Slide 1: Q3 2025 Results
ITHACA ENERGY SCALE. STABILITY. STRENGTH. Q3 2025 Results Ithaca Energy plc 19 NOVEMBER 2025 WOST
Slide 2: Today's presenters
Q3 2025 Results Today’s presenters . Yaniv Friedman Luciano Vasques lain Lewis Executive Chairman Chief Executive Officer Chief Financial Officer ITHACA ENERGY SCALE. STABILITY. STRENGTH.
Slide 3: Today's Agenda
Today’s Agenda 1 YTD Q3 2025 Highlights Strategic and operational highlights 3 Financial overview 4 Closing remarks 5 QéA
Slide 4: YTD Q3 2025 Highlights
ITHACA ENERGY SCALE. STABILITY. STRENGTH. YTD Q3 2025 Highlights
Slide 5: Strong strategic delivery, supporting Our Vision for 'Scale. Stability. Strength.'
Strong strategic delivery, supporting Our Vision for ‘Scale. Stability. Strength.’ A Scale. HPD kboe/d YTD Q3 Avg. Production Strong YTD Q3 production following material summer turnaround activity On track to deliver full year production guidance, supported by upgraded Q4 ~ exit rate of 145 kboe/d :
Slide 6: Delivering on improved 2025 outlook and continued strategic execution
Delivering on improved 2025 outlook and continued strategic execution A A Reaffirming upgraded management guidance Increasing installed total production issued in August: capacity in Q4, and into 2026, * Production trending to bottom end of range with an uplift to the Group’s exit due primarily to r
Slide 7: Delivering attractive shareholder returns and driving value since IPO
Delivering attractive shareholder returns and driving value since IPO DRIVING CAPITAL VALUE IMPROVEMENT +150% Total Shareholder Return! (dividend adjusted) since completion of the Group’s Business Total 2025 cash d butions of $500 m Interim dividend Total FY dividend Combination on 3 October 2024 Sp
Slide 8: Strategic and operational highlights
ITHACA ENERGY SCALE. STABILITY. STRENGTH. Strategic and operational highlights
Slide 9: YTD Q3
2022 2023 2024 YTD Q3 2022 2023 2024 YTD Q3 2022 2023 2024 YTD Q3 2025 2025 Pro forma 2025
Slide 10: Q1 2024 Q2 2024 Q3 2024
140 120 100 80 60 40 20 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 EXIT 2025 RATE Guidance
Slide 11: Significant ongoing investment and well activity at field focused on life extension and operating efficiency
Significant ongoing investment and well activity at field focused on life extension and operating efficiency Successful progression of 13th Well Flotel campaign ongoing with decision to Turnaround execution extended due to campaign and expected sanctioning of the extend the duration beyond the initi
Slide 12: Fourth well online following technical issues experienced earlier in 2025
Fourth well online following technical issues experienced earlier in 2025 First production from final planned Seagull well Well performing in line with pre-drill expectations. delivered in early November 2025, following First production delayed by five months, reducing the technical issues experienc
Slide 13: West of Shetland: A key basin for long-term organic growth
West of Shetland: A key basin for long-term organi growth, in support of UK\Energy yar ) SO ay Sr, ~ A Tobermory Farm-in agreement signed 19 November as the Group seeks to build upon its WoS investment strategy 50% Farm-in to licences P2629 and P2630 Shell, as licence operator, retain 50% stake Esti
Slide 14: Tobermory Zeppelin Rosebank
Tobermory Zeppelin Rosebank Cambo Tornado Suilven Spitfire Pemberton Oil prospect Gas prospect Tie in point Oil discovery Future gas pipeline Gas discovery Existing gas pipeline
Slide 15: Rosebank: Material progress towards achieving refreshed consents
SY Rosebank: Material progress Sh . towards achieving refreshed consents Yah f" Equinor, as operator, has submitted revised development consent application to OPRED, including a scope 3 emissions assessment Scope 3 emission assessment in process of concluding j' Public consultation process in relati
Slide 16: Progressing towards key project milestones, critical to achieving first production target of 2026/27
Progressing towards key project milestones, critical to achieving first production target of 2026/27 2025 offshore subsea installation scopes FPSO refurbishment activity progressing at Maintaining FPSO sail away date in Q1 delivered on time and budget with pace with the second dry dock successfully
Slide 17: Continued project maturation
Continued project maturation Continued maturation towards final investment decision (FID) and potential farm down, subject to regulatory and fiscal clarity Tenders for the Engineering, Procurement, Construction and Commissioning (EPCC) of the FPSO and the Engineering, Procurement, Construction and I
Slide 18: Financial overview
ITHACA ENERGY SCALE. STABILITY. STRENGTH. Financial overview
Slide 19: YTD Q3 2025 financial performance
YTD Q3 2025 financial performance Strong production and EBITDAX performance YTD Q3 2025 YTD Q3 2025 AVERAGE YTD Q3 2025 PRODUCTION YTD Q3 OPEX PER BOE PRODUCTION LIQUIDS vs GAS SPLIT 114.9 kboe/d 58% vs 42% $19.1 /boe YTD Q3 2025 ADJ. EBITDAX YTD Q3 2025 LOSS FOR YTD Q3 2025 NET CASH FLOW PERIOD FRO
Slide 20: Adjusted EBITDAX analysis
Adjusted EBITDAX analysis Q3 Y FY 2024? Production kboe/d mmboe kboe/d Mmboe kboe/d mmboe oil 62 17 35 10 4l 15 Gas 48 13 16 4 25 9 Condensate 3 1 2 1 3 1 Total production 115 31 53 15 69 25 Revenues! $/boe $m $/boe $m $/boe $m Oil revenue 7) 1,175 84 802 81 1,176 Gas revenue 67 812 61 261 64 599 Co
Slide 21: Demonstrating financial agility and strength
Demonstrating financial agility and strength Strong credit market support reflects positive bond trading performance STRONG HY BOND PERFORMANCE AGILE TO FINANCIAL MARKETS BROAD CREDIT APPETITE +105.3% YTD TRADING PERFORMANCE! 5.5% coupon ALL-IN EFFECTIVE USD RATE OF 6.7% €450 million | €450 million
Slide 22: Senior Notes
30 Jun 22 31 Dec 22 31 Dec 23 31 Dec 24 30 Sep 25 Total Drawn Undrawn Cash Liquidity Remaning Liquidity 31-Dec-22 31-Dec-23 Pro forma 30-Sep-25 Available Facilities Facilities Accordion capacity 31-Dec-24 Facilities facility Senior Notes Other RBL (less cash)
Slide 23: Oil and gas hedging profile
300 50 Gas Puts/Wide ZCCs Gas Collars Gas Swaps Oil Puts/Wide ZCCs Oil Collars Oil Swaps 45 250 40 35 200 30 25 150 20 100 15 10 50 5 0 0 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27
Slide 24: Outlook and Closing remarks
ITHACA ENERGY SCALE. STABILITY. STRENGTH. Outlook and Closing remarks
Slide 25: Q3 2025 Results closing remarks
Q3 2025 Results closing remarks 01 Strong year to date performance delivering YTD Q3 production of 115 kboe/d and adj. EBITDAX of $1.5 bn. Increasing production capacity in Q4, with upgraded exit rate of 145 kboe/d 25 Q3 2025 Results 02 Enhanced balance sheet with successful €450 million bond issuan
Slide 26: ENERGY
ENERGY SCALE. STABILITY. STRENGTH.