Ithaca Energy Plc · LSE:ITH
Ithaca Energy — FY2025 Earnings Presentation
45 slides from Ithaca Energy's earnings presentation, March 2026
Slide 1: Delivering on our strategy
Delivering on our strategy FY 2025 RESULTS PRESENTATION | MARCH 2026
Slide 2: Today's Agenda
Today’s Agenda Our vision in action 01 Proven strategy supporting value-driven growth 02 Financial update 03 Closing remarks 04 Q&A 05 ITHACA ENERGY PLC FY 2025 RESULTS 2
Slide 3: Our Vision in Action
Our Vision in Action Scale. Stability. Strength.
Slide 4: Strong operational performance, delivering on upgraded production outlook
Strong operational performance, delivering on upgraded production outlook 2025 Guidance 2025 Actual UPGRADED PRODUCTION AT HY RESULTS 1,2 PRODUCTION 1,2 119-125 kboe/d 119 kboe/d NET OPEX 1,3 NET OPEX 1,3 $790 -840m $817m NET PRODUCING ASSET CAPEX 1,4 1,4 NET PRODUCING ASSET CAPEX $630 -670m $629m R
Slide 5: Strong strategic delivery in 2025, supporting our vision
Strong strategic delivery in 2025, supporting our vision for ‘Scale. Stability. Strength.’ Scale. Stability. Strength. 119 kboe/d $2.0bn $1.5bn 2025 Production 2025 Adj. EBITDAX Available liquidity Strong 2025 production, delivering in Enhanced financial performance and Successful€450m 5.5% bond iss
Slide 6: Our vision in action: Scale
Our vision for ‘Scale. Stability. Strength.’ in action Track record for building material scale organically and inorganically, driven by strong strategic Balanced pro forma 1 production & operational execution mix Production Kboe/d 105 119 131 52% LIQUIDS 66 71 70 56 29 1 FY 2019 FY 2020 FY 2021 FY
Slide 7: Our vision in action: Stability
Our vision for ‘Scale. Stability. Strength.’ in action Significant organic growth optionality maintaining production >120k/boed Production1 Stability Kboe/d Material resource base of 658 mmboeprovides portfolio longevity Maintaining production above 120 kboe/d (post organic Organic growth optionalit
Slide 8: Our vision in action: Strength
Our vision for ‘Scale. Stability. Strength.’ in action $1.5 bn c.80 % <$19 / boe Available 2026 volumes hedged taking FY 2025 liquidity advantage of market volatility Opex per boe Strong hedge protection of cash flows Material financial firepower High netback capability of portfolio Strength to supp
Slide 9: Proven strategy supporting value-driven growth
Proven strategy supporting value- driven growth
Slide 10: Executing across our strategic pillars
Executing across our strategic pillars Successfully executing our value-orientated growth strategy, supporting attractive shareholder returns 2025 Strategic highlights: Significant progressionof West 01 Optimising production across our portfolio delivering strong 2025 production, and entering 02 of
Slide 11: Strategy in focus: Sustain and optimise production
Strategy in focus Key takeaways Sustain and optimise production Focus on ‘perfect day’ has deliveredmaterial Objective improvements across all operational metrics– To be the best safety, environmental and production– with top performing operator in quartile production efficiency the basin, optimisin
Slide 12: Safe and responsible operator
Safe and responsible operator Focus on ‘perfect day’ driving improvements across all key operational metrics Tier 1 & 2 Process Safety Events Total recordable case frequency GHG Intensity (KgCO 2 e/ boe) 2 3.4 25 3.3 23.8 23.9 Material and consistent 17.2 2.3 trend in reduction of total 1 1.7 record
Slide 13: Guidance
FY 2025 production of 119 kboe/d, with strong medium-term outlook above 120 kboe/d offering scale and stability 120 -130 kboe/d NSAI CPR as at Guidance 31 December 2025 Excellent operational performance in 2025 with average production of 119kboe/d, delivering on the Group’s Productionkboe/d First fu
Slide 14: Captain: A material year of activity focused on life extension and efficiency
Captain: A material year of activity 2025 NET PRODUCTION focused on life extension and efficiency ~17 kboe/d 01 02 03 Successful progression of 13th Well Major flotel campaign completed in In response to EOR phase II, production campaign in the year. The first phase 2025, to support optimisation and
Slide 15: Cygnus: Organic and inorganic investment in the field in 2025
Cygnus: Organic and inorganic investment 2025 NET PRO FORMA PRODUCTION 1 in the field in 2025, with future upside identified ~24 kboe/d 01 02 03 Cygnus infill well campaign continued Two further infill wells sanctioned (C14, Further investment potential, including two through 2025, with well C12 ach
Slide 16: J Area: Material investment delivering strong production growth
J Area: Material investment delivering 2025 NET PRODUCTION strong production growth in the Area ~20 kboe/d 01 02 03 Three high impact wells delivered in Production further optimised by continued Sustained investment in the area has 2025, including the tie-back of a successful strong performance at t
Slide 17: Seagull: Fourth and final planned well online in 2025
Seagull: Fourth and final planned well online in 2025 NET PRO FORMA PRODUCTION 1 2025, with strong production from the field ~14 kboe/d reported 01 02 03 First production from final planned Early well performance of new J4 well Completion of this well marked the transition Seagull well delivered in
Slide 18: Rosebank: FPSO sail-away represents key project milestone
Rosebank: FPSO sail-away represents key project milestone Offshore installation FPSO Rosebank The safe completion of campaign completed recently sailed away mooring and hook-up safely in 2025, ahead from Dubai having of the vessel represents of drilling campaign, undertaken major the next critical t
Slide 19: Strategy in focus: Unlock material organic growth opportunities
Strategy in focus Key takeaways Unlock material organic growth opportunities Significant and growing presencein West of Shetland, accounting for 303 mmboeof net 2P reserves & 2C resouces, with Rosebank nearing Objective first productionin 2026/27 and Cambo and Tornado progressing through key regulat
Slide 20: Long-life reserves base supporting material organic growth
Long-life reserves base supporting material organic growth Material and long-life reserve base with track record of reserve maturation Strong pipeline of organic growth opportunities to support long -term and additions supporting a R/P ratio of above 15 years and a RRR of >130% production growth, wi
Slide 21: Further unbooked resources identified, with 1bn barrel potential
Furtherunbooked resources identified, with 1bn barrel potential 1 bn barrel resource potential identified through our own internal resources review 133 Farm-in to Tobermory not captured in YE reserves audit, representing unbooked 354 304 net 2C resources of approximately 25 mmboe 200 ~ 1 bn 658 barr
Slide 22: Cambo: As the largest pre-FID undeveloped discovery
Cambo: As the largest pre-FID undeveloped discovery in the UKCS, Cambo is a critical asset to UK energy security >140 mmboe >700 c.1,400 ~£14 bn ~0.7 % Cambo Gross Estimated UK–based FTE Estimated peak number Gross value added Development GVA as Recoverable Reserves jobs over the full life of the of
Slide 23: Cambo: Project maturing through key milestones
Cambo: Project maturing Updated Field Development Plan and through key milestones Environmental Statement submitted in Q1 2026, reflecting project optimisations identified during successful technical refresh Completing tenders for the Engineering, Procurement, Construction and Commissioning (EPCC) o
Slide 24: West of Shetland Area
West of Shetland Area Gas development strategy: initiating and maturing prospective and contingent resources towards development Tobermory Zeppelin Rosebank Greater Cambo Greater Tornado Area Tornado Tobermory Area Suilven Spitfire Tornado development Pemberton 50% farm-in to Tobermory progressing t
Slide 25: Strategy in focus: Inorganic growth strategy
Strategy in focus Key takeaways Inorganic growth strategy Continued execution of UKCS consolidation strategy, increasing interests in high -quality, well-understood assets, that offer upside potential Clear framework for assessing M&A activity, with M&A only executed when parameters are met. Consoli
Slide 26: Active but patient pursuit of M&A
Active but patient pursuit of M&A Guided by clear investment parameters to support UKCS consolidation and focused international expansion, with recent Seagull and Cygnus acquisitions delivering on every investment metric Will focus on… With clear framework for assessing opportunities… Delivering bot
Slide 27: Financial strength and discipline
Financial strength and discipline
Slide 28: 2025 financial and operational performance
2025 financial and operational performance Enhanced cash generation and financial strength 2025 AVERAGE OPEX PER BOE 1 2025 ADJ. EBITDAX 2 PRODUCTION 119 kboe/d $19/ boe $2.0bn 2025 LOSS FOR YEAR 2 NET CASH FLOW FROM OPS 2 FREE CASH FLOW 2 $(84)m $1.7bn $683m ADJUSTED NET DEBT AVAILABLE LIQUIDITY PR
Slide 29: Adjusted EBITDAX analysis
Adjusted EBITDAX analysis 2025 3 FY 2024 3 FY 2023 Adjusted EBITDAX per Production kboe/d mmboe kboe/d Mmboe kboe/d mmboe Oil 61 22 41 15 43 16 barrel of $47/ boe Gas 52 19 25 9 24 9 reflects benefits of hedging gains Condensate 6 2 3 1 3 1 despite softeningrealised oil and gas Total production 119
Slide 30: Financial framework underpinned by strong cash flows, low leverage ratio
Financial framework underpinned by strong cash flows, low leverage ratio Adjusted net debt of $1,258m and robust liquidity position of $1.5bn, following upsizing of RBL facility in September 2025 Adjusted net debt: Available liquidity: Leverage position: New Senior Notes facility of€450 million with
Slide 31: Enhanced and balanced capital allocation framework
Enhanced and balanced Capital allocation framework sets clear capital allocation priorities protecting cash flows and providing resilience capital allocation framework through the cycle while supporting long- term growth and attractive sustainable shareholder returns Capital allocation 01. Invest 02
Slide 32: In Focus - Invest: Opex per boe
IN FOCUS - INVEST Sustained reset inOpex per boe in the medium-term reflecting the benefits of enlarged portfolio and lowopex developments $820 -$860 million Guidance NSAI CPR as at 31 December 20251 Enlarged portfolio supports a reduction inopex/ boe with a medium-term forecast to reset at approxim
Slide 33: Material capital investment to support medium-term outlook
IN FOCUS - INVEST Material capital investment to support medium -term outlook FY 2026 Producing Asset Capex reflectsmaterial spend in the year FY 2026 Rosebank Capex reflects the last material year of project spend at Captain, Cygnus and Elgin Franklin to sustain and optimise medium - as the develop
Slide 34: Hedging Policy: Delivering shareholder returns and capital programme protection
IN FOCUS - PROTECT Hedging Policy: Delivering shareholder returns and capital programme protection Actively managed hedge programme % of production in forward years to protect revenue while accessing upside exposure using volatility, in line 75% 50% 25% with capital allocation policy, designed to pr
Slide 35: Uplifted market prices: Delivering value in 2026 and opportunity in 2027
IN FOCUS - PROTECT Uplifted market prices: Delivering value in 2026 and opportunity in 2027 Oil future curves $/bbl Gas future curves $/bbl 100 140 Front curve spike with c.10% Front curve spike with up to 50% 90 curve increase in 2027-2028 curve increase in 2027 120 80 70 100 60 80 50 60 40 30 40 2
Slide 36: 2027 hedge book: Material build through March 2026
IN FOCUS - PROTECT 2027 hedge book: Material build through March 2026 2027 hedge book building materially since early March as the uplift in 2027 price environment has opened attractive hedge optionality with de oilwi collars being built with c.$50-90/ bbl collars added Q3 2026 through Q4 2027 and r
Slide 37: Oil hedge book: Collared to deliver steady cashflows
IN FOCUS - PROTECT Oil hedge book: Collared to deliver steady cashflows underpinning dividends and capital programme Oil Hedging 1 (kbbl/d) 2026 cashflow secured largely by material oil 80 hedges: 42 10 10 • >50% of oil volumes hedged in 2026 at average collar 41 19 40 12 12 12 ceilings of $72/ bbl
Slide 38: Gas hedge book: Delivering material upside in 2026
IN FOCUS - PROTECT Gas hedge book: Delivering material upside in 2026 and improved cover in 2027 Gas Hedging 1 (Mmscf/d) 300 2026 cashflow upside driven by material gas price 250 exposure with: 55 200 52 52 93 105 • >20% of gas volumes unhedged in Q1-Q3 2026 150 101 100 65 100 91 47 56 45 • c.20% of
Slide 39: Decommissioning execution
IN FOCUS - PROTECT Decommissioning execution Assets in ultra-late life phase nearing cessation of production Cessation of production of five operated fields, across two infrastructure hubs, creates modest peak in decommissioning spend in 2026 of $170 – 210 million Limited near-term decommissioning A
Slide 40: Track record of delivering material shareholder returns
IN FOCUS - RETURN Track record of delivering material shareholder returns with $1.4bn declared since IPO (Nov 2022) Shareholder distributions ($m) Delivered Delivered Target 2026 Increased Announcement of $200 million interim 2024 Targeted 2025 Targeted dividend of 30% distribution range post- tax C
Slide 41: Short and medium-term guidance
Short and medium-term guidance 2026 Reflections PRODUCTION 1 Sustaining production >120 kboe/d 120 – 130 kboe/d in medium-term NET OPEX BASED ON FX RATE OF US$ 1.35 : £1 2 Lower opex/ bbl in 2026, maintaining $820 – 860 million ~ $20/ boe in medium-term NET PRODUCING ASSET CAPEX FX RATE OF US$ 1.35
Slide 42: Outlook and closing remarks
ITHACA ENERGY SSIS 4 ‘ c( x a 1% a // Outlook and closing remarks
Slide 43: Our model delivers growth AND sustainable shareholder returns
Our model delivers growth AND sustainable shareholder returns Sustaining Significant cash Capital discipline Delivering organic and optimising flow generation remains key and inorganic medium-term from diversified with strict growth AND production portfolio high-grading sustainable >120 kboe/d of sc
Slide 44: FY 2025 results closing remarks
FY 2025 results Strong operational performance of 119kboe/d, 01 closing remarks delivering against upgraded production outlook Increased installed production capacity 02 into 2026, with production expected above 120 kboe/d in the medium-term Low opex per barrel and strong hedge position 03 protectin
Slide 45: Q&A
Q&A