Vår Energi ASA ($VAR)

Good afternoon. It's now 03:00 p.m. in Oslo, and it's time to welcome you all to the 2026 Annual General Meeting of Var Energi. My name is Liv Monica Stubholt. I'm the elected Deputy Chair of the Board of Directors, and it's my pleasure to hereby declare the meeting officially opened. As per the notice for the meeting, the Board has proposed that attorney at law, Viggo Bang-Hansen serve as Independent Chair of the meeting. I would therefore give the floor to him to lead us through the items on today's agenda. Vigo?

Thank you for that, Liv Monica. The general meeting is now closed for additional log-ins, and we'll shortly move to the agenda items set out today. Before that, I can inform the meeting that we have in total -- that we in total have shares present constituting 83% of the share capital. And the exact numbers of shares represented will be set out in details -- in detail in the minutes from the meeting. With that, we will move to the formal agenda items, and the opportunity to vote on these shall now also have been opened. The first item on the agenda is election of a meeting Chair and a person to co-sign the minutes. As Liv Monica said, the Board has proposed that I chair the meeting, and I propose that General Counsel, Sverre Bjelland, who is present, co-sign the minutes together with me. Shareholders who have not yet voted can then vote on Item 1. [Voting]

Everyone seems to have voted and the count shows that Item 1 has been approved. Item 2 for consideration deals with approval of the notice and the proposed agenda. The notice for the meeting was distributed with the required 3-week notice period and was also announced as a stock exchange announcement on 8th May. Unless there are any questions to this, we then ask all shareholders to finalize their votes on Item 2. [Voting]

And we then note that Item 2 has been approved. We then come to Item 3 on the agenda, approval of the annual accounts and annual report for 2025 and review of the Board's statement on corporate governance prepared in accordance with the Norwegian Accounting Act. The accounts and the reports together with the audit report were all published on 20 March and have also been made available on the company's web page. We've not registered any questions or comments to this item, so we'll then move to voting. [Voting]

Seems all votes are then in, and the minutes will reflect that the annual accounts and report for 2025 has been approved and that the corporate governance statements have been addressed. Item 4 on the agenda relates to the company's report on remuneration for senior executives, which is subject to an advisory vote by the general meeting. No questions received on this item either, so we ask those who have not already done so to vote on item 4. [Voting]

We then note that Item 4, the vote is closed and the minutes will reflect that the remuneration report has been approved. Item 5 on the agenda relates to renewal of the Board's authority to distribute dividends and make group contributions on the basis of the company's financial statements for 2025. We have not received any questions to this item. So we ask again that all of you who have not yet done so to vote on item 5 now. [Voting]

The count then shows that the Board authorization with respect to dividends has been approved. We then come to Item 6 on the agenda and the proposal to renew the Board's authorization to increase the share capital through issuance of new shares, all as further detailed in the notice for the meeting. Absent questions or comments to this item, we then ask all to vote on item 6. [Voting]

And the count then shows that the Board authorization has been approved as proposed. Next item on the agenda, Item 7 relates to renewal of the Board authorization to acquire own shares, again, as further detailed in the notice for the meeting. No questions noted here either. So we'll then ask those who haven't already done so to vote on Item 7. [Voting]

And the account then shows that the Board authorization has been approved as proposed. That brings us to Item 8 on the agenda and approval of the auditor fee for 2025. Again, no questions here. So we ask everyone to vote on item 8. [Voting]

And the account then shows that the auditor fee has been approved. Moving on to Item 9 on the agenda, which relates to appointment of members to the Board by shareholders holding ordinary shares only pursuant to Section 6B of the company's bylaws. The company's Nomination Committee has made a proposal for the appointment, which has been made available on the company's website. No questions here either, and we ask those of you who have not yet done so to vote on Item 9, and we note that voting here is done separately for each of the 2 candidates that have been proposed reelected. [Voting]

The count then shows that Thorhild Widvey and Ole Johan Gillebo have both been reelected in accordance with the Nomination Committee's recommendation. Item 10 on the agenda relates to appointment of members to the Board by shareholders holding B shares pursuant to Section 6A of the company's bylaws. No questions on this item. And we also note that all eligible shares have now voted in support of the proposal, meaning that Francesca Rinaldi and Claudia Almadori have both been reelected as proposed. We then come to Item 11 on the agenda and approval of remuneration to the members of the Board. The company's Nomination Committee has made the proposal in this respect. And again, this has been made available on the company's website and also set out in the notice for the meeting. No questions received for this item. So we then move to voting, i.e., voting on Item 11. [Voting]

The count then shows that the Board compensation as proposed by the Nomination Committee has been approved. Item 12 on the agenda relates to appointment of members to the Nomination Committee. In accordance with Section 10 of the company's bylaw, the company's Nomination Committee has made the proposal also in this respect. Absent questions, we ask everyone to issue their votes on Item 12 now, noting again that voting is done separately for each of the candidates [Voting]

The count then shows that each of the Nomination Committee members have been reelected as proposed. Item 13 on the agenda relates to approval of remuneration to the members of the Nomination Committee. Committee has also here made the proposal as have been detailed in the notice. And no questions received, we ask again that everyone issue their votes on Item 13. [Voting]

And the account then shows that the committee compensation has been approved as proposed. We have then reached Item 14 on the agenda, approval of the interim balance sheet and notes as per 31 March 2025. The balance sheet and notes together with the auditor's statement have been made available on the company's web page. We have not received any questions to this item. So we'll then move to voting and ask those of you who have not yet done so to cast their votes now. [Voting]

The count then shows that the interim balance sheet and notes have been approved. That brings us to the last item on today's agenda, Item 15 and distribution of dividends for Q1 2026 in the amount of NOK 1.11 per share, all as further detailed in the notice. The proposed dividend will be based on the interim balance sheet approved under Item 14. No questions on this item either, so we ask all of you to cast your votes. [Voting]

The vote is closed and the account shows that dividend distribution has been approved in the amount proposed. With that, we have concluded all the matters on the agenda today. Exact voting figures on each of the items will appear in the minutes of the meeting, which in due course, will be made available on the company's website. And with that, we declare the 2026 Annual General Meeting adjourned. And on behalf of Var Energi, we thank you all for participating.