Energean (ENOG) Trading Update summary

Operational performance and safety

• Q3 production rose 35% quarter-on-quarter to 176 kboed, with 9M 2025 average at 151 kboed, in line with guidance.

• Lost Time Injury Frequency at 0.47 and Total Recordable Injury Rate at 0.93, both better than full-year targets.

• Scope 1 and 2 emissions intensity reduced to 7.7 kgCO2e/boe from 9.0 kgCO2e/boe year-on-year.

• Katlan (Israel) and Irena (Croatia) projects on track for first gas in H1 2027; Katlan milestones achieved ahead of schedule.

• UK well plugging and abandonment campaign completed below budget, ahead of schedule, and with zero LTIs.

Commercial and strategic developments

• Signed Nitzana transmission agreement for up to 1 bcm/yr gas supply to Israel for 15 years.

• Converted Dalia Energy term-sheet into a Gas Sales and Purchase Agreement worth over $2 billion.

• LOI signed for potential gas supply to Cyprus, with plans for a new subsea pipeline.

• Farm-out agreement with ExxonMobil for Block 2 in Greece, with Energean as operator for exploration.

Financial performance and guidance

• 9M 2025 revenues at $1,290 million, adjusted EBITDAX at $828 million, both down year-on-year due to planned shutdowns and lower Brent prices.

• Cost of production (excluding royalties) maintained at $6/boe; full-year guidance lowered to $550–590 million.

• Development and production expenditure in Israel increased to $480–500 million, mainly due to Nitzana pipeline and Katlan project milestones.

• Net debt guidance raised to $3,100–3,200 million; cash and cash equivalents at $238 million.

• Dividends of $166 million (90 cents/share) returned to shareholders; Q3 dividend declared.