Ithaca Energy Provides Trading Update FY 2025

05 Feb Ithaca Energy Provides Trading Update FY 2025

Ithaca Energy, a leading UK independent production and growth company, today provides the following unaudited trading update for the year ended 31 December 2025.

Operational Highlights:

• Strong 2025 production: Average production of 119 kboe/d (2024: 80 kboe/d) in-line with previously upgraded guidance of 119-125 kboe/d and notwithstanding unprecedented levels of turnaround activity in the year
• Entering 2026 with increased installed production capacity: 2025 exit rate of approximately 148 kboe/d achieved, with a peak daily production exceeding 150 kboe/d in the period following delivery of new wells at Cygnus, Seagull and J Area
• Safe and responsible operator with ‘perfect day’ strategy driving positive trend in HSE performance: Zero Tier 1 or Tier 2 events recorded in the year and improved HSE performance with a material reduction in Total Recordable Injury Rate and in Greenhouse Gas emission intensity from 2024
• Material resource base: Preliminary 2P Reserves of over 350 mmboe and 2C Resources of over 300 mmboe as at 31 December 2025 (2024 2P Reserves and 2C Resources: 657 mmboe). Reserve/resource replacement delivered through material organic and inorganic investment across key growth areas with 2P reserves replacement ratio of over 130%

Financial Highlights

• Improved financial performance: 2025 adjusted preliminary EBITDAX of $2.0 billion (2024: $1.4 billion), reflecting the Group’s significantly enhanced cash generation capacity
• Transformed cost base: Estimated 2025 net operating costs of $817 million, representing a net unit opex cost of $19/boe (2024: $22/boe), at mid-point of the lowered management guidance of $790- 840 million, and reflecting the high netback capability of the portfolio
• Hedge position provides strong coverage into 2026: Material hedge book at year end 2025, with further proactive hedging through Q1, taking advantage of upside market volatility, to build a strong hedge position at 31 January of 43.8 mmboe (c.58% oil, c.42% gas) into 2027, with average oil swap pricing >$66/bbl and average gas swap pricing of 92p/therm, protecting 2026 cash flows in an anticipated weaker commodity price environment
• Financial firepower to support continued growth: Low leverage position of 0.56x with significant available liquidity of $1.5 billion at 31 December 2025, including $1.3bn fully undrawn Reserve Based Lending facility, which underpins capital allocation flexibility to continue to execute on our value creation strategy
• Material tax loss position protects cash flows: Estimated Group cash tax paid in the year of $263 million, which is below the Group’s management guidance range of $270- 300 million
• Delivering attractive shareholder returns: Accelerated second interim dividend of $133 million paid in December, took total cash distributions declared in 2025 to $500 million. The Group remains committed to delivering attractive returns to its shareholders, reaffirming total dividend target of $500 million for FY 2025 with $200 million expected to be declared on FY 2025 results

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