Kistos (KIST) H2 2025 earnings summary

Executive summary

• Achieved transformational year with first oil from Balder Future project and expansion into the MENA region, enhancing 2P reserves and cash flow.

• Ongoing delivery of Balder Phase V and VI, and sanctioning of Balder Next, targeting significant reserve additions.

• Proforma production guidance for FY26 set at 19,000–21,000 boepd, with reserve additions under review.

• Actively pursuing further value-accretive M&A opportunities in MENA and Europe.

Financial highlights

• Adjusted EBITDA for 2025 was $97 million, up from $95 million in 2024.

• Revenue for 2025 was $212.9 million, slightly down from $216.3 million in 2024.

• Statutory loss after tax narrowed to $2 million from $52 million loss in 2024.

• Adjusted net debt increased to $76 million from $52 million in 2024.

• Strong cash position with $209 million as of 31 May 2026, rising to $268 million on a near-cash basis.

Outlook and guidance

• FY26 production guidance at 19,000–21,000 boepd; reserve additions under review post-project announcements.

• Oman acquisitions add 25.6 mmboe of 2P reserves; further M&A opportunities being evaluated.

• Balder Next project to deliver additional volumes from 2027, targeting 86 mmboe gross reserves.

• Plans to drill over 30 exploration wells in Oman by 2029.