Atlantic Petroleum (ATLA DKK) Q2 2025 earnings summary

Executive summary

• Debt restructuring agreement reached in April 2025, reducing total debt by at least DKK 90MM after finalization.

• Activity level and costs kept minimal; G&A cost for H1 2025 was DKK 0.4MM.

• Orlando field expected to produce at stable rates through 2025, with cash generation forecasted.

• Net loss for H1 2025 was DKK 2.5MM; net assets/shareholders' equity at DKK -115.0MM.

• Board prioritizing debt solution and seeking growth via production assets in low-risk countries.

Financial highlights

• Revenue for H1 2025 was DKK 0; no gross profit or exploration expenses.

• EBITDAX and operating profit (EBIT) for H1 2025 were both DKK -3.2MM, down from DKK 4.3MM in H1 2024.

• Net loss for H1 2025 was DKK 2.5MM, compared to a profit of DKK 2.5MM in H1 2024.

• Cash provided by operating activities was DKK -0.5MM; cash and cash equivalents at period end were DKK 145K.

• Share price at period end was DKK 3.15, down from DKK 5.12 a year earlier.

Outlook and guidance

• Company expects to be cash generating in 2025, contingent on Orlando production, oil prices, and exchange rates.

• Activity level to remain minimal for the rest of 2025 due to tight cash flow.

• Board will review new opportunities to replace Orlando field, which is nearing end of life.

• Accounts prepared on a going concern basis, dependent on debt restructuring and Orlando cash flows.