Etablissements Maurel & Prom (MAU) H2 2025 earnings summary

Executive summary

• Achieved record operational and financial performance in 2025, with working interest production up 2% to 37,096 boepd and net income rising 74% to $428 million, driven by strong Venezuelan growth and a $287 million gain from the Seplat Energy stake sale.

• Significant progress in Venezuela following General License 50A, enabling a 34% production increase and a major boost in 2P reserves to 148 MMbbl.

• Strengthened financial structure with a positive net cash position of $179 million and closing cash of $460 million at year-end.

• Portfolio expanded through acquisitions, including a 61% stake in Colombia's Sinu-9 gas license and entry into Angola's Block 3/24.

• Increased shareholder returns, with $77 million in dividends paid in 2025 and a proposed 15% dividend increase to €0.38 per share (about $90 million) for 2026.

Financial highlights

• Sales reached $578 million, EBITDA $249 million, and free cash flow $236 million for 2025, with operating income at $403 million.

• Operating cash flow before working capital changes was $135 million, down 53% year-over-year.

• Dividends paid totaled $77 million, with a planned increase to €0.38 per share in 2026 (about $90 million).

• Gross debt at year-end was $282 million, with a positive net cash position of $179 million.

• Net income before non-recurring items was $166 million.

Outlook and guidance

• 2026 production expected to reach 42,700 boepd, with growth across Gabon, Angola, Venezuela, Tanzania, and Colombia.

• Development capex guidance for 2026 is $240 million, with exploration capex at $42 million.

• Operating cash flow forecast ranges from $190 million at $50/bbl Brent to $340 million at $80/bbl.

• Dividend policy targets steady increases, balancing shareholder returns with reinvestment for growth.

• $100 million in dividends expected from Venezuela operations, subject to liftings.