Slide 1: H1 2025 Results
ITHACA ENERGY SCALE. STABILITY. STRENGTH. H1 2025 Results Ithaca Energy plc 20 AUGUST 2025 WOST
Slide 2: Today's presenters
H1 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 H1 2025 Highlights Strategic and operational highlights 3 Financial overview 4 Closing remarks 5 Qé&A
Slide 4: H1 2025 Highlights
ITHACA ENERGY SCALE. STABILITY. STRENGTH. H1 2025 Highlights
Slide 5: Excellent H1 2025 performance
Excellent H1 2025 performance Increased value driven capital investment in FY 2025 supporting production upside Strengthening of the balance sheet and oil hedge book providing cash flow protection 123.6 kboe/a i — OSS LU H1 2025 First interim dividend declared in is Production support of FY 2025 div
Slide 6: Strategy in action
Strategy in action: H1 2025 Results ce} rganic expansion Inorganic expansion Optimising production across our portfolio delivering high uptime performance and supporting upward revision in FY25 production guidance Continued execution of consolidation strategy in the UKCS, increasing interests in hig
Slide 7: Excellent operational performance and continued value-driven investment reflected in 2025 guidance and dividend updates
Excellent operational performance and continued value-driven investment reflected in 2025 guidance and dividend updates PRODUCTION UPGRADED NET OPEX REDUCED NET PRODUCING ASSET CAPEX UPDATED (INC. NON- CASH FX HEADWINDS) ROSEBANK CAPEX UPDATED (INCL. NON- CASH FX HEADWINDS) COMBINED CASH TAX PAYMENT
Slide 8: Guidance timeline
Guidance Acquisition of Cygnus Revised Guidance Organic performance, Revised Guidance 26 March 2025 21 May 2025 delivery 20 August 2025 & risk mitigation
Slide 9: Strategic and operational highlights
ITHACA ENERGY SCALE. STABILITY. STRENGTH. Strategic and operational highlights
Slide 10: 2022 2023 2024 H1 2025 2022 2023 2024 H1 2025 2022 2023 2024 H1
2022 2023 2024 H1 2025 2022 2023 2024 H1 2025 2022 2023 2024 H1 2025 Pro forma
Slide 11: 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 2025 Guidance
Slide 12: Significant ongoing investment and well activity at field
Significant ongoing investment and well activity at field focused on life extension and operating efficiency 13th Drilling campaign progressing to plan with successful drilling, completion and production start-up of wells C73 and C74 and work over of well C47 H1 2025 Results Flotel Safe Caledonia ar
Slide 13: Increased value-led investment in the area focused on high-return opportunities
Increased value-led investment in the area focused on high-return opportunities Continued strong performance in the Additional well activity sanctioned at Investment in Joanne well stimulation asset with Talbot and Jocelyn South Judy East Flank with strong drilling utilising the PBL) semi-sub rig of
Slide 14: West of Shetland
West of She \ SS
Slide 15: Rosebank consent proceeding in tandem to project execution
Rosebank consent proceeding in tandem to project execution New environmental impact assessment guidance (Scope 3 emissions) published by UK Government in June 2025 submission for consent from the JV partnership / OPRED has formally requested a revised JV partnership preparing to submit the updated ;
Slide 16: Project activity ramping up in preparation for key project milestones
Project activity ramping up in preparation for key project milestones towards first production timeline of 2026/27 Material scopes of work ongoing on Excellent progress on all subsea activity in Additional 2025 capital spend forecast to FPSO upgrade in readiness for a major the field using multiple
Slide 17: Cambo: Potential to unlock long-term value
Cambo: Potential to unlock long-term value f" Cambo Technical Refresh complete, utilising technical capabilities of Eni, focused on development optimisation to maximise project value and mitigate risks 18-month license extension from 31 March 2026 to 30 September 2027, awarded by the NSTA in support
Slide 18: Consolidation in Core UKCS Market
Consolidation in Core UKCS Market Delivering on our proven strategy to consolidate in core UKCS market, with a focus on adding stakes in well-understood and liked assets across our existing portfolio = an = A Fa _ Va aN JAPEX UK A iE Cygnus - ge Sw Noy Acquisition completed 7 July demonstrating © Ac
Slide 19: Financial overview
ITHACA ENERGY SCALE. STABILITY. STRENGTH. Financial overview
Slide 20: H1 2025 financial performance
H1 2025 financial performance Strong production and EBITDAX performance in H1 H1 2025 AVERAGE H1 2025 PRODUCTION PRODUCTION LIQUIDS vs GAS SPLIT 123.6 kboe/d 59% vs Al % H1 OPEX PER BOE $17.5 /boe H1 2025 ADJ. EBITDAX H1 2025 LOSS FOR PERIOD $1,117.0 m $(217.5) m NET CASH FLOW FROM OPS $1,004.6 m AD
Slide 21: Adjusted EBITDAX analysis
Adjusted EBITDAX analysis H1 2025 H1 2024 FY 20243 Production kboe/d mmboe kboe/d Mmboe kboe/d mmboe oil 67 12 34 6 4l 15 Gas 51 9 16 3 25 9 Condensate 6 1 3 1 3 1 Total production 124 22 53 10 69 25 Revenues! $/boe $m $/boe $m $/boe $m Oil revenue 7) 756 87 546 81 1,176 Gas revenue 7) 611 57 170 64
Slide 22: Liquidity and debt
30 Jun 22 31 Dec 22 31 Dec 23 31 Dec 24 30 Jun 25 Total Drawn Undrawn Cash Liquidity Technical Liquidity 31-Dec-22 31-Dec-23 Pro forma Pro forma Available Facilities Facilities Accordion capacity 31-Dec-24 30-Jun-25 Facilities facility Senior Notes Other RBL (less cash)
Slide 23: Hedging position
100 200 180 100 Kboe/d 90 90 160 11 Puts/W-ZCC 80 140 Collars 80 10 70 Swaps 120 32 60 10 70 100 27 50 8 8 80 40 24 60 22 22 60 30 6 49 8 40 20 40 6 50 30 5 10 24 23 21 20 13 9 9 9 40 0 May/23 May/23 Feb/24 May/24 Jul/24 Feb/25 May/25 Jul/23 Jul/25 Jan/23 Jan/23 Jun/23 Aug/23 Sep/23 Jan/24 Jun/24 Au
Slide 24: Sources and uses
GBP Uses GBP Sources GBP Uses GBP Sources
Slide 25: Outlook and Closing remarks
ITHACA ENERGY SCALE. STABILITY. STRENGTH. Outlook and Closing remarks
Slide 26: H1 2025 Results closing remarks
H1 2025 Results closing remarks PERFORM Excellent production and adj. EBITDAX performance in H1 of 123.6 kboe/d and $1.1 bn, with consistently strong performance across all key operational metrics, driving upward revision in production guidance 26 H1 2025 Results INVEST Material investment and activ
Slide 27: Ithaca Energy
ENERGY SCALE. STABILITY. STRENGTH.
Slide 28: Hedging profile charts
300 60 Gas Puts/Wide ZCCs Gas Collars Gas Swaps Oil Puts/Wide ZCCs Oil Collars Oil Swaps 250 50 40 200 30 150 20 100 10 50 0 0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27