Slide 1: 2025 Interim Results Presentation
2025 Interim Results Presentation 23 September 2025 1
Slide 2: Disclaimer
Disclaimer Disclaimer This presentation and its enclosures and appendices (the “presentation”) have been prepared by Kistos plc (the “Company”) exclusively for information purposes. This presentation has not been reviewed or registered with any public authority. This presentation is confidential and
Slide 3: Interim results highlights
H1 results highlights Interim results highlights Transformational first half marked by investment and first oil Balder Future has Hole House FY25 production Balder Phase VI reached peak recommissioning guidance of progress following production approved 8.0 – 9.0 kboepd June FID Production from Jotun
Slide 4: Board of Directors
Our team Board of Directors Experienced management team with a successful track record of delivering growth and returns Executive management team Andrew Austin James Thomson Peter Mann Chief Financial Officer Executive Chairman Chief Executive Officer Andrew is the Executive Chairman of Peter was ap
Slide 5: Strategy at a glance
Our strategy Strategy at a glance Generating value across the upstream and midstream markets Accelerated growth Accelerating growth by pursuing value-accretive M&A deals. Our Journey A flexible mandate allows us to capitalise on overlooked opportunities outside the traditional E&P model OCT NOV MAY
Slide 6: Operational highlights
Operational highlights 6
Slide 7: Balder Future
Norway Balder Future Adding 15 mmboe1 2P reserves and >8 kboepd peak production2, with an operating cost of ~$5/boe Final Investment Peak Production Decision Subsea infrastructure installation 14-well drilling campaign Jotun FPSO upgrade Protecting Sail away shareholders (March 2025) Hybrid Bond deb
Slide 8: Balder Phase VI and beyond
Norway Balder Phase VI and beyond Unlocking low-cost barrels, to sustain 70–80 kboepd gross production towards 2030 Ghost King/Prince Ringhorne Balder Phase VI East (to be sanctioned in 2025) King area development Conversion of 2C Balder Future Prince up-dip (First Oil achieved June 2025) resources
Slide 9: Greater Laggan Area
United Kingdom Greater Laggan Area Unlocking future upside potential H1 2025 net production: 2,500 boepd Gradual reduction as expected from reservoir depletion with additional flowline sweeps By comparison, the prior period also benefited from elevated flush production following an unplanned shutdow
Slide 10: Hill Top and Hole House
United Kingdom Hill Top and Hole House Diversification of revenue streams Total revenue during H1 2025: $7.2 million Hill Top Fully operational fast-cycle site with 5 active cavities and 22.1 million therms of working gas capacity, delivering up to 11% of the UK’s flexible daily gas supply Revenue c
Slide 11: The Netherlands
The Netherlands The Netherlands Minimal impact, renewably powered platform H1 2025 net production: 900 boepd Q-10A The planned shutdown of the TAQA-operated P15-D platform overran into July — 98 days vs 35 planned — resulting in lower output than H1 2024. Second-half volumes will benefit from flush
Slide 12: Financial review
KISTOS Financial review
Slide 13: Income statement
Financial review Income statement Material EBITDA and cash flow now being generated following Balder first oil and achievement of peak production Revenue of $87.9 million, reflecting lower production rates 1H25 1H246 and oil prices, partially offset by higher realised gas prices in Total production1
Slide 14: Balance sheet and capital structure
Financial review Balance sheet and capital structure Tax receivables of ~$74 million due in December 2025, as a result of significant Balder capital expenditure The increase in non-current assets reflects both capital investment in Balder Future and the resulting NOK 414m (~$41 $,000 30-Jun-25 31-De
Slide 15: Outlook
KISTOS Outlook
Slide 16: Growth and development
Our outlook Growth and development Substantial progress and expansion over an accelerated timeline 2025 priorities Balder Future Production guidance first oil of 8.0 – 9.0 kboepd Achievement of first oil from the Growing our daily production to an Jotun FPSO and successful ramp average of 8.0 - 9.0
Slide 17: Kistos plc contact details
Kistos plc 2nd Floor 3 St James’s Square London SW1Y 4JUA United Kingdom 17