Ithaca Energy (ITH) investor relations material

Executive summary

• Delivered record H1 2025 production of 123.6–133,600 barrels/day and adjusted EBITDAX over $1.1 billion, supporting an upward revision in full-year production guidance and strong operational and safety improvements, including a >50% reduction in incident frequency.

• Upgraded FY 2025 production guidance to 119,000–125,000 barrels/day, reflecting robust H1 performance, operational outperformance, and successful acquisitions.

• Declared $167 million interim dividend and accelerated $133 million second interim dividend, reaffirming a $500 million full-year dividend target.

• Executed strategic acquisitions, including increased stakes in Seagull and Cygnus fields and the JAPEX UK acquisition, enhancing production and reserves.

• Strengthened balance sheet with leverage ratio at 0.32x and available liquidity exceeding $1.2 billion.

Financial highlights

• H1 2025 production averaged 123.6–133,600 barrels/day, with OpEx at $17.5/barrel and a 59% liquids, 41% gas split.

• Adjusted EBITDAX reached $1,117 million; net cash from operations exceeded $1 billion.

• Net loss of $217.5 million in H1 2025 due to a one-off, non-cash deferred tax charge of $327.6 million from EPL extension.

• Adjusted net debt at $671 million; pro forma leverage at 0.32x EBITDAX.

• Available liquidity at $1.2 billion, with total facilities up to $1.9 billion and a $700–735 million accordion facility.

Outlook and guidance

• FY 2025 production guidance upgraded to 119,000–125,000 barrels/day, with an exit rate expected at 140,000 barrels/day post-acquisitions.

• OpEx guidance lowered to $790–840 million, targeting $17–19/barrel for the year despite FX headwinds.

• Net producing asset capex guidance increased to $630–670 million; Rosebank project capex to $230–270 million.

• Cash tax payment guidance increased to $270–300 million due to higher production and profits.

• Dividend target of $500 million reaffirmed, with accelerated payment schedule.