Seplat Energy (SEPL) investor relations material

Executive summary

• 9M production rose 7% YoY to 144,999 boepd; revenue increased 27% to $2,763.5m and adjusted EBITDA rose 38% to $1,529.9m.

• Free cash flow was $749m; net debt fell to $234.9m and net debt/TTM EBITDA improved to 0.14x, supporting higher distributions.

Financial highlights

• 9M gross profit was $1,188.3m, operating profit $1,067.4m and profit after tax $260.2m, up 35%, 50% and 174% YoY, respectively.

• EPS was $0.42, up 172% YoY; cash generated from operations increased 6% to $1,478.7m.

• Revenue growth reflected higher realised prices: oil averaged $96.19/bbl (+34% YoY), dry gas $3.18/Mscf (+8%) and NGLs $48.48/bbl (+4%).

• Adjusted EBITDA margin was 55% versus 51% YoY; 9M free cash flow was $749m, down 10% YoY.

• Cash at bank was $556.9m at September-end versus $332.3m at FY 2025; net debt declined 65% from $673.3m at year-end.

Outlook and guidance

• FY 2026 production guidance narrowed to 145–155 kboepd from 135–155 kboepd, with 4Q growth expected from idle-well restoration, drilling and ANOH ramp-up.

• Working-interest capex guidance reduced to $280–340m from $360–440m, mainly reflecting project phasing and delayed offshore rig mobilisation.

• Unit operating cost guidance increased to $15.5–16.5/boe from $14.5–15.5/boe; Yoho costs are expected to add ~$2.0/boe for FY 2026.

• FY 2026 cash tax guidance rose to $650–700m, assuming a $95/bbl average realised oil price; prior guidance was $600–650m at $85/bbl.

• Underlying FY 2026 dividend guidance remains $270m (45.0 cents/share); planned distributions including the proposed transaction dividend total $410m (68.3 cents/share).