Enquest Plc · LSE:ENQ
Enquest — FY2025 Earnings Presentation
33 slides from Enquest's earnings presentation, Mar 25, 2026
Slide 1: EnQuest PLC 2025 Full Year Results
EnQuest PLC 2025 Full Year Results 25 March 2026
Slide 2: Disclaimer
Disclaimer This presentation may contain forward-looking statements, including in relation to the financial condition of EnQuest PLC (the "Group") and the results of operations and businesses of the Group. Forward-looking statements are sometimes, but not always, identified by their use of a date in
Slide 3: Introduction
Introduction A top-quartile operator, delivering excellence through the asset lifecycle Amjad Bseisu Chief Executive Officer
Slide 4: EnQuest's operations at a glance
EnQuest’s operations at a glance Focus on mature and underinvested assets. Highly tangible reserve base, strong operational control, and top quartile delivery underpinning diversified growth United Kingdom 2025 Production1 YE 2025 2P Reserves2 Kboed (pro forma, incl. Vietnam) MMboe 4% 12% 21% Vietna
Slide 5: EnQuest - 2025 Performance Overview
EnQuest - 2025 Performance Overview Operations Financials 5.4% increase in year-on-year reported Group production c.$200 million increase in transaction-ready liquidity2 provides platform Group delivered production above the top end of 40-45 Kboed guidance for acquisitional growth range, despi
Slide 6: Unlocking value in a volatile environment
Unlocking value in a volatile environment At 31 December 2024: At 31 December 2025: • Liquidity $475 million • Liquidity $679 million • Production 40,736 Boepd • Production 42,945 Boepd • Unit opex $25.6/bbl • Unit opex $25.1/bbl 120 • 3.7 MMbbls hedged for 2025 • 5.1 MMbbls hedged for 2026 • 1.2 MM
Slide 7: Robust Group production
55% Robust Group production South East Asian production as a proportion of 2030 Group Production (net Kboed) Group volumes (net Kboed) 70,000 Group Reserves and Resources (MMboe) 60,000 at 31 Dec 2025 500 450 50,000 400 350 40,000 300 250 30,000 200 150 20,000 100 50 0 10,000 2P reserves 2C resource
Slide 8: Delivering diversified growth
35 Delivering diversified growth South East Asian production target by 2030 (net Kboed) South East Asia – Target Production (net Kboed) 40,000 South East Asia Reserves and Resources 35,000 (MMboe) at 31 Dec 2025 160 30,000 140 25,000 120 20,000 100 80 15,000 60 10,000 40 5,000 20 0 0 2P reserves 2C
Slide 9: Foundation set for further growth
Foundation set for further growth Fast payback infill drilling across core portfolio Deliver organic growth Focus on unlocking upside via Kraken EOR project and Seligi gas Convert 2C resources at Bressay & Bentley, DEWA and Block C South East Asia footprint expanding, delivering diversification Inte
Slide 10: Financial Performance
Financial Performance Strong balance sheet and transaction-ready liquidity, providing platform for growth Jonathan Copus Chief Financial Officer
Slide 11: Flexible capital structure
Flexible capital structure 31 December 2025 1 2 Cash Simplified capital structure Capital discipline $800MM RBL Fast payback investment ($400MM loan tranche) Undrawn RBL Growth and Diversification Foundation of bonds $644MM Internationalisation Cash $269MM Shareholder returns Bonds Committed liquidi
Slide 12: Magnus Contingent Consideration settlement
Magnus Contingent Consideration settlement Demonstrates EnQuest’s belief in the long-term future of Magnus No change to decommissioning arrangement – EnQuest pays effective 9% Credit-enhancing transaction that simplifies Group balance sheet removes retains $60MM settlement $433MM $777MM balance shee
Slide 13: Income statement
Income statement Revenue $1,118 million 2025 2024 Delta Oil revenue 16% down, reflecting Brent price decline Partially offset by commodity hedge gains Brent (av.$/bbl) 68.2 80.5 -15% UK gas (av.GBp/Therm) 88.3 83.6 6% Cost of sales $838 million Production (Boepd) 42,945 40,736 5% Underlying operatin
Slide 14: Cash flow and balance sheet
Cash flow and balance sheet Operating cash flow $498 million 2025 movement in debt ($ million) Capex $179 million FCF $9 million Decommissioning $57 million 450 3 434 18 15 20 350 386 498 107 Vietnam acquisition $20 million 83 29 2H RBL refi $18 million 250 92 Cash tax $107 million 150 57 Dividend p
Slide 15: Enhanced senior secured lending facility
Enhanced senior secured lending facility Refinanced RBL enhances liquidity $400MM $800 million RBL refinancing completed in Q4 2025 Loan • $400 million loan tranche –undrawn at 31 Dec 2025 Tranche • $400 million letter of credit tranche – simplifies decommissioning security • Supported by syndicate
Slide 16: Advantaged UK Tax Position
Advantaged UK Tax Position Advantaged tax position Differentiated Post-tax • $3bn UK tax loss position Cash Flow1 c.62% • Built up through material UK investment • Available to shelter profits from CT and SCT c.2.8x • Simply held, easily utilised • $1.9bn recognised in EHL • and $1.1bn in EnQuest Pr
Slide 17: Hedging update
Hedging update Approach Swaps in place • Refreshed our hedging strategy in H2 2024 MMbbl $/bbl • Focus is to underpin budget and next 24 months, and to 2026 5.1 71.30 maximise RBL capacity 2027 3.5 64.40 • We typically maintain unhedged length in near months, with rolling portfolio of hedging across
Slide 18: 2026 Guidance
2026 Guidance 2026 outlook 2027+ outlook Organic growth; Includes impact of third-party infrastructure outage at Magnus Production 41.0 – 45.0 Reflects focused drilling and maintenance programmes Kraken EOR, Magnus LKCF, Seligi gas, Vietnam Kboed prospectivity Includes c.$30 million of USD:GBP FX im
Slide 19: Operating performance
Operating performance Delivering operating excellence across the asset lifecycle Ian McKimmie North Sea General Manager
Slide 20: Delivering SAFE Results
2025 Group Lost Time Incident (‘LTI’) Frequency 0.69 significant outperformance versus UK average 2.231 PETRONAS HSEA Excellence award in Malaysia Delivering 3+ years LTI free at PM8/Seligi SAFE Results 4+ years LTI free on Kraken Safety is our licence 20+ years LTI free on GKA to operate Awarded A
Slide 21: Kraken – Best–in–class FPSO operations
Kraken – Best–in–class FPSO operations 2025 performance • Sector-leading production efficiency of 95% • Efficiency c.30% above NSTA benchmark average1 for floating hubs • Water injection efficiency of 93% • Cargo sales optimised through marine market; no refining emissions Asset outlook Three infill
Slide 22: Kraken production hub: Phased development
Kraken production hub: Phased development The right assets in the right hands 2C 2C 2C Bressay Oil Bentley (Phase 2) Project de-risked by learnings 2P/2C Bressay Gas Progressing long-term oil from sequential Kraken and Bressay developments (Phase 1) development options Gas cap development Potential
Slide 23: Magnus – late life asset management expertise
Magnus – late life asset management expertise 2025 performance Magnus production efficiency • Increased Y-o-Y production by 8%, despite 5-week third-party outage 2017 59% • Recovery factor at 31 December 2025 of 57%; Q3-25 oil production at 2023 88% 5-year peak rates 2024 83% • $1.5 billion of reven
Slide 24: NCP Bypass Project
NCP Bypass Project Magnus currently exports oil Project status via an up-and-over service on • EnQuest and Total Energies - third-party operated Ninian integrated project execution team Central Platform (‘NCP’) into • FEED completed, subsea bypass the Ninian Pipeline System design selected and techn
Slide 25: South East Asia – Malaysia Upstream Operator of the Year
South East Asia – Malaysia Upstream Operator of the Year Malaysia – 2025 performance • Production up 13% year-on-year • Awarded Malaysia Operator of the Year by PETRONAS (2024 & 2025) 2025 – step change in growth • Reached milestone of three years and over 7 million manhours LTI1 free • Completed fo
Slide 26: South East Asia – Vietnam integration
South East Asia – Vietnam integration Acquisition of Harbour Energy’s Vietnam business • Deal completed on 9 July 2025; $25.7 million completion payment Delivering diversified growth – • 7.4 MMboe 2P reserves; 5.3 MMboe 2C; (73% Oil; 27% Gas) at YE25 new country entry • Fully-staffed asset team inte
Slide 27: SVT – terminal right-sizing extends life and enables new energies
SVT – terminal right-sizing extends life and enables new energies Major projects in-flight Veri Energy is fuelling the UK’s Strategic approach at the Sullom Voe Terminal energy transition to critical infrastructure New Stabilisation Facility - right-size Electrification Right-size Sullom Voe Termina
Slide 28: Decommissioning – Sector–leading performance
Decommissioning – Sector–leading performance 2025 performance • Market-leading decommissioning performance, validated by peers Decommissioning • Heather P&A complete, followed by safe platform disembarkation capability • 15,300 Tonne Heather topsides lift completed 3Q 2025 – largest such lift in Nor
Slide 29: Conclusion
Conclusion Amjad Bseisu Chief Executive Officer
Slide 30: Growth strategy in action
Growth strategy in action Top quartile capabilities Strong balance sheet built Well-positioned to across operations, production through disciplined and deliver transformative, and decommissioning consistent deleveraging value-accretive growth Value enhancement via: $1.6 billion of FCF used to deleve
Slide 31: Q&A
O&A @nQuest
Slide 32: Delivering diversified growth
Delivering diversified growth UK North Sea South East Asia Asset enhancement and Value across full asset life extension lifecycle Targeting flowing barrels Increased gas component with robust decline curves EnQuest is a credible Competitive environment – consolidator EnQuest well respected Decommiss
Slide 33: Craig Baxter, Head of Investor Relations and Corporate Affairs
Craig Baxter Head of Investor Relations and Corporate Affairs craig.baxter@enquest.com