EnQuest (ENQ) investor relations material

Executive summary

• Achieved strong operational performance in H1 2025, with group production at 43.4 Kboed (pro forma, including Vietnam), 89% production efficiency, and significant expansion in Southeast Asia through acquisitions and new PSCs in Vietnam, Indonesia, and Brunei.

• Maintained a robust balance sheet, reducing net debt to $376.6 million as of June 30, 2025, and paid a maiden dividend of $15.3 million.

• Advanced decarbonisation, reducing UK Scope 1/2 emissions by 40% since 2018 and group emissions by 22% since 2020.

• Completed major maintenance and production-enhancing work, with Magnus reaching a five-year production peak.

Financial highlights

• H1 2025 revenue was $549 million, down 6% year-over-year due to lower oil prices and volumes, partially offset by hedging gains; adjusted EBITDA was $234.6 million, and free cash flow totaled $32.7 million after dividend payment.

• Statutory net loss of $173.5 million, mainly due to a $123.9 million non-cash EPL tax charge; adjusted net loss was $43.1 million.

• Operating costs were $388.9 million, with unit OpEx at $27.8/boe.

• CapEx for H1 2025 was $83.2 million, with $31 million spent on decommissioning.

• Liquidity at period end was $577.8 million.

Outlook and guidance

• 2025 production guidance reiterated at 40,000–45,000 boepd, including Vietnam; OpEx guidance at $450 million, CapEx at $190 million, and decommissioning at $60 million.

• Focus on organic growth through infill drilling, asset optimisation, and decarbonisation projects.

• Continued discipline in capital allocation, targeting sustainable shareholder returns.