Karoon Energy (KAR) AGM 2026 summary

Opening remarks and agenda

• Meeting opened with housekeeping, voting instructions, confirmation of quorum, and addresses from the Chair and CEO outlining strategic priorities and operational focus for 2025/2026.

• Introduction of board members, executive team, and auditors; agenda included formal resolutions and Q&A.

Financial performance review

• Delivered a 16% total shareholder return in 2025, outperforming the ASX 200 Energy index, with 7.4 AUD cps dividend paid and US $80m returned to shareholders.

• 2025 sales revenue was US $628.6m, underlying EBITDAX US $388.8m, and free cash flow from operations US $57.8m.

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

• Net debt at March 2026 was US $180.6m, with liquidity of US $452.7m available under the reserve base lending facility.

• Unit production cost averaged $13.20/boe in 2025, with 2026 guidance at US $12-15/boe, gross margins of 66%, and a globally competitive break-even of AUD 31/boe.

Board and executive committee updates

• New CEO and Managing Director, Carri Lockhart, appointed in November 2025, with board composition including Chair Peter Botten 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 in March 2026, with further board transitions expected over the next 12-18 months.