Jadestone Energy (JSE) H1 2026 earnings summary

Executive summary

• Achieved 13.6 million man-hours lost-time injury free, maintaining strong HSE performance and operational momentum despite unplanned downtime at Stag and CWLH.

• Debt successfully refinanced via an oversubscribed $200 million Nordic bond, enhancing liquidity and financial flexibility.

• Advanced key projects: Malaysia drilling campaign delivered >8,500 bbl/d incremental production, Vietnam Nam Du/U Minh project secured FDP and GSPA approvals, and FID targeted by end-2026.

• Operational and financial performance impacted by downtime at Stag (cyclone damage) and CWLH (maintenance delays), with defined recovery plans in place.

Financial highlights

• Revenue before hedging rose 13% year-over-year to $261.1 million; net revenue after hedging was $234 million.

• Adjusted EBITDAX was $102 million, nearly flat year-over-year.

• Net loss after tax of $4.8 million, compared to a profit of $37.6 million in H1 2025, due to higher costs and downtime.

• Net cash from operations nearly doubled to $97.2 million from $53.8 million year-over-year.

• Net debt at June 30, 2026, was $25.7 million, with $174 million in cash and $200 million in debt from the bond issuance.

Outlook and guidance

• 2026 group production guidance maintained at 16,000–18,000 boepd, reflecting delays at CWLH and Stag; CWLH restart expected by end Q3 2026, Stag in Q2 2027.

• Total production cost guidance at $260–300 million, likely at the upper end due to FX, fuel, and royalties.

• CapEx guidance unchanged at $50–80 million, excluding Vietnam development CapEx until FID.

• Free cash flow for 2025–2027 projected at $200–240 million at $70/bbl Brent.