Slide 1: 2025 Full Year Financial Report - ASX Release and Investor Presentation
26 February 2026 Company Announcements Office ASX Limited Dear Sir / Madam 2025 Full Year Financial Report - ASX Release and Investor Presentation Enclosed are the following documents in relation to Karoon Energy Limited’s 2025 Full Year Financial Report: - ASX Release - Investor Presentation This a
Slide 2: 2025 Underlying Net Profit After Tax of US$107.5 million
ASX RELEASE 26 February 2026 | ASX: KAR 2025 Underlying Net Profit After Tax of US$107.5 million 12 months to % 31 Dec 25 31 Dec 24 change Production volume on NWI basis (MMboe) 10.9 11.0 -1 Production volume on NRI basis (MMboe) 10.3 10.4 -1 Sales volume on NRI basis (MMboe) 9.9 10.7 -7 Average rea
Slide 3: Commenting on the full year results for 2025
Commenting on the full year results for 2025, CEO and Managing Director, Ms Carri Lockhart, said: “In 2025, Karoon delivered a 16% total shareholder return, based on share price appreciation and dividends paid. This was driven by a solid operational performance, the strategic acquisition of the Baún
Slide 4: Operational Performance 2025
By the second half of 2026, we expect to have re-established a predictable and reliable production platform, with a highly competitive cost base, allowing us to continue to mature our value accretive organic growth strategy, as well as provide attractive returns to shareholders. Having supported Kar
Slide 5: Financial performance and tax commentary
which attract withholding tax on funds movements from Brazil and the USA, for capital allocation purposes. This cost was fully creditable against tax payable and offset in Income Tax Expense in the Consolidated Statement of Profit or Loss, with no material net impact on NPAT. Other operating costs 7
Slide 6: 2026 Guidance as at 26 February 2026
quantities of petroleum from undiscovered accumulations at a given date, that may potentially be recoverable by the application of a future development project(s). These estimates have both an associated risk of discovery and a risk of development. Further exploration, appraisal, and studies are req
Slide 7: Results conference call and contacts
This announcement has been authorised for release by the Board of Karoon Energy Ltd. 2025 FULL YEAR RESULTS CONFERENCE CALL Karoon’s CEO and Managing Director, Ms Carri Lockhart, and CFO, Mr Ray Church, will hold a conference call for analysts and investors to discuss the 2025 Full Year Results on T
Slide 8: Forward Looking Statements
FORWARD LOOKING STATEMENTS Petroleum exploration and production operations rely on the interpretation of complex and uncertain data and information which cannot be relied upon to lead to a successful outcome in any particular case. Petroleum exploration and production operations are inherently uncer
Slide 9: Karoon Energy 2025 Full Year Results
Karoon Energy 2025 Full Year Results 26 February 2026
Slide 10: Disclaimer
Disclaimer This presentation has been prepared by Karoon Energy Ltd (Karoon or the Company). The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. This presentation conta
Slide 11: Notes and Definitions
Notes and Definitions 1. Karoon’s Reserves, Contingent and Prospective Resources as at 31 December 2025 are as disclosed in the 2025 Annual Report. Karoon is not aware of any new information or data that materially affects these resource estimates. 2. Reserves and Resources estimates are prepared in
Slide 12: 2025 Full Year Highlights
Carri Lockhart Ray Church CEO and Managing Director EVP and CFO 2025 Full Year Highlights
Slide 13: 2025 Highlights
2025 Highlights1 High quality assets, low cost and strong margins, 16% TSR in 2025 Financial Operational Sales Revenue: US$628.6m Total production: 10.3 MMboe (93% liquids, 75% Baúna, 25% Who Dat) Underlying EBITDAX: US$388.8m Baúna FPSO efficiency: 95.1% (up from 84.5% in Underlying NPAT : US$107.5
Slide 14: Sustainable operations
Sustainable operations1 Safety Climate Social TRIR: 0.16 (down from 0.77) Targeting Net Zero Scope 1 & 2 by 2050 for 21 incentivised, four operated assets 1 voluntary Social and Zero LTIs: Zero Community projects 41% reduction in Baúna flaring, 9.5% reduction Tier 1 or 2 process events: Zero in emis
Slide 15: Total shareholder return of 16% in 2025
Total shareholder return1 of 16% in 2025 Share price outperformed S&P/ASX 200 Energy Index 2 Share price increased 11% over 2025 from A$1.39 per share to A$1.54 per share Relative price movements over 2025 160.0 Peaked at A$2.09 per share in June reflecting oil price strength before tracking oil pri
Slide 16: Capital allocation framework unchanged
Capital allocation framework unchanged Safe, reliable operations, balance sheet strength, capital returns and growth Operating cash flow Prioritises safe and reliable operations while maintaining balance sheet strength and flexibility Capital Returns Policy 20 - 40% of underlying NPAT, Non-discretio
Slide 17: Underpinning value with Reserves and Resource growth
Underpinning value with Reserves and Resource growth Karoon 2P Reserves (MMboe) 1 Karoon 2C Contingent Resource (MMboe) 1 80.0 170.0 163.0 75.0 150.0 72.8 70.0 130.0 67.9 121.4 65.0 110.0 60.0 90.0 55.0 70.0 50.0 50.0 2024 2025 2024 2025 160% 3-year Driven by Neon replacement upgrades and ratio Pira
Slide 18: Potential organic growth opportunity pipeline
Potential organic growth opportunity pipeline SHORT TERM1 MEDIUM TERM1 LONG TERM1 Tie-backs Development Exploration Who Dat East (KAR 40%) Neon, Goiá, Piracucá Santos Basin 15.7 MMboe net 2C Contingent Resource 2 (KAR 100%) > 7,300 km2 acreage 136.9 MMboe combined 2C Resource2 Who Dat South (KAR 30%
Slide 19: Financial Results
Ray Church EVP and CFO Financial Results
Slide 20: 2025 Financial Highlights
2025 Financial Highlights1 Strong free cashflow to support organic growth, returns and robust balance sheet 2 Production (MMboe) Sales revenue (US$m) Underlying EBITDAX 3 (US$m) 900 600 12 776.5 10.4 10.3 492.4 750 680.0 500 10 9.1 170.4 628.6 434.5 3.8 2.9 388.8 0.1 2.9 2.6 124.6 600 400 8 498.0 13
Slide 21: Underlying EBITDAX US$388.8m
Underlying EBITDAX US$388.8m Reduced oil price with cost base remaining stable US$ million2 2024 2025 % Change Revenue decrease predominantly driven by reduced realised Revenue 776.5 628.6 (19) oil prices and volumes lifted at Baúna. Revenue reduction translated to 21% lower Underlying EBITDAX than
Slide 22: Margins sustained, strong leverage to oil price
Margins sustained, strong leverage to oil price 40 US$31/boe breakeven price in 2025 2024 2025 35 at US$72.91/boe at US$63.30/boe 5 1 31 30 Gross margin improved realised price1 realised price1 4 25 8 from 65% to 66% despite $/boe 11% Royalties2 11% 20 oil price decline. Reflects 3% 3% 15 13 Transpo
Slide 23: Strong free cashflow from operations over 2025
Strong free cashflow from operations over 20251 Flotel, capex, exploration and Petrobras payment fully funded by operations Free cash flow from operations (US$m) Capital allocation (US$m) Capex incl E6 Sidetrack, SPS-88 & Exploration Petrobras Contingent payment Cashflow from FCF from operations Ope
Slide 24: Balance sheet positioned to support sustainable TSR
Balance sheet positioned to support sustainable TSR In line with capital allocation framework Net debt & liquidity (US$m) 1 Liquidity applied to Baúna FPSO acquisition, flotel campaign, capex, Petrobras payment and capital returns 750 681.2 Headroom US$546m total liquidity (31 December 2025) 600 pro
Slide 25: Operational Update
Carri Lockhart CEO and Managing Director Operational Update
Slide 26: 2026: Year of two halves
2026: Year of two halves Assuming success, expect improved 2H26 1H26: Investment 2H26: Rewards1 FPSO operatorship transition, Full operatorship benefit, subject to regulatory approvals including lower opex Flotel maintenance and Increased Baúna facilities revitalisation campaign reliability, leading
Slide 27: Baúna acquisition
Baúna acquisition Owning FPSO allows for strategic control and improved efficiencies Baúna acquisition completed 30 April 2025 for US$115 million plus US$8m costs 2025 production 7.7 MMbbl, higher than 2024 despite natural decline Driven by improved FPSO efficiency 1 95.1%, up from 84.5% in 2024 Baú
Slide 28: Aiming to improve FPSO efficiency and subsurface deliverability
Aiming to improve FPSO efficiency and subsurface deliverability1 2026 Jan Feb Mar Apr May Jun Jul Aug Flotel campaign Revitalisation 5-Feb |Duration 4 months Optional extension period 28d TAR Turnaround (TAR) 28d + 1d ramp-up BAÚNA Transition / Operatorship preparation Transition OPERATIONS SPS-92 I
Slide 29: Neon Development Opportunity
Neon Development Opportunity Progressing through Define Phase Define phase commenced in April 20251 Neon 2C Contingent Resource +50% to 90.3 MMbbl as a result of further technical studies and assurance 19.6 MMbbl Piracucá 2C Contingent Resource booked following award of licenses in 2025 Neon West 2U
Slide 30: Exploration: South Santos Basin, Brazil
Exploration: South Santos Basin, Brazil Potentially significant new exploration play Post salt Tertiary oil play identified in potential turbidite reservoir fairway. Untested but potentially significant play if proven and successful Eta Front prospect 1 located in S-M-1482 is expected to be tested f
Slide 31: Production: Who Dat
Production: Who Dat In line with expectations High margin production 74% liquids, 26% gas (NRI basis) 2.6 MMboe production in 2025 with decline rate mitigated to 10% (NRI) E6ST came online 4Q25, under budget and with initial flow rate of 1,050 boepd NRI basis, in line expectations 2026 workplan: A1S
Slide 32: Who Dat East and South discoveries
Who Dat East and South discoveries Short cycle discoveries nearby existing infrastructure Who Dat East Joint Venture working towards potential FID on a initial single well tieback, pending royalty relief decision outcome and supportive economics KAR expects WDE to contribute ~3,500 – 5,000 boepd (NR
Slide 33: Summary
Carri Lockhart CEO and Managing Director Summary
Slide 34: Summary
Summary Leveraging competitive advantages to optimise TSR High quality assets in world class basins with organic growth opportunities and no near-term abandonment obligations First priority remains safe and reliable operations Low cost and high margin operations with low breakeven (US$31/bbl in 2025
Slide 35: Appendix and Glossary
Appendix and Glossary
Slide 36: Appendix 1: Reconciliation of underlying results to statutory results
Appendix 1: Reconciliation of underlying results to statutory results 2025 2024 NPAT EBITDAX NPAT EBITDAX Statutory results 125.5 403.2 127.5 470.2 Non-recurring FPSO transition costs 2.9 4.4 - - Non-cash gain on disposal of right of use asset FPSO (35.3) (35.3) - - Tax impact on disposal of right o
Slide 37: Appendix 2: Unit Production Costs Reconciliation
Appendix 2: Unit Production Costs Reconciliation Normalising opex/boe for AASB16 capitalised operating leases Production costs Back out Normalised 2025 Reported related to operating AASB 16 leases costs Unit production costs reported on Net Working Interest (NWI) basis to exclude Operating costs (US
Slide 38: Appendix 3: 2026 guidance
Appendix 3: 2026 guidance 1 Basis of guidance NOTES: 2026 1. Guidance is subject to various risks (including “Key Risks” set out in the 2025 Annual Report). Calendar year1 Guidance 2. Production assumes drilling results and expected future development projects, including well PRODUCTION2 interventio
Slide 39: Glossary
Glossary Term Definition AASB Australian Accounting Standards Board. ANP Agência Nacional do Petróleo, Gás Natural e Biocombustíveis. Baúna or Baúna Project Concession BM-S-40 containing the producing Baúna, Piracaba and Patola light oil fields in Brazil. bbl or barrel Barrel of oil = 42 United Stat
Slide 40: Karoon Energy
KAROON ENERGY