EQUINOR ASA

Shareholders of Equinor ASA

Equinor ASA is a listed company that publishes a major-shareholder disclosure rather than a complete share register. The Norwegian State is the largest shareholder. Equinor’s 2025 Annual Report, published on 19 March 2026, states that the State held a direct interest of 67.0% at 31 December 2025 — 1,713,061,033 shares — managed by the Norwegian Ministry of Trade, Industry and Fisheries, plus a further indirect interest of about 3% held through Folketrygdfondet, listed at 78,939,206 shares (3.1%), giving a combined 70%.

Equinor ASA has a single class of shares, each carrying one vote. At 31 December 2025, 2,556,807,512 shares of NOK 2.50 nominal value were issued, of which 2,500,271,030 were outstanding after treasury shares held under the buy-back programme and the employee share saving plan. Following the capital reduction resolved at the annual general meeting of 12 May 2026, the Norwegian register recorded share capital of NOK 5,976,872,600 divided into 2,390,749,040 shares on 2 July 2026.

Below the State, the disclosed top-20 list at 31 December 2025 consists of asset managers and institutional holders, none above about 1.1%: The Vanguard Group 1.1% (29,328,926 shares), DNB Asset Management AS 1.0%, BlackRock Institutional Trust Company N.A. 1.0%, Silchester International Investors LLP 0.8% and KLP Kapitalforvaltning AS 0.6%. These are reportable institutional positions collected for the company by a third party, not the complete shareholder base of Equinor ASA.

Ultimate beneficial ownership

Control of Equinor ASA rests with the Norwegian State, which holds 67% of the shares and votes directly through the Ministry of Trade, Industry and Fisheries (organisation number 912660680, registered in Brønnøysundregistrene as part of central government). The interest is direct and is not held through an intermediate company, so no chain multiplication is required. Because the State holds more than two-thirds of the shares, the annual report notes that it alone can amend the articles of association and can carry any decision at a general meeting that requires a simple majority. Under an agreement between Equinor and the State, restated in the share buy-back announcement of 6 May 2026, the State votes for the redemption and cancellation of a proportionate number of its own shares alongside each market buy-back so that its holding remains at 67%.

No natural person is identified as a beneficial owner of Equinor ASA in any source reviewed. The controlling interest is held by a government ministry, and no other disclosed holding is close to a control threshold.

Data availability

Availability is major shareholders only. Norway publishes share capital and share counts in the Enhetsregisteret and the issuer publishes an annual top-20 owner list, but there is no free public register of every shareholder, and holdings below the top-20 cut-off are not disclosed. Percentages above are as at 31 December 2025 unless stated; the share count is as registered on 2 July 2026.

The shareholder data stored on this page should not be relied on and is being reported as incorrect. It holds five of eight provider rows (page 1 of 2), and the Norwegian State — the 67% owner — does not appear in it at all. Its largest row is stored with a corrupted name, “u00d8vrige Aksjonu00e6rer”: the leading backslashes have been stripped from the Unicode escapes for Ø and æ, and the name should read Øvrige Aksjonærer, Norwegian for “other shareholders”. That row is a residual free-float aggregation line and not a natural person, despite being typed shareholder_type: Person; Folketrygdfondet, a Norwegian state asset manager, is typed “Person” as well. The stored percentages do not reconcile with the registered share count: measured against the 2,390,749,040 registered shares, the four Norwegian-register rows are understated by roughly 6.4 times (for example JPMorgan Chase Bank N.A. London is stored at 0.92% for 142,060,020 shares, which is 5.9%), while the iShares Global Energy ETF row is overstated by roughly ten times. The share quantities also differ from the annual report’s beneficial-owner table — Folketrygdfondet is stored at 111,466,079 shares against 78,939,206 in the report — which is consistent with the stored rows being custodian and nominee accounts rather than beneficial owners.

Sources

• Equinor ASA, 2025 Annual Report, section 5.1 Shareholder information (Exhibit 15.4 to the 2025 Form 20-F) — https://www.sec.gov/Archives/edgar/data/1140625/000114062526000013/exhibit154equinor2025ann.htm. Filed 19 March 2026; shareholder data as at 31 December 2025. Retrieved 24 September 2026.
• Equinor ASA, 2025 Annual Report, note 20 Shareholders’ equity, capital distribution and earnings per share (same document). Filed 19 March 2026. Retrieved 24 September 2026.
• Equinor ASA, Annual Report on Form 20-F for the year ended 31 December 2025, Item 7.A and Item 4.B — https://www.sec.gov/Archives/edgar/data/1140625/000114062526000013/eqnr-20251231.htm. Filed 19 March 2026. Retrieved 24 September 2026.
• Brønnøysundregistrene, Enhetsregisteret record for EQUINOR ASA, organisation number 923609016 — https://data.brreg.no/enhetsregisteret/api/enheter/923609016. Share capital recorded 2 July 2026. Retrieved 24 September 2026.
• Brønnøysundregistrene, Enhetsregisteret record for NÆRINGS- OG FISKERIDEPARTEMENTET, organisation number 912660680 — https://data.brreg.no/enhetsregisteret/api/enheter/912660680. Retrieved 24 September 2026.
• Equinor ASA, “Equinor to commence second tranche of the 2026 share buy-back programme” — https://www.equinor.com/news/20260506-second-tranche-2026-share-buy-back-programme. Published 6 May 2026. Retrieved 24 September 2026.
• Equinor ASA, “Annual general meeting 2026” — https://www.equinor.com/news/20260512-annual-general-meeting-2026. Published 12 May 2026. Retrieved 24 September 2026.

Directors and officers of Equinor ASA

Norwegian companies register officers by their local role, and Equinor ASA’s register entry reflects that. The roles register at Brønnøysundregistrene, whose board group was last changed on 4 September 2026, records a styre (board) of nine sitting members, three employee-elected deputies (varamedlem), one daglig leder (general manager, the CEO) and a registered auditor (revisor). Jarle Kjell Roth is recorded as styrets leder (chair of the board). Five further shareholder-elected board members are recorded: Anne Drinkwater, Haakon Stephen Bruun-Hanssen, Fernanda Lopes Larsen, Mikael Roland Karlsson and Dawn Summers. Three board members are expressly flagged in the register as elected by the employees (representant for de ansatte): Hilde Møllerstad, Frank Indreland Gundersen and Geir Leon Vadheim. The three employee-elected deputies are Hans Einar Haldorsen, Anette Heggholmen and Terje Werner Hansen. Anders Opedal is recorded as daglig leder, a role group last changed on 2 November 2020, and the 2025 Form 20-F records him as President and Chief Executive Officer since 2 November 2020. Ernst & Young AS is the registered auditor. One former board member, Finn Bjørn Ruyter, is still listed in the register but marked avregistrert (deregistered).

Two further governance bodies sit alongside the board and are not captured by the register. Equinor’s 2025 Board statement on corporate governance records a bedriftsforsamling (corporate assembly) of 18 members and three observers, required by section 6-37 of the Norwegian Public Limited Liability Companies Act for companies with more than 200 employees: 12 members are nominated by the nomination committee and elected by the annual general meeting, and six members plus the three observers are elected by and among non-executive employees of Equinor ASA or a Norwegian subsidiary. The corporate assembly supervises the board and the CEO and elects the board. Equinor’s corporate assembly page names Nils Morten Huseby as its chair. Separately, a corporate executive committee runs the business day to day; Torgrim Reitan has been Executive Vice President and Chief Financial Officer since 6 October 2022.

Nationality is not a field in the Norwegian register, but Equinor’s 2025 Form 20-F states citizenship and residence for each director. It records Jarle Roth, Haakon Bruun-Hanssen, Hilde Møllerstad, Frank Indreland Gundersen, Geir Leon Vadheim and Anders Opedal as Norwegian citizens resident in Norway; Anne Drinkwater as a British citizen resident in the United States; Mikael Karlsson as a Swedish citizen resident in Switzerland; Fernanda Lopes Larsen as a Brazilian and British citizen resident in Norway; and Dawn Summers as a British citizen resident in Australia.

Recent officer changes

• Chair of the board — Jarle Roth, effective 1 July 2026. Equinor announced on 8 June 2026 that its corporate assembly had elected Jarle Roth as chair of the board, with effect from 1 July 2026 and until the ordinary board election in June 2027. Roth had joined the board on 1 December 2025. The sitting chair, Jon Erik Reinhardsen, chair since 1 September 2017, resigned from the board.
• Deputy chair — Anne Drinkwater re-elected, effective 1 July 2026. In the same announcement of 8 June 2026 the corporate assembly re-elected Anne Drinkwater as deputy chair, a position she has held since 1 July 2022 after joining the board on 1 July 2018.
• Departure — Finn Bjørn Ruyter, effective 1 September 2026. Equinor announced on 27 August 2026 that Ruyter, a board member since 1 July 2019, was leaving the board to prioritise his role as CEO of Hafslund and other directorships. The register recorded him as deregistered when the board group was updated on 4 September 2026.

Data availability

Availability is current only. Brønnøysundregistrene publishes the sitting roles with their Norwegian role types, including which board members are employee-elected, and a last-changed date for each role group, but it does not publish a per-person appointment date or resignation date, and it does not record nationality; the citizenships above come from the Form 20-F, not from the register. The register does not list the corporate assembly. Birth dates held by the register are not reproduced here.

The officer data stored on this page is being reported as unreliable. It contains five of 48 provider rows (page 1 of 10), and three of the five are marked ACTIVE for people who are not on the board recorded by the register on 4 September 2026 or in the 2025 Form 20-F: “Der Veer, Jeroen / Van”, “Roy Alexander / Franklin” and “Valerio, Ingrid Elisabeth / Di”. The first-name and last-name split is mangled on those rows, with the name particles “Van” and “Di” pushed into the surname field and the rest of the name into the forename field — the people concerned are Jeroen van der Veer, Roy Franklin and Ingrid Elisabeth di Valerio. Every stored row carries the generic job title “Director” or “Board Member”, so the chair role, the employee-elected seats and the deputy seats are all lost, and no stored row carries an appointment or resignation date.

Sources

• Brønnøysundregistrene, roles register (roller) for EQUINOR ASA, organisation number 923609016 — https://data.brreg.no/enhetsregisteret/api/enheter/923609016/roller. Board role group last changed 4 September 2026. Retrieved 24 September 2026.
• Equinor ASA, Annual Report on Form 20-F for the year ended 31 December 2025, Item 6.A Directors and Senior Management — https://www.sec.gov/Archives/edgar/data/1140625/000114062526000013/eqnr-20251231.htm. Filed 19 March 2026. Retrieved 24 September 2026.
• Equinor ASA, 2025 Board statement on corporate governance, section 8 (Exhibit 15.9 to the 2025 Form 20-F) — https://www.sec.gov/Archives/edgar/data/1140625/000114062526000013/exhibit159boardstatement.htm. Filed 19 March 2026. Retrieved 24 September 2026.
• Equinor ASA, “Election of shareholder representatives to the board of directors of Equinor ASA” — https://www.equinor.com/news/20260608-election-shareholder-representatives-board-directors. Published 8 June 2026. Retrieved 24 September 2026.
• Equinor ASA, “Change in the board of directors” — https://www.equinor.com/news/20260827-change-in-the-board-of-directors. Published 27 August 2026. Retrieved 24 September 2026.
• Equinor ASA, corporate assembly — https://www.equinor.com/about-us/corporate-assembly. Retrieved 24 September 2026.

Group structure of Equinor ASA

Equinor ASA is the parent company of the Equinor group and has no corporate parent. Its controlling shareholder is a Norwegian government ministry rather than a company, so there is no immediate or ultimate parent company to report; Equinor ASA is itself the top corporate entity in the structure. Note 1 to the 2025 consolidated financial statements defines the group as Equinor ASA and its subsidiaries, with Equinor ASA incorporated and domiciled in Norway.

Exhibit 8 to the 2025 Form 20-F lists 25 significant subsidiaries held at 100% as at 31 December 2025 and one significant joint venture held at 50%, spanning Norway, the United Kingdom, the United States, Brazil, the Netherlands, Canada, Denmark and Argentina. The parent-company accounts identify seven of these as held directly by Equinor ASA. The largest is Equinor Energy AS, described in the accounts as a wholly owned operating subsidiary that owns all of Equinor’s oil and gas activities and net assets on the Norwegian continental shelf and which guarantees or is co-obligor for part of the group’s bond debt. Equinor ASA’s carrying value of investments in subsidiaries was USD 49,787 million at 31 December 2025.

Verified corporate relationships

Registration numbers for the Norwegian entities were confirmed individually against Brønnøysundregistrene on 24 September 2026, and the UK number against Companies House. Where a filing gives a name but no identifier that could be matched with confidence, the cell says so rather than guessing.

Recent structural changes

• Adura joint venture with Shell, closed 1 December 2025. Equinor and Shell combined their UK upstream businesses into a 50/50 joint venture with its head office in Aberdeen. Equinor’s 50% interest is equity accounted and was recognised at a fair value of USD 5,574 million; the purchase price allocation had not been completed at the 2025 reporting date.
• Disposal of a 40% interest in the Peregrino field, Brazil, finalised in the fourth quarter of 2025. Equinor also divested an operated share of Peregrino during 2025 as part of a stated high-grading of the international portfolio.
• Internal reorganisation — Power business area, fourth quarter of 2025. Equinor established a Power business area combining the former Renewables business area with flexible power assets previously held in Marketing, Midstream and Processing.

Data availability

Availability is partial. Norway does not publish a subsidiary list in the Enhetsregisteret, so the verified relationships above come from Equinor’s own SEC filings, which disclose only significant subsidiaries and give no registration numbers; the full group is larger than the 26 entities listed. Ownership percentages are share-capital percentages, and the filing states that voting rights correspond to ownership share.

The corporate-linkage tree stored on this page is being reported as unsound and should not be read as Equinor’s group structure. It holds 1,188 nodes rooted not at Equinor ASA but at Nærings- og Fiskeridepartementet (organisation number 912660680) — stored with its name corrupted to “Nu00e6rings- og Fiskeridepartementet” — with Equinor ASA one level below it. What the tree actually reproduces is the Norwegian State’s whole direct ownership and agency portfolio, so Equinor ASA is shown alongside 51 unrelated entries including Telenor ASA, Statkraft SF, Posten Bring AS and government agencies that are not companies at all, such as Kystverket, Patentstyret, Fiskeridirektoratet and Havforskningsinstituttet. Two of those siblings are frequently mistaken for Equinor entities and are not: Petoro AS (organisation number 983382355, a separate state-owned aksjeselskap established on 9 May 2001 that manages the State’s Direct Financial Interest on the State’s behalf, and which the register does not record as belonging to any group) and Statens Direkte Økonomiske Engasjement (SDØE), which is the State’s own portfolio of licence interests. Petoro’s published mandate is to safeguard the SDFI and to monitor that Equinor markets the State’s petroleum together with its own — a monitoring relationship, not a corporate one. The tree also misplaces entities that Equinor’s own filing lists as its subsidiaries: Equinor Wind US LLC, for example, appears as a sibling of Equinor ASA directly under the ministry rather than within the Equinor group, as do Equinor Gulf of Mexico LLC, Beacon Wind LLC, Equinor USA Properties Inc. and Equinor E&P Americas AS.

Sources

• Equinor ASA, Exhibit 8 “List of Subsidiaries” to the 2025 Form 20-F, significant subsidiaries within the Equinor group as of 31 December 2025 — https://www.sec.gov/Archives/edgar/data/1140625/000114062526000013/exhibit8listofsubsidiaries.htm. Filed 19 March 2026. Retrieved 24 September 2026.
• Equinor ASA, 2025 Annual Report, note 10 Investments in subsidiaries and other equity accounted companies (parent company) and note 15 Joint arrangements and associates (Exhibit 15.4 to the 2025 Form 20-F) — https://www.sec.gov/Archives/edgar/data/1140625/000114062526000013/exhibit154equinor2025ann.htm. Filed 19 March 2026. Retrieved 24 September 2026.
• Brønnøysundregistrene, Enhetsregisteret — unit records for the Norwegian entities listed above and for EQUINOR ASA (923609016) — https://data.brreg.no/enhetsregisteret/api/enheter/923609016. Retrieved 24 September 2026.
• Brønnøysundregistrene, Enhetsregisteret record for PETORO AS, organisation number 983382355 — https://data.brreg.no/enhetsregisteret/api/enheter/983382355. Retrieved 24 September 2026.
• Petoro AS, “Mandate and core responsibilities” — https://petoro.no/en/mandate-and-core-responsibilities/. Retrieved 24 September 2026.
• Companies House, EQUINOR UK LIMITED, company number 01285743 — https://find-and-update.company-information.service.gov.uk/company/01285743. Retrieved 24 September 2026.