NewMed Energy (NWMD) Q3 2025 earnings summary

Executive summary

• Q3 2025 gas sales reached 3.1 BCM, with EBITDA of $187 million and net profit of $128.5 million, both down year-over-year.

• Net income for the nine months ended 30 September 2025 was $326.1 million, a 19.5% decrease, mainly due to lower gas sales volumes, prices, and temporary production halts.

• Revenues for Q3 2025 were $279 million, and for the nine months totaled $758.3 million, both reflecting declines from the prior year.

• Dividend distributions for 2025 included four quarterly payments of $60 million each.

• Key project milestones included Leviathan Phase 1B FEED completion, Egypt export agreement, and Bulgaria Black Sea exploration progress.

Financial highlights

• Q3 2025 revenues were $279 million, down from $313.6 million in Q3 2024.

• EBITDA for Q3 2025 was $187 million, with net profit at $128.5 million, both lower year-over-year.

• Net financial debt as of September 2025 was $1,176 million, with $240 million in cash and equivalents.

• Operating income for the nine months was $445.7 million, down from $540.3 million in the prior year.

• Net cash from operating activities for the nine months was $384.8 million.

Outlook and guidance

• Awaiting regulatory export permit for Egypt export agreement; Final Investment Decision pending.

• Maintenance and upgrade work in the Leviathan reservoir is scheduled for Q4 2025 and Q1 2026, expected to temporarily reduce production.

• Bulgaria Black Sea exploration campaign to begin by year-end 2025, with two wells planned.

• Aphrodite project budget for 2026 approved at $111.5 million gross, with FEED execution as the main focus.

• The partnership continues to explore financing alternatives to support Leviathan expansion and other investments.