Energean (ENOG) investor relations material

Executive summary

• Achieved record production of 178,000 boe/d at maximum capacity during summer, despite a two-week government-mandated shutdown in H1 2025, with resilient performance supported by disciplined capital management and cost control.

• Over $4B in new long-term gas contracts signed in Israel, raising total contracted revenue to $20B, with export capacity expansion plans underway.

• Focused on long-term value creation, reliability, and disciplined M&A, maintaining a stable dividend policy and strong balance sheet.

• Launched a major carbon storage project in Greece, supported by EU and Greek government grants.

• Key projects progressed on schedule, including Katlan in Israel and Irena in Croatia, with strategic focus on reliable domestic production and export opportunities.

Financial highlights

• H1 2025 revenue was $804 million, down 7% year-over-year due to production disruptions in Israel; adjusted EBITDAX was $505 million, down 11%.

• Net profit after tax increased 24% to $110 million compared to H1 2024.

• Operating cash flow grew 5% to $555 million; capital expenditure was $297 million, down 24%.

• Cumulative dividends paid now total $706 million, with a regular quarterly dividend declared.

• Leverage ratio increased to 2.7x net debt/adjusted EBITDAX as of June 2025; net debt at $3,000 million.

Outlook and guidance

• 2025 production guidance revised to 145,000–155,000 boe/d, reflecting H1 performance and upcoming commissioning of a second oil train; Israel guidance now 105,000–115,000 boe/d.

• Net debt expected to peak at $2,900–3,100 million by year-end, with a target to reduce to $2–2.5 billion over the next 18 months.

• Cost of production guidance reduced to $560–600 million; capex maintained at $480–520 million.

• Focus on signing new long-term gas contracts, finalizing export opportunities, and optimizing asset value outside Israel.