Etablissements Maurel & Prom (MAU) Q3 2025 TU earnings summary

Executive summary

• Working interest production for the first nine months of 2025 reached 37,749 boepd, up 4% year-over-year.

• Valued production totaled $394 million, with consolidated sales at $489 million for the period.

• Average oil price was $70.6/bbl, down 15% compared to the same period in 2024.

• Significant operational developments include ongoing acquisitions and new exploration campaigns in Colombia, Gabon, and Angola.

Financial highlights

• Consolidated sales for the first nine months of 2025 were $489 million, a 13% decrease year-over-year.

• Valued production (excluding lifting imbalances and inventory revaluation) was $394 million, down 15% year-over-year.

• Service activities contributed $11 million, and trading of third-party oil added $102 million to sales.

• Net debt stood at $73 million at end-September, with $122 million in cash and $195 million in debt.

• Dividend of €0.33 per share (totaling $77 million) paid at the end of August 2025.

Outlook and guidance

• Completion of the 61% Sinu-9 gas permit acquisition in Colombia expected by end-2025, with production capacity targeted to increase to 40 mmcfd.

• Active drilling programs planned: Gabon (Etekamba exploration well), Tanzania (three-well campaign), and Colombia (six-well campaign on Sinu-9).

• Refinancing of the bank loan scheduled by end-2025 to extend maturity beyond July 2027.