BW Energy (BWE) Q4 2025 earnings summary

Executive summary

• Achieved record annual production in 2025, reaching 30,000 barrels per day, with strong operational performance, reduced unit OpEx, and EBITDA of $414 million.

• Major projects, including Maromba, MaBoMo Phase 2, and Golfinho Boost, progressed on schedule and within budget, supporting future growth.

• Secured $1 billion in low-cost financing, optimizing liquidity and supporting ongoing developments.

• Strategic expansion included acquisitions in Angola and Namibia, enhancing the asset base and production diversification.

• Robust cash generation and a resilient financial structure position the company for long-term value creation.

Financial highlights

• 2025 EBITDA was $414 million, net profit $133 million, and year-end cash $150 million, with total liquidity of $366 million including undrawn facilities.

• Q4 2025 EBITDA was $37.1 million, net profit $3.3 million, and revenue $123.8 million; full-year revenue was $797.9 million.

• Q4 production totaled 2.3 million barrels, with 1.8 million barrels sold due to delayed lifting.

• Operating cash flow for Q4 2025 was $63.5 million, with investment spend lower than guided due to rig financing converted to lease.

• Net debt to EBITDA increased to 1.5 at year-end, reflecting investment ramp-up and temporary EBITDA reduction.

Outlook and guidance

• 2026 production guidance is 9–11 million barrels (25,000–30,000 barrels per day), with operating costs of $20–$24 per barrel and CapEx of $500–$600 million.

• G&A expenses expected to decline to $12–$14 million as more costs are allocated to projects.

• Production expected to be flat in 2026, with significant growth anticipated post-Maromba first oil and a target of 90,000 barrels per day by 2028.

• MaBoMo Phase 2 first oil expected to offset natural decline by end-2026; Golfinho production to increase after maintenance.

• Net production expected to exceed 3x 2022 levels by 2028.