Ratio Energies Limited Partnership · TASE:RATI
Ratio Energies Limited Partnership — Q2 2025 Earnings Presentation
20 slides from Ratio Energies Limited Partnership's earnings presentation, September 2025
Slide 1: Ratio Energies Q2 2025 Investor Presentation
RATIO ENERGIES Limited Partnership Q2 2025 Investor Presentation September 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
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 5.2 Bn Market Cap1 |3 1| As of August 19, 2025
Slide 4: Q2 2025 Key Highlights
Additional export agreement to Egypt Increase in contracted volumes by ~130 BCM through 2040 Expected revenues of up to $35 billion (100% Leviathan) Preparatory for the Leviathan expansion Export permit submitted to the regulator and updated development plan approved Q2 2025 Refinancing of bank debt
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 58 BCM Current Total natural production from 5 gas supplied prod
Slide 7: Leviathan Project
Leviathan Sales By Market (BCM) Year over Year Quarter over Quarter Leviathan 11.0 11.2 11.6 Q2 2025 results were impacted by a Project 2.1 1.5 planned shutdown as part of connecting the third gathering line and routine maintenance, and 12- 2.7 day unplanned shutdown during 2.7 operation “Rising Lio
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 Expansion – Export Agreement with Blue Ocean Energy
Leviathan Expansion – Export Agreement with Blue Ocean Energy Leviathan • Amendment to existing GSPA with Blue Ocean Energy to increase export volumes • Total additional volumes: ~130 BCM1 through 2040 Project • • Phase 1: 20 BCM (expected early 2026 with capacity expansion to 14 BCM/y) Phase 2: 110
Slide 10: Progress on Leviathan expansion project
Progress on Leviathan expansion project Leviathan • Export permit submitted for approval for ~130 BCM additional volumes to Project Egypt • Updated development plan approved by Petroleum Commissioner 12 BCM/y Production Capacity FID • Expected FID in 2025 • $2.4Bn budget ($360M, Ratio share) 14 BCM/
Slide 11: Midstream Infrastructure
Midstream Doubling export capacity through strategic Infrastructure investment in regional midstream infrastructure Midstream Projects Midstream Capacity 1. Ashdod-Ashkelon looping (BCM p.a.) Capacity expansion through new 25 offshore pipeline 1 6 6 2 2. FAJR+ Pipeline 4 13 Enhancing existing pipeli
Slide 12: Midstream Infrastructure
Midstream Investment in regional transmission infrastructure to Infrastructure double export capacity Leviathan midstream capacity, gas production and sales (BCM p.a.)3 BCM 21 Future transmission 20 Nitzana completion Expected capacity (BCM p.a) Budget Midstream projects ($M, Leviathan's FAJR+ compl
Slide 13: Exploration Licenses
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 ||13 13 1| Joint
Slide 14: Financial Results
Financial Results | 14
Slide 15: Q2-2025: Financial Highlights ($M)
Q2-2025: Financial Highlights ($M) 98 2 12 65 63 6.29 1 35 5.63 6 41 23 83 56 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Export Domestic Condensate Revenue EBITDA Net Income Avg. Gas Price ($/MMBtu) | 15
Slide 16: H1-2025: Financial Highlights ($M)
H1-2025: Financial Highlights ($M) 185 3 18 159 3 19 121 6.23 5.76 105 67 164 59 137 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 H1 2024 H1 2025 Export Domestic Condensate Revenue EBITDA Net Income Avg. Gas Price ($/MMBtu) | 16
Slide 17: 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 18: Consistent Shareholder Returns
$280M in dividends since 2022 901 Consistent Shareholder Returns 40 35 Balanced financial strategy: 25 30 30 30 delivering significant shareholder returns while funding future growth Q2 2022 Q4 2022 Q2 2023 Q4 2023 Q2 2024 Q4 2024 Q2 2025 Dividend Payments ($M) |18 1| $50M special dividend in July 2
Slide 19: Financial Strength Debt Structure
Financial Strength Debt Structure Underpinned by high liquidity, strong cash Diversified debt structure with a long-term flow, and conservative leverage maturity profile, supporting financial flexibility and the Leviathan expansion funding Bank Debt $177M Cash balance, ($356M) • New $600M refinancin
Slide 20: Thank You
O - 7 i) W U 4 W Z W Thank You
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