Publication of the 2025 financial statements and the directors’ report

During 2025, Pandion Energy experienced a year of high activity and important strategic developments across its portfolio on the Norwegian continental shelf. The company reported total revenues and income of USD 234 million in 2025 (2024: USD 224 million). The year‑on‑year increase was driven by the gain from the divestment of an asset package to INPEX Idemitsu Norge AS, comprising participating interests in the Valhall and Hod fields, as well as the Slagugle and Mistral discoveries. The transaction, announced in July and completed in October following approval by the Norwegian Ministry of Energy, represented a significant value‑realising event for the company.

Total production in 2025 averaged 6,319 boepd (2024: 7,946 boepd), mainly reflecting the reduced contribution from the Valhall and Hod fields following the completion of the sale at the end of October.

2025 Directors’ report and financial statements

Jan Christian Ellefsen, CEO of Pandion Energy, stated the following:

As we reflect on 2025, it is clear that this has been one of the most eventful and transformative years in Pandion Energy’s history. It has been a year defined by high activity, important strategic decisions, and tangible progress across our portfolio. Most importantly, we exit the year with a focused, robust asset base and strong momentum going forward.

The publication is accompanied by a letter from our CEO, sharing key reflections from 2025 and priorities for the year ahead.

Throughout 2025, our organisation has been operating at a high pace. We drilled four wells during the year, including two exploration wells, one appraisal well and a new water injector on Nova. The results from the exploration wells drilled during the year provide further confirmation of the quality of our portfolio and our disciplined approach to exploration and development. In 2025, one commercial discovery was made out of two exploration wells drilled, bringing the total to seven discoveries from ten exploration wells since the company’s inception.

Operationally, Nova stands out as a cornerstone asset for Pandion Energy. Following the completion of the new water injector well during the year, the field has demonstrated stable and reliable production performance, in line with expectations. Nova provides a solid operational base as we continue to progress the rest of our portfolio.

In exploration and appraisal, 2025 delivered important milestones. The Mistral discovery, announced early in the year, was the fifth largest discovery on the Norwegian continental shelf in 2025 and further strengthened our track record as a successful exploration company. The Slagugle appraisal well confirmed the discovery within pre drill estimates and provided valuable data for continued maturation of the project. While these assets were later divested, the results underscore Pandion Energy’s ability to identify, mature and realise value from high quality opportunities.

Divestment to INPEX Idemitsu

A defining event in 2025 was the divestment of our interests in the Valhall and Hod fields to INPEX Idemitsu Norge AS, as well as the Slagugle and Mistral discoveries. These assets have been central to Pandion Energy’s development over many years, and the transaction represents a natural next step in our active portfolio management strategy. The sale was completed in October and enabled full repayment of our bond and reserve based lending facilities, leaving the company debt free at year end. This significantly strengthens our financial position and provides flexibility to invest in the next phase of growth.

Following the transaction, Pandion Energy retains a focused and high quality portfolio. In addition to Nova, our key development project is Ofelia in the Greater Gjøa area, where work progressed throughout the year. The project continues to move forward, with a Plan for Development and Operation targeted mid year 2026. We also see increasing momentum in the Sierra Solberg Rodriguez discovery, which has gained priority within the operator’s portfolio and represents meaningful upside for Pandion Energy.

Well positioned

Geographically, our portfolio is well positioned in core areas on the Norwegian continental shelf where infrastructure, activity and industrial interest are strong. The Gjøa area in particular holds strategic importance, both for our own assets and for future tie back opportunities. We remain committed to a disciplined area focused strategy, combining organic maturation of existing assets with selective exploration.

From a financial perspective, 2025 has been a solid year. Nova has delivered in line with budget and our cost discipline remains strong. With no immediate pressure to divest assets and a strengthened balance sheet, we are well positioned to continue maturing our portfolio.

None of this would have been possible without the dedication and professionalism of our people. The team has delivered an exceptional effort throughout a demanding year. I am proud of the agility, entrepreneurial mindset and technical excellence that characterise Pandion Energy.

Looking ahead, we enter 2026 with confidence. Plans include continued development of Ofelia, further progress on Sierra Solberg Rodrigues, and an exploration well later in the year. Pandion Energy remains committed to its full cycle approach and to creating value through active ownership, technical insight and disciplined execution.

2025 has been intense, challenging and rewarding. With a sharpened portfolio, strong financial position and a highly capable team, Pandion Energy is well prepared for the opportunities ahead.

Thank you for your continued trust and support.

Jan Christian Ellefsen
CEO, Pandion Energy