NewMed Energy (NWMD) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw strong operational and financial performance, with gas sales of 2.7 BCM and a 16.3% YoY increase in realized prices, driving robust results.

• Q2 2026 net income rose 45.1% year-over-year to $117.8M, despite increased production and depreciation costs.

• Leadership transition occurred, with Niv Sarne assuming the CEO role and expressing gratitude to the outgoing CEO.

• Major infrastructure projects were completed, enhancing production and export capabilities.

• The Leviathan reservoir remains the core asset, with ongoing expansion and new supply agreements.

Financial highlights

• Q2 2026 revenues reached $293 million, up from $191 million in Q2 2025, with net profit at $117.8 million.

• EBITDA for Q2 2026 was $207.9 million, up from $125.9 million YoY.

• Production increased to 2.7 BCM from 2 BCM in Q2 2025, with average gas price rising to $6.55/MMBtu.

• Dividend of $60 million declared for the quarter.

• Net revenues for H1 2026 were $391.1M, down 4.5% YoY due to lower volumes, offset by higher prices.

Outlook and guidance

• High gas prices expected to persist due to Brent price linkage and calculation lag.

• Leviathan Phase 1B expansion is 23% complete and on track for H2 2029, with drilling rig arrival expected by year-end.

• Aphrodite project progressing toward FID in H1 2027, with MOU signed for full gas offtake.

• Two seismic surveys, including a first-time OBN survey at Leviathan, to commence soon.

• 2026 revenue forecast for Leviathan sales revised up to $2.74B, reflecting higher Brent prices.