Gulf Keystone Petroleum Limited · LSE:GKP
Gulf Keystone Petroleum — Gulf Keystone Pet Ord New — FY2025 Earnings Presentation
19 slides from Gulf Keystone Petroleum's earnings presentation, Mar 19, 2026
Slide 1: 2025 Full Year Results
2025 Full Year Results 19 March 2026
Slide 2: Disclaimer
Disclaimer This proprietary presentation (the “Presentation”) has been prepared by Gulf Keystone Petroleum Limited (the “Company”). Under n o circumstances may this presentation be deemed to be an offer to sell, a solicitation to buy or a solicitation of an offer to buy securities of any kind in any
Slide 3: Operational & financial highlights
Operational & financial highlights Strong performance in 2025; positive start to 2026 disrupted by security environment Strong operational & Kurdistan exports 2025 Balanced investment with financial delivery in 2025 in restart unlocked path to shareholder distributions line with guidance higher real
Slide 4: Operational review
Operational review
Slide 5: Production
Production 2025 performance & 2026 outlook Gross average production ( kbopd ) FY -25 average: 41.6 27 -Sep -25 FY -26 average: 32.1 (1) 47.9 Restart of KRI exports via ITP 46.4 47.2 46.0 45.2 43.6 44.1 44.0 42.3 40.8 41.0 39.4 31.8 21.2 Field shut -in Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25
Slide 6: Shaikan Field investment & activity
Shaikan Field investment & activity 2025 performance & 2026 outlook ▪ Disciplined 2025 net capex in line with Net capex ($m) guidance: ▪ Well workover and intervention programme ▪ Sanction of water handling facilities at PF -2 ▪ Safety upgrades at PF -2 115 ▪ Water handling expected to unlock produc
Slide 7: Kurdistan crude exports: recap & status update
Kurdistan crude exports: recap & status update Interim agreements working and lower discounts to Brent visible in 2025 invoices ▪ Exports restarted on 27 -Sep -25 based on interim Potential evolution of Shaikan realised prices agreements signed with the KRG (1) and FGI (2) ▪ Agreements in full compl
Slide 8: Shaikan Field estimated reserves & resources
Shaikan Field estimated reserves & resources Long -life asset with significant growth potential ▪ 416 MMstb of internally estimated gross 2P Shaikan Field e stimated reserves & resources reserves at year end 2025 Jurassic Triassic Cretaceous ▪ Reduction relative to YE -24 reserves Total 2C: Total 2P
Slide 9: Financial review
Financial review
Slide 10: Financial performance highlights
Financial performance highlights Strong delivery with cash flow funding incremental capex and shareholder returns Adjusted EBITDA ($m) (1) Net capex ($m) 359 115 223 58 46 111 39 76 50 18 (2) 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Free cash flow ($m) Shareholder distributions ($m) 267 Div
Slide 11: Adjusted EBITDA
Adjusted EBITDA (1) $m 140 120 40 1 111 (3) (0.3) (3) (2) 100 80 76 2 60 40 20 0 FY -24 Adj. Production Realised Capacity Operating Other Share Other FY -25 Adj. EBITDA price Building costs G&A option EBITDA Payment expense ▪ 46% increase in Adjusted EBITDA vs 2024 based on invoiced revenue ▪ Primar
Slide 12: Operating costs & other G&A
Operating costs & other G&A Lean and flexible cost base provides resilience and leverage to upside Operating costs ($m) (1) ▪ 2025 operating costs and other G&A expenses in line with guidance $/bbl 2.7 3.2 5.6 4.4 4.3 ▪ 2026 guidance suspended due to security 52.4 52.6 environment and production shu
Slide 13: 2025 cash flow
2025 cash flow $m Free cash flow: $29 million 250 111 3 200 (52) 150 (33) (4) 102 100 89 1 78 (50) 50 0 (1) Opening Adjusted Interest Working Net EBT Dividends FX Closing Cash cash EBITDA income capital Capex share cash balance (31 -Dec -24) & Other (cash) purchases (31 -Dec -25) (18 -Mar -26) ▪ Fre
Slide 14: Consistent focus on shareholder value through cycles
Consistent focus on shareholder value through cycles ▪ Consistent approach has enabled Net capex & shareholder distributions ($m) navigation of volatile periods while continuing to generate value and Dividends Buybacks Net capex preserving optionality for future upside 215 30 25 10 ▪ Long history of
Slide 15: Summary & outlook
Summary & outlook
Slide 16: Summary & outlook
Summary & outlook Ready to restart Robust balance Exports agreements World -class asset production & sheet, lean cost working with with large reserves & exports quickly once base & flexibility to progress towards resources base safe to proceed reduce expenditures international prices 1 2 3 4 Strong
Slide 17: Appendix
Appendix
Slide 18: Key historical financials
Key historical financials FY FY FY FY FY 2025 2024 2023 2022 2021 Gross production (bopd) 41,560 40,689 21,891 44,202 43,440 Dated Brent ($/bbl) (1) 69.1 80.8 82.6 101.4 70.8 Realised price ($/bbl) (2) 33.9 26.8 40.9 74.1 49.7 Discount to Brent ($/ bbl ) 35.2 53.9 41.7 27.2 21.2 Revenue ($m) (3) 193
Slide 19: Thank you
Thank you More resources are available at: www.gulfkeystone.com
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