Serica Energy Plc · LSE:SQZ
Serica Energy — FY2025 Earnings Presentation
23 slides from Serica Energy's earnings presentation, Mar 26, 2026
Slide 1: Full-year results 2025
Full-year results 2025 26 March 2026 Contributing responsibly towards meeting the world's energy needs through the safe and efficient production of hydrocarbons 1
Slide 2: Disclaimer
Disclaimer This document has been prepared by Serica Energy PLC (the "Company") and is for information purposes only. The information contained in this document is being made available to, and is only directed at, persons to whom it may lawfully be communicated to ("Relevant Persons"). Any person wh
Slide 3: Serica – what we do, and why we do it
Serica – what we do, and why we do it Our purpose Our strategy To contribute Serica’s two-pronged responsibly towards strategy is to invest in meeting the world's our existing assets to energy needs through unlock value and prolong the safe and efficient their life whilst production of continuing to
Slide 4: Strategic delivery in 2025
Strategic delivery in 2025 Significant increase in 2P Continued investment in growth reserves once acquisitions and returns complete Built a more diversified and Further increased organic growth robust production portfolio optionality across the portfolio • Actions in 2025 position Serica for greate
Slide 5: Creating value through M&A
Creating value through M&A Boost cash generation Diversify production Add growth and capacity for M&A focus for 2026 base opportunities investment in growth and returns • Five acquisitions • Expanded hopper • Cash generative • Pursue further announced in of diversified strategic growth in • Acquired
Slide 6: The right team in place to deliver our strategy
The right team in place to deliver our strategy Chris Cox Martin Copeland Mike Killeen Janice Doyle CEO Chief Financial Officer Chief Operating Officer Chief People Officer Stephen Lambert Carla Riddell Alessandro Agostini Chief Corporate Affairs Chief Technical Officer Chief Non-Operated Officer Jo
Slide 7: Attractively positioned across the UKCS
Attractively positioned across the UKCS • One of the leading listed UK North Sea companies - Assets from West of Shetland to the Southern North Sea • 11 producing fields, to more than double as recent acquisitions complete • Serica operates assets that deliver around 10% of the UK’s gas production •
Slide 8: Material production increase expected in 2026
Material production increase expected in 2026 80000 Production • Production expected to rise materially from 27,600 70000 (BOEPD) boepd in 2025 • 2026 guidance unchanged, production forecast to 60000 average significantly over 40,000 boepd 50000 Lancaster • Potential for production rates of over 65,
Slide 9: Committed to delivering robust and predictable production
Committed to delivering robust and predictable production • Prioritise safe, reliable operations across the portfolio • Bruce Hub: improve production stability and operating discipline to sustain long term performance - Optimise existing well stock performance - Life extension work to support longer
Slide 10: Material increase in reserves and resources
Material increase in reserves and resources Reserves and resources • 2P reserves of 116.8 mmboe 160 (MMBOE) - Production of 10.1 mmboe in 2025 140 - 10.2 mmboe moved into 2P reserves due to the 21.6 maturation of Kyla redevelopment 120 117.5 116.8 - Broadly even split between oil (58.9 mmboe) and 10
Slide 11: Attractive organic growth opportunities
Attractive organic growth opportunities Pro forma 2C resources at end 20251 • Limited committed capital expenditure, with (MMBOE) opportunity to target investment in areas of optimal value creation • Work ongoing to high-grade organic growth opportunities • 112.6 mmboe of 2C resources as at end-2025
Slide 12: Multiple growth opportunities battling for capital
Multiple growth opportunities battling for capital • Diverse and attractive opportunity set, focused on projects with potential for rapid payback • Bruce infill drilling offers low-risk new wells with attractive returns and additional production in 12 months after drilling starts - Potential to add
Slide 13: West of Shetland: acquisition complete, opportunities ahead
West of Shetland: acquisition complete, opportunities ahead • Acquisition of a 40% operated interest in the Greater Laggan Area, the Shetland Gas Plant, and nearby exploration licences, completed today • Significant organic and third-party growth potential, such as Tornado • Includes acreage with ov
Slide 14: FY 2025 performance at a glance
FY 2025 performance at a glance Production Profit before tax EBITDAX1 Loss after tax 27.6 kboe/d $80 million $210 million $(52) million Carbon intensity2 Total Capex and Abex1 Adjusted CFFO post tax1 Dividends paid 19.6 kgCO2/boe $250 million $180 million 16p per share Notes 1. See reconciliation of
Slide 15: 2025 financial performance
2025 financial performance 2025 illustrative gross cash bridge 800 ($ MILLION) 700 • Unscheduled production downtime at Triton reduced revenue by estimated $250 600 million in 2025 • Capex spend focused on successful Triton 500 drilling programme 542 • Undrawn Committed RBL of $259 million at 400 en
Slide 16: Income statement
H1 24 Income Statement Income statement Summary Financial Information Units 2025 2024 Production and sales realised prices • Revenues down 20% from 2024 Production boepd 27,600 34,600 - Volumes down 19% on 2024, but >30% from Sales volumes mmboe 9.9 12.2 Natural Gas (net of NTS system 2023PF charges
Slide 17: Balance sheet
Balance sheet 31 31 December December Assets 2025 2024 • Prax Upstream acquisition consolidated following 11 $ million $ million December completion E&E 43 20 PP&E 1,156 992 - Contributes (alongside capex in year) to increased Goodwill 56 - PP&E Deferred tax asset - 55 Inventory 31 15 - $56 million
Slide 18: Current commodity market reaction
Current commodity market reaction 120 Evolution of forward curve – Oil 110 $/BBL 100 • Market fundamentals before 28 February saw material 90 over-supply in oil and medium-term wall of new LNG 80 coming online in 2026 to 2028 70 • Sentiment was overwhelmingly bearish as a result 60 50 • Supply shock
Slide 19: Hedging – solid base for future investment with upside retained
Hedging – solid base for future investment with upside retained Oil hedges • Serica has built hedge book materially in Q1 2026 Weighted Average Units Q1-26 Q2- Q3- Q4- Q1- Q2- Q3- Q4- - Primarily building in oil, with ~50% placed 26 26 27 27 27 27 27 Swap price since 2 March $/bbl 80 68 68 68 - - -
Slide 20: 2026 Guidance unchanged and cashflow outlook enhanced
H1 24 IncomeGuidance 2026: Statement unchanged and cashflow outlook enhanced Forecast operating expenditure 2026 • Opex of $380-400 million expected in 2026 Bruce Hub Triton Hub - Excludes Lancaster spend of c.$65 million $380-400 Other Producing • Capex guidance of $175-195 million for 2026 Assets
Slide 21: Serica M&A: playbook delivers results
Serica M&A: playbook delivers results • Opportunistic and proactive origination Execution • Pace & agility to deliver in parallel • Credible counterparty for any seller • Plug-and-play operating model Integration • People, systems & processes aligned Case Study – Spirit transaction • Focus on delive
Slide 22: Focus for 2026 unchanged: growth, reliability, cash
Focus for 2026 unchanged: growth, reliability, cash Reliable, safe, production from a 362 diversified production base Deliver material cash generation that supports growth and returns High-grade and progress organic Create value for shareholders through growth options dividends and capital growth In
Slide 23: For further information contact
For further information contact: Andrew.Benbow@serica-energy.com 23