[6-K] EQUINOR ASA Current Report (Foreign Issuer)

Rhea-AI Filing Summary

Equinor ASA reported third-quarter 2025 results showing solid operations and cash generation alongside non-cash charges. Adjusted operating income was USD 6.21 billion, and adjusted net income was USD 0.93 billion, equal to adjusted EPS of USD 0.37. The company recorded net operating income of USD 5.27 billion and a reported net loss of USD 0.20 billion, mainly due to USD 754 million of net impairments tied to updated price assumptions and assets held for sale.

Production averaged 2,130 mboe per day, up 7% year over year, led by Johan Sverdrup, new NCS fields (Johan Castberg, Halten East), and higher U.S. output. Total power generation reached 1.37 TWh, with renewables at 0.91 TWh, up 34%. Cash flow from operations after taxes was USD 5.33 billion. The net debt to capital employed adjusted ratio was 12.2% at quarter-end.

Equinor declared a cash dividend of USD 0.37 per share for the quarter and will launch the fourth tranche of its 2025 share buy-back program of up to USD 1.266 billion, keeping total 2025 capital distribution around USD 9 billion. In October, first oil was achieved at Brazil’s Bacalhau field, and the company decided to stop two early-phase electrification projects due to high abatement costs.

Insights

Energy sector analyst

Operational strength offset by impairments; capital returns maintained.

Equinor delivered strong volumes with total production up 7% to 2,130 mboe/d, supporting adjusted operating income of USD 6.21 billion. Renewables generation rose 34% to 0.91 TWh as Dogger Bank A ramped. Cash flow from operations after taxes was robust at USD 5.33 billion, helping hold net debt to capital employed adjusted at 12.2%.

Reported earnings were pressured by USD 754 million of net impairments tied to revised price assumptions and assets held for sale (including UK JV transfer and Peregrino). Segment dynamics were mixed: E&P Norway remained the earnings anchor, while MMP normalized and REN reflected prior-period impairments.

Capital returns remain a core feature: a USD 0.37 dividend and a fourth 2025 buyback tranche of up to USD 1.266 billion support total 2025 distribution of around USD 9 billion. Subsequent disclosures may detail Bacalhau’s early contribution and the planned buyback execution schedule.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

For the month of October 2025

Commission File Number 1-15200

Equinor ASA

(Translation of registrant’s name into English)

FORUSBEEN 50 NO-4035 , STAVANGER , Norway

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X       Form 40-F

This Report on Form 6-K contains a report of the third quarter 2025 results of Equinor ASA.

2 0 25

Third quarter

Financial statements and review

Equinor third quarter 2025

2 Press release PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Key figures

Operational

2,130

MBOE/D

Equity oil & gas production per

day

1.37

TWh

Total power generation,

Equinor share

0.91

TWh

Renewable power

generation,

Equinor share

Financial
5.27	6.21
USD BILLION	USD BILLION
Net operating income	Adjusted operating income*
5.33	0.37
USD BILLION	USD
Cash flow from operations after taxes paid*	Adjusted earnings per share*
0.37	5
USD PER SHARE	USD BILLION
Announced cash dividend per share	Share buy-back programme for 2025

Sustainability

0.23

SIF

Serious incident

frequency (per million

hours worked)

6.1

KG / BOE

CO₂ upstream intensity. Scope

1 CO₂ emissions, Equinor

operated, 100% basis for the

first nine months of 2025

8.0

MILLION TONNES CO 2 e

Absolute scope 1+2 GHG

emissions for the first nine

months of 2025

Always safe

High value

Low carbon

Equinor third quarter 2025

3 Press release PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Equinor third quarter 2025 results

Equinor delivered an adjusted operating income* of USD 6.21 billion and USD 1.51 billion after tax* in the third quarter of 2025 . Equinor reported a net operating

income of USD 5.27 billion and a net loss of USD 0.20 billion . Adjusted net income* was USD 0.93 billion , leading to adjust ed earnings per share* of USD 0.37 .

Strong cashflow and operational performance

• 7% production growth with strong performance from Johan Sverdrup

and Johan Castberg

• Robust balance sheet through lower price environment

• Reported r esults impacted by net impairments, primarily driven by

lower price outlook

Strong cost focus

• Stable cos t from last year 1

• 50% cost reduction in R enewables

• Stopping two ea rly-phase electrification pr ojects

St rategic development

• First oil from the Bacalhau field in Brazil in October

• Successful infrastructure-led exploration on the NCS

• Participating in Ørsted rights issue, positioning for industrial and

strategic collaboration

Capital distribution

• Third quarter cash dividend of USD 0.37 per share and fourth tranche

of share buy-back of up to USD 1.266 billion

• Total capital distribution for 2025 in line with announced level of

around USD 9 billion

1) Year-to-date, adjusted operating and administrative expenses* excluding royalties, transportation costs, over/underlift and a few selected one-offs.

Anders Opedal , President and CEO of Equinor ASA :

“We deliver strong operations this quarter. High performing fields and new

fields coming on stream on the Norwegian continental shelf, drive

production growth.”

“In October, we started production from our largest offshore field

internationally, Bacalhau. The field will contribute substantially to grow

earnings from our international portfolio towards 2030.”

“We have systematically addressed cost over time. In a period with both

production growth and inflation , we maintain stable costs year to date.”

Anders Opedal

Equinor third quarter 2025

4 Press release PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Financial information	Quarters			Change	First nine months
(unaudited, in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Net operating income/(loss)	5,270	5,721	6,905	(24) %	19,866	22,192	(10) %
Net income/(loss)	(204)	1,317	2,285	N/A	3,744	6,830	(45) %
Basic earnings per share (USD)	(0.08)	0.50	0.83	N/A	1.42	2.39	(40) %
Adjusted operating income*	6,215	6,535	6,887	(10) %	21,395	21,902	(2) %
Adjusted net income*	932	1,670	2,191	(57) %	4,391	7,444	(41) %
Adjusted earnings per share* (USD)	0.37	0.64	0.79	(54) %	1.67	2.61	(36) %
Cash flows provided by operating activities 1)	6,346	2,477	6,495	(2) %	17,865	17,443	2 %
Cash flow from operations after taxes paid 1) *	5,334	1,938	5,685	(6) %	14,666	13,739	7 %
Net cash flow before capital distribution 1) *	2,085	(1,289)	2,524	(17) %	5,342	4,294	24 %
Operational information
Group average liquids price (USD/bbl) [1]	64.9	63.0	74.0	(12) %	66.0	75.9	(13) %
Total equity liquids and gas production (mboe per day) [3]	2,130	2,096	1,984	7 %	2,116	2,065	2 %
Total power generation (TWh) Equinor share	1.37	1.12	1.13	21 %	3.89	3.49	12 %
Renewable power generation (TWh) Equinor share	0.91	0.83	0.68	34 %	2.49	2.11	18 %
* For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures. 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see note 1 Organisation and basis of preparation. [ ] For items marked with numbers within brackets, see End notes in the Supplementary disclosures.

	Adjusted operating income*	E&P equity liquids and gas production	Total power generation Equinor share
Key figures by segment	(USD million)	(mboe/day)	(TWh)
E&P Norway	5,618	1,422	0.04
E&P International	396	267
E&P USA	37	441
MMP	299		0.46
REN	(64)		0.88
Other incl. eliminations	(71)
Equinor Group Q3 2025	6,215	2,130	1.37
Equinor Group Q3 2024	6,887	1,984	1.13
Equinor Group first nine months 2025	21,395	2,116	3.89
Equinor Group first nine months 2024	21,902	2,065	3.49
Net debt to capital employed adjusted*	30 September 2025	31 December 2024	%-point change
Net debt to capital employed adjusted*	12.2%	11.9%	0.3 %
Dividend (USD per share)	Q3 2025	Q2 2025	Q3 2024
Ordinary cash dividend per share	0.37	0.37	0.35
Extraordinary cash dividend per share	—	—	0.35
In the first nine months of 2025, Equinor settled shares in the market under the 2024 and 2025 share buy-back programmes of USD 5,527 million, which included USD 4,260 million for the state share of the second, third and fourth tranche of the 2024 programme and the first tranche of the 2025 programme.

Equinor third quarter 2025

5 Press release PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Strong cashflow and operational performance

Equinor delivered a total equity production of 2,130

mboe per day in the third quarter, up 7% from 1,984

mboe per day in the same quarter last year.

Operational performance on the Norwegian

continental shelf (NCS) was strong with several

fields, in particular the Johan Sverdrup field,

delivering strong production and minimal unplanned

downtime. Combined with the new Johan Castberg

and Halten East fields, the production growth was

9% on the NCS compared to the same quarter last

year. New wells and lower impact from turnarounds

also contributed positively.

The acquisition of additional interests in US onshore

assets in 2024, and increased production from

offshore assets , contributed to a 29% increase in oil

and gas production from the US segment in the third

quarter, compared to the same period last year.

The production from the international upstream

segment, excluding the US, is down compared to the

same quart er last year due to exits from Nigeria and

Azerbaijan in 2024 . There was a two-month

production halt at the Peregrino field, which is held

for sale. The halt was due to audit requirements from

the Brazilian authorities, and production resumed in

October. Production from new wells internationally

contributed positively to the results.

The total power generation was 1.37 TWh. The

renewable portfolio contributed with 0.91 TWh, which

is a 34% increase compared to last year, primarily

driven by the ramp up of Dogger Bank A and new

production from onshore renewables.

In the quarter, Equinor completed 18 offshore

exploration wells on the NCS with 7 commercial

discoverie s.

Financial results

Equinor delivered an adjusted operating income* of

USD 6.21 bill ion and USD 1.51 billion after tax* in

the third quarter of 2025. The results are affected by

lower liquids prices, which were partially offset by

higher production and higher gas prices in the US.

The reported net operating income of USD 5.27

billion is down from USD 6.91 billion in the same

quarter last year. This is impacted by net

i mpairments of USD 754 million, primarily due to

updated forward-looking price assumptions. Assets

held for sale in the international portfolio, which

hence have not been depreciated, accounted for

USD 650 million and USD 385 million is related to

non-operated assets offshore in the US . This was

partially offset by an impairment reversal of USD 299

million relate d to an onshore asset in Norway.

Equinor realised a European gas price of USD 11.4

per mmbtu and realised liquids prices were USD

64.9 per bbl in the third quarter.

Equinor expects the Midstream, Marketing and

Processing segment to deliver a quarterly average

adjusted operating income* of around USD 400

million going forward. This is due to changing market

conditions and earlier divestment of certain assets.

Adjusted operating and administrative expenses* are

higher compared to the same quarter last year. This

is due to the booking of future operating expenses

related to a US offshore asset that ceased

production in the quarter, as well as higher

transportation costs and currency effects . This was

partially offset by cost improvements in the

renewable segment.

Strong operational performance generated cash

flows provided by operating activities, before taxes

paid and working capital items, of USD 9.10 billion

for the third quarter .

Equinor paid two NCS tax instalments totalling USD

3.9 billion in the quarter . For the fourth quarter,

Equinor expects to pay three instalments. This is due

to the new phasing of ten instalments annually.

Cash flow from operations after taxes paid* ended at

USD 5.33 billion.

Organic capital expenditure* was USD 3.41 billion

for the quarter, and total capital expenditures were

USD 3.68 billion.

The net debt to capital employed adjusted ratio* was

12.2% at the end of the third quarter , compared to

15.2 % at the end of th e second quarter of 2025.

Strategic development

Successful near-infrastructure exploration on the

NCS, led to seven commercial discoveries in the

quarter. One of the discoveries already started

production , adding volumes to the Åsgard A in the

Norwegian Sea . Combined with production start-up

from the Askeladd Vest field in the Barents Sea, this

supports Equinor’s long-term role as a safe supplier

of energy to Europe.

In October, the Bacalhau field in Brazil came on

stream. With recoverable reserves of more than

1 billion barrels of oil equivalents , it is the largest

international offshore field ever developed b y

Equinor .

In the third quarter, Equinor announced participation

in the rights issue of Ørsted. This is driven by a

positive long-term view for offshore wind and

confidence in the underlying business of Ørsted.

In the quarter, Northern Lights received and stored

the first CO₂ volumes. With this, the world’s first third

party CO₂ transport and storage facility is now

operational.

In October, Equinor decided to stop the early phase

Snorre and Halten electrification projects. The

reason for stopping the two projects was primarily

due to high abatement cost s. The company will

further mature the Grane-Balder early-phase energy

project.

Health, safety and the environment	Twelve months average per Q3 2025	Full year 2024
Serious incident frequency (SIF)	0.23	0.3
	First nine months 2025	Full year 2024
Upstream CO₂ intensity (kg CO₂/boe)	6.1	6.2
	First nine months 2025	First nine months 2024
Absolute scope 1+2 GHG emissions (million tonnes CO₂e)	8.0	8.2

Equinor third quarter 2025

6 Press release PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Competitive capital distribution

Johan Castberg

The board of directors has decided a cash dividend

of USD 0.37 per share for the third quarter of 2025,

in line with communication at the Capital Markets

Update in February.

The board of directors has decided to initiate a

fourth and final tranche of the share buy-back

programme for 2025 of up to USD 1.266 billion .

The tranche will commence on 30 October and end

no later than 2 February 2026. This fourth tranche

will complete the announced share buy-back

programme of up to USD 5 billion for 2025. It will

also conclude total capital distribution for 2025 of

around USD 9 billion.

The third tranche of the share buy-back programme

for 2025 was completed on 23 October 2025 with a

total value of USD 1.265 billion.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

Equinor third quarter 2025

7 PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Third quarter 2025 review

Group review	8
Outlook	11
Supplementary operational disclosures	12
Exploration & Production Norway	14
Exploration & Production International	15
Exploration & Production USA	16
Marketing, Midstream & Processing	17
Renewables	18

Equinor third quarter 2025

8 Group review PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Group review

Operational information	Quarters			Change	First nine months
	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Total equity liquid and gas production (mboe/day)	2,130	2,096	1,984	7 %	2,116	2,065	2 %
Total entitlement liquid and gas production (mboe/day)	2,005	1,979	1,860	8 %	1,995	1,938	3 %
Total Power generation (TWh) Equinor share	1.37	1.12	1.13	21 %	3.89	3.49	12 %
Renewable power generation (TWh) Equinor share	0.91	0.83	0.68	34 %	2.49	2.11	18 %
Average Brent oil price (USD/bbl)	69.1	67.8	80.2	(14) %	70.9	82.8	(14) %
Group average liquids price (USD/bbl) [1]	64.9	63.0	74.0	(12) %	66.0	75.9	(13) %
E&P Norway average internal gas price (USD/ mmbtu)	9.98	10.60	9.69	3 %	11.31	8.60	32 %
E&P USA average internal gas price (USD/mmbtu)	2.01	2.41	1.46	38 %	2.50	1.52	65 %

Financial information	Quarters			Change	First nine months
(unaudited, in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Total revenues and other income	26,049	25,145	25,446	2 %	81,115	76,120	7 %
Total operating expenses	(20,779)	(19,424)	(18,541)	12 %	(61,250)	(53,927)	14 %
Net operating income/(loss)	5,270	5,721	6,905	(24) %	19,866	22,192	(10) %
Net financial items	(604)	37	365	N/A	(548)	606	N/A
Income tax	(4,870)	(4,441)	(4,986)	(2) %	(15,574)	(15,969)	(2) %
Net income/(loss)	(204)	1,317	2,285	N/A	3,744	6,830	(45) %
Adjusted total revenues and other income*	26,063	25,115	25,518	2 %	80,775	75,845	7 %
Adjusted purchases* [4]	(13,826)	(12,838)	(13,103)	6 %	(42,181)	(37,242)	13 %
Adjusted operating and administrative expenses*	(3,263)	(3,094)	(2,805)	16 %	(9,500)	(8,707)	9 %
Adjusted depreciation, amortisation and net impairments*	(2,543)	(2,466)	(2,426)	5 %	(7,173)	(7,153)	— %
Adjusted exploration expenses*	(216)	(183)	(296)	(27) %	(526)	(841)	(38) %
Adjusted operating income/(loss)*	6,215	6,535	6,887	(10) %	21,395	21,902	(2) %
Adjusted net financial items*	(628)	(106)	162	N/A	(964)	633	N/A
Income tax less tax effect on adjusting items	(4,655)	(4,758)	(4,857)	(4) %	(16,040)	(15,091)	6 %
Adjusted net income*	932	1,670	2,191	(57) %	4,391	7,444	(41) %
Basic earnings per share (in USD)	(0.08)	0.50	0.83	N/A	1.42	2.39	(40) %
Adjusted earnings per share* (in USD)	0.37	0.64	0.79	(54) %	1.67	2.61	(36) %
Capital expenditures and Investments	3,420	3,401	3,098	10 %	9,848	8,531	15 %
Cash flows provided by operating activities 1)	6,346	2,477	6,495	(2) %	17,865	17,443	2 %
Cash flows from operations after taxes paid 1) *	5,334	1,938	5,685	(6) %	14,666	13,739	7 %
1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. For more information see note 1 Organisation and basis of preparation.

Operation s and fina ncial results

Equinor delivered a 7% i ncre ase in production,

driven by new fields on the NCS and contributions

from the US upstream portfolio, while lower liquids

prices tempered financial results .

In E&P Norway, the new Johan Castberg and Halten

East fields drove increased production in both the

third quarter and the first nine months of 2025

compared to the same periods last year. High

production efficiency from Johan Sverdrup, new

wells and a lower impact from turnarounds more

than offset natural decline on several fields in the

third quarter, while production during the first nine

months was partially impacted by increased

maintenance activities and natural decline across

several fields.

Portfolio changes in the international upstream

business throughout 2024 continued to influence

production levels in 2025. The acquisition of

additional interests in US onshore assets in

December 2024 incre ased E&P USA production in

the third q uarter and first nine months of 2025

compared to the same periods last year. This

increase was supp orted by new offshore wells

brought into production in 2025. In E&P

International, the divestments of interests in Nigeria

and Azerbaijan in the fourth quarter of 2024 led to

lower p roduction volumes for the quarter and first

nine months of 2025. The production stop in

Peregrino from mid-August 2025 further contributed

to the decrease, which was partially offset by new

wells across the E&P I nternational portfolio in the

quarter .

Growth in the renewables portfolio drove the

increase in total power generation in the third quarter

and first nine months of 2025. The ongoing ramp-up

of Dogger Bank A and the onshore acquisition in

Sweden in March 2025 led to a 34% and 18%

increase in renewable power generation for the third

Equinor third quarter 2025

9 Group review PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

quarter and first nine months of 2025 respectively,

compared to the same periods last year.

Marketing, Midstream and Processing segment

results in the third quarter were primarily driven by

the optimisation of piped gas trading in Europe. The

result from Cru de, Products and Liquids was weak

during the third quarter of 2025, negatively affected

by l osses on hedging of shipping contract s and weak

speculative trading . Lower contributions from LNG,

crude, LPG trading and gas infrastructure, due to

sale of assets, led to decreased results during the

first nine months.

H igher production volumes and realised gas prices

drove increased revenue for the quarter and first

nine months of 2025 relative to the same periods last

year . For the quarter, lower liquids prices partially

offset the benefit from higher production, leading to

only a marginal increase in revenue.

Adjusted operating and administrative expenses*

increased in the quarter and first nine months

compared to the same periods last year, primarily

impacted by transportation costs and changes in

estimates of asset retirement obligations associated

with a late-life offshore asset in the US that ceased

production during the third quarter . This increase

was partially offset by the divestments in E&P

International and reduction in business development

and early phase projects within the renewables and

low carbon solutions businesses .

The new fields on the NCS were the primary driver

of an increase in a djusted depreciation, amortisation

and net impairments* in the quarter. For the first nine

months of 2025, the impact of the new fields was

mostly offset by the cessation of depreciation for UK

assets , classified as held for sale since December

2024, and the cessation of depreciation for

Peregrino, classified as held for sale since May

2025 , resulting in stable depreciation relative to the

same period last year.

Lower drilling activity across our international

portfolio contributed to a decrease in exploration

expenses in the third quarter and first nine months of

2025, partially offset by increased exploration activity

on the NCS during the third quarter .

N et operating income included net impairments of

USD 754 million in the third quarter, and USD 1,855

million during the first nine months of 2025, impacted

to a large extent by updated price assumptions.

During the quarter, impairments totalling USD 650

million related to assets held for sale in our E&P

I nternational portfolio and USD 385 million related to

producing assets in the Gulf of America . These

charges were partially offset by an impairment

reversal of USD 299 million related to an onshore

asset in Norway.

Adjusted net financial items* in the quarter and in the

first nine months of 2025 reduced from the same

periods in the prior year, mainly due to losses on

financial investments during 2025 .

Taxes

The effective reported tax rate was high for the

quarter and increased from 68.6% in 2024 to 104.4%

for the third quarter of 2025 .The increase was mainly

due to higher share of income from jurisdictions with

high tax rates. The tax rate is also influenced by the

de-recognition of deferred tax assets and an

impairment related to the joint venture agreement

with Shell in the UK, see note 3 . The increase was

partially offset by currency effects in entities that are

taxable in other currencies than the functional

currency.

Cash flow and net debt

Strong operational performance in the third quarter

generated cash flow provided by operating activities

before taxes paid and working capital items of USD

9,098 million. Higher gas prices contributed to the

increase from USD 8,670 milli on in the same quarter

last year , partially offset by lower liquids prices. For

the first nine months, cash flow provided by

operating activities before taxes paid and working

capital items increased slightly from USD 28,424

million in the same period last year to USD 28,885

million.

Cash flow from operations after taxes paid*

decreased to USD 5,334 million from USD 5,685

million in the third quarter of 2024, primarily due to

higher tax payments in the quarter. For the first nine

months of 2025, cash flow from operations after

taxes paid* was USD 14,666 million, up from USD

13,739 million in the prior year .

Tax payments in the third quarter totalled USD 3,764

million, mainly representing the first two scheduled

Norwegian corporation tax instalments related to

2025 earnings. This is an increase from USD 2,986

million in the same period last year, with the increase

reflecting the change in the NCS instalment tax

payment structure.

A working capital decrease of USD 1,012 million

positively impacted the cash flow in the third quarter

of 2025 compared to a decrease of USD 810 million

in the third quarter of 2024 .

Net cash flow before capital distribution* increased

from negative USD 1,289 million in the pri or quarter

to positive USD 2,085 million. The increase was

mainly due to lower tax payments in the third quarter,

as it was the first quarter under the new NCS

instalment tax structure and related to 2025

earnings.

In the th ird quarter , net cash flow* amounted to an

outflow of USD 3,565 million, reflecting substantial

cash distributions of USD 4,712 million related to the

share buy-back programme, including USD 4,260

million payment to the Norwegian state . Net cash

flow* was an outflow of USD 4,058 million in the first

nine months of 2025, down from an outflow of USD

7,882 million in the same period last year, primarily

due to higher dividend payments in the prior year.

A decrease in liquid assets in the quarter, combined

with decreased equity caused a decrease in the net

debt to capital employed adjusted* ratio at the end of

September 2025 to 12.2% from 15.2% at the end of

June 2025

The subscription of additional shares in Ørsted A/S

for USD 0.9 billion was settled in early October and

will be reflected in cash flows for the fourth quarter.

Capital distribution

The board of directors has decided a cash dividend

of USD 0.37 per share for the third quarter of 2025,

in line with communication at the Capital Markets

Update in February.

The board of directors has decided to initiate a fourth

and final tranche of the share buy-back programme

for 2025 of up to USD 1.266 billion. The tranche will

commence on 30 October and end no later than 2

February 2026. This fourth tranche will complete the

announced share buy-back programme of up to USD

5 billion for 2025. It will also conclude total capital

distribution for 2025 of around USD 9 billion.

The third tranche of the share buy-back programme

for 2025 was completed on 23 October 2025 with a

total value of USD 1.265 billion.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

Equinor third quarter 2025

10 Group review PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Health, safety and the environment

In September, Equinor had a fatal accident where a

sub-contractor lost his life during a lifting operation at

the Mongstad refinery. The accident is being

investigated by Havtil, the police and internally by

Equinor .

Equinor's internal investigation of the accidental oil

spill from Njord A in December 2024 has been

completed and confirms that the incident could not

have developed into a major incident. There is no

documented oil-damaged wildlife or other

environmental damage following the spill. The

mapping and collection of oil clumps has been

completed for 2025 and Equinor plans to undertake

inspection and verification activities in 2026.

The twelve-month average serious incident

frequency (SIF) for the period ended 30 September

2025 was 0.23, a decrease from 2024 which ended

at 0.3.

Equinor’s absolute Scope 1 and 2 GHG emissions

from operated production (100% basis) were 8.0

million tonnes CO₂e in the first nine months of 2025,

representing a reduction of 0.2 million tonnes CO₂e

compared to the same period last year. The

reduction is primarily attributed to a turnaround at

Hammerfest LNG and the positive emission-reducing

effects of electrification projects implemented on the

NCS in 2024 .

Tjeldbergodden, Norway

Equinor third quarter 2025

11 Outlook PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

O utlook

Gullfaks, Norway

• Organic capital expenditures* are estimated at

USD 13 billion for 2025 2 .

• Oil & gas production for 2025 is estimated to

grow 4% compared to 2024 level [5].

• Equinor ’s ambition is to keep the unit of

production cost in the top quartile of its peer

group.

• Scheduled maintenance activity is estimated to

reduce equity production by around 30 mboe per

day for the full year of 2025.

These forward-looking statements reflect current

views about future events and are, by their nature,

subject to significant risks and uncertainties because

they relate to events and depend on circumstances

that will occur in the future. Deferral of production to

create future value, gas off-take, timing of new

capacity coming on stream and operational regularity

and levels of industry product supply, demand and

pricing represent the most significant risks related to

the foregoing production guidance. O ur future

financial performance, including cash flow and

liquidity, will be affected by geopolitical and

macroeconomic conditions, changes in the

regulatory and policy landscape, the development in

realised prices, including price differentials, tolls and

tariffs and other factors discussed elsewhere in the

report .

For further information, see section Forward-looking

statements in the report .

2) USD/NOK exchange rate assumption of 11

Equinor third quarter 2025

12 Supplementary operational disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Supplementary operational disclosures

	Quarters			Change	First nine months					Quarters			Change	First nine months
Operational information	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change		Operational information	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Prices									Equity production (mboe per day)
Average Brent oil price (USD/bbl)	69.1	67.8	80.2	(14) %	70.9	82.8	(14) %		E&P Norway equity liquids production	714	655	608	18 %	665	629	6 %
E&P Norway average liquids price (USD/bbl)	67.9	65.4	77.1	(12) %	68.8	79.0	(13) %		E&P International equity liquids production	239	267	300	(21) %	260	306	(15) %
E&P International average liquids price (USD/bbl)	62.1	60.1	71.4	(13) %	63.6	73.6	(14) %		E&P USA equity liquids production	155	147	142	10 %	150	148	1 %
E&P USA average liquids price (USD/bbl)	55.2	56.3	65.1	(15) %	57.5	66.4	(13) %		Group equity liquids production	1,109	1,070	1,050	6 %	1,075	1,082	(1) %
Group average liquids price (USD/bbl) [1]	64.9	63.0	74.0	(12) %	66.0	75.9	(13) %		E&P Norway equity gas production	707	704	701	1 %	725	753	(4) %
Group average liquids price (NOK/bbl) [1]	655	649	793	(17) %	692	809	(14) %		E&P International equity gas production	29	39	34	(15) %	34	34	— %
E&P Norway average internal gas price (USD/mmbtu) [7]	9.98	10.60	9.69	3 %	11.31	8.60	32 %		E&P USA equity gas production	286	283	200	43 %	282	195	45 %
E&P USA average internal gas price (USD/mmbtu) [7]	2.01	2.41	1.46	38 %	2.50	1.52	65 %		Group equity gas production	1,022	1,026	934	9 %	1,042	983	6 %
Realised piped gas price Europe (USD/mmbtu) [6]	11.43	12.00	11.24	2 %	12.79	10.15	26 %		Total equity liquids and gas production [3]	2,130	2,096	1,984	7 %	2,116	2,065	2 %
Realised piped gas price US (USD/mmbtu) [6]	2.42	2.73	1.66	46 %	2.98	1.86	60 %
									Power generation
Entitlement production (mboe per day)									Power generation (TWh) Equinor share	1.37	1.12	1.13	21 %	3.89	3.49	12 %
E&P Norway entitlement liquids production	714	655	608	18 %	665	629	6 %		Renewable power generation (TWh) Equinor share 1)	0.91	0.83	0.68	34 %	2.49	2.11	18 %
E&P International entitlement liquids production	184	224	233	(21) %	210	237	(11) %
E&P USA entitlement liquids production	138	132	127	9 %	134	132	1 %		1) Includes Hywind Tampen renewable power generation.
Group entitlement liquids production	1,036	1,011	968	7 %	1,009	998	1 %
E&P Norway entitlement gas production	707	704	701	1 %	725	753	(4) %
E&P International entitlement gas production	19	22	23	(18) %	20	23	(10) %
E&P USA entitlement gas production	242	242	169	44 %	240	165	46 %
Group entitlement gas production	968	968	892	9 %	985	940	5 %
Total entitlement liquids and gas production [2]	2,005	1,979	1,860	8 %	1,995	1,938	3 %

Equinor third quarter 2025

13 Supplementary operational disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Health, safety and the environment
	Twelve months average per Q3 2025	Full year 2024
Total recordable injury frequency (TRIF)	2.1	2.3
Serious Incident Frequency (SIF)	0.23	0.3
Oil and gas leakages (number of) 1)	4	7
	First nine months 2025	Full year 2024
Upstream CO₂ intensity (kg CO₂/boe) 2)	6.1	6.2
	First nine months 2025	First nine months 2024
Absolute scope 1+2 GHG emissions (million tonnes CO₂e) 3)	8.0	8.2
1) Number of leakages with rate above 0.1kg/second during the past 12 months. 2) Operational control, total scope 1 emissions of CO 2 from expectations and production, divided by total production (boe). 3) Operational control, total scope 1 and 2 emissions of CO 2 and CH4.

Johan Castberg, Norway

Equinor third quarter 2025

14 Exploration & Production Norway PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Exploration & Production Norway

Financial information	Quarters			Change	First nine months
(unaudited, in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Total revenues and other income	8,278	8,236	8,081	2 %	26,567	24,386	9 %
Total operating expenses	(2,660)	(2,530)	(2,207)	21 %	(7,299)	(6,626)	10 %
Net operating income/(loss)	5,618	5,706	5,875	(4) %	19,268	17,760	8 %
Adjusted total revenues and other income*	8,278	8,236	8,081	2 %	26,076	24,386	7 %
Adjusted operating and administrative expenses*	(926)	(1,077)	(871)	6 %	(2,894)	(2,718)	6 %
Adjusted depreciation, amortisation and net impairments*	(1,602)	(1,338)	(1,193)	34 %	(4,067)	(3,572)	14 %
Adjusted exploration expenses*	(132)	(115)	(143)	(7) %	(338)	(336)	0 %
Adjusted operating income/(loss)*	5,618	5,706	5,875	(4) %	18,777	17,760	6 %
Additions to PP&E, intangibles and equity accounted investments	1,557	1,674	1,462	6 %	5,640	4,413	28 %
Operational information	Quarters			Change	First nine months
E&P Norway	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
E&P entitlement liquid and gas production (mboe/day)	1,422	1,359	1,308	9 %	1,390	1,382	1 %
Average liquids price (USD/bbl)	67.9	65.4	77.1	(12) %	68.8	79.0	(13) %
Average internal gas price (USD/mmbtu)	9.98	10.60	9.69	3 %	11.31	8.60	32 %

Production & Revenues

In the third quarter of 2025, new fields coming on

stream (Johan Castberg and Halten East) drove an

increase in production compared to the same quarter

last year. High production efficiency from Johan

Sverdrup, new wells and a lower impact from

turnarounds and maintenance more than offset

natural decline on several fields. Liquids production

had a greater increase than gas in the quarter,

driven by new fields coming on stream with higher

liquids share in the production mix.

Production increased slightly for the first nine months

of 2025 compared to the same period last year,

reflecting a stable underlying performance and

modest ramp-up from new fields during the first half

of the year.

Revenues in the third quarter of 2025 were slightly

higher than in the same quarter last year, as strong

production performance more than offset the effect

of lower liquids prices . For the first nine months of

2025, revenues increased compared to the same

period of 2024, driven by higher gas prices which

more than offset the decline in liquids prices.

Operating expenses and financial results

Operating and administrative expenses were stable

when compared to the third quarter of 2024, with the

reported increase reflecting the weakening of the

USD versus NOK. There was a one-off

transportation cost effect in the quarter in addition to

increases related to the Petoro swap, new fields

coming on stream, partially offset by an underlift

effect. The same factors drove the increase f or the

first nine months of 2025 relative to 2024, except

that there was an overlift effect instead of underlift.

Depreciation, amortisation and net impairments in

the third quarter and the first nine months of 2025

was negatively impacted by ramp up of new fields

and field-specific investments, as well as the

development in the USD/NOK exchange rate. These

effects were partially offset by increased proved

reserves compared to the same periods last year.

The exploration activity in the third quarter of 2025

(18 wells ) was higher than in the third quarter last

year ( 8 wells). The higher drilling cost was more than

offset by higher capitalisation rate and lower seismic

cost, leading to a decrease in exploration expenses.

When comparing the first nine months this year to

last year, the same explanatory factors are relevant,

but offsetting each other.

In the first nine months of 2025 , net operating

income was positively impacted by a gain of USD

491 million from the swap transaction with Petoro.

Additions to PP&E, i ntangibles and equity accounted

investments in the first nine months of 2025 was

influenced by the assets acquired in the swap

transaction amounting to USD 1,086 million.

Equinor third quarter 2025

15 Exploration & Production International PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Exploration & Production International

Financial information	Quarters			Change	First nine months
(unaudited, in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Total revenues and other income	1,315	1,348	1,597	(18) %	4,234	5,160	(18) %
Total operating expenses	(1,569)	(932)	(1,190)	32 %	(3,493)	(3,438)	2 %
Net operating income/(loss)	(254)	415	407	N/A	741	1,722	(57) %
Adjusted total revenues and other income*	1,315	1,348	1,597	(18) %	4,185	5,160	(19) %
Adjusted purchases*	(38)	(67)	11	N/A	(102)	21	N/A
Adjusted operating and administrative expenses*	(532)	(490)	(519)	3 %	(1,589)	(1,496)	6 %
Adjusted depreciation, amortisation and net impairments*	(269)	(310)	(544)	(51) %	(974)	(1,526)	(36) %
Adjusted exploration expenses*	(80)	(51)	(138)	(42) %	(164)	(437)	(62) %
Adjusted operating income/(loss)*	396	429	407	(3) %	1,356	1,722	(21) %
Additions to PP&E, intangibles and equity accounted investments	695	622	760	(9) %	2,078	2,295	(9) %
Operational information	Quarters			Change	First nine months
E&P International	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
E&P equity liquid and gas production (mboe/ day)	267	306	334	(20) %	294	340	(14) %
E&P entitlement liquid and gas production (mboe/day)	203	246	256	(21) %	231	259	(11) %
Production sharing agreements (PSA) effects	65	60	79	(17) %	64	81	(22) %
Average liquids price (USD/bbl)	62.1	60.1	71.4	(13) %	63.6	73.6	(14) %

Production & Revenue s

The divestment of assets in Azerbaijan and Nigeria

along with the production stop in Peregrin o from mid-

August 2025, due to audit requirements from

Brazilian authorities, led to a decrease in production

i n the third quarter and the first nine months of 2025

compared to the same periods last year . Natural

decline in several fields further contributed to the

overall d rop in production levels. The decrease was

partially offset by contributions from new wells,

mainly in Argentina and Angola.

P roduction Sharing Agreements (PSA) effects were

reduced in the third quarter and the first nine months

of 2025 compared to the same periods last year,

reflecting the impact of the divestments and lower

liquids prices. 

T otal revenues and other income decreased in the

third quarter and the first nine months of 2025

compared to the same periods last year primarily

due to lower volumes and liquids prices. Total

revenues and other income was positively impacted

by net overlift in the third quarter of 2025.

Operating expenses and financial results

Operating and administrative expenses were at a

similar level in the third quarter of 2025 compared to

the same quarter last year . The increase in the first

nine months of 2025 was mainly due to higher

operation and maintenance cost s in Brazil and UK.

This was partially offset by the divestments.

The cessation of depreciation for the UK assets

classified as held for sale since December 2024, and

Peregrino, classified as held for sale since May

2025, drove the decline in adjusted depreciation,

amortisation and net impairments* in both the third

quarter and first nine months of 2025 compared to

the same periods in 2024.

Exploration expenses decreased in the third quarter

and the first nine months of 2025 compared to the

same periods in 2024, primarily due to expensed

wells in Canada in the third quarter of last year.

Expensed wells in Brazil and Argentina in the first

half of 2024 further contributed to the decrease in

the first nine months of 2025.

Net operating income in the third quarter and the first

nine months of 2025 was negatively impacted by an

impairment of assets held for sale in the UK

amounting to USD 650 million .

Additions to PP&E, intangibles and equity accounted

investments decreased in the the third quarter and

first nine months of 2025 compared to the same

periods last year. This decline was mainly due to the

UK assets and Peregrino being classified as held for

sale. The decrease was partially offset by higher

activity in Brazil.

Equinor third quarter 2025

16 Exploration & Production USA PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Exploration & Production USA

Production & Revenues

Financial information	Quarters			Change	First nine months
(unaudited, in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Total revenues and other income	1,014	1,040	943	7 %	3,251	2,999	8 %
Total operating expenses	(1,398)	(858)	(737)	90 %	(2,941)	(2,152)	37 %
Net operating income/(loss)	(384)	183	207	N/A	310	847	(63) %
Adjusted total revenues and other income*	1,014	1,040	943	7 %	3,251	2,999	8 %
Adjusted operating and administrative expenses*	(569)	(306)	(314)	81 %	(1,186)	(885)	34 %
Adjusted depreciation, amortisation and net impairments*	(405)	(536)	(408)	(1) %	(1,311)	(1,199)	9 %
Adjusted exploration expenses*	(3)	(16)	(15)	(79) %	(24)	(68)	(65) %
Adjusted operating income/(loss)*	37	183	207	(82) %	730	847	(14) %
Additions to PP&E, intangibles and equity accounted investments	314	294	330	(5) %	915	2,211	(59) %
Operational information	Quarters			Change	First nine months
E&P USA	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
E&P equity liquid and gas production (mboe/ day)	441	431	342	29 %	432	343	26 %
E&P entitlement liquid and gas production (mboe/day)	380	374	296	29 %	374	297	26 %
Royalties	61	57	46	32 %	58	46	26 %
Average liquids price (USD/bbl)	55.2	56.3	65.1	(15) %	57.5	66.4	(13) %
Average internal gas price (USD/mmbtu)	2.01	2.41	1.46	38 %	2.50	1.52	65 %

E&P USA reported higher production volumes in the

third quarter and the first nine months of 2025

compared to the same periods in 2024. This

increase was primarily driven by greater gas output

from the Appalachia onshore assets following the

acquisition of additional interests in late 2024.

Elevated operational activity in the Appalachia region

during the first nine months of 2025 further

supported the production gains . US Offshore

production increased in the third quarter of 2025 due

to additional wells brought into production in the first

nine months of 2025. However, offshore production

remained flat over the first nine months when

compared to the first nine months of 2024 .

Revenue for the third quarter and the first nine

months of 2025 benefitted from higher gas prices

and increased gas volumes. The third quarter of

2025 also benefitted from higher liquids production,,

partially offset by lower liquids prices, which limited

the overall increase in revenue .

O perating expenses and financ ial results

Operating and administrative expenses increased

during both the third quarter and the first nine

months of 2025. This increase was primarily driven

b y an increase in asset retirement obligations

associated with changes in estimates of a late-life

offsho re asset that ceased production during the

third quarter , as well as elevated transportation costs

resulting from increased production volumes in the

Appalachia onshore assets.

Adjusted depreciation, amortisation and net

impairments* remained stable in the third quarter of

2025 compared to the same period last year, as the

effect of higher depreciation from lower proved

reserve a dditions was largely offset by higher capital

Financial information	Quarters			Change	First nine months
(unaudited, in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Total revenues and other income	1,014	1,040	943	7 %	3,251	2,999	8 %
Total operating expenses	(1,398)	(858)	(737)	90 %	(2,941)	(2,152)	37 %
Net operating income/(loss)	(384)	183	207	N/A	310	847	(63) %
Adjusted total revenues and other income*	1,014	1,040	943	7 %	3,251	2,999	8 %
Adjusted operating and administrative expenses*	(569)	(306)	(314)	81 %	(1,186)	(885)	34 %
Adjusted depreciation, amortisation and net impairments*	(405)	(536)	(408)	(1) %	(1,311)	(1,199)	9 %
Adjusted exploration expenses*	(3)	(16)	(15)	(79) %	(24)	(68)	(65) %
Adjusted operating income/(loss)*	37	183	207	(82) %	730	847	(14) %
Additions to PP&E, intangibles and equity accounted investments	314	294	330	(5) %	915	2,211	(59) %
Operational information	Quarters			Change	First nine months
E&P USA	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
E&P equity liquid and gas production (mboe/ day)	441	431	342	29 %	432	343	26 %
E&P entitlement liquid and gas production (mboe/day)	380	374	296	29 %	374	297	26 %
Royalties	61	57	46	32 %	58	46	26 %
Average liquids price (USD/bbl)	55.2	56.3	65.1	(15) %	57.5	66.4	(13) %
Average internal gas price (USD/mmbtu)	2.01	2.41	1.46	38 %	2.50	1.52	65 %

additions and the acquisition of additional onshore

interests . In the first nine months of 2025, t hese

expenses increased relative to the same period in

2024. T he increase was largely attributable to asset

retirement obligations recognised in the second

quarter of 2025 related to an offshore asset and

acquisition of further interests in Appalachia onshore

properties in late 2024 partially offset by upward

revisions to proved reserves recorded at year-end

2024.

Exploration expenses declined in the first nine

months of 2025 compared to the same period in

2024. The decrease was primarily due to reduced

non-commercial drilling activity.

In the third quarter and the first nine months of 2025,

net operating income was adversely affected by

impairments of USD 385 million related to two

producing assets in US Offshore, in addition to USD

36 million in exploration license write-downs.

The decrease in additions to PP&E, intangibles and

equity accounted investments in 2025, compared to

2024, is primarily attributed to the swap with EQT

closed in the second quarter of 2024. This resulted

in an increase in the Northern Marcellus formation

offset by a decrease from the Appalachia-operated

assets.

Equinor third quarter 2025

17 Marketing, Midstream & Processing PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Marketing, Midstream & Processing

Financial information	Quarters			Change	First nine months
(unaudited, in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Total revenues and other income	25,753	24,798	25,204	2 %	79,623	75,218	6 %
Total operating expenses	(25,244)	(24,469)	(24,660)	2 %	(78,701)	(72,875)	8 %
Net operating income/(loss)	509	329	544	(6) %	922	2,343	(61) %
Adjusted total revenues and other income*	25,772	24,787	25,276	2 %	79,800	74,943	6 %
Adjusted purchases* [4]	(23,985)	(23,023)	(23,369)	3 %	(74,422)	(68,583)	9 %
Adjusted operating and administrative expenses*	(1,270)	(1,198)	(1,119)	14 %	(3,817)	(3,695)	3 %
Adjusted depreciation, amortisation and net impairments*	(217)	(232)	(243)	(11) %	(676)	(712)	(5) %
Adjusted operating income/(loss)*	299	333	545	(45) %	885	1,953	(55) %
— Gas and Power	282	224	454	(38) %	771	1,491	(48) %
— Crude, Products and Liquids	31	178	252	(88) %	388	906	(57) %
— Other	(13)	(69)	(160)	92 %	(273)	(444)	38 %
Additions to PP&E, intangibles and equity accounted investments	307	254	185	65 %	768	585	31 %
Operational information	Quarters			Change	First nine months
Marketing, Midstream and Processing	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Liquids sales volumes (mmbl)	279.1	262.3	258.5	8 %	829.9	759.9	9 %
Natural gas sales Equinor (bcm)	16.8	16.3	14.7	15 %	49.5	46.8	6 %
Natural gas entitlement sales Equinor (bcm)	14.1	13.3	12.3	15 %	41.1	39.4	4 %
Power generation (TWh) Equinor share	0.46	0.30	0.45	2 %	1.40	1.38	1 %
Realised piped gas price Europe (USD/mmbtu)	11.43	12.00	11.24	2 %	12.79	10.15	26 %
Realised piped gas price US (USD/mmbtu)	2.42	2.73	1.66	46 %	2.98	1.86	60 %

Volumes, Pricing & Revenues

Liquids sales volumes increased compared to the

previous quarter and against the first nine months of

previous year due to higher third party volumes.

Gas sales volumes increased compared both to the

previous quarter and against the first nine months of

previous year mostly explained by higher Equinor

international gas production.

Power generation has increased compared to the

previous quarter due to seasonality and at similar

levels when compared to the first nine months of

previous year.

The realised European piped gas price decreased

compared to the previous quarter due to weak gas

demand across Asia and Europe, combined with

growing LNG supplies. C ompared to the same

quarter last year, the realised European piped gas

prices remained at similar levels .

The realised piped gas price in the US decreased

versus the previous quarter due to higher storage

levels and l ower demand . Compared to the same

quarter last year, realised US gas price increased

due to lower storage levels and incremental LNG

export capacity.

Financial Results

In the third quarter of 2025, Gas and Power was the

main contributor to adjusted operating income*. The

result was driven by optimisation of piped gas

trading in Europe while US gas trading and LNG also

contributed with positive earnings despite

operational issues at Hammerfest LNG . The result

from Crude, Products and Liquids was weak during

the third quarter of 2025, negatively affected by

l osses on hedging of shipping contracts and weak

speculative trading.

Adjusted operating income * decreased compared to

the previous quarter. This is mostly explained by

losses on hedging of shipping contracts and weaker

speculative trading results. This was partially offset

by higher result from LNG, US gas trading and

increased refining margins .

During the first nine months of 2025 adjusted

operating income* was lower than the same period

last year across most sub-segments primarily due to

lower results from LNG, crude, LPG trading and gas

infrastructure due to sale of assets.

Net operating income includes a net effect of USD

283 million in impairment reversals, net effect of fair

value changes in derivatives and storages, changes

in onerous provisions and operational storage value .

Equinor third quarter 2025

18 Renewables PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Renewables

Financial information	Quarters			Change	First nine months
(unaudited, in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Revenues third party, other revenue and other income	42	36	26	61 %	58	67	(14) %
Net income/(loss) from equity accounted investments	(9)	31	7	N/A	44	75	(41) %
Total revenues and other income	34	67	33	1 %	102	142	(28) %
Total operating expenses	(92)	(1,069)	(199)	(54) %	(1,421)	(618)	>100%
Net operating income/(loss)	(59)	(1,002)	(166)	(65) %	(1,319)	(476)	>100%
Adjusted total revenues and other income*	29	48	33	(14) %	124	142	(13) %
Adjusted purchases*	(7)	—	—	N/A	(7)	—	N/A
Adjusted operating and administrative expenses*	(74)	(111)	(144)	(49) %	(273)	(387)	(29) %
Adjusted depreciation, amortisation and net impairments*	(13)	(12)	(5)	>100%	(32)	(31)	4 %
Adjusted operating income/(loss)*	(64)	(75)	(115)	(44) %	(188)	(275)	(32) %
Additions to PP&E, intangibles and equity accounted investments	773	718	361	>100%	2,271	1,593	43 %
Operational information	Quarters			Change	First nine months
Renewables	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Renewables power generation (TWh) Equinor share	0.88	0.78	0.65	36 %	2.37	2.02	17 %

Power generation

Total power generation increased in both the third

quarter and the first nine months of 2025 compared

to the same periods in 2024, mainly reflecting higher

production from Dogger Bank A and the addition of

new onshore capacity. In the third quarter of 2025,

total power generation amounted to 0.88 TWh,

comprising 0.47 TWh from offshore wind farms and

0.41 TWh from onshore renewables.

For the first nine months of 2025, total power

generation reached 2.37 TWh, including 1.20 TWh

from offshore wind and 1.17 TWh from onshore

assets. Offshore wind p ower generation was

primarily driven by production from Dudgeon,

Sheringham Shoal, and Dogger Bank A, while

onshore volumes mainly came from plants in Brazil

and a new onshore acquisition in Sweden .

Total revenues and other income

In the third quarter and first nine months of 2025,

adjusted total revenues and other income* slightly

decreased compared to the same periods last year.

The decline primarily reflects lower contributions

from equity accounted investments, driven by

increased early-phase project development costs,

while revenues from operated activities remained

broadly stable.

Operating expenses and financial results

Adjusted operating and administrative expenses*

decreased significantly in the third quarter and the

first nine months of 2025 compared to the same

periods in 2024. The reduction mainly reflects lower

activity in development projects and lower business

development costs following the completion of early-

phase project work.

The adjusted operating loss* for the third quarter and

first nine months of 2025 was also lower than the

same period of 2024, attributable to the decrease in

project development costs and business

development costs.

The net operating loss for the first nine months of

2025 included a USD 955 million impairment loss for

Empire Wind 1/South Brooklyn Marine Terminal

project under construction and for the undeveloped

Empire Wind 2 lease. This impairment primarily

reflected reduced expected synergies from future

offshore wind projects resulting from regulatory

changes and increased exposure to tariffs, which

impacted the project economics negatively in the

second quarter.

In the third quarter of 2025, USD 29 million of

additions to PP&E, intangibles, and equity accounted

investments related to onshore renewables and USD

744 million related to offshore wind projects. The

offshore additions primarily reflect continued

investments in projects in the US and Europe .

Equinor third quarter 2025

19 PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Condensed interim financial statements and notes

CONSOLIDATED STATEMENT OF INCOME	20
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	21
CONSOLIDATED BALANCE SHEET	22
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	23
CONSOLIDATED STATEMENT OF CASH FLOWS	24

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS	25
Note 1. Organisation and basis of preparation	25
Note 2. Segments	27
Note 3. Acquisitions and disposals	33
Note 4. Revenues	34
Note 5. Financial items	34
Note 6. Income taxes	35
Note 7. Provisions	35
Note 8. Capital distribution	36
Note 9. Geopolitical and market uncertainty	36

Equinor third quarter 2025

20 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

CONSOLIDATED STATEMENT OF INCOME

		Quarters			First nine months					Quarters			First nine months
(unaudited, in USD million)	Note	Q3 2025	Q2 2025	Q3 2024	2025	2024		(unaudited, in USD million)	Note	Q3 2025	Q2 2025	Q3 2024	2025	2024
Revenues	4	26,017	25,130	25,416	80,531	75,967		Interest income and other financial income		265	303	460	903	1,515
Net income/(loss) from equity accounted investments		(16)	9	(1)	6	43		Interest expenses and other financial expenses		(366)	(351)	(370)	(1,042)	(1,181)
Other income		48	6	31	578	110		Other financial items		(503)	86	275	(409)	272
Total revenues and other income	2	26,049	25,145	25,446	81,115	76,120		Net financial items	5	(604)	37	365	(548)	606
Purchases [net of inventory variation]		(13,917)	(12,739)	(13,104)	(42,100)	(37,171)		Income/(loss) before tax		4,666	5,759	7,271	19,318	22,798
Operating expenses	3	(3,055)	(2,752)	(2,518)	(8,650)	(7,909)
Selling, general and administrative expenses		(258)	(329)	(304)	(910)	(994)		Income tax	6	(4,870)	(4,441)	(4,986)	(15,574)	(15,969)
Depreciation, amortisation and net impairments	2	(3,297)	(3,422)	(2,318)	(9,029)	(7,011)
Exploration expenses		(252)	(183)	(296)	(562)	(841)		Net income/(loss)		(204)	1,317	2,285	3,744	6,830
Total operating expenses	2	(20,779)	(19,424)	(18,541)	(61,250)	(53,927)		Attributable to equity holders of the company		(210)	1,313	2,282	3,729	6,810
								Attributable to non-controlling interests		7	5	3	15	19
Net operating income/(loss)	2	5,270	5,721	6,905	19,866	22,192
								Basic earnings per share (in USD)		(0.08)	0.50	0.83	1.42	2.39
								Diluted earnings per share (in USD)		(0.08)	0.50	0.82	1.42	2.39
								Weighted average number of ordinary shares outstanding (in millions)		2,527	2,622	2,760	2,622	2,849
								Weighted average number of ordinary shares outstanding diluted (in millions)		2,535	2,629	2,767	2,629	2,855

Equinor third quarter 2025

21 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

Åsgard B, Norway

	Quarters			First nine months
(unaudited, in USD million)	Q3 2025	Q2 2025	Q3 2024	2025	2024
Net income/(loss)	(204)	1,317	2,285	3,744	6,830
Actuarial gains/(losses) on defined benefit pension plans	306	(187)	(98)	5	489
Income tax effect on income and expenses recognised in OCI 1)	(67)	44	24	7	(107)
Items that will not be reclassified to the Consolidated statement of income	240	(144)	(74)	12	382
Foreign currency translation effects	(78)	1,472	972	2,696	36
Share of OCI from equity accounted investments	10	(37)	(48)	7	(43)
Items that may be subsequently reclassified to the Consolidated statement of income	(68)	1,436	925	2,702	(7)
Other comprehensive income/(loss)	171	1,292	850	2,714	375
Total comprehensive income/(loss)	(32)	2,609	3,135	6,458	7,204
Attributable to the equity holders of the company	(39)	2,604	3,132	6,443	7,185
Attributable to non-controlling interests	7	5	3	15	19
1) Other comprehensive income (OCI).

Equinor third quarter 2025

22 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

CONSOLIDATED BALANCE SHEET

		At 30 September	At 31 December
(in USD million)	Note	2025 (unaudited)	2024 (audited)
ASSETS
Property, plant and equipment	2	59,961	55,560
Intangible assets	3	6,420	5,654
Equity accounted investments		2,848	2,471
Deferred tax assets		5,039	4,900
Pension assets		2,165	1,717
Derivative financial instruments		812	648
Financial investments		4,939	5,616
Prepayments and financial receivables		1,509	1,379
Total non-current assets		83,694	77,946
Inventories		3,736	4,031
Trade and other receivables		10,366	13,590
Prepayments and financial receivables 1) 2)		4,284	6,084
Derivative financial instruments		672	1,024
Financial investments	5	14,276	15,335
Cash and cash equivalents 1)		8,114	5,903
Total current assets		41,448	45,967
Assets classified as held for sale	3	10,704	7,227
Total assets		135,846	131,141
1) Restated for 2024. For more information see note 1 Organisation and basis of preparation.
2) Includes collateral deposits of USD 1.5 billion for 30 September 2025 related to certain requirements set out by exchanges where Equinor is participating. The corresponding figure for 31 December 2024 is USD 2.2 billion.

		At 30 September	At 31 December
(in USD million)	Note	2025 (unaudited)	2024 (audited)
EQUITY AND LIABILITIES
Shareholders' equity		40,526	42,342
Non-controlling interests		67	38
Total equity		40,592	42,380
Finance debt	5	22,903	19,361
Lease liabilities		2,168	2,261
Deferred tax liabilities		14,997	12,726
Pension liabilities		4,257	3,482
Provision and other liabilities	7	14,600	12,927
Derivative financial instruments		1,122	1,958
Total non-current liabilities		60,047	52,715
Trade and other payables		10,429	11,110
Provisions and other liabilities		3,376	2,384
Current tax payable		12,661	10,319
Finance debt	5	4,762	7,223
Lease liabilities		1,121	1,249
Dividends payable		930	1,906
Derivative financial instruments		444	833
Total current liabilities		33,722	35,023
Liabilities directly associated with the assets classified for sale	3	1,484	1,023
Total liabilities		95,253	88,761
Total equity and liabilities		135,846	131,141

Equinor third quarter 2025

23 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

(unaudited, in USD million)	Share capital	Additional paid-in capital	Retained earnings	Foreign currency translation reserve	OCI from equity accounted investments	Shareholders' equity	Non-controlling interests	Total equity
At 1 January 2024	1,101	—	56,521	(9,442)	310	48,490	10	48,500
Net income/(loss)			6,810			6,810	19	6,830
Other comprehensive income/(loss)			382	36	(43)	375		375
Total comprehensive income/(loss)						7,185	19	7,204
Dividends			(5,900)			(5,900)		(5,900)
Share buy-back	(49)	11	(5,370)			(5,408)		(5,408)
Other equity transactions		(11)	(4)			(15)	3	(12)
At 30 September 2024	1,052	—	52,439	(9,406)	267	44,352	33	44,385
At 1 January 2025	1,052	—	52,407	(11,385)	268	42,342	38	42,380
Net income/(loss)			3,729			3,729	15	3,744
Other comprehensive income/(loss)			12	2,696	7	2,714		2,714
Total comprehensive income/(loss)						6,443	15	6,458
Dividends			(2,865)			(2,865)		(2,865)
Share buy-back 1)	(56)	—	(5,317)			(5,373)		(5,373)
Other equity transactions		—	(21)			(21)	15	(7)
At 30 September 2025	995	—	47,945	(8,689)	275	40,526	67	40,592
1) For more information see note 8 Capital distribution

Equinor third quarter 2025

24 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

CONSOLIDATED STATEMENT OF CASH FLOWS

		Quarters			First nine months
(unaudited, in USD million)	Note	Q3 2025	Q2 2025	Q3 2024	2025	2024
Income/(loss) before tax		4,666	5,759	7,271	19,318	22,798
Depreciation, amortisation and net impairments, including exploration write-offs		3,369	3,427	2,327	9,107	7,099
(Gains)/losses on foreign currency transactions and balances	5	(72)	177	243	129	133
(Gains)/losses on sale of assets and businesses	3	(12)	(12)	—	(524)	118
(Increase)/decrease in other items related to operating activities		938	(537)	(615)	1	(2,234)
(Increase)/decrease in net derivative financial instruments		(69)	(157)	(272)	(241)	(8)
Cash collaterals for commodity derivative transactions 1)		44	347	(563)	509	(246)
Interest received		327	395	419	987	1,380
Interest paid		(93)	(231)	(139)	(401)	(617)
Cash flow provided by operating activities before taxes paid and working capital items		9,098	9,167	8,670	28,885	28,424
Taxes paid		(3,764)	(7,229)	(2,986)	(14,219)	(14,685)
(Increase)/decrease in working capital		1,012	540	810	3,199	3,704
Cash flows provided by operating activities		6,346	2,477	6,495	17,865	17,443
Cash (used)/received in business combinations	3	—	—	—	(26)	(467)
Capital expenditures and investments	3	(3,420)	(3,401)	(3,098)	(9,848)	(8,531)
(Increase)/decrease in financial investments		617	3,916	1,376	3,154	6,069
(Increase)/decrease in derivative financial instruments		(106)	191	(13)	296	40
(Increase)/decrease in other interest-bearing items		170	(166)	(69)	126	(562)
Proceeds from sale of assets and businesses	3	—	340	6	424	115
Cash flows provided by/(used in) investing activities		(2,739)	880	(1,798)	(5,874)	(3,337)

		Quarters			First nine months
(unaudited, in USD million)	Note	Q3 2025	Q2 2025	Q3 2024	2025	2024
New finance debt	5	556	2,135	—	4,198	—
Repayment of finance debt		(766)	(1,255)	(190)	(2,021)	(2,090)
Repayment of lease liabilities		(393)	(379)	(367)	(1,136)	(1,115)
Dividends paid		(938)	(1,024)	(1,944)	(3,873)	(6,665)
Share buy-back		(4,712)	(265)	(4,564)	(5,527)	(5,511)
Net current finance debt and other financing activities		1,269	(691)	1,069	(1,734)	(558)
Cash flows provided by/(used in) financing activities		(4,983)	(1,480)	(5,996)	(10,092)	(15,938)
Net increase/(decrease) in cash and cash equivalents		(1,375)	1,878	(1,300)	1,898	(1,832)
Effect of exchange rate changes in cash and cash equivalents		45	191	98	306	(54)
Cash and cash equivalents at the beginning of the period 1)		9,437	7,368	7,386	5,903	8,070
Cash and cash equivalents at the end of the period 1)		8,107	9,437	6,184	8,107	6,184
1) As from the first quarter 2025, cash flows related to collaterals for commodity derivative transactions are presented on a separate line within operating activities, Cash collaterals for commodity derivative transactions. In previous periods, these were included as part of Cash and cash equivalents. Comparative figures have been restated accordingly. See the restatement table in note 1 Organisation and basis of preparation.

Equinor third quarter 2025

25 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS

Not e 1. Organisation and basis of preparation

Organisation and principal activities

Equinor Group ( Equinor ) consists of Equinor ASA

and its subsidiaries. Equinor ASA is incorporated and

domiciled in Norway and listed on the Oslo Børs

( Norway ) and the New York Stock Exchange (USA).

The registered office address is Forusbeen 50,

N-4035, Stavanger, Norway .

The objective of Equinor is to develop, produce and

market various forms of energy and derived products

and services, as well as other businesses. The

activities may also be carried out through

participation in or cooperation with other companies.

Equinor Energy AS , a 100% own ed operating

subsidiary of Equinor ASA and owner of all of

Equinor 's oil and gas activities and net assets on the

Norwegian continental shelf, is a co-obligor or

guarantor of certain debt obligations of Equinor ASA .

Equinor 's condensed interim financial statements for

the third quarter of 2025 were authorised for issue by

the board of directors on 28 October 2025.

Basis of preparation

These condensed interim financial statements are

prepared in accordance with IAS 34 Interim Financial

Reporting as issued by the International Accounting

Standards Board (IASB) and as adopted by the

European Union (EU). The condensed interim

financial statements do not include all the

information and disclosures required by IFRS®

Accounting Standards for a complete set of financial

statements and should be read in conjunction with

the Consolidated annual financial statements for

2024 . IFRS Accounting Standards as adopted by the

EU differs in certain respects from IFRS Accounting

Standards as issued by the IASB, however the

differences do not impact Equinor 's financial

statements for the periods presented.

Certain amounts in the comparable years have been

reclassified to conform to current year presentation.

As a result of rounding differences, numbers or

percentages may not add up to the total.

The condensed interim financial statements are

unaudited.

Accounting policies

Except as described in section ‘Change in

accounting policy’ below, the accounting policies

applied in the preparation of the condensed interim

financial statements are consistent with those

applied in the preparation of Equinor’s consolidated

annual financial statements as at, and for the year

ended,

31 December 2024.

A description of the material accounting policies is

included in Equinor ’s consolidated annual financial

statements for 2024. When determining fair value,

there have been no changes to the valuation

techniques or models and Equinor applies the same

sources of input and the same criteria for

categorisation in the fair value hierarchy as disclosed

in the Consolidated annual financial statements for

2024.

For information about IFRS Accounting Standards,

amendments to IFRS Accounting Standards and

IFRIC® Interpretations effective from 1 January

2025, that could affect the consolidated financial

statements, please refer to note 2 in Equinor ’s

consolidated annual financial statements for 2024.

None of the amendments to IFRS Accounting

Standards effective from 1 January 2025 has had a

significant impact on the condensed interim financial

statements. Equinor has not early adopted any IFRS

Accounting Standards, amendments to IFRS

Accounting Standards or IFRIC Interpretations

issued but not yet effective.

Change in accounting policy

With effect from Q1 2025, Equinor has changed the

classification of cash collaterals for commodity

derivative transactions in the Consolidated balance

sheet from Cash and cash equivalents to

Prepayments and financial receivables (current),

with no impact on Total current assets. These

collateral deposits are related to certain

requirements set out by exchanges where Equinor is

participating and have previously been referred to as

restricted cash and cash equivalents. Th e

reclassification is intended to better reflect the nature

and purpose of the collateral deposits and to provide

more relevant information to stakeholders.

The change also affects the presentation in the

Consolidated statement of cash flows. With effect

from Q1 2025, the cash flows related to these

collateral deposits are included within Cash flows

provided by operating activities on a new line-item

named Cash collaterals for commodity derivative

transactions.

The change has been retrospectively applied to

comparative periods for consistency and

comparability. The comparative numbers are

restated in tables below.

Use of judgements and estimates

The preparation of financial statements in conformity

with IFRS Accounting Standards requires

management to make judgments, estimates and

assumptions that affect the application of accounting

policies and the reported amounts of assets,

liabilities, income and expenses. The estimates and

associated assumptions are reviewed on an on-

going basis and are based on historical experience

and various other factors that are believed to be

reasonable under the circumstances. These

estimates and assumptions form the basis for

making the judgments about carrying values of

assets and liabilities that are not readily apparent

from other sources. Actual results may differ from

these estimates. Please refer to

note 2 in Equinor ’s consolidated annual financial

statements for 2024 for more information about

accounting judgement and key sources of estimation

uncertainty. Management’s future commodity price

assumptions applied in impairment and impairment

reversal assessments based on value in use were

updated with effect from the third quarter 2025. For

information on related impairments and reversals,

please refer to note 2 Segments. For impairments of

assets held for sale measured at fair value, please

see note 3 Acquisitions and disposals in this report.

Equinor third quarter 2025

26 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Consolidated balance sheet		At 31 December 2024		At 31 December 2023/ 1 January 2024
(in USD million)		As reported	Restated	As reported	Restated
Cash and cash equivalents		8,120	5,903	9,641	8,070
Prepayments and financial receivables		3,867	6,084	3,729	5,300
Sum		11,987	11,987	13,370	13,370

Consolidated Statement of Cash Flows	Q1 2024		Q2 2024		First six months 2024		Q3 2024		First nine months 2024		Q4 2024		Full year 2024
(in USD million)	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated
Cash collaterals for commodity derivative transactions	—	117	—	200	—	317	—	(563)	—	(246)	—	(399)	—	(645)
Cash flow provided by operating activities before taxes paid and working capital items	9,689	9,806	9,748	9,948	19,437	19,754	9,233	8,670	28,670	28,424	9,813	9,414	38,483	37,838
Cash flows provided by operating activities	9,021	9,138	1,611	1,811	10,632	10,948	7,057	6,495	17,689	17,443	2,421	2,022	20,110	19,465
Cash and cash equivalents at the beginning of the period (net of overdraft)	9,641	8,070	9,682	8,227	9,641	8,070	8,641	7,386	9,641	8,070	8,002	6,184	9,641	8,070
Cash and cash equivalents at the end of the period (net of overdraft)	9,682	8,227	8,641	7,386	8,641	7,386	8,002	6,184	8,002	6,184	8,120	5,903	8,120	5,903

Consolidated Statement of Cash Flows	Q1 2023		Q2 2023		First six months 2023		Q3 2023		First nine months 2023		Q4 2023		Full year 2023
(in USD million)	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated	As reported	Restated
Cash collaterals for commodity derivative transactions	—	3,678	—	426	—	4,103	—	(245)	—	3,858	—	698	—	4,556
Cash flow provided by operating activities before taxes paid and working capital items	15,305	18,982	10,485	10,910	25,789	29,893	11,336	11,091	37,126	40,984	10,890	11,588	48,016	52,572
Cash flows provided by operating activities	14,871	18,548	1,857	2,283	16,728	20,831	5,236	4,992	21,965	25,823	2,736	3,434	24,701	29,257
Cash and cash equivalents at the beginning of the period (net of overdraft)	15,579	9,451	17,380	14,930	15,579	9,451	19,650	17,626	15,579	9,451	14,420	12,151	15,579	9,451
Cash and cash equivalents at the end of the period (net of overdraft)	17,380	14,930	19,650	17,626	19,650	17,626	14,420	12,151	14,420	12,151	9,641	8,070	9,641	8,070

Equinor third quarter 2025

27 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Note 2. Segments

Equinor ’s operations are managed through operating segments identified on the basis

of those components of Equinor that are regularly reviewed by the chief operating

decision maker, Equinor 's Corporate Executive Officer (CEO). The reportable segments

Exploration & Production Norway (E&P Norway), Exploration & Production International

(E&P International), Exploration & Production USA (E&P USA), Marketing, Midstream &

Processing (MMP) and Renewables (REN) correspond to the operating segments. The

operating segments Projects, Drilling & Procurement (PDP), Technology, Digital &

Innovation (TDI) and Corporate staff and functions are aggregated into the reportable

segment Other based on materiality. The majority of the costs in PDP and TDI is

allocated to the three Exploration & Production segments, MMP and REN.

The accounting policies of the reporting segments equal those applied in these

condensed interim financial statements, except for the line-item Additions to PP&E,

intangibles and equity accounted investments in which movements related to changes

in asset retirement obligations are excluded. Further, provisions for onerous contracts

reflect only obligations towards group external parties. The measurement basis of

segment profit is net operating income/(loss). Deferred tax assets, pension assets,

non-current financial assets, total current assets and total liabilities are not allocated to

the segments. Transactions between the segments, mainly from the sale of crude oil,

gas, and related products, are performed at defined internal prices which have been

derived from market prices. The transactions are eliminated upon consolidation.

Net impairments

Net impairments in E&P USA in the third quarter relates to Equinor's offshore producing

assets in the Gulf of America, following reduced production estimates, increased cost

estimates, and lower future Brent price assumption s ( 75 USD/bbl during 2030-2040 ).

The net impairment reversal in MMP mainly relates to increased refinery margin

assumptions combined with extended economic lifetime of the relevant asset. For

information about net impairments in E&P International, see note 3 Acquisitions and

disposals.

In the second quarter of 2025, Equinor recognised net impairments in the REN

segment related to Equinor’s offshore wind projects on the US North East Coast.

Regulatory changes leading to reduced expected synergies from future offshore wind

projects and increased exposure to tariffs impacted the project economics for the

combined cash generating unit encompassing Empire Wind 1 (EW1) and South

Brooklyn Marine Terminal (SBMT) negatively, as well as the undeveloped Empire Wind

2 project. The impairment test employed a value in use methodology with a 3% real

post-tax discount rate , and the total carrying amount after impairment was US D 2.3

Northern lights, Norway

billion .

Equinor third quarter 2025

28 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Third quarter 2025
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	77	125	57	25,719	16	24	—	26,017
Revenues and other income inter-segment	8,212	1,169	957	28	11	8	(10,386)	—
Net income/(loss) from equity accounted investments	—	—	—	(1)	(9)	(6)	—	(16)
Other income	(11)	22	—	8	15	14	—	48
Total revenues and other income	8,278	1,315	1,014	25,753	34	40	(10,386)	26,049
Purchases [net of inventory variation]	—	(38)	—	(23,988)	(7)	—	10,115	(13,917)
Operating, selling, general and administrative expenses	(926)	(532)	(569)	(1,323)	(70)	(74)	182	(3,312)
Depreciation and amortisation	(1,602)	(269)	(405)	(217)	(13)	(38)	—	(2,543)
Net impairment (losses)/reversals	—	(650)	(385)	283	(3)	—	—	(754)
Exploration expenses	(132)	(80)	(39)	—	—	—	—	(252)
Total operating expenses	(2,660)	(1,569)	(1,398)	(25,244)	(92)	(112)	10,297	(20,779)
Net operating income/(loss)	5,618	(254)	(384)	509	(59)	(71)	(89)	5,270
Additions to PP&E, intangibles and equity accounted investments	1,557	695	314	307	773	34	—	3,679
Balance sheet information
Equity accounted investments	4	—	—	714	1,933	196	—	2,848
Non-current segment assets	32,490	12,772	11,925	3,825	4,487	883	—	66,381
Non-current assets not allocated to segments								14,464
Total non-current assets (excl. assets classified as held for sale)								83,694

Equinor third quarter 2025

29 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Second quarter 2025
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	75	155	61	24,795	22	23	—	25,130
Revenues and other income inter-segment	8,165	1,191	980	25	5	8	(10,374)	—
Net income/(loss) from equity accounted investments	—	—	—	(21)	31	(1)	—	9
Other income	(4)	2	—	—	9	—	—	6
Total revenues and other income	8,236	1,348	1,040	24,798	67	31	(10,374)	25,145
Purchases [net of inventory variation]	1	(67)	—	(23,055)	—	—	10,383	(12,739)
Operating, selling, general and administrative expenses	(1,077)	(504)	(306)	(1,182)	(101)	(33)	121	(3,081)
Depreciation and amortisation	(1,338)	(310)	(536)	(232)	(12)	(38)	—	(2,466)
Net impairment (losses)/reversals	—	—	—	—	(955)	—	—	(955)
Exploration expenses	(115)	(51)	(16)	—	—	—	—	(183)
Total operating expenses	(2,530)	(932)	(858)	(24,469)	(1,069)	(70)	10,504	(19,424)
Net operating income/(loss)	5,706	415	183	329	(1,002)	(40)	130	5,721
Additions to PP&E, intangibles and equity accounted investments	1,674	622	294	254	718	15	—	3,577

Equinor third quarter 2025

30 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Third quarter 2024
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	63	126	62	25,133	21	13	—	25,416
Revenues and other income inter-segment	7,988	1,467	881	83	6	8	(10,433)	—
Net income/(loss) from equity accounted investments	—	3	—	(11)	7	—	—	(1)
Other income	31	—	—	—	—	—	—	31
Total revenues and other income	8,081	1,597	943	25,204	33	20	(10,433)	25,446
Purchases [net of inventory variation]	—	11	—	(23,440)	—	—	10,325	(13,104)
Operating, selling, general and administrative expenses	(871)	(519)	(314)	(1,136)	(144)	(17)	179	(2,822)
Depreciation and amortisation	(1,193)	(544)	(408)	(243)	(2)	(34)	—	(2,424)
Net impairment (losses)/reversals	—	—	—	158	(53)	—	—	106
Exploration expenses	(143)	(138)	(15)	—	—	—	—	(296)
Total operating expenses	(2,207)	(1,190)	(737)	(24,660)	(199)	(52)	10,504	(18,541)
Net operating income/(loss)	5,875	407	207	544	(166)	(31)	71	6,905
Additions to PP&E, intangibles and equity accounted investments	1,462	760	330	185	361	41	—	3,141

Equinor third quarter 2025

31 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

First nine months 2025
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	210	433	181	79,579	56	72	—	80,531
Revenues and other income inter-segment	25,861	3,724	3,070	66	22	24	(32,766)	—
Net income/(loss) from equity accounted investments	—	—	—	(31)	44	(7)	—	6
Other income	496	77	—	9	(20)	16	—	578
Total revenues and other income	26,567	4,234	3,251	79,623	102	105	(32,766)	81,115
Purchases [net of inventory variation]	—	(102)	—	(74,450)	(7)	(1)	32,460	(42,100)
Operating, selling, general and administrative expenses	(2,894)	(1,603)	(1,186)	(3,858)	(278)	(156)	416	(9,560)
Depreciation and amortisation	(4,067)	(974)	(1,311)	(676)	(33)	(113)	—	(7,174)
Net impairment (losses)/reversals	—	(650)	(385)	283	(1,103)	—	—	(1,854)
Exploration expenses	(338)	(164)	(60)	—	—	—	—	(562)
Total operating expenses	(7,299)	(3,493)	(2,941)	(78,701)	(1,421)	(270)	32,876	(61,250)
Net operating income/(loss)	19,268	741	310	922	(1,319)	(165)	109	19,866
Additions to PP&E, intangibles and equity accounted investments	5,640	2,078	915	768	2,271	79	—	11,752

Equinor third quarter 2025

32 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

First nine months 2024
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	178	471	202	75,000	53	64	—	75,967
Revenues and other income inter-segment	24,143	4,680	2,768	261	15	24	(31,890)	—
Net income/(loss) from equity accounted investments	—	11	—	(42)	75	—	—	43
Other income	65	(1)	30	—	—	16	—	110
Total revenues and other income	24,386	5,160	2,999	75,218	142	104	(31,890)	76,120
Purchases [net of inventory variation]	—	21	—	(68,614)	—	—	31,421	(37,171)
Operating, selling, general and administrative expenses	(2,718)	(1,496)	(885)	(3,741)	(538)	(96)	571	(8,903)
Depreciation and amortisation	(3,572)	(1,526)	(1,199)	(712)	(26)	(105)	—	(7,140)
Net impairment (losses)/reversals	—	—	—	191	(55)	(7)	—	129
Exploration expenses	(336)	(437)	(68)	—	—	—	—	(841)
Total operating expenses	(6,626)	(3,438)	(2,152)	(72,875)	(618)	(209)	31,992	(53,927)
Net operating income/(loss)	17,760	1,722	847	2,343	(476)	(105)	102	22,192
Additions to PP&E, intangibles and equity accounted investments	4,413	2,295	2,211	585	1,593	183	—	11,281

Equinor third quarter 2025

33 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Non-current assets by country
	At 30 September	At 31 December
(in USD million)	2025	2024
Norway 1)	36,193	30,017
USA	16,058	15,638
Brazil	9,605	11,487
UK	1,720	1,641
Angola	1,205	1,159
Canada	1,002	1,019
Poland	987	644
Argentina	933	822
Denmark	885	770
Germany	303	287
Other	339	202
Total non-current assets 2)	69,230	63,686
1) Increase is mainly due to weakening of USD versus NOK and acquisitions. For more information on acquisitions please see note 3 . 2) Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to country of operations.

Note 3. Acquisitions and disposals

Acquisitions and disposals

Swap with Petoro in the Haltenbanken area

On 1 January 2025, Equinor closed a transaction with Petoro to swap ownership interests in the Haltenbanken

area. Equinor increased its ownership interests primarily in the Heidrun field (from 13.0% to 34.4% ) and reduced its

interests primarily in the Tyrihans field (from 58.8% to 36.3% ) and the Johan Castberg field (from 50.0% to 46.3% ).

No cash consideration was involved. The purpose of the transaction was to align ownership interests in the

licenses to maximise resource utilisation. The assets acquired and liabilities assumed were recognised in

accordance with the principles in IFRS 3 Business Combinations within the E&P Norway segment, mainly as

property, plant, and equipment (USD 610 million), goodwill (USD 476 million) and deferred tax liability (USD 381

million). The swap resulted in a gain of USD 491 million, reported as Other Income in the Consolidated statement

of income.

Held for sale

Joint venture agreement with Shell in the UK

On 5 December 2024, Equinor and Shell agreed to merge their UK upstream businesses and establish a joint

venture, later named Adura. The parties will hold a 50% equity interest each. Selected UK North Sea upstream

fields, associated licenses and infrastructure will be transferred by both parties to Adura, including Equinor’s

interests in Rosebank, Mariner and Buzzard. The joint venture will be accounted for under the equity method upon

completion of the transaction. The majority of the required approvals are obtained, and completion is expected by

the end of 2025. The net assets classified as held for sale have been measured at fair value at the end of the third

quarter, leading to an impairment of USD 650 million mainly due to an update of expected future commodity price

assumptions. As of 30 September 2025, assets held for sale amounted to USD 7,291 million and liabilities directly

associated with the assets held for sale amounted to USD 768 million. Equinor’s UK upstream business is part of

the E&P International segment.

Agreement to sell all interests in the Peregrino field in Brazil

On 1 May 2025, Equinor entered into agreements with Prio Tigris Ltda., a subsidiary of PRIO SA, to sell its 60%

operating interest in the Peregrino field in Brazil as part of the ongoing optimisation of Equinor’s international

upstream portfolio. The agreements, one for the sale of a 40% interest and transfer of operatorship of Peregrino,

and the second for the sale of the remaining 20% interest, are subject to regulatory and legal approvals.

Completion of the transactions is expected within the first half of 2026. As of 30 September 2025, assets held for

sale amounted to USD 3,413 million, and liabilities directly associated with the assets held for sale amounted to

USD 717 million. The interests are part of the E&P International segment.

Equinor third quarter 2025

34 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Note 4 . Revenues

Revenues from contracts with customers by geographical areas

When attributing the line item Revenues from contracts with customers for the third quarter 2025 to the country of

the legal entity executing the sale, Norway and the USA accounted for 78% and 19% , respectively, of such

revenues ( 75% and 22% , respectively, for the second quarter of 2025 and 77% and 20% , respectively, for the third

quarter of 2024 ).

For the first nine months of 2025 , Norway and the USA accounted for 77% and 20% of such revenues, respectively

( 79% and 19% respectively for the first nine months of 2024 ). Revenues from contracts with customers are mainly

reflecting such revenues from the reporting segment MMP.

Revenues from contracts with customers and other revenues
	Quarters			First nine months
(in USD million)	Q3 2025	Q2 2025	Q3 2024	2025	2024
Crude oil	15,114	13,863	15,017	45,060	44,916
Natural gas	5,722	5,918	5,134	19,231	15,082
- European gas	4,848	4,874	4,247	16,088	12,390
- North American gas	445	477	225	1,474	729
- Other incl. Liquefied natural gas	429	568	662	1,669	1,962
Refined products	2,617	2,374	2,418	7,573	6,686
Natural gas liquids	1,593	1,825	1,804	5,442	5,707
Power	448	357	378	1,479	1,346
Transportation	328	323	300	953	1,056
Other sales	174	108	128	387	304
Revenues from contracts with customers	25,998	24,769	25,178	80,125	75,096
Total other revenues 1)	19	361	238	406	871
Revenues	26,017	25,130	25,416	80,531	75,967
1) This item mainly relates to commodity derivatives and change in fair value, less cost to sell, of commodity inventories held for trading purposes.

Note 5 . Financial items

	Quarters			First nine months
(in USD million)	Q3 2025	Q2 2025	Q3 2024	2025	2024
Interest income and other financial income	265	303	460	903	1,515
Interest expenses and other financial expenses	(366)	(351)	(370)	(1,042)	(1,181)
Net foreign currency exchange gains/(losses)	72	(177)	(243)	(129)	(133)
Gains/(losses) on financial investments	(552)	113	348	(465)	363
Gains/(losses) other derivative financial instruments	(22)	150	170	185	42
Net financial items	(604)	37	365	(548)	606

In the third quarter of 2025, Equinor confirmed its intention to participate in Ørsted’s DKK 60 billion rights issue,

announced on 11 August 2025, to maintain its 10% ownership stake in Ørsted . The net impact of the change in fair

value of Equinor’s shares in Ørsted during the third quarter, and the fair value of subscription rights held at the end

of the third quarter, represents a loss of around USD 0.4 billion. The subscription of additional shares fo r USD 0.9

billion has been settled in October.

In the second quarter of 2025, Equinor ASA issued bonds with maturiti es from 3 to 10 years for a total of USD 1.75

billion. The bonds were issued in USD and are fully and unconditionally guaranteed by Equinor Energy AS.

In the first nine months of 2025, Equinor has drawn on project financing for a total amount of USD 2.4 billion, of

which U SD 0.6 billion was drawn in the third quarter of 2025. The amounts are included in Finance debt.

Equinor has a US Commercial paper programme available with a limit of USD 5 billion. As of 30 September 2025 ,

USD 1.7 billion were utilised compared to USD 4.1 bil lion utilised as of 31 Decembe r 2024.

Equinor third quarter 2025

35 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Note 6. Income taxes

	Quarters			First nine months
(in USD million)	Q3 2025	Q2 2025	Q3 2024	2025	2024
Income/(loss) before tax	4,666	5,759	7,271	19,318	22,798
Income tax	(4,870)	(4,441)	(4,986)	(15,574)	(15,969)
Effective tax rate	104.4 %	77.1 %	68.6 %	80.6 %	70.0 %

The effective reported tax rate of 80.6% for the first nine months of 2025 increased compared to 70.0% in 2024 due

to higher share of income from jurisdictions with high tax rates and the extension of the Energy Profits Levy in the

UK. T he tax rate is also influenced by the derecognition of deferred tax assets and an impairment related to the

joint venture agreement with Shell in the UK , see note 3 . The increase was partly offset by currency effects in

entities that are taxable in other currencies than the functional currency and the tax exempted gain from the swap

with Petoro on the NCS.

The effective tax rate of 104.4% for the third quarter of 2025 increased compared to 68.6% in 2024. The increase

was mainly due to higher share of income from jurisdictions with high tax rates. The tax rate is also influenced by

the derecognition of deferred tax assets and an impairment related to the joint venture agreement with Shell in the

UK, see note 3. The increase was partly offset by currency effects in entities that are taxable in other currencies

than the functional currency.

Note 7. Provisions

Asset retirement obligation

Equinor ’s estimated asset retir ement obligations (ARO) have increased by approximately USD 2.1 billion to USD

13.1 billion at 30 September 2025 compared to year-end 2024, mainly due to c urrency effects (USD weakening

versus NOK) and increase in estimates.

Equinor third quarter 2025

36 Condensed Interim financial statements and notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Note 8. Capital distribution

Dividend for the third quarter 2025

On 28 October 2025, the board of directors resolved to declare a cash dividend for the third quarter of 2025 of USD

0.37 per share. The Equinor shares will trade ex-dividend 16 February 2026 on the Oslo Børs and 17 February for

ADR holders on the New York Stock Exchange. Record date will be 17 February a nd payment date will be 27

February 2026.

Share buy-back programme 2025

Based on the authorisation from the annual general meeting on 14 May 2025, the board of directors will, on a

quarterly basis, decide on share buy-back tranches. The 2025 share buy-back programme is up to US D 5 billion ,

including shares to be redeemed from the Norwegian state.

During the first six months, Equinor launched the first two tranches of USD 2.465 billion in total of which USD 662

million was acquired in the market in the first six months and USD 152 million was acquired in third quarter. In July

2025, Equinor launched the third tranche of USD 1,265 million i ncluding shares to be red eemed from the Norwegian

state , and entered into an irrevocable agreement with a third party to purchase shares for USD 418 million in the

market. Of this third tranche, shares for USD 299 millio n have been purchased in the market and settled as of 30

September 2025, whereas US D 418 milli on have been recognised as reduction in equity. The market execution of the

third tranche was completed in October 2025.

On 28 October 2025, the Board of Directors decided to initiate a fourth and final share buy-back tranche of up to USD

1,266 million for 2025, including shares to be redeemed from the Norwegian state. The fourth tranche will start

30 October 2025 and end no later than 2 February 2026.

In order to maintain the Norwegian state’s ownership share in Equinor at 67% , a proportionate share of the second,

third and fourth tranche of the 2024 programme as well as the first tranche of the 2025 programme was redeemed

and cancelled through a capital reduction by the annual general meeting on 14 May 2025. The Norwegian state’s

share of USD 4,141 million (NOK 42.7 billion) following the capital reduction was settled in July 2025. A proportionate

share of the second, third and fourth tranche of the 2025 programme will be redeemed and cancelled at the annual

general meeting in May 2026.

	First nine months
Equity impact of share buy-back programmes (in USD million)	2025	2024
First tranche	397	396
Second tranche	418	528
Third tranche	418	528
Norwegian state share 1)	4,141	3,956
Total	5,373	5,408
1) Relates to second to fourth tranche of previous year programme and first tranche of current year programme

N ote 9. Geopolitical and market uncertainty

Geopolitical and market uncertainty

The geopolitical and macroeconomic uncertainty relating to announcements and policy updates in the US

regarding international trade continue to prevail throughout 2025. As the policy changes, both substance and

duration, are developing, so are the implications for economic growth, demand for energy, supply costs, inflation,

interest rates and foreign exchange rates. Equinor is affected by the global macroeconomic conditions, which in

turn affect our financial performance. Given the current uncertainty, potential developments could unfold in

various directions. Equinor is actively assessing the impact of these uncertainties; however, the resulting

operational and economic effects on the company cannot fully be determined at this time.

Equinor third quarter 2025

37 PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Supplementary disc losures

Exchange rates	38
Use and reconciliation of Non-GAAP financial measures	38
Reconciliation of adjusted operating income	41
Adjusted operating income after tax by reporting segment	46
Reconciliation of adjusted operating income after tax to net income	47
Reconciliation of adjusted net income to net income	47
Adjusted exploration expenses	48
Calculation of CFFO after taxes paid, net cash flow before capital distribution and net cash flow	49
Organic capital expenditures	50
Calculation of capital employed and net debt to capital employed ratio	51
Forward-looking statements	52
End notes	53

Equinor third quarter 2025

38 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Supplementary disclosures

Exchange rates

	Quarters			Change	First nine months
Exchange rates	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
USD/NOK average daily exchange rate	10.0995	10.2974	10.7107	(6) %	10.4896	10.6549	(2) %
EUR/USD average daily exchange rate	1.1680	1.1334	1.0982	6 %	1.1162	1.0872	3 %
	Quarters			Change	First nine months	Full year
	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
USD/NOK period-end exchange rate	9.9877	10.0977	10.5078	(5) %	9.9877	10.5078	(5) %
EUR/USD period-end exchange rate	1.1741	1.1720	1.1196	0 %	1.1741	1.1196	0 %

Use and reconciliation of Non-GAAP financial

measures

Non-GAAP financial measures are defined as

numerical measures that either exclude or include

amounts that are not excluded or included in the

comparable measures calculated and presented in

accordance with GAAP (i.e., IFRS Accounting

Standards in the case of Equinor ). The following

financial measures included in this report may be

considered non-GAAP financial measures:

Adjusted operating income is based on net

operating income/ (loss) and adjusts for certain items

affecting the income for the period to separate out

effects that management considers may not be well

correlated to Equinor’s underlying operational

performance in the individual reporting period.

Management believes adjusted operating income

provides an indication of Equinor’s underlying

operational performance and facilitates comparison

of operational trends between periods.

Adjusted operating income after tax equals

adjusted operating income less tax on adjusted

operating income. Tax on adjusted operating income

is computed by adjusting the income tax for tax

effects of adjustments made to net operating

income. The tax rate applied is the tax rate

applicable to each adjusting item and tax regime,

adjusted for certain foreign currency effects as well

as effects of specific changes to deferred tax assets.

Management believes adjusted operating income

after tax provides an indication of Equinor’s

underlying operational performance after tax and

facilitates comparisons of operational trends after tax

between periods as it reflects the tax charge

associated with operational performance excluding

the impact of financing. Tax on adjusted operating

income should not be considered indicative of the

amount of current or total tax expense (or taxes

payable) for the period.

Adjusted net income is based on net income/(loss)

and provides additional transparency to Equinor’s

underlying financial performance by also including

net financial items and the associated tax effects.

This measure includes adjustments made to arrive at

adjusted operating income after tax, in addition to

specific adjustments related to net financial items

and related tax effects, as well as certain

adjustments to income tax as described below.

Management believes this measure provides an

indication of Equinor’s underlying financial

performance including the impact from financing and

facilitates comparison of trends between periods.

Adjusted Earnings Per Share (Adjusted EPS) is

computed by dividing Adjusted net income by the

weighted average number of shares outstanding

during the period. Earnings per share is a metric that

is frequently used by investors, analysts and other

parties to assess a company's profitability per share.

Management believes this measure provides an

indication of Equinor’s underlying financial

performance including the impact from financing and

facilitates comparison of trends between periods.

The non-GAAP financial measures presented above

are supplementary measures and should not be

viewed in isolation or as substitutes for net operating

income/(loss), net income/(loss) and earnings per

share, which are the most directly comparable IFRS

Accounting Standards measures. The reconciliation

tables later in this report reconcile the above non-

GAAP measures to the most directly comparable

IFRS Accounting Standards measure or measures.

There are material limitations associated with the

above measures compared with the IFRS

Accounting Standards measures, as these non-

GAAP measures do not include all the items of

revenues/ gains or expenses/losses of Equinor that

are required to evaluate its profitability on an overall

basis. The non-GAAP measures are only intended to

be indicative of the underlying developments in

trends of our on-going operations.

A djusted operating income adjusts for the

following items:

• Changes in fair value of derivatives:

In the ordinary course of business, Equinor

enters into commodity derivative contracts to

manage the price risk exposure relating to future

sale and purchase contracts. These commodity

derivatives are measured at fair value at each

reporting date, with the movements in fair value

recognised in the income statement. By contrast,

the related sale and purchase contracts are not

recognised until the transaction occurs resulting

in timing differences. Therefore, the unrealised

movements in the fair value of these commodity

derivative contracts are excluded from adjusted

operating income and deferred until the time of

the physical delivery to minimise the effect of

these timing differences. Further, embedded

derivatives within certain gas contracts and

contingent consideration related to historical

divestments are carried at fair value. Any

accounting impacts resulting from such changes

in fair value are also excluded from adjusted

operating income, as these fluctuations are not

Equinor third quarter 2025

39 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

indicative of the underlying performance of the

business.

• Periodisation of inventory hedging effect:

Equinor enters into derivative contracts to

manage price risk exposure relating to its

commercial storage. These derivative contracts

are carried at fair value while the inventories are

accounted for at the lower of cost or market

price. An adjustment is made to align the

valuation principles of inventories with related

derivative contracts. The adjusted valuation of

inventories is based on the forward price at the

expected realisation date. This is so that the

valuation principles between commercial

storages and derivative contracts are better

aligned.

• The operational storage is not hedged and is

not part of the trading portfolio. Cost of goods

sold is measured based on the FIFO (first-in,

first-out) method, and includes realised gains or

losses that arise due to changes in market

prices. These gains or losses will fluctuate from

one period to another and are not considered

part of the underlying operations for the period.

• Impairment and reversal of impairment are

excluded from adjusted operating income since

they affect the economics of an asset for the

lifetime of that asset, not only the period in which

it is impaired, or the impairment is reversed.

Impairment and reversal of impairment can

impact both the exploration expenses and the

depreciation, amortisation and net impairment

line items.

• Gain or loss from sales of assets is eliminated

from the measure since the gain or loss does not

give an indication of future performance or

periodic performance; such a gain or loss is

related to the cumulative value creation from the

time the asset is acquired until it is sold.

• Eliminations (Internal unrealised profit on

inventories): Volumes derived from equity oil

inventory vary depending on several factors and

inventory strategies, i.e., level of crude oil in

inventory, equity oil used in the refining process

and level of in-transit cargoes. Internal profit

related to volumes sold between entities within

the group, and still in inventory at period end, is

eliminated according to IFRS Accounting

Standards (write down to production cost). The

proportion of realised versus unrealised gain

fluctuates from one period to another due to

inventory strategies and consequently impact net

operating income/ (loss). Write-down to

production cost is not assessed to be a part of

the underlying operational performance, and

elimination of internal profit related to equity

volumes is excluded in adjusted operating

income.

• Other items of income and expense are

adjusted when the impacts on income in the

period are not reflective of Equinor’s underlying

operational performance in the reporting period.

Such items may be unusual or infrequent

transactions, but they may also include

transactions that are significant which would not

necessarily qualify as either unusual or

infrequent. However, other items adjusted do not

constitute normal, recurring income and

operating expenses for the company. Other items

are carefully assessed and can include

transactions such as provisions related to

reorganisation, early retirement, etc.

• Change in accounting policy is adjusted when

the impacts on income in the period are unusual

or infrequent, and not reflective of Equinor’s

underlying operational performance in the

reporting period.

Adjusted net income incorporates the

adjustments above, as well as the following

items impacting net financial items:

• Changes in fair value of financial derivatives

used to hedge interest bearing instruments.

Equinor enters into financial derivative contracts

to manage interest rate risk on long term interest-

bearing liabilities including bonds and financial

loans. The financial derivative contracts (hedging

instruments) are measured at fair value at each

reporting date, with movements in fair value

recognised in the income statement. The long

term interest-bearing liabilities are measured at

amortised cost and not remeasured at fair value

at each reporting date. This creates

measurement differences and therefore the

movements in the fair value of these financial

derivative contracts and associated tax effects

are excluded from the calculation of adjusted net

income and deferred until the time the underlying

instrument is matured, exercised, or settled.

Management believes that this appropriately

reflects the economic effect of these risk

management activities in each period and

provides an indication of Equinor’s underlying

financial performance.

• Foreign currency gains/losses on positions

used to manage currency risk exposure

related to future payments in NOK and

foreign currency gains/losses on

intercompany bank balances . Foreign currency

gains/losses on positions used to manage

currency risk exposure (cash equivalents/

financial investments and related currency

derivatives where applicable ), as well as

currency gains/losses on intercompany bank

balances are eliminated from adjusted net

income. The currency effects on intercompany

bank balances are mainly due to a large part of

Equinor’s operations having a functional currency

different from USD, and these effects are offset

within equity as other comprehensive income

arising on translation from functional currency to

presentation currency USD. These currency

effects increase volatility in financial

performance, which does not reflect Equinor’s

underlying financial performance. Management

believes that these adjustments remove periodic

fluctuations in Equinor’s adjusted net income.

Adjustments made to arrive at adjusted operating

income and adjusted net income listed below are

similarly applied to net income/(loss) from equity

accounted investments when relevant.

Equinor third quarter 2025

40 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Adjustments to income tax and tax rate:

• Derecognition of deferred tax assets or

recognition of previously unrecognised

deferred tax assets. These changes are related

to taxable income in future reporting periods and

are not reflective of performance in the current

reporting period .

• Income tax effects arising only when

calculating income tax in the functional

currency USD. Certain group companies have

USD as functional currency, which is different

from the currency in which the taxable income is

measured (tax currency). Income tax effects

arising only when calculating income tax in the

functional currency USD, that are not part of the

tax calculation in the tax currency, are adjusted

for. Management believes t his better aligns the

effective tax rate in functional currency with the

statutory tax rate in the period.

Net debt to capital employed ratio – In Equinor’s

view, net debt ratios provide a more informative

picture of Equinor’s financial strength than gross

interest-bearing financial debt. Three different net

debt to capital ratios are presented in this report: 1)

net debt to capital employed, 2) net debt to capital

employed adjusted, including lease liabilities, and 3)

net debt to capital employed adjusted. These

calculations are all based on Equinor’s gross

interest-bearing financial liabilities as recorded in the

Consolidated balance sheet and exclude cash, cash

equivalents and current financial investments.

The following adjustments are made in calculating

the net debt to capital employed adjusted, including

lease liabilities ratio and the net debt to capital

employed adjusted ratio: financial investments held

in Equinor Insurance AS (classified as Current

financial investments in the Consolidated balance

sheet) are treated as non-cash and excluded from

the calculation of these non-GAAP measures, as

these investments are not readily available for the

group to meet short term commitments. These

adjustments result in a higher net debt figure and in

Equinor’s view provides a more prudent measure of

the net debt to capital employed ratio than would be

the case without such exclusions. Additionally, lease

liabilities are further excluded in calculating the net

debt to capital employed adjusted ratio. The table

Calculation of capital employed and net debt to

capital employed ratio later in this report details the

calculations for these non-GAAP measures and

reconciles them with the most directly comparable

IFRS Accounting Standards financial measure or

measures .

Organic capital expenditures (organic

investments/capex) – Capital expenditures is defined

as Additions to PP&E, intangibles and equity

accounted investments, which excludes assets held

for sale, as presented in note 2 Segments to the

Condensed interim financial statements. Organic

capital expenditures are capital expenditures

excluding expenditures related to acquisitions,

leased assets and other investments with

significantly different cash flow patterns. Equinor

believes this measure gives stakeholders relevant

information to understand the company’s

investments in maintaining and developing its

assets. Forward-looking organic capital expenditures

included in this report are not reconcilable to its most

directly comparable IFRS Accounting Standards

measure without unreasonable efforts, because the

amounts excluded from such IFRS Accounting

Standards measure to determine organic capital

expenditures cannot be predicted with reasonable

certainty.

Cash flows from operations after taxes paid

(CFFO after taxes paid) represents, and is used by

management, to evaluate cash generated from

operating activities after taxes paid, which is

available for investing activities, debt servicing and

distribution to shareholders. Cash flows from

operations after taxes paid is not a measure of our

liquidity under IFRS Accounting Standards and

should not be considered

in isolation or as a substitute for an analysis of our

results as reported in this report. Our definition of

Cash flows from operations after taxes paid is limited

and does not represent residual cash flows available

for discretionary expenditures. The table Calculation

of CFFO after taxes paid and net cash flow later in

this report provides a reconciliation of Cash flows

from operations after taxes paid to its most directly

comparable IFRS Accounting Standards measure,

Cash flows provided by operating activities before

taxes paid and working capital items, as of the

specified dates.

Net cash flow before capital distribution - Net

cash flow before capital distribution represents, and

is used by management to evaluate, cash generated

from operational and investing activities available for

debt servicing and distribution to shareholders. Net

cash flow before capital distribution is not a measure

of our liquidity under IFRS Accounting Standards

and should not be considered in isolation or as a

substitute for an analysis of our results as reported in

this report. Our definition of Net cash flow before

capital distribution is limited and does not represent

residual cash flows available for discretionary

expenditures. The table Calculation of CFFO after

taxes paid and net cash flow later in this report

provides a reconciliation of Net cash flow before

capital distribution to its most directly comparable

IFRS Accounting Standards measure, Cash flows

provided by operating activities before taxes paid

and working capital items, as of the specified dates.

Net cash flow - Net cash flow represents, and is

used by management to evaluate, cash generated

from operational and investing activities available for

debt servicing. Net cash flow is not a measure of our

liquidity under IFRS Accounting Standards and

should not be considered in isolation or as a

substitute for an analysis of our results as reported in

this report. Our definition of Net cash flow is limited

and does not represent residual cash flows available

for discretionary expenditures. The table Calculation

of CFFO after taxes paid and net cash flow later in

this report provides a reconciliation of Net cash flow

to its most directly comparable IFRS Accounting

Standards measure, Cash flows provided by

operating activities before taxes paid and working

capital items, as of the specified dates.

For more information on our definitions and use of

non-GAAP financial measures, see section 5.5 Use

a nd reconciliation of non-GAAP financial measures

in Equinor's 2024 Annual Report .

Equinor third quarter 2025

41 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

R econciliation of adjusted operating income

The table specifies the adjustments made to each of the profit and loss line item included in the net operating income/(loss) subtotal.

Items impacting net operating income/(loss) in the third quarter of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	5,270	5,618	(254)	(384)	509	(59)	(160)
Total revenues and other income	26,049	8,278	1,315	1,014	25,753	34	(10,345)
Adjusting items	14	—	—	—	18	(5)	—
Changes in fair value of derivatives	51	—	—	—	51	—	—
Gain/loss on sale of assets	(5)	—	—	—	—	(5)	—
Other adjustments	(19)	—	—	—	(19)	—	—
Periodisation of inventory hedging effect	(13)	—	—	—	(13)	—	—
Adjusted total revenues and other income	26,063	8,278	1,315	1,014	25,772	29	(10,345)
Purchases [net of inventory variation]	(13,917)	—	(38)	—	(23,988)	(7)	10,115
Adjusting items	92	—	—	—	3	—	89
Eliminations	89	—	—	—	—	—	89
Operational storage effects	3	—	—	—	3	—	—
Adjusted purchases [net of inventory variation]	(13,826)	—	(38)	—	(23,985)	(7)	10,204
Operating and administrative expenses	(3,312)	(926)	(532)	(569)	(1,323)	(70)	108
Adjusting items	49	—	—	—	53	(3)	—
Other adjustments	(4)	—	—	—	—	(4)	—
Provisions	53	—	—	—	53	—	—
Adjusted operating and administrative expenses	(3,263)	(926)	(532)	(569)	(1,270)	(74)	108

Items impacting net operating income/(loss) in the third quarter of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(3,297)	(1,602)	(919)	(790)	67	(15)	(38)
Adjusting items	754	—	650	385	(283)	3	—
Impairment	1,050	—	650	385	15	—	—
Other adjustments	3	—	—	—	—	3	—
Reversal of impairment	(299)	—	—	—	(299)	—	—
Adjusted depreciation, amortisation and net impairments	(2,543)	(1,602)	(269)	(405)	(217)	(13)	(38)
Exploration expenses	(252)	(132)	(80)	(39)	—	—	—
Adjusting items	36	—	—	36	—	—	—
Impairment	36	—	—	36	—	—	—
Adjusted exploration expenses	(216)	(132)	(80)	(3)	—	—	—
Sum of adjusting items	944	—	650	421	(209)	(6)	89
Adjusted operating income/(loss)	6,215	5,618	396	37	299	(64)	(71)
Tax on adjusted operating income	(4,710)	(4,357)	(173)	(11)	(172)	6	(2)
Adjusted operating income/(loss) after tax	1,505	1,261	223	25	127	(58)	(73)

Equinor third quarter 2025

42 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Items impacting net operating income/(loss) in the third quarter 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	6,905	5,875	407	207	544	(166)	39
Total revenues and other income	25,446	8,081	1,597	943	25,204	33	(10,413)
Adjusting items	72	—	—	—	72	—	0
Changes in fair value of derivatives	135	—	—	—	135	—	—
Periodisation of inventory hedging effect	(64)	—	—	—	(64)	—	—
Adjusted total revenues and other income	25,518	8,081	1,597	943	25,276	33	(10,413)
Purchases [net of inventory variation]	(13,104)	0	11	—	(23,440)	0	10,325
Adjusting items	1	—	—	—	71	—	(70)
Eliminations	(70)	—	—	—	—	—	(70)
Operational storage effects	71	—	—	—	71	—	—
Adjusted purchases [net of inventory variation]	(13,103)	0	11	—	(23,369)	0	10,255
Operating and administrative expenses	(2,822)	(871)	(519)	(314)	(1,136)	(144)	162
Adjusting items	17	—	0	0	17	—	—
Provisions	17	—	—	—	17	—	—
Adjusted operating and administrative expenses	(2,805)	(871)	(519)	(314)	(1,119)	(144)	162

Items impacting net operating income/(loss) in the third quarter 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(2,318)	(1,193)	(544)	(408)	(85)	(55)	(34)
Adjusting items	(108)	—	—	—	(158)	50	—
Impairment	50	—	—	—	—	50	—
Reversal of impairment	(158)	—	—	—	(158)	—	—
Adjusted depreciation, amortisation and net impairments	(2,426)	(1,193)	(544)	(408)	(243)	(5)	(34)
Exploration expenses	(296)	(143)	(138)	(15)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(296)	(143)	(138)	(15)	—	—	—
Sum of adjusting items	(19)	—	—	—	2	50	(70)
Adjusted operating income/(loss)	6,887	5,875	407	207	545	(115)	(31)
Tax on adjusted operating income	(4,844)	(4,538)	(81)	(46)	(199)	17	4
Adjusted operating income/(loss) after tax	2,042	1,337	326	160	346	(99)	(28)

Equinor third quarter 2025

43 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Items impacting net operating income/(loss) in the second quarter of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	5,721	5,706	415	183	329	(1,002)	90
Total revenues and other income	25,145	8,236	1,348	1,040	24,798	67	(10,343)
Adjusting items	(30)	—	—	—	(11)	(19)	—
Changes in fair value of derivatives	(4)	—	—	—	(4)	—	—
Gain/loss on sale of assets	(19)	—	—	—	—	(19)	—
Other adjustments	6	—	—	—	6	—	—
Periodisation of inventory hedging effect	(12)	—	—	—	(12)	—	—
Adjusted total revenues and other income	25,115	8,236	1,348	1,040	24,787	48	(10,343)
Purchases [net of inventory variation]	(12,739)	1	(67)	—	(23,055)	—	10,382
Adjusting items	(99)	—	—	—	31	—	(130)
Eliminations	(130)	—	—	—	—	—	(130)
Operational storage effects	31	—	—	—	31	—	—
Adjusted purchases [net of inventory variation]	(12,838)	1	(67)	—	(23,023)	—	10,252
Operating and administrative expenses	(3,081)	(1,077)	(504)	(306)	(1,182)	(101)	89
Adjusting items	(13)	—	14	—	(17)	(10)	—
Gain/loss on sale of assets	15	—	14	—	—	1	—
Provisions	(28)	—	—	—	(17)	(12)	—
Adjusted operating and administrative expenses	(3,094)	(1,077)	(490)	(306)	(1,198)	(111)	89

Items impacting net operating income/(loss) in the second quarter of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(3,422)	(1,338)	(310)	(536)	(232)	(968)	(38)
Adjusting items	955	—	—	—	—	955	—
Impairment	955	—	—	—	—	955	—
Adjusted depreciation, amortisation and net impairments	(2,466)	(1,338)	(310)	(536)	(232)	(12)	(38)
Exploration expenses	(183)	(115)	(51)	(16)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(183)	(115)	(51)	(16)	—	—	—
Sum of adjusting items	813	—	14	—	4	926	(130)
Adjusted operating income/(loss)	6,535	5,706	429	183	333	(75)	(40)
Tax on adjusted operating income	(4,793)	(4,461)	(138)	(41)	(189)	3	33
Adjusted operating income/(loss) after tax	1,741	1,244	291	141	144	(72)	(7)

Equinor third quarter 2025

44 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Items impacting net operating income/(loss) in the first nine months of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	19,866	19,268	741	310	922	(1,319)	(56)
Total revenues and other income	81,115	26,567	4,234	3,251	79,623	102	(32,661)
Adjusting items	(340)	(491)	(49)	—	178	22	—
Changes in fair value of derivatives	159	—	—	—	159	—	—
Gain/loss on sale of assets	(474)	(491)	—	—	(1)	18	—
Other adjustments	(58)	—	(49)	—	(13)	4	—
Periodisation of inventory hedging effect	32	—	—	—	32	—	—
Adjusted total revenues and other income	80,775	26,076	4,185	3,251	79,800	124	(32,661)
Purchases [net of inventory variation]	(42,100)	—	(102)	—	(74,450)	(7)	32,459
Adjusting items	(81)	—	—	—	28	—	(109)
Eliminations	(109)	—	—	—	—	—	(109)
Operational storage effects	28	—	—	—	28	—	—
Adjusted purchases [net of inventory variation]	(42,181)	—	(102)	—	(74,422)	(7)	32,350
Operating and administrative expenses	(9,560)	(2,894)	(1,603)	(1,186)	(3,858)	(278)	259
Adjusting items	59	—	14	—	41	5	—
Gain/loss on sale of assets	16	—	14	—	—	2	—
Other adjustments	3	—	—	—	—	3	—
Provisions	41	—	—	—	41	—	—
Adjusted operating and administrative expenses	(9,500)	(2,894)	(1,589)	(1,186)	(3,817)	(273)	259

Items impacting net operating income/(loss) in the first nine months of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(9,029)	(4,067)	(1,624)	(1,696)	(393)	(1,136)	(113)
Adjusting items	1,855	—	650	385	(283)	1,104	—
Impairment	2,151	—	650	385	15	1,101	—
Other adjustments	3	—	—	—	—	3	—
Reversal of impairment	(299)	—	—	—	(299)	—	—
Adjusted depreciation, amortisation and net impairments	(7,173)	(4,067)	(974)	(1,311)	(676)	(32)	(113)
Exploration expenses	(562)	(338)	(164)	(60)	—	—	—
Adjusting items	36	—	—	36	—	—	—
Impairment	36	—	—	36	—	—	—
Adjusted exploration expenses	(526)	(338)	(164)	(24)	—	—	—
Sum of adjusting items	1,530	(491)	615	421	(37)	1,131	(109)
Adjusted operating income/(loss)	21,395	18,777	1,356	730	885	(188)	(165)
Tax on adjusted operating income	(15,904)	(14,608)	(728)	(170)	(513)	72	44
Adjusted operating income/(loss) after tax	5,492	4,169	628	560	372	(116)	(121)

Equinor third quarter 2025

45 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Items impacting net operating income/(loss) in the first nine months of 2024 (in USD million)	Equinor group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	22,192	17,760	1,722	847	2,343	(476)	(4)
Total revenues and other income	76,120	24,386	5,160	2,999	75,218	142	(31,787)
Adjusting items	(275)	—	—	—	(275)	—	—
Changes in fair value of derivatives	(318)	—	—	—	(318)	—	—
Periodisation of inventory hedging effect	43	—	—	—	43	—	—
Adjusted total revenues and other income	75,845	24,386	5,160	2,999	74,943	142	(31,787)
Purchases [net of inventory variation]	(37,171)	0	21	—	(68,614)	0	31,421
Adjusting items	(70)	—	—	—	31	—	(101)
Eliminations	(101)	—	—	—	—	—	(101)
Operational storage effects	31	—	—	—	31	—	—
Adjusted purchases [net of inventory variation]	(37,242)	0	21	—	(68,583)	0	31,319
Operating and administrative expenses	(8,903)	(2,718)	(1,496)	(885)	(3,741)	(538)	475
Adjusting items	196	—	—	—	46	151	—
Gain/loss on sale of assets	147	—	—	—	—	147	—
Other adjustments	3	—	—	—	—	3	—
Provisions	46	—	—	—	46	—	—
Adjusted operating and administrative expenses	(8,707)	(2,718)	(1,496)	(885)	(3,695)	(387)	475

Items impacting net operating income/(loss) in the first nine months of 2024 (in USD million)	Equinor group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(7,011)	(3,572)	(1,526)	(1,199)	(521)	(81)	(112)
Adjusting items	(141)	—	—	—	(191)	50	—
Impairment	50	—	—	—	—	50	—
Reversal of impairment	(191)	—	—	—	(191)	—	—
Adjusted depreciation, amortisation and net impairments	(7,153)	(3,572)	(1,526)	(1,199)	(712)	(31)	(112)
Exploration expenses	(841)	(336)	(437)	(68)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(841)	(336)	(437)	(68)	—	—	—
Sum of adjusting items	(290)	—	—	—	(390)	201	(101)
Adjusted operating income/(loss)	21,902	17,760	1,722	847	1,953	(275)	(105)
Tax on adjusted operating income	(15,132)	(13,737)	(399)	(212)	(871)	37	50
Adjusted operating income/(loss) after tax	6,770	4,022	1,324	635	1,082	(238)	(55)

Equinor third quarter 2025

46 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Adjusted operating income after tax by reporting segment

						Quarters
		Q3 2025				Q2 2025				Q3 2024
(in USD million)	Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax		Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax		Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax
E&P Norway	5,618	(4,357)	1,261		5,706	(4,461)	1,244		5,875	(4,538)	1,337
E&P International	396	(173)	223		429	(138)	291		407	(81)	326
E&P USA	37	(11)	25		183	(41)	141		207	(46)	160
MMP	299	(172)	127		333	(189)	144		545	(199)	346
REN	(64)	6	(58)		(75)	3	(72)		(115)	17	(99)
Other	(71)	(2)	(73)		(40)	33	(7)		(31)	4	(28)
Equinor group	6,215	(4,710)	1,505		6,535	(4,793)	1,741		6,887	(4,844)	2,042
Effective tax rates on adjusted operating income			75.8%				73.4%				70.3%
					First nine months 2025				First nine months 2024
(in USD million)					Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax		Adjusted operating income	Tax on adjusted operating income	Adjusted operating income after tax
E&P Norway					18,777	(14,608)	4,169		17,760	(13,737)	4,022
E&P International					1,356	(728)	628		1,722	(399)	1,324
E&P USA					730	(170)	560		847	(212)	635
MMP					885	(513)	372		1,953	(871)	1,082
REN					(188)	72	(116)		(275)	37	(238)
Other					(165)	44	(121)		(105)	50	(55)
Equinor group					21,395	(15,904)	5,492		21,902	(15,132)	6,770
Effective tax rates on adjusted operating income							74.3%				69.1%

Equinor third quarter 2025

47 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

		Quarters			First nine months
(in USD million)		Q3 2025	Q2 2025	Q3 2024	2025	2024
Net operating income/(loss)	A	5,270	5,721	6,905	19,866	22,192
Income tax	B1	4,870	4,441	4,986	15,574	15,969
Tax on net financial items	B2	(59)	(2)	50	177	(32)
Income tax less tax on net financial items	B = B1 - B2	4,929	4,443	4,935	15,397	16,000
Net operating income after tax	C = A - B	341	1,278	1,970	4,468	6,192
Items impacting net operating income/(loss) 1)	D	944	813	(19)	1,530	(290)
Tax on items impacting net operating income/(loss)	E	220	(350)	91	(506)	868
Adjusted operating income after tax	F = C+D+E	1,505	1,741	2,042	5,492	6,770
Net financial items	G	(604)	37	365	(548)	606
Tax on net financial items	H	59	2	(50)	(177)	32
Net income/(loss)	I = C+G+H	(204)	1,317	2,285	3,744	6,830
1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures.

Reconciliation of adjusted net income to net income

		Quarters			First nine months
(in USD million)		Q3 2025	Q2 2025	Q3 2024	2025	2024
Net operating income/(loss)		5,270	5,721	6,905	19,866	22,192
Items impacting net operating income/(loss) 1)	A	944	813	(19)	1,530	(290)
Adjusted operating income 1)	B	6,215	6,535	6,887	21,395	21,902
Net financial items		(604)	37	365	(548)	606
Adjusting items	C	(24)	(144)	(204)	(416)	28
Changes in fair value of financial derivatives used to hedge interest bearing instruments		22	(150)	(170)	(185)	(42)
Foreign currency (gains)/losses on certain intercompany bank and cash balances		(46)	7	(34)	(231)	69
Adjusted net financial items	D	(628)	(106)	162	(964)	633
Income tax	E	(4,870)	(4,441)	(4,986)	(15,574)	(15,969)
Tax effect on adjusting items	F	215	(317)	128	(466)	877
Adjusted net income	G = B + D + E + F	932	1,670	2,191	4,391	7,444
Less:
Adjusting items	H = A + C	920	670	(222)	1,113	(263)
Tax effect on adjusting items		215	(317)	128	(466)	877
Net income/(loss)		(204)	1,317	2,285	3,744	6,830
Attributable to shareholders of the company	I	(210)	1,313	2,282	3,729	6,810
Attributable to non-controlling interests	J	7	5	3	15	19
Adjusted net income attributable to shareholders	K = G - J	925	1,666	2,188	4,377	7,424
Weighted average number of ordinary shares outstanding (in millions)	L	2,527	2,622	2,760	2,622	2,849
Basic earnings per share (in USD)	M = I/L	(0.08)	0.50	0.83	1.42	2.39
Adjusted earnings per share (in USD)	N = K/L	0.37	0.64	0.79	1.67	2.61
1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures.

Reconciliation of adjusted operating income after tax to net income

Equinor third quarter 2025

48 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Adjusted exploration expenses

	Quarters			Change	First nine months
(in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
E&P Norway exploration expenditures	256	184	188	36 %	607	464	31 %
E&P International exploration expenditures	83	74	153	(46) %	190	423	(55) %
E&P USA exploration expenditures	3	13	53	(94) %	21	115	(81) %
Group exploration expenditures	343	272	395	(13) %	818	1,002	(18) %
Expensed, previously capitalised exploration expenditures	36	5	6	>100%	42	83	(49) %
Capitalised share of current period's exploration activity	(163)	(95)	(107)	52 %	(335)	(248)	35 %
Impairment (reversal of impairment)	36	—	3	>100%	36	5	>100%
Exploration expenses according to IFRS	252	183	296	(15) %	562	841	(33) %
Items impacting net operating income/(loss) 1)	(36)	—	—	N/A	(36)	—	N/A
Adjusted exploration expenses	216	183	296	(27) %	526	841	(38) %
1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures.

Equinor third quarter 2025

49 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Calculation of CFFO after taxes paid, net cash flow before capital distribution and net cash flow

CFFO information	Quarters			Change	First nine months
(in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Cash flows provided by operating activities before taxes paid and working capital items 1)	9,098	9,167	8,670	5 %	28,885	28,424	2 %
Taxes Paid	(3,764)	(7,229)	(2,986)	26 %	(14,219)	(14,685)	(3) %
Cash flow from operations after taxes paid (CFFO after taxes paid) 1)	5,334	1,938	5,685	(6) %	14,666	13,739	7 %
Net cash flow information	Quarters			Change	First nine months
(in USD million)	Q3 2025	Q2 2025	Q3 2024	Q3 on Q3	2025	2024	Change
Cash flow from operations after taxes paid (CFFO after taxes paid) 1)	5,334	1,938	5,685	(6) %	14,666	13,739	7 %
(Cash used)/received in business combinations	—	—	—	N/A	(26)	(467)	(94) %
Capital expenditures and investments	(3,420)	(3,401)	(3,098)	10 %	(9,848)	(8,531)	15 %
(Increase)/decrease in other interest-bearing items	170	(166)	(69)	N/A	126	(562)	N/A
Proceeds from sale of assets and businesses	—	340	6	(100) %	424	115	>100%
Net cash flow before capital distribution 1)	2,085	(1,289)	2,524	(17) %	5,342	4,294	24 %
Dividend paid	(938)	(1,024)	(1,944)	(52) %	(3,873)	(6,665)	(42) %
Share buy-back	(4,712)	(265)	(4,564)	3 %	(5,527)	(5,511)	— %
Net cash flow 1)	(3,565)	(2,579)	(3,984)	(11) %	(4,058)	(7,882)	(49) %
1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement  on relevant line items affected are shown below. For more information see note 1 Organisation and basis of preparation.

Line items impacted by change in accounting policy	Q3 2024				First nine months
(in USD million)	As reported	Restated	Impact		As reported	Restated	Impact
Cash flows provided by operating activities before taxes paid and working capital items	9,233	8,670	563		28,670	28,424	246
Cash flow from operations after taxes paid (CFFO after taxes paid)	6,247	5,685	563		13,985	13,739	246
Net cash flow before capital distribution	3,086	2,524	563		4,540	4,294	246
Net cash flow	(3,422)	(3,984)	563		(7,636)	(7,882)	246

Equinor third quarter 2025

50 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Organic capital expenditure s

	Quarters			First nine months
(in USD billion)	Q3 2025	Q2 2025	Q3 2024	2025	2024
Additions to PP&E, intangibles and equity accounted investments	3.7	3.6	3.1	11.8	11.3
Less:
Acquisition-related additions	—	—	—	1.3	1.8
Right of use asset additions	0.3	0.2	0.1	0.6	0.8
Organic capital expenditures	3.4	3.4	3.1	9.8	8.7

Equinor third quarter 2025

51 Supplementary disclosures PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Calculation of capital employed and net debt to capital employed ratio

Calculation of capital employed and net debt to capital employed ratio		At 30 September	At 31 December
(in USD million)		2025	2024
Calculation of capital employed*
Capital employed 1)	A + B1	49,155	51,235
Capital employed adjusted, including lease liabilities	A + B2	49,505	51,601
Capital employed adjusted	A + B3	46,216	48,091
Calculated net debt to capital employed*
Net debt to capital employed 1)	(B1) / (A+B1)	17.4%	17.3%
Net debt to capital employed adjusted, including lease liabilities	(B2) / (A+B2)	18.0%	17.9%
Net debt to capital employed adjusted	(B3) / (A+B3)	12.2%	11.9%
1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see note 1 Organisation and basis of preparation. 2) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial investments. 3) Under the new tax payment regime in Norway effective from August 2025, tax payments will be more evenly distributed across all four quarters. Therefore, the previous adjustments for tax normalisation have been discontinued with effect from the third quarter of 2025 without restatement of comparative periods. Under the previous tax regime, net interest-bearing debt adjusted including lease liabilities* and net interest-bearing debt adjusted* included adjustments to exclude 50% of the cash build-up ahead of tax payments on 1 April and 1 October.

Calculation of capital employed and net debt to capital employed ratio		At 30 September	At 31 December
(in USD million)		2025	2024
Shareholders' equity		40,526	42,342
Non-controlling interests		67	38
Total equity	A	40,592	42,380
Current finance debt and lease liabilities		5,883	8,472
Non-current finance debt and lease liabilities		25,070	21,622
Gross interest-bearing debt	B	30,953	30,094
Cash and cash equivalents 1)		8,114	5,903
Current financial investments		14,276	15,335
Cash and cash equivalents and financial investment 1)	C	22,390	21,238
Net interest-bearing debt [8] 1)	B1 = B - C	8,563	8,856
Other interest-bearing elements 1)2)		349	366
Net interest-bearing debt adjusted including lease liabilities* 3)	B2	8,912	9,221
Lease liabilities		3,288	3,510
Net interest-bearing debt adjusted* 3)	B3	5,624	5,711

Line items impacted by change in accounting policy		At 31 December 2024
(in USD million)		As reported	Restated	Impact
Cash and cash equivalents		8,120	5,903	(2,217)
Cash and cash equivalents and financial investment	C	23,455	21,238	(2,217)
Net interest-bearing debt [8]	B1 = B - C	6,638	8,856	2,217
Other interest-bearing elements		2,583	366	(2,217)
Capital employed	A + B1	49,018	51,235	2,217
Net debt to capital employed	(B1) / (A+B1)	13.5%	17.3%	3.7%

Equinor third quarter 2025

52 Forward-looking statements PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Forward-looking statements

This report contains certain forward-looking

statements that involve risks and uncertainties. In

some cases, we use words such as "ambition",

"continue", "could", "estimate", "intend", "expect",

"believe", "likely", "may", "outlook", "plan", "strategy",

"will", "guidance", "targets", and similar expressions

to identify forward- looking statements. Forward-

looking statements include all statements other than

statements of historical fact, including, among

others, statements regarding Equinor 's plans,

intentions, aims, ambitions and expectations; the

commitment to develop as a broad energy company

and diversify its energy mix; the ambition to be a

leading company in the energy transition and reduce

net group-wide greenhouse gas emissions; our

ambitions and expectations regarding

decarbonisation; future financial perfo rmance,

including earnings, cash flow and liquidity;

expectations and ambitions regarding value creation ;

expectations and ambitions regarding progress on

the energy transition plan; expectations regar ding

cash flow and returns from Equinor ’s oil and gas

portfolio , CCS projects and renewables and low

carbon solutions portfolio ; our expectations and

ambitions regarding operated emissions, annual CO₂

storage and carbon intensity; plans to develop fields;

expectations and ambitions regarding exploration

activities; plans and ambitions for renewables

production capacity and CO₂ transport and storage

and investments in renewables and low carbon

solutions; expectations and plans regarding

development of renewables projects, CCUS and

hydrogen businesses and production of low carbon

energy and CCS; our intention to optimise our

portfolio; robustness of our portfolio; contributions to

energy security; break-even considerations, targets

and other metrics for investment decisions; future

worldwide economic trends, market outlook and

future economic projections and assumptions,

including commodity price, currency and refinery

assumptions; estimates of reserves and

expectations regarding discoveries ; organic capital

expenditures for 2025 ; expectations regarding

investments and capex and estimates regarding

capacity, production, development and execution of

projects; expectations and estimates regarding

future operational performance, including oil and gas

and renewable power production; estimates

regarding tax payments; expectations and ambitions

regarding costs, including the ambition to keep unit

of production cost in the top quartile of our peer

group; scheduled maintenance activity and the

effects thereof on equity production; regarding

completion and results of acquisitions, disposals,

joint ventures, partnerships and other strategic and

contractual arrangements; ambitions regarding

capital distributions and expected amount and timing

of dividend payments and the implementation of our

share buy-back programme ; projected impact of

legal claims against us; and provisions and

contingent liabilities. You should not place undue

reliance on these forward-looking statements. Our

actual results could differ materially from those

anticipated in the forward-looking statements for

many reasons.

These forward-looking statements reflect current

views about future events, are based on

management’s current expectations and

assumptions and are, by their nature, subject to

significant risks and uncertainties because they

relate to events and depend on circumstances that

will occur in the future. There are a number of factors

that could cause actual results and developments to

differ materially from those expressed or implied by

these forward-looking statements, including levels of

industry product supply, demand and pricing, in

particular in light of significant oil price volatility;

unfavourable macroeconomic conditions and

inflationary pressures; exchange rate and interest

rate fluctuations; levels and calculations of reserves

and material differences from reserves estimates;

regulatory stability and access to resources,

including attractive low carbon opportunities; the

effects of climate change and changes in

stakeholder sentiment and regulatory requirements

regarding climate change; changes in market

demand and supply and policy support from

governments for renewables; inability to meet

strategic objectives ; the development and use of

new technology; geopolitical, social and/or political

instability, including worsening trade relations and

tariffs ; failure to prevent or manage digital and cyber

disruptions to our information and operational

technology systems and those of third parties on

which we rely; operational problems, including cost

inflation in capital and operational expenditures;

unsuccessful drilling; availability of adequate

infrastructure at commercially viable prices; the

actions of field partners and other third-parties;

reputational damage; the actions of competitors; the

actions of the Norwegian state as majority

shareholder and exercise of ownership by the

Norwegian state; changes or uncertainty in or non-

compliance with laws and governmental regulations;

adverse changes in tax regimes; the political and

economic policies of Norway and other oil-producing

countries; regulations on hydraulic fracturing and

low-carbon value chains; liquidity, interest rate,

equity and credit risks; risk of losses relating to

trading and commercial supply activities; an inability

to attract and retain personnel; ineffectiveness of

crisis management systems; inadequate insurance

coverage; health, safety and environmental risks;

physical security risks to personnel, assets,

infrastructure and operations from hostile or

malicious acts; failure to meet our ethical and social

standards; actual or perceived non-compliance with

legal or regulatory requirements ; and other factors

discussed elsewhere in this report and in Equinor 's

Integrated Annual Report for the year ended

December 31, 2024 (including section 5.2 - Risk

factors thereof). Equinor 's 2024 Integrated Annual

Report is available at Equinor 's website

www.equinor.com.

Although we believe that the expectations reflected

in the forward-looking statements are reasonable,

we cannot assure you that our future results, level of

activity, performance or achievements will meet

these expectations. Moreover, neither we nor any

other person assumes responsibility for the accuracy

and completeness of the forward-looking statements.

Any forward-looking statement speaks only as of the

date on which such statement is made, and, except

as required by applicable law, we undertake no

obligation to update any of these statements after

the date of this report, either to make them conform

to actual results or changes in our expectations.

We use certain terms in this document, such as

"resource" and "resources", that the SEC's rules

prohibit us from including in our filings with the SEC.

U.S. investors are urged to closely consider the

disclosures in our Annual Report on Form 20-F for

the year ended December 31, 2024 , SEC File No.

1-15200. This form is available on our website or by

calling 1-800-SEC-0330 or logging on to

www.sec.gov

Equinor third quarter 2025

53 End notes PRESS RELEASE THIRD QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

End notes

1. The group's average liquids price is a volume

weighted average of the segment prices of crude

oil, condensate and natural gas liquids (NGL).

2. Liquids volumes include oil, condensate and

NGL, exclusive of royalty oil.

3. Equity volumes represent produced volumes

under a production sharing agreement (PSA)

that correspond to Equinor’s ownership share in

a field. Entitlement volumes , on the other hand,

represent Equinor’s share of the volumes

distributed to the partners in the field, which are

subject to deductions for, among other things,

royalty and the host government's share of profit

oil. Under the terms of a PSA, the amount of

profit oil deducted from equity volumes will

normally increase with the cumulative return on

investment to the partners and/or production from

the licence. Consequently, the gap between

entitlement and equity volumes will likely

increase in times of high liquids prices. The

distinction between equity and entitlement is

relevant to most PSA regimes, whereas it is not

applicable in most concessionary regimes such

as those in Norway, the UK, the US, Canada and

Brazil.

4. Transactions with the Norwegian state . The

Norwegian state, represented by the Ministry of

Trade, Industry and Fisheries, is the majority

shareholder of Equinor and it also holds major

investments in other entities. This ownership

structure means that Equinor participates in

transactions with many parties that are under a

common ownership structure and therefore meet

the definition of a related party. Equinor

purchases liquids and natural gas from the

Norwegian state, represented by SDFI (the

State's Direct Financial Interest). In addition,

Equinor sells the State's natural gas production

in its own name, but for the Norwegian state's

account and risk, and related expenditures are

refunded by the State.

5. The production guidance reflects our estimates of

proved reserves calculated in accordance with

US Securities and Exchange Commission (SEC)

guidelines and additional production from other

reserves not included in proved reserves

estimates.

6. The group's average realised piped gas prices

include all realised piped gas sales, including

both physical sales and related paper positions.

7. The internal transfer price paid from the MMP

segment to the E&P Norway, E&P International

and E&P USA segments.

8. Since different legal entities in the group lend to

projects and others borrow from banks, project

financing through external bank or similar

institutions is not netted in the balance sheet and

results in over-reporting of the debt stated in the

balance sheet compared to the underlying

exposure in the group. Similarly, certain net

interest-bearing debt incurred from activities

pursuant to the Marketing Instruction of the

Norwegian government are offset against

receivables on the SDFI. Some interest-bearing

elements are classified together with non-interest

bearing elements and are therefore included

when calculating the net interest-bearing debt.

Photos:

Page 1 Jan Arne Wold, Woldcam

Pages 1, 2, 3, 4, 6, 7, 10, 11, 13, 37 Ole Jørgen

Bratland

Page 19 Øyvind Hagen

Page 21 Gudmund Nymoen

Page 27 Torstein Lund Eik

Equinor ASA

Box 8500

NO-4035 Stavanger

Norway

Telephone: +47 51 99 00 00

www.equinor.com

SIGNATURE - 6K FURNISHED

Pursuant to the requirements of the

Securities Exchange Act of 1934, the

registrant has duly caused this report to be

signed on its behalf by the undersigned,

thereunto duly authorised.

EQUINOR ASA

(Registrant)

Dated: 29 October 2025

By:   /s/ Torgrim Reitan 

Name: Torgrim Reitan

Title: Chief Financial Officer

FAQ

What were Equinor (EQNR) Q3 2025 earnings and cash flow?

Adjusted operating income was USD 6.21 billion, adjusted net income USD 0.93 billion (adjusted EPS USD 0.37); cash flow from operations after taxes was USD 5.33 billion.

Did Equinor report a profit or loss in Q3 2025?

Equinor reported a net loss of USD 0.20 billion, driven mainly by USD 754 million in net impairments.

How did Equinor’s production change in Q3 2025?

Total equity oil and gas production averaged 2,130 mboe/d, up 7% year over year, supported by Johan Sverdrup, Johan Castberg, and higher U.S. volumes.

What dividend and buyback did Equinor announce for Q3 2025?

The board declared a USD 0.37 per-share dividend and approved a fourth 2025 buyback tranche of up to USD 1.266 billion, keeping 2025 distributions around USD 9 billion.

What were key realized prices for Equinor in Q3 2025?

Equinor realized a European gas price of USD 11.4/mmbtu and group average liquids price of USD 64.9/bbl.

What is Equinor’s leverage position at quarter-end?

Net debt to capital employed adjusted was 12.2% at the end of the third quarter.

Were there notable strategic updates in or around Q3 2025?

Yes. Bacalhau reached first oil in October, and Equinor decided to stop two early-phase electrification projects due to high abatement costs.