During its Q4 2025 earnings presentation, DNO ASA celebrated the production of 500 million barrels of oil from its operated Tawke license in Kurdistan. Executive Chairman Bijan Mossavar-Rahmani joined the local field chef in marking this landmark achievement, underscoring the company’s operational strength in the region. Management highlighted that cumulative revenues from Tawke have exceeded USD 30 billion since start-up, contributing over 40 percent of DNO’s total cash flow for the year. The milestone enhances the license’s remaining reserve potential and supports an updated development plan targeting incremental production of 20 thousand barrels per day by late 2026. Investors will focus on the expected uplift to free cash flow and the potential for an upgraded reserve booking in the company’s full year report.

Borregaard ASA delivered Q4 2025 EBITDA of NOK 405 million, up from NOK 398 million in the same period of 2024, driven by strong performances in its BioSolutions and BioMaterials segments. BioSolutions benefited from record biovanillin shipments and a 12 percent increase in agricultural sales, while BioMaterials saw specialty cellulose prices rise by 8 percent alongside higher volumes. Fine Chemical Intermediates also contributed robust margins, offsetting weaker bioethanol pricing. Lower wood and energy costs partially mitigated broader cost pressures, although the company recorded NOK 245 million of impairments during the quarter. Management proposed a dividend of NOK 3.50 per share for 2025, reflecting confidence in cash generation and balance sheet strength heading into 2026.