Pharos Energy (PHAR) H1 2025 TU earnings summary

Executive summary

• Achieved strong first half with stable production and healthy free cash flow despite volatile macro conditions.

• Full year production and cash capex guidance reiterated; focus remains on sustainable shareholder returns and disciplined capital allocation.

• Preparations underway for significant drilling campaigns in Vietnam and Egypt to sustain and grow production.

Financial highlights

• Group 1H revenue was approximately $65.3m, slightly up from $65.0m in 1H 2024.

• Cash balances at 30 June 2025 stood at $22.6m, up from $16.5m at year-end 2024; company remains debt free.

• Egypt receivable balance increased to $33.5m at 30 June 2025, with $5.5m received in 1H and an additional $1m in July.

• Final dividend of 0.847 pence/share (approx. $4.7m) approved, with total 2024 dividend at 1.210 pence/share ($6.5m).

Outlook and guidance

• Group 2025 production guidance maintained at 5,000–6,200 boepd net.

• Vietnam FY25 production guidance: 3,600–4,600 boepd net; Egypt FY25: 1,400–1,600 bopd.

• Full year cash capex forecast unchanged at $33m–$40m, with ~$17m expected in early 2026.

• 25% of 2H entitlement production hedged with average floor/ceiling prices of $61.3/bbl and $84.5/bbl.