Ithaca Energy Plc · LSE:ITH
Ithaca Energy — Debt Investor Presentation (September 2025)
41 slides from Ithaca Energy's debt investor presentation, September 2025
Slide 1: Investor Presentation September 2025
ITHACA ENERGY Investor Presentation September 2025 Ts Lt neg mk to aL Lal, H NT TL Te
Slide 2: Ithaca Energy at a glance
ITHACA ENERGY Ithaca Energy at a glance
Slide 3: Dynamic growth player focused on long-term value creation
Ithaca Energy Dynamic growth player focused on long-term value creation A A A Leader in UK Energy Enhanced platform and Largest independent landscape with diverse clear strategy for value- resource holder and high-value portfolio led growth with significant in UKCS provides at scale investment optio
Slide 4: A leading UKCS independent operator with diversified portfolio
A leading UKCS independent operator with diversified portfolio Largest UKCS operator by viable resources with a balanced and diversified high-value portfolio of 37 producing fields', including stakes in six of the ten largest fields in the UKCS Q OPERATED ASSETS Q NON-OPERATED ASSETS Q ROSEBANK, Qea
Slide 5: 2024 financial and operational performance
2024 financial and operational performance Positive trend continuing into 2025 Safe and Responsible Enhanced cash generation and financial strength ( Excellent H1 2025 performance TIER 1 and TIER 2 2024 AVERAGE 2024 PRO FORMA. H1 2025 AVERAGE H1 2025 OPEX PROCESS SAFETY EVENTS PRODUCTION! AVERAGE PR
Slide 6: Our transformational growth
Our transformational growth 2004 Established with production and development activities in the UK North Sea MAY 2017 Delek acquired Ithaca Energy and delisted the shares from the Alternative Investment ‘Market (AIM) MAY 2018 Acquisition of Greater Stella Area licenses from Dyas UK and Petrofac Limit
Slide 7: Our vision drives our ambitions
Our vision drives our ambitions... A Scale. A Stability. A Strength. ITHACA ENERGY PLC
Slide 8: Proven strategy and track record of delivering organic and inorganic growth
Proven Sustain and Optimise Production Investing in efficiency improvements and targeted infrastructure-led opportunities that offer high-returns and short payback periods Consolidation in Core UKCS Market Pursue further value-accretive UKCS consolidation, taking an agile response to ongoing market
Slide 9: Two transformational phases of growth, leading to our Next Era
Our proven strategy and clear vision has seen the business execute two transformational phases of growth, leading us to our Next Era Ya The Beginning < 2019 A platform for inorganic growth in the UKCS with single hub asset development (GSA) > 1* Transformation 2019 - 2023 ‘ee Building one of the lar
Slide 10: Disciplined and balanced capital allocation framework
Disciplined and balanced capital allocation framework Capital allocation framework sets clear capital allocation priorities protecting cash flows and providing resilience through the cycle while supporting growth and shareholder returns 2. Protect 1.5x Net Debt / EBITDAX 1. Invest 4. Evolve Grow Gro
Slide 11: Key credit highlights
ITHACA ENERGY Key credit highlights
Slide 12: Ithaca Energy key credit highlights
Ithaca Energy key credit highlights Proven credit credentials with strong bond performance since October 2024 HY Bond raise Largest UKCS only upstream independent with a diversified portfolio of high-quality and long-life assets (c.17 years resource life!), playing a strategic role in the energy sup
Slide 13: Key fields: Clair, Rosebank, Elgin Franklin, Schiehallion, Mariner
1 Clair Rosebank Elgin Franklin Schiehallion Mariner Area Cambo J Area Penguins Area Buzzard Culzean
Slide 14: Group 2P and 2C production profile
1 2025 2026 2027 2028 2029 2030 2031 2032 2033 Group 2P 2P Cygnus & Seagull Equity Increase Group 2C 2C Cygnus & Seagull Equity Increase
Slide 15: Strategic role in UK energy supply security, potential largest producer by 2030
) Ithaca Energy to play a strategic role in the energy supply security in the UK, with the potential to be the largest producer by 2030 2025 UKCS Production! Ithaca Energy Un-Risked 2030 Production? Production (kboe/d) 2030 Production (kboe/d) eo & sericacnercy A ce ia INEOS fm & SeRUAENERCY cover?
Slide 16: Material operatorship and production efficiency
[ce ce oricio a 2-Dresidouet bois) 4 Resto opeatonl nd fronil pole 5 Pade franalfamevork > ésExpaiaced moogement | 7ESGfocuid @ Material operatorship providing the ability to drive operational efficiency while offering flexibility and control Enhanced technical capabilities driving production effici
Slide 17: Quarterly production Q1 2024 to Q1 2025
2 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025
Slide 18: Operated and non-operated 2P and 2C reserves
3 Operated 2P Non-operated 2C Oil Gas 2021 2022 2023 2024 2P 2C
Slide 19: Capex and net cash flow from operations
4 2021 2022 2023 2024 LTM June 2025 Capex investing cash flow Net Cashflow From Operations (CFFO) Capex Coverage
Slide 20: Effective hedging strategy driving results and protecting returns
@ Effective hedging strategy driving results and protecting returns % of production in forward years f. 2Y © 25% 25% 50% Puts or wide Zero cost collar Unhedged Swaps or Collars 0) ITHACA ENERGY PLC
Slide 21: Hedging profile and production outlook
100 200 180 100 Kboe/d 90 90 160 11 Puts/W-ZCC 80 140 Collars 80 10 70 Swaps 120 32 60 10 70 100 27 50 8 8 80 40 24 60 22 22 60 30 6 49 8 40 20 40 6 50 30 5 10 24 23 21 20 13 9 9 9 40 0 Jul/23 Jul/24 Jul/25 Feb/25 May/23 May/23 Feb/24 May/24 May/25 Jan/23 Jan/23 Jun/23 Jan/24 Jun/24 Jan/25 Jun/25 Ap
Slide 22: Sources and uses
GBP Uses GBP Sources GBP Uses GBP Sources
Slide 23: Material tax loss position, enhanced post Combination
1. Large scale portfoli Material tax loss position, enhanced post Combination As at 31 December 2024 the Group holds: A pA Ring Fence Supplementary Corporation tax Charge tax loss loss position of: position of: A Corporate tax cash paid history: $5.4bn $4.7bn $6.3bn 23 In addition to the above losse
Slide 24: Liquidity and debt maturity profile
5 30 Jun 22 31 Dec 22 31 Dec 23 31 Dec 24 30 Jun 25 Total Drawn Undrawn Cash Liquidity Technical Liquidity 31-Dec-22 31-Dec-23 Pro forma Pro forma Available Facilities Facilities Accordion capacity 31-Dec-24 30-Jun-25 Facilities facility Senior Notes Other RBL (less cash)
Slide 25: Financial metrics 2021 to LTM June 2025
5 76% 80% 77 % 73% 73% 2021 2022 2023 2024 LTM Jun 25 2021 2022 2023 2024 LTM Jun 25 1200 1 1000 0.8 800 0.6 600 0.4 400 200 0.2 0 0 2021 2022 2023 2024 LTM Jun 25 2021 2022 2023 2024 LTM Jun 25
Slide 26: Highly diversified and complementary board with independent directors
Lene Le > ééé§ a> @ Highly diversified and complementary board with prominent independent directors Ithaca Energy board of directors at completion of Eni UK combination Yaniv Friedman Luciano Vasques lain Lewis * Chairmar hief hie Financial Office The company is actively looking to appoint further i
Slide 27: Operational and financial metrics H1 2025
2022 2023 2024 H1 2025 2022 2023 2024 H1 2025 2022 2023 2024 H1 2025 Pro forma
Slide 28: Combination supports responsible operations with decarbonisation focus
Se Combination supports responsible operations with decarbonisation focus Focus on portfolio optimisation and addition of lower emission intensity assets Combination enhances Group's GHG emissions intensity with a reduction in combined pro forma CO, GHG emissions intensity to <20 kgCO,e/boe (on a Sc
Slide 29: Ithaca Energy key credit highlights
Ithaca Energy key credit highlights Proven credit credentials with strong bond performance since October 2024 HY Bond raise Largest UKCS only upstream independent with a diversified portfolio of high-quality and long-life assets (c.17 years resource life!), playing a strategic role in the energy sup
Slide 30: Appendix Supplemental materials
ITHACA ENERGY Appendix Supplemental materials
Slide 31: Oil and gas hedging profile
300 60 Gas Puts/Wide ZCCs Gas Collars Gas Swaps Oil Puts/Wide ZCCs Oil Collars Oil Swaps 250 50 40 200 30 150 20 100 10 50 0 0 Q3 25 Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 Q1 27 Q2 27 Q3 27 Q4 27 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27
Slide 32: Diversified asset base with further optionality
CHD Diversified asset base with further optionality Net reserves & Working interest Liquids Reserves Development Operator " resources = (%) [MMbsoe) (%) soge PF e Britannia & Satellites ITHACA : * 5 field production hub, including Alder subsea tieback Harbour larious voducin 4 * Additional upside co
Slide 33: Diversified asset base with further optionality (cont'd)
CD Diversified asset base with further optionality (cont'd) Net reserves & Working interest liquids Reserves Development Operator (3) ores (se) eo Cygnus 38.75% * Single biggest producing gos field inthe United Kingdom (85.0% post 31 Producing * Supplies up to 250 milion cubic fet (mel) of gas a day
Slide 34: Powerful track record of driving value and growth through M&A
Powerful track record of driving value and growth through M&A Transformation Consolidation Combination Agile response to market dislocation Versatile approach to value creation levers WN Marubani aa 5) ITHACA UKCS Fiscal regime acting Rag siccar point enerey > mitsui aco JAREX ENERGY as catalyst for
Slide 35: Clear investment parameters set to guide M&A and international expansion
Clear investment parameters set to guide M&A and international expansion 35 Investor Update ENERGY With clear framework for assessing opportunities... © IRR 20 -25% © vp? >1.3 © Payback! 1 - 4 years © Full cycle breakeven: Oil: $30 — 50/bbI ig) Operating cash margin Cam 0-7 yim accretive 2 - 4 years
Slide 36: Consolidation in Core UKCS Market
Consolidation in Core UKCS Market Delivering on our proven strategy to consolidate in core UKCS market, with a focus on adding stakes in well-understood and liked assets across our existing portfolio = an = A Fa ‘NY Va XY JAPEX UK A A Cygnus A j Ne Ps MW : ST Ss Acquisition completed 7 July demonstr
Slide 37: Actively engaged across UK government consultations
Actively engaged across UK government consultations More supportive regulatory environment evolving Scope 3 Emissions Building the Oil and Gas Price Environmental North Sea’s Mechanism Impact Assessment Energy Future (EPL successor regime) © _ OPRED consultation on © Consultation focused on the © Fi
Slide 38: UK fiscal regime: RFCT, SC and EPL
100 90 80 70 60 50 40 30 20 10 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 RFCT SC EPL
Slide 39: London Stock Exchange listed UK independent E&P with supportive majority shareholders
London Stock Exchange listed UK independent E&P, with long-term supportive majority shareholders Fully aligned partnership growth strategy Free Float 13.6 % 39 between Eni and Delek in support of Ithaca Energy’s long-term LONDON Stock EY Exchiance Free float of 13.6% listed on the London Stock Excha
Slide 40: Disclaimer
ITHACA ENERGY Disclaimer
Slide 41: Ithaca EF Limited and other entities were not consolidated until October 3, 2024
Ithaca EF Limited (f/k/a Eni Elgin/Franklin Limited), Ithaca (NE) E&P Limited (f/k/a Eni Energy E&P UK Limited, Ithaca UKCS Limited (f/k/a Eni UKCS Limited) and Ithaca (NE) UKCS Limited (f/k/a Eni Energy E&P UKCS Limited) (together, the "Eni entities") were not consolidated into Ithaca Energy Plc’s
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