Slide 1: 2025 Full-Year Results
2025 FULL-YEAR RESULTS 18 February 2026
Slide 2: Disclaimer and important notice
2025 Full-year results Disclaimer and important notice This presentation contains forward-looking statements that reflect Santos’ expectations at the date of this report (including with respect to Santos’ strategies and plans relating to climate change).These statements are based on management’s cur
Slide 3: Performance Summary
12C: update pic Replace with front cover image PERFORMANCE SUMMARY
Slide 4: Personal and process safety performance
2025 Full-year results Personal and process safety performance Outstanding personal and process safety across the base business, top quartile globally for personal safety Lost time injury rate1 Loss of containment incident rate2 Tier 1 and 2 Rate per million hours worked Rate per million hours worke
Slide 5: Financial highlights
2025 Full-year results 2025 Financial highlights Strong financial performance despite lower global commodity pricing $1.8 billion $3.4 billion $898 million Free cash flow from operations1 EBITDAX Underlying profit after tax2 23.7 UScps 10.3 UScps 26.9 per cent Total dividends declared3 Final dividen
Slide 6: Operational highlights
2025 Full-year results 2025 Operational highlights Continued high reliability underpinned by our disciplined low-cost operating model 87.7 mmboe $6.78/boe1 >900,000 Total production volumes Unit production costs ACCUs received by Moomba CCS phase 1 (gross) 8.6 Mt LNG 99.5 per cent 3 LNG SPAs PNG LNG
Slide 7: Returns to shareholders
2025 Full-year results Returns to shareholders Increased shareholder returns despite lower commodity prices and major development projects Shareholder returns1,2 Dividends declared per share $ million Cents per share Interim Final Buy Back Average realised oil price +13.6% 7-yr CAGR 1600 Barossa and
Slide 8: Barossa and Darwin LNG
2025 Full-year results Barossa and Darwin LNG Tier 1 asset providing low-cost high heating value LNG 3.7 Mtpa Capacity sustained at Darwin LNG <$7/boe Unit production cost1 +19 mmboe/year Production net to Santos1 20 years 2P reserves life2,3 1. Assuming steady state production 2. 2P reserves life a
Slide 9: Pikka phase 1
2025 Full-year results Pikka phase 1 Final commissioning progressing with ramp up to plateau rate by mid-2026 Pikka phase 1 80,000 bopd (5-6 year plateau)2 Quokka Unit <$8/boe Pikka Unit 2P: 164 MMbbl1 2C: 177 MMbbl1 2C: 252 MMbbl1 Unit production cost +12.1 mmboe/year Horseshoe Unit Production net
Slide 10: Quality reserves supporting long-term delivery
2025 Full-year results Quality reserves supporting long-term delivery 17-year 2P reserves life, 10-year 1P reserves life with multi tcf resources positioned to grow, sustain and backfill1,2 Northern Australia (Barossa) Long-life LNG PNG Sustaining backfill and growth Depth and diversity Dili 4,696 m
Slide 11: Proven and sustained performance
2025 Full-year results Proven and sustained performance Disciplined low-cost operating model driving cash flow, shareholder returns and performance excellence Production Dividends declared Lost time injury rate1 mmboe Cents per share Rate per million hours worked 103 Santos LTIR IOGP Global Avg LTIR
Slide 12: Finance and Capital Management
FINANCE AND CAPITAL MANAGEMENT
Slide 13: Financial highlights
2025 Full-year results 2025 Financial highlights Strong financial performance from the base business despite lower commodity pricing $27.43/bbl $58.90/bbl $6.78/boe Free cash flow break even All-in free cash flow break even2 Unit production costs3 from operations1 $770 million 26.9 per cent $3.4 bil
Slide 14: Balance sheet strength
2025 Full-year results Balance sheet strength Gearing of 26.9 per cent including leases1 at conclusion of our peak capital investment phase Net debt & gearing Drawn debt maturity profile $ million % $ million Syndicated Bank revolving facilities Net Debt Gearing Recent 144A bond Transition loan faci
Slide 15: Earnings and free cash flow from operations
2025 Full-year results Earnings and free cash flow from operations Protecting margins over time, delivering cost savings, increasing free cash flow Product sales revenue Free cash flow from operations2,3 $ million $ million 7,790 3,641 5,889 33.7 per cent 5,381 4,939 4,713 2025 gross profit margin 2
Slide 16: Demonstrating cost discipline over time
2025 Full-year results Demonstrating cost discipline over time Unparalleled cost discipline is our competitive advantage that creates value Unit production cost1 Free cash flow break even from operations3 $/boe $/boe Peer Santos is Australia’s $35 per bbl operation model target median2 36.5 leading
Slide 17: Shareholder returns and growth
2025 Full-year results Shareholder returns and growth With Barossa and Pikka phase 1 online Santos targeting strong shareholder returns and value-accretive growth Disciplined operating model Capital allocation framework1 Continues to underpin Balances sustainable shareholder how we operate and inves
Slide 18: Operations Review
Santos OPERATIONS REVIEW
Slide 19: Strong base business
2025 Full-year results Strong base business Disciplined low-cost operating model in place since 2016 delivering consistent high reliability outcomes Northern Australia (Barossa) PNG Delivered Dili Port Moresby Improved safety Darwin 35 per cent reduction in Lost Time Injury Rate compared to 2024 – l
Slide 20: PNG LNG & upstream
2025 Full-year results PNG LNG & upstream World class LNG infrastructure supported by reliable upstream supply and backfill opportunities PNG LNG volumes Operated CPF reliability Mtpa (gross) % Hides F2 online 8.5 8.8 8.4 8.6 8.4 8.6 Safe, accelerated start-up strengthening 8.3 8.0 7.4 99% PNG LNG p
Slide 21: GLNG Queensland CSG
2025 Full-year results GLNG Queensland CSG Safe, reliable LNG delivery underpinned by disciplined development execution delivering strong net contribution LNG volumes produced GLNG upstream production Mtpa (gross) mmboe (STO) Outstanding reliability 6.5 5.2 6.0 6.2 5.9 6.1 6.0 More than 99.5 per cen
Slide 22: Western Australia
2025 Full-year results Western Australia Small tie-backs maximise plant utilisation, lowering unit costs and supporting high margin production Production volumes Unit production costs mmboe $/boe Record reliability 33.7 10.21 30.9 31.1 Varanus Island 9.87 27.8 99 per cent for 2025 8.68 7.30 7.49 21.
Slide 23: Cooper Basin
2025 Full-year results Cooper Basin Resilient execution through a significant flood event, drilling activity sustained and production levels restored Upstream production Wells drilled mmboe Number of wells per year 16.7 Resilient delivery CCS injector wells 2P 2C Prospective resources 15.5 15.7 14.4
Slide 24: Outlook & Strategic Priorities
OUTLOOK & STRATEGIC PRIORITIES
Slide 25: Strong demand for Santos' product suite
2025 Full-year results Strong demand for Santos’ product suite Oil and gas continue to play a critical role in the global energy mix, with LNG demand growth led by Asia Global primary energy demand1 Asia LNG demand2 Global liquids supply-demand3 EJ Demand Gas Nuclear Mtpa China SE Asia mmbbl/d Oil C
Slide 26: High-quality LNG portfolio in strong demand
2025 Full-year results High-quality LNG portfolio in strong demand Premium LNG pricing driven by high-heating-value supply and lower shipping costs Weighted average price of gas1 Proximity to Asian demand centres3 Global supply of high heating value LNG4 LNG pricing, $/mmBtu Sailing days LNG supply
Slide 27: 2026 Strategic priorities
2025 Full-year results 2026 Strategic priorities Focused on driving shareholder returns through the base business and sustainable growth Strategic priorities aligned to Santos’ $45-$50/bbl all-in free cash flow break even target now to 2030 Deliver steady state production from Barossa Commence Beeta
Slide 28: Appendix
Santos APPENDIX
Slide 29: Financial performance
2025 Full-year results 2025 Financial performance Consistently strong financial performance despite lower realised prices and high inflationary environment 2025 2024 • Total revenue down due to lower realised prices $million $million • Other costs are up due to extraordinary costs Sales revenue 4,93
Slide 30: Sales revenue
2025 Full-year results Sales revenue Diverse portfolio, proximal to Asian markets and supplying domestic markets 2025 Total product sales 2025 Sales revenue product % % 1% 3% PNG 7% 16% 8% LNG Cooper Basin Upstream 1% Gas & ethane Queensland & NSW Crude oil 51% Northern Australia & 22% Timor-Leste C
Slide 31: Free cash flow from operations
2025 Full-year results Free cash flow from operations Calculation of 2025 full-year free cash flow from operations 2025 2024 Lease liability payments are treated as financing $million $million cash flows under AASB 16. To ensure like-for-like comparisons with prior periods, the definition of Operati
Slide 32: Significant items
2025 Full-year results Significant items Reconciliation of full-year net profit to underlying profit 2025 2024 $million $million Net profit attributable to the owners of Santos Limited1 818 1,224 Add/(deduct) significant items after tax: Net loss/(gain) on disposal of non-current assets 4 (116) Impa
Slide 33: 2026 Guidance
2025 Full-year results 2026 Guidance X Guidance item Guidance Production 101 to 111 mmboe Sales volumes 101 to 111 mmboe Capital expenditure1 ~$1.95 to $2.15 billion Unit production costs $6.95 to $7.45 per boe Total capex guidance comprises; exploration & appraisal ~$0.3 billion, sustaining capex ~
Slide 34: Liquidity and net debt
2025 Full-year results Liquidity and net debt Strong liquidity and balance sheet 31 December 2025 31 December 2024 Liquidity $million $million Cash and cash equivalents 1,722 1,833 Committed (undrawn) bank facilities 2,545 2,580 Total liquidity 4,267 4,413 31 December 2025 31 December 2024 Debt $mil
Slide 35: 2025 Full-year segment results summary
2025 Full-year results 2025 Full-year segment results summary Midstream Corporate, Upstream & Energy Eliminations, Cooper Basin Queensland Northern Western Gas & Solutions Non-core, 2025 results summary Upstream & NSW PNG Australia Australia Liquids Total Total & other Total Santos Product sales to
Slide 36: 2024 Full-year segment results summary
2025 Full-year results 2024 Full-year segment results summary Northern Corporate, Australia & Western Upstream Santos Energy Eliminations, Cooper Basin Queensland Timor-Leste Australia Gas & Solutions Non-core, 2024 results summary Upstream & NSW PNG Upstream Upstream Liquids Total Total & other Tot
Slide 37: Disciplined operating model
2025 Full-year results Disciplined operating model Delivering strong free cash flows for shareholder returns, debt repayment and reinvestment Disciplined Asset lifecycle Portfolio & portfolio rules capital allocation Diversified portfolio Resource add Return to Integrated Midstream and shareholders
Slide 38: Capital allocation framework principles
2025 Full-year results Capital allocation framework principles Simplified framework1 drives shareholder value and strong balance sheet Disciplined operating model Cash flow from operations Sustaining and development capital Target sustainable production of 100-120 mmboe per annum2 Prioritise shareho
Slide 39: Definitions and abbreviations
2025 Full-year results Definitions and abbreviations ACCU Australian Carbon Credit Unit. Each ACCU issued represents one tonne of carbon dioxide loss of primary LOPC stands for an unplanned or uncontrolled release of any material hydrocarbon from equivalent (tCO2e) containment primary containment. T
Slide 40: Definitions and abbreviations
2025 Full-year results Definitions and abbreviations Units of measure Conversion factors bbl barrel Sales gas 1PJ = 171,937 boe boe barrels of oil equivalent Crude oil 1 barrel = 1 boe kt thousand tonnes Condensate 1 barrel = 0.935 boe ktCO2e kilotonnes carbon dioxide equivalent LPG 1 tonne = 8.458