Kolibri Global Energy (KEI) Q4 2025 earnings summary

Executive summary

• Achieved 15% year-over-year production growth to 4,013 BOE/day in 2025, with December production exceeding 5,600 BOE/day due to new wells coming online late in the year.

• Net income for 2025 was $15.5 million ($0.44 per basic share), down 15% from 2024, reflecting lower prices and higher expenses.

• Adjusted EBITDA for 2025 was $42.1 million, a 4% decrease year-over-year.

• Maintained low operating expenses at $7.33/BOE, slightly lower than 2024.

• Total proved reserves increased 1% to 40.8 million BOE with an NPV10 of $440.7 million as of December 31, 2025.

Financial highlights

• Net revenue for 2025 was $56.9 million, down 3% year-over-year due to a significant drop in realized prices, offsetting production gains.

• Oil and gas gross revenues for 2025 decreased 3% to $72.1 million; oil revenues fell 8% due to lower prices, while natural gas revenues rose 126% on higher prices and production.

• NGL revenue increased 13% year-over-year, driven by a 27% rise in production despite an 11% price decrease.

• Production and operating expenses rose by $1.1 million due to higher output; per barrel costs decreased 1% to $7.33 per BOE.

• Capital expenditures doubled to $62.6 million in 2025, exceeding guidance due to redrill costs and weather-related issues.

Outlook and guidance

• Production and cash flow from four new wells at year-end will primarily impact 2026 results.

• Significant oil price increases in March 2026 are anticipated to further improve 2026 financials.

• 2026 drilling program is set to begin in June, with capital expenditures expected to be significantly lower than 2025 unless drilling accelerates.

• Plans to drill additional wells in 2026, with flexibility to expand the program if oil prices remain elevated.