Deutsche Rohstoff (DR0) Q4 2025 earnings summary

Executive summary

• Positioned for strong growth over the next 12–24 months, with robust liquidity and operational momentum, especially in oil and gas development.

• Achieved significant success with the Almonty Industries divestment, realizing an initial profit of EUR 100 million and maintaining a EUR 250 million stake.

• Asset base strengthened to around EUR 815 million, with potential to exceed EUR 1 billion at higher oil prices.

• Oil and gas reserves reached an all-time high, nearly tripling since 2019, with a present value (PV10) of €470m at $60 WTI and €930m at $80 WTI.

• Share price increased over 50% in 2025, outperforming major indices and peers.

Financial highlights

• 2025 revenue reached nearly EUR 200 million, EBITDA EUR 130 million, and net income EUR 29 million.

• Revenue declined 17% year-over-year to EUR 195 million, mainly due to lower prices and FX effects.

• EBITDA declined 21% year-over-year, impacted by EUR 10 million in one-time workover costs.

• Free cash flow strongly positive at nearly EUR 24 million, supported by stable operating cash flow and lower CAPEX.

• Equity at EUR 220 million (-7% YoY); net debt reduced to EUR 146 million; leverage ratio at 1.1x.

Outlook and guidance

• 2026 revenue guidance: EUR 260–280 million; EBITDA: EUR 180–210 million, with high case revenue up to EUR 310 million and EBITDA up to EUR 250 million at WTI $75–85/bbl.

• 2027 revenue expected at EUR 300 million, EBITDA north of EUR 200 million at $75–$85 oil price.

• Production expected to rise to 17,000–18,000 BOEPD in 2026, with 26 wells planned and CAPEX of EUR 215–235 million.

• High flexibility to adjust drilling activity in response to oil price changes.