Amplitude Energy (AEL) H2 2025 earnings summary

Executive summary

• Achieved record production, revenue, EBITDA, and cash flow in FY 2025, with production up 17% and revenue up 22% year-over-year, driven by higher output and realized gas prices.

• Continuous improvement initiatives delivered $20 million in cash flow improvements, with further cost reductions and efficiency gains targeted for FY26.

• Safety and environmental performance remained exemplary, maintaining carbon-neutral status, industry recognition, and a 59% reduction in flaring since FY23.

• ECSP on track, with drilling and development progressing and first gas targeted for 2028.

Financial highlights

• FY 2025 production reached 26.6 PJ, up 17% year-over-year; revenue was $268.1 million, up 22%.

• Underlying EBITDA/EBITDAX rose 36% to $174 million (65% margin); adjusted cash from operations increased 40% to $160.5 million.

• Unit production cost declined to $2.33/GJ, supporting strong margin growth.

• Underlying profit after tax was $11.4 million, up from $1.4 million in FY 2024.

• Cash and equivalents at year-end were $62.2 million, up 335%; net debt reduced by over $35 million since Q1 FY25 peak.

Outlook and guidance

• FY 2026 production guidance: 69–74 TJ/day, with production expenses of $54–60 million and CapEx of $125–$150 million, mainly for ECSP drilling.

• Focus on executing the ECSP, maximizing asset utilization, increasing realized gas prices, and further cost reductions.

• No major maintenance shutdowns planned for FY26; further cost savings and margin expansion targeted.

• Anticipates higher operating cash flows and lower restoration payments in FY 2026.