Nostrum Oil & Gas (NOG) H2 2025 earnings summary

Executive summary

• Achieved resilient financial performance in FY 2025 despite lower commodity prices and natural production decline at Chinarevskoye field.

• Maintained LTI-free operations, strengthened safety culture, and advanced governance and internal controls.

• Focused on liquidity preservation, operational efficiency, and constructive stakeholder engagement on debt maturity extension.

Financial highlights

• Revenue was $118.0 million, down from $137.1 million in FY 2024, due to a 21% production decline and a 14.3% drop in Brent crude prices.

• EBITDA was $37.6 million (FY 2024: $48.9 million), with an EBITDA margin of 31.9% (FY 2024: 35.7%).

• Operating cash flow before one-off items was $29.9 million (FY 2024: $33.1 million).

• Unrestricted cash and cash equivalents at year-end were $143.3 million (2024: $150.4 million); restricted cash was $26.6 million.

• Net debt increased to $541.5 million (2024: $404.4 million), mainly due to capitalised interest and fair value amortisation.

Outlook and guidance

• Priorities for 2026 include safe operations, financial resilience, and disciplined execution of strategic objectives.

• Chinarevskoye field 2026 production guidance: 5,000–6,000 boepd.