Rex (5WH) H1 2026 earnings summary

Executive summary

• H1 FY2026 revenue fell 58.8% YoY to US$63.67m; net profit was US$84.04m versus a US$29.65m loss, primarily reflecting a US$144.72m one-time gain on deconsolidation.

• Adjusted EBITDA fell 69.3% to US$20.75m from US$67.49m; basic EPS was 6.83 US cents versus a loss of 1.86 US cents.

Financial highlights

• Crude oil and gas revenue declined 59.3% YoY to US$62.75m; goods and services revenue rose to US$0.92m from US$0.20m.

• Gross profit was US$27.30m, down 26.4% YoY; operating results were US$141.86m versus US$10.68m, boosted by the deconsolidation gain.

• Administrative expenses increased 49.4% to US$26.19m; finance expense rose 48.7% to US$18.34m, and net FX loss widened to US$8.66m.

• Tax expense rose to US$33.58m from US$27.26m, mainly on higher taxable expense in Norway, partly offset by lower Oman crude oil tax.

Outlook and guidance

• Preparing a three-well Yumna Field drilling programme in Oman to increase production; the revised start date will be updated in due course.

• Operational plans will be updated for shareholders if material developments arise.

• No interim dividend was recommended; cash is being retained for operations, financial strength, working capital and capital commitments.