DANA GAS (DANA) Q1 2026 earnings summary

Executive summary

• Net profit for Q1 2026 rose 72% year-over-year to $74 million, driven by a $48 million one-off metering adjustment in Kurdistan and resilient operations, partially offset by a $6 million drilling write-off in Egypt.

• Revenue increased 59% year-over-year to $145 million, supported by higher production and the one-off adjustment.

• Group production averaged 53,150 boepd, with Egypt production up 4% year-over-year and Kurdistan down 3% due to temporary suspension.

• Liquidity was enhanced by a new $75 million loan facility and full settlement of overdue receivables in Egypt.

• FY 2025 dividend increased 18% to 6.5 fils per share, totaling $124 million.

Financial highlights

• Net profit reached $74 million, up 72% year-over-year, including a $48 million one-off gain and a $6 million one-off cost; underlying net profit was $26 million.

• Revenue rose to $145 million, up from $91 million in Q1 2025.

• EBITDA increased to $108 million from $58 million in Q1 2025.

• Cash balance at quarter-end was $228 million.

• Total collections in Q1 2026 were $68 million, with 100% collection rate in Kurdistan and 50% in Egypt.

Outlook and guidance

• Focus remains on maximizing production capacity, progressing growth projects like Chemchemal, and utilizing available capacity as conditions normalize.

• Planned drilling and workover activities in Egypt to sustain production growth momentum.

• Higher operating, depreciation, and finance costs post-KM250 are expected to be transitional as utilization increases.

• KM250 is expected to add up to $160 million in annual revenue at full capacity.

• Egypt capex for 2026 expected at ~$50 million to support drilling and ongoing activity.