions or reduced supplier performance may lead to delays, increased cost or reduced operational efficiency. The Company mitigates this risk through strong supplier collaboration, early demand visibility, robust qualification and

Several people work and discuss in a control‑room environment with large data screens on the wall and multiple computer monitors displaying technical information.

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Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

performance management, and integration of key suppliers into planning and improvement processes, ensuring delivery of services that meet health, safety, security, environment and quality (HSSEQ) requirements.

Biodiversity & sensitive environments

Vår Energi’s operations have potential impacts on sensitive marine ecosystems through discharges, chemical use and accidental spills. Vår Energi integrates environmental requirements into project planning and operational controls, applies stringent permit compliance and targets continuous improvement in emissions, discharges and spill prevention as part of its environmental management.

Market & Financial Risks

Volatile commodity prices

Vår Energi operates in the crude oil and natural gas market and volatility in hydrocarbon prices may therefore impact revenues, reserve estimates, profitability and the rate of growth. Commodity price risks represent a significant risk.

Oil and gas prices remain volatile due to geopolitics, expanded global liquide natural gas (LNG) supply, intermittent renewables affecting gas demand patterns, and expected supply increases from OPEC+ unwind phases and non OPEC producers. Vår Energi mitigates exposure through structured sales contracts and hedging mechanisms, stronger liquidity buffers, derisked production levels and completion of capital intensive projects.

Currency fluctuations

Vår Energi is exposed to market fluctuations in foreign exchange rates, as the Company’s expenses to a large degree are denominated in NOK, while the income, as well as the price of oil, predominantly is denominated in USD. The price and sale of gas is normally denominated in EUR. Exchange fluctuations may consequently have an impact on the Company’s cash flow and financial condition.

Interest rate

The Company’s financing arrangements is a mix of fixed rate and floating interest rates. Hence, the Company is exposed to interest rate fluctuations. To mitigate this risk Vår Energi has entered into interest rate swaps. Under the swap, the Company receives a fixed amount equal to the coupon payment for the EUR Senior Notes and pays a floating rate to the swap providers.

Liquidity risk

The Company’s future capital requirements depend on many factors, and the Company may need additional funds to fulfil its commitments and further develop exploration and development programs to support the strategic direction of the Company. Liquidity risk is the risk that the Company will not be able to meet the obligations of financial liabilities when they are due. Vår Energi’s liquidity planning is based on short- term (12 months) and long-term forecasts. Liquidity risk is mitigated through a diversified long term financing structure, including bond issuances and committed bank credit facilities, which secure stable access to capital.

Strategic & Portfolio Risks

Resource Base

Vår Energi’s long term strategy of delivering higher production for longer relies on a resilient resource base and the development of discoveries and contingent resources into reserves. Uncertainty related to reservoir performance, exploration outcomes and the progression of early phase projects may affect the Company’s ability to sustain future production and value creation. To address this, Vår Energi applies a disciplined subsurface evaluation process, focuses exploration in established hubs and maintains structured governance for early phase project development. Continuous improvements in reservoir management and portfolio optimisation support the efficient conversion of resources into reserves, underpinning the Company’s ambition to extend production and value creation over time.

Climate-related transition

Climate risk may be related to transitional risk and physical risk. Transitional risks relate to risks associated with transitioning to a low- carbon society and may comprise of market, reputational and policy risks. Physical risks are the risks which arise from the physical effects of climate change and environmental degradation and may arise through changes in weather patterns, temperature increases and other physical effects of climate change.

Vår Energi’s business and results of operations could be adversely affected by the adoption of new climate change laws, policies and regulations. Growing concerns about climate

change and greenhouse gas (GHG) emissions have led to the adoption of various regulations and policies and future global policy may further influence climate related action from the government.

Future changes in climate related regulations, such as increased CO 2 or other emissions related taxes, are likely to impact Vår Energi’s financial results. Uncertainty exists related to development in actual quota prices going forward, and the ramp-up of the total CO 2 costs in the future. Another regulatory risk may be the implementation of new regulations to reduce or stop exploration activities and/ or reduce tax relief on exploration activities on the NCS. There is also a risk that mature assets with higher emissions may not be granted extension of licence and will be decommissioned earlier than anticipated.

Regulations related to the availability of funding in the capital market and application of higher interest rates for companies in the oil and gas sector and/or with high production emissions may be identified as a regulatory risk.

Vår Energi mitigates climate transition risk through an established strategy to reduce emissions from its operations as described below. Residual emissions are addressed through the use of natural carbon capture offsets to support the Company’s commitment to become carbon neutral.

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Decarbonisation

Vår Energi’s ambition to decarbonise its operations depends on reducing emissions through electrification, energy of assets with power from shore, energy efficiency measures and continuous optimisation of offshore operations. Progress may be affected by project complexity, technological constraints, regulatory developments and changes in partner or government priorities, which could delay key initiatives and limit the Company’s ability to lower operational emissions in line with expectations. Vår Energi mitigates this risk through structured development of decarbonisation projects, collaboration with partners on shared infrastructure solutions and ongoing optimisation of energy use across the portfolio, ensuring that emission reduction efforts support long term competitiveness and regulatory compliance.

Legal & Compliance Risks

Social & human rights

Beyond worker safety, Vår Energi recognises broader social and human rights exposures in its workforce and supply chain - including working conditions, equality and non discrimination, and impacts on local communities - addressed through governance, due diligence processes and commitments outlined in the Transparency Act reporting.

Business conduct & anti corruption

The Company is exposed to risks of unethical conduct (e.g. bribery, fraud, lobbying interactions and supplier non compliance) and mitigates these through its Code of Conduct, internal controls, supplier due diligence and training, audit recommendations and regulatory expectations set out in the annual report.

Legal & litigation risk

Vår Energi may face disputes, regulatory actions, licence or participation conflicts and permitting challenges that could affect timing, costs and portfolio value. The Company pursues structured legal case management and stakeholder engagement to resolve issues efficiently and maintain compliance.

Stable fiscal framework

Norway’s petroleum fiscal regime has historically supported long term planning, yet political shifts and a maturing NCS could introduce change. Vår Energi monitors fiscal developments closely at enterprise level given the strategic implications.

A piece of heavy subsurface template equipment is being lowered from a vessel into the sea at night, illuminated by bright lights.

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Dividend

Vår Energi’s material cash flow generation and Investment Grade balance sheet support attractive and resilient distributions. In 2025, the Company distributed a total dividend of USD 1 170 million. The dividend was paid in quarterly instalments. In February 2026, Vår Energi declared further dividend of USD 300 million for the fourth quarter of 2025, which was distributed to shareholders on 12 February 2026.

Going concern statement

A key objective of the Company is to have sufficient solidity and liquidity to be able to finance its operations and investments in accordance with the Company’s business plan and portfolio commitments. The Board confirms that the financial statements of the Company have been prepared under the going concern assumption in accordance with the Norwegian Accounting Act, section 2-2(8). The Board regards the solidity to be satisfactory given the Company’s requirements for financial robustness. The Board considers Vår Energi as well positioned to continue its operations based on the current balance sheet, production and cash flow forecasts and projected investments and expenses.

Accounting standards

The accounting policies used in the IFRS Financial Statements for 2025 are consistent with those used in the 2024 Financial Statements.

Internal control and audit

Vår Energi has established internal control functions to prevent errors and frauds related to financial reporting. The internal controls are periodically assessed and modified to comply with changes in the organisation and business activities. A compliance function has been established to monitor internal controls with respect to compliance with internal guidelines and external laws and regulations. Any material deviations from the established internal control design will be reported to the Executive Committee, the Safety and Sustainability Committee, the Audit Committee and the Board.

Vår Energi has established an internal audit department that independently provides assurance on the effectiveness of governance, risk management and compliance, including how the first and second lines of control achieve risk management and control objectives. Internal Audit is also responsible for the whistleblowing function within the Company.

Information about shareholder matters

The ordinary shares of Vår Energi ASA are freely transferable. There are two classes of shares in the Company, ordinary shares and class B shares, where B class shares are not transferable and have certain appointment rights in relation to the Board. Except for this, all shares carry equal rights.

The Company emphasises equal treatment of its shareholders.

A close-up of the bow of a the red offshore vessel Jotun FPSO, with the sea and a clear blue sky in the background.

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The Company has a share saving program for its employees. The shares are purchased quarterly by DNB after the Company has placed a purchase order. DNB buys shares in the open stock market quarterly and allocates these to employees included in the programme.

Agreements covering the debt financing of the Company, including both bank financing and senior notes issued, contain standard clauses regarding change of control, which would allow lenders or holders of notes to request repayment if certain restrictions are met.

For more detail on share capital and shareholders see the Corporate Governance Report, Shareholder information or note 24 in the financial statement.

Director and Officer’s Liability Insurance

Vår Energi has implemented a Directors and Officers insurance scheme for the Board and key managers. The insurance covers personal legal liabilities including defence and legal costs.

Reporting of payments to governments

Vår Energi has prepared a report on government payments in accordance with the Norwegian Accounting Act § 2-10 and the Norwegian Securities Trading Act § 5-5 a). It states that companies engaged in activities within the extractive industries shall annually prepare and publish a report containing information about their payments to governments at country and project level.

The report is provided in a separate section in the annual report.

Events after the reporting period

In January 2026 Vår Energi was awarded 14 new production licences, of which 6 are as operator, in the 2025 Awards in Predefined Areas (APA) covering mature areas.

The Snorre redetermination was concluded in early January 2026, and is effective from February 2026. The updated Vår Energi equity is 18.16%, down from 18.55%. The new equity share was already included in the impairment model pr 31 December 2025, which resulted in an impairment of technical goodwill of USD 44.9 million in the fourth quarter of 2025. In April 2026 a cash settlement will be done between the licensees where the expected outcome for the Company is a reduction in the net book value for Snorre of USD 6 million after tax. No further impairment is anticipated for the first quarter of 2026.

The own operated well Prince Updip in PL027 was concluded dry in January 2026 as well as the Equinor operated well Othello South in PL124B. Vår Energi has a 90% equity in licence PL027 and a 10% equity in licence PL124B. Vår Energi has capitalised exploration drilling cost amounting to USD 17.4 million related to these wells as per 31.12.2025.

Outlook

Vår Energi has the ambition to deliver higher production and more value for longer, to support long term attractive dividend distribution.

The Company’s full year production guidance for 2026 is 390-410 kboepd.

For 2026, the Company expects development capex between USD 2 500 and 2 700 million, USD 250-300 million in exploration capex and around USD 200 million in abandonment capex. Production cost is expected to be around USD 10 per boe in 2026.

In the current macro and operating environment Vår Energi’s material cash flow generation and investment grade balance sheet support attractive dividend distributions. Vår Energi’s dividend policy is 25-30% of CFFO after tax over the cycles.

To ensure continuous access to capital at competitive cost, retaining investment grade credit ratings is a priority for Vår Energi. As such, the Company targets a NIBD/EBITDAX of below 1.3x through the cycle.

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GOV-1 – The role of the administrative, management and supervisory bodies

Vår Energi’s supervisory body is the Board, which is independent of the Company’s management and has the overall responsibility for managing and supervising Vår Energi’s operations, business and sustainability matters.

The Board provides oversight and strategic guidance with external perspectives and expertise. The Board’s composition is diverse and represents required competencies and capacities including financial and industrial experience. Regarding sustainability and business conduct matters, all members of the Board have relevant competencies either through education, experience or training. Further information on the expertise of the members of the Board is reported separately in the Board of Director’s Report.

The Safety and Sustainability Committee (The S&S Committee) is responsible for the monitoring and review of the Company’s sustainability impacts, risks and opportunities (IRO), sustainability performance and reporting, and the preparation of reporting under the European Sustainability Reporting Standards (ESRS). The Committee reports to the Board as deemed appropriate, but at least once a year, the Committee’s activities and any issues that may arise with respect to the quality or integrity of the Company’s safety and sustainability performance.

The Audit Committee’s objective is to act as a preparatory body in connection with the Board's supervisory roles with respect to

audit, financial and sustainability reporting, business conduct and the effectiveness of the Company's internal control and risk management system.

Vår Energi’s administrative and management body is the Executive Committee which oversees all Vår Energi’s IROs and the setting of targets, where the CEO has the ultimate responsibility. The operational responsibility related to action plans, targets and measuring performance, is delegated to the applicable business units, which are managed by members of the Executive Committee. Further information on the expertise and background of the Executive Committee is reported separately in the Board of Director’s Report.

IROs are subject to regular review by the Board. Vår Energi continuously monitors the effectiveness of its measures and adjusts them as needed. This involves having systems in place to track progress and identify areas that require further action, using a dashboard system for effective monitoring.

GOV-2 – Information provided to and sustainability matters addressed by the Company’s administrative, management and supervisory bodies

The Board has a leadership and supervisory role in all sustainability matters, including the double materiality assessment (DMA) that forms the basis for the Sustainability Statement. The S&S Committee oversees and provides recommendations and advice to the Board on risks and sustainability issues in line with Vår Energi’s policies, processes,

projects and activities aimed at ensuring commitment to sustainable development, including health, well-being and safety of people and communities, human rights, local development, climate change and the environment.

The Committee also monitors and reviews the Company’s sustainability IROs, implementation of due diligence and results

of effectiveness of policies, actions, metrics and targets adopted to address the IROs. The Committee meets as often as necessary to perform its duties, but normally at least two times a year. The Committee reports to the Board as deemed appropriate, but at least once a year.

All the material IROs reported under section SBM-3 - Material impacts, risks and

Members

Executive

Non- executive

Employee elected

Independent members

Gender percentage/ Gender ratio

Board of Directors

12

-

100%

4

8/67%

Male: 50% Female: 50% Ratio: 1:1

Executive Committee

6

100%

-

N/A

N/A

Male: 67% Female: 33%

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opportunities and their interaction with strategy and business model in this section have been addressed and approved by the administrative, management and supervisory bodies, or their relevant committees during the reporting period.

The Board is responsible for risk management as part of providing strategic oversight and stewardship of the Company. This includes approving the Company strategy, annual budget and four-year business plan, evaluating risks to the delivery of the plan and agreeing financial and operational targets.

Key strategic impacts, risks and opportunities are reviewed periodically by the Executive Management and the Board, and are taken into consideration in the risk management process, when evaluating major transactions and trade-offs.

GOV-3 – Integration of sustainability- related performance in incentive schemes

Reference is given to Vår Energi’s Remuneration Report on Executive Committee 2025 for information regarding the administrative, management and supervisory bodies’ remuneration structure, incentive plan, performance and the governance in this matter.

E1.GOV-3 – Climate-related considerations of sustainability-related performance in incentive schemes

Climate-related considerations are factored into the remuneration of the Executive Committee through both CO 2 emissions reduction and CO 2 intensity targets. The CO 2 intensity target for remuneration is directly aligned with the reduction targets reported under section E1-4 – Targets related to climate change mitigation and adaptation for 2025.

GOV-4 – Statement on due diligence

The table below includes a mapping of how and where the application of the main aspects and steps of the due diligence process are reflected in the Sustainability Statement.

GOV-5 – Risk management and internal controls over sustainability reporting

Using a dedicated framework, Vår Energi has internal controls for the reporting of all metrics related to own operations in the Sustainability Statement. This framework formalises roles, responsibilities and definitions, including review controls per standard. This is to ensure that the reported data is accurate and reliable, is compliant with the regulatory requirements under CSRD and ESRS, and to identify and mitigate associated risks.

The risks associated with sustainability reporting are managed through internal processes using a risk-based approach that identifies and assesses various areas based on their likelihood and impact on the Company's reputation, financial performance, and social responsibility.

Core elements of due diligence

Paragraphs in the Sustainability Statement

Relates to impacts on

1. Embedding due diligence in governance, strategy and business model

GOV-2, GOV-3, GOV-5, SBM-3, E1-2, E2-1, E4-2, E5-1, S1-1, S2-1, G1-1

People, Environment

2. Engaging with affected stakeholders in all key steps of the due diligence

SBM-2, S1.SBM-2, S2.SBM-2, IRO-1, E1-4, E2-1, E2-3, E4-2, S1-2, S1-5, S1-8, S2-2.

People, Environment

3. Identifying and assessing adverse impacts

GOV-5, SBM-3, IRO-1, S1-3, G1-1

People, Environment

4. Taking actions to address those adverse impacts

E1-3, E1-7, E2-2, E4-3, E5-2, S1-4, S2-4, G1-3

People, Environment

5. Tracking the effectiveness of these efforts and communicating

E1-4, E2-3, E2-4, E4-4, E5-3, E5-4, E5-5, S1-5, S1-9, S1-13, S1-14, S1- 16, S1-17, S2-5, G1-4

People, Environment

A view from the deck of a offshore platform, looking out over the sea under a cloudy sky, with a metal railing in the foreground.

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The Audit Committee acts as a preparatory body in connection with the Board's supervisory roles with respect to audit, financial and sustainability reporting and the effectiveness of the Company's internal control and risk management system.

The Board conducts periodic reviews of the Company’s most important areas of exposure to risk and its internal control arrangements, at least bi-annually.

The main risks identified in the 2025 reporting of the Sustainability Statement include risks associated with the estimation of environmental metrics. Most environmental data inputs originate from partners on non-operated assets. Consequently, Vår Energi has limited insight into the shared reported data and must rely on estimates. Vår Energi works continuously with other operators to enhance data exchange and improve overall data quality.

Strategy and business model

SBM-1 – Strategy, business model and value chain

Strategy and business model

Vår Energi is a leading independent upstream oil and gas company operating within the NCS.

Safe, healthy and responsible operations throughout the value chain are at the core of Vår Energi’s strategy. The Company will achieve this through collaborations and dialogue with highly skilled partners, suppliers, trade unions, and the authorities.

The Company operates within a single operating segment covering the exploration for and production of petroleum products, including oil, gas and NGL. Revenue from operations derives from a centred group of reputable EU and UK customers. A breakdown of the total revenue based on product types is included in the table to the right.

Employees

At year-end 2025, Vår Energi had a headcount of around 1 450 employees.

Sustainability matters

Given the importance of access to energy to support a sustainable development and the greenhouse gas emissions associated with the oil and gas industry, climate change mitigation is particularly relevant for Vår Energi as a pure play oil and gas producer. Balancing the need to ensure access to affordable energy for all while transitioning toward a low- carbon economy is a major challenge both for Vår Energi and for the society in general. Vår Energi’s strategy is to continue to provide access to affordable energy by producing oil and gas safely, responsibly and with lower GHG emissions per produced unit.

Vår Energi’s activities are associated with work- related hazards with the potential of injuries and illness and a risk of major accidents with consequences for people and the environment. The activities may also have an impact on human rights issues through the entire value chain.

Petroleum revenues (USD million)

2025

2025

2024

Revenue from crude oil sales

5 274

4 558

Revenue from gas sales

2 457

2 428

Revenue from NGL sales

235

379

Total petroleum revenues

7 966

7 365

The natural resources Vår Energi manages generate substantial industrial activities and jobs, as well as revenues for its owners and the Norwegian society.

Vår Energi’s response to the above-mentioned sustainability matters is covered in the various topical chapters of this report.

Value chain

The inputs for Vår Energi’s operations are oil and gas reservoirs under the seabed. The approach to gathering, developing and securing these wells is securing licences to explore any potential oil or gas reservoirs. These licences are obtained in cooperation with other oil producers.

A significant part of Vår Energi’s activities is carried out by suppliers contracted to provide services such as engineering, drilling and well services, or leasing of rigs and marine services. Materials and equipment are mostly sent offshore to assets either directly or through the Company’s supply bases.

The main output is produced crude oil, gas and NGL, which through refining, have expected benefits for the customers, investors and other stakeholders, since it can be used for heat generation as well as a starting material for chemicals, plastics, pharmaceuticals, and other industrial goods.

The produced crude oil, NGL and LNG are generally sold on a Free on Board basis. Under these contracts, purchasers provide the necessary shipping capacity to offtake the product in line with the relevant field or terminal’s lifting programme. The natural gas is transported through the Norwegian pipeline grid and sold at exit points in the UK, Germany, and France.

Oil and NGL are sold under long-term agreements, while gas is sold under a mix of short- and long-term contracts to wholesalers in the EU and UK.

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Vår Energi's value chain

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SBM-2 – Interests and views of stakeholders

The purpose of the stakeholder analysis is to ensure that the Company’s strategy, business model, targets, and actions are aligned with the expectations and needs of the stakeholders it depends on. Vår Energi has several meeting points to engage with its stakeholders, both internal and external, where information is exchanged to ensure involvement of and alignment with stakeholders. The Company's understanding of stakeholder interests and views are communicated to the leadership, ensuring that the stakeholders’ perspectives are considered when evaluating the DMA, as well as the Company’s strategy and business model.

The impacts emphasised by stakeholders on strategy and business model are described in ESRS 2 SBM-1. How management and governing bodies are informed about and engage with the development of significant topics is detailed under ESRS 2 GOV-2.

In addition to the stakeholders described in the figure to the left, Vår Energi’s stakeholders also encompass interests represented by others. For instance, climate and nature interests are represented by Non-Governmental Organisations (NGOs) and the UN Climate and Nature panels.

S1.SBM-2 – Interests, views and rights of own workforce

Vår Energi has a People policy for employee participation, which outlines the commitments for employees and management in the

employment relationship. Through the policy, the Company has a duty to involve employees in the strategy and business model and ensure that initiatives are addressed before making decisions which concerns health and safety, and other matters concerning the work situation. This incorporates the interests, views and rights of the people in the Company’s own workforce, including respect for human rights. Vår Energi is committed to ensuring that the internal communication is clear, targeted and widespread across the organisation.

All practices and processes that are implemented in the Company regarding matters related to working conditions shall be consulted with the employee and union representatives and the safety delegates. Through these discussions, the Company will take into account the view of the employee representatives prior to making decisions. These discussions should be based upon information from the Company and take place at a level appropriate for the subject matter. Discussions concerning decisions that may lead to significant changes in the organisation or working conditions shall be carried out with the aim of reaching an agreement.

S2.SBM-2 – Interests, views and rights of the value chain workers

Vår Energi recognises that the interests, views and rights of value chain workers are crucial to the Company’s operations. Hence, Vår Energi is committed to ensuring that this key group of stakeholders is treated with respect, and that human rights are upheld throughout the value chain.

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Vår Energi’s success relies on strong relationships with suppliers who adhere to strong ethical principles. The considered impacts are integral to Vår Energi’s strategy and business model. The Company actively engages with value chain workers to understand their perspectives and incorporate feedback in decision-making processes. Value chain workers are informed about the Company’s strategy through communication channels and collaborative platforms, to ensure that they are well informed and can participate in supporting the Company’s business model.

SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model

The following tables present the sustainability- related IROs Vår Energi has identified and assessed as material as a result of the DMA process. No material positive impacts have been identified. Vår Energi considers all impacts to either be connected to or originate from the Company’s strategy and business model. More information on the relevant topics and how the Company responds to the effects of the impacts and risks are defined in the relevant topical sections and standards.

After reviewing last year’s IROs in the DMA process, it has been evaluated that following IROs are no longer material in further alignment with Vår Energi's activities: extreme wind and wave height (E1), use of substances of (very high) concern (E2), influencing public policy (G1), and S3 – Affected communities.

There are significant difficulties in estimating current and anticipated financial effects of material risks and opportunities on the Company’s financial position, financial performance and cash flows. Measuring financial effects of reputational damage may also be complex, both for environmental, social and governance aspects. Examples include incidents such as blowouts, retaining workforce or dealing with potential corruption matters. None of the identified risks and opportunities are deemed to have current financial effects on the financial position, performance and cash flows in 2025.

Vår Energi’s strategy and business model incorporates the management of the identified IROs through operational efficiency and initiatives aimed at responsible energy practices. While Vår Energi recognises the risks associated with the energy transition, the Company’s approach emphasises prudent investments in practical solutions, supporting gradual progress toward lower-carbon operations while maintaining Vår Energi’s commitment to meeting current energy demands. The Company also engages with key partners across the value chain to support emissions reduction efforts where feasible.

Two workers in yellow high-visibility jackets with the Vår Energi logo stand near a railing on an offshore platform, looking out towards the sea at sunset.

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Detailed information regarding IROs is presented in the relevant chapters of this report.

Environment

Sustainability matters

Material impact, risk or opportunity description

Type of materiality

Value Chain

Time horizon

E1 Climate Change

GHG emissions 

Actual negative impact

Energy intensive operations

Actual negative impact

Electrification using renewable energy 

Financial opportunity

Reduced access to exploration areas

Financial risk

Decreased demand for fossil fuel 

Financial risk

Carbon price increase

Financial risk

Reduced access to capital

Financial risk

E2 Pollution

Air emissions from fuel combustion

Actual negative impact

Air emissions from loading and storage of crude oil

Actual negative impact

Pollution from incidental discharges

Potential negative impact

Water discharges to the ocean 

Actual negative impact

Microplastics originate from fossil fuel products

Potential negative impact

Oil spill response

Financial risk

E4 Biodiversity and eco- systems

Environmental pressure from industrial activities

Actual negative impact

GHG emissions

Actual negative impact

E5 Circular Economy

High use of (virgin) raw materials

Actual negative impact

High volumes of waste, including hazardous waste

Actual negative impact

Short-term

Mid-term

Long-term

Short-medium-long-term

Upstream

Own operations

Downstream

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Social

Sustainability matters

Material impact, risk or opportunity description

Type of materiality

Value Chain

Time horizon

S1 Own Workforce

Industrial hazards leading to major health and safety risks for offshore workers

Potential negative impact

Industrial hazards leading to illness or injuries for offshore workers

Potential negative impact

Labour-intensive offshore working conditions

Potential negative impact

Discrimination and inequality in the workplace

Potential negative impact

Employment practices and labour relations

Potential negative impact

S2 Worker in the value chain

Labour-intensive working conditions in the value chain

Potential negative impact

Labour rights violations

Potential negative impact

Discrimination and inequality in the workplace

Potential negative impact

Violations of human rights

Potential negative impact

Governance

Sustainability matters

Material impact, risk or opportunity description

Type of materiality

Value Chain

Time horizon

G1 Business Conduct

Unethical business practices

Potential negative impact

Exposure to corrupt practices

Potential negative impact

Whistleblowing

Potential negative impact

Short-term

Mid-term

Long-term

Short-medium-long-term

Upstream

Own operations

Downstream

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E1.SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model for climate change

Vår Energi has identified four material climate- related risks. Additionally, the Company has identified one financial opportunity related to Electrification of assets with renewable energy.

Financial risk

Sub-topic

Type of risk

Decreased demand for fossil fuel

Climate change adaptation

Transitional risk

Reduced access to exploration areas

Climate change adaptation

Transitional risk

Reduced access to capital

Climate change adaptation

Transitional risk

Carbon price increase

Climate change adaptation

Transitional risk

Vår Energi is only materially impacted by transitional risks. The Company continually identifies and assesses climate change related risks and opportunities to be able to adjust or adapt its strategy to climate change over time, including securing ongoing access to finance, upgrading of existing assets, redeployment of assets and reskilling its workforce.

The Company has conducted a resilience analysis, applying a scenario analysis as required by ESRS E1, see ESRS 2 – General Disclosures and Note 35 – Climate risk in the Financial Statements.

E4.SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model for biodiversity

Vår Energi has significant GHG emissions from the value chain, which indirectly impacts biodiversity on a global scale. The Company does not, however, have any policies, actions or targets related to minimising the indirect impact of GHG emissions on biodiversity. Reference is made to chapter ESRS E1 – Climate change for relevant policies and information regarding GHG emissions, reductions, actions and targets related to the value chain.

The IRO Environmental pressure from industrial activities related to biodiversity sub-topic Impacts on extent and condition of ecosystems is measured through mapping of activities in or near protected areas or areas of high biodiversity value. The Company's activities may directly or indirectly affect species and ecosystems, and ecosystem services. The impact may arise from land, water, and marine use, as well as from pollution, the introduction of invasive species, and climate change. For detailed information regarding identified material offshore sites, including own operated and partner operated sites, where activities may impact biodiversity and ecosystems, reference is made to section E4-1 Transition plan and consideration of biodiversity and ecosystems in strategy and business model.

S1.SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model for own workforce

Five IROs related to S1 – Own workforce are identified as material under the DMA process. All of them are considered potential negative impacts. The material IROs related to sub-topic Working conditions are directly connected to Vår Energi’s strategy and business model. Operational safety is a prerequisite for Vår Energi, and the licence to operate. The Company’s ambition is to be the safest operator on the NCS, and Vår Energi has incorporated the nine Life Savings Rules as stated by the International Association of Oil & Gas (IOGP) in the Company’s management system. The material potential impacts also contribute to adapting the Company's strategy and business model through regular performance reviews and follow-up of key improvement areas.

Vår Energi has not identified any material risks, opportunities or dependencies related to S1 – Own workforce in the DMA for reporting of 2025.

For the reporting of S1 – Own workforce, all people in Vår Energi’s own workforce who could be materially impacted by the Company and its operations are included in the scope of disclosures.

Based on the DMA, offshore workers have been identified as a key group within the Company’s workforce who are at greater risk of harm due to the unique and challenging nature of their work environment. This assessment considered potential physical hazards associated with offshore operations, which are related to individual incidents, and systematic negative impacts related to working conditions and equal treatment resulting from the nature of working in the oil and gas industry. To develop a comprehensive understanding of the actual and potential impacts the Company may have on this key group of workers, several initiatives have been implemented. See section S1-4 - Actions and resources related to working conditions in own workforce for more information.

Type of employee

Description

Employees

Individuals directly employed by Vår Energi. These include all professionals who work full-time or part-time under employment contracts.

Contractor

Individuals provided by third-party companies primarily engaged in employment activities and hired through frame agreements. They include temporary workers and other support personnel who are employed by external agencies but who work on the Company’s site and under Company supervision.

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S2.SBM-3 – Material impacts, risks and opportunities and their interaction with strategy and business model for value chain workers

The potential impacts for workers in the value chain are integrated in the Company’s strategy and business model by:

Embedding a safe culture: Vår Energi has embedded a safe culture across all levels of the organisation, ensuring that safety is a core part of the Company’s operational strategy.

Stakeholder engagement: Vår Energi engages with stakeholders, including value chain workers and their representatives, to understand any concerns and incorporate feedback into the Company’s business model.

Adherence with international standards: The Company continuously monitors and improve labour practices to align with international standards and best practices.

The potential impacts related to health and safety inform and contribute to adapting the Company’s strategy and business model

through comprehensive health and safety management systems. In terms of working conditions and equal opportunities, the Company is informed through the Ethics Helpline, providing an anonymous channel for value chain workers to raise concerns. Potential impacts related to work-related rights, including labour rights, inform the Company through on-site audits. For more information in this regard, reference is made to sections S2-2 and S2-3.

A significant part of Vår Energi’s activities is carried out by contracted suppliers, and value chain activities may therefore impact various types of value chain workers. The suppliers are generally contracted for services such as engineering, drilling and well services, or leasing of rigs and marine services. As such, the Company’s value chain workers include upstream workers.

For the reporting of S2 – Workers in the value chain, up-stream workers are considered to potentially be materially impacted by the Company, including impacts connected with

own operations and value chain, and are thus included in the scope of disclosures.

Sub-suppliers may operate in countries with low rates of enforcement of human rights, which do not adhere to the requirements set by the International Labour Organisation. As such, child labour and/or forced labour may occur in activities that service the oil and gas sector, or workers in the suppliers’ value chain. Vår Energi conducts due diligence assessments with its direct suppliers, as well as most in the next level down. However, the large and complex supply chain may pose difficulties for detecting and addressing incidents of child and forced labour with the sub-suppliers.

In the case of potential material negative impacts, the impacts are mainly considered systemic in context of where the Company operates, namely on the NCS. Impacts related to Industrial hazards may be connected to individual incidents, such as industrial incidents or accidents. The identified material potential negative impacts are not considered to arise from the transition to greener and climate-neutral operations.

Type of value chain worker

Description

Main potential impacts

Upstream workers

Workers involved in the extraction and initial processing of oil and gas, including drilling, exploration and transportation.

Sub-suppliers that the Company’s suppliers interact with, particularly those related to the manufacturing of material input commodities.

Exposure to physical hazards, labour-intensive work and remote working conditions.

Sub-sub-suppliers operating in countries with low rates of enforcement of human rights and that do not adhere to the requirements set by the International Labour Organisation (ILO).

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Upstream workers in Vår Energi’s value chain work in a particular context and with specific activities that may be at greater risk of harm in terms of health and safety.

The Company’s exploration and production activities are associated with several work- related hazards, such as working with heavy machinery and exposure to or handling of harmful substances. Industrial incidents or accidents in this regard may occur. Vår Energi has clear processes, procedures and expectations in place to ensure that operations

are carried out in a safe manner. This gives the Company the opportunity to take precautionary actions to eliminate hazards and minimise risks.

Impact, risk and opportunity management

IRO-1 – Description of the process to identify and assess material impacts, risks and opportunities

The 2025 update of the DMA is a refinement of the Vår Energi’s 2024 DMA, with reporting of the findings to the Executive Committee,

Audit Committee and Safety and Sustainability Committee for their recommendation and reporting to the Board of Directors, who approves the assessment. For detailed information reference is made to GOV-2.

The DMA was conducted with a methodology guided by the ESRS requirements and incorporates industry best practices, internal expertise and engagement with relevant stakeholders from different stakeholder categories. The DMA process and results for the reporting of 2025 have been reviewed and approved by the Executive Committee and the Board of Directors.

The severity thresholds applied in the materiality assessment methodology of the DMA are based on Vår Energi’s existing risk management framework. Vår Energi analyses and evaluates risks related to sustainability by using a risk matrix that assesses the likelihood and impact of each risk. The Company follows the COSO framework (Committee of Sponsoring Organisations of the Treadway Commission) for risk management and internal

control, as well as ISO 31000 for a structured approach to risk management. The Corporate Risk Management function was involved in conducting the DMA, has endorsed the results of the DMA and the material IROs, and incorporated the outcome of the assessment in the Enterprise Risk Management (ERM) system.

Vår Energi’s DMA included an examination of the Company's key stakeholders and their primary concerns. Moving forward, the assessment will be updated annually to inform subsequent years' reporting.

The impacts, risks and opportunities that were assessed in the DMA process have been aligned with the corresponding ESRS’s and are a part of Vår Energi’s management of sustainability related topics. The total score of the impact, risk and/or opportunity within each standard determines its placement in the DMA matrix presented. The main considerations applied in the DMA approach are shown in the table below.

Impacts

Impacts have been assessed as either positive or negative and actual or potential.

Risks and opportunities

Both sustainability-related financial risks and financial opportunities have been assessed.

Own operations/value chain

Impacts and risks/opportunities were assessed both for own operations and in the value chain, hereby upstream and/or downstream operations.

Time horizons

The impacts and risks/opportunities were assessed in the short, medium and long term.

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Vår Energi’s outcome of the DMA process and the results of sustainability topics deemed material for the reporting of the financial year 2025 are presented in the materiality matrix.

The ESRS’s material for Vår Energi’s reporting in 2025 are as follows:

E1 - Climate Change

E2 – Pollution

E4 – Biodiversity and ecosystems

E5 – Resource use and circular economy

S1 – Own workforce

S2 – Workers in the value chain

G1 – Business conduct

Materiality matrix

E2 Pollution

E4 Biodiversity and ecosystems

E5 Resource and circular economy

S2 Workers in value chain

G1 Business conduct

E1 Climate change

S1 Own workforce

E3 Water and marine resources

S3 Affected communities

S4 Consumers and end-users

Financial materiality

Impact materiality

LOW

HIGH

HIGH

Material topics Non- material topics

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Key steps of the DMA process:

1. Review of 2024 DMA result, including peer review to align and refine.

2. IRO descriptions have been refined to be more concise and aligned with Vår Energi’s activities. Where feasible, information within the IROs has been consolidated to enhance clarity and relevance.

3. Based on the enhanced clarity and relevance of IRO descriptions the scoring was updated in small workshops with subject matter experts in their area of competency, divided by E, S and G.

DMA process overview

Stakeholder engagement

The review of the Stakeholder mapping performed in 2024 concludes no material changes in interest and views of stakeholders in 2025, as there were no material changes in Vår Energi’s strategy.

Mapping of value chain

Based on the value chain mapped in the 2024 DMA, there are no material changes in 2025, as no material changes in the project portfolio or other related activities that could influence the value chain have been performed.

Production of materials

Infrastructure development

Offshore facilities and activities (partner operated)

Transportation

Offshore facilities and activities

Onshore facilities and activities

Decommissioning

Community engagement and societal contributions

Consumption

Environmental

Social

Governance

Production of materials

Infrastructure development

Logistics

Production

Exploration and production

Offshore facilities and activities

Onshore facilities and activities

Production

Logistics

Decommissioning

Processing of products

Use of sold products

Responsible business conduct

Corporate governance

Supplier management

Supply chain

Own operations / contractors

Further export/use

Responsible business conduct

Corporate governance

Supplier management

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DMA process overview continued

Identifying sustainability matters

Based on the 2024 DMA, the process focused on specific activities, such as drilling and exploration, since these are core activities to Vår Energi’s business. Geography was limited to Norway, as Vår Energi only operates in the NCS. For business relationships, the focus was on direct key suppliers. Sustainability topics and sub-topics that were not relevant to Vår Energi’s business model were excluded from further analysis.

Assessment of impact materiality

Vår Energi has assessed potential and actual positive and negative impacts it may have on people, environment and society throughout the Company’s value chain, own operations or as a result of its business relationships. Consideration of the time horizon was made for all impacts. The consideration of dependencies was made when identifying actual and potential impacts.

The Company has considered Severity: (scale x scope x irremediability) and Likelihood when assessing negative impacts and scale and scope for positive impacts. This assessment was based on Organisation for Economic Co-operation and Development's (OECD) Due Diligence Guidelines for Responsible Business Conduct and followed a scale of 1-5, ranging from very low impact (1) to very high (5).

Assessment of financial materiality

Both the connections of the Company’s impacts and dependencies with the risks and opportunities that may arise from those impacts and dependencies, and the financial effect sustainability matters can have on Vår Energi, have been considered in the financial materiality assessment.

The risk or opportunity has been assessed based on Magnitude of financial impact and Likelihood. This was done over three time-horizons (short-, medium, and long- term) and for two scenarios, to stress test all identified risks. For the climate related risks, it also allowed testing against both a 1.5°C and a high-emission scenario as required by ESRS E1.

The threshold for financial materiality is based on Vår Energi’s existing risk management framework.

Setting materiality thresholds

With basis in Vår Energi’s risk appetite, the following thresholds were applied to define material topics and sub-topics:

Impact materiality threshold

To capture the most severe impacts Vår Energi has or may have on people, environment and society, a severity threshold of 5 was applied regardless of likelihood. As illustrated by the steps in the matrix to the right, the severity gradually decreases as the likelihood of impact increases. This is done to also capture the impacts more likely to occur, although the severity is somewhat lower.

Financial materiality threshold

To capture the highest magnitude of financial impact, a threshold of 5 was applied. As illustrated by the steps in the matrix to the right, the magnitude of financial impact gradually decreases until 2, as the likelihood of impact increases. This is done to also capture the impacts more likely to occur, although the magnitude of financial impact is somewhat lower.

Severity/ Magnitude of financial impact

5

4

3

2

1

1

2

3

4

5

LIKELIHOOD

Material topics

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E1.IRO-1 – Description of the processes to identify and assess material climate-related impacts, risks and opportunities

Vår Energi has identified two material, actual negative impacts. One is connected to sub- topic Climate change mitigation and relates to the undertaking’s GHG emissions and the other is related to sub-topic Energy.

As described in the DMA process, the financial risks and opportunities were assessed both in terms of severity and likelihood, applying two scenarios to stress test all the identified risks over the short-, medium- and long-term. For the climate related risks, this included assessment against both a 1.5°C and a high- emission scenario as required by ESRS E1.

Vår Energi has identified no material climate- related physical risk in the 2025 DMA process. The process included reviewing current assets against future weather condition scenarios and how the relevant geographical area may be affected.

The Company has further identified four climate-related transition risks and one transition opportunity. An assessment of how assets and business activities may be exposed to these climate-related transition events are included in the IRO descriptions list reported in section SBM-3. All the potential climate-related transition risks, including the opportunity, are identified in the long-term considering a climate scenario in line with limiting global warming to 1.5°C.

In 2025, Vår Energi assessed its climate- related IROs under the process of the DMA, as well as conducting a climate related risk assessment, applying a scenario analysis under the International Energy Agency’s (IEA) climate scenarios as applied in their Global Energy and Climate Model (GEC). The climate risk scenario analysis is reported in Note 35 – Climate risk in the Financial Statements, where reference is given for more information.

E2.IRO-1 – Description of the processes to identify and assess material pollution- related impacts, risks and opportunities

The process to identify material impacts related to pollution is included in the permitting process, described in chapter ESRS E2 - Pollution.

The Company regularly receives feedback from stakeholders, including through public hearings related to activity permit processes, upon which the Company must act to ensure stakeholder input is considered. Additionally, the authorities conduct environmental-related audits, upon which the Company performs activities or adjustments in order to ensure legislative compliance.

The DMA process has also included information from applications submitted to the Norwegian Environment Agency (NEA) for activities such as development, operation and drilling, and Environmental Impact Assessments (EIA) programmes. These are subject to a public consultation process.

As part of identifying the IROs, the Company has screened all locations and business activities in order to identify actual and potential pollution-related IROs. Pollution is a material issue for production, drilling and the use of products. Production and drilling sites where pollution is considered material are listed on the following page.

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Operations

Asset

Operator

Working interest

Tie-back

Balder

Vår Energi ASA

90.0%

Breidablikk

Equinor Energy ASA

34.4%

Grane

Grane

Equinor Energy ASA

28.3%

Ringhorne East

Vår Energi ASA

92.6%

Ringhorne

Goliat

Vår Energi ASA

65.0%

Johan Castberg

Equinor Energy ASA

30.0%

Snøhvit

Equinor Energy ASA

12.0%

Melkøya LNG plant

Duva

Vår Energi ASA

30.0%

Gjøa

Ekofisk

ConocoPhillips AS

12.4%

Eldfisk

ConocoPhillips AS

12.4%

Embla

ConocoPhillips AS

12.4%

Gjøa

Vår Energi ASA

30.0%

Gudrun

Equinor Energy ASA

25.0%

Sleipner East

Equinor Energy ASA

15.4%

Sleipner West

Equinor Energy ASA

17.2%

Snorre

Equinor Energy ASA

18.2%

Statfjord

Equinor Energy ASA

21.4%

Statfjord East

Equinor Energy ASA

20.6%

Statfjord C

Statfjord North

Equinor Energy ASA

25.0%

Statfjord C

Tommeliten Alpha

ConocoPhillips AS

9.1%

Ekofisk Complex

Tor

ConocoPhillips AS

10.8%

Ekofisk Complex

Asset

Operator

Working interest

Tie-back

Tordis

Equinor Energy ASA

16.1%

Gullfaks C

Vega

Harbour Energy Norge AS

3.3%

Gjøa

Vigdis

Equinor Energy ASA

16.1%

Snorre A

Åsgard

Equinor Energy ASA

22.7%

Fenja

Vår Energi ASA

75.0%

Njord A

Halten East

Equinor Energy ASA

24.6%

Åsgard B

Heidrun

Equinor Energy ASA

5.2%

Kristin (incl. Lavrans)

Equinor Energy ASA

16.7%

Njord

Equinor Energy ASA

22.5%

Ormen Lange

A/S Norske Shell

6.3%

Nyhamna

Tyrihans

Equinor Energy ASA

18.0%

Kristin

Exploration Drilling

Well

Operator

Working interest

Lit

Equinor Energy ASA

13.0%

Zagato

Vår Energi ASA

65.0%

Zagato North

Vår Energi ASA

65.0%

Goliat North

Vår Energi ASA

65.0%

Skred

Equinor Energy ASA

30.0%

Drivis Tubåen PLX

Equinor Energy ASA

30.0%

Garantiana NW

Equinor Energy ASA

30.0%

Avbitertang

Equinor Energy ASA

30.0%

Vidsyn

Vår Energi ASA

75.0%

Rondeslottet

Aker BP ASA

40.0%

Kokopelli

Vår Energi ASA

50.0%

Njargasas

Aker BP ASA

30.0%

Tyrihans Øst

Equinor Energy ASA

30.0%

Elgol

Vår Energi ASA

40.0%

Hoffmann

OMV Norge AS

30.0%

Deimos

Equinor Energy ASA

25.0%

F Sør

Equinor Energy ASA

40.0%

Smørbukk Midt

Equinor Energy ASA

22.7%

Camilla Nord

Harbour Energy Norge AS

3.3%

Narvi

Equinor Energy ASA

30.0%

Prince UpDip

Vår Energi ASA

90.0%

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E3.IRO-1 – Description of the processes to identify and assess material water and marine resource-related impacts, risks and opportunities

The process of identifying material IROs in relation to water and marine resources took into account the criteria of location, activity, sector, value chain and volumes of water used. Vår Energi uses seawater for cooling in production and drilling operations, and to generate freshwater used for sanitation, cooking and drinking offshore. Freshwater that is supplied from shore comes from local Norwegian waterworks that are shared with other domestic users and industries. The undertaking ensures it is not from water- scarce areas by using WRI Aqueduct. All water withdrawn is supplied from public reserves. Vår Energi has not conducted consultations with affected communities regarding water and marine resources. No material impacts were identified.

E4.IRO-1 – Description of processes to identify and assess material biodiversity and ecosystem-related impacts, risks, dependencies and opportunities

The process of identifying material IROs in relation to biodiversity took into account the criteria of location, activity, sector and was focused on Vår Energi’s own offshore activities on the NCS, both production and drilling. No dependencies of Vår Energi’s operations on biodiversity were identified. No transition or physical risks or opportunities were identified based on the actual and potential negative impacts. Systemic risks were not identified. Vår Energi has seven assets including cables

and pipelines and have drilled five exploration wells within biodiversity sensitive areas (not protected areas). Reference is made to section E4-5 Metric related to biodiversity and ecosystems. The effects of the activities related to these sites are considered limited.

E5.IRO-1 – Description of the processes to identify and assess material resource use and circular economy-related impacts, risks and opportunities

Consultations have been conducted through applications submitted to the NEA for activities such as development, operation and drilling, which normally are subject to public consultation and are publicly available. The same goes for EIA programmes and the EIA assessment itself, which are both subject to a public consultation process. The Company has screened its assets and activities in both its own operations and the upstream and downstream value chain.

In relation to the IROs High use of (virgin) raw materials and High volumes of waste including hazardous waste, stakeholder consultations are integrated into activities as described in chapters E1, E2 and E4.

G1.IRO-1 – Description of the processes to identify and assess material impacts, risks and opportunities

The process of identifying material IROs in relation to business conduct matters took into account the criteria of location, activity, sector and structure of the transaction. For the location mainly Norway was considered, as Vår Energi operates only on the NCS and

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most of payments for goods and services go to suppliers based in Norway. Regarding the sector, oil and gas was considered, as well as manufacturing for suppliers. Regarding activities, all of Vår Energi’s own operations were considered, including contractors and the supply chain. Management of relationship with suppliers was considered, and the Company’s ability to set standards, influence supplier performance, and ensure compliance with ethical standards. In particular the following transactions were assessed:

Corporate culture

Protection of whistleblowers

Corruption and bribery

Management of relationships with suppliers including payment practice

IRO-2 – Disclosure requirements in ESRS covered by the Sustainability Statement

A list of disclosure requirements following the outcome of the materiality assessment and the location of the relevant statements in the Sustainability Statement is given to the right.

ESRS Topic

Disclosure requirement

Annual report page

ESRS 2

BP-1

26

BP-2

26

GOV-1

27

GOV-2

27

GOV-3

28

E1.GOV-3

28

GOV-4

28

GOV-5

28

SBM-1

29

SBM-2

31

S1.SBM-2

31

S2.SBM-2

31

SBM-3

32

E1.SMB-3

35

E4.SMB-3

35

S1.SMB-3

35

S2.SMB-3

36

IRO-1

37

E1.IRO-1

41

E2.IRO-1

41

E3.IRO-1

43

E4.IRO-1

43

E5.IRO-1

43

G1.IRO-1

43

IRO-2

44

ESRS Topic

Disclosure requirement

Annual report page

E1 – Climate change

E1-1

47

E1-2

48

E1-3

49

E1-4

51

E1-5

53

E1-6

54

E1-7

56

E1-8

57

EU Sustainable Finance Taxonomy

59

E2 - Pollution

E2-1

60

E2-2

62

E2-3

66

E2-4

67

E4 – Biodiversity and ecosystems

E4-1

69

E4-2

69

E4-3

70

E4-4

72

E4-5

72

E5 – Resource use and circular economy

E5-1

75

E5-2

76

E5-3

78

E5-4

78

E5-5

79

ESRS Topic

Disclosure requirement

Annual report page

S1 – Own workforce

S1-1

82

S1-2

84

S1-3

86

S1-4

88

S1-5

93

S1-6

95

S1-8

95

S1-9

96

S1-11

96

S1-13

96

S1-14

97

S1-15

97

S1-16

98

S1-17

98

S2 – Workers in value chain

S2-1

101

S2-2

102

S2-3

103

S2-4

104

S2-5

106

G1 – Business conduct

G1-1

108

G1-3

110

G1-4

112

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The table below provides an overview of ESRS data points that derive from other EU legislation, ESRS 2 Appendix B.

ESRS Topic

ESRS reference

Disclosure requirement

Materiality

Annual report page

ESRS 2

Gov-1, §21 (d)

Board's gender diversity

Material

27

Gov-1, §21 (e)

Percentage of board members who are independent

Material

27

Gov-4, §30

Statement on due diligence

Material

28

SBM-1, §40 (d) i

Involvement in activities related to fossil fuel activities

Material

29

SBM-1, §40 (d) ii

Involvement in activities related to chemical production

N/A

N/A

SBM-1, §40 (d) iii

Involvement in activities related to controversial weapons

N/A

N/A

SBM-1, §40 (d) iv

Involvement in activities related to cultivation and production of tobacco

N/A

N/A

ESRS E1

E1-1, §14

Transition plan to reach climate neutrality by 2050

Material

47

E1-1, §16 (g)

Undertakings excluded from Paris- aligned Benchmarks

Material

47

E1-4, §34

GHG emission reduction targets

Material

51

E1-5, §37

Energy consumption and mix

Material

53

E1-5, §38

Energy consumption from fossil sources disaggregated by sources (only high climate impact sectors)

Material

53

E1-5, §40 to 43

Energy intensity associated with activities in high climate impact sectors

Material

53

E1-6, §44

Gross Scope 1, 2, 3 and Total GHG emissions

Material

54

E1-6, §53 to 55

Gross GHG emissions intensity

Material

56

ESRS Topic

ESRS reference

Disclosure requirement

Materiality

Annual report page

ESRS E1

E1-7, §56

GHG removals and carbon credits

Material

56

E1-9, §66

Exposure of the benchmark portfolio to climate-related physical risks

N/A

N/A

E1-9, §66 (a)

Disaggregation of monetary amounts by acute and chronic physical risk

N/A

N/A

E1-9, §66 (c)

Location of significant assets at material physical risk

N/A

N/A

E1-9, §67 (c)

Breakdown of the carrying value of its real estate assets by energy- efficiency classes

N/A

N/A

E1-9, §69

Degree of exposure of the portfolio to climate- related opportunities

N/A

N/A

ESRS E2

E2-4, §28

Amount of each pollutant listed in Annex II of the E-PRTR Regulation (European Pollutant Release and Transfer Register) emitted to air, water and soil

Material

67

ESRS E3

E3-1, §9

Water and marine resources

N/A

N/A

E3-1, §13

Dedicated policy

N/A

N/A

E3-1, §14

Sustainable oceans and seas

N/A

N/A

E3-4, §28 (c)

Total water recycled and reused

N/A

N/A

E3-4, §29

Total water consumption in m 3 per net revenue on own operations

N/A

N/A

ESRS 2

SBM-3, §16 (a) i

E4

Material

73

SBM-3, §16 (b) (c)

E4

N/A

N/A

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ESRS Topic

ESRS reference

Disclosure requirement

Materiality

Annual report page

ESRS E4

E4-2, §24 (b) (c)

Sustainable land / agriculture practices or policies

N/A

N/A

E4-2, §24 (d)

Policies to address deforestation

N/A

N/A

ESRS E5

E5-5, §37 (d)

Non-recycled waste

Material

79

E5-5, §39

Hazardous waste and radioactive waste

Material

79

ESRS 2

SBM3-S1, §14 (f)

Risk of incidents of forced labour

N/A

N/A

SBM3-S1, §14 (g)

Risk of incidents of child labour

N/A

N/A

ESRS S1

S1-1, §20

Human rights policy commitments

Material

82

S1-1, §21

Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8

Material

82

S1-1, §22

Processes and measures for preventing trafficking in human beings

N/A

N/A

S1-1, §23

Workplace accident prevention policy or management system

Material

83

S1-3, §32 (c)

Grievance/complaints handling mechanisms

Material

86

S1-14, §88 (b) (c)

Number of fatalities and number and rate of work-related accidents

Material

97

S1-14, §88 (e)

Number of days lost to injuries, accidents, fatalities or illness

Material

97

S1-16, §97 (a)

Unadjusted gender pay gap

Material

98

S1-16, §97 (b)

Excessive CEO pay ratio

Material

98

S1-17, §103 (a)

Incidents of discrimination

Material

98

S1-17, §104 (a)

Non-respect of UNGPs on Business and Human Rights and OECD Guidelines

N/A

N/A

ESRS 2

SBM3-S2, §11 (b)

Significant risk of child labour or forced labour in the value chain

Material

36

ESRS Topic

ESRS reference

Disclosure requirement

Materiality

Annual report page

ESRS S2

S2-1, §17

Human rights policy commitments

Material

102

S2-1, §18

Policies related to value chain workers

Material

101

S2-1, §19

Non-respect of UNGPs on Business and Human Rights principles and OECD guidelines

Material

102

S2-1, §19

Due diligence policies on issues addressed by the fundamental International Labor Organisation Conventions 1 to 8

Material

102

S2-4, §36

Human rights issues and incidents connected to its upstream and downstream value chain

Material

106

ESRS S3

S3-1, §16

Human rights policy commitments

N/A

N/A

S3-1, §17

Non-respect of UNGPs on Business and Human Rights, ILO principles or OECD guidelines

N/A

N/A

S3-4, §36

Human rights issues and incidents

N/A

N/A

ESRS S4

S4-1, §16

Policies related to consumers and end-users

N/A

N/A

S4-1, §17

Non-respect of UNGPs on Business and Human Rights and OECD guidelines

N/A

N/A

S4-4, §35

Human rights issues and incidents

N/A

N/A

ESRS G1

G1-1, §10 (b)

United Nations Convention against Corruption

N/A

N/A

G1-1, §10 (d)

Protection of whistle- blowers

N/A

N/A

G1-4, §24 (a)

Fines for violation of anti-corruption and anti-bribery laws

Material

112

G1-4, §24 (b)

Standards of anti- corruption and antibribery

Material

112

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Impacts, risks and opportunities

A detailed description of the DMA, along with the process to identify and assess material IROs, is provided in chapter ESRS 2 – General disclosures. A table outlining the IROs related to E1 – Climate change is presented to the right.

Impacts, risks and opportunities management

E1-2 – Policies related to climate change mitigation and adaptation

Vår Energi’s Climate and Energy Policy addresses climate change mitigation and adaptation, energy efficiency, renewable energy deployment, and outlines Vår Energi’s commitments to manage its impact, risks, and opportunities associated with climate and energy. The policy is applicable to all personnel working for Vår Energi, hired or contracted, including subsidiaries of Vår Energi, and sets out expectations towards contractors, suppliers and partners. The EVP Safety & Sustainability has the overall responsibility to oversee the effectiveness of the policy, while the EVP for each business line is responsible for adhering to the commitments in the policy for their respective areas.

Through the policy, the Company is committed to:

Minimising energy consumption and GHG emissions by adhering to recognised international standards on energy manage- ment and prioritising environmentally responsible, cost-effective and efficient energy use throughout asset lifecycles.

E1 – Climate change

Sub-topic

Material impact, risk or opportunity description

Type of materiality

Value Chain

Time horizon

Climate change mitigation

GHG emissions Own operations contribute to GHG emissions at every stage of the value chain. The Company’s own activities generate direct GHG emissions, whilst the purchase of electricity generates indirect GHG emissions. Use of resources and fuels in operations add further indirect GHG emissions. Additionally, the products marketed by Vår Energi release greenhouse gases when used downstream, which collectively have a negative impact on the climate.

Actual negative impact

Energy usage and efficiency

Energy intensive operations Energy consumption in the form of fossil fuels and purchased electricity.

Actual negative impact

Climate change adaptation

Electrification using renewable energy Investments in new technologies and renewable energy sources, such as electrification of assets under own operations, may lead to more cost efficient production and supporting the strategy of producing oil and gas with lower GHG emissions per produced unit.

Capex related to electrification projects are part of the Final Investment Decision for each indivual project. For 2025, such projects are not deemed to have current financial effects on the Company's financial position, performance and cash flows.

Financial opportunity

Reduced access to exploration areas Possible regulatory changes disfavouring the oil and gas industry may result in reduced access to exploration and production in new areas.

Financial risk

Decreased demand for fossil fuel A gradual transition to renewable energy sources to reach the 1.5°C target may decrease the demand for fossil fuel over time.

Financial risk

Carbon price increase A possible increase in carbon prices may affect the Company’s operational expenditures.

Financial risk

Reduced access to capital Possible public perception of oil and gas industry and/or regulatory changes, may affect the access to capital.

Financial risk

Short-term

Mid-term

Long-term

Short-medium-long-term

Upstream

Own operations

Downstream

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Reducing GHG emissions by establishing targets for direct emissions, collaborating with suppliers to reduce supply chain emissions, and working with the industry to minimise indirect emissions from the use of oil and gas products.

Providing a stable and secure energy supply with lower GHG emission per production unit.

Contributing to the development of a forward-looking energy industry on the NCS for enhanced value creation and job opportunities.

Addressing climate-related risks and opportunities.

E1-3 – Actions and resources related to climate change mitigation and adaptation

Key initiatives for climate mitigation and adaptation include electrification of production, portfolio management, energy management, and procurement of guarantees of origin from renewable energy sources.

Capex connected to the electrification and CCS projects is part of the Final Investment Decision for each individual project. For 2025, such projects are not deemed to have material financial effects on the Company’s financial position, performance and cash flows.

Actions and resources related to IRO GHG emissions, energy intensive operations and climate change adaptation

IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

GHG emissions

Key action :

Electrify offshore installations using renewable power. Resources are allocated for these actions.

Scope of action:

Facilities such as Goliat, Gjøa, Ormen Lange, Gudrun, and Sleipner are already fully or partly electrified, while ongoing projects include Njord and Snøhvit.

Ongoing

Goal: GHG emissions reduction: ~400 000 tCO₂e annually by 2030.

Result from action: The goal will be revised in 2026, due to discontinuation of electrification projects. More information in E1-4 Targets, Scope 1, page 51.

GHG emissions

Key action :

Ensure use of renewable electricity through guarantees of origin and, where feasible, Power Purchasing Agreements, to avoid Scope 2 emission increases with increased electrification.

Scope of action:

Operations where Vår Energi is the operating company.

Ongoing

Goal: Maintain net GHG reduction from electrification by covering increased electricity use with renewable instruments.

Result from action: 184 173 tonnes CO 2 e reduced in 2025 (compared to market-based emissions without contractual instruments).

GHG emissions

Key action :

The Company strategy stipulates that approximately 25% of the R&D budget will be dedicated to low-carbon initiatives.

Scope of action:

Vår Energi participates in national projects on climate mitigation and industry development, conducted by Norwegian research institutes, which are jointly funded by other operators and the Research Council of Norway, such as Low Emission Centre, the Norwegian CCS Research Centre (NCCS) and gigaCCS, run by SINTEF as well as the Digital Well Center (Digiwells) run by NORCE.

Ongoing

Goal: Support low-carbon R&D that may help reduce GHG emissions in the industry. Result from action: Actual spend on R&D dedicated to low- carbon initiatives in 2025 was approximately 29%.

GHG emissions

Key action :

Develop storage capacity for CO₂ as part of a CCS value chain.

Scope of action:

Vår Energi is the operator of the EXL 007 Trudvang and EXL 009 Iroko CCS licences.

Ongoing

Goal: The Company adopts a value-driven approach as it continues to mature these projects. Result from action: Together, these two licences have the potential to store between 450 and 500 million tonnes of CO 2 over a 30-year period. This total storage capacity alone represents eight times Norway's total annual emissions.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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Two essential prerequisites for achieving the electrification of own operations action are the availability of renewable power and access to critical components, such as high-voltage electrical cables.

No related significant monetary amounts of capex and/or opex are required to implement the actions related to the IROs Energy intensive operations, R&D and Purchasing of guarantees of origin from renewable energy production.

As a licensee in Breidablikk, Vår Energi is impacted by, but not party to, an ongoing climate-related court case against the Norwegian government regarding climate impact assessments from end-use GHG emissions. At present, there are no direct effects on production or immediate obligations for licensees, since the Court of Appeal concluded that licensees had satisfied their requirements to carry out impact assessments. See note 30 in the Financial statement for more details.

IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

Energy intensive operations, Climate change adaptation

Key action :

Vår Energi is ISO 50001 certified and work to reduce energy consumption. Significant Energy Users are identified, energy efficiency and emissions reduction measures and projects are implemented and/or matured for further delivery.

Scope of action:

All operations where Vår Energi is the operating company.

Ongoing

Goal: Reduce energy consumption. Result from action: Annual energy review completed for all operated assets Around 30 000 tonnes CO 2 e reductions in 2025.

Energy intensive operations, Climate change adaptation

Key action :

In 2023, Vår Energi initiated a collaborative project with Equinor to improve resource use and logistics operations. In 2025, the project was expanded to encompass the delivery of marine logistics to all of Vår Energi's hub areas.

Scope of action:

Upstream logistics.

Ongoing

Goal: 30% reduction in GHG emissions associated with upstream logistics activities compared to 2022 Result of action: Compared to the baseline established for the project in 2022, GHG emissions have been reduced by around 28.5%.

Energy intensive operations, GHG emissions

Key action :

Use LNG as fuel for tankers.

Scope of action:

In 2022 and 2023, two new shuttle tankers were commissioned, featuring the capability to utilise LNG as fuel.

Ongoing

Goal: Reduce energy consumption and GHG emissions.

Result of action: LNG use reduces CO₂ emissions by an estimated 10-15% compared with Marine Gas Oil.

Energy intensive operations, GHG emissions

Key action :

Collaborating with suppliers to reduce GHG emissions associated with products.

Scope of action:

26 suppliers identified as having a significant impact on GHG emissions have been asked to report their emissions, targets, and reduction initiatives related to their deliveries and services. Vår Energi will closely monitor these emission targets and reduction efforts during quarterly performance review meetings.

Ongoing

Goal: Reduce energy consumption and GHG emissions associated with purchased goods. Result from action: For 2025, more than 90% of oil country tubular goods, were sourced from recycled and low-carbon steel produced using electric arc furnaces. This method reduces GHG emissions by about 70% per unit produced compared to traditional blast furnaces.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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Metrics and targets

E1-4 – Targets related to climate change mitigation and adaptation

Baseline year and targets

2025 (2024)

GHG emissions

Baseline year

Baseline value

Target

Target year

Absolute value of reduction

Percentage value of reduction

Scope 1 GHG emissions (tCO 2 e)

2005

1 100 000

> 50% reduction compared to 2005 

2030 

Increased to 1 183 130 (1 123 875)

5.23% increase

Scope 2 GHG emissions

Location-based Scope 2 GHG emissions (tCO 2 e)

N/A

N/A

No target set 

N/A 

N/A 

N/A 

Market-based Scope 2 GHG emissions (tCO 2 e) 1

2024

-

0

From 2024 

-

N/A 

Scope 3 GHG emissions (tCO 2 e)

N/A

N/A

No target set 

N/A 

N/A 

N/A 

Scope 1 CH 4 intensity (CH 4 /exported gas) 2

2024

0.023%

0.03%   (2025 target)

Set yearly

N/A

N/A

Scope 1 CO 2 emissions intensity (kg CO 2 /boe)

2024

10

<6 

2030 

N/A

N/A

1 Equity share of Vår Energi’s own operated asset.

2 Vår Energi operated assets.

Scope 1

In line with the policy objective to reduce GHG emissions by establishing targets for direct emissions, Vår Energi’s primary GHG emissions reduction target has been to achieve a reduction of more than 50% in direct (Scope 1) GHG emissions by 2030 for both operated and non-operated assets, with electrification of offshore production facilities as the main lever.

Facilities such as Goliat, Gjøa, Ormen Lange, Gudrun, and Sleipner are already fully or partly electrified, while ongoing projects

include Njord and Snøhvit. Following further assessment during 2025, the Halten and Snorre electrification projects were discontinued due to challenging economics. This will limit and delay Vår Energi’s planned GHG emissions reductions of 50% by 2030, hence the target will be revised and updated during 2026.

From 2024, Vår Energi has a target of near zero Scope 1 methane emission intensity, for operations where Vår Energi is the operating company. The target has been reached for both 2024 and 2025.

Reference for the near zero target is the Oil and Gas Climate Initiative Aiming for Zero Methane Emissions initiative to limit the amount of methane emissions in relation to the total volume of gas produced and marketed.

A Scope 1 CO 2 emissions intensity target is established and assessed on an annual basis. For 2025, the target was set at 10 kg CO 2 /boe. This target has been successfully achieved. For 2026 the target is 9 kg CO 2 /boe.

The performance against the Scope 1 targets is monitored and reviewed via monthly reporting through a shared dashboard. The Scope 1 targets are not based on conclusive scientific evidence nor compatible with limiting global warming to 1.5°C, and stakeholders have not been directly involved in the target-setting process.

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Scope 2

The target for Scope 2 is zero emissions for the equity share of operations where Vår Energi is the operating company by purchasing guarantees of origin from renewable energy production. The target is met for 2025.

Stakeholders have not been involved in the target setting process. The performance against the Scope 2 emission target is monitored and reviewed through the electricity use based on invoices and purchase agreements for guarantees of origin.

Scope 3

Vår Energi has not set absolute targets for Scope 3 emissions as they are dependent on activity levels.

A view looking down from an offshore platform towards the sea churning, with a single seagull flying over the water.

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E1-5 – Energy consumption and mix

Energy consumption and mix

2025 (2024)

Energy consumption and mix 1,2

Unit

Operational control

Financial control

Total energy consumption from fossil sources disaggregated by: 

MWh 

1 644 247 (1 533 470)

4 440 366 (5 039 553)

- fuel consumption from coal and coal products

MWh 

- fuel consumption from crude oil and petroleum products 

MWh 

636 892 (521 983)

861 689 (695 229)

- fuel consumption from natural gas  

MWh 

743 188 (697 268)

3 552 476 (4 171 976)

- consumption of purchased or acquired electricity, heat, steam, and cooling from fossil sources 

MWh 

264 166 (314 219)

26 201 (172 347)

- fuel consumption from other fossil sources 

MWh 

Total energy consumption from nuclear sources 

MWh 

65 137 (37 407)

6 461 (20 518)

Total energy consumption from renewable sources disaggregated by: 

MWh 

400 816 (393 403)

371 478 (250 460)

- fuel consumption from renewable sources  

MWh 

- consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources 

MWh 

400 816 (393 403)

371 478 (250 460)

- consumption of self-generated non-fuel renewable energy 

MWh 

Share of total energy consumption from activities in high climate impact sectors 

%

100 (100)

100 (100)

1 Energy associated with flaring is not included under total energy consumption from fossil sources. AR 32 guidance states "that fuels that are not combusted for energy purposes should be excluded from information on energy consumption."

2 The Norwegian Water Resources and Energy Directorate (NVE) factors for power distribution between renewable, fossil and nuclear energy has been applied.

Energy consumption and intensity in high climate impact sectors

The high climate impact sectors that are used to determine the energy intensity are NACE code section B6 - Extraction of crude petroleum and natural gas. This implies that

all petroleum revenue from Vår Energi’s activities are included in the denominator of the calculation of energy intensity, which reconciles with “Total petroleum revenues” in Note 5 – Income in the Financial Statements.

Unit

2025 (2024)

Total energy consumption from activities in high climate impact sectors

MWh

2 107 859 (1 964 280)

Net revenue from activities in high climate impact sectors

USD 1000

8 095 700 (7 450 056)

Total energy consumption from activities in high climate impact sectors per net revenue from activities in high impact sectors

MWh/USD 1000

0.26 (0.26)

Energy intensity from activities in high climate impact sectors (total energy consumption per net revenue)

%

26% (26%)

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E1-6 – Gross scope 1, 2, 3 and total GHG emissions

Gross Scope 1, 2, 3 and total GHG emissions

Operational control

Retrospective

Milestones and target years

Notes

JV partners share

Base year 1

Comparative (2024)

2025

% 2025/2024

2025

2030

2050

Annual % target / Base year

Scope 1 GHG emissions

Gross Scope 1 GHG emissions (tCO 2 eq)

320 859

320 859

414 903

29%

1

115 650

Percentage of Scope 1 GHG emissions from regulated emission trading schemes

91%

91%

92%

1%

Scope 2 GHG emissions

Gross location based Scope 2 GHG emissions (tCO 2 eq)

11 242

11 242

8 652

-23%

4 288

Gross marked based Scope 2 GHG emissions (tCO 2 eq)

224 068

224 068

193 601

-14%

2

193 601

Percentage of contractual instruments, Scope 2 GHG emissions

50%

50%

50%

1%

Significant scope 3 GHG emissions

Total Gross indirect (Scope 3) GHG emissions (tCO 2 eq)

34 990 509

34 990 509

41 260 950

18%

3

1 Purchased goods and services

103 160

103 160

232 003

125%

4

2 Capital goods

378 046

378 046

267 985

-29%

4 Upstream transportation and distribution

24 193

24 193

135 082

458%

5

9 Downstream transportation and distribution

47 401

47 401

31 100

-34%

6

10 Processing of sold products

1 917 364

1 917 364

2 587 226

35%

11 Use of sold products

32 520 345

32 520 345

38 007 554

17%

Total GHG emissions

Total GHG emissions (location-based) (tCO 2 eq)

35 322 610

35 322 610

41 684 504

18%

Total GHG emissions (market-based) (tCO 2 eq)

35 535 437

35 535 437

41 869 453

18%

1 All base year values are from 2024. Last year it was incorrectly stated that base year of 2005 was used for Gross Scope 1 emissions.

2 Vår Energi purchases guarantees of origin for equity share scope 2 emissions (Ref table E1-3 for emission reductions connected to this measure). Market based scope 2 GHG emissions are therefore reduced to partners ownership share only, which is the same as JV partners share' coloumn.

3 Total Scope 3 emisisons have increased due to increased activities (e.g. Jotun FPSO into production, higher drilling activities).

4 Category 1 purchased goods and services now includes vessels, which were previously classified under Category 4. Emissions from vessels are calculated using fuel combustion and relevant emission factors. In 2025, cradle-to-gate emission factors have been applied for estimating emissions associated with purchased chemicals and cement. The remaining emissions from Category 1 and Category 2 are determined using a spend-based approach. In 2024, all Category 1 and Category 2 emissions were evaluated solely through the spend-based methodology.

5 Category 4 Upstream transport & distribution encompasses emissions resulting from offshore oil tankers for which Vår Energi is responsible for fuel purchases. This represents a change from the 2024 reporting protocol, where emissions from all tankers were classified under Category 9.

6 Category 9 Downstream transport & distribution relates to transportation and distribution of products after the point of sale in onshore tankers, where the buyer is responsible for the fuel consumed. Scope 3 categories 3, 5, 6, 7, 8, 12, 13, 14, 15 are not material and therefore excluded from the table.

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E1-6 – Gross scope 1, 2, 3 and total GHG emissions

Gross Scope 1, 2, 3 and total GHG emissions

Financial control

Retrospective

Milestones and target years

Notes

Base year 1

Comparative (2024)

2025

% 2025/2024

2025

2030

2050

Annual % target / Base year

Scope 1 GHG emissions

Gross Scope 1 GHG emissions (tCO 2 eq)

1 100 000

1 123 309

1 183 130

5%

550 000

Near Zero

1

Percentage of Scope 1 GHG emissions from regulated emission trading schemes

97%

97%

96%

-1%

Scope 2 GHG emissions

Gross location based Scope 2 GHG emissions (tCO 2 eq)

6 249

6 249

4 791

-23%

Gross marked based Scope 2 GHG emissions (tCO 2 eq)

122 783

122 783

19 198

-84%

2

Percentage of contractual instruments, Scope 2 GHG emissions

84%

84%

91%

9%

Significant scope 3 GHG emissions

Total Gross indirect (Scope 3) GHG emissions (tCO 2 eq)

35 202 304

35 202 304

41 343 864

17%

3

1 Purchased goods and services

174 260

174 260

257 664

48%

4

2 Capital goods

321 926

321 926

298 571

-7%

4 Upstream transportation and distribution

161 552

161 552

161 749

0%

5

9 Downstream transportation and distribution

106 856

106 856

31 100

-71%

6

10 Processing of sold products

1 917 364

1 917 364

2 587 226

35%

11 Use of sold products

32 520 345

32 520 345

38 007 554

17%

Total GHG emissions

Total GHG emissions (location-based) (tCO 2 eq)

36 308 553

36 331 862

42 531 785

17%

Total GHG emissions (market-based) (tCO 2 eq)

36 425 087

36 448 397

42 546 192

17%

1 Base year Gross Scope 1 GHG emissions is based on 2005 values. All other base year values are 2024.

2 Purchase of guarantees of origin for equity share emissions in operations where Vår Energi is the operating company, ref to table E1-3 for emission reductions connected to this measure.

3 Total Scope 3 emissions have increased due to increased activities (e.g. Johan Castberg FPSO and Jotun FPSO into production, higher drilling activities).

4 Category 1 purchased goods and services now includes vessels, which were previously classified under Category 4. Emissions from vessels are calculated using fuel combustion and relevant emission factors. In 2025, cradle-to-gate emission factors have been applied for estimating emissions associated with purchased chemicals and cement. The remaining emissions from Category 1 and Category 2 are determined using a spend-based approach. In 2024, all Category 1 and Category 2 emissions were evaluated solely through the spend-based methodology.

5 Category 4 Upstream transport & distribution encompasses emissions resulting from offshore oil tankers for which Vår Energi is responsible for fuel purchases, as well as partner miscelaneous vessels. This represents a change from the 2024 reporting protocol, where emissions from all tankers were classified under Category 9.

6 Category 9 Downstream transport & distribution relates to transportation and distribution of products after the point of sale in onshore tankers, where the buyer is responsible for the fuel consumed. Scope 3 categories 3, 5, 6, 7, 8, 12, 13, 14, 15 are not material and therefore excluded from the table.

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GHG emissions intensity

GHG intensity per net revenue 1

2025 (2024)

Total GHG emissions (location-based) per net revenue (tCO 2 e/USD)

 0.005254 (0.004877)

Total GHG emissions (market-based) per net revenue (tCO 2 e/USD)

   0.005255 (0.004892)

1 Net revenue used to calculate GHG intensity is reconciled against ‘Total income’ in the Statement of Comprehensive Income and Note 5.

E1-7 – GHG removals and GHG mitigation projects financed through carbon credits

Vår Energi is purchasing carbon credits to neutralise residual emissions from logistics and maritime transport (Scope 3, categories 1, 4 and 9) from operations where Vår Energi is the operator.

The carbon credits will be nature-based, and will be verified by an independent, accredited third party in line with international standards.

For Scope 3 emissions, Vår Energi entered into a framework agreement in 2024 covering a total of 500 000 credits, with delivery scheduled for the period 2026–2031. These 500 000 credits were included in last year’s report. In addition, in 2025, the Company entered into a framework agreement for Scope 1 emissions covering a total of 2 500 000 credits, with delivery scheduled for the period 2027–2034. Taken together, these agreements account for the total of 3 million credits disclosed in the report.

Carbon credits

2025 (2024)

Carbon credits planned to be cancelled/used in the future

Around 3 000 000 (500 000) tonnes

Amount until (period)

2034 (2034), agreement with flexibility to adjust volume and duration

Share from projects in Norway

100% (100%)

Share from projects insured for wildfires

100% (100%)

Share from projects part of global buffer pool

100% (100%)

Share of independent 3rd party validation and verification

100% (100%)

A close-up of a green leaf with water droplets on its surface, photographed in natural light.

Photo: Unsplash

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E1-8 – Internal carbon pricing

Vår Energi applies an internal carbon pricing scheme across all decision-making processes and planning for current and future field developments and operations. This approach enables the Company to evaluate the sensitivity of its decisions and ensures the resilience of its portfolio. The internal

carbon price is incorporated into Vår Energi's economic planning models to support investment decisions, forecast future operation costs and evaluate the commercial feasibility of GHG emissions reduction initiatives. The measurement of the metric is not validated by an external body.

Internal carbon pricing

2025 (2024)

Type of internal carbon price

Volume at stake

Prices applied (Euro/tCO 2 e)

Perimeter description

Shadow price

100% of Scope 1 emissions

The price is assumed to be 220 (220) EUR/ ton in 2030 (real terms 2025)

All oil and gas exploration and production related activities on the NCS.

A distant offshore structure is visible above the water, surrounded by mist or low clouds, under a pastel-coloured sky.

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Accounting policies and notes disclosures to E1

Methodologies and assumptions related to reported metrics under E1- Climate change are given in the table below.

Reported metric

Accounting policies, methodologies and assumptions

GHG Scope 1 emissions

For subsea tie-in fields, the topside host processing facility reports all scope 1 GHG emissions.

The energy consumption is measured through following methodology:

ETS Gass is fiscally measured, while diesel is based on delivered diesel to the asset through onshore diesel pumps controlled by the Norwegian Metrology Service (Justervesenet). Justervesenet is designated as a Notified Body under the EU Measuring Instruments Directive. Both streams are verified as part of the EU Emission trading system (ETS) quota regime, and details regarding factors etc. are available at Norskeutslipp.no (quota permit). Scope 1 including production, well intervention, production drilling and certain exploration wells (where exploration wells are drilled within a field / license already covered by an EU ETS quota permit and included in the PDO are validated by an external party as part of the EU ETS legislation.

GHG Scope 2 emissions

For subsea tie-in fields, the topside host processing facility reports all scope 2 GHG emissions.

The electricity consumption is measured by the grid owners, according to Norwegian legislation. The emissions factors used are 11.9 (location based) and 105,1 (market based).

The measurement of the metric is not validated by an external body.

GHG Scope 3 emissions

Category 1 and 2

For Vår Energi’s own operated assets, Scope 3 category 1 and 2 are calculated using the spend-based approach. The exception is that cradle-to-gate emission factors have been applied for estimating emissions associated with purchased chemicals and cement chemicals. For vessels, fuel usage and emission factors are used to calculate emissions.

Vessels previously included in Category 4 are now included in Category 1.

For partner operated assets, some data was received direct from partners. This data and Vår Energi data was used to provide a factor per boe which was applied to remaining partner data to estimate emissions.

For operational control the percentage of emissions calculated using primary data is 17%.

Category 4

Emissions from tankers exporting oil offshore are calculated based on fuel usage reported by the owners/operators. Emissions related to gas transported by Gassco is not included.

The percentage of emissions calculated using primary data is 100%.

Reported metric

Accounting policies, methodologies and assumptions

GHG Scope 3 emissions

Category 9

Downstream transportation and distribution, when the transport is outside the Company’s financial responsibility i.e. where transport is paid by the buyer. This relates to onshore transportation by tanker to the discharge port. Fuel usage is calculated based on the approximate round trip distance. If transport is shared with other shippers, a pro-rate share of bunker consumption is used.

Category 10 and 11

‘Processing of sold products’ (Cat 10) and ‘Use of sold products’ (Cat 11) are based on sold volume.

Category 10 includes emissions from the processing of sold crude oil within refineries. This is based on refinery statistics from the IEA database to estimate crude oil composition. Average data method is used (Ipieca/American Petroleum Insititute Scope 3 emissions guidance) which multiplies activity data (volume of sold intermediate product) with the fraction of the final product, and multiplied by an emission factor. Emission factors are taken from a 2022 Concawe Study (Estimating the CO 2 intensities of EU refinery products: statistical regression methodology).

Category 11 use of sold products follows the assumption that petroleum products used for energy purposes (natural gas, all NGL components except ethane, crude oil derived products such as diesel, gasoline etc.) are fully combusted. Ethane in NGL, and naphtha from crude oil, are assumed to be used as feedstock in plastics production and no emissions are estimated from their use in Category 11.

Final product method is used, multiplying sold product with combustion emission factors. Emissions divided by BOE gives an emission factor of 0.33 tCO 2 e/boe.

The CO 2 e-emission factor for Category 11 is based on Department of Environment, Food & Rural Affairs 2024, recalculated with Global Warming Potential defined in the Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report, 2020 (AR6).

The factors used are 'Calculated Combustion emission factor with Global Warming Potential AR6', wich for diesel oil is 2.662538284 CO 2 e/liter and for gasoline 2.339727369 CO 2 e/liter. These are the two main contributors (ca. 55%).

The measurement of the metric is not validated by an external body.

Carbon credits

Internal carbon price

The carbon price is a price projection rising annually, based on the expected future cost of EU ETS quota prices and the Norwegian CO 2 tax. The applied carbon price projection is based on current actual EU ETS quota price and current actual Norwegian CO 2 tax and then increased linearly to 2000 NOK/ton (real terms 2020) in 2030. The increase to 2000 NOK/ton is in line with statement from the Norwegian government.

Based on this, the price is assumed to 220 EUR/ton in 2030 (real terms 2025), which is equivalent to the 2000 NOK/ton (real terms 2020) stated by the Norwegian government.

The measurement of the metric is not validated by an external body.

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This will include a reduced use of fossil fuels, thereby reducing emissions of the pollutants NOx, SOx and particulate matter. The Policy is further described in E1 – Climate change.

The Quality, Assurance and Risk Policy outlines Vår Energi’s commitment to manage the Company’s risk exposure and adherence to governmental regulations and industry standards, such as ISO 14001, which aim to minimise the environmental footprint, including pollution.

The Health and Safety Policy outlines Vår Energi’s commitment to maintaining an organisation that is trained and prepared to respond to emergencies to control and limit the impact on people and environment. The policy is further described in S1 – Own workforce.

The policies listed above support the identified material IROs for E2 – Pollution, and are publicly available on Vår Energi’s website. The policies are applicable to all personnel working for Vår Energi ASA, hired or contracted and subsidiaries of Vår Energi ASA and sets out the Company’s expectations towards contractors, suppliers, and business partners. All Vår Energi’s policies are approved by the Board of Directors. The EVP Safety and Sustainability has the overall responsibility to oversee the effectiveness of the above policies, and the EVP for each business line is responsible for adhering to the commitments in the policies for their respective areas. Partner operated assets are managed according to the Joint Venture Operating Agreement, and operated according to the operator’s management system and policies.

Vår Energi operates under, among others, the Pollution Control Act, the Freedom of Information Act and the Environmental Information Act, ensuring full transparency on environmental data, both before and after any emission or discharge. Data reported to the NEA, along with permits and authority audit reports, are publicly available.

Vår Energi holds the following certifications and voluntary commitments, which underpin the policies supporting the IROs related to E2 – Pollution along with Vår Energi Management System, which support regulatory compliance:

NORSOK S-003 Environmental Care

ISO 14001 Environmental Management Systems certified

ISO 50001 Energy Management Systems certified

ISO 9001 Quality Management System

ISO 31000 Risk Management

ISO 19011 Guideline for Auditing Management Systems

The Company regularly receives feedback from stakeholders, including through public hearings related to activity permit processes, upon which Company must act to ensure stakeholder input is considered. Additionally, the authorities conduct environmental-related audits, upon which the Company performs activities or adjustments to ensure legislative compliance. Vår Energi Management System has a notification function for improvement proposals for processes, procedures and policies that can be used also for stakeholder engagement results.

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E2-2 – Actions and resources related to pollution

Actions and resources related to IRO Air emissions from fuel combustions

IRO

Key action/Scope of action

Time Horizon 1

Goal/Result from action

Air emissions from fuel combustion

Key action :

Best Available Techniques Assessments (BAT).

BATs are performed according to Offshore Norway’s Offshore Norge Recommended guidelines for BAT assessments for larger modifications as identified in an Environmental Aspects Identification.

Scope of action:

Own activities.

BAT evaluations have been performed in 2025.

Goal:

The goal is to select BAT for the specific topic evaluated.

Result from action:

The significant environmental aspects are screened for environmental, technical and economic criteria and the technique selected shall be feasible for all three selection criteria. Emissions (including NOx and SOx) and discharges/ spills are considered as part of the selection criteria.

Air emissions from fuel combustion

Key action :

Vår Energi is a member of the NOx fund since 2008 and has renewed its commitment to the agreement for 2025-27. The main task of the NOx Fund is to finance concrete NOx reduction measures. The Fund provides financial support to businesses to implement technology that leads to reduced NOx emissions.

Scope of action:

Own-operated asset and specifically for Jotun FSPO.

The NOx upgrade of the Jotun auxiliary engine was completed in 2024 and set in operation offshore April 2025.

Goal:

Lowering NOx emissions.

Result from action:

Emissions measurements have been performed, and the NOx emissions have been reduced from 44.92 g NOx/kg fuel to 11.55 g NOx/kg fuel from this upgrade. The NOx fund has supported the measure with NOK 11 mill which was paid to Vår Energi in 2025 upon the completion of the measure and documented emissions reductions.

Air emissions from fuel combustion

Key action :

Purchase of low-sulphur diesel as emissions of SOx is mainly caused by combustion of hydrocarbons containing sulphur. As gas from NCS typically contains small volumes of sulphur, combustion of diesel is the largest source of SOx.

Scope of action:

All operated assets.

Ongoing

Goal:

Lowering SOx emissions.

Result from action:

Use of low-sulphur diesel causes avoidance / reduction of SOx emissions.

Air emissions from fuel combustion

Key action :

The flaring strategy was updated in 2025 and defines principles for monitoring and reducing flaring at Vår Energi–operated installations to ensure permit limits are not exceeded. The installations Jotun and Gjøa were also included.

Scope of action:

All operated assets.

2025

Goal:

Lowering/minimising emissions from flaring.

Results from action:

Reduced flaring ensures reduced emissions to air, including NOx and SOx.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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Actions and resources related to IRO Air emissions from loading and storage of crude oil

IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

Air emissions from loading and storage of crude oil

Key action :

To ensure compliance with the NEA requirements and obtaining emission reductions, operators have established the Volatile Organic Carbon Industry Collaboration (VOCIC). VOCIC is a forum for sharing investment in emission-reducing technology, finance measures and also ensures joint annual emission reporting to NEA.

Vår Energi and Equinor operate all partner operated fields where shuttle tankers are in use. Both are members of VOCIC.

Scope of action:

The emission limit for nmVOC for the NCS has been set by NEA at 0.45 kg/Sm 3 of loaded oil since 2021.

Ongoing

Goal: Reduction of emissions of nmVOC from shuttle tankers on the NCS.

Result from action:

Ongoing reduction of nmVOC from the operators on the NCS.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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Actions and resources related to IRO Pollution from incidental discharges

IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

Pollution from incidental discharges and

Oil spill response

Key action :

Securing oil spill response resources by being a member of The Norwegian Clean Seas Association for Operating Companies (NOFO).

Scope of action:

Operators of all Vår Energi’s operations (equity) are members of NOFO.

Ongoing

Goal:

Ensure emergency preparedness resources dimensioned to activities are available, and thereby ensure compliance with drilling and production permits.

Result from action:

NOFO is a membership organisation for operating companies on the NCS.

NOFO was established to coordinate and operationalise the required oil spill preparedness for its members. Vår Energi has been a member of NOFO since the formation of the Company.

Pollution from incidental discharges

Key action :

Environmental risk and oil spill preparedness analysis.

All operating fields including drilling activities in the Vår Energi portfolio have performed an environmental risk and oil spill preparedness analysis according to Offshore Norge guideline (Guidance on environmental risk analyses using ERA Acute, 2020) as part of the permitting process towards NEA.

Scope of action:

Financial Control (Equity).

The environmental risk and emergency preparedness analyses shall be at least evaluated for updating every five years, or in the event of significant changes in activity levels.

Goal:

Ensure emergency preparedness is available, and thereby ensure compliance with drilling and production permits.

Result from action:

In the permit received from NEA, requirements related to oil spill preparedness are defined, which are operationalised in the assets oil spill preparedness plan.

Pollution from Iincidental discharges

Key action :

The company has established a leak detection system that is, as far as possible, independent of environmental conditions, in accordance with the Activity Regulation § 57.

Scope of action:

Financial Control (Equity).

Ongoing

Goal:

To ensure leak detection is in accordance with permits and regulation.

Result from action:

Leak-detection systems shall be in place to detect leaks as early as possible. A robust and trained emergency response organisation will be mobilised as applicable to manage emergencies in a reliable and efficient manner.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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Actions and resources related to IRO Water discharges to the ocean

Based on an application for operational discharges of chemicals, Vår Energi is granted a permit by NEA. The chemicals included in the discharge permit are considered material for Vår Energi’s operations.

IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

Water discharges to the ocean

Key action :

To assess environmental impact, the Environmental Impact Factor is modelled for the discharged produced water to identify the impacts on marine organisms.

Scope of action:

Financial Control Units (Equity) with discharge of produced water.

Ongoing

Goal:

Identify risks from produced water discharges.

Result from action:

All operators on the NCS having fields with produced water discharge cooperates in conducting water column monitoring every three years to identify potential impacts and validate the Environmental Impact Factor model.

Water discharges to the ocean

Key action :

Produced Water Reinjection.

Scope of action:

In relation to all field development projects, reinjection of produced water is evaluated and a BAT assessment is performed.

8 of 25 facilities have produced water reinjection. Not all have 100% reinjection of produced water.

Ongoing

Goal

Lowering/minimising discharge of produced water.

Result from action:

The result of produced water reinjection is lowering the discharge of produced water containing oil, chemicals and naturally occurring substances.

Water discharges to the ocean

Key action :

Produced water treatment.

Discharged produced water is treated to a maximum level of 30 ppm oil in water, unless a specific level is given in a permit NEA (according to Activity Regulations §60).

Scope of action:

Financial Control (Equity) with discharge of produced water.

Ongoing

Goal:

Minimise impact on marine environment from discharged produced water.

Result from action:

Reduction of oil in the produced water being discharged.

Water discharges to the ocean

Key action :

Reduce use of harmful chemicals.

The Activity Regulation § 62-66 regulates chemical management. Chemicals are selected, evaluated, and substituted as part of a continuous improvement process for chemical selection and use.

Scope of action:

Financial Control (Equity).

Ongoing

Goal:

Optimise chemical selection to minimise impact on external environment.

Result from action:

Annual review of chemicals for substitution for black, red and yellow class 2 and 3 leads to an ongoing continuous improvement of chemical selection.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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Metrics and targets

Targets

E2-3 – Targets related to pollution

The below targets are valid for the reporting period of this report.

NOx, and nmVOC

Combustion of fuels causes NOx emissions, while loading and storing of crude oil cause nmVOC emissions. Vår Energi commits to reducing emissions of pollutants, such as NOx and nmVOC, through the Environment Policy, which is further supported by the Company’s target of not exceeding the mandatory limits given by NEA in the use and discharge permit. Permit limits are based on estimated emissions from the operator(s), and the emissions and discharge permit applications are publicly available for stakeholders to comment on.

NEA gives absolute emission limits for NOx for oil and gas-producing fields, and these are targets for Vår Energi's own operated assets.

The table shows the NOx emissions from turbines and engines used to generate energy.

None of the targets are science-based but for turbines the target is linked to load factor larger than 70%.

NEA has set a target for nmVOC in relation to offloading. The target is considered fulfilled if the operators can document that the average emission of nmVOC from loading on all fields on the Norwegian continental shelf does not exceed 0.45 kg/Sm 3 loaded crude oil to shuttle tankers over the calendar year. The baseline value for nmVOC is the 2024 results.

Spills

Vår Energi’s own operated offshore operations have an absolute target of zero incidental hydrocarbon spills larger than 1m 3 from oil and gas production, as well as production and exploration drilling. This is also aligned with Vår Energi's commitments in the Environment Policy. As the Company’s target has been set to zero, Vår Energi has neither seen the

need to directly involve stakeholders nor base the target on scientific evidence, when setting target. The baseline year is 2024, with a baseline value of zero. Spills in the above category (i.e. over 1m 3 ) are immediately reacted upon when identified, and notified to the Norwegian Ocean Industry Authority (Havtil). There were no spills of hydrocarbons larger than 1m 3 from Vår Energi’s own operations in 2025 nor in 2024.

Metrics

The table on the next page shows relevant parameters, as defined in Annex II of Regulation (EC) No 166/206 for produced water and emissions to air. Produced water parameters are reported according to the Offshore Norge Guidelines 085 Recommended Guidelines for Sampling and Analysis of Produced Water. Emissions to air are reported according to the Offshore Norge Guideline 044 Recommended Guideline for Discharge and Emission Reporting. The threshold value is per field and is given in Annex II.

2025 (2024)

Scope/Asset

System

Annual Long Term Target tonnes NOx/ year

Valid from

Baseline tonnes NOx/year

tonnes NOx/ year

Balder FPU and Ringhorne Platform

Turbines and engines

1 500

February 2022

1 136

1 010 (1 136)

Goliat FPSO

Turbines and engines

126

April 2022

16

8 (16)

Gjøa FPU

Turbines and engines

53

November 2023

63

63 (63)

Jotun FPSO 1

Turbines and engines

796

June 2025

-

379 (NA)

1 From start-up of operation June 2025.

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E2-4 – Pollution of air and water

2025 (2024)

Indicator (discharges) ref. Annex II  

Unit (100% data)

Threshold

Operational control 1

Financial control 1

Emissions to air

Nitrogen oxides (NOx/NO 2 )

kg/y 

100 000

2 099 024 (1 774 388)

4 755 689 (4 016 207)

Non-Methane Volatile Organic Compounds (nmVOC)

kg/y 

100 000

2 451 110 (1 160 701)

2 837 307 (2 157 106)

Sulfur oxides (SOx/SO 2 ) 2

kg/y 

150 000

Carbon Monoxide (CO)

kg/y 

500 000

252 036 (230 533)

Discharges to sea

Arsenic and derivatives as As, in discharged water 

kg/y 

5

99 (104)

Cadmium and derivates as Cd, in discharged water 

kg/y 

5

Chromium and derivatives as Cr, in discharged water 3

kg/y 

50

Copper and derivatives as Cu, in discharged water 

kg/y 

50

Lead and derivatives as Pb, in discharged water 

kg/y 

20

Mercury and derivatives as Hg, in discharged water 

kg/y 

1

Nickel and derivatives as Ni, in discharged water 

kg/y 

20

15 (5)

Zinc and derivatives as Zn, in discharged water 

kg/y 

100

75 (79)

Benzene, in discharged water 

kg/y 

200

30 855 (24 050)

121 560 (104 673)

Toluene, in discharged water 

kg/y 

200

25 933 (19 575)

75 509 (68 243)

Ethylbenzene, in discharged water

kg/y 

200

1 167 (-)

4 270 (-)

Xylene (BTEX), in discharged water 

kg/y 

200

6 857 (10 700)

25 029 (24 634)

2025 (2024)

Indicator (discharges) ref. Annex II  

Unit (100% data)

Threshold

Operational control 1

Financial control 1

Polycyclic Armomatic Hydrocarbons (PAH) as available, in discharged water 

kg/y 

5

6 245 (3964)

12 461 (10 087)

Naphtalene, in discharged water 

kg/y 

10

4 268 (3 296)

6 377 (4 999)

Anthracene, in discharge water

kg/y 

1

10 (-)

Fluoranthene, in discharged water

kg/y 

1

3 (-)

4 (-)

Benzo(g,h,i)perylene, in discharged water 

kg/y 

1

4 (2)

2 (1)

Phenols (incl. alkylphenols C1-C9), in discharged water 

kg/y 

20

26 865 (-)

8 376 (33 245)

Octylphenol and derivates, in discharge water

kg/y 

1

Nonylfenol and nonylphenol derivates, in discharge water

kg/y 

1

2025 (2024)

Produced water balance 4

Unit

Operational control

Financial control

Produced water generated

1000 m 3

8 917 (8 736)

35 060 (15 457)

Produced water injected

1000 m 3

5 586 (6 050)

5 929 (6 060)

Produced water discharged 5

1000 m 3

3 549 (2 820)

29 276 (9 066)

Hydrocarbon discharged

tonnes/y

87 (109)

198 (54)

1 If no value is shown, it is below the threshold (including parenthetical values).

2 SOx emissions are below the reporting threshold for each installation and are therefore not included in Table E2-4. Total SOx emissions in 2025 amounted to 52 293 kg (operational control) and 87 456 kg (financial control).

3 Correction of 2024 Report. Chromium was reported in 2024 but actual values were below threshold.

4 Due to increased activity in partner operated assets.

5 Change in calculation methodology for Produced water discharged. Please refer to accounting policies for details.

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Accounting policies and notes disclosures to E2

Methodologies and assumptions related to reported metrics under E2- Pollution are given in the table below.

Reported metric

Accounting policies, methodologies and assumptions

CO emission to air

For measurement methodologies, reference is made to Offshore Norge Guideline 044 – Offshore Norge Recommended Guideline for Discharge and Emission Reporting.

The metrics are not validated by an external body.

NOx/NO 2 emission to air

Sulphur oxides (SOx/SO 2 ), to air

nmVOC emission to air

For measurement methodologies, reference is made to Offshore Norge Guideline 044 – Offshore Norge Recommended Guideline for Discharge and Emission Reporting.

The nmVOC emissions shall be calculated as combined emissions divided by combined oil loaded for the calendar year. Vår Energi, along with other operation companies that have offloading to shuttle tankers are members of VOCIC. Methane and nmVOC in relation to offloading are measured by the ship owners, while VOCIC reports the results to the authorities and operators. For 2024 the target of 0.45 kg/Sm 3 average emission of nmVOC in relation to offloading of oil to shuttle tankers has been fulfilled.

The metric is not validated by an external body.

Spills of hydrocarbons

Spills of hydrocarbons larger than 1 m 3 from Vår Energi’s own operated assets are included. This corresponds with the limit for which liquid hydrocarbon spills are to be alerted to Havtil (ref Management regulations §29 Notification and reporting of hazard and accident situations to the supervisory authorities). Pending on the nature of the spill, it is either measured or estimated to the best ability.

The metrics are not validated by an external body.

Pollutants in discharged produced water

For measurement methodologies, reference is made to Offshore Norge Guidelines 085 Recommended guidelines for sampling and analysis of produced water and 044 – Offshore Norge Recommended Guideline for Discharge and Emission Reporting. Guideline 085 Recommended guidelines for sampling and analysis of produced water are considered to define relevant discharge parameters for the offshore oil and gas industry in the Recommended guidelines for sampling and analysis of produced water in Annex II of Regulation (EC) No 166/2006.

Produced water discharge is calculated based on discharges from operated installations. In the 2024 report, drainage water from drilling rigs was included. The 2024 metrics have been updated in this report to include only discharges from operated installations.

The metrics are not validated by an external body.

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regularly consults with authorities such as the Environment Agency and the Norwegian Ocean Industry Authority.

The importance of stakeholder involvement is embedded in the Environment Policy and Quality Policy through:

Consulting with relevant stakeholders on environmental impacts

Providing transparent reporting on environmental impacts:

Environmental sediment and water column surveys performed for the offshore industry are all publicly available on the NEA website

The annual environmental reports for all assets and exploration wells on the NCS are publicly available on the Offshore Norge website. Moreover, data is available on the ‘Norske utslipp’ website hosted by the NEA

Demonstrating compliance with relevant regulatory requirements, industry standards and Vår Energi’s management system.

Partner operated assets are managed according to the Joint Venture Operating Agreement and are operated according to the operator’s management systems and policies.

Vår Energi is connected to significant GHG emissions from the use of the Company's products in Vår Energi's downstream value chain, which in turn indirectly impacts biodiversity on a global scale. In addition to the information provided on Vår Energi’s Environment Policy regarding indirect impacts, refer to Chapter ESRS E1 – Climate Change for detailed policies and information related to GHG emissions, reduction measures, actions and targets.

E4-3 – Actions and resources in relation to biodiversity and ecosystems

Vår Energi operates in accordance with regulations from Norwegian authorities that permit activities in marine areas.

Operators on the NCS are required to cover the costs of environmental surveys and studies, which also applies to Vår Energi’s operations. The Company has allocated resources for environmental monitoring, surveys, impact assessments, and studies as mandated by Norwegian regulations before undertaking activities that require such evaluations.

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Descriptions of key actions taken, results and time horizons

To manage impacts on biodiversity from Environmental pressure from industrial activities, the following activities are performed when appropriate.

IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

Environmental pressure from industrial activities

Action:

A risk-assessment is performed for environmental monitoring (sediments and water column) according to the NEA M300 guidelines.

Sediment surveys, typically every 3 years (Before production drilling, after production has commenced and after production has ceased).

Water column monitoring, typically every 3 years (After production has started). In addition, R&D activities are performed by operators in between fieldwork according to Activities Regulation § 55.

Scope of action:

Sediment surveys apply to all assets, while water column is limited to fields which discharge produced water to sea.

Every three years.

Performed in 2025 in region IX (Goliat) (Sediment survey).

Next water column monitoring planned for 2027.

In 2025 R&D projects for the period 2025 and 2026 initiated.

Goal:

Monitor impact on sediments and given water column species.

Result from action:

Sediment Monitoring: Examples of parameters measured in the sediments are: radioactivity, grain distribution, total organic carbon, hydrocarbons, metals and fauna.

Water Column Monitoring: Level of contaminants from produced water discharges and effect markers in biota are measured.

Water column R&D is performed to improve methodology used in water column monitoring.

Environmental pressure from industrial activities

Action:

Identify BAT, according to regulations and ‘Offshore Norge Recommended guidelines for BAT assessments’, through the use of significant environmental aspects (ISO 14001).

Scope of action:

Identify BAT for own upstream activities.

BAT evaluations have been performed in 2025.

Goal:

The goal is to select BAT for the specific topic evaluated.

Result from action:

The significant environmental aspects are screened for environmental, technical and economic criteria and the technique selected shall be feasible for all three selection criteria.

Environmental pressure from industrial activities

Action:

A desktop-based environmental evaluation is conducted to assess vulnerable environmental resources in blocks for which the Company is applying in the APA rounds.

Scope of action:

Own APA application sites.

Prior to APA, typically annually, also in 2025 (The Company applied for 8 own operated licences and was awarded 6 in 2025).

Goal:

Map and identify environmental issues.

Result from action:

Environmental issues are summarised and included in the application.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures for time horizons illustrate when the actions are intended to be completed.

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IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

Environmental pressure from industrial activities

Action:

Perform EIA according to Regulations.

Scope of action:

Areas in which Company has development plans that triggers impact assessments.

Prior to activity that require impact assessment.

Several EIAs were ongoing in 2025.

Goal:

Describe/identify environmental impacts in relation to development projects.

Result from action:

Impact from a planned activity is posted publicly for consultation, and planned emissions to air, discharges to sea and emergency response systems are described.

Environmental pressure from industrial activities

Action:

Environmental Risk Analysis (ERA), including oil spill contingency analysis are conducted according to the Regulations and the Offshore Norge Guidelines ‘Guidance on environmental risk analyses using ERA Acute and ‘Veiledning for miljørettede beredskapsanalyser’.

The dimensioning of the oil spill preparedness is calculated according to industry standard.

Scope of action: ERA, including oil spill contingency analysis are performed for relevant own activities.

ERA and oil spill contingency analyses have been performed for activities in 2025.

Goal:

Define environmental risk and oil spill requirements.

Result from action:

Adequate oil spill contingency resources are defined based on the environmental risk and performance requirements.

Availability of oil spill contingency resources is confirmed with support from NOFO.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures for time horizons illustrate when the actions are intended to be completed.

Vår Energi has not used biodiversity offsets in 2025, nor incorporated local and indigenous knowledge and nature-based solutions into biodiversity and ecosystems-related actions.

Metrics and targets

E4-4 – Targets related to biodiversity and ecosystems

Vår Energi has not established specific targets regarding the impact on biodiversity and ecosystems, as benthic surveys are deemed an adequate method for monitoring potential negative effects. However, the commitment in the Company's Environment Policy to working towards no net loss or a net positive impact

on biodiversity from Vår Energi's operations remains. Prior to operation, visual mapping and/or sediment samples can be collected and assessed for biodiversity and chemical composition. This is in accordance with a risk- based approach, as specified by the NEA in their M300 guidelines.

This original sediment sampling functions as a baseline prior to field development. The field is monitored through the operational phase to measure ‘Environmental Pressure from Industrial Activities’, to work towards no net loss or a positive impact on biodiversity, as stated in the Environment Policy. Prior to

decommissioning a field, a cessation plan is formulated and approved by the relevant authorities. This plan includes the monitoring of biodiversity in sediments. Biodiversity will be monitored according to regulatory requirements as mentioned above, for a certain period after completion of the cessation pending biological disturbance and pollution, as agreed with NEA. Restoration may be performed if required.

E4-5 – Metrics related to biodiversity and ecosystems

Vår Energi has identified material offshore sites, including own operated and partner

operated sites, where activities may impact biodiversity and ecosystems. The material sites are potentially impacted by either production or drilling. The relevant sites are listed in the tables on the following page.

The tables on the following page list the Company’s fields and exploration drilling near protected areas (PA) and in or near areas of high biodiversity value, classified according to the Norwegian classification system, Particularly Valuable and Vulnerable Areas (Særlig Verdifulle og Sårbare Områder (SVOs)).

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The overview shows that Vår Energi does not engage in activities within protected marine areas. However, some operations are conducted in or near SVOs. SVOs do not directly impose restrictions on commercial activities but signal the importance of conducting special care in these areas.

Activities are performed based on biological evaluations of sites (Impact assessment and discharge permit processes) and received permits from the NEA. Vår Energi’s operations are not expected to impact threatened species.

Definitions

PA: Protected Areas. A Protected Area is a clearly defined geographical space, recognised, dedicated and managed through legal or other effective means, to achieve the long-term conservation of nature with associated ecosystem services and cultural values.

SVO: The SVOs are defined in “Særlig verdifulle og sårbare områder (SVO) i norske havområder – Miljøverdi — En gjennomgang av miljøverdier og grenser i eksisterende SVO og forslag til nye områder” from The Institute of Marine research in Norway, and are applied as input to the recent update of the Management Plan for Norwegian Marine Area. Today about 55% of the Norwegian Sea areas are included in an SVO.

Fields in Production

Does the site overlap with biodiversity sensitive areas?

What is the size of the footprint of the site within the sensitive area? 1,2,3

If “Yes”: the name of the sensitive area(s)

Are the sites located within 1km of the biodiversity sensitive areas?

Johan Castberg 

Yes (only Fiber Optical Cable) 

1.28 km 2  

SVO Coastal Zone Finnmark 

Johan Castberg  – No Fiber Optical Cable - Yes

Goliat FPSO with subsea infrastructure and electrical cable to shore 

Yes 

16.01 km 2  

Goliat FPSO - SVO Coastal Zone Finnmark Subsea infrastructure - SVO Senja- Tromsøflaket & SVO Coastal Zone Finnmark Electrical cable to shore - SVO Coastal Zone Finnmark

Goliat FPSO - Yes Subsea infrastructure - Yes Electrical cable to shore - Yes

Snøhvit  consisting of Snøhvit and Askeladd templates, Hammerfest LNG and gas & power cables

Yes 

5.86 km 2  

Hammerfest LNG - SVO Coastal Zone Finnmark   Askeladd templates - SVO Tromsøflaket Snøhvit gas export - SVO Coastal Zone Finnmark and SVO Tromsøflaket Snøhvit power cable - SVO Coastal Zone Finnmark

Hammerfest LNG - Yes Snøhvit field - No Askeladd templates - Yes Snøhvit gas export - Yes Snøhvit power cable - Yes

Kristin 

Yes 

1.07 km 2  

SVO Eggakanten South 

Yes 

Njord 

Yes (only Fiber Optical Cable) 

0.14 km 2  

SVO  Coastal Zone Norwegian Sea North  

Njord Installation – No  Njord fiber-optical cable - Yes

Aasgard 

Yes 

0.05 km 2  

SVO Eggakanten South 

Yes 

Ormen lange 

Yes 

13.76 km 2  

SVO Eggakanten South and SVO Coastal Zone Norwegian Sea South (only pipeline to shore) 

Sub sea installation – Yes Pipeline to shore - Yes

The fields below do not overlap nor are they located within 1 km of biodiversity sensitive areas:  Grane, Breidablikk, Heidrun, Snorre A&B, Statfjord ABC, Statfjord Nord, Statfjord Øst, Svalin, Tordis, Tyrihans, Vigdis, Sleipner Ø&V, Gudrun, Ekofisk (including Embla, Eldfisk, Tor and Tommeliten), Balder field (including Balder, Ringhorne and Ringhorne Ø), Gjøa, Duva, Fenja and Vega.

1 Activities are evaluated with regards to overlap with ‘biodiversity sensitive areas’ (in all practice SVOs). For production templates, the assessment area is defined using a 1 km radius around the installation. For pipelines and cables, including fiber optic cables, the assessment area is calculated along the route applying a 5 m buffer on each side.

2 The method is altered for 2025 where main change is that a 1 km radius is used around the Goliat and Ormen Lange templates instead of 50m*50m. In addition,  minor change due to inclusion of Fiber Optical Cables. Reason for change is to align with method used by main operator on NCS. 

3 A GIS-tool showing the actual position of the Gjøa electrical cable, found it to be located more than 1 km from all the protected areas. Therefore, Gjøa is removed from the table in 2025.

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Exploration Wells

Does the site overlap with biodiversity sensitive areas?

What is the size of the footprint of the site within the sensitive area? 1,2

If “Yes”: the name of the sensitive area(s)

Are the sites located within 1km of the biodiversity sensitive areas?

PL229 Zagato 

Yes

3.14 km 2

SVO Coastal Zone Finnmark

Yes

PL229 Zagato North 

Yes

3.14 km 2

SVO Coastal Zone Finnmark

Yes

PL229 Goliat North 

Yes

3.14 km 2

SVO Coastal Zone Finnmark

Yes

PL 1194 Hoffmann 

Yes

3.14 km 2

SVO Eggakanten South

Yes

PL1131 Elgol 3

Yes 

3.14 km 2  

SVO Coastal Zone Finnmark 

Yes 

The following well locations below do not overlap nor are they located within 1 km of biodiversity sensitive areas:  PL1238 Deimos, PL090 F Sør, PL094 Smørbukk Midt, PL248B (Vega Unit) Camilla Nord, PL554 C Narvi, PL27 Prince UpDip, PL169 Lit, PL532 Skred, PL532 Drivis Tubåen PLX, PL554 Garantiana NW, PL554 Avbitertang, PL586 Vidsyn, PL1005 Rondeslottet, PL1090 Kokopelli, PL1110 Njargasas, PL1121 Tyrihans Øst 

1 For exploration drilling, a 1 km radius around the well location is used to determine the assessment area. If any overlap with a sensitive area is identified, the corresponding SVO name is reported. An additional check is performed to determine whether the site lies within 1 km of any environmentally sensitive area. Seismics has not been considered.

2 The method is altered for 2025 where main change is that a 1 km radius is used around the exploration wells instead of 125 m radius. Reason for change is to align with method used by main operator on NCS.

3 Exploration well Elgol in PL1131 was started in 2024 and completed in 2025, thus has been reported both for 2024 and 2025.

Accounting policies and notes disclosures to E4

Methodologies and assumptions related to reported metrics under E4 – Biodiversity and ecosystems are given in the table below.

Reported metric

Accounting policies, methodologies and assumptions

Overlap with ‘biodiversity sensitive area’ (SVO)

Activities are evaluated with regards to overlap with ‘biodiversity sensitive areas’ (in all practice SVOs).

Production: For production templates, the assessment area is defined using a 1 km radius around the installation. For pipelines and cables, including fiber optic cables, the assessment area is calculated along the route applying a 5 m buffer on each side. The method is altered for 2025 where main change is that a 1 km radius is used around the Goliat and Ormen Lange templates instead of 50m*50m. In addition, a minor change has been made to accommodate the inclusion of fiber optic cables, in order to align with method used by main operator on NCS. 

Exploration drilling: For exploration drilling, a 1 km radius around the well location is used to determine the assessment area. If any overlap with a sensitive area is identified, the corresponding SVO name is reported. An additional check is performed to determine whether the site lies within 1 km of any environmentally sensitive area. Seismics has not been considered. For exploration wells the method is altered for 2025 where the main change is that a 1 km radius is used around the exploration wells instead of 125 m radius. Reason for change is to align with method used by main operator on NCS.

An offshore drilling rig stands on calm water with its structure and tower reflected clearly on the surface, set against a backdrop of distant land and a pale sky.

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E5-2 – Actions and resources related to resource use and circular economy

Improper waste management can lead to the contamination of surface water, groundwater, seawater, and soil. Contaminants in the waste, such as chemicals or heavy metals may adversely affect plant and animal species, as well as pose a risk to human health.

To promote the concept of circularity, as outlined in the policies referenced in E5-1, Vår Energi has continued the implementation of initiatives in 2025, none of which are remedial, in relation to the Company's impacts. These actions aim to minimise the use of virgin materials, thereby reducing the volume of waste generated. Consequently, these efforts

will lessen the negative impact on natural resources and, in turn, reduce the effects on relevant stakeholders. The Company does not currently measure how effective these actions are in terms of material re-use or resource efficiency.

IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

High use of (virgin) raw materials

Key action:

Developing lifetime extension applications according to “122 – Offshore Norge Recommended Guidelines for the Management of Life Extension”.

Scope of action:

Vår Energi’s own operated assets and selected partner operated activities.

Ongoing

Goal:

Significant reduction in use of virgin materials and waste compared to development of new facilities.

Result from action:

Jotun FPSO has been refurbished and modified to be reused at the Balder field. The refurbished Jotun FPSO was installed and started operations in 2025.

Ringhorne end of design life is in February 2028. The Company plans to submit an application for life extension in February 2027, in order to extend lifetime towards 2050.

High use of (virgin) raw materials

Key action:

Procurement of low-carbon intensity steel from the Company’s Oil Country Tubular Goods supplier, manufactured using renewable energy and recycled materials.

CO 2 intensity and % Low-carbon steel KPIs were established for the main supplier of Oil Country Tubular Goods during 2025.

Scope of action:

Vår Energi’s own operated assets.

Ongoing

Goal:

Reduction in use of virgin materials.

Result from action:

More than 90% of steel delivered is low-carbon.

High volumes of waste, including hazardous waste, and

High use of (virgin) raw materials

Key action:

ESG elements are evaluated with a weighting of up to 30% where material and feasible as part of contract awards. This process is embedded in a templates within the management system and supported by Environmental, Social and Governance (ESG) requirements in the new Supplier Code of Conduct.

The specific evaluation criteria will vary depending on the procurement category.

Scope of action:

Vår Energi’s own operated assets.

Ongoing

Goal:

Including ESG as part of contract management will support identification and selection of suppliers that, among others, can document their focus on material use (reduce usage of virgin materials) and waste management, including recycling.

Result from action:

The result is ESG elements being fully integrated with a weighting up to 30% in contract evaluations.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

High volumes of waste, including hazardous waste, and

High use of (virgin) raw materials

Key action:

Include Life cycle analysis (LCA) as part of contract evaluation, award and management.

Scope of action:

Vår Energi’s own operated assets.

Ongoing

Goal:

Reduced use of virgin materials and increased recycling.

Result from action:

Vår Energi has initiated discussions on LCA with one of the Company's key suppliers.

High volumes of waste, including hazardous waste, and

High use of (virgin) raw materials

Key action:

Increase on-demand manufacturing.

Scope of action:

Vår Energi’s own operated assets and selected partner operated activities.

Ongoing

Goal:

The objective is to reduce large spare parts inventories and change the prevailing purchase philosophy from “just-in-case” to “just-in-time”. This entails an inventory where 3D models of spare parts are stored digitally.

Result from action:

3D printing has now become part of the solution for implementing “on-demand manufacturing” in Vår Energi.

High volumes of waste, including hazardous waste, and

High use of (virgin) raw materials

Key action:

Evaluating concepts and technologies for re-use and/or repurposing drilling and completion fluids that have previously been designated as waste.

Scope of action:

The action applies to Vår Energi’s own operated drilling operations.

Ongoing

Goal:

Increased re-use of drilling and completion fluids thus reducing waste and use of virgin materials.

Result from action:

Centrifugal onshore treatment facility designed to extract drilling fluid from drilling waste fractions is currently being constructed.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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Metrics and targets

Targets

E5-3 – Targets related to resource use and circular economy

Waste sorting

Vår Energi focuses on waste sorting as a metric to reduce waste volumes from operations, in line with resource use and circular economy principles. Waste sorting is a prerequisite for re-use and recycling of waste, which again implicitly will reduce use of virgin materials. Vår Energi has set a target for 90% sorting degree of non-hazardous waste for the Company’s own operated assets. The target is related to recycling and disposal, and has been chosen as it is a better indicator of the performance over time, rather than an absolute waste volume, which is dependent on the activity level. The target for Vår Energi is voluntary and set annually. The 2025 target relates to Vår Energi’s own operated assets and supports the policies named in E5-1. The Company’s baseline value, 89%, is the 2024 sorting degree obtained for the offshore operated assets. In 2025 the sorting degree obtained for the offshore operated assets was 91%.

Stakeholders have not been involved in the target setting, and the target is not based on conclusive scientific evidence.

Metrics

E5-4 – Resource inflows, including resource use

Vår Energi reports on mass of steel, which is material with regards to resource inflow and resource use, as described in the IRO High use of (virgin) raw materials. Steel is a manufactured material but relevant in this respect as the key component of steel, iron ore, is a raw material.

Biological materials are insignificant in relation to manufacturing of Vår Energi’s products.

2025 (2024)

Indicators inflows

Unit 

Operational control

Financial control

Amount of steel purchased

1000 tonnes

8.24 (7.05)

14.47 (14.80)

Several people work together in a bright office environment, focusing on computer screens while one person stands beside a desk wearing an ID badge.

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E5-5 – Resource outflow and waste

Waste streams from Vår Energi’s activities are generated offshore from drilling operations, processing of oil and gas as well as repair and maintenance activities. Waste volume is highly dependent on operational activity and will therefore vary between years. All Vår Energi operations have waste management plans according to the Offshore Norge’s 093 – Recommended guidelines for waste management in the offshore industry. The guideline lists all waste fractions used in offshore waste classification.

Waste

2025 (2024)

Indicators waste

Unit

Operational control

Financial control

Total waste generated

tonnes

34 415 (24 880)

56 934 (40 900)

Total weight hazardous waste generated 1

tonnes

33 160 (23 650)

54 321 (38 340)

Hazardous waste - Preparation for reuse2

tonnes

89 (1 050)

142 (1 820)

Hazardous waste - Recycling2

tonnes

1 176 (90)

2 053 (110)

Hazardous waste - Other recovery (excluding reuse or recycling)3

tonnes

67 (2)

20 (1)

Hazardous waste - Incineration (energy recovery)

tonnes

5 318 (4 240)

5 859 (3 450)

Hazardous waste - Landfill

tonnes

9 005 (7 850)

16 599 (12 070)

Hazardous waste - Other disposal (discharge)4

tonnes

17 504 (10 421)

29 648 (20 639)

Total weight non-hazardous waste generated

tonnes

1 256 (1 230)

2 613 (2 560)

Non-hazardous waste - Preparation for reuse

tonnes

20 (-)

17 (-)

Non-hazardous waste - Recycling

tonnes

687 (730)

1 473 (1 200)

Non-hazardous waste - Other recovery (excluding reuse or recycling)

tonnes

- (-)

- (-)

Non-hazardous waste - Incineration

tonnes

496 (420)

970 (950)

Non-hazardous waste - Landfill

tonnes

52 (80)

153 (400)

Non-hazardous waste - Other disposal

tonnes

- (-)

- (-)

Total amount of non-recycled waste5

tonnes

32 552 (24 060)

37 664 (39 059)

Total percent of non-recycled waste5

%

95 (97)

66 (97)

Total amount of radioactive waste (NORM, naturally occurring radioactive material) 6

tonnes

3 (41)

3 (45)

Total amount of drilling waste

tonnes

23 179 (-)

44 763 (-)

Waste diverted from/directed to disposal 7,8

Total weight of waste diverted from disposal

tonnes

2 040 (1 882)

3 706 (3 131)

Total weight of waste directed to disposal

tonnes

32 376 (23 001)

53 229 (37 509)

Total weight of hazardous waste diverted from disposal

tonnes

1 333 (1 142)

2 215 (1 931)

Total weight of hazardous waste directed to disposal

tonnes

31 827 (22 511)

52 106 (36 159)

Total weight of non-hazardous waste diverted from disposal

tonnes

707 (740)

1490 (1 200)

Total weight of non-hazardous waste directed to disposal

tonnes

548 (490)

1 123 (1 350)

1 Higher drilling activity in 2025 than 2024, hence increased hazardous waste generation.

2 Waste contractor changed fate for some waste oils from Reuse to Recycling from February 2025. This explains the changes for these indicators from 2024 to 2025.

3 This indicator included 'Hazardous Waste - Other disposal (discharge)' in the 2024 report. Discharged volumes has in 2025 been moved to 'Hazardous Waste - Other disposal (discharge)'.

4 Discharged fraction consists of wastewater treated onshore, mostly from drilling waste. Discharge was included under 'Other recovery operations' in 2024 report.

5 Discharge of waste water treated onshore is not included.

6 Financial Control (2024): Values are based on 2024 annual reports to NEA.

7 Waste diverted from disposal includes waste that is reused, recycled or handled in other recovery operations. Incineration with energy recovery is not included.

8 Waste directed to disposal includes waste that is discharged, sent to landfill or incineration with or without energy recovery.

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Accounting policies and notes disclosures to E5

Methodologies and assumptions related to reported metrics under E5- Resource use and circular economy are given in the table below.

Reported metric

Accounting policies, methodologies and assumptions

Steel

Steel use is based on steel use from production and exploration drilling only, as this is the material contributor in operation. Steel use reported is partly based on well design or purchased volume per well and partly based on a generic steel weight factor per well multiplied with number of wells.

The metric is not validated by an external body.

Waste

Waste generated from offshore activities is classified offshore and may be reclassified by the onshore waste contractor when the waste reaches shore. SAR is the waste contractor for Vår Energi’s own operated assets. All waste metrics are based on measurements done onshore by SAR. Waste fractions and volumes are reported by SAR in monthly reports and in NEMS Accounter, based on invoiced volumes. Radioactive waste is reported by subcontractor Safeclean and reported in NEMS by Vår Energi. Full documentation from offshore to final handling onshore is required and non-conformities are reported by the waste contractor monthly. Description of changes in metrics and methodology from 2024 to 2025 are included in table notes.

The data system “Avfallsdeklarering.no”, a solution for declaration of hazardous waste and radioactive waste, is managed by NEA and the Norwegian Radiation and Nuclear Safety Authority (DSA). Vår Energi’s installations and relevant contractors (i.e. rigs) have access to this system in order to declare Company’s hazardous waste. Both hazardous and non-hazardous waste is reported in publicly available annual reports to NEA. Data is also publicly available at norskeutslipp.no.

Two workers wearing high‑visibility protective clothing walk side by side along an industrial platform corridor, surrounded by metal structures, pipes and equipment, with daylight visible through an open area ahead.

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Impacts, risks and opportunities management

S1-1 – Policies related to working conditions in own workforce

Working conditions

It is stated in the Human Rights and People policies and enforced through the governing document (“Vi er Vår”) that Vår Energi is committed to providing a safe work environment, work-life balance, upholding workers' rights and trade union freedom. "Vi er Vår" consolidates essential policies that define the Company’s identity and operational practices, serving as the highest governing document within the Company’s management system. This document highlights principles related to work environment, employee participation and diversity & inclusion. The CEO is accountable for the overall implementation and development of the "Vi er Vår" document. In addition, the Code of Conduct, and the Human Rights and People policies state that the Company firmly opposes all forms of modern slavery, including forced labour, human trafficking and child labour. This applies to all members of the administrative and control bodies, employees of Vår Energi, and any third party who collaborates or works on behalf of Vår Energi.

The Company's policy is to adhere to internationally recognised Human Rights standards in its operations, supply chain, and business relationships, in line with the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights (UNGP) and the ILO Declaration

S1 – Own Workforce

Sub-topic

Sub-sub-topic

Material impact, risk or opportunity description

Type of materiality

Value Chain

Time horizon

Working conditions

Health and safety

Industrial hazards leading to major health and safety risks for offshore workers Vår Energi's exploration and production activities are associated with various work-related hazards that may result in serious injuries, illness or death. This includes workers being in harm’s way (in the ‘line of fire’ ), e.g. dropped objects, pressure releases, moving objects, as well as chemical hazards with exposure to or handling of hazardous substances, e.g. benzene, diesel exhaust.

Potential negative impact

Industrial hazards leading to illness or injuries for offshore workers Vår Energi's exploration and production activities are associated with various work-related hazards that may result in injuries or illness. This includes physical hazards, e.g., noise, vibration, radiation, as well as ergonomic hazards and exposure to biological hazards e.g. sewage, mould, blood contamination as well as chemical hazards with exposure to or handling of hazardous substances, e.g., epoxy and oil mist/oil vapor. In addition, workers may also face risks from slips, trips, and falls.

Potential negative impact

Work-life balance, working time, health and safety

Labour-intensive offshore working conditions Offshore operations may have negative implications on the working conditions and overall well-being of employees (including extended working hours, shift patterns, work-life balance, exposure to harsh conditions, restricted recreational activities). Workers may also be exposed to psychosocial risk, e.g. bullying and harassement, negative social interactions and conflicts.

Potential negative impact

Social dialogue, freedom of association, the existence of works councils and the information, consultation and participation rights of workers, collective bargaining, including rate of workers covered by collective agreements

Employment practices and labour relations Vår Energi may impact working conditions through employment practices and labour relations, e.g. and freedom of association.

Potential negative impact

Equal treatment and opportunities for all

Gender equality and equal pay for work of equal value, training and skills development, measures against violence and harassment in the workplace, diversity

Discrimination and inequality in the workplace Vår Energi is part of a male-dominated industry which may involve workers being subject to various forms of discrimination and inequality in the workplace. Discrimination may be in the form of unequal opportunities and treatment of workers in e.g. different parts of the recruitment process, unequal pay, lack of an inclusive culture, lack of equal opportunities to promotions or unequal access to services and utilities.

Potential negative impact

Short-term

Mid-term

Long-term

Short-medium-long-term

Upstream

Own operations

Downstream

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on Fundamental Principles and Rights. These international commitments are outlined in the Human Rights Policy. The Company commits to engagement with employees through the Human Rights policy that outlines the Company’s acknowledgement and endorsement of employees' basic human rights, including freedom of association and assembly and collective bargaining rights.

The Company integrates these principles into its internal regulatory system and conducts integrity due diligence assessments of its business relationships to ensure compliance. The Human Rights policy states Vår Energi's commitment to provide appropriate remediation in instances where the Company has caused or contributed to adverse impacts on human rights, and the Human Rights procedure explains how this is handled in more detail. Grievances can be reported through the Company Ethics Helpline or through a contact form on the Company website. By choosing Human rights in the contact form the concern will go directly to the Compliance function, who leads an internal Human Rights workgroup. For more information, reference is made to 1-3 - Processes to remediate negative impacts and channels for own workforce to raise concerns.

Both the Human Rights and the People Policy are approved and endorsed by the Board and the CEO. EVP Legal, Compliance & Public Affairs is accountable for implementing, maintaining and developing the Human Rights policy and EVP People, Communication, IT & Digital is accountable for implementing,

maintaining and developing the People Policy. Key stakeholders have been involved through consultations with trade unions during the development of these policies. Both policies are available to all stakeholders on the Company website together with the Code of Conduct.

Monitoring compliance with working condition commitments

Vår Energi monitors compliance with the commitments through several mechanisms:

Ethics Helpline and process: The Company encourages employees and stakeholders to report any potential negative impacts on the working conditions through the established Ethics Helpline where dedicated Human Resource (HR) personnel are allocated to follow-up and take appropriate actions.

Training and communication programmes: Training and communication programmes are implemented to keep employees informed about their rights and responsibilities, such as computer-based training regarding different compliance topics, including information about the Ethics Helpline, mandatory training for offshore workers and health and safety training for applicable employees.

Organised structure for trade unions: The Company has established a structure for handling relations with all trade unions. This includes processes integrated in the management system related to both informing, consulting and negotiating with trade unions. The Company has dedicated

a resource which is responsible for these processes.

Tracking feedback and concerns in annual people survey: The Company monitors several parameters connected to working conditions through the annual people survey. All feedback is gathered and structured into action points for relevant leaders and followed up through the Company’s KPI score board.

Monitoring offshore workload and overtime: Offshore leaders are provided with monthly reports detailing the time writings of all offshore employees. They hold the responsibility to address any instances of high workload. In addition, the time writing system will notify when an employee is about to reach the limit for working hours according to the Norwegian Working Environment Act (WEA). Any overtime must be required and approved in advance. High overtime cases are escalated to quarterly Offshore Working Environment Committee (WEC) meetings where necessary actions are taken and followed up.

Due diligence assessment for offshore work schedules: The Company has implemented a process to ensure that actual work schedule is prudent regarding the employees' health, safety, and welfare, even if the work schedules are within the collective agreements. When reaching certain working time parameters, a fatigue vulnerability questionnaire will be filled out by the employee and leader.

Health and safety

The Health and Safety policy is applicable to all personnel working for Vår Energi, hired or contracted and subsidiaries of Vår Energi and sets out Vår Energi’s expectations towards contractors, suppliers, and business partners. It outlines the principles and commitments governing occupational health and safety, including accident prevention, within Vår Energi based on compliance with all relevant laws, regulations, and industry standards. Furthermore, the policy relates to the identified potential negative impact of industry hazards on the Company’s own workforce, with focus on delivering a healthy and safe working environment, through safe design by recognising risks and handling them according to hierarchy of controls throughout the asset lifecycle. It also acknowledges the occurrence of human errors, safely managing consequences, as well as involving workers and workers’ representatives in matters related to health and safety and communicating transparently with stakeholders.

The policy is approved by the Board, and the EVP Safety & Sustainability has the overall responsibility to oversee the effectiveness of this policy. The EVP for each business line is responsible for adhering to the commitments in this policy for their respective areas. The implementation and efficiency are monitored through regular performance reviews, audits and verifications.

Vår Energi operates under regulatory requirements where mainly the Petroleum Act and WEA concerns health and safety.

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Underpinning the policies supporting the Company's impacts related to health and safety, Vår Energi’s occupational health and safety management system is certified according to the ISO 45001 standard. The standard provides a framework to manage risks and improve occupational health and safety performance. Key elements include leadership commitment, worker participation, hazard identification and risk assessment, legal and regulatory compliance, emergency planning, incident investigation and continual improvement.

Equal treatment and opportunities for all

The People Policy defines the expected behaviours regarding diversity and equal opportunities for everyone. This policy applies to all members of the administrative and control bodies, employees of Vår Energi, and any third party who collaborates or works on behalf of Vår Energi. It states that Vår Energi is committed to creating an inclusive and respectful workplace, where discrimination and harassment, including sexual harassment, are strictly prohibited. The policy reaffirms Vår Energi's commitment to providing equal opportunities for all individuals, irrespective of racial and ethnic origin, colour, gender, disability, religion, nationality, political beliefs, sexual orientation, social status, age, or any other personal characteristics unrelated to job requirements, as well as the Company’s commitment to fair remuneration.

Vår Energi has procedures to adhering to the Equality and Anti-Discrimination Act with regard to the obligation to actively promote

equality and prevent discrimination but does not have a specific policy commitment related to inclusion or positive action for people from groups at particular risk of vulnerability in its own workforce. To effectively implement these policies and requirements, the Company has established a process for managing diversity, equity, and inclusion (DEI). This procedure is accessible to all employees through the management system and outlines an annual framework for systematically addressing DEI-related matters, guided by a gap analysis approach. The objective of this process is to facilitate concrete actions aligned with the overall DEI agenda.

Furthermore, the Company is committed to addressing issues of bullying, harassment, and discrimination through a dedicated role who manages employee relations on a one-on- one basis. This critical topic is also monitored separately in the people survey.

The EVP People, Communication, IT & Digital holds overall responsibility for overseeing the effectiveness of these policies, while the EVP of each business line is accountable for ensuring compliance with the policy commitments within their respective areas.

S1-2 – Processes for engaging with own workforce and workers’ representatives about impacts

Working conditions

The Company has several processes for engaging with its own workforce both

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directly with employees and through workers’ representatives.

Employees can engage directly with a Company representative through structured people development conversations with their nearest resource leader, conducted at least twice a year. These meetings, accessible to all permanent employees, are integrated into the HR system and address topics related to working conditions, work-life balance, overtime, and health and safety. The process for development conversations is implemented in the Company’s management system under ownership of VP for People & Leadership who has the operational responsibility for this process.

The effectiveness of development conversations in mitigating risks associated with working conditions is evaluated both during the discussions, where topics such as work-life balance and health are addressed, and through an anonymous annual employee survey (people survey). The people survey includes questions related to working hours and overtime, and the consolidated team results are shared with each resource leader.

More broadly, the Company engages with all employees and contractors through monthly townhall meetings where all participants can ask open questions directly to the Executive Committee and CEO as part of a Q&A session. The townhall meetings are owned and coordinated by the CEO Office with the CEO as overall responsible. While the Company has no direct way to measure the effectiveness

of this form of engagement, a high number of questions asked to the leadership team during these events is an indicator of employee interest and involvement.

All permanent employees and contractors in the Company are invited to participate in the people survey, as a mechanism to engage with the employer and have an impact on topics related to working conditions. The people survey provides insights into the perspectives of employees within Vår Energi’s workforce. This survey includes questions regarding work-life balance, work related absence, work related stress and overall employee wellbeing. Furthermore, the survey gathers feedback on leadership effectiveness and organisational culture.

The EVP People, Communication, IT & Digital is responsible for the people survey process. The Executive Committee and all leadership positions are responsible for communicating results and follow-up concrete action points. Employee representatives are included to review the results and will be presented a series of actions, desired outcomes and timeline for implementation based on the findings of the survey. To measure the effectiveness of the people survey and its action points, the 2025 survey included a question regarding how the employee experienced the follow-up of actions from last year.

By engaging in responsible and constructive dialogue with workers' rights organisations, the Company works actively to uphold the

principles of freedom of association and collective bargaining. The Company has a structure in place to manage dialogue with the workers’ representative through different meeting points, hereby Works Council and WEC. The committee meetings are held quarterly both onshore and offshore. In addition, the Works Council has established Sub Committee meetings on a bi-weekly basis. Both meeting forums have the mandate to discuss, advise and decide on topics related to the working environment and working conditions. EVP for People, Communication, IT & Digital is responsible for the overall people process that includes union collaboration. The Company has no direct way to measure the effectiveness of this form for engagement, but the meeting arenas can be used to provide input on the structure and effectiveness of these meeting forums.

Health and safety

Works council and WEC participate in planning of health and safety work, review relevant reports related to occupational health and safety inspections and measurements, and closely monitor the development of the working environment. Occupational health service is represented in the committees.

In addition, Vår Energi has a Safety Delegate Service in accordance with the WEA that safeguards the interests of workers in matters related to occupational health and safety, including workers particularly vulnerable to negative impacts. The safety delegates ensure that the working environment is properly maintained, and that work is performed in

a manner that secures the health, safety, and welfare of all personnel working for the Company.

The Safety Delegate Service engages directly with Vår Energi’s own workforce and workers’ representatives. These engagements are structured as committees, first at a local level (e.g. an offshore installation), then at more aggregated levels (e.g. offshore committee covering all installations) and finally at company level. At all levels, the committees interact with corresponding management levels in regular meetings (e.g. bi-weekly on an offshore installation). Meetings occur quarterly between the coordinating main Safety Delegate and the Company’s EVP Safety & Sustainability to ensure that emerging issues are captured at an early stage. At a local level, employees and contractors are strongly encouraged to contribute via the observation card system as described in S1-3.

Equal treatment and opportunities for all

For the IROs related to equal treatment and opportunities, hereby; Gender equality and equal pay, Training and skills development, Measures against violence and harassment in the workplace and Diversity, the Company applies the same channels as elaborated in S1-2 under Working conditions.

While the described processes are the same, the content covers IROs related to equal treatment and opportunities. The processes include people development conversations with leader, annual people survey and engagement through trade unions.

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The development conversations cover topics related to gender equality and equal pay, training and skills development, measures against violence and harassment in the workplace and diversity. The people survey includes questions regarding equal treatment, training and skill development and bullying and harassment from leaders or co-workers. Furthermore, the survey gathers feedback on leadership effectiveness and organisational culture.

A webinar regarding Code of Conduct was distributed to all employees and contractors in 2025. Among the topics was harassment in the workplace and when and how to report any concerns one may have.

S1-3 – Processes to remediate negative impacts and channels for own workforce to raise concerns

Working conditions

The Company has established a grievance procedure and processes within its management system, enabling both permanent employees and contractors to report concerns and complaints, regarding all matters including safety and working conditions, industrial hazards and topics related to equal opportunities and discrimination. The Ethics Helpline provides an opportunity for all employees to report suspicions of misconduct.

This is an early warning system to reduce risks and foster high ethical standards. The process is run by a third party to ensure that

the confidentiality of individuals is protected and takes different forms such as anonymous online messages and meetings. The Company ensures that employees are aware of and can use this channel by incorporating it into the Company's policies and management system processes.

The Whistleblowing Committee (WBC) conducts an annual assessment to ensure employees are aware of the process for raising concerns. While direct monitoring of employee trust in the process is not conducted, all concerns reported through the Ethics Helpline are tracked and monitored. In 2025, the Company achieved a 100% resolution rate, with all cases addressed timely in accordance with Company procedure and regulatory requirements.

Ultimately, the responsibility for implementing these measures and continuously monitoring the efficiency of the overall process, as well as understanding trends over time, lies with the Executive Committee and the SVP Internal Audit. For more information about the whistleblowing process and policies to protect individuals that use them, reference is made to G1-1.

Employees can raise concerns regarding working conditions directly to their respective leader and HR, or through a Safety delegate. If a concern regarding working conditions is raised to an offshore leader, the leader should perform a due diligence assessment including a vulnerability questionnaire. In addition, concerns regarding working conditions are

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also raised through trade union representatives in WEC meetings.

The Company has a process in place to provide remedy if it has contributed to a material impact on working hours for its own offshore workforce. In cases where an employee has reached the limit of working hours according to the Norwegian WEA, the resource leader will receive a notification. In addition, HR monitors these limits monthly and will notify the leader in case of breaches. When an offshore employee is close to the limit, the leader and employee must apply to the employee representatives to increase the limit. If an employee has reached the limit of working hours, the leader will prohibit the employee to work overtime. If necessary, the leader is responsible for redistributing tasks to reduce

workload. The Company indirectly measures the effectiveness of this process through the ability to prevent breaches.

Vår Energi does not have a direct way to assess that people are aware of these processes as ways to raise concerns, but the Company monitors the trust to raise concerns to leaders through the annual people survey, where this is included as a specific question. The Company follows the policies provided by the WEA and Basic Agreement LO-NHO regarding protection of people that use the WEC and Safety Delegates as a channel to raise concerns.

Health and safety

The Company has a system where identified unsafe conditions, near-misses and accidents

are reported according to requirements in the WEA. Vår Energi encourages that unsafe and concerning conditions are reported and managed as soon as possible. Therefore, anyone working at the Company’s sites, both employees and contractors, can raise concerns related to possible unsafe conditions through observation cards, a low-threshold reporting system established by Vår Energi. The observation cards can be submitted both electronically and on paper, ensuring availability.

Any issue raised is handled according to the Company’s process for handling observations. The purpose is to ensure that necessary actions are taken to prevent HSE incidents and work-related illness. Some issues raised can easily be resolved within the observation card system. However, the justification for closing the observation is traceable in the system and communicated to relevant personnel through meetings or direct feedback. Other issues requiring more follow-up are transferred to the HSE incident reporting and handling tool, which is covering accidents, near-misses and unsafe conditions.

The general approach to, and processes for, providing or contributing to remedy where Vår Energi has caused or contributed to a material negative impact related to health and safety on its own workforce is to: review causes of the incident, identify corrective actions and preventive actions based on the causes to prevent reoccurrence. For serious incidents and incidents with high learning potential a mandate for a formal investigation is issued by

Operations Managers or senior management within the Safety and Sustainability function.

Vår Energi assesses that the remedy provided is effective through regular review of cases, through site visits and involvement of those affected by the remedy solutions, or through audits and verifications. Vår Energi tracks and monitors issues raised and addressed through observation cards and HSE incident management tool through HSSE dashboard, which is a tool used to monitor, analyse, and report on various metrics related to health and safety performance.

The Company ensures that employees are aware of and can use these channels by incorporating them into the Company's management system processes. The reporting channel is available through the Company’s intranet and is regularly communicated to the workforce by leaders on different levels. All intended users have the possibility to be involved in the improvement of observation and HSE incident management processes by making a change request to the processes and tool through the management system. Vår Energi facilitates for its own workforce to report unsafe conditions anonymously, and the identity of individuals involved in HSE incidents is protected to ensure safety against retaliation.

Equal treatment and opportunities for all

Employees can raise concerns regarding discrimination and inequality in the workplace directly to their respective leader and HR, or through a Safety delegate. In addition, concerns regarding discrimination and

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inequality are also raised through trade union representatives in WEC meetings. For more information, reference is made to S1-3 under Working conditions.

The Company has a whistleblowing process in place to remediate negative impacts on own workforce regarding equal treatment and opportunities, reference is made to section G1-1 under the subheading Whistleblowing process for more information.

S1-4 – Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and effectiveness of those actions

Working conditions (well-being of offshore workers)

To prevent and mitigate the Company’s potential negative impacts on working conditions in own workforce, the Company has established a comprehensive system to monitor and manage working conditions for the offshore personnel.

IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

Labour- intensive offshore working conditions

Key action: HR conducts review of timesheets.

Scope of action: Vår Energi’s own workforce.

Monthly

Goal: Spread the workload within department.

Result from action: HR provides a detailed overview to the responsible leaders, safety delegates, and workers' representatives giving them a better overview of the workload.

Key action: Automated Monitoring.

Scope of action: Vår Energi’s own workforce.

Ongoing

Goal: Vår Energi’s time writing system includes an automated monitoring feature that alerts both the resource leader and the employee when they are approaching the hour limitations set by the WEA.

Result from action: Employees and leaders get a better overview over their hours.

Key action: Follow-up on Hour Limit Exceedance.

Scope of action: Vår Energi’s own workforce.

Ongoing

Goal: Employees who exceed the hour limits specified in the WEA are given special attention and follow-up by the relevant leader in cooperation with HR.

Result from action: Ensuring the working environment and preventing breaking the rules outlined in the WEA.

Key action: Mental Health Support.

Scope of action: Vår Energi’s own workforce.

Ongoing

Goal: Provide access to mental health resources, including counselling services and stress management programmes, to help employees.

Result from action: Support employees with mental health challenges when needed.

Key action: Health and Wellness Programs.

Scope of action: Vår Energi’s own workforce.

Ongoing

Goal: Have health and wellness programmes that include fitness activities, healthy eating initiatives, and wellness workshops to support the overall well-being of the employees.

Result from action: Make employees more aware of and facilitate for ensuring their own health.

Key action: Provide flexible Work Schedules when needed.

Scope of action: Vår Energi’s own workforce.

Ongoing

Goal: Offer flexible work schedules to accommodate the challenges faced by offshore employees in certain conditions related to sickness and pregnancy. This includes the option to work onshore for a period when possible.

Result from action: Support the work-life-balance for employees with specific needs.

Key action: Compensation & Benefit negotiations with trade unions.

Scope of action: Vår Energi’s own workforce.

Yearly

Goal: Perform negotiations in line with the tariff agreement and main agreement for trade unions.

Result from action: Constructive negotiations between the Company and employee representatives are essential to maintain trust, ensure compliance, and achieve balanced solutions that support both organisational goals and employee interests.

Employment practices and labour relations

Key action: Meeting structure for trade unions and work councils.

Scope of action: Vår Energi’s own workforce.

Quarterly

Goal: The Company arranges quarterly meetings with trade unions and WEC in addition to biweekly meetings with trade union subcommittee.

Result from action: Facilitate an arena where employee representatives can discuss topics directly with the Company to ensure employee involvement and finding good solutions.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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The Company has different mechanisms to identify what actions to take as response to a particular actual or potential negative impact. The WEC shall be used as a discussion forum to raise questions for discussion on its own initiative and upon request from the safety representative. The committee will agree on focus areas based on importance and urgency. Furthermore, the annual people survey shall be followed up at the department level, involving both employees and leaders. Each department is responsible for reviewing the results and identifying specific action points to address throughout the year. These actions will be documented and monitored using the strategy, performance & risk management tool.

The process for identifying actions to address Vår Energi’s impact on the well-being of offshore workers involves collaboration with trade union members, general feedback to leadership, and insights from the annual people survey. This results in tailored action lists with dedicated HR representatives and offshore installation managers assigned to monitor their specific installations. In addition, all offshore leaders are tasked to follow-up sick leave, working hours and overtime for their respective employees. Through these processes, the Company aims to ensure that own practices, such as procurement, sales and data use, do not cause or contribute to actual negative impacts on its own workforce. For these processes, the main financial resources used are the need based allocated full-time equivalents (FTE’s) from employee representatives, HR and leadership.

The progress of all the Company's actions related to working conditions is reviewed on a year-to-year basis. The effectiveness of actions and initiatives related to the well-being of offshore workers is monitored and assessed through various channels. The Company has a dedicated WEC for offshore personnel, where actions are reviewed quarterly with allocated representatives from both offshore leadership and offshore employees. Additionally, offshore workers are included in the annual people survey, with follow-ups conducted separately for each offshore installation.

The effectiveness of actions and initiatives related to working conditions for Vår Energi’s own workforce, in particular social dialogue and work councils, is continuously measured through member feedback and regular meetings. The effectiveness of collective bargaining is assessed by benchmarking against peers and feedback from annual negotiations. Moreover, department-level feedback is gathered through the annual people survey. Relevant HR personnel are allocated to monitor the process for social dialogues, work councils and collective bargaining agreements through a dedicated Industrial Relations Lead. In addition, the Company has dedicated resources as trade union members and employee representatives. In the reporting period, the Company has not identified any significant actual negative impacts on working conditions for its own workforce and has not taken any action to provide remedy.

Health and Safety

Regulations governing health and safety in the Norwegian petroleum industry contain risk- and performance-based requirements. The industry is regulated through legislation and statutory regulations which specify that all key activities in every phase of oil and gas operations require permits, consents and approvals from the regulatory authorities. These regulations primarily comprise performance-based (functional) requirements, which specify which level of safety is to be achieved – but not how. The companies

are solely responsible for complying with Norway’s HSE legislation. The performance- based requirements emphasise that the individual company is responsible for planning and executing their activities in such a way that the safety targets are met. Vår Energi identifies appropriate actions based on this approach to ensure these requirements are met. Key actions for health and safety are closely monitored through HSSE plans and dashboards, including discussions in the Works Council and WEC to ensure effectiveness of the actions.

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To manage impacts on health and safety, hereunder the material IRO Industrial hazards, and fulfil the regulatory requirements, the following activities are performed when appropriate.

The progress of the Company's actions related to health and safety is reviewed on a year-to-year basis. The Company has not identified any actual negative impacts related to health and safety in 2025 where remedy was provided or enabled.

IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

Industrial hazards leading to major health and safety risks for offshore workers

Key action: Strengthen safety culture through active use of the annual safety wheel Always Safe.

Quarterly learning packages within the following topics:

First quarter: Avoid major accidents

Second quarter: Prevent personal injuries

Third quarter: Line of Fire/ Safe work at height

Fourth quarter: Health and working environment

Scope of action: Vår Energi’s own workforce.

Quarterly

Goal: Use the learning packages as a team exercise to strengthen safety culture.

Result from action: The process is enabling leaders to actively engage their teams in important safety issues and commit to local actions and identifying and resolving safety issues by collecting feedback from the teams and reporting it back to the relevant functions.

Industrial hazards leading to major health and safety risks for offshore workers

Key action: Implementation of Life-Saving Rules (LSR).

Active use of lifesaving rules in relevant work and work permits, e.g. confined spaces, working in height, awareness to keeping oneself and others in the line of fire (harm’s way).

Scope of action: Vår Energi’s own workforce.

Ongoing

Goal: The intention of the LSR is to prevent serious personal injuries and fatalities in the workplace by adopting IOGPs clear, actionable guidelines that workers can follow to protect themselves and their colleagues.

Result from action: These rules are designed to address the most common causes off fatal incidents and ensure that safety measures are consistently applied across the industry.

Industrial hazards leading to illness or injuries for offshore workers

Key action: Proactive learning teams addressing specific topics related to safety and work execution according to the annual wheel "Always Safe”.

Scope of action: Vår Energi’s own workforce.

Quarterly

Goal: Learning teams cover topics that are deemed to be of relevance for current or planned activities. The topics are selected based on input from authorities (e.g. annual topics from Havtil), need for preparations for upcoming activities, transfer of experience from other operators etc.

Result from action: The learning sessions shall be proactive and thereby serve as a supplement to the more reactive initiatives taken after an incident (safety alerts, incident investigations etc).

Industrial hazards leading to major health and safety risks for offshore workers

Key action: Learning from exposure incidents.

Monitoring health hazardous exposure.

Scope of action: Vår Energi’s own workforce.

In occurrence of event

Goal: Exposure incidents shall be reported if a worker is exposed beyond the “safe” level in combination with insufficient or lacking control measures. Exposure incidents are classified based on inherent property of the exposure factor and classified into four severity levels: 1. Potential for reversable, non-fatal work-related illness (WRI) 2. Potential for irreversible, non- altering, non-fatal WRI 3. Potential for irreversible/life altering non-fatal WRI 4. Potential for life shortening/life-threatening WRI.

Result from action: Awareness of exposure risk and hence preventing health hazardous exposure.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

Industrial hazards leading to major health and safety risks for offshore workers

Key action: Investigation of HSE incidents:

Issue mandate for investigation to ensure identification of root causes and recommendations contributing to increasing the HSE level and hence prevent future incidents.

Scope of action: Vår Energi’s own workforce.

In occurrence of event

Goal: The objective of the investigation is to identify causes and thereby set actions to avoid recurrence and to rectify the situation. Safety delegates are invited to take part in the investigations.

Result from action: Recommendations from investigation reviewed and implemented to prevent recurrence.

Industrial hazards leading to major health and safety risks for offshore workers

Key action: MARI (Major Accident Risk Indicator).

The MARI tool consists of 24 indicators that when combined provide a balanced overview of the accident risk for an asset. The indicators span from leading indicators such as fulfilment of competence requirements for personnel to lagging indicators such as number of process safety incidents.

Scope of action: Vår Energi’s own workforce.

Monthly

Goal: The objective is to prevent serious harm to people, environment and assets through proactive monitoring and mitigation of major accident risks. Monthly monitoring and Quarterly reviews are performed at asset level in the organisation, and safety delegates are invited to take part in these sessions.

Result from action: Enabling the organisation to monitor major accident risk indicators to capture weak signals and implement measures to prevent major accidents.

Industrial hazards leading to major health and safety risks for offshore workers

Key action: Health and safety training: 40 hours working environment course

Working environment risk factors (noise, chemicals, ergonomics etc.).

Scope of action: 40 hours working environment course: Management, Safety delegates and WEC.

Refreshment every five years for offshore safety delegates and supervisors, for others in the target group; one-off.

Working environment risk factors: Refreshment every five years.

Ongoing

Goal: For Vår Energi to succeed in safety work, the personnel need a high level of risk awareness, and good knowledge about both risk factors and protective measures.

Result from action: All employees, supervisors, and line management are given sufficient and appropriate training, information and instructions about the nature of the working environment, safety risks, and possible preventive measures.

Mandatory courses are monitored and tracked in competence management system.

Industrial hazards leading to illness or injuries for offshore workers

Key action: Emergency response training and exercises.

Emergency response training for all assets, including formalised training of all roles in first line (offshore) and second line (onshore).

Frequency of training depends on role, first aid team offshore have 1 training/exercise per sixth week, second line members have 2 exercises annually and formalised training biennially. All offshore personnel undergo a basic safety training course (five days first time, then two days on refresher training every four years). The course includes basic first aid, basic firefighting, helicopter escape and use of lifesaving equipment.

Scope of action: Vår Energi’s own workforce.

Ongoing

Goal: Maintaining an organisation that is trained and prepared to respond to emergencies. The activity is aimed at managing the identified potential negative impact of industry hazards on the Company’s own workforce.

Result from action: Be prepared to respond to emergencies.

Industrial hazards leading to illness or injuries for offshore workers

Key action: Working environment mapping and follow up.

Scope of action: Vår Energi’s own workforce and assets.

Ongoing

Goal: Risk-reducing measures and continuous improvement based on the mapping, e.g. measures to eliminate, substitute, technical measures, administrative and organisational measures and use of Personal Protective Equipment (PPE).

Result from action: A healthy and safe working environment.

Industrial hazards leading to illness or injuries for offshore workers

Key action: Collaboration with occupational health service provider.

Monitor the working environment.

Scope of action: Vår Energi’s own workforce and assets.

Ongoing

Goal: The Company cooperates with an occupational health service provider approved by the Norwegian Labour Inspection Authority to help monitor the working environment, propose improvements, and provide professional competency to prevent unsafe conditions and work-related illness and injuries.

Result from action: A healthy and safe working environment.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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Equal treatment and opportunities for all

The process for identifying which actions to take regarding equal treatment and opportunities are aligned with the process elaborated in S1-4 under Working conditions. In addition, the Company has established a separate process for handling DEI. According to this process, HR is responsible for an annual review of DEI actions and for establishing new actions driven by the People, Communication,

IT & Digital department. The scope of the Company's key actions covers all members of the administrative and control bodies, employees of Vår Energi, and any third party who collaborates or works on behalf of Vår Energi.

The Company takes the below listed actions related to equal treatment and opportunities for all.

IRO

Key action/Scope of action

Time horizon 1

Goal/Result from action

Discrimination & inequality in the workplace – Measurements against violence & harassment in workplace

Key action: Addressing bullying & harassment. Based on identified problem areas through people survey 2024 (see S1-2), concrete actions are taken in specific departments and followed up by HR.

Scope of action: Vår Energi’s own workforce.

2025 Ongoing

Goal: Prevent bullying and harassment from happening in Vår Energi.

Result from action: Conduct conversations with leaders, support in conflict handling and extra follow-up of problem areas.

Discrimination & inequality in the workplace – Training & skills development

Key action: Define strategic workforce plan.

Scope of action: Vår Energi’s own workforce.

Third quarter 2025

Goal: Identify high-level people requirements, skills and competencies within all departments.

Result from action: Ensure that the Company have the right capability mix to deliver on business goals.

Discrimination & inequality in the workplace -Gender equality & equal pay and diversity

Key action: Recruitment processes.

Scope of action: Vår Energi’s own workforce.

Yearly

Goal: Prevent biased recruitment decisions.

Result from action: Hiring managers and HR representatives receive training in diversity and awareness of potential unconscious biases in recruitment.

Discrimination & inequality in the workplace -Gender equality & equal pay and diversity

Key action: Fair remuneration system.

Scope of action: Vår Energi’s own workforce.

Yearly

Goal: Ensure a fair remuneration system.

Result from action: Gender pay ratios are addressed through the annual salary review, where a particular focus has been addressed to close the gender pay gap for comparable positions.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

In 2025, the Company has proactively addressed the negative impacts of bullying and harassment in the workplace. Insights from the people survey highlighted specific departments or teams requiring attention related to cases of conflict or bullying, alongside cases reported through the Ethics Helpline. Relevant leaders and HR have collaborated to address these issues on a case-by-case basis, while also implementing

preventive measures in key areas to reduce the risk of bullying and harassment. A webinar regarding Code of Conduct was distributed to all employees and contractors in 2025. Among the topics was harassment in the workplace and when and how to report any concerns one may have.

Additionally, the Company has taken significant steps to address the gender pay gap, as the compensation ratio revealed disparities between genders in 2023. In response, measures have been implemented during the 2025 salary review to ensure equitable compensation for equal roles. This includes providing higher salary increases in instances where some groups have been underpaid, reinforcing the Company’s commitment to fairness and equality in the workplace.

The progress of the Company's actions related to equal treatment and opportunities for all is reviewed on a year-to-year basis. The effectiveness of the actions mentioned above is monitored at a high level through the annual people survey. The effectiveness of pay gap actions are monitored annually in the salary review. Additionally, specific feedback is provided and tracked through structured development conversations between leaders and employees. A people data dashboard, accessible to all company leaders and HR personnel, offers key insights into the development of equality measures and turnover, indicating the effectiveness of these initiatives. HR personnel are allocated to follow up on actions related to remuneration,

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recruitment, and strategic workforce planning. Furthermore, designated leaders are assigned to address action points pertaining to roles and responsibilities. Both HR and leadership share a collective accountability for monitoring and addressing issues related to bullying and harassment. To support this commitment, the Company has allocated a full-time role specifically focused on managing employee relations, including conflict resolution and the handling of bullying and harassment cases.

Performance, metrics and targets

S1-5 – Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities

Working conditions

Vår Energi applies a target based on Net Promoter Score (NPS) to monitor the well- being at work, including working conditions. This is a market research metric that is based on a single survey question asking the own workforce to rate the likelihood that they would recommend their workplace to others. NPS is calculated by subtracting the percentage of employees and contractors who answer the NPS question with a 6 or lower (known as ‘detractors’) from the percentage of employees and contractors who answer with a 9 or 10 (known as ‘promoters’). NPS scoring range is between -100 to 100. There are some limitations with applying NPS as a measure for well-being and working conditions as it provides a broad and simplified categorisation, lack of context and will not always correlate with actual employee well-being. The absolute

target for 2025 was to maintain an average NPS exceeding 35. The base year from which progress is measured is 2021. This target applies to Vår Energi’s own workforce and assets. The process for setting this target has been to identify previous years’ score as a starting point in addition to internal and external factors that could impact the 2025 target, e.g. large organisational changes. In 2025, Vår Energi achieved a NPS score of 37. The EVP People, Communication, IT & Digital, together with the Strategy & Performance group suggests a target that is evaluated by the CEO and the Board (including employee representatives).

Progress towards this target is tracked through the annual people survey. Employee representatives are involved in the tracking through consultation meetings of the people survey results. Employees are directly involved in identifying lessons and setting improvement as a result of the NPS performance through annual department follow ups. The NPS score and all improvement actions related to this score from the people survey output is monitored through a shared dashboard. This dashboard is available to all employees in the Company.

Through the annual people survey, the measurement of the NPS metric is applied by a third-party to ensure confidentiality and quality in data output.

Health and safety

Vår Energi has an ambition to be the safest operator on the NCS and applies Serious

Incident Frequency (SIF) and Total Recordable Injury Frequency (TRIF) for Vår Energi’s own workforce as targets to monitor performance, in line with the Health and Safety policy commitments and directly related to the identified potential negative impact of industry hazards on the Company’s own workforce.

SIF includes all incidents with an actual or potential consequence for people, environment or assets. Including incidents with potential for serious personal injury gives the Company the opportunity to take precautionary actions to eliminate hazards and minimise risks.

TRIF includes medical treatment injuries, restricted work injuries and lost time injuries (LTIs). The scope of TRIF reporting includes employees, contractors and all visitors to Company sites and main contractors’ sites. The Company applies the previous years’ result as the baseline value for SIF and TRIF, aiming for continuous improvement. The proposed targets are reviewed and discussed with relevant stakeholders through collaboration with coordinating main safety delegate and HSSE managers representing the different assets, drilling and well organisation and relevant development projects.

The target for SIF was set to 0.3 in 2025 based on an improved result of 0.3 in 2024. The target for TRIF was set to 1.6 in 2025, which is a stretch target as the result was 3.5 in 2024.

The targets are set annually and monitored monthly based on 12 months rolling average.

The use of previous year’s results as basis to ensure continuous improvement is a principle agreed in, and followed up by, the WEC at Company level. The agreed targets are approved by the Board.

In addition, the Company monitors Process Safety Events (PSE) on different levels as it drives continuous improvements in managing major accident risks. The goal is no Tier 1 Process Safety events.

The mechanisms to track performance against these targets include regular reporting to ensure transparency and accountability and monitoring through the live HSSE Dashboard, which is a tool used to monitor, analyse, and report on various metrics related to health and safety performance. This dashboard displays KPIs and other relevant data in a visual format, such as charts and graphs, making it easier to track progress, identify trends, and make informed decisions. The dashboard shows incidents on these metrics registered in the system by the workforce. The dashboard and the corresponding underlying incident reports of the KPI performance are accessible to all employees, as are corresponding assessment of incident classification and actions to restore the situation and avoid recurrence.

Vår Energi continuously evaluates performance and identifies lessons learned to make necessary improvements and ensure that the Company is on track to achieve the targets. The set TRIF target was not achieved in 2025. All of the personal injuries leading to the high TRIF are incidents with low injury potential

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over and above the actual outcome, and the majority occurred at Contractors work sites, involving workers in the supply chain. Vår Energi remains confident in the possibility of reducing these types of incidents by closely collaborating with its contractors to implement proactive measures and consistently focusing on implementation of safety tools.

Vår Energi places a strong emphasis on active engagement with its workforce and workers’ representatives to identify lessons learned. This engagement is embedded in the Company’s process for handling HSE incidents, ensuring a collaborative approach in identifying improvements and sharing lessons learned within different shifts and across installations. Vår Energi conducts incident reviews and root cause analyses involving workforce representatives. These reviews help pinpoint the underlying causes of accidents and near-misses, ensuring that lessons learned are documented and shared across the organisation. By involving the workforce in this process, the Company ensures that the solutions and improvements are practical and effective. Vår Energi solicits feedback from employees and contractors regarding safety and well-being in the workplace through the people survey.

Vår Energi's commitment to engaging with its workforce and their representatives in identifying lessons learned is considered vital to creating a safer and more efficient working environment. This collaborative approach not only enhances safety performance but also

fosters a culture of continuous improvement and mutual respect within the Company.

Equal treatment and opportunities for all

In 2025, the Company achieved a gender pay ratio of 91.5%, measured as the average comparison of women’s and men’s base salaries, excluding CEO compensation. This ratio is calculated without adjustments for factors such as tenure or differences between technical and non-technical roles. For comparison, the ratio was 90.5% in 2024 excluding CEO compensation, and 89.5% when including the CEO.

The difference between men’s and women’s average base salaries is primarily driven by two structural factors: on average, female employees have five years less professional tenure than male employees, and the Company has a significant higher share of male employees in technical positions, which generally have a higher salary level compared to non-technical roles.

In line with Vår Energi’s commitment to fostering equal opportunities, the Company has established targets to ensure equal pay for comparable positions. Pay comparisons are made within the same discipline and based on equivalent job complexity (Hay grade), professional tenure, and experience level.

For 2026, Vår Energi has set a target to achieve a compa-ratio of 100%, measured against employees with equivalent experience levels. The compa-ratio compares an

employee’s salary with the median salary for similar roles both internally and in the external target market. This methodology therefore incorporates differences in tenure and experience within the same discipline. Compensation for the CEO and COO is excluded from the compa-ratio target.

The compa-ratio and gender pay ratio targets are proposed by the EVP People, Communication, Digital & IT, and are discussed with the Executive Committee as well as the Remuneration and Leadership Development Committee. Final approval of the targets, including updates, is made by the Board, which includes employee representatives.

Progress toward these targets is measured annually, using 2024 as the baseline year. KPIs are monitored through a shared strategy and performance dashboard. Status updates are provided through the Remuneration and Leadership Development Committee and in the annual report.

The 2025 targets have not been externally validated. Progress is assessed during the annual salary review, during which Executive Management, the Board, and employee representatives are presented with the previous year’s results. Lessons learned are identified, and improvement actions are established as part of this process.

Two people stand in front of a large illuminated screen, examining and pointing at visual data or graphics displayed on its surface.

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S1-6 – Characteristics of own workforce

The Company has 1 451 employees located across the four core regions: Stavanger, Oslo, Hammerfest, Florø, and offshore. The following tables provide more detail about the composition of the workforce.

Number of employees

2025 (2024)

Number of employees as per 31.12.2025

Male

Female

Other

Not disclosed

Total

Number of employees (head count)

1 036 (1 003)

415 (401)

1 451 (1 404)

Number of permanent employees (head count)

1 028 (998)

405 (392)

1 433 (1 390)

Number of temporary employees (head count)

8 (5)

10 (9)

18 (14)

Number of non-guaranteed hours employees (head count)

- (-)

- (-)

- (-)

- (-)

- (-)

Employees per gender

Gender

2025 (2024)

Male

1 036 (1 003)

Female

415 (401)

Other (new for 2025 reporting)

-

Not reported (new for 2025 reporting)

-

Total employees

1 451 (1 404)

Turnover 1

2025 (2024)

Number of employees who have left Company

78 (85)

Percentage of employee turnover

5.4% (6.3%)

1 Includes permanent employees, expats and temporary employees

S1-8 – Collective bargaining coverage and social dialogue

All tariffed employees are covered by collective bargaining agreements. All employees in Vår Energi are represented by workers’ representatives in the WEC as the main form for social dialog with the Company. Thus, the employees' requirement for participation in social dialogue has been addressed. Vår Energi does not have more than 50 employees outside the European Economic Area (EEA).

Collective bargaining coverage and social dialogue

Collective bargaining coverage

Social dialogue agreements

Coverage rate

Employees - EEA

Workplace representation

0-19%

20-39%

23.9% (25%) of employees are covered by collective bargaining through Tariff agreement

40-59%

60-79%

80-100%

100% (100%) of employees are covered for social dialogue represented by WEC

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S1-9 – Diversity metrics    

Gender distribution

2025 (2024)

Male

Female

Total

Number

Percentage

Number

Percentage

Number

Number of employees (head count) at top management level

4 (4)

66% (66%)

2 (2)

33% (33%)

6 (6)

Age distribution

2025 (2024)

Percentage 2025 (2024)

Employees under 30 years old

103 (99)

7.1% (7%)

Employees between 30-50 years old

746 (680)

51.4% (48%)

Employees over 50 years old

602 (625)

41.5% (45%)

Total

1 451 (1 404)

100% (100%)

S1-11 – Social protection

As a Norway-domiciled company with all its operations in Norway, all employees are covered by social protection against loss of income due to sickness, unemployment starting from when the employee is working for the undertaking, employment injury and acquired disability, parental leave and retirement regulated through the Norwegian Working Environment Act. In addition, the Company offers group, life and personal insurance, ensuring the family's financial security in case of death, illness or accidents that occur after someone has been included in the group policy, and health insurance covering both medical, physical, and psychological treatment.

S1-13 – Training and skills development metrics

Performance and career development reviews

2025 (2024)

Male

Female

Total

Percentage of employees that participated in regular performance and career development reviews

99.9% (90%)

99% (95.5%)

99% (91.5%)

Training hours

On average, male training is significantly higher than female training. This is due to extensive mandatory training sessions for offshore workers, where the number of female workers is significantly lower than male.

2025 (2024)

Male

Female

Total

Average number of training hours

27.3 (40)

15 (15)

23.9 (33)

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S1-14 – Health and safety metrics 

Health and safety

2025 (2024)

Metric

Employees

Own workforce

SIF: Number of incidents with and actual or potential serious consequence for people or environment per million hours worked

N/A (N/A)

0.9 (0.3)

TRIF: Number of personnel injuries (excluding first aid injuries) per million hours worked.

0.4 (-)

3 (3.5 1 )

Percentage of people in own workforce who are covered by the health and safety management system

100% (100%)

100% (100%)

Fatalities

Number of fatalities in own workforce as a result of work-related injuries and work-related ill health

- (-)

- (-)

Number of fatalities of other workers working on undertaking's sites

- (-)

- (-)

Accidents

Number of recordable work-related accidents

1 (-)

20 (36 1 )

Rate of recordable work-related accidents

0.4 (-)

3 (3.5 1 )

Number of Process Safety events (PSE)- Tier 1 (PSE)

N/A (N/A)

- (-)

Rate of Process Safety Events – Tier 1

N/A (N/A)

- (-)

Ill health

Number of cases of recordable work-related ill health of employees

2 (2)

N/A (N/A)

Number of cases of recordable work-related ill health, subject to legal restrictions on the collection of data

2 (2)

2 (3 1 )

Number of days lost to work-related injuries and fatalities from work- related accidents, work-related ill health and fatalities from ill health2

- (-)

24 1 (235 1 )

1 Total number, including value chain workers; IOGP contract mode 1 and contract mode 2

2 Only includes days away from work related to injuries, not illness

S1-15 – Work-life balance metric  

2025 (2024)

Family-related leave

Male

Female

Total

Percentage of employees entitled to take family- related leave

100% (100%)

100% (100%)

100% (100%)

Percentage of entitled employees that took family- related leave

14.6% (8%)

25.5% (14%)

17.8% (9%)

Percentage of entitled employees that took leave related to care of next of kin

0% (1%)

0.5% (3%)

0.0% (1%)

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S1-16 – Remuneration metrics

Gender pay gap in 2025 was 8.8% (2024: 9.5%). The share of female employees is higher in support areas than in technical areas, and the average age of female employees is lower than the average age of male employees. These two factors influence the overall gender pay ratio.

The compa-ratio (comparing base salary, including pension and bonus but excluding overtime, duty allowance, and offshore compensation, between female and male employees, differentiated by position type, level, and years of experience) for 2025, however, was at 96% (2024: 97%).

The annual total remuneration ratio of the highest paid individual to the median annual total remuneration for all employees excluding the highest paid individual was 20.6 (2024: 6%, see accounting policies).

S1-17 – Discrimination and harassment metrics

Throughout the reporting period, there have been zero reported instances of discrimination.

The number of complaints filed to raise concerns is the number of concerns received by the WBC through the Ethics Helpline in 2025 related to discrimination and harassment. All four cases are closed without any censurable condition being found.

Reference is made to G1-4 for overview of all concerns reported to the Ethics Helpline.

Discrimination and harassment

Workers in high‑visibility protective clothing stand on an elevated section of a large red industrial structure with pipes and metal frameworks extending across multiple levels.

2025 (2024)

Number of incidents of discrimination

- (-)

Number of complaints filed to raise concerns

4 (4)

Number of complaints filed to National Contact Points for OECD Multinational Enterprises

- (-)

Amount of fines, penalties, and compensation for damages as result of incidents of discrimination, including harassment and complaints filed

- (-)

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Accounting policies and notes disclosures to S1

Methodologies and assumptions related to reported metrics under S1 - Own workforce are given in the table below.

Reported metric

Accounting policies, methodologies and assumptions

Number of employees

The methodology applied for extracting data is SAP SuccessFactors with date 31.12.2025

Assumptions taken are that the employee number includes Permanent employees, Expats and Temporary employees and that full-time employee equals 1 FTE, while part-time employee equals <1 FTE.

For the total number of employees (female and male) end of period (EOP) numbers are used. For average EOP numbers for each month, EOP is divided by twelve.

Data is not validated by an external party.

Average number of employees has cross reference to Note 7 in the Financial Statements. Please note that the definition of employees is different under ESRS and IFRS, where the latter includes permanent employees and inpats.

Turnover

The methodology applied for extracting data is SAP SuccessFactors with date 31.12.2025 with a range from 1.1. 2025 to 31.12.2025.

Assumptions taken are that “Leavers” includes Permanent employees, Expats and Temporary employees (30 of turnovers are summer interns). Numbers include all kinds of reasons for leaving.

For number of employees, the total within range period is applied. For percentage, the total turnover within range divided by Headcount EOP (31.12.25) is applied.

Data is not validated by an external party.

No cross reference to the Financial Statements.

Work-life balance

The methodology applied for extracting data is based on extracting data from the time writing system workforce from November and December 2025, and extrapolate data over the previous reporting months.

“Family related leave” is defined as parental leave (including maternity leave and paternity leave) and leave related to care of next of kin (including leave related to sickness of child). Data extraction applies “parental leave”, including Permanent employees, Expats and Temporary employees. By Norwegian law, all employees are entitled to parental leave.

Measurement for male or female employees is calculated through number of male or female employees that took leave in range period divided by the total male or female EOP Headcount, respectively. The calculation for the total is number of leaves in range period divided by total EOP Headcount.

Data is not validated by an external party.

Reported metric

Accounting policies, methodologies and assumptions

Collective bargaining and social dialogue

The methodology applied for extracting data from Tariffed Employees from SAP SuccessFactors End of Period 31.12.2025.

Assumptions taken are that all tariffed employees are covered by collective bargaining agreements.

Measurement for Collective bargaining is total number of tariffed employees EOP headcount divided by total number of employees EOP. Measurement for social dialogue is the total number of employees EOP headcount.

Data is not validated by an external party.

Health and safety

TRIF is calculated as follows: Number of personnel injuries (excluding first aid injuries) per million hours worked. TRIF is not validated by an external body. Definitions are in accordance with the definitions used by the Norwegian Ocean Industry Authority.

SIF is calculated as follows: Number of incidents with an actual or potential serious consequence for people or environment per million hours worked. SIF is not validated by an external body.

Employees are individuals hired directly by the Company under an employment contract. Own workforce refers to all individuals performing work under the Company’s control, including both direct employees and integrated contracted personnel.

In addition to Own workforce, some value chain workers are included in the Health and Safety metrics and SIF and TRIF targets described in S1-5, where contractors defined as IOGP contract mode 1 and 2 are included.

Contract mode 1: Work at Company site where the contractor provides personnel and tools for the execution of the work under the supervision, instruction and Management system of the Company. Examples: modification and maintenance at Company site, ISO services, catering services offshore.

Contract mode 2: Complex and/or large contracts where contractor as a main rule perform all work under their own management system at Contractor’s site. The work may include work at Company site.

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Reported metric

Accounting policies, methodologies and assumptions

Performance and career development reviews

The methodology applied for extracting data is SAP SuccessFactors end of period 31.12.2025.

Assumptions taken are that “regular performance and career development review” is defined as the annual development conversation that is registered by resource leader in SAP SuccessFactors and that all development conversations that are marked as ongoing or completed as of 31.12.2025 are included, as deadline for completion of 2025 conversations was 31.01.2026.

The measure used is count of conversations for male, female or total EOP divided by total male, female or total EOP Headcount, respectively.

Data is not validated by an external party.

Training hours

The methodology applied for extracting data is LMS module in SAP SuccessFactors with range from 1.1.2025 to 31.12.2025.

Assumptions taken are that employees in data extraction can include inpats as they are provided the same training opportunities. Some training sessions (approx. 5 500 of 17 000) are given as an estimated timing based on type of course, as total time was not registered. Training includes both mandatory and voluntary training. The data for training is limited to what is registered in the LMS modules, and does not take into account other types of training (e.g. classroom training, on the job training or others internal or external courses).

The measure used is the sum of hours within the reporting period for male, female or total divided by total employees EOP for male, female or total, respectively.

Data is not validated by an external party.

Gender distribution

The methodology applied for extracting data is SAP SuccessFactors end of period 31.12.2025.

Assumptions taken are that “Top Management” is defined as members of Executive Committee.

The measure used is total number of top management EOP Headcount divided by total number of employees EOP Headcount.

Data is not validated by an external party.

Reported metric

Accounting policies, methodologies and assumptions

Age distribution

The methodology applied for extracting data is SAP SuccessFactors end of period 31.12.2025.

Assumptions taken are that data extraction using “age” includes Permanent employees, Expats and Temporary employees.

The measure used is total employees within age range EOP Headcount divided by total employees EOP Headcount.

Data is not validated by an external party.

Gender pay ratio

The methodology applied for extracting data is SAP SuccessFactors end of period 31.12.2025.

The gender pay ratio was derived from the average annual total compensation of all female and male employees. Last year's calculation method has been updated to be aligned with ESRS.

Data is not validated by an external party.

Annual total remuneration ratio

The methodology applied for extracting data is SAP SuccessFactors end of period 31.12.2025, which is then transferred to Zalaris.

Total remuneration represents the full value of all compensation elements paid by the employer to the employee during 2025. This includes base salary, fixed allowances (such as offshore, shift or rotation allowances), annual bonus, and other variable pay components related to working hours or specific working conditions.

This year's calculation method has been updated to align with ESRS, however the number for 2024 was not updated.

Compa-ratio

The compa-ratio compares the base salary, including pension and bonus but excluding overtime, duty allowance, and offshore compensation, between female and male employees, differentiated by position type (technical versus non-technical), level, and years of experience.

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The People policy emphasises the Company’s commitment to having a working environment free from discrimination and harassment. It states that the Company must create an environment free from discrimination and harassment, including sexual harassment, where diversity, personal, and cultural views are regarded as sources of mutual enrichment. The EVP People, Communication, IT & Digital is accountable for implementing, maintaining and developing the People Policy.

The Human Rights policy outlines the Company’s responsibility to comply with internationally recognised human and labour rights. The policy explicitly addresses and prohibits human trafficking, forced labour or compulsory labour and child labour, and is further elaborated in chapter S1-1 under Working conditions. The Human Rights policy covers Vår Energi’s supply chain and is in line with the OECD Guidelines for Multinational Enterprises, the ILO Declaration on Fundamental Principles and Rights at Work, and the UN Guiding Principles on Business and Human Rights. Mechanisms to monitor compliance with internal and third-party commitments are described in detail in chapter S1-1 – Working conditions. The EVP Legal, Compliance & Public Affairs is accountable for implementing, maintaining and developing the Human Rights policy. The policy is supported by a Human Rights procedure that defines the roles and responsibilities for Vår Energi’s work in respecting human rights and decent working conditions in its

business activities, including human rights due diligence and grievance mechanism for handling grievances and concerns related to human rights. The procedure is also available on the Company website.

The CEO is the most senior-level executive accountable for the implementation of the Supplier Code of Conduct and policies. Vår Energi takes action to provide and/or enable remedy for human rights impacts through grievance mechanisms, engagement and dialogue with potential affected stakeholders, training and capacity building for employees and supplied workers in the value chain, and monitoring and reporting through internal audits and third-party assessments. For more information, reference is made to section S2-3 and S2-4. The mentioned measures help the Company not only to address human rights impacts but also work towards preventing future occurrences. During the reporting period, no instances of non-compliance with these internationally recognised instruments within Vår Energi’s value chain have been reported.

Vår Energi is committed to imposing restrictions on vendors found to be in violation of applicable laws and the Company's values, such as termination of the contract and indemnification of loss or damage. This is clearly stated in Appendix I – Compliance requirements, which is an attachment to all supplier agreements.

S2-2 - Processes for engaging with value chain workers

Vår Energi collaborates with various stakeholders in the value chain, including the Coordinating Working Environment Committee (C-WAC) within its operated areas. The COO is accountable for ensuring the engagement in C-WAC. The Committee holds quarterly meetings aimed at fostering cooperation between Vår Energi and key suppliers through their legitimate representatives, including management and employees. Through this collaboration, Vår Energi gains valuable insights and addresses challenges related to the working conditions, employee welfare and general health conditions, and mitigates risks for labour and human rights violations, discrimination and inequality. These challenges are tracked and followed through action plans where relevant.

Contractors are invited to participate in the Company’s annual anonymous people survey, as a mechanism to engage with Vår Energi and have an impact on topics related to working conditions within the Company. Reference is made to S1-2 more information on the people survey. Vår Energi’s procurement process involves several stages of engaging with a direct supplier and their legitimate representatives. It begins with the selection of suppliers, where contracts and purchase orders above specified thresholds undergo an integrity due diligence process conducted by the Compliance function prior to contract signing. The process also includes the main sub-suppliers and all other business partners, including new joint venture partners. This

approach ensures that all identified material groups within the value chain, including on- site contractors and upstream workers, are integrated into the procurement process. The purpose of the process is to mitigate risks related to, amongst others, potential violation of human and labour rights. If the integrity due diligence assessment shows a higher risk of human or labour rights violations, the potential supplier must complete a comprehensive questionnaire to demonstrate that robust human rights procedures and sufficient safeguards are in place before the supplier is approved as a potential supplier. Qualification requirements are used to ensure that the supplier has sufficient technical and professional qualifications to safeguard human rights as part of the contract when this is possible. For new suppliers, Vår Energi ensures that contractual provisions are in place. This may include setting KPIs to monitor compliance and performance. In 2025, the Company did not identify any suppliers where it deemed necessary to establish such KPIs. Ongoing supplier relationships are monitored by company representatives to ensure continuous insights and maintain close relations. The SVP Supply Chain Management is accountable for implementing, maintaining and developing this process.

Additionally, all suppliers can be selected for an audit conducted by a third party. If there is a suspicion that a potential negative impact on value chain workers might materialise within Vår Energi’s supply chain, or if there is a higher risk of negative impact, the company responsible for the value chain workers may

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be considered for a Human Rights audit. If no areas of concern related to potential negative impacts on workers have been identified for any particular suppliers, candidates for Human rights audit can be selected based on industry risk and/or nature of the contract. For instance, labour intensive contracts with low- skilled workers with use of sub-suppliers from countries outside Norway have been selected based on perceived higher risk for forced labour and unsatisfactory working conditions. Operators on the NCS have a collaborative approach to performing and sharing audits of suppliers, either with focus on the operational management system of the supplier or with focus on human rights, including potential impact on working conditions, discrimination in the workplace, labour rights violations as well as risk of human rights violations. This collaboration is facilitated by Offshore Qualific, a subsidiary of Offshore Norge, and is open to participation from all operators on the NCS. EVP Safety & Sustainability is accountable for implementing, maintaining and developing the process for audits related to the operational management system of suppliers, whereas EVP Legal, Compliance & Public Affairs is accountable for Human Rights audits.

During onsite Human Rights audits, interviews are conducted with management, employee representatives, safety representatives as well as with individual workers. For the latter interviews, only third-party auditors are present, providing workers with the opportunity to raise any grievances they may have, whether related to their employer

or Vår Energi as a contractor. The auditors select interview candidates from a list of potential candidates, ensuring anonymity is maintained. This approach allows workers to speak freely without fear of retaliation. Through the collaboration facilitated by Offshore Qualific, Vår Energi also gets access to Human Rights audits of several other suppliers. Vår Energi conducted two on-site audits in 2025. The suppliers' policies and processes to safeguard the rights of vulnerable groups are also addressed. Whenever possible and applicable, interviews with vulnerable groups are prioritised. These audits help mitigate risks for violations of human and labour rights, discrimination and inequality, working conditions and industrial hazards.

S2-3 - Processes to remediate negative impacts and channels for value chain workers to raise concerns

Vår Energi is committed to provide or contribute to remedies if an issue is identified that can negatively impact value chain workers. Vår Energi has not identified any such negative impacts in 2025. However, should the Company determine that it has caused or contributed to a material adverse effect on value chain workers, it will adhere to its established approach and processes for providing or contributing to remedies. In such cases, the Company will either cease activities that are causing or contributing to these adverse impacts or develop and implement fit-for-purpose plans to prevent and mitigate potential adverse impacts, in accordance with the OECD Due Diligence Guidance for Responsible Business Conduct.

The Company will seek to consult and engage impacted or potentially impacted value chain workers when determining the approach to mitigation and to track the effectiveness of the measures to identify, prevent, mitigate and, where appropriate, support remediation of impacts the enterprise has, or may, cause or contribute to.

The Company utilises the third-party provided Ethics Helpline as the primary grievance mechanism. The helpline is referred to in the Supplier Code of Conduct, and all value chain workers must familiarise themselves with it. Suppliers must immediately inform Vår Energi of any suspected or actual breaches and fully co-operate with any investigations. The Ethics Helpline is easily accessible to all value chain workers and other third-parties as it is publicly available through the Company website, providing the opportunity to raise concerns or needs, and have them addressed. The Whistleblowing Committee (WBC) will send a response or follow-up questions within ten days of receiving a concern. Every report is handled with the highest sensitivity, ensuring confidentiality is maintained to the fullest extent possible. If the concern is reported anonymously, it is still possible to communicate with the individual through the Ethics Helpline, whilst keeping full anonymity. This can help to protect against retaliation for all individuals that use it, in addition to the clear statement in the Company Code of Conduct that Vår Energi will not tolerate, under any circumstances, any form of retaliation against any person who has raised concerns in good faith. The Supplier Code of Conduct adds that suppliers must

maintain an internal mechanism for reporting and handling concerns or breaches related to the Code. Retaliation against individuals who raise a genuine concern is strictly prohibited, and Vår Energi expects suppliers to protect anyone raising a concern in good faith.

Upon receiving a grievance, the WBC assesses its severity. Subsequently, an investigation is conducted as appropriate in accordance with the recommended procedures from the Norwegian Labour Inspection Authority. Grievance mechanism for handling grievances and concerns related to human rights is described in the Human Rights procedure. Once the grievance is verified, relevant parties are notified, made aware of their rights and way forward. Guidance is provided to both parties on follow-up measures and mitigating adverse impacts. The type and nature of remedial actions are determined by the specific impact identified. Ultimately, the responsibility for implementing these measures and continuously monitoring the efficiency of the overall process, as well as understanding trends over time, lies with the Executive Committee and the SVP Internal Audit. While direct monitoring of employee trust in the process is not conducted, all concerns reported through the Ethics Helpline are tracked and monitored. In 2025, the Company achieved a 100% response rate, addressing all cases within the established deadline of ten calendar days. Most cases were closed within a short period of time and only cases reported in December remained open at end of the year. This demonstrates the efficiency of the Ethics Helpline and process.

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For further information regarding the Company’s whistleblowing process, including the protection of those raising a concern, reference is made to section G1-1 - Business conduct policies and corporate culture. In 2025, one concern reported through the Ethics Helpline is known to be from an external party. The report contained several allegations of which one was concluded to represent a censurable condition. Appropriate actions were taken in accordance with Company guidelines. All concerns reported through the Ethics Helpline during the reporting period have been investigated and addressed.

S2-4 – Taking action on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers, and effectiveness of those actions

The Company has both ongoing and planned actions aimed to prevent and mitigate potential negative impact for workers in the value chain. Vår Energi is addressing its potential negative impacts on value chain workers related to working conditions, discrimination and inequality in the workplace, labour rights violations and violations of human rights. The implementation of the planned actions does not require significant operational expenditures and/or capital expenditures.

IRO

Key action/Scope of action

Time horizon 1

Goal/Result of action

Violations of human rights

Labour rights violations

Key action: Human and labour rights training.

Scope of action: Vår Energi's Supply Chain Management (SCM) personnel. Company Representatives (employees managing contracts)

Annually for SCM and H1 2026 for Company Representatives

Goal: Make key personnel aware of their responsibilities in discovering, mitigating and preventing negative impacts on value chain workers related to labour and human right breaches.

Result from action: 100% of SCM personnel received Compliance classroom training in 2025, including on human and labour rights.

Labour-intensive working conditions in the value chain

Labour rights violations

Violations of human rights

Key action: Contract classification

Categorise the Company's contracts into one of the three groups: strategic, operational or critical. Risk of labour and human rights breaches is included in evaluation of contract classification.

Scope of action: All Company contracts handled by the SCM function

Ongoing

Goal: Enhance supplier evaluation to mitigate and prevent negative impacts related to labour and human rights breaches.

Result from action: Contract classification implemented in 2025 and used ongoing for new contracts.

Labour-intensive working conditions in the value chain

Labour rights violations

Violations of human rights

Key action: Contract guideline Develop a contract follow-up guideline for personnel managing contracts

Scope of action: Vår Energi personnel managing contracts

The first quarter of 2026

Goal: Establish clear rules for required level of follow-up based on tailored evaluation to mitigate and prevent negative impacts related to labour and human rights violations.

Result from action: Work in progress. To be finalised in 1Q 2026

Labour-intensive working conditions in the value chain

Labour rights violations

Discrimination and inequality in the workplace

Key action: Actions based on input from C-WAC meetings, e.g. industrial hazards, working time, overtime and anti-bullying & harassment initiatives hereby adjustments for workers with dyslexia and other disabilities.

Scope of action: Own workforce and workers in the value chain.

Ongoing

Goal: Continuous improvement of the Company's own operated activities based on input from meeting participants in quarterly meetings

Result from action: One concern raised was handled at the lowest level and is further followed up through actions from annual people survey

Labour-intensive working conditions in the value chain

Labour rights violations

Violations of human rights

Discrimination and inequality in the workplace

Key action: Annual people survey Follow-up problems, concerns and improvement areas identified in the people survey

Scope of action: Own workforce and workers in the value chain

Annually (Ongoing)

Goal: Improve work environment by following-up problems, concerns and improvement areas identified in the people survey-

Result from action: Actions based on input from the people survey were more focus on bullying and harassment

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

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IRO

Key action/Scope of action

Time horizon 1

Goal/Result of action

Labour rights violations

Violations of human rights

Key action: Emergency response training and exercises.

Frequency of training depends on role, first-aid team offshore have one training/exercise per six weeks, second line members have two exercises annually and formalised training biennially.

All offshore personnel undergo a basic safety training course (five days first time, then two days on refresher training every four years). The course includes basic first aid, basic firefighting, helicopter escape and use of life-saving equipment.

Scope of action: All Vår Energi assets, including formalised training of all roles in first line (offshore) and second line (onshore).

Regularly, as presented for each response level.

Goal: Manage the identified potential negative impact of industry hazards.

Result from action: Maintaining an organisation that is trained and prepared to respond to emergencies.

1 If time horizon is set to “ongoing” it indicates that this is an action that will be carried out in the future years. All other set disclosures on time horizons illustrate when the actions are intended to be completed.

Preventative measures are being implemented to identify areas of concern related to the material IROs in the value chain. Vår Energi has defined processes for identifying which actions to take in response to potential negative impacts for workers in the value chain. These are made available through the Company’s management system and webpage for workers in the value chain. As described in S2-2 Process for engaging with value chain workers, Vår Energi’s main approach to identify relevant mitigating, and remediation actions are through Vår Energi’s integrity due diligence process, audits and Human Rights audits. Based on these results the Company will decide on the necessary actions.

Once a contract is in place, risk of potential negative impacts in the value chain is monitored through dialogue and follow-up with the value chain workers, or through C-WAC. Potential negative impacts on workers are always a topic in dialogue meetings with the value chain workers, particularly related to working conditions and health and safety. Working hours are monitored through the monthly approval of timesheets for all individuals who log their hours in the time writing system. This includes permanent employees, temporary employees, inpats, and contract workers. Potential impacts can also be identified through other audits conducted via the Offshore Qualific cooperation, as mentioned under S2-2 – Processes

for engaging with value chain workers. This will then be reported to the Human Rights workgroup.

Closure of findings, observations and recommendations found in these Human Rights audits are followed up through a system administered by Offshore Qualific named Magnet JQS. Additionally, the results of audits conducted by other companies are provided. The effectiveness of actions and initiatives from the audits is assessed through direct feedback with the supplier in question. The effectiveness of the Human Rights audit process and the improvement thereof are discussed in a Human Rights network managed by Offshore Qualific.

A worker wearing high‑visibility protective clothing and safety gear stands on an offshore platform balcony overlooking the open sea under a cloudy sky.

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The WBC will consider potential negative impacts that are reported through the Ethics Helpline as well as the respective mitigating measures (further described in section S1-3 - Processes to remediate negative impacts and G1-1 - Business conduct policies and corporate culture). If the potential negative impact is related to matters in the Company’s value chain and not internally, the concern is reported to the internal Human Rights workgroup, who will determine further actions.

Questions and concerns regarding human rights can also be reported through a contact form on the Company website. By choosing Human rights in the contact form the concern will go directly to the Compliance function, which leads the internal Human Rights workgroup. It will then be evaluated if the concern should be handled by the workgroup or if it is best handled by the WBC.

Both the Human Rights workgroup and the WBC consist of dedicated resources allocated to manage material impacts, if identified. If any areas of concern are discovered through a Human Rights audit, this will be handled via dialogue and follow-up meetings with management of the value chain worker, the Company Representative and the Human Rights workgroup. Action plans will be made based on the findings, with concrete tasks and deadlines for resolving the identified issues. The SCM function and management will also be involved as applicable, depending on the issue and severity. The third-party auditor performing the audit can also help facilitate the follow-up and in setting up an

action plan. So far, no material actual impacts and no severe human rights issues have been identified related to the Company's value chain workers. For details regarding the resources of the WBC reference is made to G1-1.

In addition, the Company has a system where identified unsafe conditions, near- misses and accidents are reported according to requirements in the WEA. Vår Energi encourages that unsafe and concerning conditions are reported and managed as soon as possible. Therefore, anyone working at the Company’s sites, both employees and value chain workers offshore and onshore, can raise concerns related to possible unsafe conditions. Reference is made to S1-3, where this is further described.

Vår Energi’s Internal Audit department conducted an audit at the end of 2024 regarding “Detection and follow-up of human rights breaches in the supply chain” to verify if the Company’s processes for detecting and following up potential human rights breaches were in compliance with the Transparency Act requirements. There were no findings from the audit, the few observations with recommendations were followed up in 2025.

Performance, metrics and targets

Targets

S2-5 – Targets related to managing negative impacts, advancing positive impacts, and managing material risks and opportunities

Vår Energi is considering establishing several measurable outcome-oriented targets for managing negative impacts for workers

in the value chain. However, this requires cooperation with the suppliers regarding what is achievable to measure, and has not been prioritised in 2025. This will be further looked into in 2026. The Company did however have measurable outcome-oriented targets for tender evaluations related to gender diversity and equal payment, and some value chain workers are included in the SIF and TRIF targets described in S1-5, where contractors defined as IOGP contract mode 1 and 2 are included.

Contractors can participate in the Company’s annual people survey and are thus part of the NPS of the Company. Reference is made to S1-5 for more information about the people survey and NPS.

Vår Energi tracks the effectiveness of its policies and actions through its audits, inspections and contract follow-up meetings. The level of ambition and base period may be set in specific cases or contracts, but no defined general targets are set.

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Impacts, risks and opportunities management

G1-1 – Business conduct policies and corporate culture

Vår Energi’s approach to business conduct is anchored in the management system, which has been developed and improved since Vår Energi was first established in December 2018. The Board has established the foundation of the corporate culture through their adoption of the Company’s Code of Conduct and Company Policies. A new Code of Conduct was approved by the Board in June 2025, replacing the former Code of Ethics. The Code of Conduct and the Company’s Policies set out requirements and standards that apply for Vår Energi’s activities and business relationships. It constitutes a guide for decisions and actions that is consistent with Vår Energi’s culture of responsibility, legality, transparency, and long-term value creation for stakeholders. It also aligns with the Company’s values, “Proactive”, “Entrepreneurial”, “Responsible” and “Collaborative”, which aim to support a common direction and reflect desired behaviour in the Company. This was elaborated upon further in the “Vi er Vår” (”We are Vår”) document, which is ranked as the highest governing document in the management system. This gives an insight into the principal elements of Vår Energi’s business, who Vår Energi is and how Vår Energi works. Corporate governance is a key part of this. The most senior level in Vår Energi that is accountable for all of the Company's business conduct policies is the CEO.

The corporate culture is evaluated through an annual people survey, which includes topics on culture and well-being at the workplace. The Executive Committee and key leadership positions are responsible for following up results from their department to address any negative impacts highlighted in the survey. See S1-2 - Process for engaging with own workforce and workers’ representatives about impacts for more information on the people survey.

In addition to the Code of Conduct the Company’s policies related to Business Conduct are briefly described here:

The Behaviour and Conduct Policy outlines, Vår Energi’s commitment to ethical business conduct and adherence to applicable law, including on anti-corruption and anti-bribery

The Corporate Governance policy address the Company's adherence to recommendations laid down in the Norwegian Code of Practice for Corporate Governance issued by the Norwegian Corporate Governance Board (NUES) and summarises key principles from this Code of Practice.

The Human Rights Policy outlines Vår Energi’s commitment to respect and support internationally recognised human rights in its own operations, its supply chain and other business relationships. The Company seeks to avoid complicity in human rights violations, in line with the Norwegian Human Rights Act, the Norwegian Transparency Act, the OECD Guidelines for Multinational Enterprises, the UN Guiding Principles on Business and Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work. The commitments include applying the precautionary principle related to health, safety

G1 – Business conduct

Sub-topic

Sub-sub-topic

Material impact, risk or opportunity description

Type of materiality

Value Chain

Time horizon

Corporate culture

Unethical business practices Unethical business practices can harm relationships with business partners and reduce trust from regulators/ authorities, investors, banks and other stakeholders. The corporate culture is essential to manage the risks related to governance, providing a clear expectation on behaviours for stakeholders across the whole value chain.

Potential negative impact

Corruption and bribery

Incidents, prevention and detection including training

Exposure to corrupt practices Vår Energi may be exposed to possible corrupt practices at various stages throughout the global supply chain. Corruption may lead to various negative impacts, such as misallocation of resources revenues, damage to the environment, abuse of democracy and human rights, and political instability.

Potential negative impact

Protection of whistle- blowers

Whistleblowing Whistleblower reporting channels, procedures to follow-up on reports by whistleblowers and measures to protect against retaliation on whistleblowers are essential to identify concerns related to sustainability impacts and responsible business conduct.

Potential negative impact

Short-term

Mid-term

Long-term

Short-medium-long-term

Upstream

Own operations

Downstream

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and the environment and conducting due diligence on human rights and worker rights as described in the OECD Due Diligence Guidance for Responsible Business Conduct. The policy is supported by a Human Rights procedure that defines the roles and responsibilities for Vår Energi’s work in respecting human rights and decent working conditions in its business activities, including human rights due diligence and grievance mechanism for handling grievances and concerns related to human rights. The procedure is also available on the Company website.

“Vi er Vår”, the Policies, and the Code of Conduct are communicated to Vår Energi’s employees upon hiring. It is also disseminated when updates or changes occur, and reminders are provided through training and announcements to employees. Following a Company Town Hall where the Code of Conduct and the Ethics Helpline was a topic, a webinar covering key topics in the Code of Conduct and the Ethics Helpline was distributed to all employees and contractors.

Employees considered to be more exposed to breaches of the Code of Conduct and anti- corruption requirements are functions with high exposure to third parties, such as Supply Chain Management, Business Development and the Commercial function. These employees also receive classroom training in compliance topics as per the Compliance training plan by the Compliance function. While the primary focus is on anti-corruption, the training also encompasses essential topics like human rights, competition law,

trade sanctions, inside information and data privacy. For 2025, 100% of those considered at risk received and completed training on anti- corruption.

After the new Vår Energi Code of Conduct was approved, the Company also established a separate Vår Energi Supplier Code of Conduct. The Supplier Code of Conduct was adopted to have a code that is targeted towards the Company’s external suppliers. This Supplier Code of Conduct was distributed to all the suppliers Vår Energi has contracts with as per October 2025. Contract requirements state that suppliers must follow the principles set out in the Supplier Code of Conduct and all Company policies, except the Corporate Governance policy. Both codes and all policies are available on the Vår Energi website.

Whistleblowing process

In the Code of Conduct, the Company encourages anyone who has questions or concerns to contact either a manager or the Compliance function, alternatively through the whistleblowing channel. The Code also sets out the duty to report if someone is not applying, or is about to violate, legal provisions and/or any of the principles of the Code of Conduct.

Vår Energi has a reporting process for whistleblowing cases in accordance with the requirements of the Norwegian WEA – the Ethics Helpline. This process is available for both internal and external stakeholders via Vår Energi’s homepage and was prepared in cooperation with the workforce representatives. In 2025, the whistleblowing

channel was renamed to Ethics Helpline and was introduced in a Company Town Hall. The Town Hall is open for all employees and contractors to attend and is recorded and made available on the intranet for everyone to access. Graduates, safety delegates and union representatives also receive an introduction to the Ethics Helpline and the conflict handling processes. In addition, the mentioned Code of Conduct webinar, a mandatory Anti- corruption/anti-bribery webinar is distributed biennially, as well as Compliance classroom training include information about what and when to report concerns to the Ethics Helpline.

The Ethics Helpline is provided through an external web-based tool, WhistleB, for managing reporting of concerns. WhistleB ensures anonymity unless the user decides to disclose their identity. The communication channel is encrypted, password protected and complies with the ISO 27001 IT security standard. Concerns reported through the Ethics Helpline are handled promptly and objectively by the Whistleblowing Committee (WBC) in accordance with the Whistleblowing procedure. The Whistleblowing procedure and the WBC are administered by the Internal Audit function to preserve independence from management. The WBC consists of three senior employees from the Internal Audit, Legal, Compliance & Public Affairs and People, Communication, IT & Digital departments. Both the members of the WBC and the stand- in from the Legal, Compliance & Public Affairs department are lawyers from the Legal function, and not part of the Compliance function that is involved with prevention

and detection of corruption and bribery on a regular basis. The EVP Legal, Compliance & Public Affairs is the head of both functions. The WBC is headed by the SVP Internal Audit and the investigating committee is considered separate from the management involved in prevention and detection of corruption and bribery. Concerns reported through the Ethics Helpline and other cases concerning breaches of Code of Conduct (e.g. bribery, fraud and corruption) are handled in accordance with the Company’s procedure, process and checklist for whistleblowing. All members of the WBC have been trained through one or more Institute of Internal Auditors (IIA) course(s) or equivalent on how to manage whistleblowing cases, including investigations. Seminar attendances on the topic are encouraged and take place frequently through the IIA, the lawyers association and individual law firms.

Only the WBC has access to WhistleB. Deputies for the members in the WBC can be appointed when considered necessary, for instance to ensure impartiality. If the Company is not considered impartial, or the required competence is not available in the Company, external assistance may be used. If the case is believed to be illegal it is reported to the police. Concerns and grievances can also be raised to a manager, the Legal, Compliance & Public Affairs department or the SVP Internal Audit, who is the chair of the WBC. Grievances related to human rights and decent working conditions can be raised to the Company’s Human Rights workgroup, as described in the Human Rights procedure. Additionally, it is a requirement that the employer or the

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safety representative should be notified as soon as one becomes aware of harassment or discrimination in the workplace. Moreover, fraud is considered and checked for in every internal audit in the Company.

Vår Energi encourages reporting of suspected violations and the Company’s policy is to not tolerate any form of retaliation against any person who has raised concerns in good faith and in no case will take or threaten any adverse action or discrimination of any kind against those who report wrongdoings or express concerns regarding ethical issues. All employees are always entitled to a fully responsible working environment.

According to the Whistleblowing procedure when one or more employees are in a vulnerable situation, the WBC shall undertake a risk assessment of the situation so that all parties to the case are ensured a fully responsible working environment throughout the whole process. The Company shall particularly have a high focus on initiatives for preventing retaliation. The WBC will evaluate if it is required to inform line management to prevent escalation of a censurable situation or to clarify other matters that might be of importance for the investigation. The whistleblower may remain anonymous as the Ethics Helpline allows for communication without disclosing identity. If necessary, the Company will implement measures suitable for preventing retaliation.

The WBC is responsible for preparing an investigation report and a high-level summary

of individual cases to the CEO, and for preparing a semi-annual report containing number of concerns reported through the Ethics Helpline, types of censurable conditions and how the cases were handled, which are distributed to the Executive Committee, the Working Environment Committee, and the Board via the Audit Committee.

G1-3 - Prevention and detection of corruption and bribery

Vår Energi has zero tolerance for bribery and corruption. This is clearly stated both in the Code of Conduct and the Behaviour and Conduct Policy. The Vår Fundamentals Anti-corruption sets out further requirements and information for all employees to prevent incidents of corruption and bribery, including an attachment with specific rules regarding gifts and hospitality. All gifts and hospitality above a specified threshold must be registered in a Gifts & Hospitality register, which is regularly reviewed by the Compliance function for compliance with the internal requirements. Reminders about the Vår Fundamentals Anti- corruption, and in particular the rules for Gifts & hospitality and register are provided to all employees and contractors via Workplace at least annually, in addition to being part of the Compliance training plan. Anti-corruption and anti-bribery training is handled by the Compliance function together with other compliance training, see section G1-1.

Risk assessment is conducted at least annually for all defined compliance areas, including anti-corruption. The risk assessment is done using the same format as for enterprise

risk assessments and in accordance with Vår fundamentals Governance, Risk and Compliance. The assessment is performed in a workshop with the EVP Legal, Compliance & Public Affairs, the VP Compliance, the VP Legal and Compliance Advisor. The corruption risk for the Company is evaluated, including risk factors and mitigating measures to reduce risk of corruption. While the impact of corruption could be high, Vår Energi only operates on the NCS, which reduces the risk of corruption compared to higher general corruption risk in the oil and gas industry outside of Norway.

One of the mitigating measures in place to avoid getting involved in corruption is integrity due diligence of new business partners as described in the Company’s Integrity Due Diligence procedure and the Compliance with Due Diligence risk requirements in the Procurement procedure. Business partners are checked using a dedicated IT tool where the companies, their directors, senior managers, and ultimate beneficial owners are checked for sanctions, political exposure, fines, charges, and/or adverse media, for instance related to corruption, fraud and human rights violations. Financial due diligence is also included as well as country risk, especially regarding risk of human rights violations or corruption.

Any concerns regarding corruption or bribery are handled in the same manner as other concerns regarding legal provisions and/ or other principles of the Code of Conduct. Reference is made to the "Whistleblowing process" in section G1-1.

Classroom training is provided to high-risk functions. The classroom training is a two- hour session where the section on anti- corruption and anti-bribery covers an overview of the main applicable anti-corruption laws and Vår Energi’s policies and guidelines for Anti-corruption. It also covers the tools and resources available in the Company to ensure compliance, with a special focus on gifts and hospitality. The Human Rights section of the training gives an overview of Vår Energi’s commitment to respect human and labour rights, the requirements pursuant to the Transparency Act and what the Company does to ensure compliance with the requirements. The part on trade laws and sanctions provides a general understanding of applicable sanctions, export control legislation and specific sensitive regions, as well as tools and resources available to ensure compliance, whereas the Integrity Due Diligence (IDD) section explains when an IDD is required and what it includes. In the classroom training there is also a section on Competition law, which covers what is included under competition law and risks to look out for, as well as what to do in case of a regulatory investigation. The part on inside information explains what constitutes inside information and what obligations and duties follows from having inside information. The final section of the training is on Data Privacy and includes what personal data is, what the requirements are for processing personal data and where to seek guidance. The compliance classroom training ends with an overview of where one can get help or report issues regarding compliance, including the Ethics Helpline.

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Data Privacy training was also provided to those working for the People and Communication functions during classroom sessions in 2025. In addition, onshore employees with a delegated authority from the CEO were offered training on Vår Energi’s Delegation of Authority procedure and matrix during 2025. Here anti-corruption measures such as transparency, segregation of duties and conflict of interest were covered. The Delegation of Authority and the Code of Conduct have also been topics in Lead & Learn sessions for managers in 2025.

In 2025 the Administration provided classroom training and additional background information for the Board on anti-corruption/ anti-bribery and inside information.

Webinars on various Compliance topics are sent out to all employees and contractors, which for 2025 consisted of a webinar on Code of Conduct that covered topics like conflict of interest and how to make ethical decisions.

All employees and contractors receive mandatory webinars related to Anti-corruption/ anti-bribery and Inside information biennially. New employees and contractors receive the training when they join. Statistics for this training for 2025 are included in the table to the right.

2025 (2024)

At-risk functions 1

AMSB 2

Other employees and contractors

Training coverage

Total scheduled for training

108 (104)

17 (18)

1 361 (1 622)

Total completed training

108 (104)

17 (10)

1 346 (1 613)

Total completed classroom training

107 (91)

12 (-)

- (-)

Delivery method and duration

Classroom training

2 hours (2 hours)

30 minutes (-)

- (-)

Computer-based training

1 hour (1 hour)

1 hour (1 hour) 3

1 hour (1 hour)

Frequency

How often training is required

Annually (Annually)

Biennially (Biennially)

Annually (Annually)

Anti-corruption / Anti-Bribery

Annually (Annually)

Biennially (Biennially)

Biennially (Biennially)

Topics Covered in classroom training

Anti-corruption / Anti-Bribery

X

X

Human Rights

X

Trade laws and sanctions

X

Integrity Due Diligence

X

Competition law

X

Inside information

X

X

Data privacy / GDPR

X

Topics in computer-based training 4

Anti-corruption / Anti-Bribery

X

X 3

X

Inside information

X

X 3

X

Other computer-based training

Code of Conduct

X

X 3

X

1 Managers are not separated out in 2025, but included in Other own workers. Managers for at-risk functions are included there.

2 Administrative, management and supervisory bodies.

3 Members of the Board which are not employees do not receive computer-based training from the Company.

4 In 2024 Vår Energi did not differentiate between topics covered in classroom and topics covered by webinars. These were thus reported above under "Topics covered" in 2024.

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Metrics

G1-4 – Incidents of corruption and bribery

Convictions for violation of anti-corruption and anti-bribery laws

2025 (2024)

Number of convictions for violation of anti-corruption and anti-bribery laws

- (-)

Amount of fines for violation of anti-corruption and anti-bribery laws (USD)

- (-)

Incidents of corruption and bribery

2025 (2024)

Number of confirmed incidents of corruption or bribery

- (-)

Number of confirmed incidents in which own workers were dismissed or disciplined for corruption or bribery-related incident

- (-)

Number of confirmed incidents relating to contracts with business partners that were terminated or not renewed due to violations related to corruption or bribery

- (-)

Whistleblowing cases

2025 (2024)

Reports received

15 (17)

Breaches related to corruption or bribery

- (-)

Breaches related to discrimination or harassment

- (-)

Breaches related to conflict of interest

1 (-)

Breaches related to money laundering and insider

- (-)

Breaches related to other matters

- (1)

The table to the left outlines the number of reports received by the WBC via the Ethics Helpline and, where a censurable condition was concluded to have occurred, what type of misconduct it was. Appropriate measures were taken for the misconducts according to Company guidelines, but the details of measures will not be disclosed here due to data privacy issues when the number

of misconducts are low. For 14 cases the conclusion was that no censurable condition had taken place.

Accounting policies and notes disclosures to G1

Methodologies and assumptions related to reported metrics under G1 – Business Conduct are given in the table below.

Reported metric

Accounting policies, methodologies and assumptions

Convictions for violation of anti-corruption and anti- bribery laws

There were no incidents reported regarding corruption or bribery to the Ethics helpline, or otherwise to the WBC, Internal Audit (IA) or Legal, Compliance & Public Affairs department (LC&PA). Assumptions made are that there would not be any corruption or bribery cases without the involvement of WBC, IA or LC&PA. This would require at least the involvement of LC&PA according to Company processes.

Data is not validated by an external party.

Incidents of corruption and bribery

There were no incidents reported regarding corruption or bribery to the Ethics helpline, or otherwise to the WBC, IA or LC&PA. Assumptions made are that there would not be any corruption or bribery cases without the involvement of WBC, IA or LC&PA. This would require at least the involvement of LC&PA according to Company processes.

Data is not validated by an external party.

Whistleblowing cases

Number of cases reported in Ethics Helpline annual report and review any cases concluded to be a breach to determine which category they belong to. Assumptions made are that all breaches are handled by WBC.

Data is not validated by an external party.

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Sandnes, 20 March 2026 – The Board of Directors of Vår Energi ASA

Signed electronically

Thorhild Widvey

Chair

Liv Monica Bargem Stubholt

Deputy Chair

Francesco Gattei

Board member

Guido Brusco

Board member

Francesca Rinaldi

Board member

Claudia Almadori

Board member

Fabio Ignazio Romeo

Board member

Ole Johan Gillebo

Board member

Jan Inge Nesheim

Board member, employee elected representative

Martha Skjæveland

Board member, employee elected representative

Carl Anders Olof Kjörling

Board member, employee elected representative

Lilli Sahlman Fagerdal

Board member, employee elected representative

Nicholas John Robert Walker

Chief Executive Officer

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the second quarter of 2025 and a new EGM was held on 11 November 2025 to approve the distribution of dividend for third quarter of 2025. A new EGM was held January 30 2026 to approve the interim balance sheet per 30 September 2025 and distribution of dividend for the fourth quarter 2025.

For the financial year 2025, the Company distributed a total of USD 1 200 million in dividends, of which USD 900 million was paid during the year, and USD 300 million were distributed in February 2026. The dividends were paid quarterly in line with policy. The dividends were paid in NOK per share, totalling approximately NOK 4.69 per share for the year.

Board authorisations

As of 31 December 2025, the Board held the following authorisations granted at the AGM on 12 May 2025.

An authorisation for the Board to resolve and declare dividends based on the Company’s annual financial statements for 2024. The authorisation is valid until the Company’s AGM in 2026.

An authorisation to increase the Company’s share capital by up to NOK 39 942 500 through issuances of ordinary shares. The authorisation may be used for the purpose of raising equity capital for investments within the Company’s scope of operations and general corporate purposes, or as consideration in connection with acquisitions, mergers, de-mergers, or other transactions. The shareholder’s preferential

rights may be set aside. The authorisation is valid until the AGM in 2026, but at the latest expires on 30 June 2026.

An authorisation to acquire shares in the Company (treasury shares) for an aggregate nominal value of up to NOK 19 971 250, for use for investment purposes, for the purpose of sale and/or transfer to employees in the Company or for the purpose of utilising the Company’s shares as transaction currency in acquisitions, mergers, de-mergers, or other transactions. When acquiring treasury shares the consideration per share may not be less than NOK 1 and may not exceed NOK 200. The authorisation is valid until the AGM in 2026, but at the latest expires on 30 June 2026.

Equal treatment of shareholders

Pre-emption rights to subscribe

According to the Norwegian Public Limited Liability Companies Act, the Company’s shareholders have pre-emption rights in share offerings against cash contribution. Such pre-emption rights may, however, be set aside, either by the General Meeting or by the Board if the General Meeting has granted a board authorisation which allows for this. Any resolution to set aside pre-emption rights will be justified by the common interests of the Company and the shareholders, and such justification will be publicly disclosed through a stock exchange notice from the Company. There were no such resolutions in 2025

Trading in own shares

According to the Norwegian Public Limited Liability Companies Act, the Company’s shareholders have pre-emption rights in share offerings against cash contribution. Such pre-emption rights may, however, be set aside, either by the General Meeting or by the Board if the General Meeting has granted a board authorisation which allows for this. Any resolution to set aside pre-emption rights will be justified by the common interests of the Company and the shareholders, and such justification will be publicly disclosed through a stock exchange notice from the Company. There were no such resolutions in 2025.

Shares and negotiability

There are two classes of shares in the Company, where one class (the B shares) has certain appointment rights in relation to the Board, save for this all shares carry equal rights. The Company emphasises equal treatment of its shareholders.

The ordinary shares of the Company are freely transferable on the Oslo Stock Exchange. The class B shares are not transferable as specified in article 8 of the Articles of Association.

General meetings

All shareholders have the right to participate in the General Meetings of the Company, which exercise the highest authority of the Company. The AGM shall normally be held before

31 May each year. The 2025 AGM was held on 12 May. Further, EGMs were held on 12 August 2025, 11 November 2025 and 30 January 2026 to approve interim balance sheets and distribution of dividend.

The full notice for General Meetings shall be sent to shareholders no later than 21 calendar days prior to the meeting and shall provide the shareholders with sufficient details to assess all the cases to be considered as well as the relevant information regarding procedures of attendance and voting. The notice and related documents may be sent to or made available for the shareholders by electronic communication as set out in the Company’s Articles of Association.

Notices for General Meetings shall provide information on the procedures shareholders shall observe in order to participate in and vote at the General Meeting. The notices set out: (i) the procedure for representation at the meeting through a proxy, including a form to appoint a proxy, and (ii) the right for shareholders to propose resolutions in respect of matters to be dealt with by the General Meeting.

The cut-off date for confirmation of attendance is set as short as practically possible and the Board will arrange matters so that shareholders who are unable to attend in person, will be able to vote by proxy. A form of proxy will be distributed with the notice.

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Election committee

The Company has an Election Committee as set out in article 10 in the Articles of Association. The Election Committee members were each elected for a two-year term in 2024 and will therefore remain unchanged until the AGM in 2026. The committee remains unchanged, comprising the following three members Philip Duncan Hemmens (Chair), Lars Christian Bacher and Lars Erik Moen.

The committee members were appointed considering the interests of shareholders in general. All are considered independent of the Executive Committee and the Board.

The instructions for the Election Committee were issued in 2022 and approved by the Company’s General Meeting. The committee’s main task is to propose to the General Meeting (i) candidates to be elected as members of the Board other than the members of the Board to be elected by the Class B shares, (ii) candidates to be elected as members of the Election Committee, and (iii) remuneration of the members of the Board and the Election Committee.

Each proposal is justified on an individual basis. All shareholders are entitled to nominate candidates to the Board, and information on how to propose candidates is available on the Company’s web page www.varenergi.no under the Board of Directors folder.

The Board of Directors – composition and independence

Pursuant to article 6 of the Company’s Articles of Association, the Board has eight members elected by the shareholders at a General Meeting, in addition to any employee representatives. Board members shall be elected for periods not exceeding two years at a time, with the possibility of re-election.

On 31 December 2025, the Board consist of 12 members, where four were elected by the ordinary shareholders, four were appointed by the holder of class B shares and four were elected by and among the employees. The Company does not have a corporate assembly.

The Chair of the Board was appointed from among the independent directors.

All the shareholder elected members of the Board are considered independent of the Company’s Executive Management and material business contacts.

The Board has the necessary competence to act independently and function well as a team. Information on the expertise of the members of the Board is included in this annual report and on Vår Energi's website. The Board considers its composition to be diverse and represents required competencies and capacities including financial and industrial experience. Board members are encouraged to own shares in the Company.

Name

Role

Considered independent of main shareholders

Served since

Term expires

Participation Board meetings 2025

Thorhild Widvey

Chair

Yes

26.01.2022

AGM 2026

100%

Liv Monica Bargem Stubholt

Deputy chair

Yes

26.01.2022

AGM 2027

88%

Francesco Gattei

Member 1

No

11.09.2020

AGM 2027

100%

Guido Brusco

Member 1

No

10.12.2021

AGM 2027

88% 3

Francesca Rinaldi

Member 1

No

07.05.2024

AGM 2026

100%

Claudia Almadori

Member 1

No

07.05.2024

AGM 2026

100%

Ole Johan Gillebo

Member

Yes

25.09.2024

AGM 2026

100%

Fabio Ignazio Romeo

Member

Yes

26.01.2022

AGM 2027

88%

Jan Inge Nesheim

Employee rep. 2

04.05.2022

AGM 2026

100% 3

Martha Skjæveland

Employee rep. 2

04.05.2022

AGM 2026

100% 3

Carl Anders Olof Kjörling

Employee rep. 2

07.05.2024

AGM 2026

100%

Lilli Sahlman Fagerdal

Employee rep. 2

07.05.2024

AGM 2026

100%

1 Affiliated with the largest shareholder Eni International B.V.

2 Elected by and among employees

3 Including deputies

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The work of the Board of Directors

The Board is responsible for the overall management of the Company and shall supervise the Company’s day-to-day management and the Company’s activities in general.

Responsibility of the Board of Directors

The Board prepares an annual plan for its work with special emphasis on goals and strategy. The Board's primary responsibilities shall be (i) participating in the development and approval of the Company’s strategy, (ii) performing necessary control functions and (iii) acting as an advisory body for the Executive Management team. Its duties are not static, and the focus will depend on the Company’s ongoing needs. The Board is also responsible for ensuring that the operation of the Company is compliant with the Company’s values and ethical guidelines. The Chair of the Board is responsible for ensuring that the Board's work is performed in an effective and correct manner.

The Board ensures that the Company has proper management with internal distribution of responsibilities and duties. A division of work has been established between the Board and the Executive Management team. The CEO is responsible for the Executive Management of the Company.

All members of the Board receive regular information about the Company’s operational and financial development. The Company’s

strategies are subject to regular review and evaluation by the Board. The Board shall prepare an annual evaluation of its work. In 2025, the Board conducted a total of eight Board meetings. Reference is further made to the Rules of Procedures for the Board of Vår Energi ASA.

Transactions with related parties

Any transactions, agreements or arrangements between the Group and the Company’s shareholders, members of the Board, members of the Executive Management team or close associates of any such parties may only be entered into as part of the ordinary course of business and on arm’s length market terms. All such transactions shall, where relevant, comply with the procedures set out in the Norwegian Public Limited Liability Companies Act and the Corporate Governance Code. Note 32 - Related party transactions in the 2025 financial statements provide further information regarding transactions with related parties in accordance with applicable accounting principles.

Board members shall immediately notify the Board and members of the Executive Management team shall immediately notify the CEO (who, where relevant, will notify the Board) if they have any material direct or indirect interest in any transaction to be entered into by the Group.

The Board consideration of material matters in which the Chair of the Board is, or has been, personally involved, shall be chaired by some

other member of the Board. There were no such cases in 2025.

Sub-committees of the Board of Directors

Audit committee

The Board has established an Audit Committee in accordance with the rules of the Norwegian Public Limited Liability Companies Act and the listing rules of the Oslo Stock Exchange. The Board has issued instructions to the Audit Committee, last updated 5 December 2024. A majority of the members are independent of the Company’s Executive Management, and at least one member has qualifications within accounting or auditing.

The Audit Committee’s objective is to act as a preparatory body in connection with the Board’s supervisory roles with respect to audit, financial and sustainability reporting and the effectiveness of the Company’s internal control and risk management system, as well as other tasks assigned to the committee in accordance with the provisions set forth in the Audit Committee instructions.

The Committee supports the Board in the administration and exercise of its responsibility for supervision in accordance with applicable provisions of the Norwegian Public Limited Liability Companies Act and other relevant legislation. In 2025, the Audit Committee conducted a total of nine meetings with 92% participation.

Remuneration and Leadership Development committee

The Board has established a Remuneration and Leadership Development Committee. The committee reviews and recommends to the Board the remuneration policy for the Company’s Executive Management, other principal remuneration issues of high importance and strategic people processes. The Board has issued instructions to the Remuneration and Leadership Committee, last updated 5 December 2024.

In 2025, the committee conducted a total of four meetings with 100% participation.

Safety and Sustainability committee

The Board has also established a Safety and Sustainability Committee to act as a preparatory body in connection with the Board’s supervisory roles with respect to safety and sustainability. The Board has issued instructions to the Safety & Sustainability Committee, last updated 5 December 2024.

In 2025, the Safety and Sustainability Committee conducted a total of four meetings with 100% participation.

The Board of Directors’ evaluation of its own work

The Board assesses its performance and expertise annually, and shares the result with the Election Committee.

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Risk management and internal control

The Board shall ensure that the Company has robust internal control and risk management routines that are appropriate in relation to the extent and nature of the Company’s activities. Risk management and internal control routines shall also encompass the Company’s corporate values and ethical guidelines. Reference is further made to the Code of Conduct approved by the Board in June 2025, available at www.varenergi.no .

The objective of the risk management and the internal control system is to manage exposure to risks in order to ensure successful conduct of the Company’s business, to support the quality of its financial reporting and ensure compliance with laws and regulations.

The Board conducts an annual review of the Company’s most important areas of exposure to risk and its internal control arrangements. The Company prepares a statement of its financial policy, providing details of the Company’s handling of financial risks, hedging, funding policies etc., which is included in the annual report. The Board also provides an account in the annual report of the main features of the Company’s internal control and risk management systems as they relate to the Company’s financial reporting.

Remuneration of the Board of Directors

The AGM determines the Board of Directors’ remuneration annually, based on a recommendation from the Election Committee included in the notice to the General Meeting. The remuneration is reasonable and reflects the Bord’s responsibilities, work, time invested and the complexity of the Company. Detailed information on the remuneration of the Board members is specified in Remuneration report 2025.

The Board shall be informed if individual Board members perform tasks for the Company other than exercising their role as Board members. Work in sub-committees is compensated in addition to the remuneration received for Board membership.

Salary and other remuneration for executive personnel

The Board, based on proposal from the Remuneration and Leadership Development Committee, has issued guidelines for the remuneration of the CEO and the Executive Management team. The salary level should not be of a size that could harm the Company’s reputation or above the norm in comparable companies. The salary level should, however, ensure that the Company is able to attract and retain executive employees with the desired expertise and experience. The maximum annual variable pay for the CEO and selected Executives is 120%, and for other members of

the Executive Committee, it is 75%. For the long-term incentive plan the maximum award is 150% for the CEO and 37.5 - 45% for other participants in the long-term incentive plan. The Remuneration policy for executive committee of Vår Energi was approved by the AGM in 2024.

The Board decides the salary, bonus and other compensation of the CEO based on an evaluation of the CEO’s and the Company’s overall performance. Any fringe benefits shall be in line with market practice and should not be substantial in relation to the CEO’s basic salary. The Board annually assesses the salary and other remuneration to the CEO. The CEO determines the remuneration of executive employees within the guidelines and instructions provided by the Board. See Note 7 of the financial statements for more information on salary and other remuneration for executive personnel.

Information and communication

The Board and the Executive Management team assign considerable importance to giving the shareholders relevant and current information about the Company and its activity areas. Emphasis is placed on ensuring that the shareholders receive the same and simultaneous information.

Sensitive information will be handled internally in a manner that minimises the risk of leaks.

The Company has routines for those allowed to speak on behalf of the Company on different subjects and responsible for submitting information to the market and investor community. The CEO, CFO and VP Investor Relations will be the main contact persons of the Company in this respect.

The Board ensures that the shareholders are given the opportunity to make known their points of view at and outside the General Meeting.

Take-overs

In the event of a take-over process, the Board, and the Executive Management team each have an individual responsibility to ensure that the Company’s shareholders are treated equally and that there are no unnecessary interruptions to the Company’s business activities. The Board has a particular responsibility in ensuring, to the extent possible, that the shareholders have sufficient information and time to assess the offer.

In the event of a take-over process, the Board shall ensure that:

the Board will not seek to hinder or obstruct any take-over bid for the Company’s operations or shares unless there are particular reasons for doing so,

the Board will not undertake any actions intended to give shareholders or others an unreasonable advantage at the expense of other shareholders or the Company,

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the Board will not institute measures with the intention of protecting the personal interests of its members at the expense of the interests of the shareholders, and

the Board shall be aware of the particular duty it has for ensuring that the values and interests of the shareholders are protected.

In the event of a take-over bid, the Board will, in addition to complying with relevant legislation and regulations, seek to comply with the recommendations in the Corporate Governance Code unless there are specific reasons not to. This includes obtaining a valuation from an independent expert. On this basis, the Board will seek to recommend whether the shareholders should accept the bid.

Auditor

The Company’s auditor is PwC. The auditor is appointed by the General Meeting and is independent of Vår Energi ASA. The auditor is invited to attend all General Meetings.

Each year, the auditor presents to the Board a plan for the implementation of the audit work and a written confirmation that the auditor satisfies established requirements as to independence and objectivity.

The auditor is present at Board meetings that deal with the annual accounts. Whenever necessary, and at least once per year, the Board and/or Audit Committee meets with the auditor to review the Company’s accounting

principles, risk areas, internal control routines, etc. related to financial reporting and sustainability reporting, as well as any deficiencies identified by the auditor and proposals for improvements.

The Board has established guidelines for the use of the auditor for other services than audit. Only the Company’s CEO and/or CFO have the authority to enter into agreements in respect of such counselling assignments.

A review of the auditor’s compensation for audit work and remuneration associated with other concrete assignments is presented to the AGM and in note 9 of the financial statements.

The Goliat offshore installation is shown close‑up with its orange hull, white structural modules, walkways and equipment above waves at sea.

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Corporate actions

Date

Purchase and allocation of 549 109 shares to Employee share saving programme 

03.03.2026

Fourth quarter 2025 dividend payment of NOK 1 209 per share, totalling USD 300 million

12.02.2026

Allocation of bonus shares to employees taking part in the Employee share saving programme related to 2023, with purchase of a total of 1 307 629 shares allocated to employees

06.01.2026

Purchase and allocation of 604 516 shares to Employee share saving programme

02.12.2025

Third quearter 2025 dividend payment of NOK 1 211 per share, totalling USD 300 million

25.11.2025

Purchase and allocation of 566 567 shares to Employee share saving programme

04.09.2025

Second quarter 2025 dividend payment of NOK 1 222 per share, totalling USD 300 million

26.08.2025

Purchase and allocation of 608 115 shares to Employee share saving programme

04.06.2025

First quarter 2025 dividend payment of NOK 1 245 per share, totalling USD 300 million

08.05.2025

Purchase and allocation of 633 201 shares to the Executive Committee as part of the long-term incentive programme

24.04.2025

Purchase and allocation of 610 687 shares to Employee share saving programme

04.03.2025

Fourth quarter 2024 dividend payment of NOK 1 213 per share, totalling USD 270 million

25.02.2025

Allocation of bonus shares to employees taking part in the Employee share saving programme related to 2022, with purchase of a total of 673 698 shares allocated to employees

14.01.2025

Financial calendar 2026

Event

Date

Quarterly Report, Q4 2025 and Capital Markets Update

10.02.2026

Annual Report 2025

20.03.2026

Quarterly Report, Q1 2026

22.04.2026

Annual General Meeting 2026

29.05.2026

Quarterly Report, Q2 2026

23.07.2026

Quarterly Report, Q3 2026

27.10.2026

Dividends and dividend policy

Vår Energi ASA is committed to deliver attractive returns to its shareholders, enabled by material cash flow generation and an investment-grade balance sheet. For 2025, the Company distributed a total of USD 1 170 million in dividends to its shareholders, paid on a quarterly basis.

From 2026 onwards, the Board at Vår Energi ASA maintains its long-term dividend policy whereby the ambition is to distribute 25-30% of CFFO after tax in dividend over the cycle. The dividend level is subject to a quarterly assessment considering the Company’s underlying financial performance, macro environment and other relevant factors.

Dividends are subject to approval at the General Meetings, and will be declared on a quarterly basis and paid to shareholders approximately two weeks after the date of approval.

Analyst coverage

20 investment banks had active coverage of Vår Energi ASA at the end of 2025. For contact details, refer to the Company website at www.varenergi.no .

IR Policy

Vår Energi’s IR policy is available at www.varenergi.no .

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Vår Energi performance

The Company has established a balanced scorecard with common goals and Key Performance Indicators (KPI’s) for members of the Executive Committee. The table below gives an overview of goal categories, weighting and assessment of 2025 achievements. Explanations of main results are given on the following pages. Each individual has a goal plan including relevant goals from the balanced scorecard and individual goals.

Goal category

Strategic target

Stretch target

Performance 2025

Overarching KPIs

Production

Operational cost

Capex

Start – up Balder Future

Start – up Johan Castberg

Number of project sanctions

Return on average capital employed (ROACE)

Cash flow from Operations (CFFO) post tax

33%

50%

36.5%

Safety and ESG

Serious incident frequency (SIF)

Total recordable incident frequency (TRIF)

Major accident risk indicator (MARI)

CO 2 intensity

CO 2 emission reduction

ESG rating

Equal pay

Net Promoter Score

14%

20%

14%

Operational excellence

Meters per day

Production efficiency

Exploration cost

Breakeven price new project sanctions

9%

15%

14%

Resources & reserves

Reserves replacement ratio (RRR)

Discovered resources

Resource maturation

9%

15%

15%

Total score

65%

100%

79.5%

MARI - Around 25 leading and lagging indicators to define asset integrity level.

Two people stand in front of a large wall of screens displaying technical data and colourful graphical visualisations.

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Safety and ESG performance

In 2025, the Company had good safety and environmental trend from our own operations, and had zero actual serious incidents, material process safety events and serious accidental spills to sea during the year. However, the Company continued to have too many low level incidents, which is a strong improvement focus in the Company. The SIF ended at 0.9 per million man hours worked. The TRIF came in at 3.0 per million man hours worked, a 0.5 decrease from 2024. The TRIF result is primarily low potential incidents and related to construction yard activities in development projects.

The Company has a strong focus on implementing the key safety tools to ensure continuously improved safety results. The Company has set the ambition to be the safest operator, and safety continues to be the top priority, and it is fundamental for the Company’s license to operate.

The 2025 CO 2 emissions intensity ended at 9.5 kg per boe for the net equity portfolio, better than the target for the year. This shows the strong commitment to reducing climate emissions as part of the Company’s decarbonisation plan and to become carbon neutral in net equity operational emissions by 2030.

Own workforce performance

The 2025 work environment survey gave a continued strong indication of employee engagement and an attractive workplace. The Net Promotor Score (a global standard measuring companies’ attractiveness amongst own employees) came in at a score of 37%, an increase of 6 percentage points compared to 2024. A score above 30% is considered very strong and well above the global standard. The Company also sees positive development on the diversity results, both related to age, gender and equal pay, in line with the Company’s long-term ambitions.

The sick leave in the company continues at a low level, and by year end 2025 it was at 2.3% (down 0.2 percentage points from 2024), significantly better than peers and the general Norwegian industry level of around 7%. Turnover has remained consistently low over time, at 3.8% from 2024 to 2025, with 1.5% of the 2025 turnover attributable to retirements. These are solid indicators of the Company’s employer attractiveness.

Operational excellence and portfolio performance

Production of oil, liquids, and natural gas for 2025 ended at 332 kboepd, within the annual production guidance of 330 – 360 kboepd.

Vår Energi operated fields delivered strong performance during 2024 with a production efficiency of approximately 92% 1 , above target. The Johan Castberg and Balder X projects started up as planned in 2025.

The Company’s remaining project portfolio delivered as planned, with 9 of 9 projects coming on stream in 2025, delivering around 180 kboepd when at peak. Transformational production growth was delivered in 2025 reaching over 400 kboepd, double the level two years earlier. In addition, the Company sanctioned 10 projects during the year of 2025, better than the target of 8 sanctions at the start of the year. These projects have strong economics of around USD 30 per boe break even and an internal rate of return of more than 30%. In total the Company now have 13 projects in execution.

This has de-risked the outlook for Vår Energi, and the Company continues to develop further the high value, lower risk, standardised and robust early phase project portfolio of around 30 projects, with around 550 mmboe and breakevens at around USD 35 per boe.

Cost discipline is key, and the unit production costs were at USD 11.1 per boe in 2025, which was in the low end of the guidance range of USD 11.0 to 12.0 per boe. In the fourth quarter of 2025 the Company achieved unit production cost of USD 10.0 per boe as guided. Also the

capital spend of USD 2.5 billion in 2025 was within the guidance range of USD 2.3 to 2.5 billion.

Vår Energi continue to prove its position as a leading exploration company on the Norwegian Continental Shelf (NCS), with six commercial discoveries in 2025, resulting in a success rate of around 35% for the full year.

The main discoveries in 2025 being the Goliat Ridge in the Barents and the Vidsyn Ridge near to the Company’s Fenja field in the Norwegian Sea. All new discoveries made in 2025 are already being progressed towards development.

The Company increased the reserves and resources 2 of 2.2 billion boe at year end 2025, compared to 2.1 billion boe at year end 2024, with a strong 2P reserve replacement ratio of 185% 3 for the year.

1 Excluding ramp-up of Jotun FPSO.

2 Proved and probable (2P) reserves, plus contingent resources (2C).

3 Ratio of reserves added through revisions and/or acquisitions to production in 2025.

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Financial performance

2025 financial results were strong, with significant cash generation, continued low debt leverage ratio and total shareholder return (TSR) of around 52%, outperforming most peers for the 3-year average.

The Company delivered USD 4.6 billion in CFFO after tax and a Return on Average Capital Employed (ROACE) of around 19%. A strong contributor to the financial results was the increased production, and the Company’s flexible gas sales strategy, which yielded significant revenue above spot strategy.

Summary and conclusion on the Company’s performance

The 2025 performance is summarised as continued solid safety and environmental performance, good ESG ratings, with continued strong financials and shareholder distributions, and maturing the high value development projects. The production, operating cost and capex came in within or better than the market guidance, and the total shareholder return (TSR) ranked second among peer group of 11 companies.

The Company is set to deliver higher production and more value for longer, targeting more than 400 kboepd in the long term. And is cementing its position as a leading E&P independent in Norway.

Two people wearing high‑visibility protective clothing sit inside a helicopter looking out over the sea towards an offshore platform.

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Description of remuneration elements and employment terms

Base salary

The general framework for the 2025 base salary review in the Vår Energi was settled in August based on negotiations with the trade unions. The agreed frame was a 4.4% increment. The main review of base salaries of the Executive Committee has been kept within the framework in 2025. In addition, a few market adjustments have been implemented.

Nick Walker received an adjusted annual base salary of EUR 847,200 following the 2024 annual salary review. This level is aligned with prevailing market conditions for senior executives in the international oil and energy industry.

In accordance with the negotiated framework finalised in June 2025, the Remuneration and Leadership Development Committee recommended an adjustment to the CEO’s base salary. Consequently, the CEO’s revised annual salary is set at EUR 884,477, effective 1 April 2025.

The company performance modifier

With the aim to strengthen the link between variable pay and the Company’s performance and to enhance the alignment of the Executive Committee’s interests with those of the shareholders, a Company performance modifier was introduced in 2022. This modifier is applied in the AVP plan and the LTI plan.

The performance modifier entails that the Company’s the TSR is compared to the TSR of a peer group consisting of 11 other companies within the oil and gas industry. Through this comparison the Company’s relative position in the group is determined. A position of quartile 1 means that Vår Energi is amongst the top scoring quartile of peer companies. A position of quartile 4 means that Vår Energi is in the bottom performing quartile. In years with strong TSR the Company’s relative position will result in the variable pay being modified with a factor higher than one, and correspondingly, lower than one in weak years. By applying relative numbers, the effect of fluctuating oil and gas prices is to some degree reduced.

The Board has determined which companies are included in the peer group based on analysis by the Remuneration and Leadership Development Committee.

The Company performance modifier has a range of 0.5 – 1.5. The Company has transitioned to using a 3 year TSR as the basis for the Company performance modifier. This change aligns with common industry practice, better reflects long-term value creation, and is now possible given that more than three years have passed since the Initial Public Offering (IPO). For 2025, Vår Energi placed second within the peer group based on the 3 year TSR ranking, resulting in a Company performance modifier of 1.4.

Peer ranking

TSR factor

3 year TSR

1.

1.5

83%

2. Vår Energi ASA

1.4

52%

3.

1.3

48%

4.

1.2

44%

5.

1.1

34%

6.

1.0

13%

7.

1.0

13%

8.

0.9

-8%

9.

0.8

-13%

10.

0.7

-17%

11.

0.6

-27%

12.

0.5

-31%

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Annual Variable Pay

The AVP plan consists of the following elements:

Assessment of the Company’s and the individual goal plan which concludes with a performance percentage in the range of 0-100%.

The AVP plan for the CEO and the COO have a maximum opportunity of 80%. For other members of the Executive Committee, the maximum opportunity is 50%.

Performance at target gives a bonus factor of 40% for the CEO and COO, and 25% for other members of the Executive Committee.

The bonus factor is multiplied with the Company performance modifier to determine the final annual variable pay percentage.

The AVP is calculated as a percentage of the executive’s base salary as of the qualifying year.

The maximum AVP for the CEO and the COO is 120%, and for other members of the Executive Committee, it is 75%, including the effect of the Company performance modifier.

The maximum AVP levels are only paid if all stretch goals are fully achieved and Vår Energi is the best company in the peer group when it comes to the TSR results.

The CEO’s, Nick Walker, AVP for the earning year 2025:

Name

Company performance result 79.5% (70% weighting)

Bonus result (total performance x  max AVP opportunity)

Company performance modifier

Total bonus

Nick Walker

55.7%

68.5%

1.4

95.9%

The Executive Committee AVP for the earning year 2025:

Name

Title

Bonus result (total performance x  max AVP opportunity)

Company performance modifier

Total bonus %

Torger Rød

Chief Operating Officer

68.5%

1.4

95.9%

Carlo Santopadre

Chief Financial Officer

42.8%

1.4

60.0%

Sverre Bjelland

EVP Legal, Compliance & Public Affairs

42.8%

1.4

60.0%

Tone Rognstad

EVP People, Communication, IT & Digital

42.1%

1.4

58.9%

Ellen Hoddell

EVP Safety & Sustainability

41.3%

1.4

57.9%

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Long-term Incentive Plan

The LTI plan is considered a crucial component of the Executive Committee’s remuneration, as it involves an investment in the Company’s shares, thereby aligning the interests of the Company’s management with those of its shareholders.

In accordance with the current Policy, the annual grant for the CEO is 100% of base salary, adjusted by the Company performance modifier (ranging from 0.5 to 1.5). For other members of the Executive Committee, the grant ranges from 25% to 30% of the base salary, also adjusted by the Company performance modifier. Consequently, the maximum levels are 150% of base salary for the CEO and 37.5% to 45% of base salary for other members of the Executive Committee.

In 2024, the Company modifier was 1.4. Therefore, the CEO’s grant in 2025 was 140% of the base salary (100% x1.4). For other members of the Executive Committee, the 2025 grant ranged from 35% to 42% of the base salary (25% or 30% x 1.4).

The LTI grant was awarded members of the Executive Committee in April 2025 in accordance with the Company’s policy. Annual net LTI grant shall be invested in Vår Energi shares with a lock-in period of 3 years, date to date. During the lock in period, shares cannot in any way be sold, pledged, or disposed of by the participant. If the executive leaves or submits his/her notice before the expiry of the lock-in period, an amount equal

to the gross grant must be refunded to the Company.

Employee share savings plan

In 2022 a monthly SSP was launched for all employees in the Company. Members of the Executive Committee may participate in the SSP. Under the SSP, all employees are given the opportunity to invest up to 5% of their base salary in shares issued by the Company. The shares purchased under the SSP are subject to a two-year (calendar-year) lock-in period. After the two years period, the Company will match the number of shares invested by allocation of shares to the employees with the ratio 1:1.

Shareholding

Along with introduction of the LTI plan follows a requirement relating to share ownership for the CEO and other members of the Executive Committee. The level of shareholding required of the Executive Committee is 50% and for the CEO 100% of the annual gross base salary. The requirement should be fulfilled after a period of 5 years.

Shareholding disclosed below includes the number of shares owned by the CEO and other members of the Executive Committee as of 31 December 2025. The table includes shares awarded through the LTI plan and shares purchased privately. Shareholding as a percentage of base salary illustrates the

value of the shares based on the share price at year end 2025 compared to base salary on 31 December 2025.

Name

Position

Number of shares

Values shares in NOK

Shareholding as proportion of base salary

Nick Walker

Chief Executive Officer

972 731

32 100 123

310%

Torger Rød

Chief Operating Officer

348 663

11 505 879

141%

Carlo Santopadre

Chief Financial Officer

37 798

1 049 334

27%

Sverre B. Bjelland

EVP Legal, Compliance & Public Affairs

50 355

1 661 715

39%

Tone Rognstad

EVP People, Communication, IT & Digital

88 542

2 921 886

92%

Ellen W. Hoddell

EVP Safety & Sustainability

58 856

1 942 248

76%

Share price at NOK 33 per share 31 December 2025.

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Pension and insurance plans

The Company has a defined contribution pension plan. Contributions are paid to the pension plan and charged to the income statement. Once the contributions have been paid, there are no further payment obligations.

The Company’s pension deposit constitutes 7% of pensionable income per year up to 7.1G, and 25.1% of pensionable income between 7.1G and 12G. In addition, the Company has, administratively established an arrangement granting a 22% deposit of pensionable income above 12G. This deposit is paid to the executive together with salary monthly.

The Executive Committee is covered by the Company’s personnel insurance scheme and the Company’s travel and health insurance schemes.

Claw back

The Company might require repayment of variable remuneration, which was paid incorrectly or if the results were achieved on the basis of undesirable risk-taking. The same applies if the Company becomes aware that the recipient materially has breached his or her obligations or violated the Company’s ethical guidelines.

No variable remuneration paid to the Executive Committee was reclaimed in 2025.

Termination of employment

The CEO and other members of the Executive Committee have a notice period of 6 months. Upon termination of employment initiated by the Company, the CEO and the COO is entitled to a severance pay of 12 months. Other members of Executive Committee are normally entitled to six months’ severance pay. The severance pay is calculated from the date of termination of the employment and paid monthly based on pensionable salary. Remuneration or other income which the outgoing member earns during the severance pay period is deducted from the severance pay.

If the employment contract terminates as a result of a gross breach of duty or other material breach of the employment contract, the right to severance pay will lapse.

No termination of employment of members of the Executive Committee was initiated by the Company in 2025.

Worker in high-visibility clothing walking between red industrial structures on an offshore installation.

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Development in remuneration and Company performance

Year

2021

2022

2023

2024

2025

Total Shareholder Return 1

32%

12%

26%

52%

Change

-63%

117%

N/A 2

EBITDAX (USD million)

4 672

8 547

5 552

5 902

6 590

Change

83%

-35%

6%

12%

ROACE (%)

16%

39%

22%

20%

22%

Change

144%

-44%

-9%

10%

Profit after tax (USD million)

654

936

610

327

480

Change

43%

-35%

-46%

47%

CEO Nick Walker 3

NOK 37 145 128

Change

83%

5.4%

CEO Torger Rød 4

Change

72%

19%

Chief Operating Officer 5 Torger Rød

NOK 22 189 050

Change

1.6%

Chief Financial Officer 6 Carlo Santopadre

NOK 8 793 916

Change

NA

EVP People, Communication, IT & Digital 7 Tone Rognstad

NOK 6 722 949

Change

-6.6%

37.2%

3.0%

EVP Safety & Sustainability Ellen W. Hoddell

NOK 5 626 320

Change

33.1%

35.4%

5.0%

EVP Legal, Compliance & Public Affairs Sverre B. Bjelland 8

NOK 9 145 567

Change

-0.7%

Employee average (TDC)

NOK 1 862 076

Change

15.9%

3.3%

5.3%

0.5%

6.6%

1

Vår Energi ASA listed in the Oslo Stock Exchange February 2022.

2

For 2025 the Company has transitioned to using 3 year average TSR.

3

Start date 5 September 2023. The increase in total compensation from 2023 to 2024 is primarily due to the introduction of the LTI component, which has a potential value of up to 150% of base salary.

4

CEO from 1 June 2021 to 4 September 2023.

5

COO established in September 2024.

6

Started December 2024.

7

Significant change in role 2022 and in 2024.

8

Started April 2024.

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Continuation from table on previous page

Name

Position

Year

Currency

Board

Audit Committee

Safety & Safety Committee

Remuneration & Leadership Development Committee

Total

Total number of shares

Fabio Ignazio Romeo

Board member

2025

NOK

465 750

141 250

607 000

2024

NOK

444 500

134 750

579 250

2023

NOK

435 500

132 000

567 500

2022

NOK

435 500

132 000

567 500

Jan Inge Nesheim

Employee representative

2025

NOK

267 750

37 500

305 250

61 348

2024

NOK

255 250

35 750

291 000

48 736

2023

NOK

250 000

35 000

285 000

34 407

2022

NOK

250 000

35 000

285 000

Martha Skjæveland

Employee representative

2025

NOK

267 750

37 500

305 250

19 253

2024

NOK

255 250

35 750

291 000

15 408

2023

NOK

250 000

35 000

285 000

12 874

2022

NOK

250 000

35 000

285 000

Carl Anders Olof Kjörling

Employee representative

2025

NOK

267 750

37 500

305 250

38 171

2024

NOK

130 250

18 250

148 500

22 157

Lilli Sahlman Fagerdal

Employee representative

2025

NOK

267 750

37 500

305 250

9 697

2024

NOK

130 250

18 250

148 500

6 410

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Auditor’s report

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Balance sheet statement continued

USD million

Note

31 Dec 2025

31 Dec 2024

EQUITY AND LIABILITIES

Equity

Share capital

24

46.0

46.0

Share premium

0.0

0.0

Hybrid bond

26

799.5

799.5

Other equity

-285.5

-12.9

Total equity

560.0

832.5

Non-current liabilities

Interest-bearing loans and borrowings

25

5 842.3

5 082.2

Deferred tax liabilities

13

12 617.7

10 500.9

Asset retirement obligations

27

3 643.0

3 283.7

Pension liabilities

8

12.9

15.5

Lease liabilities, non-current

31

114.6

141.5

Other non-current liabilities

28

443.9

115.0

Total non-current liabilities

22 674.3

19 138.8

Current liabilities

Asset retirement obligations, current

27

188.5

105.2

Accounts payables

32

478.0

356.1

Taxes payable

13

1 317.0

681.7

Interest-bearing loans, current

25

99.6

54.7

Lease liabilities, current

31

133.3

70.4

Other current liabilities

29

694.5

628.8

Total current liabilities

2 911.0

1 896.8

Total liabilities

25 585.4

21 035.7

TOTAL EQUITY AND LIABILITIES

26 145.3

21 868.2

Sandnes, 20 March 2026 – The Board of Directors of Vår Energi ASA

Signed electronically

Thorhild Widvey

Chair

Liv Monica Bargem Stubholt

Deputy Chair

Francesco Gattei

Board member

Guido Brusco

Board member

Francesca Rinaldi

Board member

Claudia Almadori

Board member

Fabio Ignazio Romeo

Board member

Ole Johan Gillebo

Board member

Jan Inge Nesheim

Board member, employee elected representative

Martha Skjæveland

Board member, employee elected representative

Carl Anders Olof Kjörling

Board member, employee elected representative

Lilli Sahlman Fagerdal

Board member, employee elected representative

Nicholas John Robert Walker

Chief Executive Officer

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Note 2 Summary of IFRS accounting principles

2. Significant accounting policies

2.1 Basis of preparation

The financial statements of the Company have been prepared in accordance with IFRS® Accounting Standards as adopted by the EU and the Norwegian Accounting Act. The financial statements have been prepared on a historical cost basis, except for certain financial instruments that have been measured at fair value. The financial statements have been prepared based on the assumption of going concern. The Company has three subsidiaries per 31 December 2025 which are not consolidated into group accounts for 2025 since these subsidiaries are immaterial.

All figures in the financial statements are presented in USD and all values are rounded to the nearest million, except when otherwise indicated. Vår Energi’s functional currency is NOK, but the Company has chosen to present its financial statements in USD, primarily as this is the common presentation currency among upstream oil & gas companies.

Transactions in foreign currencies are recorded at the exchange rate on the transaction date. Monetary items are measured at year-end exchange rates and the corresponding currency loss / gain is recognised in profit or loss.

For presentation purposes, balance sheet items are translated from functional currency to presentation currency using spot rates at the balance sheet date. Items within profit or loss and other comprehensive income are translated from functional currency to presentation currency using monthly average exchange rates, or rates at the dates of the transactions if significantly different. For share capital, share premium and hybrid capital historical exchange rates are used. I.e. these equity items are not re-translated and the cumulative translation adjustment (CTA) only include the cumulative differences between opening and closing rates on total net assets, and average to closing rates on retained earnings and other performance statement items, such as the cash flow hedge reserve.

Comparative information has been provided for the previous period.

2.2 Summary of significant accounting policies

Business combinations and goodwill  

Business combinations are accounted for using the acquisition method. Identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Acquisition cost is measured against the fair value of the acquired assets and liabilities. Identifiable intangible assets are included to the extent they may be separated from other assets or meet the legal contractual criteria. If the acquisition cost at the time of the acquisition exceeds the fair value of the acquired net assets, goodwill arises. Acquisition date is the date on which

the acquirer achieves control over the acquiree and is set at completion date. The valuation is based on currently available information on fair values as of the acquisition date. Calculation of fair value has been obtained by discounting expected cash flows from future operations to get to the net present value. If new information becomes available within 12 months from the acquisition date and provisional purchase price allocation, the Company may make changes to the purchase price allocation. Working interests in licences on the Norwegian Continental Shelf (NCS) are only sold in a post-tax market. I.e. the acquirer generally takes over the tax written down values of the seller and is therefore not entitled to a tax deduction for the consideration paid over and above the seller’s tax values. A provision for deferred taxes on the difference between the acquisition cost and the transferred tax depreciation bases is made. The offsetting entry to this deferred tax liability is goodwill. Consequently, in addition to ordinary goodwill as discussed above, goodwill also arises as a technical effect of deferred taxes recognised for the after-tax consideration paid in business combinations for assets acquired under section 10 of the Norwegian Petroleum Tax Act. After initial recognition, goodwill is not depreciated, but tested for impairment when there are indications of impairment and at least annually. Goodwill impairments cannot be reversed in later periods if impairment indicators are no longer present.

Revenue and over- and underlift balances

Revenue from the sale of liquids or gas is recognised at the point in time when Vår Energi’s contractual performance obligations have been fulfilled and control is transferred to the customer. This will generally be at the time of delivery which is also when title passes to the customer. Revenues are recognised on the basis of volumes lifted and sold to customers during the period (sales method). To the extent the Company has lifted and sold more than its entitled share of production based on the ownership interest, an accrual is recognised at cost. To the extent the Company has lifted and sold less than its entitled share of production, costs are deferred for the underlift.

Interests in joint arrangements

Vår Energi has interests in licences on the Norwegian Continental Shelf. A joint arrangement is defined as an arrangement over which two or more parties have joint control. Joint control is the contractually agreed sharing of control which exists only when decisions about the relevant activities (being those that significantly affect the returns of the arrangement) require unanimous consent of the parties sharing control.

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities, relating to the arrangement. Vår Energi recognises investments in joint operations (oil and gas

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production licences) by reporting its share of related revenues, expenses, assets, liabilities and cash flows under the respective items in the Company's financial statements.

For those licences that are not deemed to be joint arrangements pursuant to the definition above as there is no joint control ("undivided interests"), the Company recognises its share of related expenses, assets, liabilities and cash flows. The terms "joint operations" and "undivided interests" are used interchangeably throughout the financial statements.

Income taxes

Income taxes include current taxes payable or refundable, adjustments of prior years’ taxes payable and deferred taxes. The deferred taxes are calculated using the full liability method, under which tax on temporary differences between the carrying amounts of assets and liabilities and their tax bases are recognised. Deferred tax assets are recognised to the extent it is probable that the asset will be realised. An "uncertain tax treatment" is a tax treatment relating to which there is uncertainty whether the relevant tax authority will accept the tax treatment under the local tax law. Uncertain tax positions are recognised and presented as assets or liabilities depending on whether an outflow or inflow of economic resources embodying economic benefits has become probable. Taxes relating to items recognised in OCI are recognised in OCI.

Exploration costs

Exploration drilling costs are treated in accordance with the successful efforts

method; each well making the basis for the evaluation. Costs related to exploration wells in progress and exploration wells with finds are capitalised until the evaluation of the well has been completed. Such capitalised costs may remain capitalised for more than one year. The main criteria for keeping exploration costs capitalised are that there is a plan for future activity in the licence area and a development decision is expected in the near future. To the extent that no resources are discovered, or recovery of the resources is considered commercially unviable, the capitalised exploration expenditures are charged to the profit or loss. Other exploration costs, including seismic studies, are expensed as incurred.

Development expenditures

The development phase commences when the licence partners have decided field evaluation. Direct and indirect expenditures and financing costs related to development projects are capitalised.

Property, plant and equipment

Property, plant and equipment (PPE) are measured at depreciated cost adjusted for impairments. Capital spare parts are defined as critical, often tailormade long-lead items purchased in connection with development of a field and are recognised as PPE. Upon disposal or retirement, the difference between any proceeds and the carrying amount is recognised as gains or losses.

Maintenance is expensed as incurred, whereas costs for improving and upgrading production

facilities are added to the acquisition cost and depreciated with the related asset.

Depreciation

Offshore installations are depreciated in accordance with the unit-of-production method based on proven and probable reserves (the ratio between annual production quantity and the reserves, whereupon the reserves are updated quarterly). Management has revised the estimation technique in 2025, from previously using proven reserves, 1P and 1PD, to apply 2P reserves (proved + probable) for facilities and 2PD reserves (proved + probable developed) for wells. This was implemented for Balder/Ringhorne and Johan Castberg in the third quarter and for the remaining portfolio in fourth quarter. Depreciation estimation were adjusted to better reflect the actual consumption of economic benefits. The adjustment is treated as a change in accounting estimate and provides a more even depreciation profile over time, strengthening the alignment between expected earnings and associated costs. The change reduced DD&A expenses in 2025 by approximately USD 300 million. Onshore assets continue to be depreciated on a straight-line basis over their estimated useful lives, ranging from 3 to 15 years.

Impairment

Tangible fixed assets are assessed for potential impairment when events or changes in circumstances indicate that the book value of the assets is higher than their recoverable amounts. The unit of account for assessment of impairment is the lowest level for which

independent cash inflows are possible to identify. For oil and gas assets, this is typically the field or licence level, but can also be at a hub level. Impairment is recognised when the carrying amount of the cash generating unit (CGU), including any allocated goodwill, exceeds the recoverable amount. The recoverable amount is the higher of the asset’s fair value less costs of disposal and its value in use. When estimating value in use and fair value less costs of disposal, expected future cash flows are discounted to the net present value applying a discount rate after tax that reflects the current market valuation of the time value of money and risks specific to the asset or CGU. The discount rate is derived from a weighted average cost of capital (WACC) determination. For the purpose of impairment testing the lifetime of the field is normally determined to be the time when the operating cash flows from the field becomes negative. A previously recognised impairment can only be reversed if changes to the estimates used for the calculation of the recoverable amount have been observed. Reversals are recognised in profit or loss. After an impairment loss or a reversal, the depreciation amount is adjusted on a prospective basis in order to distribute the asset’s revised book value, minus any residual value, on a systematic basis over the asset’s expected remaining life.

Inventories

Consumable spare parts and drilling stock are measured at weighted average cost. Physical stock of crude oil is measured at production cost.

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Asset retirement obligations

Vår Energi recognises an asset retirement obligation (ARO) when an asset is installed at the field location. Vår Energi recognises its share of the estimated AROs based on its working interest in the various fields both for Vår Energi operated fields and partner operated fields. When the liability is initially recognised, the present value of the estimated costs is capitalised by increasing the carrying amount of the related tangible oil and gas asset and depreciated over the useful life of the asset (generally by the application of the unit-of-production method).

The discount rate used to discount the liability is based on a risk-free interest rate that reflects current market assessments and does not include the Company’s credit risk. The periodic unwinding of the discount is recognised in profit or loss as financial items.

The term of the discount rates used is aligned with the estimated timing of the removal, plugging and decommissioning activities at the fields. Changes in the estimated timing or cost of decommissioning are dealt with prospectively by recording an adjustment to the provision and a corresponding adjustment to assets.

Upon retirement of the Gassled pipelines, the costs of ARO will be recharged to the users (shippers) of the pipelines based on shipped volumes. As a shipper Vår Energi has incurred such liabilities. These liabilities have also been recognised as the net present value of estimated future retirement costs on the basis

of accumulated shipped volumes in Other non-current liabilities.

Pension liability

Vår Energi has a defined contribution pension plan and a defined benefit penison plan, that both satisfies the statutory requirements in the Norwegian law on required occupational pension (“lov om obligatorisk tjenestepensjon”). Defined contributions insurance plans are charged to profit or loss in the period to which the contributions relate. The defined benefit pension plan is accounted for based on a linear vested principle and on expected salaries at the point of retirement. Changes in pension schemes are amortised over the remaining vesting period. Estimated deviations are charged to OCI. Social security tax is included in the pension cost and liability.

Leasing commitments

At the inception of a contract, Vår Energi assesses whether the contract is, or contains, a lease. The lease liability is recognised at the commencement date and measured at the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate at the commencement date. The borrowing rate is derived from the terms of the Company’s existing credit facilities. The corresponding right of use assets are depreciated over the lease term. Vår Energi applies the exemption for short term leases (12 months or less) and low value leases. As such, related lease payments are not recognised in the balance sheet but expensed or capitalised in line with the accounting treatment for other non-lease expenses.

The inclusion of non-lease components may vary across different lease categories, but for the most material classes of assets (rigs and supply vessels), the Company has excluded the non-lease components when measuring the lease liability. Vår Energi, as operator of an unincorporated joint operation, from time to time, enters into a lease contract as the sole signatory and recognises on the balance sheet: (i) the entire lease liability if, based on the contractual provisions and any other relevant facts and circumstances, it has primary responsibility for the liability towards the third party supplier; and (ii) the entire right-of-use asset, unless, the terms and conditions of the joint operation and other arrangements are separately negotiated with the non-operators and effectively extinguish Vår Energi’s primary obligation for the lease with the third-party supplier.

If a lease contract is signed by all the partners, Vår Energi recognises its share of the right-of-use asset and lease liability on the balance sheet based on its working interest. If Vår Energi does not have primary responsibility for the lease liability, it does not recognise any right-of-use asset and lease liability related to the lease contract. Whether a contract is entered into on behalf of the licence is subject to a contract specific assessment.

Other lease contracts, such as offices and supply vessels not linked to specific fields, are recognised on a gross basis even when the related cashflows are charged to the licence partners. For such contracts, the partner’s

share of the costs recovered by the Company are presented as other income.

Operators on licences in which Vår Energi is a partner may enter into lease contracts in their own name at the initial signing, and subsequently formally sublease the related asset to operated licences. In such cases, the sublease will be the basis for determining both the right of use, commencement, and the duration of the lease (and the application of the short-term lease exemption).

Financial assets and liabilities

Vår Energi’s financial assets and liabilities comprise non-listed equity instruments, derivative financial instruments (assets and liabilities), receivables, cash and cash equivalents, payables, other current and non-current liabilities. The classification of financial assets and liabilities at initial recognition depends on the financial instrument’s contractual cash flow characteristics and the Company’s business model for managing them.

Vår Energi classifies its financial instruments in the following categories:

Financial assets and liabilities at amortised cost

Derivative financial assets and liabilities designated as accounting hedge instruments (cash flow hedges) for which the effective portion is recognised at fair value through other comprehensive income

Financial assets at fair value through profit and loss

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Vår Energi measures financial assets at amortised cost if both of the following conditions are met:

The financial instrument is held within a business model with the objective to hold the instruments in order to collect contractual cash flows and the contractual terms of the financial instrument give rise on specified dates to or requires cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment testing. Gains and losses are recognised in profit or loss when the instrument is derecognised, modified or impaired. The Company's financial instruments at amortised cost includes trade receivables and other short-term deposits, trade payables and other current and non-current liabilities. Receivables are initially recognised at fair value less estimated credit losses (impairment losses). Accounts receivables that do not contain a significant financing component are measured at the transaction price.

Vår Energi ASA issued a EUR 750 million Subordinated Fixed Rate Reset Securities due on the 15th of November 2083.

Under the terms and conditions of the bond agreement, Vår Energi has the right at its sole discretion to defer and ultimately not pay interest on the bond. If interest is not paid, dividends cannot be paid. The principal value

of the bond is however repayable and due on 15 Nov 2083.

Under IAS 32 para 15, Vår Energi has recognized the net present value of the principal as debt in the balance sheet on initial recognition. The difference between the Proceeds and debt recognized is recorded as equity Costs incurred in issuing the hybrid bond are accounted for as a deduction from equity. Interest incurred will be accounted for as a decrease of equity upon payment of the related contractual payment obligation (the “Interest Payment Date”); consistently with the accounting treatment of dividends. Interests relating to the hybrid bond are not recognised on an accrual basis.

Derivative financial instruments

Vår Energi uses derivative financial instruments, such as put options and advanced collar structures, to hedge its hydrocarbon commodity price risks on production volumes (cash flow hedges). Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and subsequently re-measured at fair value. The Company has designated these options structures as cash flow hedges relating to expected future production and sales of hydrocarbons, and applied hedge accounting. The effective portion of the gain or loss on the hedging instrument is recognised in other comprehensive income (OCI) and the hedge reserve in equity, while any ineffective portion is recognised immediately in profit or loss. Amounts accumulated in the hedge reserve are reclassified to profit or loss when the hedged transaction affects profit or loss.

Option premiums paid (time value at date of purchase) are treated as cost of hedging and presented in operating expenses when the hedged transaction affects profit or loss, while the intrinsic value (“in-the-money value”) on put options exercised are presented in gains on cash flow hedges in petroleum revenues. As option premiums are paid at exercise or expiry they are presented as current liabilities in the balance sheet.

Contracts to buy or sell a non-financial item that can be settled net in cash or another financial instrument, or by exchanging financial instruments, as if the contracts were financial instruments, are accounted for as financial instruments. However, contracts that are entered into and continue to be held for the purpose of the receipt or delivery of a non-financial item in accordance with the Company's expected purchase, sale or usage requirements, also referred to as own-use contracts, are not accounted for as financial instruments. Such sales and purchases of physical commodity volumes are reflected in profit or loss as Petroleum revenues and Operating expenses, respectively. This is applicable to a number of contracts for the sale of natural gas, which are recognised upon delivery of the volumes.

Interest rate swaps are accounted for as fair value hedges. Interest swaps are reflected at fair value with fair value changes to be accounted for as other financial income/ expenses. Bond debt designated as the hedged item is recognized at fair value at initial recognition and subsequently at amortized

cost. The carrying value of the hedged item is adjusted to reflect changes in interest level with fair value changes are accounted for as other financial income/expenses. Inefficiencies in the hedging relationship are measured and accounted for as other financial income/ expenses.

Cash flow statement

The statement of cash flows has been prepared in accordance with the indirect method. Cash consist of cash, bank deposits and short-term deposits in affiliated banks.

Sale and swaps of assets

Sale of assets on the Norwegian continental shelf are carried out on an after-tax basis according to the petroleum tax act § 10. When entering into agreements regarding the purchase/ swap of assets, the parties agree on an effective date for the takeover of the net cash flow (usually 1 January in the calendar year, which is also normally the effective date).

In the period between the effective date and the completion date, the seller will include revenues and expenditures relating to its sold share of the licence in its financial statements. In accordance with the purchase agreement, there is a settlement with the seller of the net cash flows from the asset in the period from the effective date to the completion date (pro & contra settlement). The pro & contra settlement will result in an adjustment to the seller’s losses/gains and to the cost of the assets for the purchaser, in that the settlement (after a tax reduction) is deemed to be part of the consideration in the transaction. Revenues

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and expenses from the relevant licence are included in the purchaser’s profit or loss from the acquisition date.

For tax purposes, the purchaser will include the net cash flow (pro & contra) and any other income and costs as from the effective date. When acquiring licences that are defined as asset acquisitions, no provision is made for deferred tax in accordance with the initial recognition exemption. A gain or loss related to an after-tax-based sale of assets includes the release of tax liabilities previously recognised related to the assets. The resulting after-tax gain or loss is recognised in other operating income.

Important accounting judgements, estimates and assumptions

The preparation of financial statements requires management to make judgements, estimates and assumptions that have an effect on the application of accounting principles and the reported assets, liabilities, income and expenses. The main significant judgements management has made regarding the application of accounting principles are the following:

Identifying a lease within joint operating arrangements

When identifying leases in situations where the asset is being used in a joint arrangement or in relation to an undivided interest, significant judgement is required in determining what party is the primary obligor, whether the arrangement constitutes or contains a lease, commencement date,

lease term and whether there is a sublease arrangement.

Oil and gas reserves

Oil and gas reserves are estimated by the Company’s experts in accordance with industry standards. The estimates are based on Vår Energi’s own assessment of internal information and information received from operators. Reserves are certified by an external party, which also issues an independent reserves report. Oil and gas reserves consist of the estimated quantities of crude oil, natural gas and condensates shown by geological and technical data to be recoverable with reasonable certainty from known reservoirs under existing economic and operational conditions, i.e. on the date that the estimates are prepared. Current market prices are used when establishing the estimates.

Reserves and production volumes are used to calculate the depreciation of oil and gas fields by applying the unit-of-production method. Reserve estimates are also used as basis for impairment testing of licence-related assets and goodwill. Changes in petroleum prices and cost estimates may change reserve estimates and accordingly economic cut-off, which may impact the timing of assumed decommissioning and removal activities. Changes to reserve estimates can also result from updated production and reservoir information. Future changes to oil and gas reserves can have a material effect on depreciation, life of field, impairment of licence-related assets and goodwill, and operating results.

Successful Effort Method - exploration and exploration potential

Expenses relating to the drilling of exploration wells and exploration potential (presented in other intangible assets) are temporarily recognised on the balance sheet as capitalised exploration expenditures and other intangible assets, pending an evaluation of potential oil and gas discoveries. If resources are not discovered, or if recovery of the resources is considered technically or commercially unviable, the costs of exploration wells and exploration potential are expensed. Judgments as to whether these assets should remain capitalised or be expensed at the reporting date may materially affect the operating result for the period.

Fair value measurement

The fair values of non-financial assets and liabilities are required to be determined, for example in a business combination, to determine the allocation of purchase price in an asset deal or when the recoverable amount of an asset or CGU is based on fair value less costs to sell. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability.

A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by

selling it to another market participant that would use the asset in its highest and best use. Vår Energi uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. The fair value of oil fields in the production and development phase is generally based on discounted cash flow models, where the determination of inputs to the models may require significant judgement, as described in the section below regarding impairment.

Impairment/reversal of impairment

Changes in the expected future value/cash flows of CGUs results in impairment if the estimated recoverable amount is lower than the book value (including any allocated goodwill) or the reversal of previously recognised impairments if the recoverable value is higher than the book value (impairment of goodwill is not reversed). Estimation of recoverable amounts involves the use of judgement and assumptions, including the modelling of future cash flows to estimate the CGUs value in use or fair value less costs of disposal.

Impairment assessments require long-term assumptions concerning a number of often volatile economic factors, including future oil prices, oil production, currency exchange rates and discount rates. Such assumptions require the estimation of relevant factors such as long-term prices, the levels of capex and opex, production estimates, decommissioning

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costs and impact from climate changes. These evaluations are also necessary to determine a CGU’s fair value unless information can be obtained from an actual observable market transaction. See individual notes on Property, plant and equipment and intangible assets, including goodwill and note on Impairment for details of impairments.

Asset retirement obligations

There is significant uncertainty in the estimate of ARO. These estimates are based on currently applicable laws and regulations, and existing technologies. Many decommissioning activities will take place decades into the future, and the technology and related costs are expected to evolve over time. The estimates include costs based on expected removal concepts using existing technology and estimated costs of maritime operations, hiring of lifting vessels and drilling rigs. As a result, there may be significant adjustments to the estimates of ARO and associated assets that can affect future financial results.

Income taxes

Income taxes are significant amounts in Vår Energi's financial statements. There may be uncertainties related to interpretation of applicable tax laws and regulations regarding amounts in Vår Energi’s filed tax returns. In cases of uncertain tax treatments, it may take a long time to complete the discussions with the tax authorities or to reach resolutions of the appropriate tax positions. The carrying values of income tax related assets and liabilities are based on Vår Energi's interpretations of applicable laws, regulations

and relevant court decisions. The quality of these estimates, including the most likely outcomes of uncertain tax treatments, is highly dependent upon proper application of very complex sets of rules and the recognition of changes in applicable rules.

Hybrid bond

When accounting for a hybrid bond without mandatory payable interest coupons the instrument is split in an equity portion and a liability portion in line with the guidance for compound financial instruments (IAS 32). The embedded redemption option is deemed not to be closely related to the underlying financial liability and is therefore separated. In measuring the option, only the contractual cash flows, and not the expected cash flows, are used which lead to a value close to nil (as the coupons may be deferred infinitely). This approach also leads to the debt being measured using only the contractual cash flows, and not the expected cash flows.

Standards and amendments issued but not yet effective

None of the amendments to IFRS Accounting Standards effective from 1 January 2025 has had a significant impact on the financial statements. Certain new accounting standards and amendments to standards are issued, but not yet effective as of 31 December 2025. Vår Energi is currently working to identify all impacts the IFRS 18 amendments will have on the primary financial statement and the notes to the financial statement.
Two people sit at a meeting table with an open laptop in front of them, engaged in discussion in a modern office setting.

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Note 3 Business combination continued

On 31 January 2024, Vår Energi completed the acquisition of Neptune Energy Norway AS (renamed Vår Energi Norge AS at completion of the transaction) and was from 31 January operating as a fully-owned subsidiary of Vår Energi. As of 8 June 2024 the wholly owned subsidiary Vår Energi Norge AS was merged with the parent company Vår Energi ASA. The transaction was announced on 23 June 2023.

Vår Energi paid a cash consideration of USD 2.1 billion, and the transaction was financed through available liquidity and credit facilities. The acquired assets, all located on the NCS, are complementary to Vår Energi’s current portfolio and highly cash generative with low production cost and limited near-term investments. The transaction also strengthens Vår Energi’s position in all existing hub areas and combine two strong organisations with extensive NCS experience.

The acquisition date for accounting purposes is 1 January 2024. The acquisition is regarded as a business combination and has been accounted for in accordance with IFRS 3. A purchase price allocation (PPA) has been performed as of 1 January 2024 to allocate the consideration to fair value of the assets and liabilities in Neptune Energy Norway AS. Acquired property, plant and equipment has been valued using the income approach. Trade receivables have been recognised at full contractual amounts due as they relate to large and credit-worthy customers, and there have been no significant uncollectible amounts in Neptune Energy Norway AS historically.

USD million

31 Jan 2024

Value of cash consideration

2 106.8

For accounting purposes, the recognised amounts of assets and liabilities assumed as at the date of the acquisition were as follows:

USD million

01 Jan 2024

Goodwill

1 529.9

Other intangible assets

192.5

Property, plant and equipment

1 976.3

Right of use assets

10.5

Other non-current assets

8.2

Inventories

19.5

Trade receivables

174.2

Other current receivables and financial assets

191.4

Cash and cash equivalents

776.1

Total assets

4 878.6

Deferred tax liabilities

1 120.9

Asset retirement obligation

368.3

Pension liabilities

23.6

Lease liabilities, non-current

7.0

Other non-current liabilities

284.8

Accounts payable

81.7

Taxes payable

705.9

Lease liabilities, current

3.5

Other current liabilities

176.2

Total liabilities

2 771.9

Net assets and liabilities recognised

2 106.8

Fair value of consideration paid on acquisition

2 106.8

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Note 7 Staff costs and remuneration continued

Number of shares owned by the Executive Committee and the Board of Directors

Name

Position

Number of shares per 31.12.25

Number of shares per 31.12.24

Nick Walker

Chief Executive Officer

972 731

672 327

Torger Rød

Chief Operating Officer

348 663

261 845

Carlo Santopadre

Chief Financial Officer

37 798

-

Sverre B. Bjelland

EVP Legal, Compliance & Public Affairs

50 355

20 106

Tone Rognstad

EVP People, Communication, IT & Digital

88 542

64 606

Ellen W. Hoddell

EVP Safety & Sustainability

58 856

39 979

Thorhild Widvey

Chair of the Board

62 142

74 320

Liv Monica Bargern Stubholt

Deputy Chair of the Board

41 785

41 785

Francesco Gattei

Elected by Eni S.p.A

-

-

Guido Brusco

Elected by Eni S.p.A

-

-

Francesca Rinaldi

Elected by Eni S.p.A

-

-

Claudia Almadori

Elected by Eni S.p.A

-

-

Ole Johan Gillebo

Board member

10 000

10 000

Fabio Ignazio Romeo

Board member

-

-

Jan Inge Nesheim

Employee elected representative

61 348

48 736

Martha Skjæveland

Employee elected representative

19 253

15 408

Carl Anders Olof Kjorling

Employee elected representative

38 171

22 157

Lilli Sahlman Fagerdal

Employee elected representative

9 697

6 410

For further information on compensation to the Board of Directors and Executive Committee, please see Remuneration report on Executive Committee 2025.

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Note 13 Income taxes continued

Breakdown of tax effect on temporary differences

Note

2025

2024

Tangible fixed assets

-15 245.8

-12 653.6

Capitalised exploration cost

-493.7

-315.8

Other intangible assets

-105.9

-188.7

Abandonment obligation

3 018.4

2 655.2

Lease liabilities

193.4

165.3

Financial instruments over OCI

0.0

3.3

Other Provisions

15.9

-166.6

Net deferred tax asset / (liability) as of closing balance

-12 617.7

-10 500.9

Deferred tax asset / (liability)

2025

2024

Deferred tax asset / (liability) at beginning of period

-10 500.9

-8 943.0

Change in current year deferred tax

-896.0

-1 320.5

Prior period adjustments

32.1

-

Deferred taxes related to business combinations1

2

90.1

-1 339.8

Deferred taxes related to acquisition, sale and swap of licenses2

-

13.1

Deferred taxes recognised directly in OCI or equity

-3.2

1.5

Currency translation effects

-1 339.6

1 087.7

Net deferred tax asset / (liability) as of closing balance

-12 617.7

-10 500.9

Calculated tax payable

Note

2025

2024

Tax payable at beginning of period

-681.7

-964.4

Current period payable taxes

-2 565.7

-1 662.0

Payable taxes related to business combinations1

2

28.5

-707.5

Net tax payment

2 059.1

2 523.4

Prior period adjustments and change in estimate of uncertain tax positions

-30.4

-3.5

Currency translation effects

-126.9

132.5

Net tax payable as of closing balance

-1 317.0

-681.7

1Acquisition of Ekofisk PPF share in the fourth quarter of 2025. Acquisition of Neptune Energy Norge in the first quarter of 2024 and acquisition of Ringhorne East share in the third quarter of 2024. See note three for more on business combinations.

2Tax effect related to sale of Bøyla and Norne area in 2024.

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Note 17 Impairment continued

Discount rate

The discount rate is derived from the Company’s weighted average cost of capital (WACC). The capital structure considered in the WACC calculation is derived from the capital structures of an identified peer group and market participants with consideration given to optimal structures. The cost of equity is derived from the expected return from an investor of the Company. The cost of debt is based on the interest-bearing borrowings for a market participant specific to the assets acquired. The beta factors are evaluated annually based on publicly available market data about the identified peer group. The post tax nominal discount rate used is 8% per 31 December 2025, consistent with the rate applied per 31 December 2024.

Currency rates

The currency rates assumed per 31 December 2025 are based on the forward curve for the next three-year period and from the fourth year the currency rates are based on the Company’s long-term assumptions. Vår Energi’s long term currency rates are 10.0 NOK/USD and 11.0 NOK/EUR per 31 December 2025, compared to 9.5 NOK/USD and 10.6 NOK/EUR per 31 December 2024.

NOK/EUR

NOK/USD

Year

31 Dec 2024

31 Dec 2025

31 Dec 2024

31 Dec 2025

2026

11.5

11.8

10.5

10.1

2027

10.9

11.6

9.8

10.1

2028

10.6

11.2

9.5

10.0

2029 onwards

10.6

11.0

9.5

10.0

Inflation

The inflation rate assumed per 31 December 2025 is 2.5% for 2026 with long-term inflation rates beyond 2026 of 2%. Assumptions per 31 December 2024 were 2% from 2026 and onwards.

Impairment charge/reversal

Impairment testing conducted for 2025 identified technical goodwill impairments in four CGUs: Njord area (USD 73 million), Gjøa area (USD 49 million), Snorre (USD 45 million), and Snøhvit (USD 11 million). Additionally, an impairment reversal was recognized in the Balder area (USD -739 million). Exploration disposals during 2025 resulted in a related technical goodwill impairment of USD 10 million. No impairment triggers were identified for ordinary goodwill.

The impairments recognized in the Njord, Gjøa and Snøhvit areas primarily reflect lower short-term commodity prices. The impairment for Snorre is attributable to a final redetermination, which reduced Vår Energi’s equity share in Snorre from 18.55% to 18.16%.

The impairment reversal for the Balder area is mainly due to additional reserves from newly planned infill wells, revised production profiles, and updated transportation price assumptions. As of 31 December 2025, all historical impairments in the Balder area have been fully reversed.

Impairment allocated

Cash generating unit (USD million)

Net carrying value

Recoverable amount

Impairment/ reversal (-)

Goodwill

PP&E

Deferred tax impact

Balder Area

1 686.9

1 894.8

-739.0

-739.0

576.5

Njord

596.8

592.1

73.4

73.4

Gjøa

140.1

125.3

48.6

48.6

Snorre

495.7

450.9

44.9

44.9

Snøhvit

651.4

654.2

11.2

11.2

Other

10.4

10.4

Total

-550.6

188.4

-739.0

576.5

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Note 17 Impairment continued

Sensitivity analysis

The table below shows how the impairment or reversal of impairment of assets and technical goodwill would be affected by changes in the various assumptions, given that the remaining assumptions are constant.

Change in impairment after

Assumptions USD million

Change

Increase in assumption

Decrease in assumption

Oil and gas prices short and long term

+/-25%

-64

3 730

Oil and gas prices forward period

+/-25%

-42

120

Production profile

+/- 5%

-59

172

Discount rate

+/- 1% point

69

-24

The sensitivities are created for illustration purposes, based on a simplified method and assumes no changes in other input factors. Significant reductions are likely to result in changes in business plans, cut-offs as well as other factors used when estimating an asset’s recoverable amount. Changes in such input factors would likely significantly reduce the actual impairment amount compared to the illustrative sensitivity above. The impact of the sensitivities is mainly related to the Balder Area.

Climate related risks

The climate related risk assessment is generally described in note 35 Climate Risk. Financial reporting and impairment testing includes a step up of CO2tax/fees from current levels to approximately NOK 2 371 per tonne in 2030 (real 2025). Scenarios from the International Energy Agency (IEA) have been included in a sensitivity test as presented to the right. The price assumptions in those senarios have been provided by IEA at 2035 and 2050 in 2024 real terms. For the sensitivity calculation, a linear development between spot price at year end 2025 and IEA price in 2035, as well as between 2035 and 2050 have been applied. The table below summarises how the impairment charge would increase (+) or decrease (-) using the oil and gas price assumptions in the following scenarios:

Oil USD/boe

Gas USD/mmbtu

Scenario price ranges

2035

2050

2035

2050

Net Zero

33

25

4.2

4.0

Current Policies Scenario

89

106

9.1

10.6

Stated policies

80

76

6.5

8.4

Change in impairment

IEA Scenario (USD million)

Net zero

Current Policies Scenario

Stated policies

Balder area

3 281

Ekofisk

745

Snorre

608

-45

8

Goliat

511

Grane

372

Snøhvit

353

110

Njord

236

-5

44

Fram

110

Other

131

-10

3

6 347

-60

165

2024 impairment testing

The impairment testing for 2024 identified goodwill impairment to three CGUs; Njord area (USD 87 million), Gjøa area (USD 14 million) and Snøhvit (USD 14 million) in addition to an impairment reversal to Balder area (USD -114 million). Exploration disposals during 2024 included related impairment of technical goodwill of USD 3 million. The Njord impairment was mainly related to significant reserve reduction for the Bauge field, whereas the impairment reversal for Balder was mainly due to updated production profiles.

The 2024 macro assumptions are shown in tables and text in this note.

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Note 22 Financial instruments continued

where part of the upside price risk is sold by selling a call option and purchasing another call option at a higher strike. For up to 50% of the volumes eligible for its financial hedging mandate, the Company might also enter into financial Swaps and Collars. To align after-tax cash flows and adjust for different tax treatment of financial derivatives and the underlying oil production, approximately 28 per cent of the planned production volume to be covered is hedged. Vår Energi has elected to sell part of its gas production in 2026 on a fixed price/forward basis. As per 31 December 2025, Vår Energi has sold approximately 14% of the gas production in first, second and third quarter of 2026 at USD 75 per boe. In addition, Vår Energi has sold approximately 18% of its gas production in the fourth quarter of 2026 with year ahead indexation with a pricing period started 1 October 2025 and ends 30 September 2026.

Financial risks

The Company is exposed to market fluctuations in commodity prices, foreign exchange rates and interest rates.

The main financial risks Vår Energi is exposed to are:

Fluctuation in foreign exchange rates due to currency mismatch between income and cost currencies, including tax payments

Fluctuation in interest rates leading to a fluctuation in finance costs

Funding and liquidity risk due to unavailability of funding, deposits or loss of income

Credit risk of customers and other counterparties

Currency risk

Vår Energi is receiving proceeds in USD, EUR and GBP. The sale of crude oil is denominated in USD, whereas natural gas sales are mainly denominated in EUR with a minor part being denominated in GBP. Cash expenditures (OPEX, CAPEX, general and administrative expences and tax payments) are split between NOK, USD and EUR. Bonds and interest bearing loans are in USD and EUR. Currency risk is mainly linked to a change in the value of NOK vs USD and EUR. The main currency risk relates to debt denominated in USD and EUR, but also exposure to receivables and payables per year-end has been included in the below sensitivity tables.

The table below shows the Company's main exposure in USD as of 31 December 2025:

Exposure (USD million)

31 Dec 2025

31 Dec 2024

Interest-bearing loans and bonds in USD

4 000.0

4 470.0

Interest-bearing bonds in EUR

1 905.4

649.7

Receivables due in USD

-354.8

-386.4

Receivables due in EUR

-138.0

-39.8

Payables due in USD

18.6

35.8

Payables due in EUR

6.8

0.4

Total

5 438.0

4 729.7

The following table demonstrates the sensitivity to a reasonably possible change in the foreign exchange rate, with all other variables held constant, of the Company’s profit before tax due to changes in the carrying value of monetary assets and liabilities at the reporting date.

Exposure (USD million)

Increase/decrease in foreign exchange rate USD/NOK

Effect on profit before tax for the year ended 31 December 2025

Effect on profit before tax for the year ended 31 December 2024

Increase/(Decrease)

Increase/(Decrease)

10%

-544

-473

-10%

544

473

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Note 22 Financial instruments continued

Interest rate sensitivity

Interest rate risk arises from the effects fluctuations in underlying market rates may have on future cash flows. At balance date the company’s working capital facility and liquidity facilities remain undrawn, as such, the main source of interest rate risk for Vår Energi is the floating interest rate payable under the Interest Rate Swap linked to the 5.5% May 2029 EUR 600 million senior notes issue and the borrowings under the Company's credit facilities. Changes to the interest rate affecting the valuation of the Interest Rate Swaps are treated as fair value changes. See note 25. Should the company chose to utilize the credit facilities, the exposure to fluctuating interest rates would increase in line with the drawn amount, impacting the cost of borrowing, and subsequently the company’s profit before tax.

The following table demonstrates the sensitivity to a reasonable possible change in interest rates on the Company's profit before tax from the impact of changes in floating interest rate with all other variables held constant. 2025 upward and downward sensitivity has been set to 1%. In the current volatile economic environment reasonable possible changes could be significantly higher. A 2% sensitivity would double the effect and a 3% would triple the effect. At balance date the company has limited exposure to fluctuation in interest rates that will affect the company’s profit before tax. The credit facilities is undrawn, so the exposure at balance date is linked to the interest rate swap of the EUR 600 million senior notes only.

Exposure (USD million)Increase/decrease in interest rate

Effect on profit before tax for the year ended 31 December 2024

Effect on profit before tax for the year ended 31 December 2023

Increase/(Decrease)

Increase/(Decrease)

1.00%

-7

-26

-1.00%

7

26

Credit risk

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. Vår Energi is exposed to credit risk from its operating activities and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. In 2025 Vår Energi sold the crude oil to Eni trading entities and natural gas primarily to Eni trading entities and other major international oil and gas players. We consider the risk related to Eni to be negligible. The Company only uses investment grade and highly reputable banks as counterparties. Based on this, credit risk is considered limited.

The Company primarily sells to investment grade customers and have established procedures to assess credit risk. Payment performance is closely monitored for both licence partners and customers. Overall, the credit risk is considered to be low based on the financial strenght of the counterparties and the procedures in place.

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Note 22 Financial instruments continued

Liquidity risk

The Company’s future capital requirements depend on many factors, and the Company may need additional funds to fulfil its commitments and further develop exploration and development programs to support the strategic direction of the Company. Liquidity risk is the risk that the Company will not be able to meet the obligations of financial liabilities when they become due.

Risk levels are analysed by at least quarterly updates of cash flow projections for the strategic plan period and comparing with available liquidity during the period. Additional updates will be made if significant macroeconomic changes occur.

The Company’s objective is to maintain a balance between continuity of funding and flexibility through the use of credit facilities, bank loans and debt capital markets.

See note 25 for an overview of available credit facilities and bonds issued.

The table to the right shows the payment structure for the Company's financial commitments, based on undiscounted contractual payments:

Year ended 31 December 2025

On demand

< 1 year

1 - 2 years

2 - 5 years

> 5 years

Total

USD million

Interest-bearing loans

-

-

-

-

-

-

Bond USD Senior Notes

-

272.8

760.3

2 283.9

2 129.4

5 446.4

Bond EUR Senior Notes

-

84.3

84.3

919.1

45.5

1 133.3

Subord. EUR Fixed Rate Sec.

-

-

-

-

881.3

881.3

Accounts Payable

-

478.0

-

-

-

478.0

Lease liabilities

-

142.8

-

97.8

36.8

277.4

Sum non-derivative fin. liab.

978.0

844.6

3 300.8

3 093.0

8 216.4

Interest Rate Swap EUR (inflow)

-

-38.8

-38.8

-77.6

-

-155.1

Interest Rate Swap EUR (outflow)

-

32.6

32.6

48.9

-

114.2

Sum derivative fin. liab.

-6.2

-6.2

-28.6

-

-40.9

Total

-

971.9

838.5

3 272.2

3 093.0

8 175.5

Year ended 31 December 2024

On demand

< 1 year

1 - 2 years

2 - 5 years

> 5 years

Total

USD million

Interest-bearing loans

-

-

-

1 970.0

-

1 970.0

Bond USD Senior Notes

-

180.0

180.0

1 865.0

1 240.0

3 465.0

Bond EUR Senior Notes

-

34.3

34.3

726.2

-

794.8

Subord. EUR Fixed Rate Sec.

-

-

-

-

779.2

779.2

Accounts Payable

-

356.1

-

-

-

356.1

Lease liabilities

-

77.1

-

121.4

35.9

234.4

Sum non-derivative fin. liab.

-

647.5

214.3

4 682.6

2 055.1

7 599.4

Interest Rate Swap EUR (inflow)

-

-52.3

-52.3

-148.0

-

-252.6

Interest Rate Swap EUR (outflow)

-

53.6

53.6

134.0

-

241.2

Sum derivative fin. liab.

-

1.3

1.3

-14.0

-

-11.5

Total

-

648.7

215.5

4 668.6

2 055.1

7 588.0

175

Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Note 22 Financial instruments continued

Categories of financial assets and liabilities

USD million2025

Note

Financial assets/ liabilities at fair value through profit and loss

Cash, cash equivalents and receivables, payables

Financial liabilities measured at amortised cost

Cash flow hedge fair value through OCI

Total

Assets

Trade receivable

20

-

206.9

-

-

206.9

Investment in shares

18

1.1

-

-

-

1.1

Cash and cash equivalents

23

-

699.9

-

-

699.9

Other short term receivables

21

-

117.0

-

-

117.0

Total financial assets

1.1

1 023.8

-

-

1 024.9

Liabilities

Accounts payable

-

478.0

-

-

478.0

Net payables to joint operations

29

-

415.6

-

-

415.6

Employee payables and accrued public charges

29

-

49.6

-

-

49.6

Other payables

29

-

12.0

-

-

12.0

Bond USD Senior Notes

25

-

-

4 000.0

-

4 000.0

Bond EUR Senior Notes1

25

-

-

1 894.4

-

1 894.4

Subord. EUR Fixed Rate Sec.

25

-

-

11.0

-

11.0

Prepaid loan and bond expenses

25

-

-

-63.1

-

-63.1

Accrued interests

25

-

-

99.6

-

99.6

Total financial liabilities

-

955.2

5 942.0

-

6 897.1

1Adjusted for the fair value movement due to interest swaps/interest rate risk hedging

176

Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Note 22 Financial instruments continued

USD million2024

Note

Financial assets/ liabilities at fair value through profit and loss

Cash, cash equivalents and receivables, payables

Financial liabilities measured at amortised cost

Cash flow hedge fair value through OCI

Total

Assets

Trade receivable

20

-

373.2

-

-

373.2

Investment in shares

18

0.7

-

-

-

0.7

Cash and cash equivalents

23

-

278.9

-

-

278.9

Oil put options asset

21

-

-

-

17.2

17.2

Other short term receivables

21

-

116.3

-

-

116.3

Total financial assets

0.7

768.4

-

17.2

786.3

Liabilities

Accounts payable

-

356.1

-

-

356.1

Net payables to joint operations

29

-

365.5

-

-

365.5

Employee payables and accrued public charges

29

-

47.5

-

-

47.5

Other payables

29

-

21.4

-

-

21.4

Deferred payment for option premiums

29

-

-

31.9

-

31.9

Bond USD Senior Notes

25

-

-

2 500.0

-

2 500.0

Bond EUR Senior Notes2

25

-

-

640.7

-

640.7

Subord. EUR Fixed Rate Sec.

25

-

-

9.0

-

9.0

RCF Working capital facility

25

-

-

1 475.0

-

1 475.0

RCF Liquidity facility

25

-

-

495.0

-

495.0

Prepaid loan and bond expenses

25

-

-

-37.5

-

-37.5

Accrued interests

25

-

-

54.7

-

54.7

Total financial liabilities

-

790.5

5 168.8

-

5 959.3

2Adjusted for the fair value movement due to interest swaps/interest rate risk hedging

177

Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Note 22 Financial instruments continued

Fair Value

Management assessed that the fair values of cash and short-term deposits, trade receivables, trade payables, bank overdrafts, and other current liabilities approximate their carrying amounts largely due to the short-term maturities of these instruments. Derivative assets and liabilities are, as described above, measured at fair value. And they have been determined to constitute level 2 fair value measurements. Investment in shares (in the fair value through profit or loss category) are measured at fair values using level 3 fair value estimates. See below discussion related to fair value hierarchy.

Carrying amounts of long term floating rate loans are assumed to approximate fair value due to short term interest rate periods. See below table for a comparison of carrying amounts of bonds measured at amortised cost with the fair value based on trading values:

USD million

Note

Financial liabilities measured at amortised cost

Fair value based on trading at Year End1

Bond USD & EUR Senior Notes

25

5 894.4

6 218.0

Prepaid expenses bond

25

-55.6

-

Total

5 838.8

6 218.0

1Year End meaning closest to 31.12.2025

Derivative financial instruments

The Company uses derivative financial instruments, such as Brent crude put options to hedge its commodity price risks.

As of 31 December 2025, the Company had the following volumes of Brent crude oil put options in place and with the following strike prices:

Hedging instruments

Volume (no of put options outstanding at balance sheet date) in thousands (BOE)

Excercise price (USD per BOE)

Brent crude oil put options 31.12.2025, exercisable in 2026

-

-

Hedging instruments

Volume (no of put options outstanding at balance sheet date) in thousands (MWH)

Excercise price (EUR per MWH)

Gas TTF long put options 31.12.2025, exercisable in 2026

-

-

Gas TTF short call options 31.12.2025, exercisable in 2026

-

-

178

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Note 22 Financial instruments continued

Commodity derivatives - financial assets

USD million

Note

2025

2024

The beginning of the period

17.2

11.0

Additions through business combinations

-

25.2

New derivatives

-

31.9

Realised hedges exercised

5

-

-9.2

Change in fair value realised hedges

-17.2

-21.5

Change in fair value unrealised hedges

-

-20.2

The end of the period

-

17.2

As of 31 December 2025, the fair value of outstanding commodity derivatives amounted to USD 0.0 million. Unrealised gains and losses are recognised in OCI. Note that the cost price (time value agreed at the inception of the contracts) for the options is paid at the time of realisation (time of exercise or expiration) and that this deferred payment is presented as current liabilities in the balance sheet, see table to the right.

Commodity derivatives - financial liabilities

USD million

Note

2025

2024

The beginning of the period

-0.1

-

Additions through business combinations

-

-8.0

New derivatives

-

-

Realised hedges exercised

5

-

1.4

Change in fair value realised hedges

0.1

3.6

Change in fair value unrealised hedges

-

2.9

The end of the period

-

-0.1

As of 31 December 2025, the fair value of outstanding commodity derivatives liabilities are USD 0.0 million. Unrealised gains and losses are recognised in OCI.  

Brent crude put options – deferred premiums

USD million

Note

2025

2024

The beginning of the period

-31.9

-29.8

Additions through business combinations

-

-2.6

Settlement

6

31.9

32.5

New Brent crude put options

-

-31.9

FX-effect

-

-0.1

The end of the period

-

-31.9

179

Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Note 22 Financial instruments continued

There are no outstanding put option contracts at 31 December 2025. The full intrinsic value (“in the money value”) of the options at the time of expiry, if any, is presented in petroleum revenues. In 2025, no gain has been recognised. In 2024 a gain of USD 7 794 thousand was recognised as a result of gas put options herited from the Neptune transaction. The premiums paid for the put options was USD 31.9 million in 2025 and USD 32.5 million in 2024 and have been accounted for as cost of hedging and recycled from OCI to the profit or loss in the period in which the hedged revenues were realised, and presented as production costs.

Change in Hedge Reserve

USD million

Note

2025

2024

The beginning of the period

14.8

18.8

Additions through business combinations

-

-14.6

Realised hedges exercised

5

-

7.8

Realised cost of hedge expired options

-14.8

-14.5

Hedge ineffectiveness recorded in net financial income/expense

12

-

-0.0

Change in fair value unrealised hedges

-

17.3

The end of the period

-

14.8

As of 31 December 2025, after tax balance is USD 0.0 million.
A worker wearing high‑visibility protective clothing ascend an external metal staircase on an industrial structure surrounded by large pipes and railings.

180

Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Note 22 Financial instruments continued

Reconciliation of liabilities arising from financing activities

The table below shows a reconciliation between the opening and the closing balances in the statement of financial position for liabilities arising from financing activities.

Non-cash changes

USD million

31 Dec 2024

Cash flows

Amortisation/Accretion/Accruals

Currency

Fair Value Adj.

31 Dec 2025

Long-term interest-bearing debt

1 970.0

-1 984.1

-

14.1

-

-

Short-term interest-bearing debt

-

-

-

-

-

-

Bond USD Senior Notes

2 500.0

1 500.0

-

-

-

4 000.0

Bond EUR Senior Notes

640.7

1 088.6

-

168.1

-2.9

1 894.4

Subord. EUR Fixed Rate Sec. (23/83)

9.0

-

0.8

1.2

-

11.0

Prepaid loan expenses

-37.5

-43.4

18.9

-1.0

-

-63.1

Accrued interests

54.7

-54.7

99.7

-

-

99.6

Totals

5 136.9

506.3

119.3

182.4

-2.9

5 942.0

Non-cash changes

USD million

31 Dec 2023

Cash flows

Amortisation/Accretion/Accruals

Currency

Fair Value Adj.

31 Dec 2024

Long-term interest-bearing debt

-

1 970.0

-

-

-

1 970.0

Short-term interest-bearing debt

-

-

-

-

-

-

Bond USD Senior Notes

2 500.0

-

-

-

-

2 500.0

Bond EUR Senior Notes

682.9

-

-

-39.7

-2.6

640.7

Subord. EUR Fixed Rate Sec.

8.9

-

0.7

-0.6

-

9.0

Prepaid loan expenses

-45.3

-2.2

8.8

1.2

-

-37.5

Accrued interests

54.9

-54.9

54.7

-

-

54.7

Totals

3 201.5

1 912.8

64.2

-39.0

-2.6

5 136.9

187

Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Note 30 Commitments, provisions and contingent consideration continued

Liability for damages/insurance

Vår Energi’s operations involve risk for damages, including pollution. Installations and operations are covered by an operations insurance policy.

Guarantees

Vår Energi has contingent liabilities in respect of agreements with pipeline and processing companies, whereby it may be required to provide such companies with additional funds against future transportation and processing of petroleum liquids and natural gas delivered by Vår Energi to these companies.

Eni International B.V. has issued a guarantee to ExxonMobil for the seller’s subsidiary removal cost obligations per Norwegian Law, in connection with Vår Energi’s asset following the merger with Point Resources in 2018 and the acquisition of assets from ExxonMobil in 2019. Vår Energi pays and expenses an annual fee to Eni International B.V, see note 10. The total estimated net present value of the fee payments as of 31 December 2025 is USD 297 million, with a payment profile that is reduced according to the payment profile of decommissioning of asset following the merger with Point Resources in 2018 and the acqusition of assets from ExxonMobil in 2019.

Provisions and Contingencies

During the normal course of its business, the Company will be involved in disputes, including tax disputes. The Company makes accruals for probable liabilities related to litigation and claims based on management’s best judgment and in line with IAS37 and IAS12.

After disagreements among the Breidablikk Unit participants, the Ministry of Energy resolved the distribution of the Breidablikk field on June 29, 2021, and this decision was confirmed by the King in Council on October 8, 2021. According to the allocation, Vår Energi hold a 34.4% equity share in the field. Vår Energi argue that it has received about 5% less than what it is entitled to. The claim has been dismissed by the Sør-Rogaland District Court and the Gulating Appeal Court. Vår Energi has appealed to the Supreme Court, a hearing is likely in August 2026. Should the Supreme Court rule in favor of Vår Energi, the case will return to the Court of Appeal for a further review.

On January 18, 2024, the Oslo District Court found that government approvals for the Plans for Development and Operation (PDO) for Breidablikk, Tyrving, and Yggdrasil were invalid because of inadequate climate impact assessments regarding CO2combustion emissions from end-users. A temporary injunction was issued to prevent new approvals for activities on these fields. Vår Energi is not a party to the dispute but is impacted as a licensee in the Breidablikk field holding 34,4% equity share.

The Norwegian state appealed this decision, and on November 14, 2025, the Borgarting Court of Appeal determined that both previous PDO approvals and the Ministry of Energy’s 2024 decision to maintain those approvals after additional emission impact assessments were invalid due to insufficiently reasoned decisions. The court also imposed a new temporary injunction requiring the state to issue new PDO decisions within six months of the ruling.

The state has appealed to the Supreme Court. At present, there are no direct effects on production at Breidablikk or immediate obligations for licensees, since the Court of Appeal concluded that licensees had satisfied their requirements to carry out impact assessments.

The Snorre redetermination was concluded in early January 2026. The updated Vår Energi equity is 18.16%, down from 18.55%, resulting in a reduction of around 7 mmboe 2P reserves net to Vår Energi. The outcome was the main driver for the impairment in the fourth quarter of 2025.

189

Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Note 32 Related party transactions

Vår Energi has a number of transactions with other wholly owned or controlled companies by the shareholders. The related party transactions reported is with entities owned or controlled by the majority ultimate shareholder of Vår Energi, Eni S.p.A. Revenues are mainly related to sale of oil, gas and NGL while the expenditures are mainly related to technical services, seconded personnel, insurance, guarantees and rental cost.

Current assets

USD million

31 Dec 2025

31 Dec 2024

Trade receivables

Eni Trade & Biofuels SpA

397.7

376.6

Eni SpA

58.2

71.7

Other

0.6

0.6

Total trade receivables

456.5

448.9

All receivables are due within 1 year. The majority of trade receivables are sold per 31 December 2025 (see note 20 for details).

Current liabilities

USD million

31 Dec 2025

31 Dec 2024

Account Payables

Eni Trade & Biofuels SpA

-

21.3

Eni SpA

0.1

10.4

Eni International BV

18.5

17.1

Other

-

0.8

Total account payables

18.6

49.6

Sales revenue

USD million

2025

2024

Eni Trade & Biofuels SpA

5 458.0

4 728.8

Eni SpA

812.1

751.4

Eni Global Energy Markets

0.6

61.4

Total sales revenue

6 270.7

5 541.6

Operating and capital expenditures

USD million

2025

2024

Eni Trade & Biofuels SpA

10.7

33.8

Eni SpA

3.8

17.0

Eni International BV

18.1

18.9

Other

0.4

4.9

Total operating and capital expenditures

33.0

74.6

190

Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Note 33 Licence ownerships

Fields

WI %

Operator

Licences

Concession period expires

ALBUSKJELL/VEST EKOFISK

52.3%

ConocoPhillips

PL 018F

2048

BALDER

90.0%

Vår Energi

PL 001/PL 027/PL 027C/PL 169/PL 028

2030

BAUGE

30.0%

Equinor

PL 348/PL 348B

2029

BREIDABLIKK

34.4%

Equinor

PL 001DS/PL 027FS/PL 169/PL 169B2

2030

BYRDING

15.0%

Equinor

PL 090B/PL 090C/PL 248

2026/2035

DUVA

30.0%

Vår Energi

PL 636/PL 636C

2044

EKOFISK

12.4%

ConocoPhillips

PL 018/PL 018 B

2048

ELDFISK

12.4%

ConocoPhillips

PL 018

2048

EMBLA

12.4%

ConocoPhillips

PL 018

2048

FENJA

75.0%

Vår Energi

PL 586

2039

FRAM

40.0%

Equinor

PL 090/PL 090E

2040

FRAM H-NORD

10.80%

Equinor

PL 090G/PL 248

2035

GJØA

30.0%

Vår Energi

PL 153

2028

GOLIAT

65.0%

Vår Energi

PL 229

2042

GRANE

28.3%

Equinor

PL 001CS/PL 169B1

2030

GUDRUN

25.0%

Equinor

PL 025

2032

GUNGNE

13.0%

Equinor

PL 046

2028

HALTEN ØST

24.6%

Equinor

PL074CS/PL074B/PL263/PL263B/PL312/PL312B/PL473

2027

HEIDRUN

5.2%

Equinor

PL 095/PL 124

2045

HYME

30.0%

Equinor

PL 348

2029

JOHAN CASTBERG

30.0%

Equinor

PL 532

2049

KRISTIN

16.7%

Equinor

PL 134D

2033

LAVRANS

15.0%

Equinor

PL 199

2033

Fields

WI %

Operator

Licences

Concession period expires

MIKKEL

48.4%

Equinor

PL 092/PL 121

2028

MORVIN

30.0%

Equinor

PL 134B

2027

NJORD

22.5%

Equinor

PL 107/PL 107C/PL 132

2034

ORMEN LANGE

6.3%

Norske Shell

PL 208/PL 250

2040/2041

RINGHORNE ØST

92.6%

Vår Energi

PL 027/PL 169E

2030

SIGYN

40.0%

Equinor

PL 072

2035

SLEIPNER VEST

17.2%

Equinor

PL 029/PL 046

2028

SLEIPNER ØST

15.4%

Equinor

PL 046

2028

SNORRE

18.6%

Equinor

PL 057/PL 089

2040

SNØHVIT

12.0%

Equinor

PL064/PL077/PL078/PL097/PL099/PL100/PL110/PL110B/PL448

2035

STATFJORD

21.4%

Equinor

PL 037

2040

STATFJORD NORD

25.0%

Equinor

PL 037

2040

STATFJORD ØST

20.6%

Equinor

PL 037/PL 089

2040

SVALIN

13.0%

Equinor

PL 169

2030

SYGNA

21.0%

Equinor

PL 037/PL 089

2040

TOMMELITEN ALPHA

9.1%

ConocoPhillips

PL044

2028

TOR

10.8%

ConocoPhillips

PL 006/PL 018

2048

TORDIS

16.1%

Equinor

PL 089

2040

TRESTAKK

40.9%

Equinor

PL 091/PL 091D

2029

TYRIHANS

18.0%

Equinor

PL 073/PL 073 B/PL 091

2029

VEGA

3.3%

Harbour Energy

PL 090C/PL 248/PL 248B

2035

VIGDIS

16.1%

Equinor

PL 089

2040

ÅSGARD

22.7%

Equinor

PL062/PL074/PL094/PL094 B/PL134/PL237/PL479

2027

191

Contents • Vår Energi • Board of Directors’ Report • Governance • Remuneration Report • Financial Statements • Appendix

Note 33 Licence ownerships continued

Licences

WI %

Operator

PL001

90.0%

Vår Energi

PL001 CS

100.0%

Vår Energi

PL001 DS

100.0%

Vår Energi

PL018

12.4%

ConocoPhillips

PL018 B

52.3%

ConocoPhillips

PL018 F

52.3%

ConocoPhillips

PL025

25.0%

Equinor

PL027

90.0%

Vår Energi

PL027 C

90.0%

Vår Energi

PL027 FS

100.0%

Vår Energi

PL027 HS

90.0%

Vår Energi

PL028

90.0%

Vår Energi

PL028 C

13.0%

Equinor

PL028 S

90.0%

Vår Energi

PL029

85.0%

Vår Energi

PL037

25.0%

Equinor

PL044

13.1%

ConocoPhillips

PL046

13.0%

Equinor

PL057

4.9%

Equinor

PL062

9.8%

Equinor

PL 064

15.5%

Equinor

PL072

40.0%

Equinor

PL072 B

50.0%

Equinor

PL073

12.1%

Equinor

PL073 B

14.5%

Equinor

PL074

39.2%

Equinor

PL074 B

39.2%

Equinor

Licences

WI %

Operator

PL074 CS

39.2%

Equinor

PL074 DS

39.2%

Equinor

PL074 ES

39.2%

Equinor

PL077

12.0%

Equinor

PL078

12.0%

Equinor

PL089

16.1%

Equinor

PL089 BS

16.1%

Equinor

PL089 CS

16.1%

Equinor

PL090

40.0%

Equinor

PL090 B

15.0%

Equinor

PL090 C

15.0%

Harbour Energy

PL090 E

40.0%

Equinor

PL090 G

15.0%

Equinor

PL090 I

40.0%

Equinor

PL090 JS

15.0%

Equinor

PL091

40.9%

Equinor

PL091 D

40.9%

Equinor

PL091 E

40.9%

Equinor

PL091 G

40.9%

Equinor

PL092

54.9%

Equinor

PL094

34.3%

Equinor

PL094 B

22.7%

Equinor

PL095

5.0%

ConocoPhillips

PL097

12.0%

Equinor

PL099

12.0%

Equinor

PL100

6.0%

Equinor

PL107

22.5%

Equinor

Licences

WI %

Operator

PL107 B

22.5%

Equinor

PL107 C

22.5%

Equinor

PL107 D

22.5%

Equinor

PL110

12.0%

Equinor

PL110 B

12.0%

Equinor

PL121

34.9%

Equinor

PL124

10.0%

Equinor

PL124 B

10.0%

Equinor

PL132

22.5%

Equinor

PL134

30.0%

Equinor

PL134 B

30.0%

Equinor

PL134 C

30.0%

Equinor

PL134 D

30.0%

Equinor

PL134 E

30.0%

Equinor

PL153

30.0%

Vår Energi

PL153 B

30.0%

Vår Energi

PL153 C

30.0%

Vår Energi

PL169

13.0%

Equinor

PL169 B1

7.0%

Equinor

PL169 B2

10.0%

Equinor

PL169 E

100.0%

Vår Energi

PL187

25.0%

Equinor

PL199

15.0%

Equinor

PL209

10.0%

Equinor

PL219

50.0%

Equinor

PL220

15.0%

Equinor

PL229

65.0%

Vår Energi

Licences

WI %

Operator

PL229 B

65.0%

Vår Energi

PL229 E

50.0%

Vår Energi

PL229 G

50.0%

Vår Energi

PL229 H

65.0%

Vår Energi

PL229 I

65.0%

Vår Energi

PL237

22.7%

Equinor

PL250

5.9%

Shell

PL257

15.0%

Equinor

PL263 C

9.8%

Equinor

PL293

25.0%

Equinor

PL312

41.0%

Equinor

PL312 B

41.0%

Equinor

PL348

30.0%

Equinor

PL348 B

30.0%

Equinor

PL375

20.0%

Equinor

PL393

80.0%

Vår Energi

PL448

12.0%

Equinor

PL473

39.2%

Equinor

PL479

22.7%

Equinor

PL489

40.0%

Vår Energi

PL532

30.0%

Equinor

PL554

30.0%

Equinor

PL554 B

30.0%

Equinor

PL554 C

30.0%

Equinor

PL554 D

30.0%

Equinor

PL554E

30.0%

Equinor

PL554F

30.0%

Equinor

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Note 33 Licence ownerships continued

Licences

WI %

Operator

PL586

75.0%

Vår Energi

PL586 B

75.0%

Vår Energi

PL608

30.0%

Equinor

PL636

30.0%

Vår Energi

PL636 B

30.0%

Vår Energi

PL636 C

30.0%

Vår Energi

PL636 D

30.0%

Vår Energi

PL820 S

44.0%

Vår Energi

PL820 SB

44.0%

Vår Energi

PL882

45.0%

Vår Energi

PL917

40.0%

Vår Energi

PL925

10.0%

Equinor

PL929

40.0%

Vår Energi

PL932

20.0%

Aker BP

PL932 B

20.0%

Aker BP

PL938

50.0%

Vår Energi

PL956

65.0%

Vår Energi

PL984

20.0%

DNO Norge

PL1002

42.3%

Vår Energi

PL1002B

42.3%

Vår Energi

PL1002C

42.3%

Vår Energi

PL1025 S

60.0%

Vår Energi

PL1025 SB

60.0%

Vår Energi

PL1042

30.0%

Equinor

PL1073

70.0%

Vår Energi

PL1078

30.0%

Equinor

PL1079

30.0%

Vår Energi

Licences

WI %

Operator

PL1080

30.0%

Equinor

PL1090

50.0%

Vår Energi

PL1105 S

50.0%

Vår Energi

PL1110

30.0%

Aker BP

PL1121

30.0%

Equinor

PL1131

40.0%

Vår Energi

PL1132

60.0%

Vår Energi

PL1154

40.0%

Vår Energi

PL1168

50.0%

Vår Energi

PL1179

40.0%

Equinor

PL1180

40.0%

Vår Energi

PL1185

20.0%

Equinor

PL1188

22.7%

Equinor

PL1189

22.7%

Equinor

PL1192

100.0%

Vår Energi

PL1194

30.0%

OMV

PL1194 B

30.0%

OMV

PL1194 C

30.0%

OMV

PL1196

70.0%

Vår Energi

PL1197

50.0%

Vår Energi

PL1203

30.0%

Vår Energi

PL1211

50.0%

Vår Energi

PL1213 S

40.0%

Vår Energi

PL1214

25.0%

Equinor

PL1215

30.0%

Aker BP

PL1217

20.0%

Inpex

PL1218

20.0%

Aker BP

Licences

WI %

Operator

PL1218 B

20.0%

Aker BP

PL1219

50.0%

Vår Energi

PL1224

50.0%

Vår Energi

PL1227

22.7%

Equinor

PL1231

30.0%

OMV

PL1236

30.0%

Equinor

PL1237

40.0%

Vår Energi

PL1238

25.0%

Equinor

PL1239

30.0%

Equinor

PL1241

50.0%

Vår Energi

PL1242

20.0%

Aker BP

PL1243

20.0%

Aker BP

PL1246

17.2%

Equinor

PL1254

40.0%

Vår Energi

PL1260

45.0%

Vår Energi

PL1262

20.0%

Wellesley

PL1263

20.0%

Inpex

PL1265

40.0%

Equinor

PL1268

30.0%

Aker BP

PL1269

30.0%

Equinor

PL1274

20.0%

OMV

PL1275

50.0%

Vår Energi

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Auditor’s report continued

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Statement by the Board of Directors and the Chief Executive Officer

Pursuant to the Norwegian Securities Trading Act Section 5-5 with related regulations, we hereby confirm that, to the best of our knowledge, the Company’s, financial statements for 2025 have been prepared in accordance with IFRS Accounting Standards, as adopted by the EU, and requirements in accordance with the Norwegian Accounting Act. The information presented in the financial statements gives a true and fair view of the Company’s liabilities, financial position, and results overall.

To the best of our knowledge, the Board of Directors’ Report gives a true and fair view of the development, performance, and financial position of the Company, and includes a description of the principal risk and uncertainties that the Company faces. To the best of our knowledge, the sustainability

statements are prepared in compliance with the Norwegian Accounting Act chapter 2-6 including compliance with European Sustainability Reporting Standards (ESRS) and Article 8 of the EU Taxonomy Regulation. In our opinion, the Sustainability Statements give a true and fair view of the Company's sustainability performance in accordance with the stated reporting requirements.

In addition, we confirm to the best of our knowledge, that the report “Payment to governments” as provided in a separate section in this annual report, has been prepared in accordance with the requirements in the Norwegian Securities Trading Act Section 5-5a with related regulations.

Sandnes, 20 March 2026 – The Board of Directors of Vår Energi ASA

Signed electronically

Thorhild Widvey

Chair

Liv Monica Bargem Stubholt

Deputy Chair

Francesco Gattei

Board member

Guido Brusco

Board member

Francesca Rinaldi

Board member

Claudia Almadori

Board member

Fabio Ignazio Romeo

Board member

Ole Johan Gillebo

Board member

Jan Inge Nesheim

Board member, employee elected representative

Martha Skjæveland

Board member, employee elected representative

Carl Anders Olof Kjörling

Board member, employee elected representative

Lilli Sahlman Fagerdal

Board member, employee elected representative

Nicholas John Robert Walker

Chief Executive Officer

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supply chain and must inform Vår Energi of any findings and concerns. There is also a requirement in the supplier contracts to notify Vår Energi without undue delay when actual or potential adverse impacts on fundamental human rights and/or decent working conditions are identified within the workforce of the supplier or its supply chain or business partners and which are related to the performance of the contract. Vår Energi also reserves the right to conduct audits, including with subcontractors.

Due diligence with respect to human rights and decent working conditions

Acknowledging the Company’s size, the context of its operations, business model, position in the value chain, nature of its services, industry, geographical footprint, operational activities, and what is sourced from whom, Vår Energi strives to implement adequate and effective Human Rights Due Diligence in line with the OECD Due Diligence Guidance for Responsible Business Conduct. The program will facilitate the avoidance of and response to adverse impacts on human and labour rights in relation to its operations.

Human rights risk and impact assessment

The fundamental element in the Human Rights Due Diligence Program is the risk and impact assessment to get a holistic view of the

Company’s risk picture in order to prioritise the most serious risks with respect to people, society and the environment. It is also to evaluate if the Company is involved in any potential negative impacts, and if so, identify mitigating measures. A DMA is the basis for this risk and impact assessment. The DMA is performed or updated on an annual basis and conducted based on the methodology guided by the ESRS requirements. The findings are reported to the Executive Committee for their approval, and to the Board of Directors. The results of the DMA show how the organisation in the short, medium and long term impacts the environment and society i.e., impact materiality (inside-out perspective), and how sustainability issues can have a financial impact on the organisation i.e., financial materiality (outside-in perspective). Fundamental human rights and decent working conditions were important part of the DMA, and three areas were identified as relevant for human rights risk, listed below. No actual negative impact was found, only potential for negative impact.

S1 – Own workforce S2 – Workers in the value chain G1 – Business conduct

More can be read about the DMA and the results in the Sustainability statement, part of Vår Energi’s Annual report. In addition, a separate annual risk assessment of Human rights is performed, looking at the risk and impacts the Company can be exposed to or contribute to, and what mitigating measures are required. Mitigating measures are made

part of the annual Compliance program to ensure follow-up.

Stakeholder analysis

Regular and meaningful engagement with affected communities and individuals, as well as with other relevant stakeholders, is a key component in ensuring the effective identification and management of human rights impacts. Stakeholder engagement has been a part of the DMA, with the purpose of bringing in new perspectives that can inform Vår Energi’s priorities and ensure good insights.

Employees

Vår Energi’s employees are covered in the section “ESRS S1 – Own workforce” in the Sustainability statement. All tariffed employees are covered by collective bargaining agreements. Employees in Vår Energi are represented by workers’ representatives in the Working Environment Committee as the main form for social dialog with the Company. Employees are also regularly engaged with through town hall and department meetings.

Investors, owners, lenders, and financial institutions

Vår Energi is listed on the Oslo Stock Exchange under the ticker “VAR”. Vår Energi only operates in Norway, which is an open, transparent, and low-risk country with a well-regulated oil and gas industry with industry leading safety standards, fair working conditions and high ethical and governance frameworks. Questions regarding human rights are less frequent in meetings with these stakeholder groups.

Government agencies, institutions and organisations

Vår Energi engages with the Ministry of Energy, the Norwegian Parliament, including members of the Energy and Environment Committee, the Norwegian Offshore Directorate, the Norwegian Ocean Industry Authority (Havtil), the Norwegian Environment Agency (NEA) and other governmental agencies. The Company is a member of Offshore Norge, an employer and industry organisation for companies with activities related to the NCS, with employees participating in several of its committees, fora and networks.

Joint venture partner projects

Vår Energi participated in Offshore Norge’s initiative to develop a common set of guidelines for the Transparency Act together with other operators and joint venture (JV) partners in the industry.

Under the framework of the Transparency Act JVs can align their due diligence processes with those conducted by the operator. For this report only Vår Energi operated assets are included, and related suppliers, business partners and other stakeholders.

Operators, including Vår Energi, regularly update their JV partners about their work regarding human and labour rights and compliance with the Transparency Act. This is primarily done in the annual Partner Forum, but additional information can be requested as needed.

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Vår Energi informed JV partners about the work with respect to the Transparency Act in the Company’s Partner Forum on 9 September 2025.

Supplier employees

Supplier employees are considered first line contracted personnel, such as yard or platform personnel, or employees in the supply chain.

Yard and platform personnel: These are employees working directly at sites like the Rosenberg Worley yard and on operated offshore facilities such as Balder, Ringhorne, Gjøa and Goliat. They are integrated with the day-to-day operations and maintenance of these facilities.

Employees in corporate offices: This category includes those working in roles such as canteen personnel, IT support, security, and cleaners.

They are employed through business partners, but work within Vår Energi’s offices, contributing to the smooth running of the Company's administrative and support functions.

Supplier employees working in Vår Energi’s facilities are part of the Company’s interaction through town hall and applicable department meetings. Most supplier employees are also part of training plans and receive appropriate

training and are part of applicable team buildings.

Sub-supplier personnel

Most sub-suppliers are actively engaged in projects for the Company’s major suppliers. Positioned further down the supply chain, such personnel are often found at various specialised sites such as at manufacturing and production facilities, as well as at fabrication sites.

Sub-supplier employees working in Vår Energi’s facilities are part of the Company’s interaction through town hall and department meetings as appropriate.

Customers

Vår Energi only have a few customers buying oil and gas from the Company. They are all well-known international companies in the oil and gas industry, they are all based in Europe and considered low risk for contributing to adverse impacts on human and labour rights.

Indigenous people

Protecting the rights of indigenous peoples is a part of the internationally recognised fundamental principles of human rights. As operator of the Goliat field in the Barents Sea, Vår Energi promotes the sustainable development, rights and expectations of the indigenous Sami people who depend on areas in Finnmark for their livelihood, culture

and traditions. This is incorporated into the Company’s processes and way of business.

Vår Energi has no operations in or near areas of affected communities or indigenous communities1, hence the Company’s operations do not directly impact affected communities. However, Vår Energi operates in accordance with Norwegian legislation and promotes the sustainable development, rights and expectations of the indigenous people in the Northern Norway. There have been no reported incidents of violated rights of indigenous people during the reporting period.

Other affected communities and individuals

All communities and individuals who are impacted by oil and gas projects, are human rights holders. Organisations or entities, such as States, trade unions or religious institutions, are not human rights holders, but may act in a representative capacity for individuals or groups who are human rights holders. For project locations near fishing grounds, spawning grounds, breeding grounds etc. Vår Energi is expected to undergo a rigorous process of impact assessments and consultations with local communities, fisheries, and indigenous people before receiving a permit to operate. Establishing good communication lines between all parties will allow to account for local knowledge and planning time or area restrictions. The efforts to understand potential impacts early in the

project (and in procurement processes) is a further step towards risk avoidance and effective mitigation. Affected communities and individuals should also be engaged regarding the scope and assessment methodology for human rights impacts.

See section “SBM-2 Interest and views of stakeholders” in the Sustainability statement for more information on Vår Energi’s stakeholders.

Grievance mechanism

Vår Energi’s grievance mechanism is handled via the Company’s whistleblower communication channel called Ethics Helpline, which is available online on the Vår Energi website. The channel is administered by a third party and ensures full anonymity. Follow-up questions and report can also be handled anonymously, and all reports are handled by a designated Whistleblowing Committee (WBC). Please see Sustainability statement, G1 – Business conduct for more information on the whistleblowing channel.

Questions and concerns regarding human rights can also be reported through a contact form on the Company website. By choosing Human rights in the contact form the concern will go directly to the Compliance function, which lead an internal Human Rights workgroup. It will then be evaluated if the concern should be handled by the workgroup or if it is best handled by the WBC.

1Indigenous land defined as the STN area (in Norwegian). Definition of “near” (5 km) from SASB Oil and Gas Sustainability Reporting Standard.

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The Company also has a Human Rights procedure available online, which further outlines the grievance mechanism of the Company, and more can also be read about the grievance mechanism in the Sustainability statement S2 – Workers in the value chain.

There were no grievances or concerns regarding human and labour rights received through the Ethics Helpline or via the form on the Company website in 2025, but a few information requests were received.

Supply chain analysis

Vår Energi collaborates with a broad range of suppliers, primarily supporting upstream operations and projects. The Company has registered over 1000 suppliers, the majority of whom are based in Norway and other European countries. Vår Energi operates exclusively in Norway and is committed to local engagement, prioritising Norwegian suppliers wherever possible. This strengthens regional economic activity and supports a sustainable supply chain. In 2025 over 96% of Vår Energi’s total spend on purchased goods and services for the Company’s operated assets came from Norwegian suppliers.

In addition to qualifying and monitoring suppliers for HSE compliance, Vår Energi conduct integrity due diligence assessments of new and existing suppliers, both under the Transparency Act and as part of the regular compliance work. The Company also performs integrity due diligence of sub-suppliers as well as all other new business partners like customers, consultants, and JV partners as in

accordance with Company procedures. Various tools and methods are used to identify and prioritise potential negative social impacts at key decision-making milestones.

Vår Energi applies a tier segmentation framework to ensure that contracts receive the appropriate level of follow-up. Contracts are assessed and categorised based on key risk factors. If a contract involves an increased risk related to human rights or working conditions, the tier segmentation ensures the correct level of monitoring and oversight. This includes regular monitoring, scheduled meetings, and structured reporting to track compliance and mitigate risks.

Vår Energi’s Internal Audit department conducted an audit in fourth quarter 2024 regarding “Detection and follow-up of human rights breaches in the supply chain” to verify if the Company’s processes for detecting and following up potential human rights breaches are in compliance with the Transparency Act requirements. There were no findings from the audit, only a few observations with recommendations that were followed up in 2025.

Integrity due diligence assessment

When considering new tenders for goods and services an integrity due diligence is performed of the applicable companies according to procedure using a tool that identifies a broad range of checks, such as corruption risk, financial risk, sanctions, risk of human rights violations, and mapping and assessment of ownership structure. It also checks for

several types of crimes including human rights violations, genocide, war crimes, hate crimes, Geneva Convention violations, unlawful imprisonment, extrajudicial executions, torture, ethnic cleansing, crimes against humanity, political persecution, and political prisoners.

If the integrity due diligence assessment shows any areas of concern related to potential negative impacts regarding human and labour rights, the potential supplier must complete a comprehensive questionnaire to demonstrate that robust human rights procedures and sufficient safeguards are in place before the supplier is approved as a potential supplier. For new suppliers, Vår Energi ensures that contractual provisions are in place. This may include setting Key Performance Indicators (KPIs) to monitor compliance and performance. In 2025, the Company did not identify any suppliers where it deemed necessary to establish such KPIs. Additionally, it’s essential that these suppliers have robust human rights procedures in place. Ongoing supplier relationships are monitored by Company representatives to ensure continuous insights and maintain close relations.

Once a contract is in place, potential negative impacts in the value chain are monitored through dialogue and follow-up with the value chain workers, or through the Coordinating Working Environment Committee (C-WAC). Potential negative impact on workers is always a topic in dialogue meetings with the value chain workers, particularly related to working conditions, health and safety. Working time is

A worker wearing high‑visibility protective clothing walking on an offshore platform balcony with the rough open sea beneath.

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also monitored through monthly approval of timesheets for many workers.

In 2025, Vår Energi performed a total of 212 integrity due diligence assessments of individual suppliers and business partners. No actual negative impact regarding human and labour rights and no high potential for negative impact was identified which the Company has either caused, contributed to or is directly linked to through its supply chain or business partners.

Supplier on-site audits

Vår Energi’s suppliers operating on the NCS shall register in Magnet JQS, a digital platform provided by Offshore Qualific, tailored to the energy industry, which functions both as a supplier register and a qualification tool with a focus on, among other things, human rights. Suppliers must undergo a thorough capacity assessment of their operational management system, including evaluation of risk management related to human rights. Operators on the NCS has a collaborative approach to responsible business conduct and collaborate to perform and share audit reports of suppliers in the energy sector, audits with focus on the operational management system of suppliers, security, helicopters, or human rights. The audits are administered by Offshore Qualific, and audit reports are shared in Magnet JQS. Offshore Qualific also administers networks for amongst others human rights where Vår Energi is active member. The cooperation has also been extended to include the suppliers themselves, giving further insight

into even more relevant actors' work with respect to human and labour rights.

In 2025 two on-site human rights audits of suppliers were completed by third-party auditors on behalf of Vår Energi. There were no actual adverse impacts found, but a total of two non-conformities, three observations and six improvement suggestions. The non-conformities were both regarding that the two suppliers had not passed on contractual requirements related to business conduct to sub-suppliers of Vår Energi. This is a requirement in the Company Terms & Conditions. Both suppliers also received an observation regarding limited follow-up of suppliers, and one supplier also received an observation regarding limited information in the Norwegian Transparency account. Follow-up meetings have been held and actions taken to address the non-conformities, observations and improvement suggestions.

Mitigation of significant risks

Due to the industry risk, Vår Energi assess that there is a significant inherent risk to HSE related to working conditions on the Company’s installations. For this reason, comprehensive management systems have been established to effectively manage this risk.

Beyond this, the Company has not identified significant actual or potential negative consequences for fundamental human rights or decent work in the supply chain for work

related to Vår Energi. Vår Energi’s contracts are primarily with companies operating in countries with robust labour rights and regulations. A significant proportion of the suppliers are large companies that are independent subjects under the Transparency Act. This means that these companies have their own obligations to conduct due diligence assessments and report on them. There is also a requirement in the supplier contracts to inform Vår Energi about any actual or potential adverse impacts on fundamental human rights and there have been no such reports. Concerns from value chain workers at Vår Energi facilities may also be raised in C-WAC meetings. In 2025 one such concern was raised and has been addressed.

No actual adverse impacts or significant risks have been identified in the human rights audits conducted of suppliers, but as mentioned the non-conformities and observations are still followed up and closed when issues are solved, or the recommendations are made. Vår Energi will continue to nominate suppliers for human rights audits where there could be an increased risk for adverse human rights impacts. In all recent contracts there are also a clause to audit sub-suppliers, and this will also be considered. Vår Energi’s upstream value chain is complex, especially related to the manufacturing of material input commodities related to raw materials such as steel, concrete and cement. These commodities may have a potential risk for human and labour rights violations, but the large and complex supply chain may pose difficulties for detecting and

addressing incidents several levels down in the supply chain.

No reports of any adverse impacts or significant risks of adverse impacts have been reported through the whistleblowing channel, WhistleB. The Company’s grievance mechanism is described in the Human Rights procedure.

Supply Chain Management personnel receive annual compliance training, including on human rights in order to address risk for human rights and decent working conditions in the supply chain. Human rights awareness training for the Company’s representatives for the supplier contracts outside Supply Chain Management, which are tasked with follow-up of suppliers, is being planned in order for them to be better equipped to address risks and concerns they may encounter in the follow-up of suppliers.

KPIs related to Human Rights have been included in the supplier follow-up to ensure that the issues are not just talked about but measured and followed up. Making sure human rights is on the agenda may also help to raise concerns and issues if there should be any.

Human rights due diligence assessments and managing human and labour rights risks are an ongoing process, and Vår Energi is working for continuous improvements.

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Terms and abbreviations continued

Term

Definition

NVE

The Norwegian Water Resources and Energy Directorate

NZE

Net Zero Emissions by 2050 Scenario

OCI

Other Comprehensive Income

OECD

Organisation for Economic Co-operation and Development

PA

Protected Areas

PDO

Plans for Development and Operation

PPA

Purchase Price Allocation

PPE

Personal Protective Equipment

PPE

Property, Plant and Equipment

PPF

Ekofisk Previous Produced Fields

PRMS

Petroleum Resources Management System

PSE

Process Safety Events

R&D

Research and Development

RCF

Revolving Credit Facility

ROACE

Return On Average Capital Employed

RRR

Reserves Replacement Ratio

SCM

Supply Chain Management

SIF

Serious Incident Frequency

SOFR

Secured Overnight Financing Rate

SSP

Share Savings Plan

STEPS

Stated Policies Scenario

Term

Definition

SVOs

Særlig Verdifulle og Sårbare Områder

The Board

The Board of Directors

The CG Policy

Corporate Governance Policy

The Regulation

Norwegian Regulation on Guidelines and Report on Remuneration of Executive Personnel

The S&S Committee

The Safety and Sustainability Committee

TIR

Take Time – Involve – React

TRIF

Total Recordable Injury Frequency

TSR

Total Shareholder Return

UNESCO

The United Nations Educational, Scientific and Cultural Organization

UNGP

UN Guiding Principles on Business and Human Rights

VOCIC

Volatile Organic Carbon Industry Collaboration

VPS

Norwegian Central Securities Depository

WACC

Weighted Average Cost of Capital

WBC

The Whistleblowing Committee

WEA

"Norwegian Working Environment Act"

WEC

Working Environment Committee

WEO

World Energy Outlook report

WRI

Work-Related Illness

Metric abbreviations

Definition/description

boe

Barrels of oil equivalent

kboepd

Thousands of barrels of oil equivalent per day

mmboe

Millions of barrels of oil equivalents

Sm3

Standard cubic meters

tCO2e

Tonnes CO2equivalents

1P reserves

The quantities of petroleum which can be estimated with reasonable certainty to be commercially recoverable, also referred to as “proved reserves"

2P reserves

Proved plus probable reserves consisting of 1P reserves plus those additional reserves, which are less likely to be recovered than 1P reserves

2C reserves

The quantities of petroleum estimated to be potentially recoverable from known accumulations, also referred to as “contingent resources”

Sox

sulphur oxides

CO

carbon monoxide

NOX

nitrogen oxides

nmVOC

non-methane volatile organic compounds

1PD

1P + proved developed reserves

2PD

2P + probable developed reserves
Vår Energi. Logo.
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