NewMed Energy (NWMD) investor relations material

Executive summary

• Net income for the nine months ended 30 September 2025 was $326.1 million, down 19.5% year-over-year, mainly due to lower gas sales volumes and prices, and temporary production halts from security events and maintenance.

• Revenues for the period were $758.3 million, a 13.1% decrease year-over-year, reflecting lower average gas prices ($5.63/MMBTU vs. $6.21/MMBTU) and reduced sales volumes from the Leviathan reservoir.

• Comprehensive income for Q3 2025 was $128.5 million, down 12.6% from Q3 2024, with the decline partially offset by lower financial and tax expenses.

• Four quarterly profit distributions of $60 million each were approved and/or paid during 2025, totaling $240 million.

Financial highlights

• Operating income for the nine months was $445.7 million, down from $540.3 million in the prior year period.

• Cost of production for the period was $110 million, a 14% decrease year-over-year, mainly due to lower transmission costs during production halts.

• Financial expenses fell to $72 million (from $86.4 million), while financial income dropped to $41.8 million (from $75.4 million), mainly due to lower royalty revaluation.

• Net cash from operating activities was $384.8 million for the nine months, compared to $448.2 million last year.

• Total assets as of 30 September 2025 were $3,953.4 million; equity stood at $1,933.3 million.

Outlook and guidance

• Maintenance and upgrade work in the Leviathan reservoir is scheduled for Q4 2025 and Q1 2026, expected to temporarily reduce production.

• The updated development plan for Leviathan Phase 1B was approved, with final investment decision expected in the coming months.

• The partnership continues to explore financing alternatives to support Leviathan expansion and other investments.