Afentra (AET) H2 2025 earnings summary

Executive summary

• Completed a strategic review, deciding to remain independent due to undervalued offers and strong internal growth prospects, with a unique focus on value-driven expansion in Angola and disciplined execution.

• Five years of delivery have established a scalable, producing portfolio with embedded organic growth and a supportive market backdrop.

• Significant portfolio expansion in Angola, both offshore and onshore, with material production growth potential and a clear roadmap to increase net production from 6,000 bopd to over 20,000 bopd by 2030.

• Recent refinancing and a carry from Sonangol support accelerated drilling and development, with near-term catalysts including Pacassa Southwest and Impala wells.

• Focused on organic growth, leveraging existing assets and infrastructure, with offshore redevelopment and onshore exploration underpinning multi-year production growth.

Financial highlights

• 2025 net production reached 6,324 bopd, with revenue of $114.4 million and adjusted EBITDAX of $51.7 million; $90–91 million revenue already realized in the first four months of 2026.

• New $125 million, four-year Gunvor prepay facility refinanced previous debt, lowering cost of capital and increasing funding flexibility.

• Maintained low leverage and no equity dilution since inception, with net debt at $21.8 million at year-end 2025.

• April cargo realized nearly $120/bbl, benefiting from market volatility.

• Pre-capex asset cash generation expected to rise from $57 million (2025 actuals) to ~$225–260 million by 2028 at $70–90/bbl oil price.

Outlook and guidance

• Production expected to double by 2028, reaching 10,000 bopd in 2027 and over 20,000 bopd by 2030, with net production growth targeted to ~13,000 bopd by 2028.

• Onshore Kwanza basin to deliver early revenue from 2027, with further exploration and redevelopment planned.

• Offshore redevelopment and onshore fast-cycle exploration to drive multi-year production growth, with first oil from Pacassa SW and Impala-2 expected in 2026.

• Pre-capex asset cash generation forecasted at $190–260 million per annum at ~13,000 bopd.

• No immediate plans for dividends or buybacks; focus remains on growth and disciplined M&A in Angola and West Africa.