Equinor ASA (EQNR) Earnings Call Transcript & Summary

Good afternoon, and welcome to Equinor Business Center. If there's need to evacuate the building, there are no planned rehearsals, so all alarms are to be assumed real. When there's an alarm, everyone has to leave the building immediately. Follow the security guards' guidance and use the green emergency exits here, here and here. When you get out of the building, disperse and wait for normalization. To get to the rostrum, you have to use the staircase here. And at the end, I want to encourage everyone to show respect for everything people say and best of luck for the AGM. And with that, I want to wish everyone welcome to the Annual General Meeting of Equinor, welcome also...

Simultaneous translation to English is available. And for those present in this room, headsets can be used. If you're logging into Lumi AGM, you can choose the English version by selecting preferred broadcast language. We'll therefore continue in Norwegian.

My name is Nils Morten Huseby, Chair of the Corporate Assembly and the Nomination Committee at Equinor. As in the Notice of Meeting, the Board of Directors of Equinor has in accordance with Section 512 of the Public Limited Companies Act, appointed me to open today's Annual General Meeting. With me, I have Chairman, Jon Erik Reinhardsen; CEO, Anders Opedal; General Counsel, Helen Rygh Torstensen; and Lawyer and Company Secretary, Alexander Terjesen. Before we begin, I want to ask everyone to switch their cell phones to silent mode. I want to start with some practical information. Voting will happen electronically via Lumi AGM. Items will be open for voting once we have completed the registration of represented shares. The option to vote on the items will then be clearly displayed on your screen and can be accessed via the bar chart icon. All items will be opened at the same time, and you can choose to vote on all items right away or wait until the item is to be discussed. You're free to change your vote until each item is closed individually. After that, you cannot vote on this item anymore. Voting results for all items will be in the appendix to the minutes, which will be published on the company's website shortly after the general meeting. If anyone wishes to speak during the general meeting, they are asked to raise their hand and state their name. Shareholders can grant speaking rights to one advice them. People speaking will be asked to proceed to the rostrum. And for safety reasons, I ask that you use the staircase by the rostrum. Using the rostrum and the microphone is necessary for technical reasons and because there's a live webcast of the general meeting. Proposals will have up to 4 minutes to present while other speakers have up to 2 minutes. Such restrictions are necessary to make sure that all shareholders who wish to do so may contribute. Shareholders participating digitally are welcome to submit questions and comments on items whenever they want until each item is closed. Questions and comments from shareholders will be sent to Equinor's moderator team and Lumi with a view to removing inappropriate language. Questions will be published as we go. Please state which item you have a question about or a comment about. Shareholders will be identified by name, but not by shareholding. We inform you that we will not answer questions and comments received after an item has been closed. You must also note that we may group questions and give one single response when that is appropriate. Questions concerning items not on the agenda will usually not be addressed. With regard to items 6, 7 and 15 as well as shareholder proposals 8 to 14, we will answer questions and look at comments collectively. I'll get back to that. To -- since there's a natural delay in the broadcast of approximately 30 seconds each -- after a presentation of each item, there will be a short break. This is done to make sure that we record as many votes as possible. It may also be necessary to take short breaks to ensure good proceedings. In my capacity as Chair of the meeting, I shall in accordance with Section 513 of the Public Limited Liabilities Companies Act, draw up a list of the shares lawfully represented at today's general meeting. Thank you. And I've learned that Chair for the Board, 239,660 open proxies are registered and 19,028 proxies with instructions. The registration -- prevotes of 442,079,621 shares. We have 41 participants and guests here today who vote for a total of 1,713,095,356 own shares and 17 shares by proxy. In total, 2,155,433,682 shares are represented, which is 86.5% of all shares with voting rights. Now we open voting on all cases and we go to case Item 3, election of the Chair of the Board meeting. Voting is now open the election, the Board -- and we then go to the voting if there are no comments to this case -- this item, sorry. There are no questions or comments, so we will now close the vote. DNB has now confirmed that a majority has voted in favor of the proposal and the Chair of the corporate assembly has been elected as Chair of the meeting. We then go to the next case, which is the approval of the notice and the agenda. Section 510 of the Public Liabilities Companies Act stipulates that the general meeting shall be convened by written notice to all shareholders with known address. Pursuant to Section 510 Paragraph and Section 5 11b, first paragraph #1. The notice must be sent no later than 3 weeks before the meeting. The notice together with this attachment has been sent to shareholders registered in Norwegian security depository in accordance with the law. The notice, annual accounts and other attachment to the notice have been published on the company's website in accordance with the Public Limited Liability Companies Act, Section 5-11a and the company's Articles of Association. The Notice of Meeting is, therefore, in accordance with the provisions of the Public Limited Liabilities Companies Act and the Articles of Association. I propose the following procedure for dealing with Items 6 to 15. First, we open Item 6 about annual accounts, the annual report and dividends. The Chair will then give a statement regarding the Board's view of operations and the Board's proposed dividend. Item 6. The Board's proposal for authorization to pay dividend, Item 7. The Board's response to shareholder proposals, items 8 to 14 as well as the Board's statement concerning corporate governance. That's Item 15. The CEO will then present his report. Proponents present for items 8 to 14 will then take terms to present their cases. And once all the proposals have been presented, we will open for other contributions and comments from the floor regarding items 6 to 15. Comments or questions submitted -- can also be sent via Lumi AGM. The purpose of looking at these items together is to ensure appropriate and time-efficient process. Voting will take place in accordance with the notice of meeting. So only contributions, questions and comments that have been combined for these mentioned items. This is the same procedure we have followed at previous AGMs. Now we will proceed to the vote concerning approval of the notice of meeting and the agenda unless there are comments on this matter. And no comments or questions have come, so we close the voting. We have had confirmed from DNB that a majority has voted in favor of the proposal and the general meeting is hereby declared to have been duly convened and the agenda has been adopted. We then just go to Item 5, election of 2 people to sign the minutes with the Chair. We ask that you give your vote now since the item will be closed shortly. [indiscernible] from the Ministry of Trade, Industry and Fisheries and [indiscernible] Equinor have been suggested. We go to voting if there are no comments. No questions or comments have come, so we close the vote. We have had confirmed from DNB that there's a majority in favor of the proposal [indiscernible] have been chosen to sign the meetings with the Chair of the meeting. The Annual General Meeting will now consider Item 6 concerning the approval of the annual financial statements and annual report as well as the dividend for the fourth quarter of 2025. As mentioned, contributions, questions and comments relating to items 7 to 15 will be combined with the consideration of Item 6. For those of you who wish to comment via Lumi, please state which item your comment is related to. Annual accounts and the annual report as well as the auditor's report and the corporate assembly statement are included in the annual report, which all are available on the company's website. And I give the floor to the Chair of the Board, Jon Erik Reinhardsen.

Thank you, Nils Morten, and good afternoon to everyone attending this year's Annual General Meeting, both those of you who are here at [ Fortis ] and those who are online. I will now present the Board's view on the business and the proposed dividend, the Board's statement on corporate governance and the Board's recommendations regarding proposals made by shareholders. Later, under Item 16, I will present the remuneration of senior executives at Equinor. Last year was yet another year with geopolitical turmoil that affected energy markets. In turbulence, reliable energy supplies from a company such as Equinor is even more important. The most important thing that the Board, management and employees of Equinor do is to make sure that it's safe to work both in and for the company. In 2025, the company had strong safety results with a serious incident rate of 0.21 per million hours worked. These are the best safety results in the company's history, and it is due to systematic and good work. Simultaneously, a colleague lost his life at Mongstad in September. Both this tragic accident and other incidents have been high. important on the Board's agenda, and it's been a topic of discussion between the Board and the management. Safety is a topic in all Board meetings and also central in the Board's subcommittee concerning safety, security, sustainability and ethics. The incident in 2025 has been followed up by management thoroughly so that we can learn and improve. I will now address the Board's view, the Board's work and dividends and corporate governance. These are items 6, 7 and 15 on the agenda. First, let me say a few words about how the dividend is determined and what we're asking the Annual General Meeting to decide on today. The Board approved dividends for the first to third quarters on the basis of authorization from the General Meeting. The Annual General Meeting approves for the fourth quarter and the total dividend for the year based on a proposal from the Board. In 2025, Equinor has had a competitive capital distribution, including share buybacks of approximately USD 9 billion. The Board proposes to the AGM that for the fourth quarter of 2025, one pays out a dividend of USD 0.39 per share. Like previous years, the Board is also asking the AGM for authorization to decide on quarterly dividends until the next Annual General Meeting takes place. In a separate item, we also propose authorization for buying back shares. The Board has overall responsibility for the governance of the Equinor Group and monitors both management and day-to-day operations. Additionally, the Board has established a control system to ensure compliance with laws and regulations, ethical guidelines and the owner's expectations are followed. The Board deals with -- in particular, with important and extraordinary matters and has the option of requesting to deal with matters that they want to deal with. An annual plan for the Board's work has been drawn up, and it's updated regularly twice a year. There are separate Board meetings where strategy is the topic and the entire group management participates. Additionally, we have dedicated discussions on risk landscape, at least twice a year. The energy transition is also a key item on the agenda. It is raised at all ordinary Board meetings, either as part of strategic and investment-related assessment or as separate items. As a part of the development of knowledge and skills, the Board delved deeply in the following topics in 2025: European and U.S. energy policy, Equinor's geopolitical position and how changes in U.S. policy may affect the company. Oil and gas technology, geopolitical context and energy perspectives 2025, strategic supplies towards 2035 and the energy transition plan. The Board had 8 ordinary meetings and 5 extraordinary meetings in 2025. Members of the Board's Committee for Safety, Security, sustainability and ethics as well as other members of the Board, visit Northern Lights and [indiscernible]. During the year, elections were held in the corporate assembly for both shareholders and employee representative members of the Board. Jonathan Lewis, [indiscernible], stepped down from the Board, whilst Frank Indreland Gundersen, Geir Leon Vadheim and Dawn Summers and Jarle Roth were elected to the Board. So I will now address the proposal submitted by the shareholders, that is items 8 to 14 on the agenda. The Board's recommendation is that the general meeting vote against the proposals and the reasons for this are set out in the material distributed prior to the meeting. I would nevertheless like to comment on the issues raised. One shareholder proposal concerns reporting on strategy for specific demand scenarios, whilst another shareholder proposal concerns reporting on financial risk and geopolitical risk associated with certain of the company's activities. The company already reports on strategy, capital allocation, portfolio robustness and risk through various channels, such as the annual report and the energy transition plan, all in line with the EU Corporate Sustainability Reporting Directive. In addition, both strategy and individual decisions are stress test against several different scenarios for oil and gas demand, financial and geopolitical risk. It is also important in this context to note that the company prioritizes commercial robustness over volume growth to ensure profitability in scenarios with lower demand for oil and gas. More detailed reporting may potentially require the disclosures of market sensitive and confidential information. The company has a robust framework for assessing both commercial and geopolitical risks. The Board shares the proposal's interest in Equinor having a robust approach to risk and demand scenarios, but at the same time, believes that the company already discloses sufficient information on financial, commercial and geopolitical risks. Several proposals concern the company's organization and portfolio composition, such as the spin-off of the renewable energy business, the divestment of international oil and gas operations or investments in specific countries such as Ukraine. Both the Board and management regularly review the portfolio composition in relation to the company's overall strategy, financial performance and other relevant factors. This applies to the company's entire portfolio. In line with the principles of good corporate governance, including that the company's strategy is determined by the Board, we recommend voting against the proposals. There are also several proposals concerning the company's strategy, the pace of the energy transition, net zero and the Paris Agreement. Equinor's strategy aims for balanced energy transition where energy security, affordable energy and emissions reductions are weighed up. The Board believes that Equinor's strategy supports the goals of the Paris Agreement. The energy transition plan was originally published in 2022 and received support at the Annual General Meeting following an update in 2025. It provides information on strategy, measures and how we manage climate-related risk to ensure resilience and value creation. The plan reflects our long-term business opportunities in the transition and outlines our path towards net zero emissions by 2050 as well as our short, medium and long-term ambitions. At the same time, the energy markets are characterized by uncertainty and variable progress in the energy transition. The pace of investment must be adapted to market conditions and commercial opportunities. We appreciate all the proposal received and the dialogue with the company's shareholders. At the same time, the Board is committed to ensuring that all decisions are made on the basis of a comprehensive and long-term assessment and that it is the Board that determines the company's strategy. With that, I would like to conclude by thanking CEO, Anders Opedal, and his executive team for their significant contributions to the company. I would also like to thank all employees for the work they do for Equinor every day. I will now hand over the floor to CEO, and thank you for your attention.

Thank you very much, Jon Erik. Fellow shareholders and participant in the Annual General Meeting. It's great to see you, both of those of you who are here in person and those that attend digitally. I look forward to an exchange of views here today. It's the important part of the corporate -- the AGM is an important part of the corporate governance and a form where all shareholders can state their views. This is a general meeting with a touch of historical significance. This year marks the 25th anniversary of the company's listing due to an extraordinary general meeting in connection with the merger of Statoil and Hydro. This is also our 25th Annual General Meeting as a listed company. And in July of this year, NOK 10 billion will have been returned to shareholders since the listing on the stock exchange. Most of this to the Norwegian state. In addition, we have paid a lot of tax, NOK 2,400 billion since 2001. That represents significant value creation for the company and society. I always begin by talking about safety, and I'll do that today as well. As Jon Erik said, we had good safety results in 2025. And behind these results lies the systematic and hard work by employees, suppliers, employee representatives, partners and public authorities. This work has yielded meaningful results. At the same time, we continue to experience serious incidents and accidents. Last September, a family lost a loved one, and we lost a colleague in a tragic accident at Mongstad. We must continue our work to prevent accidents. We must investigate in order to learn, and we must continue to improve. We have not succeeded until we know that everyone who works for Equinor returns home safely every single day. 2025 was marked by geopolitical turmoil and unpredictability. In a turbulent world, our contribution is all the more important, reliable energy supply to the market. We had that in 2025. In fact, we have never before supplied more energy. We set a new record with an average production of 2,137,000 barrels of oil equivalent per day. And the bedrock of these strong results is the hard work of our employees and suppliers throughout the year. In addition, we achieved several key milestones, which contributed to 2025 production and future production. Here, I would particularly like to highlight the start of production at Johan Castberg and Halten East in Norway as well as the start-up of Bacalhau in Brazil. Our power business also continued to grow. We consolidated all our power operations in just single business area power, and we also saw a 25% increase in renewable production in 2025. At the same time, the fact that we received 2 stoppage orders for Empire Wind just shows how important stable framework conditions are for our industry and for our energy transition. We also took structural measures in the portfolio with our divestment in the Peregrino field in Brazil and the establishment of [indiscernible]. The latter is a merger of our and shelf portfolios on the U.K. continental shelf. We also signed several long-term gas agreements in 2025 with companies in, among others, the U.K., Germany and the Czech Republic. These confirm that European customers want gas from Norway, also for many years to come. As the Chairman said, strong deliveries also led to solid financial results. Total revenue of $106.5 billion and a competitive capital distribution totaling $9 billion. Behind these figures lies the tireless efforts by employees, suppliers and partners and when made possible by authorities, politicians and investors, a huge thank you to you all. Finally, I would also like to share a reflection on what we are currently witnessing unfolding around us. The situation in the Middle East and Ukraine is affecting innocent people and is having ripple effects in the energy market. Prices for what you produce have fluctuated sharply. This reflects a market that is not in balance. We can contribute a reliable energy supply to the world, something that becomes even more important in turbulent times. We expect unpredictable times also in the longer term. We are seeing shifting priorities and the prospect of an uneven energy transition. In light of this context, I share some updated strategic priorities in connection with the fourth quarter. We continue to develop the Norwegian continental shelf, which is the backbone of our company. The international oil and gas business will grow in selected areas. And we will build a competitive integrated power business by combining our renewable portfolio with flexible power generation. And all of this is linked together by our trading business, which contributes to increased value creation. The combination of these key priorities and our strategic pillars always face high-value, low carbon sets the course so that we can continue to deliver reliable energy for a changing world. The most important job is the one that is done every single day by our employees, partners and suppliers. I have already thanked you once, but a good thing cannot be said too often. So thank you very much, so much for everything you contribute. I would also like to thank the Board and the Chair for their excellent cooperation throughout the year. And finally, I thank you to all of you, investors, for your contribution to our business. Thank you very much for your attention.

Thank you. Jon Erik and Anders for your presentation. So now we move to the shareholder proposals. I'll remind you that there will be an opportunity for questions and comments from the floor once all the proposals are being presented. Shareholders participating online must submit any questions or comments via Lumi AGM. Please note that there will be no opportunity for questions and comments later when items 6 to 15 are put to the vote. We will now move on to Item 8, which is a proposal from the shareholders follow this, West Yorkshire Pension Fund, Mercy Investment Services and OFI Invest Asset Management. The proposal is set up in the notice of meeting and is displayed on the screen. The proposal is not present and a representative from Equinor will therefore read out a statement from the shareholders. We will return to any questions, comments and the...

Chair, Board, fellow shareholders follow this in support of the resolution requesting that Equinor disclose its strategy for creating shareholder value under scenarios of declining oil and gas demand. I wish to be precise about what this resolution asks. It does not ask Equinor to abandon its current strategy. It does not presuppose the outcome of the energy transition. It asks how this company intends to generate returns if the market for its principal products contracts. That is a question any prudent investor would expect to have answered. It is not hypothetical. The IEA's stated policy scenario projects oil demand peaking by 2030 and gas by 2035. The announced pledges scenario projects both peaking before 2030 with combined demand falling 17% by 2035. The IEA's June 2025 oil forecast corroborates that trajectory, so does [indiscernible] independent analysis. These are not fringe projections. They represent the emerging consensus of the most credible analytical institutions in the energy sector. Equinor's disclosure acknowledges scenario analysis and the company deserves credit therefore. However, insofar as the disclosed stress testing addresses price sensitivity, it leaves the most consequential variable unexamined. Price is a derivative of demand. A world in which demand enters structural decline is a world in which pricing power erodes. Marginal producers are displaced and only the most cost competitive portfolios sustain returns. The question is not what price Equinor can withstand. It is whether Equinor's capital allocation is calibrated to a market that may be fundamentally smaller. We need not speculate how demand contraction affects the company. In 2020, global oil demand fell by approximately 9%. Equinor cut its dividend by 67%. That contraction was cyclical and temporary. The scenarios contemplated herein are structural and sustained. If a temporary 9% decline produced a 2/3 reduction in shareholder distributions, what does the sustained 17% decline portend? The resolution requests capital expenditure, production, sales and free cash flow projections on the 2 widely referenced scenarios. It permits the omission of commercially sensitive information. It prescribes no strategic outcome. Most votes on this resolution have already been cast. We are grateful to every shareholder who supported it, and we note to those who did not. The question this resolution poses does not expire with today's ballot. It will remain relevant at every subsequent meeting until it is answered. The Board may treat this resolution as a request. It should treat the underlying question as an obligation. The resolution does not ask Equinor to agree with any particular scenario. It asks the Board to show its work. Question to the Board. Chair, I have a question for the Board, which I would ask to be answered substantively rather than by reference to existing disclosures. In 2020, a temporary 9% decline in global oil demand led Equinor to reduce its dividend by 67%. The IEA's stated policy scenario and announced pledge scenario, both project sustained demand declines of significantly greater magnitude over the coming decade. The question is correct. Will Equinor create shareholder value? Specifically, will they sustain or grow distributions to shareholders in the market environment where demand for the company's principal products is in structural, not cyclical decline? And if the Board has conducted analysis thereon, what prevents this disclosure to the shareholders whose capital is at risk.

Thank you. Thank you for your contribution. Then we continue to case Item 9, which is proposed by WWF, World Wildlife Fund. The proposal is set out in the notice and shown on the screen. We give the floor to its proposed proponent who has been given 4 minutes for their presentation. We will return to any questions, comments and the vote. The floor is yours.

Thank you. Shareholders, Board today We WWF ask for something specific that they present a holistic assessment of geopolitical risk in the Barents Sea. My name is [indiscernible], and I do the outfacing of fossil fuels in the WWF. I just came back from [ Santa Marta ] in Colombia where 37 countries, including Norway, have met for a historic first conference to phase out fossil fuel. A coalition with countries -- the coalition of countries is now almost more than half of world economy, 30% of the world's population and a great potential of fossil fuel contribution. The energy transition is on its way globally, and that affects risks in new projects. So let me just -- let me explain why a risk assessment is necessary in the Barents Ocean. The Barents Ocean has a limited upside and a clear downside. International companies pull out such has been lacking and infrastructure is lacking and investments are great and the time horizon is long. That means high insecurity about profitability in the future. Secondly, history shows a lot of high costs that -- it goes too high and that may be repeated Arctic conditions gives some security in the operation. We have seen a report that shows that we risk going beyond costs a lot more in the Barents Sea than elsewhere, 40% compared to 12% in the North Sea and 2% in the Norwegian Sea. This is not a theoretical assessment based on geographical experience. The third thing is listing seems a lot more expensive than what is the goal of Equinor. But the goal to have a balanced price of $35 a barrel, listing estimates are much higher. We believe that shareholders need to get an explanation of how that risk is being handled. Fourth matter is planning new gas infrastructure meets a market that is quickly changing and a sharpened geopolitical situation. The European Union is moving away from fossil fuel and the U.K. does so, too. The demand for Norwegian gas will fall, not increase in the years to come. It's very uncertain. There is a will to pay for and a need for a new gas pipe in the north. Further search for gas in the Barents Sea is a high-risk game with a marginal hope of profitabilities. It varies a lot and many are way below what could give profitable operations. There's a clear financial risk for shareholders. At the same time, we have to look at the security risk, the activity in Russian seas shows a danger of sabotage on infrastructure and one serious incident can have great financial effect. We, therefore, ask Equinor to explain how they assess the total and geopolitical risk in the Barents Sea. We ask that this presentation is sent by Q3 in 2026. We encourage the general assembly to vote in favor of the proposal.

Thank you for your presentation. Then we go to Item 10, which is a suggestion from Greenpeace. The proposal is in the notice and it's displayed on the screen. And I give the floor to the proponent who has been given 4 minutes for their presentation. We will give back to any questions, comments and the vote.

When you were hired as CEO in Equinor, you said that you would accelerate the development of Equinor as a broad energy company and strengthen renewables. The expectation from the parliament of Norway is that Equinor contribute to a safe and stable future by operating in accordance with the Paris Agreement objectives. But under your management, Equinor has in an undemocratic way, went against the expectations of the parliament majority. You brag that the production of oil and gas in Equinor is record high in the middle of the climate crisis. And you say that Equinor's prospecting department are itching to find more oil, even though you know that more oil will give an uncertain future with more extreme weather, it will send millions of people to flea and reduce access to green water. You also know that Equinor looks for more oil even closer and closer to land in the Arctic and other vulnerable areas. That threatens nature, especially when we've seen that Equinor under your management, has had a severe oil spill that for the first time hit the shore without Equinor even noticing. And last year, Equinor made a retreat in their transition plan for the climate. Under you, Opedal, you reduced -- you removed the goal that 30% should go to renewables at some point. And now we're again faced with the climate crisis. Equinor gets a lot of money for -- from -- due to war and other people have to pay the bill. We see that this crisis unfortunately accelerates the transition to renewables. The European Union and the U.K., the biggest buyers of Equinor's oil and gas, are very clear that the way ahead for European safety and security and stability is renewable. And here, Equinor has great opportunities to contribute. But while the world has woken up, I'm looking that fossil fuels are dangerous, the only answer from Equinor is to the crisis more oil and more gas. Mr. Opedal, you say that the high prices of oil and gas show that one needs more. But what the high price shows is that the transition to a safe and cheap renewable energy has gone too slowly. And the gilt for that is on Equinor's shoulders and other companies who work for fossil fuel and work against transitions. So I hope that shareholders who pay attention today see what the European Union sees and what the U.K. sees that the way ahead to a secure and stable future is renewable energy. We in Greenpeace have, therefore, suggested that Equinor sets goals and start working for a safe and secure future, and that requires absolute reductions in fossil fuels, which is in line with the goals of the Paris Agreement. Support our proposal and contribute to a safe future. Thank you.

Thank you for your contribution. Then we move on to Item 11, which is the proposal from shareholder [indiscernible]. The proposal is included in the notice of meeting and is displayed on the screen. The floor is given to the proponent who has been given 4 minutes to present. We will return to any questions, comments and of course, the votes. The floor is yours.

The background for the proposal, a great disappointment that Equinor has put the brakes on when it comes to the transition to renewable energy. Statoil changed their name to Equinor in 2018, and that was supposed to be a signal of a change in course. And with the mandate that was given Opedal, it was to accelerate Equinor's development as a broad energy enterprise. 5 years into the period, we, however, see that Opedal has pushed the brakes. Equinor has reduced the objective for -- for developing renewable energy from 16 to 12 and removed the goal that focus on -- and they've reduced a lot of climate goals for 2030 and onwards. And when one goes through the energy production of Equinor, since they changed the name shows that renewable energy is just an additional activity in the company. Plans for future investments does not show -- does not indicate that Equinor in the near future will be a force in the global general energy transition. In 2024, renewable energy was only 0.6% of Equinor's overall energy production. And in the foreseeable future, renewables will, therefore, remain a little brother in the company's energy mix. In 2024, 5x more went for investment in oil and gas than to investments in renewable energy. Oil and gas production is expected to increase until 2030. Should Equinor reach its ambitions for both renewable and fossil energy, the share of renewables in the overall energy production will only amount to between 2.5% and 4.3% in 2030. The legacy from the state structure and culture is clearly too strong for renewable energy to attain the necessary focus and priority in Equinor. The renewable part of the company should therefore be weaned from Equinor and established as a separate liability company that is adequately funded for large-scale production of renewable energy in Norway and globally. Splitting the company will reduce the internal competition for competence and capital and given renewable companies -- the renewables company, the opportunity to grow in competition with other renewables companies and not in competition with the fossil part of Equinor. This proposal is based on Equinor's duty for the future. It strengthens Equinor's contribution to low emissions company in the future to benefit future generations. you have to look towards the future as a Board. And at the very end, I just want to say just to quote a few lines from the p that I had in 2022. While the heavens and the world, it doesn't help to change the name. It's a change in reality that we miss. Thank you for your presentation. We then go to Item 12, which is a proposal from shareholder. The proposal is set out in the notice of meeting and is displayed on the screen. The floor is given to the proponent who has 4 minutes for the presentation. We will return to questions, comments and the vote. The floor is yours, Chair of the Board and shareholders.

Equinor has, in the last years, had enormous revenue, especially from selling gas to Europe. While Ukraine's energy generation and infrastructure is being systematically destroyed by Russia, Equinor has accumulated a war stimulated income of EUR 1,270 billion only in 2023 and 2024. Russia's attack on Ukraine has made Equinor and Norway profits of war. That's at least how others in abroad see us, especially if you look at how much income Equinor and the Norwegian state has got from war and how much little we give back. There's also an ethical side that is important for the reputation of Equinor when it comes to showing responsibility in society in a global perspective. Ukraine has been struck by thousands of targeted and destructive Russian bomb missile and drone attacks on the country's cities and energy infrastructure. The World Bank has calculated that the reconstruction of buildings and infrastructure will cost about $588 billion or NOK 5,600 billion over the next few years. These costs continue to grow for each year, Russia extends the war. The Norwegian government has through the announcement program for Ukraine allocated only NOK 15 billion in civil and humanitarian support each year over the next 5 years. Only a fraction of this goes to investment and production of energy in the country, just a little bit more than a drop in the sea. The need is enormous while Ukraine is on the verge of bankruptcy there have been 4 years of strong cash flow for Equinor and high profitability. It's been driven mainly by high prices for oil and gas. The net -- the income from 2025 was enormous, and they should share with Ukraine by investing in a small but important part in transition and renewal of the energy infrastructure in the country and help them stop using very polluting sources such as coal. Investments could go to development and operation of wind mills on land and offshore and battery storage and solar energy. This should happen with Ukrainian energy companies with cooperation with Ukrainian engine and Norwegian energy companies who are active abroad. The investments can also turn into something profitable in the future. The investment will also be a contribution to Ukraine's functioning -- ability to function and European security now and in the future and to reduce climate gas emissions in accordance with the Paris Agreement. If not 1.5-degree goal, which seems difficult to reach, at least the goal to should be possible on the globe. Show responsibility supports the proposal. Thank you for your presentation. We then go to case 13, which is B. The proposal is in the notice and is displayed on the screen. I give the floor to the person who has 4 minutes for their presentation. We will return to questions, comments and the vote. The floor is yours. Good afternoon, everyone. Equinor has made lists and lost a lot on their fossil fuel business abroad. It should be sold. The income must be invested in green. One has found more fossil energy in the world than the planet can take. And the Paris goal, the parliament -- Norwegian Parliament was all agreed about that. The money from the Norwegian shelf has financed a lot of such for fossil fuels abroad when the waste and the waste of money in the U.S. was known, Opedal proposed that Equinor divest from international projects. The company is now invested in 9 countries. There's no strategic reason for Norway to be involved in oil and gas in countries like the U.S. and Brazil. Why is the state to give risk capital abroad? The climate crisis and the need for green energy makes freed capital now should be invested in green projects.

Thank you for looking this way, Anders. That was nice. The green projects will also eventually be profitable financially. But just wait by ending by selling out of projects abroad and stopping looking for oil and gas abroad, the company can reduce their financial risk and free necessary capital for green energy. But as mentioned, sadly, Equinor has lowered their ambitions concerning renewable activity. When Anders took over the company in 2020, the mandate was that it should become a broad energy company. But Opedal has lowered his own target for developing renewable energy. As mentioned, in 2025, Equinor dropped their own ambition that at least half of the investment should go to renewable energy. And Equinor, as mentioned, produces a very little share of the renewable energy. It's under 1%, the share of renewable in Equinor. It's shameful. For every cent, the every kroner that is invested in renewable, NOK 5 go to fossil fuels. And we know that they plan to increase fossil fuel. This is the status in Equinor 24 years before we are to reach net zero in 2050. And there's an increasing investment in electrification, and that will gradually reduce the demand for fossil energy. I just want to remind you, yes, I'm making sure half a minute left. It's time to cut down on what the world needs the least, the fossil fuels and increase the investment in what it needs the most, renewable energy. We are the experienced elders. We are the drops that hollows out the rock. And then there's something that I'm allowed to speak one more time because I also represent the doctors' climate action. So I will start that right now.

Yes, that's fine. Go ahead. Doctors Plandary Health. As I've been to an audience with King Harald half for half an hour, just the 2 of us. We managed to talk about a lot also health, and I give him credit for managing to stop smoking and he said, had I known that it was so easy, I would have done it a long time ago. There are strict rules for giving the metal in the order. I have to return the metal later, perhaps it's to be reduced again. I'm thinking that perhaps Richardansen owned mine before because I will probably not have the time to be asked to go to the ball at [indiscernible]. But it's almost like a ball to get to talk to you here. So I ask the general assembly also the people who listen on the webcast. I don't know where the camera is. There it is. I have to talk to you, too. We have 2 proposals. One is that Equinor must learn about the health effect of the climate changes in order to run their oil and gas operations with as little as possible damage for the climate. And Equinor must strengthen and go through with their energy plan for the green shift in accordance with the UN World doctors and the Paris Agreement, et cetera. How is it possible to vote against these 2 modest proposals? I don't understand that. The countries who have contributed the least to climate change are the ones that pay the most now, floods and droughts. And in Europe, 175,000 people die each year because of heat. Researchers conclude that 88% of the mortality is due to people. And in Norway, there's also floods and avalanches and temperatures that hurt elderly and the sick with longer pollen season and also dangerous pests. And I will go against the palaces rules, and I will brought it here. I will put it back in my pocket afterwards, just so you see that I speak the truth. And it says, I got it for my work for health -- public health in Norway and the world for humanity, beat that. But Equinor, you are a powerful company that can slow this down by balancing oil and gas and renewable energy and go for renewable energy. If not, your legacy will having been -- having destroyed good life on earth. The biggest cap, the BlackRock that we correspond with now say we believe climate risk is investment risk. Guys, there's no planet B.

Thank you. Thank you for your presentation. Then we should have an overview of all the items to be discussed, and we therefore, open for the Chair and CEO statements as well as the shareholder proposals that have been presented. Before I invite you to the podium and address any comments received by Lumi AGM, I would like to make a few introductory remarks. Pursuant to Section 515 of the Companies Act, the general meeting is not a natural forum for asking questions or seeking comments from other shareholders, including the state represented by the Ministry of Trade, Industry and Fisheries. We will now move on to other contributions in the interest of time and to ensure that everyone who wishes to speak has the opportunity to do so, I would remind you to keep your remarks brief and within the time limit of up to 2 minutes. I would ask those who wish to speak to raise their hands. There are several people who wish to speak. The first speaker may come to the podium and introduce themselves. The Secret will not speaking. The speaker is ready over there. I would ask the representatives of to note the names of those who wish to speak and call them to the podium. Go ahead. My name is Chris. I'm a member of the Board of the Grand Paris Climate Action Dear Board. Dear general meeting, spend 1 second on contemplating what really matters to me. care and consideration of children and ensuring a good life for those who come after us is very important to me. And I believe it's important to most of those who are here. If we think narrowly, the company, as you know what is most important. The Board has a responsibility for managing the owner's money. I fossil projects abroad a wise investment. How big is the risk of invest with stranded assets or being sued for climate damage. the state, the Norwegian people are the main owners. And for us, it's important that Equinor be a solid company for the foreseeable future and that it will ensure employment, good reputation and energy, good reputation and not the least, to be a good benefit for the society. Investments in renewable energy cannot compete with oil and gas in the short term. But it's an investment in the long term, an investment in terms of generations in environment and nature that it's time to divest from these international fossil projects spend the money in investments in renewable energy. Everybody knows that fossil energy must be phased out participating in the competition in renewable energy or become a fossil company out it is form. So vote in favor of this proposal.

Thank you. The next on the list of speakers is. Please go ahead. I just want to remind you that you've got 2 minutes. from the Grand climate campaign 4 years ago. My colleague, Guillaume was here at the podium, surprising everyone with a long point. And he and all the way back to [indiscernible] project, and he said an important project, said the boss and the Board nod it and they agreed, but the state was silent, so silent. And this is pn by urging people to get smart, do the right thing. The AGM can urge you to listen to our words. the general meeting being gone to their sand that did in 2016. But as everyone know, it would have been profitable for the company financially and in terms of reputation if they had listened to Gut and others nine times. [indiscernible] reminded us in his presentation that 1.5 degrees is a lost case. We go towards 2, 2.5 or perhaps even higher degrees in this century, that serious. That means that the oil world and oil Norway is taking a too big risk on behalf of our grandchildren. And that's why we in the Grand Paris Climate campaign return here year after year, not to bother anyone, but because we think that we have right, and we hope that we will be right in time. thank you. Now the next speaker. Go ahead.

I'm also from the Grand Paris Climate Campaign. I had a comment on the proposal 11. The proposal to divide the company into one company for oil and gas and one for renewables AGM Board. I briefly want to touch upon why it would be wise to divide Equinor into 2 companies. We have heard about the renewable efforts in the oil company, Equinor. The legacy is too strong and the renewable efforts are minor. -- renewable sources are -- in many ways, they are in opposition to oil sources. This applies not just to Equinor, it to most oil and gas companies. In the -- we see that the 250 biggest oil and gas companies only own 1.42% of the renewable capacity that is in operation globally. And approximately half of that stems from the acquisition of other companies rather than expansion. That tells us that we cannot trust too much that the oil companies, Equinor shall invest in renewables in spite of their ability to invest a lot. Equinor is investing less than local electric company and that this time that Equinor is divided into one company for oil and gas and another one for renewables. So I recommend this proposal. Thank you. Is next.

My name is I'm a shareholder. First and foremost, I'm a mom to a beautiful little boy. Equinor Oil and Gas has a huge and direct impact on the climate crisis. You are not a small player of powerless when it comes to shaping future energy demand. The decisions that you, the people here on stage make every single day have huge consequences for my son and for children everywhere. The climate crisis is already causing indiscribable pain and suffering all over the world. This is not a crisis that will manifest far into the future. It is here now. In 2030, when my son starts school, the UN predicts that severe and frequent climate catastrophes could be the new normal. In 2050, when he graduates university or perhaps is starting his first job, no corner of the planet could be free from extreme heat. More than 250 additional people -- 250,000 additional people could be killed by the climate crisis every year from malnutrition, disease and heat stress alone and half the human population could be living in areas where there's not enough water. In 2100, when my son is as old as some of you, the world could be unrecognizable. Our children could be living in a planet that is 3 degrees warmer, which would cause catastrophic sea level rises, ecosystem collapse and vast land areas becoming uninhabitable, forcing 2 billion people to become climate refugees. That is the future that you are committing my son and children everywhere to. You have the power to make their future safer and more secure. And every day, you choose the exact opposite, and that is unforgivable. We all deserve a safe future. It is not too late to protect what we value the most. That is why I'm asking all the shareholders and especially the representatives of the Norwegian government to please understand what is so blatantly obvious. So Equinor's Board and Equinor's leadership care for nothing else than their own short-term profits. And please vote this Nordic proposal. Thank you. Thank you. Martin Lean as the last speaker from the auditorium. Thank you for letting me conclude this show dear AGM, Equinor. I'm not going to spend a lot of time on about the climate. I am fortunate to be working with climate researchers on a daily basis, and it's frightening to see what's happening and to see the speed. We were hoping that it would slower, but that's not the case. In addition to this, we have the geopolitical situation that you're operating in, and it's difficult so we understand that. And in addition to that, when you got climate change and geopolitics and then you have energy independence, that's a great issue in the world, and that transition is going to happen very fast. Historically speaking, companies that prioritize growth rather than value, they will often underperform. And we know that Equinor has historically speaking, been very price optimistic and operated with a higher average oil price than most the other companies and not alone anymore. But they're still at a top level, and that can lead to being overoptimistic concerning earnings on projects, and we've seen that historically speaking. And we think that a lot remains. -- and there's no doubt that the oil business is a mature business. It will continue for many more years, but it is a mature business. And what is a disciplined use of capital in any business, probably it will be to return the capital return capital to shareholders rather than reinvesting in increasingly expensive and marginal fields. We have looked at exploration for more fossil fuels. And there are very few projects. There's very little exploration since 2000 that has actually provided value for companies, not just for Equinor, but for other companies as well. Many things that indicate that exploring infrastructure, that's not the idea, but to explore new areas would be to throw away the shareholders' money. It's gambling. There have been several proposals here today concerning capital discipline and which path the company is taking and how the company views the world going forward. I wonder what world one is operating in if one believes that opening new fields, investing a lot more in fossil energy in a world that is in transition and is struggling under the climate crisis, whether it would be a good disposition of the shareholders assets. So I hope that the company can state more clearly what their preconditions are and their scenarios for the future if you -- and that you state how this is going to be profitable for the shareholders. Thank you.

And then after this, there will be a stop for questions and comments to. And there have also been comments to items outside the items, and they will not be addressed in Lumi. And some questions have been related to case 8 and 9. And these questions are case -- can the Chair of the Board explain why the Board and Equinor management cannot present a report as they are asked to do. In case , can the Chair of the Board briefly explain why such report cannot be made when Equinor says they have all the data in accordance as per the Board response. I want to say that the Board has already explained this in the presentation of the CEO today and online. You are asking for things that have already been established through the governance of Equinor. I give the Chair of the Board wants to give a summary concerning the proposals from shareholders also to the question raised by follow this. Jon Erik, the floor is yours. Thank you, I think I will start with some lines to the question raised by Polo in English.

The Board fully recognizes that long-term changes in energy demand are a central strategic issue for Equinor. And this is explicitly addressed through our scenario analysis and portfolio stress testing, which include energy transition pathways where oil and gas demand is lower than today. Our objective is to create shareholder value across a range of market environments by maintaining a resilient cost competitive portfolio, disciplined capital allocation and financial flexibility. This is also the basis for our approach when it comes to capital distribution. Decisions are based on holistic assessments, not single scenarios, and it is our ambition to grow the annual cash dividend in line with long-term underlying earnings. The comparison with 2020 reflects an extraordinary and temporary shock combined with significant uncertainty at that time. It does not provide a direct analog for how the company would perform under structurally different and more gradual transition pathways. We believe that the disclosures already provided, as Nils Morten referred to, gives shareholders an appropriate and balanced basis to assess Equinor's strategy and long-term value creation.

Norwegian, thank you to shareholders who have presented their proposals from the rostrum. We greatly value dialogue with our shareholders, and we do that throughout the year in various arenas. There are many opinions about the company. It pleases me to see that many people care about the company, and it's good for the Board and the company that there is a lively debate about it and around it. It challenges us, and it helps sharpen the company. It is also a consequence of the company having an important role in Norway, in Europe and also in the world at large. We understand that there are different views among shareholders on several matters. We take note of these views also in matters where there is no consensus. The Board has, as mentioned, answered all individual shareholder proposals in writing and the responses have been made available to all shareholders. The Board stands by its recommendations to vote against the proposals. And on behalf of the Board, I would still like to emphasize again that we greatly value an open debate about the company around the company and its priorities and that shareholders are having -- that they take an interest in the company and the strategy of the company. Thank you. Thank you, Jon Erik. Then we will have a short break, approximately 10 minutes, and we need to be back at 4:40 p.m. We are on Item 6, the approval of the annual accounts and report for 202 I'll give the floor to [indiscernible] I, who will read except from the audit opinion for 2025.

Annual General Meeting. We refer to our audit opinion issued at 9 March 2026, which is included in its entirety in the company's annual report on Page 298. We have audited the financial statements of Equinor ASA, which comprise the financial statements of the company and the consolidated financial statements of the company and its subsidiaries. The financial statements of the company and the group both comprise the balance sheet as at 31st of December 2025, and the income statement, statement of comprehensive income and statement of cash flows for the year then ended and notes to the financial statements, including a summary of material accounting policies. The consolidated financial statements for the group also comprise the statement of changes in equity. Key central key audit matters for the audit of 2025 were impact of climate change and energy transition on the financial statements, recoverable amounts of production plants and oil and gas assets, assets under development, assets classified as held for sale and equity account investment. An estimation of the asset retirement obligation is the last. In our opinion, the financial statements comply with applicable legal requirements. The financial statements give a true and fair view of the financial position of the company as at 31st of December 2025 and its financial performance and cash flows for the year then ended in accordance with simplified application of international accounting standards according to Section 39 of the Norwegian Accounting Act. Gives the consolidated -- the consolidated financial statements give a true and fair view of the financial position of the group as at 31st of December 2025, and its financial performance and cash flows for the year then ended in accordance with IFRS accounting standards as adopted by the European Union. Thank you for your attention. Thank you, Ten. On behalf of the corporate assembly, I will now read out the corporate assembly statement on the Board's proposal. At its meeting on the 18th of March 2026, the corporate assembly considered the consolidated financial statements of Equinor ASA and its subsidiaries, the financial statements of the parent company, Equinor ASA and the Board's proposal for the appropriation of the profit for the year in Equinor ASA. The corporate assembly endorses the Board's proposal regarding the consolidated financial statements, the financial statements of the parent company, Equinor ASA. And the appropriation of the profit for the year. The Annual General Meeting approved the Board of Directors' proposal for the annual financial statements and annual report of Equinor S.A. and the group for the 2025 as described in the annual financial statements and the proposed dividend for the fourth quarter of 2025 of USD 0.39 per share. Payment of the dividend is expected to take place on the 27th of May 2026. We now proceed to the vote on Item 6 and ask that this be done now as the matter will shortly be closed. And we have now received confirmation from DNB that there's a majority in favor of the proposal and the proposal has been adopted. And we go to Board authorization to distribute dividends based on the approved annual accounts for 2025. We ask that you give your vote now. The proposal is in the notice and is displayed on the screen. DNB has now confirmed that there's a majority in favor of the proposal and the proposal is therefore adopted. We go to Item 8 and the proposal that is in the notice and shown on the screen. We ask that you give your vote now since the case will be closed shortly. If you want to support the proposal, you vote for the proposal. If you want to vote against the proposal, you vote against if you want to follow the recommendation of the Board. We have now gotten a confirmation from DNB that there's -- that the majority is against and it has not been adopted. And we go to Item 9. It's in the notice and displayed on the screen. We ask that you cast your vote now since we will shortly close the matter. If you want to support the shareholders' proposal, you vote for the proposal in favor and you vote against it if you want to follow the Board's recommendation it has now been confirmed by DNB that there's a favor -- that there's a majority against the proposal, and it has not been adopted. We go to Item 10 and the proposal is in the notice and on the screen. We ask that you vote now since the item will shortly be closed. If you want to support the shareholders' proposal, you vote in favor of the proposal for the proposal. If you wish to follow the Board's recommendation, you vote against the proposal. We have now received confirmation from DNB that a majority has voted against the proposal and the matter has not and has not been adopted. We go to Item 11 and the proposed resolution is in the notice and on the screen. We ask that you cast your vote now since the matter will -- the item will shortly be closed. If you want to support the shareholders' proposal, vote in favor of the proposal. If you want to follow the Board's recommendation, vote against the proposal. And DNB has confirmed that the majority has voted against the proposal and it has not been adopted. We go to item 12, and the proposal is in the notice as well as on the screen. We ask that you cast your vote now since the item will shortly be closed. If you want to support the shareholders' proposal, vote in favor of the proposal. If you wish to follow the Board's recommendation, vote against the proposal. And DNB confirms that a majority has voted against the proposal and the matter has not been -- we go to Item 13 and the proposal is in the notice and on the screen. We ask that you cast your vote now since voting will shortly close. If you wish to support the shareholders' proposal, vote in favor of the proposal, vote against the proposal if you want to follow the Board's recommendation. It has now been confirmed by DNB that a majority has voted against the proposal and the proposal has not been adopted. We go to item 14 and the proposed resolution is set out in the notice and on the screen. We ask that you vote now since voting will shortly close. If you want to support the shareholders' proposal, vote in favor of the proposal. Vote against the proposal if you want to follow the Board's recommendation. And we have now had it confirmed by DNB that a majority has voted against the proposal and it has not been adopted. We go to Item 15, which concerns the statement on corporate governance. It's in the notice and on the screen. We ask that you vote now since the matter will shortly be closed for voting. In accordance with Section 56, fifth paragraph of the Public Limited Liabilities Companies Act, the general meeting targeted the Board statement on corporate governance, which is given in accordance with Section 29 of the Accounting Act. The statement for 2025 is presented as a separate report and has been made available on Equinor's website prior to the general meeting. The AGM shall hold an advisory vote on the corporate governance statement and the Board proposes that the Annual General Meeting endorsed the statement. We refer to the Chair's comments on the statement earlier in today's Annual General Meeting. And DNB has now confirmed that a majority has voted in favor of the proposal and the general meeting endorses therefore, the Board's statement. We then go to Item 16, which is about the Board's report on salaries and other remuneration for management, we will now -- it's on the screen and in the notice. Pursuant to Section 6-16b of the PLLC Act, the Board of Directors shall the report on remuneration to senior executives. The remuneration report is presented as a separate report and has been made available on Equinor's website prior to the AGM. The floor is given to the Chair of the Board, Jon Erik Reinhardsen, who will provide an overview of the Board's remuneration report.

Thank you, Nils Morten. Equinor's guidelines for remuneration to group management is rooted -- they're rooted in the company's values, the HR policy and the strategy of the company. The Board considers competitive terms and conditions essential to attract and retain the correct expertise for key positions in question. Equinor should not aim at being a market leader in terms of remuneration, but must also offer the senior management terms and conditions that are seen as competitive when they are measured against equivalent positions in comparable companies. Regarding the work on remuneration for the CEO and group executive management in 2025, I would particularly like to highlight the Board's work with continued focus on monitoring and improving our market data for group for remuneration to executive management of the group and correct use of this data in the remunerations decision on remuneration, the process to decide remuneration. Through the report on remuneration of key management personnel, the Board has provided a comprehensive overview of the remuneration of the group executive management in 2025 and how the guidelines have been followed when determining these. The remuneration report has been simplified even more this year, in part because there were no changes in the guidelines in 2025 and that required further follow -- that required further follow-up or explanation. The CEO's performance -- when setting the remuneration -- variable remuneration of the CEO, the Board in its assessment of CEO's performance for 2025 has taken into account that delivery in key areas has been above on or below the target set. For Equinor, the year was characterized by geopolitical instability, continued high transaction activity, adjustments in organization and managing unforeseen events related to regulatory requirements and permits. There have been volatility in interest rates, inflation and energy markets, and that has had both a positive and negative effect on the company's performance in various areas. Equinor's key role as a gas supplier to Europe has been maintained and the company's operations were stable throughout the period. For the targets that form the basis for the Board's assessment of the CEO's variable pay, the frequency of serious incidents was within target and continuing the positive trend from 2024. The number of incidents was actually reduced by 20% compared to 2024. And the SIF result is the best on record. However, the result is weakened by a death at Mongstad. The second thing, the CO2 intensity for the upstream portfolio improved further, ending at 6.3 kilograms of CO2. That is well below this year's target. The third point, production cost per unit ended at USD 6.6 per barrel compared to the target of under USD 6.4. This result is largely driven by inflation and currency variation. I tem 4, renewable energy production ended at 3.7 terawatt hours, which is positive compared with the 2024 results, but below the target of 4.4 for 2025. Both technical and natural factors influenced this result. Equinor's return on average capital employed was again at the very top this year and second best among the group of peer companies. And at the very last #6, whilst total shareholder return was slightly below, ninth place out of 12 in the same peer group. With regard to the CEO's behavioral objectives and performance against them, the Board wants to highlight strong commitment to implementation of the group program, I am safety in autumn 2025 as well as the structured focus the CEO demonstrates when it comes to safety. The CEO has in 2025 also shown a greater effective external focus which has been important for securing trust and influence among shareholders, political decision-makers and other stakeholder groups under rapidly changing geopolitical conditions and operating environment that has affected the company. In 2025, one also initiated and implemented organizational measures to restructure the organization. Additionally, 2 new people were appointed to the executive group, which helped ensure continuity and robustness in the group's leadership position. The Board is also satisfied with the result of this year's employee survey taken as a whole. Certain aspects of satisfaction relating to strategy show a negative trend. And it will be important for the CEO to continue the work of explaining the strategy within the organization as well. In total, the Board is very satisfied with the CEO's performance in 2025. When it comes to the remuneration for the CEO, the change in base salary for the CEO was 4.8% of pay review. By comparison, the average pay review framework for employees in the Norwegian part of Equinor's operation was 4.6%. And Opedal's basic salary amounted to NOK 12.9 million. The CEO had a variable performance-based salary in 2025 with a potential maximum of 25% of the basic salary. He also had a long-term incentive scheme with the allocation of shares worth up to 25% of the basic salary. The Board has, based on aforementioned applicable guidelines, the CEO's performance and the company's results, decided to award a variable salary of NOK 3 million. The CEA has also been given 5,996 shares under the long-term incentive scheme in 2025, corresponding to a value of 25% of his base salary. And then a little bit about the group management terms and conditions. When it comes to the other members of the group executive management, it's the responsibility of the CEO to determine and decide on the remuneration in accordance with the same guidelines. Still, I would like to point out that the Board through Remuneration and Leadership Development Committee always is consulted when the CEO makes decisions on let's see the salary adjustments for the executive management in the group and similarly when it comes to the CEO's performance appraisals, which form the basis for their variable pay. And some concluding remarks. The Board's assessment of the group's executive remuneration in 2005 is that the company's framework and practices for remuneration are transparent and applied in accordance with good business practice. As mentioned, the remuneration system for group executives are designed to ensure that the company attracts and retains employees capable of delivering at the highest level in the complex business environment in which Equinor operates. The Board sees it as fundamental that remuneration levels are competitive at all times and influenced by achieving performance and achieving results. It's the Board's view that the remuneration of members of the Group Executive Board reflects the market and the company's results to the extent permitted by the guidelines while ensuring moderation. Thank you for your attention. Thank you, Jon Erik. Pursuant to Section 56, the subsection of the Public Limited Companies Act with reference to Section 16b an advisory vote shall be held on the Board's report on salaries and other remuneration of senior executives. The Board proposes that the general meeting in an advisory vote endorse the Board's remuneration report for the record. I would remind you that it is the corporate assembly that determines the remuneration of the Board. Therefore, this is not a matter for the general meeting. We will then proceed to the vote unless there are any comments on this matter. There have been no questions or comments, so we will now close the vote. We have now received confirmation from DNB that a majority has voted in favor of the proposal and the general meeting has approved the Board's 2025 report on remuneration for senior executives. We have now gotten to Item 17, which is approval of remuneration of the company's external auditor for 2025. The proposal will be seen on the screen. We ask you to please vote now since the case will be closed shortly. The general meeting is asked to approve the auditor's fee for the auditor of Equinor ASA in 2025 in the amount of NOK 53,876,577. We will now proceed to the vote if there are no comments on this matter. There have been no questions or comments, so we will now close the vote. We have now received confirmation from that a majority has voted in favor of the proposal and the motion has been passed. We then move on to consideration of Item 18, election of members of the corporate assembly. As Chair of the Nomination Committee, I will now present the committee's recommendation. The Nomination Committee has emphasized several criteria in the composition of the corporate assembly, including diversity of expertise and background, a balanced gender representation and the need for renewal alongside the need for continuity. The Nomination Committee's proposal is set out in the notice of meeting and is displayed on the screen. For further information, please refer to the Nomination Committee's recommendation, which is available on Equinor's website together with other documents for the Annual General Meeting. An extract from the new candidates is displayed on the screen. The proposed candidates are independent of the Board and the executive management of Equinor. It is proposed that the election of members and deputy members to the corporate assembly take effect from May 13, 2026, until the Annual General Meeting in 2028. We will now proceed to the vote unless there are any comments on the proposal. We have not received any questions or comments, so we will, therefore, now close the vote. -- we have now received confirmation from DNB that the majority has been achieved for the Nomination Committee's proposal and the candidates are deemed elected. We now move on to Item 19. the determination of remuneration for the corporate assembly. The proposed resolution is set out in the notice of meeting and is displayed on the screen. We ask that you cast your votes now as the matter will be closed shortly. On behalf of the Nomination Committee, I can inform you that the proposed increase in fees is in line with the general wage trends in society. Are there any comments on the proposal? I have not received any questions or comments. So we will now close the vote. We have now received confirmation from DNB that the majority has voted in favor of the proposal and the motion has been passed. We then move on to consideration of Item 2, election of members to the Nomination Committee. The term of office of members of the Nomination Committee expires this year as Chair of the Nomination Committee, I will now present the committee's recommendation. In accordance with the company's Articles of Association, the Nomination Committee shall consist of 4 members who must be shareholders or representatives of shareholders and who must be independent of the Board and the executive management. The Chair of the Nomination Committee and one other member shall be elected from among the shareholder-elected members of the corporate assembly. The Nomination Committee has emphasized several criteria in the compensation of the Nomination Committee, including shareholder representation, diversity of expertise and background, a balanced gender representation and the need for renewal alongside with the need for continuity. The Nomination Committee's proposal is displayed on the screen. The Nomination Committee recommends the reelection of Chair Nils Morten Huseby and members [indiscernible]. It is proposed that this election take effect from May 13, 2026, until the Annual General Meeting in 2028. We see that we have received a comment. Go ahead. I ask you to introduce yourself, and I remind you that you've got 2 minutes. Dear general meeting, my name is , and I am a pensioner and a former employee of Equinor. And I have attended AGM previously and I talked about this subject. I was able to stay silent on the previous item, but I'm not able to do it now because I have a passion for equality, and I would like to have another woman in the Nomination Committee. I looked at the last voting that there was a proposal to have 2 men as Head and Deputy, and I think it would be a beautiful principle if you had a man and a woman in those 2 positions. Thank you. Thank you for your input and that we have taken a note of it. Then I see that there are no further questions or comments. So we will, therefore, close the vote. -- we have now received confirmation from DNB that the majority has been achieved for the Nomination Committee's proposal and the candidates are deemed elected. We then move on to consideration of Item 21, determination of remuneration for the members of the Nomination Committee. The proposed resolution is set out in notice of meeting as displayed on the screen. We ask that you cast your votes now as the matter will be closed shortly. Also, the proposed changes to remuneration is in line with the general wage trends in society. Are there any comments on the proposal? No questions or comments have been received. So we will now close the vote. We have now received confirmation from DNB that the majority has been -- has voted in favor of the proposal and the motion has been passed. We then move on to consideration of Item 22. The proposed resolution is set out in the notice and displayed on the screen. With regards to Item 22, we have received a question in Lumi. And the question is, can the Chair of the Board explain why Equinor is now buying its own shares. This question has been answered in the report by the Board earlier today. And when it comes to case '22, the proposed resolution is in the notice and on the screen, and we ask that you vote now since this item will soon be closed. The company has in 2004, offered a share saving scheme for employees within the group. The aim is to strengthen foster corporate culture and loyalty by enabling employees to become part owners of the company. The long-term incentive program was established in 2007 with the aim of strengthening the long-term alignment of interest between the company's senior management and shareholders and sustainability for the company as well as to retain employees in key positions. We, therefore, go to the vote if there are no comments on this item. No questions or comments have no comments, and we therefore close the vote. And DNB has confirmed that the majority has voted in favor of the proposal, and it has therefore been adopted. We go to Item 23, capital reduction through the cancellation of own shares and redemption of shares held by the Norwegian state as well as reduction in other equity. The proposed resolution is set out in the notice of meeting and displayed on the screen. We will go to the vote if there are no comments on this item. Neither questions nor comments have been received, and we therefore close the vote.

Adopting the proposal requires a change of the articles and so 2/3 majority. And DB says that there is adequate majority and the case -- the item has been adopted. therefore, the resolution has been adopted. So we go to Item 24, Board authorized to buy shares in Equinor S.A. on the market for subsequent cancellation. And it's -- the proposed resolution is in the notice and on the screen. We ask that you cast your votes now since the matter will shortly be closed. The Board proposes that the general meeting authorized the Board to repurchase up to 78 million shares of the company's own shares on the market. Section 94 of the Public Limited Liabilities Companies Act. Such authorization is common in many large listed companies. The repurchase of own shares means that the remaining shares will have a higher ownership stake in the company. For more information about -- more detailed explanation about background for the proposal, we refer to the Notice of Meeting. We will now proceed to a vote if there are no comments on this matter. No questions have been received no comments, and we therefore close the vote. DNB has confirmed that there's a majority for the vote. for the resolution, and it has been adopted. We then go to Item 25 concerning the investment policy and the proposals in the notice and on the screen. We ask that you vote now since the case will be closed shortly. On the 25th of May 2001, Equinor's Annual General Meeting adopted the allocation instruction for Equinor ASA, which means that Equinor shall allocate oil and gas produced from the state's direct financial interest SE with its own oil and gas. The overall objective of this is to achieve the highest possible total value for Equinor's Petroleum and the States Petroleum and to ensure a fair distribution of the total value created. One has identified a need to adjust the pricing and distribution principles for the petroleum products covered by the instructions in light of market developments and changes in the ways in which petroleum is marketed and sold. The Board recommends that the Annual General Meeting approve that adjustments may be made to the instructions. Are there any comments on this matter? No questions or comments have been received. So we will close the vote. We have had confirmed by DNB that there's a majority for the resolution, and it has been adopted. And we have then heard all the proposals and all the items and the minutes will be posted on the web pages of the company very soon. Thank you for the day and your interest and the shareholders who attended the general meeting. The meeting is adjourned. Thank you.