DNO (DNO) Q4 2025 earnings summary

Executive summary

• Net production reached a record 110,700 boepd in 2025, up 43% year-over-year, driven by the Sval Energi acquisition and strong performance in the North Sea and Kurdistan.

• Revenues more than doubled to USD 1.474 billion, with 86% from the North Sea, and cash from operations also more than doubled to USD 929 million.

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

• Distributed USD 130 million in dividends in 2025, maintaining a consistent policy since COVID.

• Achieved a milestone of 500 million barrels produced from the Tawke license, with significant reserves remaining.

Financial highlights

• 2025 revenues: USD 1.474 billion, up 120% from 2024.

• Operating profit: USD 513 million; net profit: negative USD 25 million, similar to 2024.

• Q4 2025 revenues were USD 481.6 million, with operating profit at USD 177.1 million.

• Cash from operations nearly doubled to USD 929 million; net cash/debt position at year-end was negative USD 885.9 million.

• Operational spend was USD 1.55 billion in 2025, projected to rise to USD 1.65 billion in 2026.

Outlook and guidance

• North Sea net production guidance for 2026 is 82,000 boepd, with development capex projected at USD 590 million.

• Kurdistan 2026 capex projected at USD 100 million, targeting 100,000 boepd in gross operated production.

• Increased CapEx in both Kurdistan and Norway to support drilling and development.

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

• Participation in 17 new exploration licenses in Norway's 2025 APA licensing round.