Panoro Energy (PEN) Q4 2025 earnings summary

Executive summary

• Acquired a 40.375% interest in Block G, Equatorial Guinea, for $180 million plus up to $39.5 million contingent, boosting 2P reserves by 110% and 2025 production by over 80%, with closing expected in summer 2026.

• Acquisition nearly doubles pro forma production and increases company size by over 100% on a true period basis for 2025.

• Acquisition funded by an oversubscribed $50 million equity private placement and $150 million bond tap.

• Q4 2025 group working interest production averaged 9,228 bopd; full-year 2025 averaged 10,263 bopd.

• Full-year 2025 net loss was $14.6 million, compared to a net profit of $60.7 million in 2024.

Financial highlights

• FY 2025 revenue was $216.8 million (down from $285.1 million in 2024); EBITDA was $97.6 million (down from $152.2 million in 2024).

• Q4 2025 revenue was $67.3 million, EBITDA $27.6 million; loss before tax was $8.1 million after $16.1 million impairments.

• Net cash flow from operations for 2025 was $73.3 million; capital expenditure was $39.5 million.

• Cash at year-end 2025 was $77 million, including $25 million advances against future oil liftings; gross debt $150 million.

• Shareholder distributions for 2025 totaled NOK 411 million, with cumulative distributions since March 2023 at ~30% of market cap.

Outlook and guidance

• 2026 group production expected to average 15,000–17,000 bopd, rising to 20,000 bopd by 2027.

• 2026 capital expenditure guidance is $55 million (excluding acquisition), with $17 million additional pro forma from increased Block G interest.

• 2026 liftings expected at 3.1–3.5 million barrels (current Block G), or 5.1–5.5 million barrels (pro forma).

• Hedging program in place for 500,000 barrels at minimum $66/bbl, targeting at least 50% of 2026 sales.

• 2026 distribution capacity estimated at $21.6 million (50% of free cash flow to equity), subject to bond terms.