Equinor (EQNR) posts Q4 2025 results with strong cash flow and higher dividend

Rhea-AI Filing Summary

Equinor ASA reported solid fourth quarter 2025 operations with weaker earnings than a year ago. Adjusted operating income was USD 6.20 billion, generating adjusted net income of USD 2.04 billion and adjusted EPS of USD 0.81.

Equity oil and gas production reached 2,198 mboe/day, up 6% year-on-year, while renewable power generation rose 42%. For 2025, net income was USD 5.06 billion, down from 2024, but cash flow from operations after taxes was strong at USD 18.0 billion.

The board proposes a higher quarterly dividend of USD 0.39 per share and completed USD 5 billion of 2025 buy-backs. A new 2026 buy-back of up to USD 1.5 billion is announced. Net debt to capital employed adjusted increased to 17.8%, and Equinor guides around 3% oil and gas production growth in 2026 with organic capex of about USD 13 billion.

Positive

• Strong operational performance and growth: Q4 2025 equity production rose 6% to 2,198 mboe/day and full-year output hit a record 2,137 mboe/day, while renewable power generation grew 25% for the year and 42% in the quarter, supporting diversification of the energy mix.
• Robust cash generation and disciplined distributions: Cash flow from operations after taxes reached USD 17.98 billion in 2025, funding USD 3.79 billion in dividends and USD 5.92 billion of share buy-backs, plus a higher ordinary dividend of USD 0.39 per share and a new 2026 buy-back of up to USD 1.5 billion.

Negative

• Earnings and reserves pressure: 2025 net income declined 43% to USD 5.06 billion and reserve replacement dropped to 48% (61% organic), indicating weaker replenishment of produced volumes versus 2024.
• Large impairments and higher leverage: Net impairments of USD 2.48 billion, mainly in US offshore wind and international E&P, reduced profitability, while net debt to capital employed adjusted increased to 17.8% from 11.9% a year earlier.

Insights

Energy sector equity analyst

Strong operations and cash, softer earnings, disciplined capital return.

Equinor delivered Q4 adjusted operating income of USD 6.20 billion with 6% production growth to 2,198 mboe/day. Renewables output grew 42%, showing tangible progress in the power portfolio despite still modest segment profitability.

Full‑year net income fell to USD 5.06 billion from 2024, hit by lower liquids prices and total net impairments of USD 2.48 billion, including USD 955 million on US offshore wind. Yet cash flow from operations after tax stayed robust at USD 17.98 billion.

Capital returns remain sizable: ordinary dividend lifts to USD 0.39 per share and 2025 buy‑backs total USD 5 billion, with a new 2026 programme of up to USD 1.5 billion. Management plans organic capex around USD 13 billion in 2026 and targets about 3% production growth, while net debt to capital employed adjusted rose to 17.8%, still moderate for a large integrated producer.

ESG and sustainability analyst

Safety and emissions improve, but wind impairments highlight transition risk.

Safety trends are favourable: the twelve‑month serious incident frequency improved to 0.21 from 0.3. Absolute scope 1+2 emissions from operated production fell to 10.2 million tonnes CO2e, helped by portfolio changes and electrification on the Norwegian continental shelf.

However, the transition portfolio shows economic strain. Offshore wind projects on the US North East Coast triggered impairments of USD 955 million, and early‑phase renewables added further write‑downs, driving a USD 1.61 billion net operating loss in Renewables in 2025. Updated net carbon intensity ambitions for 2030 and 2035 reflect fewer value‑creating low‑carbon opportunities under current market and regulatory conditions.

Form 6-K: How Foreign Companies Report to the SEC →

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 February 2026

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 fourth quarter 2025 results of Equinor ASA.

2 0 25

Fourth quarter

Financial statements and review

Equinor fourth quarter 2025

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

Key figures

Operational

2,198

MBOE/D

Equity oil & gas production per

day

1.76

TWh

Total power generation,

Equinor share

1.18

TWh

Renewable power

generation,

Equinor share

Financial
5.49	6.20
USD BILLION	USD BILLION
Net operating income	Adjusted operating income*
3.31	0.81
USD BILLION	USD
Cash flow from operations after taxes paid*	Adjusted earnings per share*
0.39	5
USD PER SHARE	USD BILLION
Announced cash dividend per share	Share buy-back programme for 2025

Sustainability

0.21

SIF

Serious incident

frequency (per million

hours worked)

6.3

KG / BOE

CO₂ upstream intensity. Scope

1 CO₂ emissions, Equinor

operated, 100% basis for the

full year of 2025

10.2

MILLION TONNES CO 2 e

Absolute scope 1+2 GHG

emissions for the full year

of 2025

Always safe

High value

Low carbon

1 Adjusted operating and administrative expenses* excluding royalties and transportation costs, over/underlift and a few selected one-offs. Including portfolio changes, equity accounting effects, and excluding held for sale assets.

Equinor fourth quarter 2025

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

Equinor fourth quarter and full year 2025 results

Equinor delivered an adjusted operating income* of USD 6.20 billion and USD 1.55 billion after tax* in the fourth quarter of 2025 . Equinor reported a net operating

income of USD 5.49 billion and a net income of USD 1.31 billion . Adjusted net income* was USD 2.04 billion , leading to adjust ed earnings per share* of USD 0.81 .

The fourth quarter and full year were characterised by:

• Strong pr oduction and operational performance, delivering 6 %

production growth in the quarter and 3.4% for the full year

• Continued high-grading of portfolio

• Cost and capital discipline

Taking action to strengthen competitiveness, cash flow and

robustness

• Strategic priorities guiding capital allocation

◦ Develop the NCS to maximise value

◦ Focused growth in international oil and gas

◦ Building an integrated power business

• Strengthening free cash flow* by reducing the organic capital

expenditures* outlook for 2026/27 by USD 4 billion

• R educing operating costs 1 by 10% in 2026 through strong cost focus

and portfolio high-grading

• Expecting around 3% oil and gas production growth in 2026

• Set to deliver return on average capital employed* of around 13% for

2026/27

Capital distribution

• Proposed increase of fourth quarter cash dividend to USD 0.39 per

share

• Announced share buy-back of up to USD 1.5 billion for 2026

Anders Opedal , President and CEO of Equinor ASA :

“With new fields on stream and strong operations, we deliver record-hig h

production and competitive returns in 2025.”

“ We continue to allocate capital to further develop and maximise value

from the Norwegian continental shelf. At the same time, we are delivering

focused growth in our international oil and gas portfolio and building our

integrated power business, now focusing on the execution of 

already‑sanctioned projects. ”

“ In 2026, we expect around 3 percent production growth, up from record

levels in 2025. We are taking firm actions to strengthen free cash flow ,

remain robust towards lower prices and maintain competitive capital

distribution.”

Anders Opedal

Equinor fourth quarter 2025

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

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Net operating income/(loss)	5,487	5,270	8,735	(37) %	25,352	30,927	(18) %
Net income/(loss)	1,314	(204)	1,999	(34) %	5,058	8,829	(43) %
Basic earnings per share (USD)	0.52	(0.08)	0.73	(28) %	1.94	3.12	(38) %
Adjusted operating income*	6,196	6,215	7,896	(22) %	27,591	29,798	(7) %
Adjusted net income*	2,042	932	1,733	18 %	6,434	9,177	(30) %
Adjusted earnings per share* (USD)	0.81	0.37	0.63	29 %	2.47	3.24	(24) %
Cash flows provided by operating activities 1)	2,107	6,346	2,022	4 %	19,971	19,465	3 %
Cash flow from operations after taxes paid 1) *	3,314	5,334	3,508	(6) %	17,980	17,246	4 %
Net cash flow before capital distribution 1) *	245	2,085	(2,555)	N/A	5,587	1,739	>100%
Operational information
Group average liquids price (USD/bbl) [1]	58.6	64.9	68.5	(14) %	64.2	74.1	(13) %
Total equity liquids and gas production (mboe per day) [3]	2,198	2,130	2,072	6 %	2,137	2,067	3 %
Total power generation (TWh) Equinor share	1.76	1.37	1.43	23 %	5.65	4.92	15 %
Renewable power generation (TWh) Equinor share	1.18	0.91	0.83	42 %	3.67	2.93	25 %
* 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	5,026	1,468	0.04
E&P International	214	289
E&P USA	359	441
MMP	678		0.59
REN	(26)		1.14
Other incl. eliminations	(54)
Equinor Group Q4 2025	6,196	2,198	1.76
Equinor Group Q4 2024	7,896	2,072	1.43
Equinor Group full year 2025	27,591	2,137	5.65
Equinor Group full year 2024	29,798	2,067	4.92
Net debt to capital employed adjusted*	31 December 2025	31 December 2024	%-point change
Net debt to capital employed adjusted*	17.8%	11.9%	5.9 %
Dividend (USD per share)	Q4 2025	Q3 2025	Q4 2024
Ordinary cash dividend per share	0.39	0.37	0.37
In 2025, Equinor acquired and settled shares in the market under the 2024 and 2025 share buy-back programmes for USD 5,916 million, and redeemed and settled shares owned by the Norwegian state (proportionate share of the second, third and fourth tranche of the 2024 programme and the first tranche of the 2025 programme) for a total amount of USD 4,260 million.

Equinor fourth quarter 2025

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

Strong production

Equinor had high production in the fourth quarter,

with a total equity pr oduction of 2,198 mboe per day,

up 6% from 2,072 mboe per day in the same quarter

last year. For the full year, the production reached a

record high of 2,137 mboe per day, a 3.4% increase

from the year before.

On the Norwegian continental shelf (NCS), the

production in the quarter was high with a 5%

increase compared to the same quarter in 2024.

New fields, such as Johan Castberg and Halten

East, delivered substantial contributions, along with

new wells. This offset impact from unplanned

maintenance at Johan Castberg . For the full year,

production was up by 2% in 2025 compared to 2024.

The acquisition of additional interests in US onshore

gas assets in late 2024 and new wells on stream,

resulted in strong production from the E&P USA

segment in the fourth quarter and full year of 2025,

compared to the year before.

The exits from Nigeria and Azerbaijan in 2024, along

with a production stop and sale of a 40% operated

interest in the Peregrino field in Brazil in the fourth

quarter of 2025, resulted in lower production in E&P

International in the quarter and full year of 2025.

Production from new wells in Argentina and Angola

contributed positively to the results . Other important

contributions were the establishment of the Adura

joint venture with Shell in the UK and the Bacalhau

field in Brazil coming on strea m.

The total power generation was 1.76 TWh in the

quarter and 5.65 TWh fo r the full year. The

renewable portfolio drove the increase through

ramp-up of production from the offshore wind farm

Dogger Bank A and high er onshore production. This

led to a 42% increase in renewable generation for

the fourth quarter and a 25% increase for the full

year, compared to 2024.

Financial results

Equinor re alised a European gas price of USD 10.6

per mmbtu and realised liquids prices were USD

58.6 per bbl in the fourth quarter of 2025.

Equinor delivered an adjusted operating income* of

USD 6.20 billion and USD 1.55 billion after tax* in

the fourth quarter . 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 5.49

billion is down from USD 8.74 billion in the same

quarter last year. This was impacted by net

impairments of USD 626 million in REN, E&P

International and E&P Norway . Net impairments for

the full year of 2025 amounted to USD 2,481 million ,

mainly impacted by reduced expected synergies

from future offshore wind projects in the US and

updated price assumptions.

The Marketing, Midstream and Processing results

were strong, driven by gas trading and optimisation,

and a favourable price review result.

Adjusted operating and administrative expenses* are

higher compared to the same quarter last year. This

is mainly due to higher transportation costs driven by

market conditions and currency effects. This was

partially offset by a reduction in the Gassled removal

obligation and cost improvements in the renewable

segment.

High production generated cash flows provided by

operating activities, before taxes paid and working

capital items, of USD 9.55 billion for the fourth

quarter .

Equinor paid three NCS tax instalments totalling

USD 5.96 billion in the quarter.

Cash flow from operations after taxes paid* ended at

USD 3.31 billion for the fourth quarter, bringing the

cash flow from operations after taxes paid* to USD

18.0 billion for the year.

Organic capital expenditure* was USD 3.29 billion

for the quarter and USD 13.1 billion for the full year .

The net debt to capital employed adjusted ratio* was

17.8% at the end of the fourth quarter , compared to

12.2 % at the end of the third quarter of 2025.

Strategic progress

Equinor continued to develop the portfolio and

deliver on its strategy in the quarter.

On the NCS, production started from the Verdande

subsea field in the Norwegian Sea, adding volumes

to and extending the field life of Norne beyond 2030.

2025 was a successful exploration year with 14

commercial discoveries on the NCS, of which seven

were Equinor-operated. Three commercial

discoveries were made during the quarter ,

contributing with volumes to meet the ambition of

maintaining the production level from 2020 in 2035.

The international portfolio was significantly

strengthened with the production start at Bacalhau,

off the coast of Brazil, adding future production and

cash flow . The operatorship of the Peregrino field

was transferred to PRIO in the quarter.

Equinor and Shell officially launched Adura, which is

expected to play a cruc ial role in securing the UK’s

energy supply. Adura is fully self-funded and aims to

distribute more than 50% of cash flow from

operations from 2026.

A 10-yea r gas sale agreement was signed with gas

and electricity company Pražská plynárenská,

securing Norwegian gas to the Czech Republic until

2035.

The new business area Power was established in

fourth quarter of 2025, integrating renewables with

flexible power assets . Power is a reportable segment

effective f rom 1 January 202 6.

Equinor’s first hybrid power complex, combining

solar and wind resources, was launched in Brazil. In

Texas, US, Equinor’s first commercial battery

storage system came online in the quarter.

At the end of the quarter, the Empire Wind project in

the US received a second stop work order.

Operations were resumed in January, following the

grant of a preliminary injunction. Project execution is

strong and the project is now over 60% complete.

The three-year average reserves replacement ratio

(RRR) 2023-202 5 was 100%, including both organic

and inorganic replacements.

E quinor’s absolute scope 1 and 2 GHG emissions

from operated production (100% basis) were 10.2

million tonnes CO₂e in 2025, a 33% reduction from

2015.

The positive tw elve-month average serious incident

frequency (SIF) trend continue s, and was 0.21 in

2025, compared to 0.3 in 202 4.

Health, safety and the environment	Twelve months average per Q4 2025	Full year 2024
Serious incident frequency (SIF)	0.21	0.3
	Full year 2025	Full year 2024
Upstream CO₂ intensity (kg CO₂/boe)	6.3	6.2
	Full year 2025	Full year 2024
Absolute scope 1+2 GHG emissions (million tonnes CO₂e)	10.2	11.0

Equinor fourth quarter 2025

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

Competitive capital distribution

The board of directors proposes to the annual general

meeting in 2026 a cash dividend of USD 0.39 per share for

the fourth quarter of 2025. This is an increase of USD 0.02

per share from the third quarter of 2025 and in line with the

previously announced ambition. The Equinor share will

trade ex-dividend on Oslo Børs from and including 13 May

and New York Stock Exchange from and including 15 May

2026.

The interim cash dividends for the first, second and third

quarters of 2026 are expected to be at the same level as

for the fourth quarter of 2025. This is to be decided by the

board of directors on a quarterly basis and in line with the

company's dividend policy, subject to existing and

renewed authorisation from the annual general meeting.

The fourth tranche of the share buy-back programme for

2025 was completed on 29 January 2026 with a total value

of USD 1,266 million. Following this, the total share buy-

backs under the share buy-back programme for 2025

amounts to USD 5 billion.

The board of directors has decided to announce share

buy-back for 2026 of up to USD 1.5 billion. The 2026 share

buy-back programme will be subject to market outlook and

balance sheet strength. The first tranche of up to USD 375

million of the 2026 share buy-back programme will

commence on 5 February and end no later than 30 March

2026. Commencement of new share buy-back tranches

after the first tranche will be decided by the board of

directors on a quarterly basis in line with the company's

dividend policy. It will be subject to existing and new board

authorisations for share buy-back from the company's

annual general meeting and agreement with the

Norwegian State regarding share buy-back.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

2 All forward looking financial numbers are based on Brent blend 65 USD/bbl, European gas price 9 USD/MMBtu and Henry Hub 3.5 USD/MMBtu .

3 Adjusted operating and administrative expenses* excluding royalties and transportation costs, over/underlift and a few selected one-offs. Including portfolio changes, equity accounting effects, and excluding held for sale assets.

4 USD/NOK exchange rate assumption of 10.

Equinor fourth quarter 2025

7 Press release PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Strengthening competitiveness, cash flow and

robustness

Key messages:

• Strategic priorities guiding capital allocation

Equinor will continue to develop the NCS to

maximise value and aims to maintain the production

level from 2020 in 2035 . Focused growth from the

high-graded international oil and gas portfolio is

expected to deliver strong production and cash flow

growth 2 . In building the integrated power business,

Equinor will be disciplined in execution and capital

allocation. Trading provides value uplift across

businesses.

• Firm actions to strengthen free cash flow*

Equinor has taken firm actions to strengthen cash

flow and robustness towards lower prices. The

organic capex* outlook for 2026 and 2027 is reduced

by USD 4 billion , mainly within power and low

carbon. Cost improvement efforts continue with an

aim to reduce operating cost 3 with 10% in 2026,

including the effects from portfolio high-grading. The

investments of around USD 10 billion annually to oil

and gas will be maintained. Reflecting changing

markets and fewer value creating opportunities, the

net carbon intensity ambition for 2030 and 2035 is

updated to 5-15% and 15-30% respectively.

• Delivering production growth

A production growth of around 3% is expected for oil

and gas in 2026. Equinor has added attractive

exploration acreage in Norway, Brazil and Angola,

and around 30 exploration wells are planned for

2026. A reduction to USD 6 per boe unit production

cost is aimed for in 2026. Equinor will continue the

efforts to deliver a carbon efficient portfolio, and had

a CO₂ upstream intensity of 6.3 kg/boe for Equinor

operated assets in 2025.

Updated o utlook for 2026:

• Organic capital expenditures* are estimated at

around USD 13 billion for 2026 4 .

• Oil & gas production for 2026 is estimated to

grow around 3% compared to 2025 level .

This press release contains Forward Looking

Statements . Please see the Forward Looking

Statement disclaimer published on Equinor.com/

investors/4q2025-forward-looking-statements .

Equinor fourth quarter 2025

8 PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Fourth quarter 2025 review

Group review	9
Outlook	13
Supplementary operational disclosures	14
Exploration & Production Norway	16
Exploration & Production International	17
Exploration & Production USA	18
Marketing, Midstream & Processing	19
Renewables	20

Equinor fourth quarter 2025

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

Group review

Operational information	Quarters			Change	Full year
	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Total equity liquid and gas production (mboe/day)	2,198	2,130	2,072	6 %	2,137	2,067	3 %
Total entitlement liquid and gas production (mboe/day)	2,093	2,005	1,953	7 %	2,019	1,942	4 %
Total Power generation (TWh) Equinor share	1.76	1.37	1.43	23 %	5.65	4.92	15 %
Renewable power generation (TWh) Equinor share	1.18	0.91	0.83	42 %	3.67	2.93	25 %
Average Brent oil price (USD/bbl)	63.7	69.1	74.7	(15) %	69.1	80.8	(14) %
Group average liquids price (USD/bbl) [1]	58.6	64.9	68.5	(14) %	64.2	74.1	(13) %
E&P Norway average internal gas price (USD/ mmbtu)	9.02	9.98	12.05	(25) %	10.70	9.47	13 %
E&P USA average internal gas price (USD/mmbtu)	2.84	2.01	2.22	28 %	2.60	1.70	53 %

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Total revenues and other income	25,346	26,049	27,654	(8) %	106,462	103,774	3 %
Total operating expenses	(19,860)	(20,779)	(18,919)	5 %	(81,109)	(72,846)	11 %
Net operating income/(loss)	5,487	5,270	8,735	(37) %	25,352	30,927	(18) %
Net financial items	283	(604)	(548)	N/A	(265)	58	N/A
Income tax	(4,456)	(4,870)	(6,188)	(28) %	(20,030)	(22,157)	(10) %
Net income/(loss)	1,314	(204)	1,999	(34) %	5,058	8,829	(43) %
Adjusted total revenues and other income*	25,260	26,063	26,418	(4) %	106,036	102,262	4 %
Adjusted purchases* [4]	(13,145)	(13,826)	(12,782)	3 %	(55,326)	(50,024)	11 %
Adjusted operating and administrative expenses*	(2,969)	(3,263)	(2,784)	7 %	(12,469)	(11,491)	9 %
Adjusted depreciation, amortisation and net impairments*	(2,663)	(2,543)	(2,612)	2 %	(9,837)	(9,765)	1 %
Adjusted exploration expenses*	(287)	(216)	(343)	(16) %	(813)	(1,185)	(31) %
Adjusted operating income/(loss)*	6,196	6,215	7,896	(22) %	27,591	29,798	(7) %
Adjusted net financial items*	167	(628)	(442)	N/A	(798)	192	N/A
Income tax less tax effect on adjusting items	(4,320)	(4,655)	(5,721)	(24) %	(20,360)	(20,813)	(2) %
Adjusted net income*	2,042	932	1,733	18 %	6,434	9,177	(30) %
Basic earnings per share (in USD)	0.52	(0.08)	0.73	(28) %	1.94	3.12	(38) %
Adjusted earnings per share* (in USD)	0.81	0.37	0.63	29 %	2.47	3.24	(24) %
Capital expenditures and Investments	4,146	3,420	3,646	14 %	13,994	12,177	15 %
Cash flows provided by operating activities 1)	2,107	6,346	2,022	4 %	19,971	19,465	3 %
Cash flows from operations after taxes paid 1) *	3,314	5,334	3,508	(6) %	17,980	17,246	4 %
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 strong production in the fourth

quarter, driven by significant contributions from the

NCS and the US upstream portfolio, while lower

liquids prices continued to temper financial results.

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

East fields drove increased production for the fourth

quarter and full year of 2025. Production increased

by 5% compared to the same quarter last year,

despite natural decline on the NCS and unplanned

maintenance at Johan Castberg , which operated at

restricted levels for 25 days. New wells supported

full-year production, with natural decline across

several fields limiting the overall increase.

Portfolio changes in the international upstream

business during 2024 and 2025 continued to

influence production levels. The acquisition of

additional interests in US onshore assets in

December 2024 incre ased E&P USA production for

the fourth quarter and full year of 2025 , supported by

new offshore wells .

In E&P International, the divestments of interests in

Nigeria and Azerbaijan late in the fourth quarter of

2024 resulted in lower p roduction volumes for the

quarter and full year of 2025 . The closing of the sale

of the 40% operated interest in Peregrino in

November 2025 further reduced production. These

decreases were partially offset by new wells brought

on stream and contributions from Adura, a new joint

venture with Shell. In December 2025, Equinor

completed the divestment of its offshore UK assets

and received a 50% ownership interest in Adura. The

transaction contributed to higher net production ,

reflecting the asset mix of the portfolio transferred by

the partners to the joint venture .

T he renewables portfolio drove the increase in total

power generation for 2025. The ongoing ramp-up of

Dogger Bank A and the onshore acquisition in

Equinor fourth quarter 2025

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

Sweden in March 2025 led to a 42% increase in

r enewable power generation for the fourth quarter

and a 25% increase for the full year, compared to the

same periods last year.

In the fourth quarter, Marketing, Midstream and

Processing segment results were primarily driven by

Gas and Power through optimisation of piped gas

trading in Europe and LNG trading, and were

supported by a favourable price review result .

Segment results were impacted by unrealised

derivative losses, as well as a negative contribution

from the methanol value chain. For the full year, Gas

and Power declined mainly due to weaker LNG

trading driven by operational issues and lower power

trading gains. Lower LPG trading results in Crude,

Products and Liquids also contributed to the decline,

which was partially offset by stronger refining

margins.

H igher production volumes and realised gas prices

contributed to increased revenue for the full year of

2025 , partially offset by lower liquids prices. For the

quarter, lower liquids prices and reduced realised

gas prices in Europe outweighed the gains from

higher production, resulting in lower revenue .

Adjusted operating and administrative expenses *

increased in the quarter and full year compared to

the same periods last year, primarily due to higher

transportation costs driven by market conditions and

the weakening of the USD against NOK. The

quarterly increase was partially offset by a reduction

in the Gassled removal obligation, while changes in

estimates of asset retirement obligations during the

third quarter negatively impacted the full year. These

cost increases were partially offset by the

divestments in E&P International, as well as the

reduction in business development and early-phase

projects within the renewables and low carbon

solutions businesses.

The new fields on the NCS and field-specific

investments across the business were the primary

drivers of higher a djusted depreciation, amortisation

and net impairments* in the quarter. For the full year

of 2025, the impact of these new fields and

investments was largely offset by the cessation of

depreciation for UK assets and Peregrino, which

were classified as held for sale since December

2024 and May 2025, respectively. Increased proved

reserves further contributed to stable depreciation

relative to the prior year.

Exploration expenses were lower in the fourth

quarter and for the full year, despite high exploration

activity on the NCS . The decrease was primarily

driven by l ower drilling activity across our

international portfolio in 2025.

In the fourth quarter, net operating income included a

loss of USD 291 million related to divestments and

net impairments of USD 626 million, primarily related

to impairments of an asset held for sale and early-

phase renewable projects . Net impairments for the

full year of 2025 amounted to USD 2,481 million,

mainly impacted by reduced expected synergies

from future offshore wind projects in the US and

updated price assumptions.

Adjusted net financial items* benefited from gains on

financial investments in the quarter, while losses on

financial investments earlier in 2025 contributed to a

decline for the full year.

For the full year, basic earnings per share and

adjusted earnings per share* were USD 1.94 and

USD 2.47 , respectively, primarily impacted by lower

net income.

Taxes

The effective reported tax rate of 77.2% for the

fourth quarter of 2025 , increased compared to 75.6%

in 2024, impacted by derecognition of deferred tax

assets, a loss related to the Adura joint venture

agreement with Shell and the lower effect of the

Energy Profits Levy in the UK. The effective reported

rate of 79.8% for the full year 2025 increased

compared to 71.5% in 2024, due to higher share of

income from jurisdictions with high tax rate s and the

extension of the Energy Profits Levy in the UK. The

tax rate was also impacted by derecognition of

deferred tax assets and a loss related to the joint

venture agreement with Shell in the UK, see note 3 .

The increase was partially offset by currency effects

and the tax exempted gain from the swap with

Petoro on the NCS.

Cash flow and net debt

Strong operational performance in the fourth quarter

generated cash flow provided by operating activities

before taxes paid and working capital items of USD

9,554 million, compared to USD 9,414 million in the

same quarter last year. For the full year, cash flow

provided by operating activities before taxes paid

and working capital items increased slightly from

USD 37,838 million in the same period last year to

USD 38,439 million.

Cash flow from operations after taxes paid*

decreased to USD 3,314 million from USD 3,508

million in the fourth quarter of 2024, primarily due to

higher tax payments in the quarter. For the full year

of 2025, cash flow from operations after taxes paid*

was USD 17,980 million, up from USD 17,246 million

in the prior year .

Tax payments in the fourth quarter totalled USD

6,240 mi llion, mainly representing three scheduled

Norwegian corporation tax instalments related to

2025 earnings. This is an increase from USD 5,906

million in the same period last year, reflecting the

change in the NCS instalment tax payment structure.

NCS tax instalments totalling NOK 100.1 billion are

expected to be paid in the first half of 2026.

A working capital increase of USD 1,207 million

negatively impacted the cash flow in the fourth

quarter of 2025 , compared to an increase of USD

1,486 million in the fourth quarter of 2024 .

Net cash flow before capital distribution* decreased

from USD 2,085 million in the pri or quarter to USD

245 million in the fourth quarter, mainly due to higher

tax payments under the new NCS instalment tax

payment structure , with three instalments paid

compared to two in the prior quarter. The

subscription of additional shares in Ørsted A/S for

USD 0.9 billion also impacted net cash flow before

capital distribution* during the quarter.

In the fourth quarter, net cash flow* amounted to an

outflow of USD 1,062 million, reflecting USD 917

million in dividends paid and USD 389 million related

to the share buy-back programme. Net cash flow*

was an outflow of USD 5,120 million for the full year

of 2025, down from an outflow of USD 12,851 million

in the same period last year , primarily due to

extraordinary dividend payments in the prior year.

A decrease in liquid assets in the quarter, combined

with slightly decreased equity caused an increase in

the net debt to capital employed adjusted* ratio at

the end of December 2025 to 17.8% from 12.2% at

the end of September 2025 .

Capital distribution

The board of directors proposes to the annual

general meeting in 2026 a cash dividend of USD

0.39 per share for the fourth quarter of 2025. This is

an increase of USD 0.02 per share from the third

quarter of 2025 and in line with the previously

announced ambition. The Equinor share will trade

ex-dividend on Oslo Børs from and including 13 May

and New York Stock Exchange from and including

15 May 2026.

The interim cash dividends for the first, second and

third quarters of 2026 are expected to be at the

same level as for the fourth quarter of 2025. This is

to be decided by the board of directors on a quarterly

Equinor fourth quarter 2025

11 Group review PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

basis and in line with the company's dividend policy,

subject to existing and renewed authorisation from

the annual general meeting.

The fourth tranche of the share buy-back programme

for 2025 was completed on 29 January 2026 with a

total value of USD 1,266 million. Following this, the

total share buy-backs under the share buy-back

programme for 2025 amounts to USD 5 billion.

The board of directors has decided to announce

share buy-back for 2026 of up to USD 1.5 billion.

The 2026 share buy-back programme will be subject

to market outlook and balance sheet strength. The

first tranche of up to USD 375 million of the 2026

share buy-back programme will commence on 5

February and end no later than 30 March 2026.

Commencement of new share buy-back tranches

after the first tranche will be decided by the board of

directors on a quarterly basis in line with the

company's dividend policy. It will be subject to

existing and new board authorisations for share buy-

back from the company's annual general meeting

and agreement with the Norwegian State regarding

share buy-back.

All share buy-back amounts include shares to be

redeemed by the Norwegian state.

ROACE*, organic capital expenditure* and

reserves

B ased on adjusted operating income after tax* and

average capital employed adjusted*, calculated

return on average capital employed (ROACE)*

was 14.5% for the 12-month period ended 31

December 2025 and 20.6% for the 12-month period

ended 31 December 2024 .

Organic capital expenditures* amounted to USD

13.1 billion for the full year 2025 .

Estimate d Proved reserves at the end of 2025

were 5,183 million barrels of oil equivalents (boe) , a

net decrease of 388 million boe compared to 5,571

million boe at the end of 2024 .

The net decrease was mainly due to the increased

entitlement production not being fully replaced by

new proved reserves added during the year, and

sale of reserves in the Peregrino field in Brazil.

Positive revisions and implementation of increased

recovery projects added a total of 250 million boe

compared to 650 million boe in 2024. Sanctioning

new projects and extensions of the proved areas

added 199 million boe compared to 123 million boe

in 2024. The net effect of purchase and sale of

reserves in place was a reduction of 95 million boe,

which includes the sale of reserves in place in

Peregrino as well as the net effect of the Adura

transaction . The entitlement production available for

sale in 2025 was 741 million boe compared to 699

million boe in 2024.

This results in a reserve replacement ratio (RRR)

of 48% and an organic RRR excluding purchase and

sale of 61% in 2025 compared to 151% and 111% in

2024. The corresponding three-year average

replacement ratio was 100%, and the organic three-

year average was 90% at the end of 2025 compared

to 110% and 101% at the end of 2024.

The RRR measures the estimated proved reserves

added to the reserve base, including the effects of

sales and purchases, relative to the amount of oil

and gas produced.

All reserves numbers are preliminary.

Equinor fourth quarter 2025

12 Group review PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Health, safety and the environment

In May 2021, Equinor Refining Norway AS (“Equinor

Mongstad”) was charged with violations of the

Pollution Control Act. The case concerned historical

matters related to emissions and discharges that the

company itself had uncovered, investigated, and

improved. The investigation has concluded, and

Equinor Mongstad has received a fine from Økokrim

of NOK 220 million and a confiscation claim of NOK

500 million . We disagree with the allegation that the

company failed to fulfil its duty of proper

maintenance of the plant over several decades and

saved cost through inadequate maintenance.

Equinor has contested the penalty notice from

Økokrim and intends to litigate this matter .

The twelve-month average serious incident

frequency (SIF) for the period ended 31 December

2025 w as 0.21, a decrease from 2024 which ended

at 0.3.

Equinor’s absolute Scope 1 and 2 GHG emissions

from operated production (100% basis) were 10.2

million tonnes CO 2 e in 2025; this was 7% lower than

11.0 million tonnes CO 2 e in 2024. This difference

was due to a change in the number of assets in

scope from 2025 following a reassessment of

Technical Service Provider arrangements. Equinor

has adjusted targets and baselines accordingly.

Excluding the impact of the boundary adjustment,

year-on-year emissions in 2025 remain unchanged.

Emissions reduction from electrification efforts on the

NCS, as well as turnaround activities at Mongstad

and Hammerfest LNG during 2025, were offset by

increased emissions associated with the start-up and

ramp-up of new fields, including Johan Castberg and

Bacalhau.

Equinor fourth quarter 2025

13 Outlook PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Outlook

• Organic capital expenditures* are estimated at

around USD 13 billion for 2026 5 .

• Oil & gas production for 2026 is estimated to

grow around 3% compared to 2025 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 35 mboe per

day for the full year of 2026.

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.

5) USD/NOK exchange rate assumption of 10

Equinor fourth quarter 2025

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

Supplementary operational disclosures

	Quarters			Change	Full year					Quarters			Change	Full year
Operational information	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change		Operational information	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Prices									Equity production (mboe per day)
Average Brent oil price (USD/bbl)	63.7	69.1	74.7	(15) %	69.1	80.8	(14) %		E&P Norway equity liquids production	687	714	627	10 %	671	628	7 %
E&P Norway average liquids price (USD/bbl)	61.1	67.9	71.4	(14) %	66.8	77.1	(13) %		E&P International equity liquids production	241	239	304	(21) %	255	306	(17) %
E&P International average liquids price (USD/bbl)	55.5	62.1	66.5	(17) %	62.0	72.0	(14) %		E&P USA equity liquids production	150	155	150	— %	150	148	1 %
E&P USA average liquids price (USD/bbl)	50.2	55.2	58.8	(15) %	55.7	64.5	(14) %		Group equity liquids production	1,078	1,109	1,081	— %	1,075	1,082	(1) %
Group average liquids price (USD/bbl) [1]	58.6	64.9	68.5	(14) %	64.2	74.1	(13) %		E&P Norway equity gas production	781	707	772	1 %	739	758	(2) %
Group average liquids price (NOK/bbl) [1]	592	655	754	(22) %	667	796	(16) %		E&P International equity gas production	48	29	34	39 %	38	34	10 %
E&P Norway average internal gas price (USD/mmbtu) [7]	9.02	9.98	12.05	(25) %	10.70	9.47	13 %		E&P USA equity gas production	292	286	185	57 %	285	193	48 %
E&P USA average internal gas price (USD/mmbtu) [7]	2.84	2.01	2.22	28 %	2.60	1.70	53 %		Group equity gas production	1,120	1,022	991	13 %	1,062	985	8 %
Realised piped gas price Europe (USD/mmbtu) [6]	10.56	11.43	13.54	(22) %	12.20	11.03	11 %		Total equity liquids and gas production [2] [3]	2,198	2,130	2,072	6 %	2,137	2,067	3 %
Realised piped gas price US (USD/mmbtu) [6]	3.29	2.42	2.36	39 %	3.07	2.00	54 %
									Power generation
Entitlement production (mboe per day)									Power generation (TWh) Equinor share	1.76	1.37	1.43	23 %	5.65	4.92	15 %
E&P Norway entitlement liquids production	687	714	627	10 %	671	628	7 %		Renewable power generation (TWh) Equinor share 1)	1.18	0.91	0.83	42 %	3.67	2.93	25 %
E&P International entitlement liquids production	213	184	245	(13) %	211	239	(12) %
E&P USA entitlement liquids production	132	138	134	(1) %	134	133	1 %		1) Includes Hywind Tampen renewable power generation.
Group entitlement liquids production	1,032	1,036	1,006	3 %	1,015	1,000	2 %
E&P Norway entitlement gas production	781	707	772	1 %	739	758	(2) %
E&P International entitlement gas production	32	19	19	64 %	23	22	7 %
E&P USA entitlement gas production	248	242	157	58 %	242	163	49 %
Group entitlement gas production	1,060	968	948	12 %	1,004	942	7 %
Total entitlement liquids and gas production [2] [3]	2,093	2,005	1,953	7 %	2,019	1,942	4 %

Equinor fourth quarter 2025

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

Health, safety and the environment
	Twelve months average per Q4 2025	Full year 2024
Total recordable injury frequency (TRIF)	2.3	2.3
Serious Incident Frequency (SIF)	0.21	0.3
Oil and gas leakages (number of) 1)	6	7
	Full year 2025	Full year 2024
Upstream CO₂ intensity (kg CO₂/boe) 2)	6.3	6.2
	Full year 2025	Full year 2024
Absolute scope 1+2 GHG emissions (million tonnes CO₂e) 3)	10.2	11.0
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.

Equinor fourth quarter 2025

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

Exploration & Production Norway

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Total revenues and other income	7,825	8,278	9,257	(15) %	34,392	33,643	2 %
Total operating expenses	(2,972)	(2,660)	(2,452)	21 %	(10,271)	(9,078)	13 %
Net operating income/(loss)	4,853	5,618	6,805	(29) %	24,121	24,564	(2) %
Adjusted total revenues and other income*	7,825	8,278	9,257	(15) %	33,901	33,643	1 %
Adjusted operating and administrative expenses*	(940)	(926)	(894)	5 %	(3,834)	(3,612)	6 %
Adjusted depreciation, amortisation and net impairments*	(1,630)	(1,602)	(1,382)	18 %	(5,697)	(4,954)	15 %
Adjusted exploration expenses*	(229)	(132)	(176)	30 %	(567)	(513)	11 %
Adjusted operating income/(loss)*	5,026	5,618	6,804	(26) %	23,803	24,564	(3) %
Additions to PP&E, intangibles and equity accounted investments	1,726	1,557	1,872	(8) %	7,366	6,285	17 %
Operational information	Quarters			Change	Full year
E&P Norway	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
E&P entitlement liquid and gas production (mboe/day)	1,468	1,422	1,398	5 %	1,410	1,386	2 %
Average liquids price (USD/bbl)	61.1	67.9	71.4	(14) %	66.8	77.1	(13) %
Average internal gas price (USD/mmbtu)	9.02	9.98	12.05	(25) %	10.70	9.47	13 %

Production & Revenues

In the fourth quarter of 2025, production increased

compared to the same quarter last year, driven by

new fields coming on stream, including Johan

Castberg and Halten East, as well as new wells. The

increase was partially offset by natural decline in

several fields. Johan Castberg operated at minimum

production levels for 25 days during the quarter due

to unplanned maintenance.

Liquids production increased more than gas in the

quarter, driven by new fields coming on stream with

a higher proportion of liquids in the production mix.

Production increased for 2025 compared to 2024 ,

reflecting ramp-up of new fields and new wells

during the year, as well as stable performance,

partially offset by natural decline.

Total r evenues and other income in the fourth

quarter of 2025 were lower compared to the same

quarter last year, as the decline in gas and liquids

prices more than offset strong production

performance . For the full year of 2025, revenues

increased compared to 2024, mainly reflecting

higher production and higher gas prices largely

offsetting lower liquids prices.

Operating expenses and financial results

Operating and administrative expenses increased in

the fourth quarter of 2025 compared to the same

quarter last year, mainly driven by increased activity

from new fields coming on stream and cancellation

costs related to the Halten electrification project. The

reported increase also reflects the weakening of the

USD against NOK in addition to one off effect

positively affecting the fourth quarter of the prior

year. These effects were partially offset by lower

transportation costs, mainly related to the Gassled

removal obligation compared to the prior year. The

same factors drove the increase for the full year of

2025 relative to 2024, in addition to an adverse non-

recurring transportation cost recognised in the third

quarter.

Adjusted d epreciation, amortisation and net

impairments* in the fourth quarter and the full year of

2025 increased due to the 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,

and impairment of an asset in the fourth quarter of

2024.

E xploration expenses increased compared to the

fourth quarter of 2024, mainly reflecting higher

expensing of well costs from earlier years as wells

were evaluated in the quarter . The exploration

activity in the quarter was slightly lower than in the

same quarter last year, with 12 wells compared to 13

wells , while successful outcomes resulted in higher

capitalisation, partially offsetting the cost increase.

N et operating income in the first quarter of 2025 was

positively impacted by a gain of USD 491 million

related to the swap transaction with Petoro, while net

operating income in the fourth quarter of 2025 was

negatively impacted by an impairment of USD 173

million.

Additions to PP&E, intangibles and equity accounted

investments in 2025 was influenced by the assets

acquired in the swap transaction amounting to USD

1,086 million.

Equinor fourth quarter 2025

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

Exploration & Production International

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Total revenues and other income	868	1,315	2,183	(60) %	5,102	7,343	(31) %
Total operating expenses	(1,140)	(1,569)	(1,159)	(2) %	(4,633)	(4,597)	1 %
Net operating income/(loss)	(271)	(254)	1,024	N/A	470	2,746	(83) %
Adjusted total revenues and other income*	877	1,315	1,378	(36) %	5,062	6,538	(23) %
Adjusted purchases*	77	(38)	64	21 %	(25)	85	N/A
Adjusted operating and administrative expenses*	(339)	(532)	(542)	(38) %	(1,928)	(2,038)	(5) %
Adjusted depreciation, amortisation and net impairments*	(344)	(269)	(538)	(36) %	(1,318)	(2,064)	(36) %
Adjusted exploration expenses*	(58)	(80)	(58)	(1) %	(222)	(496)	(55) %
Adjusted operating income/(loss)*	214	396	303	(29) %	1,569	2,025	(23) %
Additions to PP&E, intangibles and equity accounted investments	6,146	695	896	>100%	8,224	3,191	>100%
Operational information	Quarters			Change	Full year
E&P International	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
E&P equity liquid and gas production (mboe/ day)	289	267	339	(15) %	293	340	(14) %
E&P entitlement liquid and gas production (mboe/day)	245	203	264	(7) %	234	261	(10) %
Production sharing agreements (PSA) effects	44	65	74	(41) %	59	79	(26) %
Average liquids price (USD/bbl)	55.5	62.1	66.5	(17) %	62.0	72.0	(14) %

Production & Revenues

The divestment of assets in Azerbaijan and Nigeria

late in 2024 along with the production stop in

Peregrino from August to October 2025 and natural

decline in certain fields, led to a decrease in

production in the fourth quarter and the full year of

2025 compared to the same periods last year. The

sale of the 40% operated interest in Peregrino to

PRIO in the middle of November 2025 and

operational issues in certain fields further contributed

to the overall drop in production in the fourth quarter

2025. The decrease was partially offset by

contributions from new wells, mainly in Argentina

and Angola, in addition to the establishment of Adura

in December 2025 and Bacalhau coming on stream

in the middle of October 2025.

In December 2025, Equinor completed the

divestment of its offshore UK assets, including

interests in Rosebank, Mariner and Buzzard, and

received a 50% ownership interest in Adura, a joint

venture with Shell. The transaction contributed to

higher net production, reflecting the asset mix of the

portfolio transferred by the partners to the joint

venture, and resulted in a loss on divestment of USD

173 million recognised in the fourth quarter.

P roduction Sharing Agreements (PSA) effects were

reduced in the fourth quarter and full year of 2025

compared to the same periods last year, mainly

reflecting higher divestments and lower prices. 

Lower volumes and prices together with gains from

divestments in 2024 contributed to lower t otal

revenues and other income in the fourth quarter and

the full year of 2025 compared with the same

periods last year. The fourth quarter of 2025 was

also negatively impacted by underlift timing effect.

Operating expenses and financial results

The decrease in a djusted o perating and

administrative expenses* in the fourth quarter and

for the full year of 2025 compared to the

corresponding periods in 2024 was mainly driven by

the sale of assets in Azerbaijan and Nigeria in 2024,

along with the sale of the 40% operated interest in

the Peregrino field and variations in the over/underlift

position.

Following the cessation of depreciation for assets

classified as held for sale in the UK from late 2024

and in Brazil from the second quarter of 2025,

adjusted depreciation, amortisation and net

impairments* was lower in the fourth quarter and full

year of 2025 compared to the same periods in 2024.

E xploration expenses were stable quarter on quarter,

but decreased for the full year of 2025 primarily due

to higher expensed well costs related to Brazil,

Canada and Argentina last year.

Net operating income in the fourth quarter of 2025

was negatively impacted by losses mainly related to

transactions in the UK and Brazil of USD 275 million,

and an impairment of the remaining assets held for

sale in Brazil of USD 201 million . For the full year of

2025, net operating income also included an

impairment of the assets which were held for sale in

the UK of USD 650 million, recognised in the third

quarter.

Additions to PP&E, intangibles and equity accounted

investments increased in the fourth quarter and for

the full year of 2025 compared to the same periods

last year mainly due to the acquisition of shares in

Adura in December 2025 .

Equinor fourth quarter 2025

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

Exploration & Production USA

Production & Revenues

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Total revenues and other income	1,045	1,014	957	9 %	4,296	3,957	9 %
Total operating expenses	(686)	(1,398)	(773)	(11) %	(3,628)	(2,925)	24 %
Net operating income/(loss)	359	(384)	184	95 %	668	1,031	(35) %
Adjusted total revenues and other income*	1,045	1,014	957	9 %	4,296	3,957	9 %
Adjusted operating and administrative expenses*	(292)	(569)	(257)	14 %	(1,477)	(1,142)	29 %
Adjusted depreciation, amortisation and net impairments*	(394)	(405)	(408)	(3) %	(1,705)	(1,607)	6 %
Adjusted exploration expenses*	—	(3)	(109)	(100) %	(24)	(176)	(86) %
Adjusted operating income/(loss)*	359	37	184	95 %	1,089	1,031	6 %
Additions to PP&E, intangibles and equity accounted investments	284	314	1,651	(83) %	1,199	3,862	(69) %
Operational information	Quarters			Change	Full year
E&P USA	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
E&P equity liquid and gas production (mboe/ day)	441	441	335	32 %	434	341	27 %
E&P entitlement liquid and gas production (mboe/day)	380	380	291	31 %	375	295	27 %
Royalties	61	61	44	39 %	59	46	29 %
Average liquids price (USD/bbl)	50.2	55.2	58.8	(15) %	55.7	64.5	(14) %
Average internal gas price (USD/mmbtu)	2.84	2.01	2.22	28 %	2.60	1.70	53 %

E&P USA reported higher production volumes in the

fourth quarter and full year of 2025 compared with

the corresponding periods in 2024. The increase

was primarily attributable to higher natural gas

production from the Appalachia onshore assets

following the acquisition of additional interests in late

2024 and increased operational activity in the

Appalachia region throughout 2025. U.S. Offshore

production remained relatively stable in the fourth

quarter and full year of 2025 compared to the same

periods last year, with new wells on stream offset by

natural decline.

Total r evenues and other income increased in both

the fourth quarter and the full year of 2025 compared

with the same periods in 2024. The increase was

primarily driven by higher natural gas prices and

increased gas production volumes , partially offset by

lower realized liquids prices.

O perating expenses and financ ial results

Operating and administrative expenses increased

during both the fourth quarter and the full year of

2025 compared with the same periods in 2024. The

increase was primarily driven by higher

transportation costs resulting from increased

production volumes in the Appalachia basin. For the

full year, operating and administrative expenses

were further impacted by higher asset retirement

obligations from updated cost estimates related to a

late-life offshore asset that ceased production during

the third quarter of 2025.

Adjusted depreciation, amortisation, and net

impairments* decreased slightly in the fourth quarter

of 2025 compared with the fourth quarter of 2024,

primarily reflecting the impact of increased proved

reserves at year-end 2024. For the full year, the

increase from 2024 was largely driven by asset

retirement obligations recognised in the second

quarter of 2025, partially offset by upward revisions

to proved reserves recorded at year-end 2024.

Exploration expenses declined in the fourth quarter

and full year of 2025 compared to the same periods

in 2024, primarily due to reduced drilling activity.

In the full year of 2025, net operating income was

adversely affected by impairments of USD 385

million related to two producing assets in U.S.

Offshore, in addition to USD 35 million in exploration

licence 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,

which closed in the second quarter of 2024, and the

additional interests purchased in late 2024. This

resulted in an increase in the Northern Marcellus

formation offset by a decrease from the Appalachia-

operated assets.

Equinor fourth quarter 2025

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

Marketing, Midstream & Processing

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Total revenues and other income	25,146	25,753	26,573	(5) %	104,769	101,792	3 %
Total operating expenses	(24,368)	(25,244)	(25,590)	(5) %	(103,069)	(98,466)	5 %
Net operating income/(loss)	778	509	983	(21) %	1,700	3,326	(49) %
Adjusted total revenues and other income*	25,044	25,772	26,266	(5) %	104,845	101,209	4 %
Adjusted purchases* [4]	(22,756)	(23,985)	(24,194)	(6) %	(97,178)	(92,777)	5 %
Adjusted operating and administrative expenses*	(1,367)	(1,270)	(1,176)	16 %	(5,184)	(4,871)	6 %
Adjusted depreciation, amortisation and net impairments*	(243)	(217)	(236)	3 %	(919)	(949)	(3) %
Adjusted operating income/(loss)*	678	299	659	3 %	1,563	2,612	(40) %
— Gas and Power	583	282	571	2 %	1,354	2,062	(34) %
— Crude, Products and Liquids	111	31	247	(55) %	499	1,153	(57) %
— Other	(16)	(13)	(159)	90 %	(290)	(603)	52 %
Additions to PP&E, intangibles and equity accounted investments	374	307	369	2 %	1,142	953	20 %
Operational information	Quarters			Change	Full year
Marketing, Midstream and Processing	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Liquids sales volumes (mmbl)	276.4	279.1	248.9	11 %	1,106.3	1,008.8	10 %
Natural gas sales Equinor (bcm)	18.0	16.8	16.6	8 %	67.4	63.6	6 %
Natural gas entitlement sales Equinor (bcm)	15.5	14.1	13.6	14 %	56.6	53.2	6 %
Power generation (TWh) Equinor share	0.59	0.46	0.60	(2) %	1.98	1.98	0 %
Realised piped gas price Europe (USD/mmbtu)	10.56	11.43	13.54	(22) %	12.20	11.03	11 %
Realised piped gas price US (USD/mmbtu)	3.29	2.42	2.36	39 %	3.07	2.00	54 %

Volumes, Pricing & Revenues

Liquids sales volumes remained at similar levels

compared to the previous quarter. Higher equity and 

third party volumes drove the increase compared to

the previous year.

Gas sales volumes increased compared to the

previous quarter due to recovery from maintenance

activity on the NCS. Compared to the previous year,

the increase reflected higher Equinor international

gas production.

Power generation rose compared to the last quarter,

driven by seasonal factors, and remained stable

compared to the same period last year.

The realised European piped gas price decreased

compared to the previous quarter due to solid NCS

flows and increasing LNG supplies, combined with a

mild winter. C ompared to the same quarter last year,

the realised European piped gas prices decreased

due to a combination of lower gas demand and

growing LNG supplies.

The realised piped gas price in the US increased

compared to the previous quarter due to higher

demand explained by lower temperatures.

Compared to the same quarter last year, realised US

gas price increased due to higher demand from

power generation and LNG exports.

Financial Results

In the fourth quarter of 2025, Gas and Power was

the main contributor to adjusted operating income*.

This result was driven by optimisation of piped gas

trading in Europe and LNG trading . Crude, Products

and Liquids contributed positively, mainly through

physical trading of crude and products, as well as

shipping optimisation . Additionally, the results were

impacted by high refining margins, unrealised

derivative losses , coupled with a negative result in

methanol value chain . The Gas and Power

subsegment was also affected by a favourable price

review result.

In addition to the price review, the increase in

a djusted operating income* compared to the prior

quarter was driven by improved crude trading from

shipping optimisation and positive results from

speculative trading. Stabilised operations at

Hammerfest LNG also positively contributed ,

partially offset by weaker US gas trading.

Adjusted operating income* for the full year of 2025

was lower than the previous year . Gas and Power

declined mainly due to weaker LNG trading driven by

operational issues and lower powe r t rading gains. In

Crude, Products and Liquids, crude and LPG trading

also had a lower result compared to 2024. These

declines were partially offset by stronger refining

margins.

Net operating income includes the net effect of fair

value changes in derivatives and storages, changes

in onerous provisions and operational storage value,

and net impairments, totalling USD 100 million for

the quarter and USD 137 million for the full year.

Equinor fourth quarter 2025

20 Renewables PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Renewables

Financial information	Quarters			Change	Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Revenues third party, other revenue and other income	36	42	149	(76) %	93	216	(57) %
Net income/(loss) from equity accounted investments	55	(9)	26	>100%	99	100	(2) %
Total revenues and other income	90	34	174	(48) %	192	317	(39) %
Total operating expenses	(385)	(92)	(374)	3 %	(1,806)	(993)	82 %
Net operating income/(loss)	(295)	(59)	(200)	48 %	(1,614)	(676)	>100%
Adjusted total revenues and other income*	97	29	50	93 %	221	193	15 %
Adjusted purchases*	(1)	(7)	—	N/A	(8)	—	N/A
Adjusted operating and administrative expenses*	(109)	(74)	(137)	(21) %	(382)	(524)	(27) %
Adjusted depreciation, amortisation and net impairments*	(14)	(13)	(13)	4 %	(46)	(44)	4 %
Adjusted operating income/(loss)*	(26)	(64)	(100)	(74) %	(214)	(375)	(43) %
Additions to PP&E, intangibles and equity accounted investments	565	773	559	1 %	2,837	2,153	32 %
Operational information	Quarters			Change	Full year
Renewables	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Renewables power generation (TWh) Equinor share	1.14	0.88	0.78	45 %	3.50	2.80	25 %

Power generation

Total power generation increased in both the fourth

quarter and the full year of 2025 compared to the

same periods in 2024, mainly reflecting a ramp-up of

Dogger Bank A and the addition of the Lyngsåsa

onshore wind farm. In the fourth quarter of 2025,

total power generation amounted to 1.14 TWh,

comprising 0.70 TWh from offshore wind farms and

0.44 TWh from onshore renewables.

For the full year of 2025, total power generation

reached 3.50 TWh, including 1.89 TWh from offshore

wind and 1.61 TWh from onshore assets. The

offshore wind power was primarily generated by

Dudgeon, Sheringham Shoal and Dogger Bank A,

while the onshore volumes mainly came from the

Serra Da Babilônia Wind Complex, other plants in

Brazil and Lyngsåsa in Sweden.

Total revenues and other income

Contributions from equity accounted investments in

the UK drove the increase in adjusted total revenues

and other income* in the fourth quarter while

revenues from operated activities remained broadly

stable . N ew acquisitions in the onshore portfolio

drove a similar increase for the full year of 2025,

Operating expenses and financial results

Adjusted operating and administrative expenses*

decreased in the fourth quarter and the full year of

2025 compared to the same periods in 2024,

primarily due to a reduction in business development

costs. The decline reflects a disciplined focus on

operational priorities and cost reduction efforts in

accordance with strategic objectives and current

market conditions .

The net operating loss for the fourth quarter of 2025

was impacted by an impairment of USD 252 million

mainly relating to early phase projects.

Net operating loss for the full year of 2025 also

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 fourth quarter of 2025, USD 37 million of

additions to PP&E, intangibles, and equity accounted

investments related to onshore renewables and USD

528 million related to offshore wind projects. The

offshore additions primarily reflect continued

investments in the Empire Wind project in the US.

With effect from the first quarter of 2026, the

Renewables activities will be included in the Power

reporting segment .

Equinor fourth quarter 2025

21 PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Condensed interim financial statements and notes

CONSOLIDATED STATEMENT OF INCOME	22
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	23
CONSOLIDATED BALANCE SHEET	24
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	25
CONSOLIDATED STATEMENT OF CASH FLOWS	26

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS	27
Note 1. Organisation and basis of preparation	27
Note 2. Segments	29
Note 3. Acquisitions and disposals	36
Note 4. Revenues	37
Note 5. Financial items	37
Note 6. Income taxes	38
Note 7. Provisions	38
Note 8. Capital distribution	39
Note 9. Geopolitical and market uncertainty	40
Note 10. Subsequent events	40

Equinor fourth quarter 2025

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

CONSOLIDATED STATEMENT OF INCOME

		Quarters			Full year					Quarters			Full year
(unaudited, in USD million)	Note	Q4 2025	Q3 2025	Q4 2024	2025	2024		(unaudited, in USD million)	Note	Q4 2025	Q3 2025	Q4 2024	2025	2024
Revenues	4	25,296	26,017	26,535	105,828	102,502		Interest income and other financial income		271	265	435	1,175	1,951
Net income/(loss) from equity accounted investments		12	(16)	6	18	49		Interest expenses and other financial expenses		(394)	(366)	(401)	(1,436)	(1,582)
Other income		38	48	1,113	616	1,223		Other financial items		406	(503)	(582)	(3)	(311)
Total revenues and other income	2	25,346	26,049	27,654	106,462	103,774		Net financial items	5	283	(604)	(548)	(265)	58
Purchases [net of inventory variation]		(13,064)	(13,917)	(12,869)	(55,164)	(50,040)		Income/(loss) before tax		5,770	4,666	8,187	25,088	30,986
Operating expenses	3	(2,921)	(3,055)	(2,622)	(11,571)	(10,531)
Selling, general and administrative expenses		(298)	(258)	(261)	(1,207)	(1,255)		Income tax	6	(4,456)	(4,870)	(6,188)	(20,030)	(22,157)
Depreciation, amortisation and net impairments	2	(3,290)	(3,297)	(2,824)	(12,318)	(9,835)
Exploration expenses		(287)	(252)	(343)	(849)	(1,185)		Net income/(loss)		1,314	(204)	1,999	5,058	8,829
Total operating expenses	2	(19,860)	(20,779)	(18,919)	(81,109)	(72,846)		Attributable to equity holders of the company		1,314	(210)	1,996	5,043	8,806
								Attributable to non-controlling interests		1	7	3	15	23
Net operating income/(loss)	2	5,487	5,270	8,735	25,352	30,927
								Basic earnings per share (in USD)		0.52	(0.08)	0.73	1.94	3.12
								Diluted earnings per share (in USD)		0.52	(0.08)	0.73	1.94	3.11
								Weighted average number of ordinary shares outstanding (in millions)		2,509	2,527	2,739	2,593	2,821
								Weighted average number of ordinary shares outstanding diluted (in millions)		2,518	2,535	2,746	2,601	2,827

Equinor fourth quarter 2025

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

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

	Quarters			Full year
(unaudited, in USD million)	Q4 2025	Q3 2025	Q4 2024	2025	2024
Net income/(loss)	1,314	(204)	1,999	5,058	8,829
Actuarial gains/(losses) on defined benefit pension plans	157	306	540	162	1,028
Income tax effect on income and expenses recognised in OCI 1)	(36)	(67)	(132)	(29)	(239)
Items that will not be reclassified to the Consolidated statement of income	121	240	408	133	790
Foreign currency translation effects	(230)	(78)	(1,979)	2,466	(1,943)
Share of OCI from equity accounted investments	44	10	1	51	(42)
Items that may be subsequently reclassified to the Consolidated statement of income	(186)	(68)	(1,978)	2,517	(1,985)
Other comprehensive income/(loss)	(64)	171	(1,570)	2,650	(1,196)
Total comprehensive income/(loss)	1,250	(32)	429	7,708	7,633
Attributable to the equity holders of the company	1,250	(39)	426	7,693	7,611
Attributable to non-controlling interests	1	7	3	15	23
1) Other comprehensive income (OCI).

Equinor fourth quarter 2025

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

CONSOLIDATED BALANCE SHEET

		At 31 December	At 31 December
(in USD million)	Note	2025 (unaudited)	2024 (audited)
ASSETS
Property, plant and equipment	2	61,241	55,560
Intangible assets	3	5,950	5,654
Equity accounted investments		8,504	2,471
Deferred tax assets		5,053	4,900
Pension assets		2,107	1,717
Derivative financial instruments		1,020	648
Financial investments		6,839	5,616
Prepayments and financial receivables		2,073	1,379
Total non-current assets		92,787	77,946
Inventories		3,330	4,031
Trade and other receivables		10,819	13,590
Prepayments and financial receivables 1) 2)		3,885	6,084
Derivative financial instruments		667	1,024
Financial investments	5	14,297	15,335
Cash and cash equivalents 1)		5,036	5,903
Total current assets		38,034	45,967
Assets classified as held for sale	3	906	7,227
Total assets		131,727	131,141
1) Restated for 2024. For more information see note 1 Organisation and basis of preparation.
2) Includes collateral deposits of USD 1.3 billion for 31 December 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 31 December	At 31 December
(in USD million)	Note	2025 (unaudited)	2024 (audited)
EQUITY AND LIABILITIES
Shareholders' equity		40,424	42,342
Non-controlling interests		74	38
Total equity		40,497	42,380
Finance debt	5	23,763	19,361
Lease liabilities		2,221	2,261
Deferred tax liabilities		14,524	12,726
Pension liabilities		4,076	3,482
Provision and other liabilities	7	14,715	12,927
Derivative financial instruments		1,150	1,958
Total non-current liabilities		60,450	52,715
Trade and other payables		9,700	11,110
Provisions and other liabilities		3,299	2,384
Current tax payable		10,994	10,319
Finance debt	5	4,047	7,223
Lease liabilities		1,190	1,249
Dividends payable		923	1,906
Derivative financial instruments		448	833
Total current liabilities		30,601	35,023
Liabilities directly associated with the assets classified for sale	3	179	1,023
Total liabilities		91,230	88,761
Total equity and liabilities		131,727	131,141

Equinor fourth quarter 2025

25 Condensed Interim financial statements and notes PRESS RELEASE FOURTH 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)			8,806			8,806	23	8,829
Other comprehensive income/(loss)			790	(1,943)	(42)	(1,196)		(1,196)
Total comprehensive income/(loss)	—	—	9,596	(1,943)	(42)	7,611	23	7,633
Dividends			(7,802)			(7,802)		(7,802)
Share buy-back	(49)	—	(5,887)			(5,936)		(5,936)
Other equity transactions		—	(20)			(20)	5	(15)
At 31 December 2024	1,052	—	52,407	(11,385)	268	42,342	38	42,380
At 1 January 2025	1,052	—	52,407	(11,385)	268	42,342	38	42,380
Net income/(loss)			5,043			5,043	15	5,058
Other comprehensive income/(loss)			133	2,466	51	2,650		2,650
Total comprehensive income/(loss)	—	—	5,176	2,466	51	7,693	15	7,708
Dividends			(3,787)			(3,787)		(3,787)
Share buy-back 1)	(56)	—	(5,735)			(5,791)		(5,791)
Other equity transactions		—	(34)			(34)	21	(13)
At 31 December 2025	995	—	48,028	(8,919)	319	40,424	74	40,497
1) For more information see note 8 Capital distribution

Equinor fourth quarter 2025

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

CONSOLIDATED STATEMENT OF CASH FLOWS

		Quarters			Full year
(unaudited, in USD million)	Note	Q4 2025	Q3 2025	Q4 2024	2025	2024
Income/(loss) before tax		5,770	4,666	8,187	25,088	30,986
Depreciation, amortisation and net impairments, including exploration write-offs		3,367	3,369	2,807	12,473	9,906
(Gains)/losses on foreign currency transactions and balances	5	6	(72)	(299)	135	(166)
(Gains)/losses on sale of assets and businesses	3	237	(12)	(890)	(287)	(772)
(Increase)/decrease in other items related to operating activities		(60)	938	(101)	(58)	(2,335)
(Increase)/decrease in net derivative financial instruments		(188)	(69)	(78)	(429)	(86)
Cash collaterals for commodity derivative transactions 1)		453	44	(399)	962	(645)
Interest received		234	327	461	1,221	1,841
Interest paid		(265)	(93)	(274)	(665)	(891)
Cash flow provided by operating activities before taxes paid and working capital items		9,554	9,098	9,414	38,439	37,838
Taxes paid		(6,240)	(3,764)	(5,906)	(20,460)	(20,592)
(Increase)/decrease in working capital		(1,207)	1,012	(1,486)	1,992	2,218
Cash flows provided by operating activities		2,107	6,346	2,022	19,971	19,465
Cash (used)/received in business combinations	3	—	—	(1,242)	(26)	(1,710)
Capital expenditures and investments	3	(4,146)	(3,420)	(3,646)	(13,994)	(12,177)
(Increase)/decrease in financial investments 2)		(1,583)	617	3,295	1,571	9,364
(Increase)/decrease in derivative financial instruments		(13)	(106)	103	283	143
(Increase)/decrease in other interest-bearing items		(11)	170	(60)	114	(623)
Proceeds from sale of assets and businesses	3	2,032	—	1,355	2,456	1,470
Cash flows provided by/(used in) investing activities		(3,722)	(2,739)	(196)	(9,596)	(3,532)

		Quarters			Full year
(unaudited, in USD million)	Note	Q4 2025	Q3 2025	Q4 2024	2025	2024
New finance debt	5	1,716	556	—	5,915	—
Repayment of finance debt		(379)	(766)	(502)	(2,400)	(2,592)
Repayment of lease liabilities		(323)	(393)	(377)	(1,459)	(1,491)
Dividends paid		(917)	(938)	(1,913)	(4,791)	(8,578)
Share buy-back		(389)	(4,712)	(501)	(5,916)	(6,013)
Net current finance debt and other financing activities		(1,141)	1,269	1,491	(2,875)	933
Cash flows provided by/(used in) financing activities		(1,434)	(4,983)	(1,802)	(11,526)	(17,741)
Net increase/(decrease) in cash and cash equivalents		(3,049)	(1,375)	24	(1,150)	(1,808)
Effect of exchange rate changes in cash and cash equivalents		(23)	45	(305)	284	(359)
Cash and cash equivalents at the beginning of the period 1)		8,107	9,437	6,184	5,903	8,070
Cash and cash equivalents at the end of the period 1)		5,036	8,107	5,903	5,036	5,903
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.
							2) This line item includes the initial acquisition of 10 per cent of the shares in Ørsted A/S for USD 2.5 billion in the fourth quarter 2024, as well as an additional investment of USD 0.9 billion in the fourth quarter 2025. See note 5 Financial items.

Equinor fourth quarter 2025

27 Condensed Interim financial statements and notes PRESS RELEASE FOURTH 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% owned 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 fourth quarter of 2025 were authorised for issue

by the board of directors on 3 February 2026.

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 fourth quarter 2025

28 Condensed Interim financial statements and notes PRESS RELEASE FOURTH 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 fourth quarter 2025

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

Note 2. Segments

Equinor ’s operations are organised into business areas

and followed up through operating segments in order to

effectively manage and execute our strategy, including

the ability to measure the progress of the business

against its strategic goals. The operating segments are

defined based on the components of Equinor that are

regularly reviewed by the chief operating decision maker,

Equinor 's Chief Executive Officer (CEO). The following

reportable segments correspond to the operating

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). Based on materiality considerations,

the remaining business areas Projects, Drilling &

Procurement (PDP) and Technology, Digital & Innovation

(TDI), as well as Corporate staff and functions, are

aggregated into the reportable segment Other. 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 are

consistent with those described in these Consolidated

financial statements, except for the following:

movements related to changes in asset retirement

obligations are excluded from the line item Additions to

PP&E, intangibles and Equity accounted investments,

and 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.

During the fourth quarter of 2025, Equinor made

changes to its organisational structure by establishing

the new Power business area (PWR). With effect from 1

January 2026, the operating results of PWR will undergo

regular review by the chief operating decision maker for

the purpose of resource allocation, and PWR will be

presented as a reportable segment in Equinor’s financial

statements from the first quarter of 2026. Comparable

segment information will be restated. The PWR business

area is responsible for all power activities, including

Renewables (REN) and flexible power assets from the

business area Marketing, Midstream and Processing

(MMP), as well as Danske Commodities power trading

business.

Net impairments

In the fourth quarter of 2025 Equinor recognised

impairments in the REN segment mainly related to

acquired e arly phase projects. In the second quarter, net

impairment s of USD 955 million were recognised 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 in the second quarter

was USD 2.3 billion.

Net impairments in E&P USA in the third quarter related

to Equinor's offshore producing assets in the Gulf of

America, following reduced production estimates,

increased cost estimates, and lower future Brent price

assumptions ( 75 USD/bbl during 2030-2040).

The net impairment reversal in MMP in the third quarter

mainly related 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

disposa ls .

Equinor fourth quarter 2025

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

Fourth quarter 2025
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	97	146	54	24,961	17	22	—	25,296
Revenues and other income inter-segment	7,700	732	983	222	9	8	(9,655)	—
Net income/(loss) from equity accounted investments	—	—	—	(30)	55	(12)	—	12
Other income	28	(10)	8	(7)	9	9	—	38
Total revenues and other income	7,825	868	1,045	25,146	90	27	(9,655)	25,346
Purchases [net of inventory variation]	—	77	—	(22,793)	(1)	—	9,652	(13,064)
Operating, selling, general and administrative expenses	(940)	(614)	(292)	(1,332)	(118)	(43)	120	(3,219)
Depreciation and amortisation	(1,630)	(344)	(394)	(243)	(14)	(38)	—	(2,663)
Net impairment (losses)/reversals	(173)	(201)	—	—	(252)	—	—	(626)
Exploration expenses	(229)	(58)	—	—	—	—	—	(287)
Total operating expenses	(2,972)	(1,140)	(686)	(24,368)	(385)	(81)	9,773	(19,860)
Net operating income/(loss)	4,853	(271)	359	778	(295)	(54)	117	5,487
Additions to PP&E, intangibles and equity accounted investments	1,726	6,146	284	374	565	45	—	9,140

Equinor fourth quarter 2025

31 Condensed Interim financial statements and notes PRESS RELEASE FOURTH 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

Equinor fourth quarter 2025

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

Fourth quarter 2024
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	61	164	62	26,208	19	22	—	26,535
Revenues and other income inter-segment	9,152	1,211	896	246	5	8	(11,519)	—
Net income/(loss) from equity accounted investments	—	3	—	(17)	26	(5)	—	6
Other income	44	805	—	135	124	5	—	1,113
Total revenues and other income	9,257	2,183	957	26,573	174	29	(11,519)	27,654
Purchases [net of inventory variation]	—	64	—	(24,175)	—	—	11,243	(12,869)
Operating, selling, general and administrative expenses	(894)	(627)	(257)	(1,179)	(150)	52	171	(2,883)
Depreciation and amortisation	(1,318)	(538)	(408)	(236)	(9)	(35)	—	(2,544)
Net impairment (losses)/reversals	(64)	—	—	—	(216)	—	—	(280)
Exploration expenses	(176)	(58)	(109)	—	—	—	—	(343)
Total operating expenses	(2,452)	(1,159)	(773)	(25,590)	(374)	16	11,414	(18,919)
Net operating income/(loss)	6,805	1,024	184	983	(200)	45	(105)	8,735
Additions to PP&E, intangibles and equity accounted investments	1,872	896	1,651	369	559	67	—	5,414

Equinor fourth quarter 2025

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

Full year 2025
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	307	579	235	104,540	73	94	—	105,828
Revenues and other income inter-segment	33,561	4,456	4,053	288	31	33	(42,421)	—
Net income/(loss) from equity accounted investments	—	—	—	(61)	99	(19)	—	18
Other income	524	67	8	2	(10)	25	—	616
Total revenues and other income	34,392	5,102	4,296	104,769	192	132	(42,421)	106,462
Purchases [net of inventory variation]	—	(25)	—	(97,243)	(8)	(1)	42,112	(55,164)
Operating, selling, general and administrative expenses	(3,834)	(2,217)	(1,477)	(5,190)	(396)	(199)	536	(12,778)
Depreciation and amortisation	(5,697)	(1,318)	(1,705)	(919)	(47)	(151)	—	(9,838)
Net impairment (losses)/reversals	(173)	(851)	(385)	283	(1,355)	—	—	(2,481)
Exploration expenses	(567)	(222)	(60)	—	—	—	—	(849)
Total operating expenses	(10,271)	(4,633)	(3,628)	(103,069)	(1,806)	(351)	42,648	(81,109)
Net operating income/(loss)	24,121	470	668	1,700	(1,614)	(219)	227	25,352
Additions to PP&E, intangibles and equity accounted investments	7,366	8,224	1,199	1,142	2,837	124	—	20,892
Balance sheet information
Equity accounted investments 1)	4	5,574	—	693	2,039	193	—	8,504
Non-current segment assets	32,170	13,644	11,825	3,899	4,772	881	—	67,192
Non-current assets not allocated to segments								17,092
Total non-current assets (excl. assets classified as held for sale)								92,787
1) The increase in Equity accounted investments within EPI mainly relates to the joint venture agreement with Shell in the UK, for more information please see note 3 .

Equinor fourth quarter 2025

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

Full year 2024
(in USD million)	E&P Norway	E&P International	E&P USA	MMP	REN	Other	Eliminations	Total Group
Revenues third party	239	635	263	101,208	72	86	—	102,502
Revenues and other income inter-segment	33,296	5,891	3,664	507	20	32	(43,409)	—
Net income/(loss) from equity accounted investments	—	13	—	(59)	100	(6)	—	49
Other income	108	804	30	136	124	21	—	1,223
Total revenues and other income	33,643	7,343	3,957	101,792	317	133	(43,409)	103,774
Purchases [net of inventory variation]	—	85	—	(92,789)	—	—	42,664	(50,040)
Operating, selling, general and administrative expenses	(3,612)	(2,123)	(1,142)	(4,919)	(687)	(44)	742	(11,786)
Depreciation and amortisation	(4,890)	(2,064)	(1,607)	(949)	(34)	(140)	—	(9,684)
Net impairment (losses)/reversals	(64)	—	—	191	(271)	(7)	—	(151)
Exploration expenses	(513)	(496)	(176)	—	—	—	—	(1,185)
Total operating expenses	(9,078)	(4,597)	(2,925)	(98,466)	(993)	(193)	43,406	(72,846)
Net operating income/(loss)	24,564	2,746	1,031	3,326	(676)	(60)	(3)	30,927
Additions to PP&E, intangibles and equity accounted investments	6,285	3,191	3,862	953	2,153	250	—	16,695
Balance sheet information
Equity accounted investments	4	—	—	768	1,530	168	2	2,471
Non-current segment assets	26,695	14,662	12,490	3,259	3,138	971	—	61,214
Non-current assets not allocated to segments								14,261
Total non-current assets (excl. assets classified as held for sale)								77,946

Equinor fourth quarter 2025

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

Non-current assets by country
	At 31 December	At 31 December
(in USD million)	2025	2024
Norway 1)	35,932	30,017
USA	16,472	15,638
Brazil	10,234	11,487
UK 2)	7,349	1,641
Angola	1,248	1,159
Poland	1,088	644
Canada	1,015	1,019
Argentina	985	822
Denmark	768	770
Germany	301	287
Other	303	202
Total non-current assets 3)	75,695	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) This increase mainly relates to the Adura transaction, for more information please see note 3 . 3) Excluding deferred tax assets, pension assets and non-current financial assets. Non-current assets are attributed to country of operations.

Equinor fourth quarter 2025

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

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

licences 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.

J oint venture agree ment with Shell in the UK

On 1 December 2025, Equinor closed an agreement with Shell to merge their UK upstream businesses and

establish a joint venture, named Adura. The parties hold a 50% equity interest each. Selected UK North Sea

upstream fields, associated licences and infrastructure have been transferred by both parties to Adura, including

Equinor’s interests in Rosebank, Mariner and Buzzard. The owners will market Adura's oil and gas volumes and

also provide transitional services under temporary service agreements. The joint venture is accounted for under the

equity method from the date of transaction completion. Adura is recognised at fair value of USD 5,574 million. The

estimated fair value of performance based c ontingent consideration and in terim period settlement have been

included in the loss of USD 174 million recognised within the E&P International segment in the fourth quarter 2025

and presented in the line-item Operating expenses in the Consolidated statement of income. An impairment loss of

USD 650 million was recognised in third quarter 2025, presented within the line-item Depreciation, amortisation

and net impairments in the Consolidated statement of income. The valuation of the notional Purchase Price

Allocation and the final interim period settlement have not been completed by the date the report was approved for

issuance by the Board of Directors.

Divestment of 40% interest in the Peregrino field in Brazil

On 11 November 2025, Equinor closed a transaction with Prio Tigris Ltda., a subsidiary of PRIO SA, to sell its 40%

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

upstream portfolio. Following this transaction, PRIO assumed full operatorship of the field. The total cash

consideration net of interim period adjustments amounted to USD 1,795 million, of which USD 1,555 million was

received at closing. A loss of USD 75 million has been recognised within the E&P International segment in the

fourth quarter as Operating expenses in the Consolidated statement of income.

Held for sale

Sale of remaining interests in the Peregrino field in Brazil

Equinor has also agreed to sell its remaining 20% interest in the Peregrino field. The sale is expected to be

completed within 2026, subject to regulatory and legal approvals. The net assets classified as held for sale were

measured at fair value at the end of the fourth quarter, leading to an impairment of USD 200 million. This is mainly

due to earnings during a longer than anticipated interim period, that will be deducted from the agreed consideration

at closing. As of 31 December 2025, assets held for sale amounted to USD 906 million, and liabilities directly

associated with the assets held for sale amounted to USD 179 million. Peregrino is part of the E&P International

segment.

Equinor fourth quarter 2025

37 Condensed Interim financial statements and notes PRESS RELEASE FOURTH 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 fourth quarter 2025 to the country of

the legal entity executing the sale, Norway and the USA accounted for 79% and 17% , respectively, of such

revenues ( 78% and 19% , respectively, for the third quarter of 2025 and 78% and 18% , respectively, for the fourth

quarter of 2024 ) .

For the full year of 2025 , Norway and the USA accounted for 77% and 19% of such revenues, respectively ( 79%

and 18% respectively for the full year 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			Full year
(in USD million)	Q4 2025	Q3 2025	Q4 2024	2025	2024
Crude oil	13,337	15,114	13,333	58,396	58,249
Natural gas	6,057	5,722	7,110	25,288	22,192
- European gas	5,131	4,848	5,743	21,220	18,133
- North American gas	593	445	315	2,067	1,044
- Other incl. Liquefied natural gas	333	429	1,053	2,001	3,015
Refined products	2,807	2,617	2,556	10,380	9,242
Natural gas liquids	1,592	1,593	2,044	7,035	7,751
Power	624	448	536	2,103	1,882
Transportation	309	328	278	1,262	1,334
Other sales	391	174	345	778	649
Revenues from contracts with customers	25,117	25,998	26,202	105,242	101,298
Total other revenues 1)	180	19	333	586	1,204
Revenues	25,296	26,017	26,535	105,828	102,502
1) This item mainly relates to commodity derivatives, lease revenues and income recognised from paying taxes in kind with commodities.

Note 5 . Financial items

	Quarters			Full year
(in USD million)	Q4 2025	Q3 2025	Q4 2024	2025	2024
Interest income and other financial income	271	265	435	1,175	1,951
Interest expenses and other financial expenses	(394)	(366)	(401)	(1,436)	(1,582)
Net foreign currency exchange gains/(losses)	(6)	72	299	(135)	166
Gains/(losses) on financial investments	353	(552)	(885)	(112)	(522)
Gains/(losses) other derivative financial instruments	59	(22)	4	245	46
Net financial items	283	(604)	(548)	(265)	58

In October 2025, Equinor participated in Ørsted’s DKK 60 billion rights issue to maintain the ownership share in the

company. The subscription of additional shares for USD 0.9 billion was settled in October 2025.

During 2025, Equinor issued USD bonds with maturities from 3 to 10 years for a total of U SD 3.25 billion of which

USD 1.5 billion was issued in the fourth quarter.

During 2025, Equinor has drawn on project financing for a total amount of USD 2.7 billion, of which U SD 0.3 billion

was drawn in the fourth quarter of 2025.

Equinor has a US Commercial paper programme available with a limit of USD 5 billion. As of 31 December 2025 ,

USD 0.2 billion were utilised compared to USD 4.1 billion utilised as of 31 December 2024.

Equinor fourth quarter 2025

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

Note 6. Income taxes

	Quarters			Full year
(in USD million)	Q4 2025	Q3 2025	Q4 2024	2025	2024
Income/(loss) before tax	5,770	4,666	8,187	25,088	30,986
Income tax	(4,456)	(4,870)	(6,188)	(20,030)	(22,157)
Effective tax rate	77.2 %	104.4 %	75.6 %	79.8 %	71.5 %

The effective reported tax rate of 79.8% for the full year 2025 increased compared to 71.5% 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. The

tax rate was also influenced by de-recognition of deferred tax assets and a loss related to the Adura 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 and the tax exempted gain from the swap with Petoro on

the NCS.

The effective tax rate of 77.2% for the fourth quarter of 2025 increased compared to 75.6% in 2024.T he increase

was impacted by de-recognition of deferred tax assets and a loss related to the Adura joint venture agreement with

Shell, see note 3 . The tax rate was also influenced by lower effect of the Energy Profits Levy in the UK. The

increase was partially offset by higher share of income from jurisdictions with low tax rates.

Note 7. Provisions

Asset retirement obligation

Equinor ’s estimated asset retirement obligations (ARO) have increased by approximately USD 2.7 billion to USD

13.6 billion at 31 December 2025 compared to year-end 2024, mainly due to currency effects (USD weakening

versus NOK) and net increase in estimates.

Equinor fourth quarter 2025

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

Note 8. Capital distribution

Dividend for the fourth quarter 2025 and share buy-back programme 2026

On 3 February 2026, the board of directors proposed to the annual general meeting on 12 May 2026 a cash

dividend for the fourth quarter of 2025 of USD 0.39 per share. The Equinor shares will trade ex-dividend 13 May

2026 on the Oslo Børs and 15 May for ADR holders on the New York Stock Exchange. Record date will be 15 May

a nd payment date will be 27 May 2026.

On 3 February 2026, the board of directors further decided to announce share buy-back for 2026 of up to USD 1.5

billion, subject to market outlook and balance sheet strength.

The first tranche of up to USD 375 million of the 2026 share buy-back programme will commence on 5 February

and end no later than 30 March 2026. This tranche is based on the authorisation from the annual general meeting

in May 2025, valid until the next annual general meeting, but no later than 30 June 2026. Commencement of new

share buy-back tranches after the first tranche in 2026 will be decided by the board of directors on a quarterly basis

in line with the company’s dividend policy, and will be subject to board authorisation for share buy-back from the

company’s annual general meeting and agreement with the Norwegian state regarding share buy-back.

Share buy-back programme 2025

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

quarterly basis, decided on share buy-back tranches. The 2025 share buy-back programme was up to USD 5

billion , including shares to be redeemed from the Norwegian state.

In 2025, Equinor executed the first three tranches of USD 3,735 million in total, of which USD 1,114 million was

acquired in the market in the first nine months and USD 119 million was acquired in fourth quarter. In October

2025, Equinor launched the fourth and final tranche of USD 1,266 million including shares to be redeemed 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 fourth tranche, shares for USD 271 million have been purchased in the market and

settled as of 31 December 2025, whereas USD 418 million have been recognised as reduction in equity. The

market execution of the fourth tranche was completed in January 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 as well as the first tranche of

the 2026 programme will be redeemed and cancelled at the annual general meeting in May 2026.

	Full year
Equity impact of share buy-back programmes (in USD million)	2025	2024
First tranche	397	396
Second tranche	418	528
Third tranche	418	528
Fourth tranche	418	528
Norwegian state share 1)	4,141	3,956
Total	5,791	5,936
1) Relates to second to fourth tranche of previous year programme and first tranche of current year programme

Equinor fourth quarter 2025

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

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. 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.

As of the fourth quarter of 2025 , there is an increased risk associated with offshore wind projects in the U.S.,

including the development of the Empire Wind project which is owned by Empire Offshore Wind LLC (Empire), a

100% owned Equinor subsidiary. The Bureau of Ocean Energy Management issued a second stop work order on

December 22, 2025 (the Order) ordering the suspension of ongoing activities on the Outer Continental Shelf citing

national security concerns. The US Department of Interior has confirmed that a total of five offshore wind projects

under construction have received notices. Empire has filed a lawsuit challenging the validity of the Order.

Furthermore, on January 15, 2026, the U.S. District Court for the District of Columbia granted a preliminary

injunction allowing construction to resume while the underlying case is considered. The injunction enables work to

continue without significant delays or adverse financial consequences for the project.

On 31 December 2025, the gross book value of Equinor’s assets related to the Empire Wind project was around

USD 3.7 billion, including South Brooklyn Marine Terminal. In addition, the total amount drawn under the project

finance term loan facility per 31 December 2025 was USD 2.7 billion.

Note 10. Subsequent events

Agreement to sell Equinor’s onshore assets in Argentina

On 2 February 2026, Equinor announced that it had entered into an agreement with Vista Energy to divest its full

onshore position in Argentina’s Vaca Muerta basin, and the assets have met the requirements for classification as

held for sale after the reporting period. The transaction includes Equinor’s 30% non-operated interest in Bandurria

Sur and its 50% non-operated interest in Bajo del Toro within the E&P International segment. The total

consideration before interim period adjustments is estimated to around USD 1,100 million, consisting of USD 550

million in cash at closing and the remainder in Vista shares and contingent payments linked to production and oil

prices over a five-year period. The transaction has an effective date of 1 July 2025. Closing of the transaction is

subject to relevant approvals, and is expected within 2026.

Equinor fourth quarter 2025

41 PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Supplementary disc losures

Exchange rates	42
Use and reconciliation of Non-GAAP financial measures	42
Reconciliation of adjusted operating income	46
Adjusted operating income after tax by reporting segment	51
Reconciliation of adjusted operating income after tax to net income	52
Reconciliation of adjusted net income to net income, including calculation of adjusted earnings per share	52
Adjusted exploration expenses	53
Calculated ROACE	54
Calculation of CFFO after taxes paid, net cash flow before capital distribution and net cash flow	55
Organic capital expenditures	56
Calculation of capital employed and net debt to capital employed ratio	57
Forward-looking statements	58
End notes	59

Equinor fourth quarter 2025

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

Supplementary disclosures

Exchange rates

	Quarters			Change	Full year
Exchange rates	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
USD/NOK average daily exchange rate	10.0978	10.0995	11.0072	(8) %	10.3912	10.7434	(3) %
EUR/USD average daily exchange rate	1.1632	1.1680	1.0683	9 %	1.1277	1.0823	4 %
	Quarters			Change	Full year	Full year
	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
USD/NOK period-end exchange rate	10.0791	9.9877	11.3534	(11) %	10.0791	11.3534	(11) %
EUR/USD period-end exchange rate	1.1750	1.1741	1.0389	0 %	1.1750	1.0389	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 fourth quarter 2025

43 Supplementary disclosures PRESS RELEASE FOURTH 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.

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

Equinor fourth quarter 2025

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

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.

Free cash flow (adjusted) - Free cash flow

represents, and is used by management, to evaluate

cash generated from operating activities after taxes

paid after allocation of cash to organic capital

expenditures, including shareholder loans to equity

accounted investments, which is available for

corporate debt servicing (including lease liabilities),

distribution of cash to shareholders, and inorganic

investments. Net cash received or paid related to

external project financing in consolidated

subsidiaries, is included. Tax credits and other

government grants are included at recognition.

Free cash flow is based on Cash flows provided by

operating activities before taxes paid and working

capital items, less taxes paid as presented in

separate line items in the cash flow statement.

Deductions are made for allocation of cash to

organic capital expenditures (adjusted for related

government grants and tax credits) and shareholder

loans to equity accounted investments. Net cash

received or paid in relation to external project

financing in subsidiaries is included.

Free 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 Free cash flow is limited and does not

represent residual cash flows available for

discretionary expenditures.

Return on average capital employed (ROACE) –

ROACE is the ratio of adjusted operating income

after tax to the average capital employed adjusted.

For a reconciliation for adjusted operating income

after tax, see Reconciliation of adjusted operating

income as presented later in this report. Average

capital employed adjusted refers to the average of

the capital employed adjusted values as of 31

December for both the current and the preceding

year, as presented in the table Calculation of capital

employed and net debt to capital employed ratio

later in this report.

Equinor uses ROACE to evaluate performance by

measuring how effectively the company employs its

capital, whether financed through equity or debt.

An IFRS Accounting Standards measure most

directly comparable to ROACE would be calculated

as the ratio of net income/(loss) to average capital

employed that is based on Equinor’s gross interest-

bearing financial liabilities as recorded in the

Consolidated balance sheet, excluding cash, cash

equivalents and current financial investments.

ROACE is used as a supplementary measure and

should not be viewed in isolation or as an alternative

to measures calculated in accordance with IFRS

Accounting Standards, including income before

financial items, income taxes and minority interest,

or net income, or ratios based on these figures.

Forward-looking ROACE included in this report is not

reconcilable to its most directly comparable IFRS

Accounting Standards measure without

unreasonable efforts, because the amounts included

or excluded from IFRS Accounting Standards

measures used to determine ROACE cannot be

predicted with reasonable certainty .

Equinor fourth quarter 2025

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

For more information on our definitions and use of

non-GAAP financial measures, see section 5.5 Use

and reconciliation of non-GAAP financial measures

in Equinor's 2024 Annual Report.

Equinor fourth quarter 2025

46 Supplementary disclosures PRESS RELEASE FOURTH 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 fourth quarter of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	5,487	4,853	(271)	359	778	(295)	63
Total revenues and other income	25,346	7,825	868	1,045	25,146	90	(9,628)
Adjusting items	(86)	—	9	—	(102)	7	—
Changes in fair value of derivatives	(111)	—	—	—	(111)	—	—
Gain/loss on sale of assets	9	—	9	—	—	—	—
Other adjustments	50	—	—	—	36	15	—
Periodisation of inventory hedging effect	(27)	—	—	—	(27)	—	—
Provisions	(8)	—	—	—	—	(8)	—
Adjusted total revenues and other income	25,260	7,825	877	1,045	25,044	97	(9,628)
Purchases [net of inventory variation]	(13,064)	—	77	—	(22,793)	(1)	9,652
Adjusting items	(81)	—	—	—	37	—	(117)
Eliminations	(117)	—	—	—	—	—	(117)
Operational storage effects	37	—	—	—	37	—	—
Adjusted purchases [net of inventory variation]	(13,145)	—	77	—	(22,756)	(1)	9,535
Operating and administrative expenses	(3,219)	(940)	(614)	(292)	(1,332)	(118)	77
Adjusting items	250	—	275	—	(35)	10	—
Gain/loss on sale of assets	282	—	275	—	—	7	—
Other adjustments	3	—	—	—	—	3	—
Provisions	(35)	—	—	—	(35)	—	—
Adjusted operating and administrative expenses	(2,969)	(940)	(339)	(292)	(1,367)	(109)	77

Items impacting net operating income/(loss) in the fourth 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	(3,290)	(1,803)	(545)	(394)	(243)	(266)	(38)
Adjusting items	626	173	201	—	—	252	—
Impairment	626	173	201	—	—	252	—
Adjusted depreciation, amortisation and net impairments	(2,663)	(1,630)	(344)	(394)	(243)	(14)	(38)
Exploration expenses	(287)	(229)	(58)	—	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(287)	(229)	(58)	—	—	—	—
Sum of adjusting items	709	173	485	—	(100)	269	(117)
Adjusted operating income/(loss)	6,196	5,026	214	359	678	(26)	(54)
Tax on adjusted operating income	(4,645)	(3,915)	(93)	(122)	(489)	(21)	(6)
Adjusted operating income/(loss) after tax	1,551	1,112	121	237	189	(47)	(60)

Equinor fourth quarter 2025

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

Items impacting net operating income/(loss) in the fourth quarter 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	8,735	6,805	1,024	184	983	(200)	(60)
Total revenues and other income	27,654	9,257	2,183	957	26,573	174	(11,490)
Adjusting items	(1,236)	—	(805)	—	(307)	(124)	(0)
Changes in fair value of derivatives	(102)	—	—	—	(102)	—	—
Gain/loss on sale of assets	(941)	—	(805)	—	(135)	—	(0)
Periodisation of inventory hedging effect	(70)	—	—	—	(70)	—	—
Provisions	(124)	—	—	—	—	(124)	—
Adjusted total revenues and other income	26,418	9,257	1,378	957	26,266	50	(11,490)
Purchases [net of inventory variation]	(12,869)	—	64	—	(24,175)	—	11,243
Adjusting items	87	—	—	—	(19)	—	105
Eliminations	105	—	—	—	—	—	105
Operational storage effects	(14)	—	—	—	(14)	—	—
Provisions	(5)	—	—	—	(5)	—	—
Adjusted purchases [net of inventory variation]	(12,782)	(—)	64	—	(24,194)	—	11,348
Operating and administrative expenses	(2,883)	(894)	(627)	(257)	(1,179)	(150)	223
Adjusting items	99	—	84	—	2	13	—
Gain/loss on sale of assets	84	—	84	—	—	—	—
Other adjustments	13	—	—	—	—	13	—
Provisions	2	—	—	—	2	—	—
Adjusted operating and administrative expenses	(2,784)	(894)	(542)	(257)	(1,176)	(137)	223

Items impacting net operating income/(loss) in the fourth quarter 2024 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(2,824)	(1,382)	(538)	(408)	(236)	(225)	(35)
Adjusting items	211	—	—	—	—	211	—
Impairment	211	—	—	—	—	211	—
Adjusted depreciation, amortisation and net impairments	(2,612)	(1,382)	(538)	(408)	(236)	(13)	(35)
Exploration expenses	(343)	(176)	(58)	(109)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(343)	(176)	(58)	(109)	—	—	—
Sum of adjusting items	(839)	—	(721)	—	(324)	100	105
Adjusted operating income/(loss)	7,896	6,805	303	184	659	(100)	45
Tax on adjusted operating income	(5,603)	(5,276)	(27)	(12)	(302)	13	—
Adjusted operating income/(loss) after tax	2,292	1,529	276	172	356	(87)	45

Equinor fourth quarter 2025

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

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 fourth quarter 2025

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

Items impacting net operating income/(loss) in the full year of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	25,352	24,121	470	668	1,700	(1,614)	8
Total revenues and other income	106,462	34,392	5,102	4,296	104,769	192	(42,290)
Adjusting items	(426)	(491)	(40)	—	76	29	—
Changes in fair value of derivatives	49	—	—	—	49	—	—
Gain/loss on sale of assets	(465)	(491)	9	—	(1)	18	—
Other adjustments	(8)	—	(49)	—	22	19	—
Periodisation of inventory hedging effect	6	—	—	—	6	—	—
Provisions	(8)	—	—	—	—	(8)	—
Adjusted total revenues and other income	106,036	33,901	5,062	4,296	104,845	221	(42,290)
Purchases [net of inventory variation]	(55,164)	—	(25)	—	(97,243)	(8)	42,112
Adjusting items	(162)	—	—	—	65	—	(227)
Eliminations	(227)	—	—	—	—	—	(227)
Operational storage effects	65	—	—	—	65	—	—
Adjusted purchases [net of inventory variation]	(55,326)	—	(25)	—	(97,178)	(8)	41,885
Operating and administrative expenses	(12,778)	(3,834)	(2,217)	(1,477)	(5,190)	(396)	337
Adjusting items	309	—	289	—	6	14	—
Gain/loss on sale of assets	297	—	289	—	—	9	—
Other adjustments	6	—	—	—	—	6	—
Provisions	6	—	—	—	6	—	—
Adjusted operating and administrative expenses	(12,469)	(3,834)	(1,928)	(1,477)	(5,184)	(382)	337

Items impacting net operating income/(loss) in the full year of 2025 (in USD million)	Equinor Group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(12,318)	(5,870)	(2,169)	(2,090)	(636)	(1,403)	(151)
Adjusting items	2,482	173	851	385	(283)	1,356	—
Impairment	2,777	173	851	385	15	1,354	—
Other adjustments	3	—	—	—	—	3	—
Reversal of impairment	(299)	—	—	—	(299)	—	—
Adjusted depreciation, amortisation and net impairments	(9,837)	(5,697)	(1,318)	(1,705)	(919)	(46)	(151)
Exploration expenses	(849)	(567)	(222)	(60)	—	—	—
Adjusting items	36	—	—	36	—	—	—
Impairment	36	—	—	36	—	—	—
Adjusted exploration expenses	(813)	(567)	(222)	(24)	—	—	—
Sum of adjusting items	2,239	(318)	1,100	421	(137)	1,400	(227)
Adjusted operating income/(loss)	27,591	23,803	1,569	1,089	1,563	(214)	(219)
Tax on adjusted operating income	(20,549)	(18,522)	(821)	(292)	(1,003)	51	38
Adjusted operating income/(loss) after tax	7,043	5,280	749	797	561	(163)	(181)

Equinor fourth quarter 2025

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

Items impacting net operating income/(loss) in the full year of 2024 (in USD million)	Equinor group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Net operating income/(loss)	30,927	24,564	2,746	1,031	3,326	(676)	(64)
Total revenues and other income	103,774	33,643	7,343	3,957	101,792	317	(43,277)
Adjusting items	(1,512)	—	(805)	—	(583)	(124)	—
Changes in fair value of derivatives	(421)	—	—	—	(421)	—	—
Gain/loss on sale of assets	(941)	—	(805)	—	(135)	—	—
Periodisation of inventory hedging effect	(26)	—	—	—	(26)	—	—
Provisions	(124)	—	—	—	—	(124)	—
Adjusted total revenues and other income	102,262	33,643	6,538	3,957	101,209	193	(43,277)
Purchases [net of inventory variation]	(50,040)	—	85	—	(92,789)	—	42,664
Adjusting items	16	—	—	—	12	—	4
Eliminations	4	—	—	—	—	—	4
Operational storage effects	17	—	—	—	17	—	—
Provisions	(5)	—	—	—	(5)	—	—
Adjusted purchases [net of inventory variation]	(50,024)	—	85	—	(92,777)	—	42,668
Operating and administrative expenses	(11,786)	(3,612)	(2,123)	(1,142)	(4,919)	(687)	697
Adjusting items	296	—	84	—	48	163	—
Gain/loss on sale of assets	232	—	84	—	—	147	—
Other adjustments	16	—	—	—	—	16	—
Provisions	48	—	—	—	48	—	—
Adjusted operating and administrative expenses	(11,491)	(3,612)	(2,038)	(1,142)	(4,871)	(524)	697

Items impacting net operating income/(loss) in the full year of 2024 (in USD million)	Equinor group	E&P Norway	E&P International	E&P USA	MMP	REN	Other
Depreciation, amortisation and net impairments	(9,835)	(4,954)	(2,064)	(1,607)	(757)	(306)	(148)
Adjusting items	70	—	—	—	(191)	261	—
Impairment	261	—	—	—	—	261	—
Reversal of impairment	(191)	—	—	—	(191)	—	—
Adjusted depreciation, amortisation and net impairments	(9,765)	(4,954)	(2,064)	(1,607)	(949)	(44)	(148)
Exploration expenses	(1,185)	(513)	(496)	(176)	—	—	—
Adjusting items	—	—	—	—	—	—	—
Adjusted exploration expenses	(1,185)	(513)	(496)	(176)	—	—	—
Sum of adjusting items	(1,130)	—	(721)	—	(714)	301	4
Adjusted operating income/(loss)	29,798	24,564	2,025	1,031	2,612	(375)	(60)
Tax on adjusted operating income	(20,736)	(19,013)	(425)	(224)	(1,174)	50	50
Adjusted operating income/(loss) after tax	9,062	5,551	1,600	807	1,438	(325)	(10)

Equinor fourth quarter 2025

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

Adjusted operating income after tax by reporting segment

						Quarters
		Q4 2025				Q3 2025				Q4 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	5,026	(3,915)	1,112		5,618	(4,357)	1,261		6,805	(5,276)	1,529
E&P International	214	(93)	121		396	(173)	223		303	(27)	276
E&P USA	359	(122)	237		37	(11)	25		184	(12)	172
MMP	678	(489)	189		299	(172)	127		659	(302)	356
REN	(26)	(21)	(47)		(64)	6	(58)		(100)	13	(87)
Other	(54)	(6)	(60)		(71)	(2)	(73)		45	—	45
Equinor group	6,196	(4,645)	1,551		6,215	(4,710)	1,505		7,896	(5,603)	2,292
Effective tax rates on adjusted operating income			75.0%				75.8%				71.0%
					Full year 2025				Full year 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					23,803	(18,522)	5,280		24,564	(19,013)	5,551
E&P International					1,569	(821)	749		2,025	(425)	1,600
E&P USA					1,089	(292)	797		1,031	(224)	807
MMP					1,563	(1,003)	561		2,612	(1,174)	1,438
REN					(214)	51	(163)		(375)	50	(325)
Other					(219)	38	(181)		(60)	50	(10)
Equinor group					27,591	(20,549)	7,043		29,798	(20,736)	9,062
Effective tax rates on adjusted operating income							74.5%				69.6%

Equinor fourth quarter 2025

52 Supplementary disclosures PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

		Quarters			Full year
(in USD million)		Q4 2025	Q3 2025	Q4 2024	2025	2024
Net operating income/(loss)	A	5,487	5,270	8,735	25,352	30,927
Income tax	B1	4,456	4,870	6,188	20,030	22,157
Tax on net financial items	B2	(312)	(59)	(76)	(135)	(107)
Income tax less tax on net financial items	B = B1 - B2	4,767	4,929	6,264	20,164	22,264
Net operating income after tax	C = A - B	720	341	2,471	5,188	8,663
Items impacting net operating income/(loss) 1)	D	709	944	(839)	2,239	(1,130)
Tax on items impacting net operating income/(loss)	E	122	220	661	(384)	1,529
Adjusted operating income after tax	F = C+D+E	1,551	1,505	2,292	7,043	9,062
Net financial items	G	283	(604)	(548)	(265)	58
Tax on net financial items	H	312	59	76	135	107
Net income/(loss)	I = C+G+H	1,314	(204)	1,999	5,058	8,829
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

		Quarters			Full year
(in USD million)		Q4 2025	Q3 2025	Q4 2024	2025	2024
Net operating income/(loss)		5,487	5,270	8,735	25,352	30,927
Items impacting net operating income/(loss) 1)	A	709	944	(839)	2,239	(1,130)
Adjusted operating income 1)	B	6,196	6,215	7,896	27,591	29,798
Net financial items		283	(604)	(548)	(265)	58
Adjusting items	C	(116)	(24)	106	(533)	134
Changes in fair value of financial derivatives used to hedge interest bearing instruments		(59)	22	(4)	(245)	(46)
Foreign currency (gains)/losses on certain intercompany bank and cash balances		(57)	(46)	110	(288)	179
Adjusted net financial items	D	167	(628)	(442)	(798)	192
Income tax	E	(4,456)	(4,870)	(6,188)	(20,030)	(22,157)
Tax effect on adjusting items	F	135	215	467	(330)	1,344
Adjusted net income	G = B + D + E + F	2,042	932	1,733	6,434	9,177
Less:
Adjusting items	H = A + C	593	920	(734)	1,706	(996)
Tax effect on adjusting items		135	215	467	(330)	1,344
Net income/(loss)		1,314	(204)	1,999	5,058	8,829
Attributable to shareholders of the company	I	1,314	(210)	1,996	5,043	8,806
Attributable to non-controlling interests	J	1	7	3	15	23
Adjusted net income attributable to shareholders of the company	K = G - J	2,042	925	1,730	6,418	9,154
Weighted average number of ordinary shares outstanding (in millions)	L	2,509	2,527	2,739	2,593	2,821
Basic earnings per share (in USD)	M = I/L	0.52	(0.08)	0.73	1.94	3.12
Adjusted earnings per share (in USD)	N = K/L	0.81	0.37	0.63	2.47	3.24
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, including calculation of adjusted earnings per share

Equinor fourth quarter 2025

53 Supplementary disclosures PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Adjusted exploration expenses

	Quarters			Change	Full year
(in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
E&P Norway exploration expenditures	254	256	251	1 %	861	715	20 %
E&P International exploration expenditures	54	83	115	(53) %	244	538	(55) %
E&P USA exploration expenditures	—	3	33	N/A	21	148	(86) %
Group exploration expenditures	308	343	400	(23) %	1,126	1,402	(20) %
Expensed, previously capitalised exploration expenditures	77	36	(7)	N/A	119	76	57 %
Capitalised share of current period's exploration activity	(97)	(163)	(40)	>100%	(432)	(288)	50 %
Impairment (reversal of impairment)	—	36	(10)	N/A	36	(5)	N/A
Exploration expenses according to IFRS	287	252	343	(16) %	849	1,185	(28) %
Items impacting net operating income/ (loss) 1)	—	(36)	—	N/A	(36)	—	N/A
Adjusted exploration expenses	287	216	343	(16) %	813	1,185	(31) %
1) For items impacting net operating income/(loss), see Reconciliation of adjusted operating income in the Supplementary disclosures.

Equinor fourth quarter 2025

54 Supplementary disclosures PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Calculated ROACE

Line items impacted by change in accounting policy	At 31 December 2024
(in USD million)	As reported	Restated	Impact
Average cash and cash equivalents	(8,881)	(6,986)	1,894
Average net-interest bearing debt	(215)	1,679	1,894
Average capital employed	45,225	47,119	1,894
Calculated ROACE based on Net income/loss and capital employed	19.5%	18.7 %	(0.8) %

Calculated ROACE based on IFRS Accounting Standards		31 December
(in USD million, except percentages)		2025	2024
Net income/(loss)	A	5,058	8,829
Average total equity	1	41,439	45,440
Average current finance debt and lease liabilities		6,855	7,874
Average non-current finance debt and lease liabilities		23,803	23,071
Average cash and cash equivalents 1)		(5,469)	(6,986)
Average current financial investments		(14,816)	(22,279)
Average net-interest bearing debt 1)	2	10,372	1,679
Average capital employed 1)	B = 1+2	51,811	47,119
Calculated ROACE based on Net income/loss and capital employed 1)	A/B	9.8%	18.7%
		31 December
Calculated ROACE based on Adjusted operating income after tax and capital employed adjusted (in USD million, except percentages)		2025	2024
Adjusted operating income after tax	A	7,043	9,062
Average capital employed adjusted (B)	B	48,677	43,991
Calculated ROACE based on Adjusted operating income after tax and capital employed	A/B	14.5%	20.6%
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.

Equinor fourth quarter 2025

55 Supplementary disclosures PRESS RELEASE FOURTH 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	Full year
(in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Cash flows provided by operating activities before taxes paid and working capital items 1)	9,554	9,098	9,414	1 %	38,439	37,838	2 %
Taxes Paid	(6,240)	(3,764)	(5,906)	6 %	(20,460)	(20,592)	(1) %
Cash flow from operations after taxes paid (CFFO after taxes paid) 1)	3,314	5,334	3,508	(6) %	17,980	17,246	4 %
Net cash flow information	Quarters			Change	Full year
(in USD million)	Q4 2025	Q3 2025	Q4 2024	Q4 on Q4	2025	2024	Change
Cash flow from operations after taxes paid (CFFO after taxes paid) 1)	3,314	5,334	3,508	(6) %	17,980	17,246	4 %
(Cash used)/received in business combinations	—	—	(1,242)	N/A	(26)	(1,710)	(98) %
Capital expenditures and investments	(4,146)	(3,420)	(3,646)	14 %	(13,994)	(12,177)	15 %
Net (increase)/decrease in strategic non-current financial investments 2)	(944)	—	(2,468)	(62) %	(944)	(2,468)	(62) %
(Increase)/decrease in other interest-bearing items	(11)	170	(60)	(81) %	114	(623)	N/A
Proceeds from sale of assets and businesses	2,032	—	1,355	50 %	2,456	1,470	67 %
Net cash flow before capital distribution 1)	245	2,085	(2,555)	N/A	5,587	1,739	>100%
Dividend paid	(917)	(938)	(1,913)	(52) %	(4,791)	(8,578)	(44) %
Share buy-back	(389)	(4,712)	(501)	(22) %	(5,916)	(6,013)	(2) %
Net cash flow 1)	(1,062)	(3,565)	(4,969)	(79) %	(5,120)	(12,851)	(60) %
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) This line item includes the initial acquisition of 10 per cent of the shares in Ørsted A/S in the fourth quarter 2024, in addition to the rights subscription investment in the fourth quarter 2025.

Line items impacted by change in accounting policy	Q4 2024				Full year 2024
(in USD million)	As reported	Restated	Impact		As reported	Restated	Impact
Cash flows provided by operating activities before taxes paid and working capital items	9,813	9,414	(399)		38,483	37,838	(645)
Cash flow from operations after taxes paid (CFFO after taxes paid)	3,907	3,508	(399)		17,892	17,246	(645)
Net cash flow before capital distribution	(2,155)	(2,555)	(399)		2,385	1,739	(645)
Net cash flow	(4,570)	(4,969)	(399)		(12,206)	(12,851)	(645)

Equinor fourth quarter 2025

56 Supplementary disclosures PRESS RELEASE FOURTH QUARTER 2025 REVIEW CONDENSED INTERIM FINANCIAL STATEMENTS AND NOTES SUPPLEMENTARY DISCLOSURES

Organic capital expenditures

	Quarters			Full year
(in USD billion)	Q4 2025	Q3 2025	Q4 2024	2025	2024
Additions to PP&E, intangibles and equity accounted investments	9.1	3.7	5.4	20.9	16.7
Less:
Acquisition-related additions 1)	5.6	—	1.6	6.9	3.4
Right of use asset additions	0.3	0.3	0.5	0.9	1.2
Organic capital expenditures	3.3	3.4	3.4	13.1	12.1
1) Q4 2025 and full year 2025 include the addition of Adura as an equity accounted investment (USD 5.6 billion).

Equinor fourth quarter 2025

57 Supplementary disclosures PRESS RELEASE FOURTH 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 31 December	At 31 December
(in USD million)		2025	2024
Calculation of capital employed*
Capital employed 1)	A + B1	52,386	51,235
Capital employed adjusted, including lease liabilities	A + B2	52,674	51,601
Capital employed adjusted	A + B3	49,262	48,091
Calculated net debt to capital employed*
Net debt to capital employed 1)	(B1) / (A+B1)	22.7%	17.3%
Net debt to capital employed adjusted, including lease liabilities	(B2) / (A+B2)	23.1%	17.9%
Net debt to capital employed adjusted	(B3) / (A+B3)	17.8%	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 31 December	At 31 December
(in USD million)		2025	2024
Shareholders' equity		40,424	42,342
Non-controlling interests		74	38
Total equity	A	40,497	42,380
Current finance debt and lease liabilities		5,237	8,472
Non-current finance debt and lease liabilities		25,984	21,622
Gross interest-bearing debt	B	31,222	30,094
Cash and cash equivalents 1)		5,036	5,903
Current financial investments		14,297	15,335
Cash and cash equivalents and financial investment 1)	C	19,333	21,238
Net interest-bearing debt [8] 1)	B1 = B - C	11,888	8,856
Other interest-bearing elements 1)2)		288	366
Net interest-bearing debt adjusted including lease liabilities* 3)	B2	12,176	9,221
Lease liabilities		3,412	3,510
Net interest-bearing debt adjusted* 3)	B3	8,765	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 fourth quarter 2025

58 Forward-looking statements PRESS RELEASE FOURTH 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, upstream CO₂ intensity and net carbon

intensity; plans to develop fields; expectations and

ambitions regarding exploration activities and

production levels ; plans and ambitions for

renewables production capacity and CO₂ transport

and storage and investments in oil and gas,

renewables and low carbon solutions; our intention

to optimise and high-grade 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 ;

expectations and ambitions regarding sales, trading

and market strategies; estimates of reserves and

expectations regarding discoveries; organic capital

expenditures* for 2026 ; ROACE * for 2026 and 2027;

expectations regarding capex through 2027;

expectations and estimates regarding capacity,

production, development, performance and

execution of projects; expectations and estimates

regarding future operational performance, including

oil and gas and renewable power production and

growth ; 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; expectations regarding completion

and results of acquisitions, disposals, joint ventures,

partnerships and other strategic and contractual

arrangements; expectations regarding distributions

from joint ventures; plans and expectations

regarding corporate structure; 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 price volatility for oil

and natural gas ; geopolitical, social and/or political

instability, including worsening trade relations and

tariffs; 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; 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, commercial and

strategic 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,

conditions or requirements ; inability to obtain

relevant approvals from governments and other

parties for activities and transactions; adverse

changes in tax regimes; the political and economic

policies of Norway and other oil/energy-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 fourth quarter 2025

59 End notes PRESS RELEASE FOURTH 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 volume s represent Equinor’s

proportionate share of gross production based on

working interest ownership in a lease or unit.

Entitlement volumes differ from equity volumes

where operations are performed under

production sharing agreements (PSA) that

regulate Equinor’s entitlement to volumes, and in

the USA where entitlement production is

expressed net of royalty interests.

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, 3, 4, 6, 8, 11, 12, 15, 41 Ole Jørgen

Bratland

Page 2 Einar Aslaksen

Pages 7, 21, 52 Torstein Lund Eik

Page 13 Harald Pettersen

Page 23 Unknown

Page 29 Modec

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: 4 February 2026

By:       /s/ Torgrim Reitan   

Name: Torgrim Reitan

Title: Chief Financial Officer

FAQ

How did Equinor (EQNR) perform financially in Q4 2025?

Equinor generated net operating income of USD 5.49 billion in Q4 2025 and net income of USD 1.31 billion. Adjusted operating income was USD 6.20 billion, with adjusted net income of USD 2.04 billion and adjusted earnings per share of USD 0.81.

What were Equinor (EQNR)'s full-year 2025 earnings and cash flow?

For 2025, Equinor reported net income of USD 5.06 billion, down from 2024, and adjusted net income of USD 6.43 billion. Cash flow from operations after taxes paid reached USD 17.98 billion, highlighting strong underlying cash generation despite lower commodity prices and significant impairments.

How is Equinor (EQNR) rewarding shareholders after its 2025 results?

The board proposes a Q4 2025 cash dividend of USD 0.39 per share, up from USD 0.37. Equinor completed USD 5 billion of 2025 share buy-backs and announced a new 2026 buy-back programme of up to USD 1.5 billion, subject to market conditions and approvals.

What production and capex outlook did Equinor (EQNR) give for 2026?

Equinor estimates oil and gas production growth of around 3% in 2026 versus 2025 and expects organic capital expenditures of about USD 13 billion. It also aims to reduce operating costs by 10% in 2026 and maintain annual oil and gas investments around USD 10 billion.

How did Equinor (EQNR)'s renewables and power generation perform in 2025?

Total power generation reached 5.65 TWh in 2025, up 15%, with renewable power generation rising 25% to 3.67 TWh. Growth was driven mainly by offshore wind ramp-up at Dogger Bank A and additional onshore assets in Brazil and Sweden, despite sector impairments.

What are Equinor (EQNR)'s key safety and emissions metrics for 2025?

Equinor’s twelve‑month serious incident frequency improved to 0.21 from 0.3. Upstream CO₂ intensity was 6.3 kg CO₂/boe, and absolute scope 1+2 emissions from operated production were 10.2 million tonnes CO₂e, down from 11.0 million tonnes in 2024, partly due to portfolio changes.