Ratio Energies Limited Partnership · TASE:RATI
Ratio Energies Limited Partnership — Q1 2025 Earnings Presentation
21 slides from Ratio Energies Limited Partnership's earnings presentation, June 2025
Slide 1: Ratio Energies Q1 2025 Investor Presentation
RATIO ENERGIES Limited Partnership Q1 2025 Investor Presentation June 2025
Slide 2: Disclaimer
This presentation was prepared by Ratio Energies – Such Information is based solely on the Partnership ’s Limited Partnership (the “Partnership” or “Ratio”). subjective assessment, based on facts and figures concerning the status of the Partnership’s business, It is not an offer to buy or sell secur
Slide 3: Ratio Energies: Pioneering E&P Player and Prospect Generator of Leviathan
33 Years of operations Industry-leading partners RATIO ENERGIES Pioneering E&P Player and Prospect Generator of Leviathan TASE: RATI Key indexes: TA-125 I TA-Oil & Gas I TA-Dividend 15% Working interest in Leviathan field NIS 4.9 Bn Market Cap1 |3 1| As of May 28, 2025
Slide 4: Q1 2025 Key Highlights
Record quarterly gas production 2.95BCM in Q1-2025 2.6BCM in Q1-2024 Revenue up 9% YoY $95M in Q1-2025 $87M in Q1-2024 $5.85/MMBtu average gas price $6.16/mmbtu in Q1-2024 Q1 2025 Key Highlights 14% increase in net profit $36M in Q1-2025 $31M in Q1-2024 Refinancing of senior debt Financial readiness
Slide 5: Assets
Assets Leviathan Leviathan field Zone G Haifa Largest natural gas field in the Mediterranean 15% Tel Aviv Zone G Secured 6 new exploration 1 licenses offshore Israel 10% 2 |5 1|Not yet officially awarded 2|The joint venture agreement with ENI includes an option for Ratio to increase its working inte
Slide 6: Leviathan field
Gross Reserves & Resources1 580 BCM Natural Gas Leviathan field 420 45 mmbbl Condensate 160 A strategic regional energy anchor with significant impact 33 12 2P 2C 15% 39.66% 45.34% 330 km2 31-Dec-2019 Reservoir area First gas 1.3 BCF/D 56 BCM Current Total natural production from 5 gas supplied prod
Slide 7: Leviathan Project: Sales by Market
Leviathan Sales By Market (BCM) Year over Year Quarter over Quarter Leviathan 11.4 11.0 11.2 11.6 Project 3.8 2.1 1.5 2.7 2.7 12 BCM/y 2.7 11.6 Production Capacity 2.8 2.6 2.9 7.0 0.4 6.2 14 BCM/y 4.9 0.7 0.7 0.2 0.5 0.8 Production Capacity 1.5 1.8 1.7 2022 2023 2024 2025 E Q1 2023 Q1 2024 Q1 2025 2
Slide 8: Leviathan 3rd Gathering Line
Leviathan 3rd Gathering Line Project Expanding capacity: additional gathering line from Leviathan field to platform 12 BCM/y Project Status Currently underway Production Capacity Expected completion: Q1-2026 1 14 BCM/y Investment $568M Total budget($85M Ratio’s share) Production Capacity Production
Slide 9: Leviathan Project: Expansion and FID
2024 • Letter of intent from the Ministry of Energy for additional 118 BCM Leviathan export permit 2 • Initiated Front-End Engineering Project Design (FEED) and commenced procurement of long-lead items 2025 • Submitted field development and 12 BCM/y expansion plan to the ministry of Production Capac
Slide 10: Midstream Infrastructure
Midstream Doubling export capacity through strategic Infrastructure investment in regional midstream infrastructure Midstream Projects Midstream Capacity 1. Ashdod-Ashkelon looping (BCM p.a.) Capacity expansion through new 25 offshore pipeline 1 6 6 2 2. FAJR+ Pipeline 4 13 Enhancing existing pipeli
Slide 11: Midstream Infrastructure: Doubling Export Capacity
Midstream Investment in regional transmission infrastructure to Infrastructure double export capacity Leviathan midstream capacity, gas production and sales (BCM p.a.)3 BCM 21 Future transmission 20 Nitzana completion Expected capacity (BCM p.a) Budget Midstream projects ($M, Leviathan's FAJR+ compl
Slide 12: Export Markets: Egypt
Export Markets: Egypt Blue Ocean Energy 60 BCM 15 Years 25 BCM GSPA Contract volume Term Gas supplied to date Egypt's Energy Landscape Egypt Natural Gas Production and Demand Outlook BCM • Natural gas: Primary energy source, accounting for 100 >80% of power generation 80 • LNG facilities: 2 plants w
Slide 13: Export Markets: Jordan
Export Markets: Jordan NEPCO 45 BCM 15 Years 14 BCM GSPA Contract volume Term Gas supplied to date Jordan’s Energy Landscape Jordan’s Natural Gas Production and Demand Outlook BCM • Consistent demand for natural gas for power 4.5 4.0 generation and industrial use 3.5 3.0 • Minimal domestic gas produ
Slide 14: Domestic Market: Israel
Domestic Market: Israel Customer Portfolio 21 BCM 2-25 Years 4 BCM1 Power and industry Contract volume Term range Gas supplied to date Israel Energy Outlook Israel Natural Gas Demand Outlook BCM • Projected gas demand growth: ~50% by 2030 30 • Main drivers are growth in electricity demand, coal phas
Slide 15: Exploration Licenses: Zone G
Exploration Partners Licenses 75% 15% 10% 1 Zone G RATIO ENERGIES: October 2023 Joint venture secured Zone G in Ministry Pioneering Global E&P of Energy's 4th licensing round Partnerships in Israel 1,733 km2 Exploration area 3D seismic survey To commence upon official license award ||15 15 1| Joint
Slide 16: Financial Results
Financial Results | 16
Slide 17: Q1-2025: Financial Highlights ($M)
Q1-2025: Financial Highlights ($M) 95 87 14 7 64 6.16 36 5.85 56 80 81 31 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Q1 2024 Q1 2025 Domestic Export Revenue EBITDA Net Income Avg. Gas Price ($/MMBtu) | 17
Slide 18: Projected Cash Flow
> $ 1.3 Bn Cumulative Net Cash Flow Net Cash Flow Forecast from Phase 1A 2024 through 2031 (2P+2C)1 600 500 400 Projected 300 249 238 214 200 173 161 123 139 Cash Flow 100 0 Based on long-term agreements with take-or- -100 pay clauses and floor -200 price protection -300 -400 2025 2026 2027 2028 202
Slide 19: Consistent Shareholder Returns
$190M in dividends since 2022 40 35 Consistent 30 30 30 Shareholder Returns 25 Balanced financial strategy: delivering significant shareholder returns while funding future growth Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Q4 2024 Dividend Payments ($M) |19
Slide 20: Financial Strength and New Refinancing
Financial Strength New Refinancing Agreement Underpinned by high liquidity, strong cash Optimal positioning in challenging macro flow, and conservative leverage conditions to meet the partnership's current and future needs $179M Cash balance, ($355M) Attractive TERM SOFR- linked USD interest rate Re
Slide 21: Thank You
O - 7 i) W U 4 W Z W Thank You
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