NewMed Energy (NWMD) Q4 2025 earnings summary

Executive summary

• Q1 2026 results were impacted by a 33-day shutdown of the Leviathan platform, resulting in significantly lower income, EBITDA, and net profit compared to Q1 2025.

• Revenues for Q1 2026 were $164 million with production of 1.9 BCM, down from $288 million and 2.9 BCM in Q1 2025.

• Net profit for Q1 2026 was $0.1 million, compared to $160 million in the prior year.

• FY 2025 average sales reached 1,063 MMcf/d (187 Mboe/d), with Q4 at 1,093 MMcf/d (192 Mboe/d).

• Leviathan Expansion FID achieved; 3rd Gathering Line completed with $90mm budget saving.

Financial highlights

• FY 2025 sales: $1,094mm; EBITDA: $1,013mm; Net profit: $343mm.

• Q4 2025 sales: $277mm; EBITDA: $191mm; Net profit: $120mm.

• Q1 2026 revenues were $164 million, with a net profit of $0.1 million.

• The 33-day shutdown reduced revenues by $76 million; lower gas prices cut revenues by $27 million.

• One-time amortization of $74 million due to unsuccessful drilling in Bulgaria impacted expenses.

Outlook and guidance

• Full-year 2026 revenues for Leviathan are now forecast at $288 million, up from $255 million previously assumed, based on $90 Brent price.

• Upside of $330 million in income expected for 2026, with further upgrades possible after new pipeline projects come online.

• Leviathan production capacity to increase from 14 bcm/y to 21 bcm/y after expansion.

• Regional export capacity expected to reach 1,625 mmcf/d by 2028 with new pipeline projects.

• Krum prospect drilling underway, with results expected soon.