Energean (ENOG) investor relations material

Executive summary

• Achieved strong operational momentum in H1 2026, with production recovering to over 180 Kboe/d in August after a 41-day shutdown in Israel and increased liquids revenues.

• Free cash flow rose 35% year-over-year to $250 million, profit after tax increased 45% to $160 million, and net debt fell by $97 million in Q2 2026.

• Major operational milestones included commissioning the second oil train in Israel, completing the first Katlan heavy-lift, and signing a ~$1.4 billion gas sales agreement, bringing total contracted revenues to ~$22 billion.

• Egypt concession merger terms agreed, unlocking new growth opportunities and improved fiscal terms, with a new investment program targeting doubled production.

• Continued focus on exploration in Greece and M&A opportunities in the Mediterranean and West Africa.

Financial highlights

• H1 2026 revenue: $743 million, down 8% year-over-year due to lower gas sales volumes and a temporary production halt in Israel.

• Profit after tax rose to $160 million (up 45%), with EPS at $0.90 (up 50%).

• Free cash flow increased 35% year-over-year to $250 million; operating cash flow exceeded $550 million.

• CapEx at $353 million for H1 2026, up 19% year-over-year, mainly for Katlan; ABEX spend limited to $4 million.

• Dividend per share for H1 2026: $0.40.

Outlook and guidance

• Full-year 2026 production guidance maintained at 130,000–140,000 boe/d.

• Development CapEx guidance at $800–$860 million; cash cost of production expected at $510–550 million.

• First gas from Katlan expected in H1 2027; Block 2 deepwater exploration drilling in Greece set for Q2 2027.

• Focus on deleveraging and increasing shareholder returns as free cash flow strengthens post-2026.

• Active pipeline of M&A opportunities under review to support long-term growth.