Karoon Energy (KAR) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with housekeeping, confirmation of quorum, and introduction of board and executive team members.

• Voting procedures and online participation explained, with polls opened for all resolutions.

• Chair and CEO addressed shareholders, outlining strategic priorities and operational focus for 2025/2026.

• Agenda included Chair and CEO addresses, formal resolutions, and Q&A sessions.

Financial performance review

• Delivered a 16% total shareholder return in 2025, outperforming the ASX 200 Energy index.

• Production reached 10.3 MMboe in 2025, with 93% liquids and a 160% three-year reserves replacement ratio.

• 2025 sales revenue was $628.6 million, down 19% due to lower realized prices and fewer cargoes.

• Net debt stood at US $180.6m, with liquidity of US $452.7m as of March 2026 and AUD 283 million undrawn facility.

• Unit production cost averaged $13.20/boe, with gross margins of 66% and a globally competitive break-even of AUD 31/boe.

Board and executive committee updates

• New CEO Carri Lockhart appointed in November 2025, bringing offshore operational expertise.

• Board composition includes Chair Peter Botten, CEO and MD Carri Lockhart, and five non-executive directors.

• Eric Williams (CFO), Mark Mick (Chief Commercial & Technical Officer), and Beth Radtke (Chief People Officer) joined the executive team.

• Fernando Borges appointed as independent non-executive director, with further board transitions expected in the next 12-18 months.