Orca Energy Group (ORCB) investor relations material

Executive summary

• Gas deliveries rose 7% in Q3 2025 and 4% year-to-date, driven by higher industrial demand and increased consumption following the end of the Protected Gas regime.

• Revenue declined 12% in Q3 2025 and 4% for the nine months, mainly due to a higher TPDC share and lower Cost Gas revenue recoveries.

• Net income attributable to shareholders surged 834% in Q3 2025 and 889% year-to-date, primarily from the reversal of loss allowance and interest income after TANESCO arrears collection.

• Cash and cash equivalents reached $127.9 million, with working capital at $56.2 million, supported by TANESCO settlement payments.

Financial highlights

• Q3 2025 revenue: $21.7 million (down 12% year-over-year); nine months: $71.4 million (down 4%).

• Net income Q3 2025: $19.5 million (up 834%); nine months: $42.0 million (up 889%).

• Net cash flows from operating activities Q3 2025: $32.3 million (up 215%); nine months: $84.5 million (up 306%).

• Capital expenditures dropped 98% in Q3 2025 and 94% year-to-date, mainly due to project deferrals.

• Working capital increased 156% to $56.2 million; cash and equivalents up 42% to $127.9 million since December 2024.

Outlook and guidance

• 2025 volume guidance unchanged despite temporary demand dip during Tanzanian civil unrest; 2026 production guidance set at 60-65 MMcfd, reflecting field decline and seasonal hydro variations.

• No progress on Songo Songo Licence extension; arbitration process continues due to lack of engagement from the government.

• Board is conducting a strategic review to mitigate risks and protect shareholder value.