Rex (5WH) H2 2025 earnings summary

Executive summary

• FY2025 revenue rose 7% YoY to US$318.80 million, while adjusted EBITDA fell 43% to US$91.14 million and loss after tax widened to US$152.70 million.

• Production remained above 10,000 boepd; higher Norway and Germany sales volumes more than offset lower Oman volumes and crude sale prices.

Financial highlights

• Revenue was US$318.80 million versus US$298.14 million in FY2024; adjusted EBITDA was US$91.14 million versus US$160.64 million.

• Loss after tax increased 204% to US$152.70 million from US$50.20 million, mainly due to higher production and operating expenses, depletion, and impairment losses.

• Gross profit declined 68% to US$31.99 million from US$99.13 million.

• Cash and cash equivalents plus quoted investments totaled US$56.25 million at 31 Dec 2025, versus US$130.17 million a year earlier.

Outlook and guidance

• Oman raised US$25 million for a three-well drilling program in Q1 2026 to boost Yumna Field production.

• Bestla tie-back to Brage is complete; wells are suspended pending Christmas tree installation in Q3 2026.

• Overall production remained above 10,000 boepd in FY2025, with new Brage discoveries contributing and Germany’s LRG contributing monthly production since 2025.