Ithaca Energy today announced its unaudited financial results for the nine months ended 30 September 2025.

Celebrating a year of successful operations following Business Combination:

• Strong YTD production: YTD average production of 115 kboe/d (YTD 2024: 52.5 kboe/d), following execution of unprecedented levels of summer shut down activity
• Continued strong HSE performance: Zero Tier 1 or Tier 2 events recorded in the year and improved HSE performance with a material reduction in Total Recordable Injury Rate (TRIR) and in the Greenhouse Gas emission intensity of the Group’s portfolio from 2024
• Transformed cost base: YTD opex per barrel of $19.1/boe (YTD 2024: $28.9/boe), reflecting impact of the Eni UK Business Combination on the Group’s cost profile and high netback capability of the enlarged portfolio
• Enhanced financial performance: YTD adjusted EBITDAX of $1,501.2 million (YTD 2024: $758.5 million)
• Strong balance sheet: Successful €450 million 2031 bond issuance and $300 million upsizing of Reserves Based Lending (RBL) facility in Q3, with strong investor demand
• Material financial firepower: Low leverage position of 0.50x with significant available liquidity of $1.7 billion
• Focus on growth and high return investments:
• Executing targeted and increased organic investment supporting production upside, reliability enhancement and efficiency focus alongside investment in high return wells in the year
• Material progression of West of Shetland growth strategy supporting the Group’s long-term production outlook. Farm-in to Tobermory announced today, 19 November, forming part of the Group’s gas strategy in the area
• Continued delivery of consolidation strategy in the UKCS: Completion of the acquisitions of JAPEX UK E&P and a further 46.25% stake in the Cygnus Field from Spirit Energy adding circa. 18 kboe/d proforma production in 2025
• Attractive shareholder returns: First interim dividend of $167 million declared and paid in September 2025 and second interim dividend of $133 million accelerated and payable in December, taking total cash distributions declared in 2025 to $500 million

2025 Outlook and increased production capacity trend into 2026:

• Management reaffirms all previously provided guidance ranges for FY 2025, supporting the improved 2025 outlook announced in August, and reaffirms its targeted 2025 dividend of $500 million
• FY 2025 production outlook: On track to deliver upgraded full year production guidance of 119 – 125 kboe/d, with production trending to the bottom end of the range, primarily due to the Group’s decision to extend the Captain shutdown to allow for increased scope and further investment into safeguarding longer-term environmental and operational performance, and the delayed start-up to three new high production wells to December 2025
• Increasing production capacity trend into 2026: Uplift to the Group’s 2025 exit rate in Q4 from 140 kboe/d to circa 145 kboe/d is expected. Following the successful completion of the unprecedented TAR season, and with three new high production wells expected on stream in December, the Group is entering 2026 with an increased installed total production system capacity

Executive Chairman, Yaniv Friedman, commented:
“Our Q3 YTD results for 2025 show what a pivotal period it has been for Ithaca Energy. The successful integration of Eni’s UK assets and our additional M&A success is reflected in our strong operational and financial performance, with average production levels of 115k boe/d, an uplift of our expected exit rate to 145 kboe/d in Q4, and EBITDAX of over $1.5 billion. We have continued to deliver on our strategy of disciplined investment, operational excellence, and targeted growth across our core assets, further strengthening our position as the leading energy company in the UK North Sea, all while delivering material improvements in our HSE performance.

Building on the momentum in the year to date we are continuing to progress our West of Shetland growth strategy supporting the Group’s long-term production outlook and we remain vigilant for M&A opportunities that fulfil our investment criteria, aided by our significant liquidity position of $1.7bn following our successful bond issuance and RBL expansion this quarter.

At the same time, we continue to deliver on our commitment for shareholder returns, evidenced by our first interim 2025 dividend declared of $167 million and further accelerated dividend of $133 million announced today totalling $500 million of cash dividend in 2025, supporting the reaffirmation of the Group’s FY 2025 dividend target of $500 million. As we approach the end of a landmark year, we focus on our ambition to drive long-term value for all stakeholders and to play a leading role in the UK’s energy future.”

Q3 2025 Strategic Highlights

Continued strong execution across the Group’s strategic pillars, maximising value and returns for shareholders.

Organic growth: Investing across our portfolio

• Successful progression of Captain 13th well campaign and expected sanctioning of the 14th drilling campaign in Q4 2025, that will support further drilling activity at the end of 2026, reflecting the Group’s significant ongoing investment in the field
• Captain Flotel campaign ongoing with decision to extend the duration beyond the initial term. The material scopes of work being executed support the asset life extension programme including backlog reduction and optimisation activities
• Cygnus infill well campaign continues with the first of the four firm wells (C12) expected to achieve first production in early December, and the second well spudding immediately thereafter. The Group has sanctioned further investment in the area for 2026, following our acquisition of an additional 46.25% from Spirit Energy, with the fourth well added to the ongoing campaign and further development wells being considered
• First production from the fourth and final Seagull well (J4) was achieved in Q4, following a technical issue experienced in H1. The well is performing in line with expectations, however the delay to first production reduces the assets expected production contribution in FY 2025
• Material activity in the J Area following the decision to proceed with further value-led investment, with additional well activity sanctioned at Judy East Flank (JEF) and investment in Joanne well stimulation activity, based on continued strong J Area performance. Production start-up of the JEF well expected mid-December

Organic growth: West of Shetland Area strategy momentum building

• Rosebank development project progressing towards key milestones that are critical to achieving first production timeline of 2026/27:
  • Material progress toward achieving refreshed consents with the submission of an updated Environmental Statement in Q3, including the assessment of ‘Scope 3’ emissions associated with the project
  • 2025 offshore subsea installation scopes delivered on time and budget with excellent HSE statistics
  • Drilling activities scheduled to commence Q1 2026, as planned
  • Floating Production Storage and Offloading (FPSO) refurbishment activity progressing at pace, with a target to sail away early 2026 in order to enable mooring in field during 2026
  • Maintaining FPSO sail away date in Q1 2026, together with drilling and hook up and commissioning works, remains critical to achieving first production target of 2026/27. Cost updates from the Operator indicate that assuming key milestones are achieved, including limited carry over activities post FPSO sail away, the total project cost outturn forecasts do not need to be materially updated at this time and will be revisited post FPSO sail away
• Continued Cambo project maturation towards final investment decision (FID) and potential farm-down, subject to fiscal and regulatory clarity:
  • Tenders for main project packages including FPSO Engineering, Procurement, Construction and Commissioning (EPCC) and Subsea, Umbilicals, Risers and Flowlines (SURF) activities have commenced, following the successful technical refresh of the project
  • Working towards submission of an updated Field Development Plan and Environmental Statement in Q4 2025, reflecting project optimisations
• The Tornado project is progressing towards FID with tendering and advancement of the Environmental Statement, forming part of the Group’s wider West of Shetland gas strategy that has the potential to enable further exploration and appraisal in the area, subject to fiscal and regulatory clarity
• 50% Farm-in to Shell’s Tobermory gas field announced today (19 Nov), forming part of the Group’s West of Shetland gas development strategy with the potential for significant synergies between the Tornado and Tobermory gas fields

Inorganic growth: Pursuing consolidation strategy in UKCS, increasing stakes in key assets

• Successful delivery of inorganic growth strategy with low-risk consolidation in core UKCS basin demonstrating the Group’s execution capabilities:

• Acquisition of JAPEX UK completed 7 July 2025, increasing stake in well-understood, high-quality, long-life Seagull field from 35% to 50% and adding pro forma 2025 production of approximately 4 - 4.5 kboe/d. Completion payment in Q3 of $136 million (based on an effective date for the transaction of 1 January 2024 and after customary purchase price adjustments)
• Acquisition of 46.25% stake in the Group’s operated Cygnus field from Spirit Energy completed 1 October 2025 in line with targeted completion date. The acquisition increased the Group’s stake in the high-margin, low-emission operated Cygnus gas field to 85%, adding circa 12.5 – 13.5 kboe/d net production on a pro forma basis, enhancing the gas weighting of the Group’s portfolio. Completion payment in Q4 of £115 million (based on an effective date for the transaction of 1 January 2025 and after customary purchase price adjustments)

Value creation and shareholder returns

• First interim 2025 dividend of $167 million declared and paid in September 2025, representing a dividend per share of $0.101
• Acceleration of second interim dividend of $133 million, representing a dividend per share of $0.0804, announced today (19 November) and payable 18 December 2025, demonstrating the Group’s strong year-to-date performance and cash generation and taking the Group’s total 2025 cash distributions to $500 million
• Reaffirming dividend for 2025, targeting $500 million for FY 2025 with the remaining tranche payable following the Group’s full year results announcement in March 2026
• Expansion of the Group’s free float to 13.6% from 10.6% following majority shareholder sell-down on a pro forma basis

Q3 2025 Operational Update

• Strong process safety performance with zero Tier 1 or Tier 2 events recorded in the first nine months of the year and a material reduction in Total Recordable Injury Rate (TRIR) from 2024, with 1.62 cases per million hours year to date from 2.89 YTD 2024
• Significant reduction in Greenhouse Gas (GHG) emission intensity of the Group’s portfolio, bringing our gross operated emissions intensity to 17.34 kgCO2e/boe from 20.14 kgCO2e/boe YTD 2024
• Unprecedent levels of turnaround activity executed during Q3 across the Group’s operated and non-operated portfolio with material activity scopes concluded successfully during October
  • 12 out of 15 TARs were delivered on plan or better. Captain turnaround execution extended due to increased scope, with further investments made safeguarding longer-term environmental and operational performance. Return to full production achieved in the first week of November
• Average YTD production of 114.9 kboe/d (YTD 2024: 52.5 kboe/d), reflecting heavy turnaround activity in Q3 in line with the Group’s expectations and as incorporated into full year production guidance
  • YTD 2025 production split 58% liquids, 42% gas and 38% operated, 62% non-operated reflecting the impact of the Eni UK Business Combination
• Material improvement in production efficiency YTD across the Group’s operated and non-operated asset base, consistently achieving higher than 2024 average of 80% and 2024 industry average of 75%, and reflected in strong operational performance
• New wells, including Jocelyn South and Talbot, continue to perform ahead of expectations

Q3 2025 Financial Highlights

Enhanced balance sheet with financial strength and flexibility to support future growth

• Strong credit credentials highlighted by successful €450 million issuance of 5.5% senior notes, due 2031, with significant investor demand providing further financial firepower, optimising the Group’s financial structure and extending its debt maturity profile. Effective all-in USD interest rate of 6.7%
• Liquidity position further supported by $300 million upsizing of the Group’s Reserves Based Lending (RBL) facility via accordion, with the addition of all new lending institutions
• Low leverage position of 0.50x with significant available liquidity of $1.7 billion (31 December 2024: $1.0 billion), providing material financial firepower for growth
• Adjusted net debt at end of the quarter of $1,063.8 million (31 December 2024: $884.9 million)
• Rating agencies retained previous rating upgrades in October 2024 following the completion of the Business Combination with Eni UK, reflecting the enhanced strength of the enlarged Group

Strong financial performance and cash generation

• YTD adjusted EBITDAX of $1,501.2 million (YTD 2024: $758.5 million)
• YTD profit before tax of $668.1 million (YTD 2024: $183.7 million). Q3 2025 profit before taxation of $154.6 million (Q3 2024: loss before taxation of $5.7 million) reflecting a full quarters contribution from the Eni UK Business Combination and a lower level of impairment charges partly offset by higher finance costs
• YTD loss for the period of $119.1 million (YTD 2024: net profit of $134.7 million), reflecting primarily a one-off, non-cash deferred tax charge of $327.6 million due to the two-year extension of EPL to 31 March 2030. Q3 2025 profit for the period of $98.3 million (Q3 2024: $29.0 million)
• YTD adjusted net income of $226.9 million (YTD 2024: $181.9 million)
• YTD realised oil prices of $71/bbl before hedging and $73/bbl after hedging (YTD 2024: $84/bbl before hedging and $83/bbl after hedging) and gas prices of 88p/therm before hedging and 90p/therm after hedging (YTD 2024: 73p/therm before hedging and 110p/therm after hedging)
• YTD operating costs of $600.1 million (YTD 2024: $415.6 million) reflecting a YTD opex per barrel of $19.1/boe (YTD 2024: $28.9/boe) demonstrates the Group’s focus on cost control and the high netback capability of the enlarged portfolio
• YTD producing assets capex of $468 million (YTD 2024: $272 million) and Rosebank capex of $183 million (YTD 2024: $141 million)
• YTD net cash flow from operating activities of $1,279.6 million (YTD 2024: $792.5 million)
• As at 18 November 2025, the Group had 39.5 million barrels of oil equivalent (54% oil) hedged from Q4 2025 into 2027 at an average floor price of $68/bbl for oil swaps, $62/bbl for oil puts/collar floors, 98p/therm for gas swaps, and 81p/therm for gas puts/collar floors

FY 2025 Management Guidance

• Management reaffirms all previously provided guidance ranges for full year 2025, updated 19 August 2025 to reflect stronger 2025 outlook:
  • FY 2025 production in range of 119-125 kboe/d with production trending to the bottom end of the range, primarily due to the Group’s decision to extend the Captain shutdown to allow for increased scope and further investment into safeguarding longer-term environmental and operational performance, and the delayed start-up to three new high production wells to December 2025
  • FY 2025 net operating cost guidance range of $790–840 million
  • FY 2025 net producing asset capital cost guidance range of $630-670 million (excluding pre-FID projects and Rosebank development)
  • FY 2025 net Rosebank development capex guidance range of $230-270 million
  • FY 2025 cash tax guidance range of $270-300 million, trending to the bottom end of the range
• The Group uplifts its expected production exit rate in Q4 2025 from 140kboe/d to around 145kboe/d. Following the successful completion of the unprecedented TAR season and with three new high production wells expected on stream in December, the Group is entering 2026 with an increased installed total production system capacity

 KeyFacts Energy: Ithaca Energy UK country profile