Rex (5WH) H1 2025 earnings summary

Executive summary

• 1H FY2025 revenue was US$154.50m, down from US$158.67m YoY, while average production rose to 11,208 bpd from 10,934 bpd.

• Net loss widened to US$29.65m from US$10.45m, reflecting higher production and depletion costs, an US$8.73m exploration-asset impairment, FX losses and US$27.26m tax expense.

Financial highlights

• Crude oil and gas sales were US$154.29m versus US$158.18m; goods and services revenue was US$0.20m versus US$0.49m.

• Gross profit fell to US$37.10m from US$62.71m; adjusted EBITDA was US$67.49m versus US$88.25m.

• Operating activities result was US$10.68m versus US$44.96m; net finance expense rose to US$13.07m from US$6.96m, and FX loss was US$3.99m versus US$0.51m.

• Operating cash flow was US$37.18m versus US$84.41m; investing outflow was US$72.07m and financing inflow US$1.86m.

Outlook and guidance

• H2 FY2025 plans include three Sèmè redevelopment wells in Benin, three Brage wells and a Bestla tie-back well in Norway, and two Erfelden-area wells in Germany in Q4.

• Schwarzbach drilling targets an additional 500 boepd in January 2026; a larger production-ramp campaign is scheduled for H2 2026.

• 3Q FY2025 projected funds use totals US$116.00m, including US$56.52m in Norway and US$47.14m in Benin.

• Oman debt-financing alternatives are under consideration; Yumna plans include optimising existing wells and phasing in new development wells.