NewMed Energy (NWMD) Q2 2025 earnings summary

Executive summary

• Signed major new and amended gas supply agreements with Egypt, Jordan, and ICL Group, including a 130 BCM deal with Egypt supporting Leviathan expansion through 2040.

• Q2 2025 gas sales reached 2.0 BCM, with EBITDA of $126 million and net profit of $81.2 million, down from Q2 2024.

• Three $60 million profit distributions were approved or executed in 2025, totaling $120 million so far.

• Ongoing development and exploration in Bulgaria and Aphrodite, with two wells planned for late 2025.

• Production was impacted by a 12-day halt due to Operation Rising Lion and other planned shutdowns.

Financial highlights

• Q2 2025 revenues were $192 million, with net profit of $81.2 million, both down from Q2 2024 ($295 million revenue, $137 million net profit).

• EBITDA for Q2 2025 was $126 million, down from $204 million in Q2 2024.

• Cash and equivalents at $390 million as of June 2025.

• Net financial debt reduced to $1.1 billion after repaying $600 million in Leviathan bonds.

• Net cash from operating activities in H1 2025 was $303.2 million, up year-over-year.

Outlook and guidance

• Final investment decision for Leviathan Phase 2 targeted for Q4, with production ramp-up expected by 2029.

• Egypt BOE agreement underpins long-term export growth and Leviathan expansion through 2040.

• Infrastructure projects, including new pipelines and debottlenecking, to increase export capacity by 2029.

• Bulgaria exploration campaign expected to commence in late 2025, targeting significant gas resources.

• Ongoing dividend distributions are planned, supported by modular capacity expansion and balanced debt.