The discussion does not address certain items in respect of 2023. A discussion of such items may be found in the Annual Report on Form 20-F for the year ended 31 December 2024, filed with the SEC on 20 March 2025. A.Operating Results The information set forth under the following headings of the 2025 Annual Report is incorporated herein by reference: •Section 1.4 Our strategy and transition ambitions of Chapter 1 on pages 15-16; •Section 1.5 Our business of Chapter 1 on pages 17 - 23; •Section 2.1 Operational performance of Chapter 2 on pages 36 - 50; •Financial framework in Section 2.2 of Chapter 2 on pages 54 - 55; •The information under the sub-heading “Group” under the heading “Financial performance” in Section 2.2 of Chapter 2 on page 58; •Capital distribution in Section 2.2 of Chapter 2 on page 65; •Review of cash flows in Section 2.2 of Chapter 2 on page 66; •Debt and liquidity management in Section 2.2 of Chapter 2 on page 67,excluding the information in the second and seventh paragraphs under the sub-heading “Debt and credit rating”; •Balance sheet and financial indicators in Section 2.2 of Chapter 2 on pages 68 - 70; •Group outlook in Section 2.2 of Chapter 2 on page 70; and •Progress on our Energy transition plan in Section 2.3 of Chapter 2 on pages 72 - 73. Equinor 2025 Annual Report on Form 20-F 27 See also the information set forth under the heading “Applicable Laws and Regulations” in “Item 4―Information on the Company―B. Business Overview” of this 2025 Form 20-F, and note 3 Climate change and energy transition to the Consolidated financial statements. Financial Review The following tables show the financial performance by reporting segment. E&P Norway - Financial information For the year ended 31 December (in USD million) 2025 2024 Change Total revenues and other income 34,392 33,643 2% Operating, selling, general and administrative expenses (3,834) (3,612) 6% Depreciation, amortisation and net impairment losses (5,870) (4,954) 19% Exploration expenses (567) (513) 11% Net operating income/(loss) 24,121 24,564 (2%) Additions to PP&E, intangibles and equity accounted investments 7,366 6,285 17% For the year ended 31 December Operational information 2025 2024 Change E&P Norway entitlement liquid and gas production (mboe/day) 1,410 1,386 2% E&P Norway entitlement liquids production (mboe/day) 671 628 7% E&P Norway entitlement gas production (mboe/day) 739 758 (2%) Average liquids price (USD/bbl) 66.8 77.1 (13%) Average internal gas price (USD/MMBtu) 10.70 9.47 13% Financial Performance E&P Norway revenues remained strong for 2025 with higher production compared to 2024, while higher gas prices were offset by lower liquids prices. Other income in 2025 was positively impacted by gain, from the sale of ownership shares in the swap transaction with Petoro of USD 491 million. The change in ownership shares following the Petoro swap transaction, new fields on stream, cancellation costs related to the Halten electrification project and a one–off transportation cost were the main drivers of the increase in operating, selling, general and administrative expenses from 2024 to 2025. There was also a negative impact from the weakening of the USD against NOK. The cost of operations was stable, which is a result of continued cost focus across the organisation. Additionally, a significant decrease in the Gassled removal obligation was recognised in 2025, reducing the transportation cost. Ramp–up of new fields, field–specific investments and developments in the USD/NOK exchange rate increased depreciation, amortisation and net impairments in 2025. In addition, there was a negative impact from impairments of USD 173 million this year, compared to a less significant impairment in 2024. These effects were partially offset by increased proved reserves for several fields. Exploration expenses increased in 2025 compared to the previous year, mainly reflecting higher expensing of well costs capitalised in earlier years and increased field–development cost. The exploration activity this year was higher, with 32 wells completed compared to 26 wells in 2024. A more successful outcome resulted in higher capitalisation, which partially offset the cost increase. Additions to PP&E, intangibles and equity accounted investments in 2025 were influenced by the assets acquired in the swap transaction amounting to USD 1,086 million. Equinor 2025 Annual Report on Form 20-F 28 E&P International - Financial information For the year ended 31 December (in USD million) 2025 2024 Change Total revenues and other income 5,102 7,343 (31%) Purchases [net of inventory] (25) 85 N/A Operating, selling, general and administrative expenses (2,217) (2,123) 4% Depreciation, amortisation and net impairment losses (2,169) (2,064) 5% Exploration expenses (222) (496) (55%) Net operating income/(loss) 470 2,746 (83%) Additions to PP&E, intangibles and equity accounted investments 8,224 3,191 >100% For the year ended 31 December Operational information 2025 2024 Change E&P International equity liquid and gas production (mboe/day) 293 340 (14%) E&P International entitlement liquid and gas production (mboe/day) 234 261 (10%) Production sharing agreements (PSA) effects (mboe/d) 59 79 (26%) Average liquids price (USD/bbl) 62.0 72.0 (14%) Financial Performance Total revenues and other income, as well as net operating income, decreased in 2025 compared to 2024. This decrease is mainly due to lower volumes and a decline in liquid commodity prices in 2025, together with the gain on the sale of the Nigerian business in 2024. Net operating income was further impacted by net impairment losses of USD 851 million in 2025 with no impairment in 2024. The impairment in 2025 was mainly related to assets held for sale in the UK of USD 650 million and remaining assets held for sale in Brazil of USD 201 million. The sale of assets in Azerbaijan and Nigeria in late 2024, along with the sale of the 40% operated interest in the Peregrino field in mid-November 2025 and variations in the over/underlift position, led to a decrease in operating expenses year–on–year. This decrease was more than offset by an increase in selling, general and administrative expenses. The cessation of depreciation for assets classified as held for sale in the UK from late 2024 and in Brazil from the second quarter of 2025 led to a decrease in depreciation in 2025 compared to 2024. The decrease in exploration expenses in 2025 compared to 2024 includes the effect of higher expensed well costs related to Brazil, Canada and Argentina in the previous year. The acquisition of shares in Adura in December 2025 is the main reason for the increase in additions to PP&E, intangibles and equity–accounted investments in 2025 compared to 2024. Equinor 2025 Annual Report on Form 20-F 29 E&P USA - Financial information For the year ended 31 December (in USD million) 2025 2024 Change Total revenues and other income 4,296 3,957 9% Operating, selling, general and administrative expenses (1,477) (1,142) 29% Depreciation, amortisation and net impairment losses (2,090) (1,607) 30% Exploration expenses (60) (176) (66%) Net operating income/(loss) 668 1,031 (35%) Additions to PP&E, intangibles and equity accounted investments 1,199 3,862 (69%) For the year ended 31 December Operational information 2025 2024 Change E&P USA equity liquids and gas production (mboe/day) 434 341 27% E&P USA entitlement liquid and gas production (mboe/day) 375 295 27% Royalties (mboe/d) 59 46 29% Average liquids price (USD/bbl) 55.7 64.5 (14%) Average internal gas price (USD/mmbtu) 2.60 1.70 53% Financial Performance E&P USA Entitlement production increased due to higher output from Appalachia, driven by additional ownership interests acquired at the end of 2024 as well as increased activity levels. US offshore production remained relatively flat in 2025 compared to 2024. Higher natural gas production combined with stronger gas prices led to an increase in revenue, which was partially offset by lower liquids prices in 2025. Operating, selling, general and administrative expenses increased primarily due to higher asset–retirement obligations resulting from updated cost estimates for a late–life offshore asset that ceased production during the third quarter of 2025. Higher production– related costs associated with the additional working interest acquired in the Appalachia Basin also contributed to the increase of operating, selling, general and administrative expenses. Depreciation and amortisation increased in 2025 compared to 2024, due to an increase from a change in the abandonment estimate for a late–life asset and higher production from additional working interest in Appalachia Basin. These increases were partially offset by positive year–end reserve revisions recorded in 2024. Impairments related to property, plant and equipment amounted to USD 385 million in 2025. Decreased exploration expenses were driven by lower exploration drilling in US offshore. In 2025, there was no exploration prospect drilling while in 2024 there was one. The prospect in 2024 was non‑commercial and was expensed accordingly. Investments in 2025 are driven by the continued development of the Sparta project, additional wells on several US offshore assets and additional investments in Appalachia. Additions to PPE, intangible and equity accounted investments decreased in 2025 due to the two transactions with EQT in the Appalachian Basin partner-operated assets completed in 2024. Equinor 2025 Annual Report on Form 20-F 30 MMP - Financial information For the year ended 31 December (in USD million) 2025 2024 Change Total revenues and other income 104,769 101,792 3% Purchases [net of inventory] (97,243) (92,789) 5% Operating, selling, general and administrative expenses (5,190) (4,919) 6% Depreciation, amortisation and net impairment losses (636) (757) (16%) Net operating income/(loss) 1,700 3,326 (49%) Additions to PP&E, intangibles and equity accounted investments 1,142 953 20% For the year ended 31 December Operational information MMP 2025 2024 Change Liquid sales volume (mmbbl) 1,106.3 1,008.8 10% Natural gas sales Equinor (bcm) 67.4 63.6 6% Natural gas entitlement sales Equinor (bcm) 56.6 53.2 6% Power generation (TWh) Equinor share 1.98 1.98 —% Realised piped gas price Europe (USD/MMBtu) 12.20 11.03 11% Realised piped gas price US (USD/MMBtu) 3.07 2.00 54% Financial performance Total revenues and other income slightly increased from 2024 to 2025 due to higher sales of gas and liquids combined with higher gas prices in Europe and North America, partially offset by lower crude prices. Purchases [net of inventory] increased from 2024 to 2025 mostly explained by increased liquids and gas sales. The increase in operating expenses and selling, general and administrative expenses from 2024 to 2025 was mainly due to higher transportation costs, which was partially offset by lower operating plant cost and reduced activity in low carbon projects. Current year result is driven by Gas and Power, primarily explained by optimisation of piped gas trading in Europe, LNG trading and a favourable outcome of a price review. Crude, Products and Liquids contributed mainly through trading of crude and products. Net operating income includes the net effect of fair–value changes in derivatives and storages, changes in onerous provisions, operational storage value and net impairments. During 2025, net operating income included losses related to fair–value changes in commodity derivatives of USD 49 million, in contrast to USD 421 million in gains in the previous year. Depreciation, amortisation and impairments decreased from 2024 to 2025, driven by impairment reversal of refinery assets during the current year. The main driver for the increase in additions to PPE from 2024 to 2025 was higher investment in projects related to onshore plants. Equinor 2025 Annual Report on Form 20-F 31 REN - Financial information For the year ended 31 December (in USD million) 2025 2024 Change Revenues third party, other revenue and other income 93 216 (57%) Net income/(loss) from equity accounted investments 99 100 (2%) Total revenues and other income 192 317 (39%) Operating, selling, general and administrative expenses (396) (687) (42%) Depreciation, amortisation and net impairment losses (1,403) (306) >100% Net operating income/(loss) (1,607) (676) >(100%) Additions to PP&E, intangibles and equity accounted investments 2,837 2,153 32% For the year ended 31 December Operational information 2025 2024 Change Renewables power generation (TWh) Equinor share 3,504 2,802 25% Financial Performance The decrease in total revenues and other income for the full year of 2025 was due to a fair–value adjustment related to contingent consideration impacting the 2024 result. Revenues from operated activities, including net income/(loss) from equity–accounted investments, remained broadly stable. Operating expenses for the full year of 2025 decreased compared to the previous year, reflecting lower activity levels from ongoing development projects and decreased business–development expenditures. The decrease reflects a disciplined focus on operational priorities and cost reduction efforts in accordance with our strategic objectives and current market conditions. The net operating loss of USD 1.6 billion for the full year of 2025 included the effect of USD 1.4 billion in impairment losses mainly related to Empire Wind/SBMT and early–phase project rights within onshore markets. Net operating loss for the full year of 2024 included the effects of an impairment of USD 400 million mainly related to early phase project rights within onshore markets and related to Equinor’s offshore wind projects in the US. Offshore wind projects and investments in the US drove the increase in additions to PP&E, intangibles and equity accounted investments compared to 2024, partially offset by impairment losses mainly related to Empire Wind. Equinor 2025 Annual Report on Form 20-F 32 B.Liquidity and Capital Resources The information set forth under the following headings of the 2025 Annual Report is incorporated herein by reference: •The information under the sub-heading “Investments” under the heading “Financial Framework” in Section 2.2 Financial performance of Chapter 2 on page 55; •Capital distribution in Section 2.2 of Chapter 2 on page 65; •Review of cash flows in Section 2.2 of Chapter 2 on page 66; •Debt and liquidity management in Section 2.2 of Chapter 2 on page 67, excluding the information in the second and seventh paragraphs under the sub-heading “Debt and credit rating”; and •Balance sheet and financial indicators in Section 2.2 of Chapter 2 on pages 68 - 70. Any credit rating referred to in this 2025 Form 20-F is not a recommendation to buy, hold or sell any of our or our subsidiaries’ securities. Credit ratings may be changed, suspended or withdrawn at any time, and each rating should be evaluated independently of any other rating. See also notes 16 Financial investments and financial receivables, 18 Trade and other receivables, 19 Cash and cash equivalents, 21 Finance debt, 23 Provisions and other liabilities, 24 Trade and other payables, 25 Leases, and 26 Other commitments, contingent liabilities and contingent assets to the Consolidated financial statements. Principal contractual obligations The following table summarises principal contractual obligations, excluding derivatives and other hedging instruments, as well as asset retirement obligations which for the most part are expected to lead to cash disbursements more than five years into the future. See note 23 Provisions and other liabilities to the Consolidated financial statements for a maturity profile on asset retirement obligations and other provisions. Non-current finance debt in the following table represents principal payment obligations, including interest obligations. Obligations payable by Equinor to entities accounted for in the Equinor group using the equity method are included in the table below with Equinor’s full proportionate share. For assets that are included in the Equinor accounts through joint operations or similar arrangements, the amounts in the table include the net commitment payable by Equinor (i.e., Equinor’s proportionate share of the commitment less Equinor's ownership share in the applicable entity). Principal contractual obligations As at 31 December 2025 Payment due by period1) (in USD million) Less than 1 year 1-3 years 3-5 years More than 5years Total Undiscounted non-current finance debt- principal and interest2) 3,086 7,222 4,847 19,296 34,450 Undiscounted leases3) 1,285 1,161 447 1,140 4,033 Nominal minimum other long-term commitments4) 2,609 4,581 2,341 6,513 16,044 Total contractual obligations 6,980 12,964 7,635 26,949 54,527 1)''Less than 1 year'' represents 2026; ''1-3 years'' represents 2027 and 2028, ''3-5 years'' represents 2029 and 2030, while ''More than 5 years'' includes amounts for later periods.2)See note 21 Finance debt to the Consolidated financial statements. The main differences between the table and the note relate to interest.3)See note 4 Financial risk and capital management to the Consolidated financial statements.4)Nominal minimum other long‑term commitments comprise lease commitments not yet commenced, non‑lease components, and other long‑term commitments. Lease commitments and other long‑term commitments are further described in note 26 Other commitments, contingent liabilities and contingent assets to the Consolidated financial statements. Equinor had contractual commitments of USD 10,438 million at 31 December 2025. The contractual commitments reflect Equinor's share and mainly comprise construction and acquisition of property, plant and equipment as well as committed investments/funding or resources in equity accounted entities. Equinor’s projected pension benefit obligation was USD 8,204 million, and the fair value of plan assets amounted to USD 5,522 million as of 31 December 2025. The company’s payments regarding these benefit plans are mainly related to employees in Norway. See note 22 Pensions to the Consolidated financial statements for more information. Equinor 2025 Annual Report on Form 20-F 33 Off balance sheet arrangements Equinor is party to various agreements such as transportation and processing capacity contracts, that are not recognised in the balance sheet. Furthermore, Equinor is lessee in a range of lease contracts, whereas all leases shall be recognised in the balance sheet. Commitments regarding the non-lease components of lease contracts as well as leases that have not yet commenced are not recognised in the balance sheet and represent off balance sheet commitments. Equinor is also party to certain guarantees, commitments and contingencies that, pursuant to IFRS Accounting Standards, are not necessarily recognised in the balance sheet as liabilities. See note 26 Other commitments, contingent liabilities and contingent assets to the Consolidated financial statements for more information. Summarised financial information related to guaranteed debt securities The following summarised financial information provides financial information of Equinor Energy AS as co-obligor and guarantor as required by SEC Rule 3-10 and 13-01 of Regulation S-X. Equinor Energy AS is a 100% owned subsidiary of Equinor ASA. Equinor Energy AS is the co-obligor of certain existing debt securities of Equinor ASA and has guaranteed certain existing debt securities of Equinor ASA, including in each case debt securities that are registered under the US Securities Act of 1933 ("US registered debt securities"). As co-obligor, Equinor Energy AS fully, unconditionally and irrevocably assumes and agrees to perform, jointly and severally with Equinor ASA, the payment and covenant obligations for certain debt held by Equinor ASA. As a guarantor, Equinor Energy AS fully and unconditionally guarantees the payment obligations for certain debt held by Equinor ASA. Total debt at 31 December 2025 is USD 23,338 million, all of which is either guaranteed by Equinor Energy AS (USD 21,782 million), or for which Equinor Energy AS is co-obligor (USD 1,556 million). In the future, Equinor ASA may from time to time issue debt for which Equinor Energy AS will be the co-obligor or guarantor. The applicable US registered debt securities and related guarantees of Equinor Energy AS are unsecured and rank equally with all other unsecured and unsubordinated indebtedness of Equinor ASA and Equinor Energy AS. The guarantees of Equinor Energy AS are subject to release in limited circumstances upon the occurrence of certain customary conditions. With respect to US registered debt securities (and certain other debt securities) issued on or after 18 November 2019, Equinor Energy AS will automatically and unconditionally be released from all obligations under its guarantee and the guarantee shall thereupon terminate and be discharged of no further force or effect, in the event that at substantially the same time as its guarantee of such debt securities is terminated, the aggregate amount of indebtedness for borrowed money for which Equinor Energy AS is an co-obligor (as a guarantor, co-issuer or borrower) does not exceed 10% of the aggregate principal amount of indebtedness for borrowed money of Equinor ASA and its subsidiaries, on a consolidated basis, as of such time. In addition, Equinor US Capital LLC is a wholly owned indirect subsidiary of Equinor ASA and a finance subsidiary. Any US registered debt securities issued by Equinor US Capital LLC will be fully and unconditionally guaranteed by Equinor ASA and Equinor Energy AS. Equinor Energy AS' guarantees in respect of US registered debt securities issued by Equinor US Capital LLC will be subject to release in the same circumstances as its guarantees of US registered debt securities issued by Equinor ASA. Equinor US Capital LLC has not issued any debt securities as of 31 December 2025 Internal dividends, group contributions and repayment of capital from Equinor Energy AS to Equinor ASA are regulated in the Norwegian Public Limited Liabilities Act §§ 3-1 - 3-5. The following summarised financial information for the year ended 31 December 2025 provides financial information about Equinor ASA, as issuer, and Equinor Energy AS, as co-obligor and guarantor on a combined basis after elimination of transactions between Equinor ASA and Equinor Energy AS. Investments in non-guarantor subsidiaries are eliminated. Currency loss on transactions between Equinor ASA and Equinor Energy AS of USD 1,624 million is included in financial items in accordance with the IFRS Accounting Standards group principles and are included in external items in the Condensed profit and loss statement. Intercompany balances and transactions between the co-obligor group and the non-guarantor subsidiaries are presented on separate lines. Transactions with related parties are also presented on a separate line item and include transactions with the Norwegian State's and the Norwegian State’s share of dividend declared but not paid. The combined summarized financial information is prepared in accordance with Equinor's IFRS Accounting Standards policies as described in note 2 Accounting policies to the Consolidated financial statements. Equinor 2025 Annual Report on Form 20-F 34 COMBINED PROFIT AND LOSS STATEMENT FOR EQUINOR ASA AND EQUINOR ENERGY AS (unaudited, in USD millions) Full year 2025 Revenues and other income 82,073 External 80,439 Non-guarantor subsidiaries 1,461 Related parties 173 Operating expenses (57,620) External (incl depreciation) (34,795) Non-guarantor subsidiaries (12,524) Related parties (10,301) Net operating income 24,453 Net financial items (127) External (853) Non-guarantor subsidiaries 726 Related parties 0 Income before tax 24,326 Income tax (19,283) Net income 5,043 COMBINED BALANCE SHEET FOR EQUINOR ASA AND EQUINOR ENERGY AS At 31 December (unaudited, in USD millions) 2025 Non-current assets 50,131 External 40,562 Non-guarantor subsidiaries 9,517 Related parties 51 Current assets 30,778 External 29,531 Non-guarantor subsidiaries 1,171 Related parties 76 Non-current liabilities 51,616 External 51,121 Non-guarantor subsidiaries 129 Related parties 366 Current liabilities 36,928 External 22,868 Non-guarantor subsidiaries 12,771 Related parties 1,289 Equinor 2025 Annual Report on Form 20-F 35 Use and reconciliation of non-GAAP financial measures Non-GAAP financial measures are defined as numerical measures that either exclude or include amounts that are not excluded or included in the comparable measures calculated and presented in accordance with generally accepted accounting principles (i.e, IFRS Accounting Standards in the case of Equinor). The following financial measures may be considered non-GAAP financial measures: a)Net debt to capital employed ratio, Net debt to capital employed ratio adjusted, including lease liabilities and Net debt to capital employed ratio adjusted b)Return on average capital employed (ROACE) c)Organic capital expenditures d)Cash flow from operations after taxes paid (CFFO after taxes paid) e)Net cash flow before capital distribution and net cash flow f)Adjusted operating income and adjusted operating income after tax g)Adjusted net income h)Adjusted earnings per share (Adjusted EPS) a) Net debt to capital employed ratio In Equinor’s view, net debt ratios provide a more informative picture of Equinor’s financial strength than gross interest-bearing financial debt. Three different net debt to capital ratios are provided below: 1) net debt to capital employed, 2) net debt to capital employed ratio adjusted, including lease liabilities, and 3) net debt to capital employed ratio adjusted. These calculations are based on 1) Equinor’s gross interest-bearing financial liabilities as recorded in the Consolidated balance sheet 2) Net interest-bearing debt before adjustments, which excludes cash, cash equivalents and current financial investments from gross interest-bearing debt, and 3) net interest-bearing debt adjusted, including lease liabilities which adjusts the above measure for other interest-bearing elements. The following adjustments are made in calculating the net debt to capital employed ratio adjusted, including lease liabilities ratio and the net debt to capital employed adjusted ratio: financial investments held in Equinor Insurance AS (classified as Current financial investments in the Consolidated balance sheet) are treated as non-cash and excluded from the calculation of these non-GAAP measures as these investments are not readily available for the group to meet short term commitments. These adjustments result in a higher net debt figure and in Equinor’s view provides a more prudent measure of the net debt to capital employed ratio than would be the case without such exclusions. Additionally, lease liabilities are further excluded in calculating the net debt to capital employed ratio adjusted. Forward-looking net debt to capital employed ratio adjusted, including lease liabilities and net debt to capital employed ratio adjusted included in this report are not reconcilable to their most directly comparable IFRS Accounting Standards measures without unreasonable efforts, because the amounts included or excluded from IFRS Accounting Standards measures used to determine net debt to capital employed ratio adjusted, including lease liabilities and net debt to capital employed ratio adjusted cannot be predicted with reasonable certainty. The accompanying table details the calculations for these non-GAAP measures and reconciles them with the most directly comparable IFRS Accounting Standards financial measure or measures. Equinor 2025 Annual Report on Form 20-F 36 Calculation of capital employed and net debt to capital employed ratio For the year ended 31 December (in USD million) 2025 2024 Shareholders' equity 40,424 42,342 Non-controlling interests 74 38 Total equity A 40,497 42,380 Current finance debt and lease liabilities 5,237 8,472 Non-current finance debt and lease liabilities 25,984 21,622 Gross interest-bearing debt B 31,222 30,094 Cash and cash equivalents1) 5,036 5,903 Current financial investments 14,297 15,335 Cash and cash equivalents and current financial investment1) C 19,333 21,238 Net interest-bearing debt before adjustments1) B1 = B-C 11,888 8,856 Other interest-bearing elements 1)2) 288 366 Net interest-bearing debt adjusted, including lease liabilities3) B2 12,176 9,221 Lease liabilities 3,412 3,510 Net interest-bearing debt adjusted3) B3 8,765 5,711 Calculation of capital employed: Capital employed1) A+B1 52,386 51,235 Capital employed adjusted, including lease liabilities A+B2 52,674 51,601 Capital employed adjusted A+B3 49,262 48,091 Calculated net debt to capital employed Net debt to capital employed1) (B1)/(A+B1) 22.7% 17.3% Net debt to capital employed ratio adjusted, including lease liabilities (B2)/(A+B2) 23.1% 17.9% Net debt to capital employed ratio adjusted (B3)/(A+B3) 17.8% 11.9% 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see Note 2. Accounting policies.2) Other interest-bearing elements are financial investments in Equinor Insurance AS classified as current financial investments.3) Under the new tax payment regime in Norway effective from August 2025, tax payments will be more evenly distributed across all four quarters. Therefore, the previous adjustments for tax normalisation have been discontinued with effect from the third quarter of 2025 without restatement of comparative periods. Under the previous tax regime, net interest-bearing debt adjusted including lease liabilities* and net interest-bearing debt adjusted* included adjustments to exclude 50% of the cash build-up ahead of tax payments on 1 April and 1 October. Line items impacted by change in accounting policy At 31 December 2024 (in USD million) As reported Restated Impact Cash and cash equivalents 8,120 5,903 (2,217) Cash and cash equivalents and current financial investment C 23,455 21,238 (2,217) Net interest-bearing debt before adjustments B1 = B - C 6,638 8,856 2,217 Other interest-bearing elements 2,583 366 (2,217) Capital employed A + B1 49,018 51,235 2,217 Net debt to capital employed (B1) / (A+B1) 13.5% 17.3% 3.7% Equinor 2025 Annual Report on Form 20-F 37 b) Return on average capital employed (ROACE) Return on average capital employed (ROACE) is the ratio of adjusted operating income after tax to the average capital employed adjusted. The reconciliation for adjusted operating income after tax is presented in section f). Average capital employed adjusted refers to the average of the capital employed adjusted values as of 31 December for both the current and the preceding year, as presented under the heading Calculation of capital employed in section a). Equinor uses ROACE to evaluate performance by measuring how effectively the company employs its capital, whether financed through equity or debt. An IFRS Accounting Standards measure most directly comparable to ROACE would be calculated as the ratio of net income/(loss) to average capital employed that is based on Equinor’s gross interest-bearing financial liabilities as recorded in the Consolidated balance sheet, excluding cash, cash equivalents and current financial investments. ROACE is used as a supplementary measure and should not be viewed in isolation or as an alternative to measures calculated in accordance with IFRS Accounting Standards, including income before financial items, income taxes and minority interest, or net income, or ratios based on these figures. Forward-looking ROACE included in this report is not reconcilable to its most directly comparable IFRS Accounting Standards measure without unreasonable efforts, because the amounts included or excluded from IFRS Accounting Standards measures used to determine ROACE cannot be predicted with reasonable certainty. Calculated ROACE based on Adjusted operating income after tax and capital employed adjusted 31 December (in USD millions, except percentages) 2025 2024 Adjusted operating income/(loss) after tax A 7,043 9,062 Average capital employed adjusted B 48,677 43,991 Calculated ROACE based on Adjusted operating income after tax and capital employed adjusted A/B 14.5% 20.6% Calculated ROACE based on IFRS Accounting Standards 31 December (in USD millions, except percentages) 2025 2024 Net income/(loss) A 5,058 8,829 Average total equity 1 41,439 45,440 Average current finance debt and lease liabilities 6,855 7,874 Average non-current finance debt and lease liabilities 23,803 23,071 Average cash and cash equivalents1) (5,469) (6,986) Average current financial investments (14,816) (22,279) Average net-interest bearing debt 2 10,372 1,679 Average capital employed1) B = 1+2 51,811 47,119 Calculated ROACE based on Net income/loss and capital employed A/B 9.8% 18.7% 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see Note 2. Accounting policies. Equinor 2025 Annual Report on Form 20-F 38 Line items impacted by change in accounting policy At 31 December 2024 (in USD million) As reported Restated Impact Average cash and cash equivalents (8,881) (6,986) 1,894 Average net-interest bearing debt (215) 1,679 1,894 Average capital employed 45,225 47,119 1,894 Calculated ROACE based on Net income/loss and capital employed 19.5% 18.7% (0.8)% c) Organic capital expenditures Capital expenditures is defined as Additions to PP&E, intangibles and equity accounted investments, which excludes assets held for sale, as presented in note 5 Segments to the consolidated financial statements. Organic capital expenditures are capital expenditures excluding expenditures related to acquisitions, leased assets and other investments with significantly different cash flow patterns. Equinor believes this measure gives stakeholders relevant information to understand the company’s investments in maintaining and developing its assets. Forward-looking organic capital expenditures included in this report are not reconcilable to its most directly comparable IFRS Accounting Standards measure without unreasonable efforts, because the amounts excluded from such IFRS Accounting Standards measure to determine organic capital expenditures cannot be predicted with reasonable certainty. Calculation of organic capital expenditures Total Group (in USD billions) 2025 2024 Additions to PP&E, intangibles and equity accounted investments 20.9 16.7 Less: Acquisition-related additions1) 6.9 3.4 Right of use asset additions 0.9 1.2 Organic capital expenditures 13.1 12.1 1) 2025 number includes the addition of Adura as an equity accounted investment (USD 5.6 billion). d) Cash flows from operations after taxes paid (CFFO after taxes paid) Cash flows from operations after taxes paid represents, and is used by management to evaluate, cash generated from operating activities after taxes paid, which is available for investing activities, debt servicing and distribution to shareholders. Cash flows from operations after taxes paid is not a measure of our liquidity under IFRS Accounting Standards and should not be considered in isolation or as a substitute for an analysis of our results as reported in this report. Our definition of Cash flows from operations after taxes paid is limited and does not represent residual cash flows available for discretionary expenditures. The table below provides a reconciliation of Cash flows from operations after taxes paid to its most directly comparable IFRS Accounting Standards measure, Cash flows provided by operating activities before taxes paid and working capital items, as of the specified dates: Cash flow from operations after taxes paid (CFFO after taxes paid) (in USD million) 2025 2024 Cash flows provided by operating activities before taxes paid and working capital items1) 38,439 37,838 Taxes paid (20,460) (20,592) Cash flow from operations after taxes paid (CFFO after taxes paid)1) 17,980 17,246 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see Note 2. Accounting policies. Equinor 2025 Annual Report on Form 20-F 39 Line items impacted by change in accounting policy Full year 2024 (in USD million) As reported Restated Impact Cash flows provided by operating activities before taxes paid and working capital items 38,483 37,838 (645) Cash flow from operations after taxes paid (CFFO after taxes paid) 17,892 17,246 (645) e) Net cash flow before capital distribution and net cash flow Net cash flow before capital distribution represents, and is used by management to evaluate, cash generated from operational and investing activities available for debt servicing and distribution to shareholders. Net cash flow before capital distribution is not a measure of our liquidity under IFRS Accounting Standards and should not be considered in isolation or as a substitute for an analysis of our results as reported in this report. Our definition of Net cash flow before capital distribution is limited and does not represent residual cash flows available for discretionary expenditures. The table below provides a reconciliation of Net cash flow before capital distribution to its most directly comparable IFRS Accounting Standards measure, Cash flows provided by operating activities before taxes paid and working capital items, as of the specified dates Net cash flow represents, and is used by management to evaluate, cash generated from operational and investing activities available for debt servicing. Net cash flow is not a measure of our liquidity under IFRS Accounting Standards and should not be considered in isolation or as a substitute for an analysis of our results as reported in this report. Our definition of Net cash flow is limited and does not represent residual cash flows available for discretionary expenditures. The table below reconciles Net cash flow before capital distribution and Net cash flow with its most directly comparable IFRS Accounting Standards measure, Cash flows provided by operating activities before taxes paid and working capital items, as of the specified dates: Net cash flow before capital distribution and net cash flow (in USD million) 2025 2024 Cash flows provided by operating activities before taxes paid and working capital items1) 38,439 37,838 Taxes paid (20,460) (20,592) Cash used/received in business combinations (26) (1,710) Capital expenditures and investments (13,994) (12,177) Net (increase)/decrease in strategic non-current financial investments2) (943.6) (2,468) (Increase)/decrease in other interest-bearing items 114 (623) Proceeds from sale of assets and businesses 2,456 1,470 Net cash flow before capital distribution1) 5,587 1,739 Dividends paid (4,791) (8,578) Share buy-back (5,916) (6,013) Net cash flow1) (5,120) (12,851) 1) Previously reported numbers for 2024 have been restated due to a change in accounting policy. The impact of the restatement on relevant line items affected are shown below. For more information see Note 2. Accounting policies.2) This line item includes the initial acquisition of 10 per cent of the shares in Ørsted A/S in the fourth quarter 2024, in addition to the rights subscription in the fourth quarter 2025. Line items impacted by change in accounting policy Full year 2024 (in USD million) As reported Restated Impact Cash flows provided by operating activities before taxes paid and working capital items 38,483 37,838 (645) Net cash flow before capital distribution 2,385 1,739 (645) Net cash flow (12,206) (12,851) (645) Equinor 2025 Annual Report on Form 20-F 40 f) Adjusted operating income and Adjusted operating income after tax Adjusted operating income is based on net operating income/(loss) and adjusts for certain items affecting the income for the period to separate out effects that management considers may not be well correlated to Equinor’s underlying operational performance in the individual reporting period. Management believes adjusted operating income provides an indication of Equinor’s underlying operational performance and facilitates comparison of operational trends between periods. Adjusted operating income after tax equals adjusted operating income/(loss) less tax on adjusted operating income. Tax on adjusted operating income is computed by adjusting the income tax for tax effects of adjustments made in calculating adjusted operating income. The tax rate applied is the tax rate applicable to each adjusting item and tax regime, adjusted for certain foreign currency effects as well as effects of specific changes to deferred tax assets. Management believes adjusted operating income after tax provides an indication of Equinor’s underlying operational performance after tax and facilitates comparisons of operational trends after tax between periods as it reflects the tax charge associated with operational performance excluding the impact of financing. Tax on adjusted operating income should not be considered indicative of the amount of current or total tax expense (or taxes payable) for the period. Adjusted operating income adjust for the following items: •Changes in fair value of derivatives: In the ordinary course of business, Equinor enters into commodity derivative contracts to manage the price risk exposure relating to future sale and purchase contracts. These commodity derivatives are measured at fair value at each reporting date, with the movements in fair value recognised in the income statement. By contrast, the related sale and purchase contracts are not recognised until the transaction occurs resulting in timing differences. Therefore the unrealised movements in the fair value of these commodity derivative contracts are excluded from adjusted operating income and deferred until the time of the physical delivery to minimise the effect of these timing differences. Further, embedded derivatives within certain gas contracts and contingent consideration related to historical divestments are carried at fair value. Any accounting impacts resulting from such changes in fair value are also excluded from adjusted operating income, as these fluctuations are not indicative of the underlying performance of the business. •Periodisation of inventory hedging effect:Equinor enters into derivative contracts to manage price risk exposure relating to its commercial storage. These derivative contracts are carried at fair value while the inventories are accounted for at the lower of cost or market price. An adjustment is made to align the valuation principles of inventories with related derivative contracts. The adjusted valuation of inventories is based on the forward price at the expected realisation date. This is so that the valuation principles between commercial storages and derivative contracts are better aligned. •The operational storage is not hedged and is not part of the trading portfolio. Cost of goods sold is measured based on the FIFO (first-in, first-out) method, and includes realised gains or losses that arise due to changes in market prices. These gains or losses will fluctuate from one period to another and are not considered part of the underlying operations for the period. •Impairment and reversal of impairment are excluded from adjusted operating income since they affect the economics of an asset for the lifetime of that asset, not only the period in which it is impaired or the impairment is reversed. Impairment and reversal of impairment can impact both the exploration expenses and the depreciation, amortisation and net impairments line items. •Gain or loss from sales of assets is eliminated from the measure since the gain or loss does not give an indication of future performance or periodic performance; such a gain or loss is related to the cumulative value creation from the time the asset is acquired until it is sold. •Eliminations (internal unrealised profit on inventories): Volumes derived from equity oil inventory vary depending on several factors and inventory strategies, i.e. level of crude oil in inventory, equity oil used in the refining process and level of in-transit cargoes. Internal profit related to volumes sold between entities within the group and still in inventory at period end is eliminated according to IFRS Accounting Standards (write down to production cost). The proportion of realised versus unrealised gain fluctuates from one period to another due to inventory strategies and consequently impacts net operating income/(loss). Write down to production cost is not assessed to be a part of the underlying operational performance, and elimination of internal profit related to equity volumes is excluded in adjusted operating income. •Other items of income and expense are adjusted when the impacts on income in the period are not reflective of Equinor’s underlying operational performance in the reporting period. Such items may be unusual or infrequent transactions, but they may also include transactions that are significant which would not necessarily qualify as either unusual or infrequent. However, other items adjusted do not constitute normal, recurring income and operating expenses for the company. Other items are carefully assessed and can include transactions such as provisions related to reorganisation, early retirement, etc. •Change in accounting policy is adjusted when the impacts on income in the period are unusual or infrequent, and not reflective of Equinor’s underlying operational performance in the reporting period. Equinor 2025 Annual Report on Form 20-F 41 Adjustments made to arrive at adjusted operating income and adjusted net income listed below are similarly applied to net income/ (loss) from equity accounted investments when relevant. Items impacting net operating income/(loss) in the full year of 2025 (in USD million) Equinor group E&P Norway E&P International E&P USA MMP REN Other Net operating income/(loss) 25,352 24,121 470 668 1,700 (1,614) 8 Total revenues and other income 106,462 34,392 5,102 4,296 104,769 192 (42,290) Adjusting items (426) (491) (40) — 76 29 — Changes in fair value of derivatives 49 — — — 49 — — Gain/loss on sale of assets (465) (491) 9 — (1) 18 — Periodisation of inventory hedging effect 6 — — — 6 — — Provisions (8) — — — — (8) — Adjusted total revenues and other income 106,036 33,901 5,062 4,296 104,845 221 (42,290) Purchases [net of inventory variation] (55,164) — (25) — (97,243) (8) 42,112 Adjusting items (162) — — — 65 — (227) Eliminations (227) — — — — — (227) Operational storage effects 65 — — — 65 — — Provisions — — — — — — — Adjusted purchases [net of inventory variation] (55,326) — (25) — (97,178) (8) 41,885 Operating and administrative expenses (12,778) (3,834) (2,217) (1,477) (5,190) (396) 337 Adjusting items 309 — 289 — 6 14 — Gain/loss on sale of assets 297 — 289 — — 9 — Other adjustments 6 — — — — 6 — Provisions 6 — — — 6 — — Adjusted operating and administrative expenses (12,469) (3,834) (1,928) (1,477) (5,184) (382) 337 Depreciation, amortisation and net impairments (12,318) (5,870) (2,169) (2,090) (636) (1,403) (151) Adjusting items 2,482 173 851 385 (283) 1,356 — Impairment 2,777 173 851 385 15 1,354 — Reversal of impairment (299) — — — (299) — — Adjusted depreciation, amortisation and net impairments (9,837) (5,697) (1,318) (1,705) (919) (46) (151) Exploration expenses (849) (567) (222) (60) — — — Adjusting items 36 — — 36 — — — Adjusted exploration expenses (813) (567) (222) (24) — — — Sum of adjusting items 2,239 (318) 1,100 421 (137) 1,400 (227) Adjusted operating income/(loss) 27,591 23,803 1,569 1,089 1,563 (214) (219) Tax on adjusted operating income (20,549) (18,522) (821) (292) (1,003) 51 38 Adjusted operating income/(loss) after tax 7,043 5,280 749 797 561 (163) (181) Equinor 2025 Annual Report on Form 20-F 42 Items impacting net operating income/(loss) in the full year of 2024 (in USD million) Equinor group E&P Norway E&P International E&P USA MMP REN Other Net operating income/(loss) 30,927 24,564 2,746 1,031 3,326 (676) (64) Total revenues and other income 103,774 33,643 7,343 3,957 101,792 317 (43,277) Adjusting items (1,512) — (805) — (583) (124) — Changes in fair value of derivatives (421) — — — (421) — — Gain/loss on sale of assets (941) — (805) — (135) — — Impairment — — — — — — — Other adjustments — — — — — — — Periodisation of inventory hedging effect (26) — — — (26) — — Adjusted total revenues and other income 102,262 33,643 6,538 3,957 101,209 193 (43,277) Purchases [net of inventory variation] (50,040) — 85 — (92,789) — 42,664 Adjusting items 16 — — — 12 — 4 Eliminations 4 — — — — — 4 Operational storage effects 17 — — — 17 — — Provisions (5) — — — (5) — — Adjusted purchases [net of inventory variation] (50,024) — 85 — (92,777) — 42,668 Operating and administrative expenses (11,786) (3,612) (2,123) (1,142) (4,919) (687) 697 Adjusting items 296 — 84 — 48 163 — Gain/loss on sale of assets 232 — 84 — — 147 — Other adjustments 16 — — — — 16 — Provisions 48 — — — 48 — — Adjusted operating and administrative expenses (11,491) (3,612) (2,038) (1,142) (4,871) (524) 697 Depreciation, amortisation and net impairments (9,835) (4,954) (2,064) (1,607) (757) (306) (148) Adjusting items 70 — — — (191) 261 — Impairment 261 — — — — 261 — Reversal of impairment (191) — — — (191) — — Adjusted depreciation, amortisation and net impairments (9,765) (4,954) (2,064) (1,607) (949) (44) (148) Exploration expenses (1,185) (513) (496) (176) — — — Adjusting items — — — — — — — Impairment — — — — — — — Adjusted exploration expenses (1,185) (513) (496) (176) — — — Sum of adjusting items (1,130) — (721) — (714) 301 4 Adjusted operating income/(loss) 29,798 24,564 2,025 1,031 2,612 (375) (60) Tax on adjusted operating income (20,736) (19,013) (425) (224) (1,174) 50 50 Adjusted operating income/(loss) after tax 9,062 5,551 1,600 807 1,438 (325) (10) Equinor 2025 Annual Report on Form 20-F 43 g) Adjusted net income Adjusted net income is based on net income/(loss) and provides additional transparency to Equinor’s underlying financial performance by also including net financial items and the associated tax effects.This measure includes adjustments made to arrive at adjusted operating income after tax, in addition to specific adjustments related to net financial items and related tax effects, as well as certain adjustments to income tax, as described below. Management believes this measure provides an indication of Equinor’s underlying financial performance including the impact from financing and facilitates comparison of trends between periods. Adjusted net income incorporates the adjustments from Adjusted operating income, as well as the following items impacting net financial items and income tax/tax rate: •Changes in fair value of financial derivatives used to hedge interest-bearing instruments. Equinor enters into financial derivative contracts to manage interest rate risk on long term interest-bearing liabilities including bonds and financial loans. The financial derivative contracts (hedging instruments) are measured at fair value at each reporting date, with movements in fair value recognised in the income statement. The long term interest-bearing liabilities are measured at amortised cost and not remeasured at fair value at each reporting date. This creates measurement differences and therefore the movements in the fair value of these financial derivative contracts and associated tax effects are excluded from the calculation of adjusted net income and deferred until the time the underlying instrument is matured, exercised, or settled. Management believes that this appropriately reflects the economic effect of these risk management activities in each period and provides an indication of Equinor’s underlying financial performance. •Foreign currency gains/losses on positions used to manage currency risk exposure related to future payments in NOK and foreign currency gains/losses on certain intercompany bank balances. Foreign currency gains/losses on positions used to manage currency risk exposure (cash equivalents/financial investments and related currency derivatives where applicable), as well as currency gains/losses on certain intercompany bank balances are eliminated from adjusted net income. The currency effects on intercompany bank balances are mainly due to a large part of Equinor’s operations having NOK as functional currency, and the effects are offset within equity as other comprehensive income arising on translation from functional currency to presentation currency USD. These currency effects increase volatility in financial performance, which does not reflect Equinor’s underlying financial performance. Management believes that these adjustments remove periodic fluctuations in Equinor’s adjusted net income. •Derecognition of deferred tax assets or recognition of previously unrecognised deferred tax assets. These changes are related to taxable income in future reporting periods and are not reflective of performance in the current reporting period. •Income tax effects arising only when calculating income tax in the functional currency (USD). Certain group companies have USD as functional currency, which is different from the currency in which the taxable income is measured (tax currency). Income tax effects arising only when calculating income tax in the functional currency (USD), that are not part of the tax calculation in the tax currency are adjusted for. Management believes this better aligns the effective tax rate in functional currency with the statutory tax rate in the period. h) Adjusted earnings per share Adjusted earnings per share is computed by dividing Adjusted net income by the weighted average number of shares outstanding during the period. Earnings per share is a metric that is frequently used by investors, analysts and other parties to assess a company's profitability per share. Management believes this measure provides an indication of Equinor’s underlying financial performance including the impact from financing and facilitates comparison of trends between periods. The non-GAAP financial measures presented in section g) above and this section h) are supplementary measures and should not be viewed in isolation or as substitutes for net operating income/(loss), net income/(loss) and earnings per share, which are the most directly comparable IFRS Accounting Standards measures. The reconciliation tables below reconcile the above non-GAAP measures to the most directly comparable IFRS Accounting Standards measure or measures. There are material limitations associated with the above measures compared with the IFRS Accounting Standards measures, as these non-GAAP measures do not include all the items of revenues/gains or expenses/losses of Equinor that are required to evaluate its profitability on an overall basis. The non- GAAP measures are only intended to be indicative of the underlying developments in trends of our on-going operations. For the year ended 31 December (in USD million) 2025 2024 Net operating income/(loss) A 25,352 30,927 Income tax B1 20,030 22,157 Tax on net financial items B2 (135) (107) Equinor 2025 Annual Report on Form 20-F 44 Income tax less tax on net financial items B = B1 - B2 20,164 22,264 Net operating income after tax C = A - B 5,188 8,663 Items impacting net operating income/(loss) D 2,239 (1,130) Tax on items impacting net operating income/(loss) E (384) 1,529 Adjusted operating income after tax F = C+D+E 7,043 9,062 Net financial items G (265) 58 Tax on net financial items H 135 107 Net income/(loss) I = C+G+H 5,058 8,829 For the year ended 31 December in USD millions 2025 2024 Net operating income/(loss) 25,352 30,927 Items impacting net operating income/(loss) A 2,239 (1,130) Adjusted operating income B 27,591 29,798 Net financial items (265) 58 Adjusting items C (533) 134 Changes in fair value of financial derivatives used to hedge interest bearing instruments (245) (46) Foreign currency (gains)/losses on certain intercompany bank and cash balances (288) 179 Adjusted net financial items D (798) 192 Income tax E (20,030) (22,157) Tax effect on adjusting items F (330) 1,344 Adjusted net income G = B + D + E + F 6,434 9,177 Less: Adjusting items H = A + C 1,706 (996) Tax effect on adjusting items (330) 1,344 Net income/(loss) 5,058 8,829 Attributable to shareholders of the company I 5,043 8,806 Attributable to non-controlling interests J 15 23 Adjusted net income attributable to shareholders of the company K = G - J 6,418 9,154 Weighted average number of ordinary shares outstanding (in millions) L 2,593 2,821 Basic earnings per share (in USD) M = I/L 1.94 3.12 Adjusted earnings per share (in USD) N = K/L 2.47 3.24 Equinor 2025 Annual Report on Form 20-F 45 C.Research and Development, Patents and Licences, etc. The information set forth under the following headings of the 2025 Annual Report is incorporated herein by reference: •TDI at a glance in Section 1.5 of Chapter 1 on page 23; and •Section 2.4. Fuelling innovation of Chapter 2 on pages 79 - 80. See also notes 9 Auditor’s remuneration and Research and development expenditures and 12 Property, plant and equipment to the Consolidated financial statements. D.Trend Information The information set forth in Section 1.3 The world in which we operate of Chapter 1 and under the heading “Our market perspective” in Section 2.2 Financial performance of Chapter 2 on pages 56 - 57 of the 2025 Annual Report is incorporated herein by reference. See also “Item 5. Operating and Financial Review―A. Operating Results” of this 2025 Form 20-F. E.Critical Accounting Estimates Not Applicable. Equinor 2025 Annual Report on Form 20-F 46