BW Energy (BWE) investor relations material

Executive summary

• All major development projects are progressing on schedule and within budget, supporting a robust growth strategy and efficient operations in Q1 2026.

• Q1 2026 delivered strong operational and financial performance, with EBITDA of EUR 111 million (USD 111.3 million) and net profit of EUR 33 million (USD 32.6 million).

• Production target for 2028 raised to over 100,000 bbl/day, driven by new project sanctions and ongoing execution.

• End-Q1 2026 cash position at EUR 161 million (USD 160.5 million), with total liquidity of $333 million.

• Dussafu Marin production licence extended to 2048, supporting long-term production and investment.

Financial highlights

• Q1 2026 EBITDA reached EUR 111 million (USD 111.3 million), net profit EUR 33 million (USD 32.6 million), and revenue $173 million (USD 172.7 million), driven by higher realised oil prices ($79/bbl).

• Operating cash flow before working capital was $87 million; operating cash outflow of USD 38.5 million due to working capital changes.

• CapEx guidance increased to $600–650 million due to new FIDs on Golfinho, Bourdon, and Maromba.

• Interest-bearing debt rose to $1 billion (USD 971.4 million), with leverage ratio increasing as planned during the growth phase.

• Equity ratio at 37% as of Q1 2026.

Outlook and guidance

• Long-term production outlook raised to over 100,000 bbl/day by 2028, with doubling of production in 2027 and again in 2028 as Maromba, Bourdon, and Golfinho projects come online.

• 2026 production guidance revised to 24,000–27,000 bbl/day due to drilling sequence and project phasing.

• OpEx guidance revised to $22–26/bbl, reflecting lower production and workover costs.

• All sanctioned projects have payback periods of 1–2 years at $60/bbl Brent.

• CAPEX guidance for 2026 raised to $600–650 million, primarily for Maromba and Golfinho developments.