Panoro Energy (PEN) investor relations material

Executive summary

• Completed transformative acquisitions in Côte d'Ivoire (9.09% in Block CI-27 for $80 million) and Equatorial Guinea (40.375% in Block G), expanding to four African jurisdictions and significantly increasing production and reserves.

• Pro forma production rate reached around 20,800 BOE/day, with 2P+2C resources at 183 million BOE and a share price appreciation of 4.5x since 2018.

• Shareholder distributions declared for three consecutive quarters, totaling NOK 950 million to date, about 25% of market cap, with ongoing assessment of future payouts.

• Maintained resilient operational and financial performance despite lower reported revenue year-over-year.

Financial highlights

• Pro forma H1 2026 revenue was $130 million and EBITDA $68 million, while reported H1 2026 revenue was $60.3 million and EBITDA $28 million, both down from H1 2025 due to lower volumes lifted.

• Net loss after tax for H1 2026 was $59.4 million, compared to a net loss of $2.0 million in H1 2025.

• Cash and cash equivalents at June 30, 2026, were $57.3 million; gross debt was $297.8 million, following a $150 million bond tap in March.

• Announced NOK 50 million shareholder distribution for the quarter, with cumulative distributions of NOK 950 million and NOK 140 million in share buybacks.

• CapEx guidance confirmed at $72 million for 2026 on a pro forma basis, with $12.5 million spent YTD by June.

Outlook and guidance

• Group production expected to exceed 20,000 BOE/day in 2027, with potential to reach 23,000 BOE/day as new wells come online.

• FY 2026 production guidance (excluding CI-27): 15–17 kbopd working interest (pro forma).

• Guidance for Q3 and Q4 liftings at 1.3–1.5 million barrels per quarter, supported by inventory.

• Capex for the remainder of 2026 focused on drilling campaigns in Gabon and work at Block G.

• Shareholder distribution capacity for 2026 set at $21.6 million, with future distributions to be reviewed quarterly.