Conrad Asia Energy (CRD) Q2 2026 earnings summary

Executive summary

• Over 90% of Mako Gas Project capital contracts, totaling over US$290 million, have been awarded, with total project costs estimated at US$320 million, unchanged from prior guidance.

• The project is fully funded and on track for first gas in Q4 2027.

• Significant infrastructure progress includes the completion of the "hot tap" connection to the Pemping gas pipeline, enabling delivery to Indonesia's domestic market.

• Leadership restructure announced: CEO stepping back, Executive Chairman appointed, and CEO search underway.

Financial highlights

• Closing cash at 30 June 2026 was US$3.26 million.

• Net cash used in operating activities for the quarter was US$2.36 million; net cash used in investing activities was US$17.28 million.

• Net cash from financing activities was US$17.61 million, mainly from drawdowns under the Carry Loan Agreement.

• Total funds drawn under the Carry Loan Agreement at quarter-end were US$38.97 million.

• Payments to related parties during the quarter totaled US$0.54 million.

Outlook and guidance

• First gas from the Mako Gas Project remains targeted for Q4 2027.

• Project costs and funding remain in line with previous guidance, with sufficient financing facilities in place.

• Estimated available funding covers 1.39 quarters of operations, expected to normalize to 2.17 quarters after adjusting for one-off items.