Afentra (AET) investor relations material

Executive summary

• Achieved portfolio expansion in Angola, including new operated and non-operated interests, first offshore operatorship in Block 3/24, and onshore Kwanza basin awards, while maintaining balance sheet strength amid volatile markets.

• Net average production of 6,348 bopd in H1 2025, with stable core asset output and post-period increases.

• Strategic acquisition of additional interests in Blocks 3/05 and 3/05A, expected to complete in late 2025, enhancing production and reserves.

• Disciplined capital allocation, robust hedging, and multi-year redevelopment plan support reserve replacement and future growth.

• H1 2025 highlights include portfolio growth, financial strength, and enhanced asset exposure.

Financial highlights

• H1 2025 revenue of $52.0 million from 0.7 mmbbls sold at $72.2/bbl, down 29% year-over-year; additional $35.4 million revenue post-period from July lifting.

• Adjusted EBITDAX of $27.9 million, down 32% year-over-year; profit after tax of $5.7 million, down from $24.5 million in H1 2024.

• Operating cash flow of $(3.4) million, a 131% decrease from $11.0 million in H1 2024.

• Cash balance at $21.6 million, down 61% from $54.8 million in H1 2024; net cash position of $19.9 million post-July lifting.

• Net debt position of $(15.5) million at 30 June 2025, a 223% decrease from net cash of $12.6 million in H1 2024.

Outlook and guidance

• Offshore production stability and infrastructure upgrades to continue, supporting long-term field performance.

• Completion of Etu Energias transaction, KON4 and Block 3/24 awards expected in Q4 2025.

• Next crude lifting (~400,000 bbls) scheduled for late September 2025; 2026 drilling and workover programme in preparation.

• Onshore technical readiness advancing for future exploration and re-entry activities.

• Financial discipline and liquidity preservation remain priorities, with asset redevelopment fully funded from operating cash flow.