Energean (ENOG) Trading Update summary

Trading and operational performance

• Q1 2025 production averaged 145 kboed (84% gas), up 2% year-on-year, with a peak of 180 kboed during high demand in Israel.

• Group production outside Israel rose 9% due to increased volumes in Italy, offsetting declines in Egypt.

• Revenues were $407 million, slightly down from Q1 2024, while adjusted EBITDAX rose 7% to $278 million.

• Group net debt increased 4% to $3,079 million, mainly from payables in Morocco and Egypt and higher receivables in Egypt.

• Cash at quarter-end was $265 million, with total liquidity of $946 million.

Strategic and portfolio developments

• Over $4 billion in new gas sales agreed in Israel, bringing total contracted revenues to $20 billion over 20 years.

• Interest in Morocco licenses transferred to Chariot Limited, removing liabilities.

• Prinos CO2 project in Greece advanced, with 15 MoUs signed for 6.12 million tonnes/year of storage.

• Progress in Egypt includes plans to merge offshore concessions and pursue infill drilling at Abu Qir.

• Italy and Croatia portfolios focus on near-field and infrastructure-led growth, including Vega West and Irena development.

Guidance and outlook

• 2025 production guidance refined to 155-165 kboed, reflecting actual performance and portfolio changes.

• Cost of production (including royalties) expected at $590-640 million (~$10/boe).

• Development and production capex guided at $480-520 million, with $380-400 million for Israel.

• Year-end 2025 net debt forecast at $2,800-3,000 million, factoring in Egypt receivables.

• Ongoing evaluation of M&A and organic growth opportunities across EMEA, with focus on capital discipline and free cash flow.