Deutsche Rohstoff (DR0) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 6% year-over-year to EUR 59.1 million, with EBITDA up 4% to EUR 43.2 million, driven by strong production from new wells started at end-2024.

• Net profit declined to EUR 12.5 million (EUR 2.55/share) from EUR 15.0 million (EUR 2.99/share) due to exchange rate losses and higher depreciation/interest expenses.

• Operating cash flow reached EUR 44.7 million; free cash flow was EUR 22.1 million; net debt reduced by over 14% to EUR 134.3 million.

• Equity increased to EUR 239.3 million, with a record equity ratio of 45.7%.

Financial highlights

• Oil and gas production totaled 1.31 million BOE (down from 1.34 million BOE), with oil output up 9% to 850,107 BO; oil share of production rose to 65%.

• Realized average oil price after hedges was USD 68.94/bbl; gas realized at USD 3.49/MMBtu.

• OPEX was USD 8.80/BOE; depletion at USD 17.24/BOE.

• Q1 revenue by subsidiary: 1876 Resources EUR 43.4m, Salt Creek Oil & Gas EUR 14.3m, Elster Oil & Gas EUR 1.2m.

Outlook and guidance

• One-third of full-year revenue and EBITDA guidance already achieved in Q1; hedges cover ~40% of revenue from April at >USD 69.50/bbl.

• Drilling program reduced from 12 to 10 wells for 2025, but flexibility remains to adjust investments as market conditions change.

• Management remains confident despite commodity price and FX volatility, citing strong liquidity, hedging, and cost discipline.