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Market consensus of analysts

Analyst consensus

Every quarter ahead of the earnings announcement, we collect earnings and production estimates from the equity analysts covering the company. These numbers become a proxy for the market’s expectations of our results.

Closed Period

We voluntarily apply a ‘closed period’ before the results of a reporting period are announced. During the two-week period preceding the announcement, we limit our communications with the capital market and will not meet with capital market representatives.

3rd quarter 2025 — Collected October 2025, 21 analysts provided input

In million USD

E&P Norway

5671

E&P International

344

E&P USA

85

MMP

307

REN

-70

Other

-24

Adjusted operating income before tax

6313

Tax, E&P Norway

4397

Tax, E&P International

141

Tax E&P USA

20

Tax, MMP

156

Tax, REN

-9

Tax, Other

-17

Tax in total

4687

Adjusted operating income after tax

1626

Expensed exploration impacting EPN

130

Expensed exploration impacting EPI

82

Expensed exploration impacting EP USA

27

mbd

Liquids production Norway

689

Gas production Norway

693

Liquids production EPI, equity

244

Gas production EPI, equity

35

Liquids production EP US, equity

153

Gas production EP US, equity

281

Total production, equity

2095

PSA/royalty effect, EPI

62

PSA/royalty effect, EP USA

58

Total production, entitlement

1975

CFFO after tax (excl. WC), million USD

4613

Organic capex , million USD

3259

Adjusted EPS, USD/share

0,58

Method: Consensus numbers for reporting segments, as well as tax and production items, represent the average of the inputs after deducting the highest and lowest value for each item. The consensus numbers for adjusted operating income (before tax) represents the sum of the consensus for reporting segments. Estimate for after tax operating income (adjusted) equals the consensus pre-tax number minus consensus for tax in total.

Historical consensus information and invitations for consensus input