Ratio Energies Limited Partnership · TASE:RATI
Ratio Energies Limited Partnership — Q1 2026 Earnings Presentation
16 slides from Ratio Energies Limited Partnership's earnings presentation, May 2026
Slide 1: Ratio Energies Q1 2026 Investor Presentation
RATIO ENERGIES Limited Partnership Q1 - 2026 Investor Presentation May 2026
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: Key Highlights Q1 2026
Natural Gas Revenue Net Income Production 1.9 BCM $54M $18M Key Highlights Q1 2026 Final Investment Decision on Leviathan Expansion $2.4Bn for the first phase of the expansion Completion of the Third Gathering Line Project Completed on schedule and under budget Gas Supply Agreement Signed with Eshko
Slide 4: Leviathan field
Leviathan field 31.12.2019 330 km2 43 mmbbl 553 BCM First gas Reservoir area Condensate1 Natural gas1 1.5 BCF/D 65 BCM Current production from 5 producing wells Total natural gas supplied to Israel, Egypt, and Jordan Partnership Working Interests 15% 39.66% 45.34% |4 1 | 100%, as per the Partnership
Slide 5: Leviathan Project: 21 BCM/y
Leviathan Project Developing into the largest natural gas field in the Eastern Mediterranean 12 BCM/y 15.8 BCM/y 21 BCM/y Initial production Current production Future production capacity at first gas capacity, upon 3rd capacity, upon expansion (2020) gathering line completion completion 2020 - 2025
Slide 6: Leviathan Project Sales by market
Leviathan Project Sales by market (BCM/y) Year over year Quarter over quarter 11.0 11.2 10.9 6.2 7.0 6.2 2.6 2.9 2.7 2.7 2.9 1.7 1.9 1.8 1.1 2.1 1.5 1.8 0.5 0.8 0.6 0.2 0.4 0.2 2023 2024 2025 Q1 2024 Q1 2025 Q1 2026 Avg price: (mmbtu) $6.11 $6.12 $5.58 $6.16 $5.85 $5.19 |6 Domestic Jordan Egypt
Slide 7: Leviathan expansion FID
January 2026: FID $35B 130 BCM Projected revenues from Blue Additional volumes contracted Ocean Energy contract to Egypt through 2040 H2 2029 $2.4B Budget for the 1st phase of the Expected completion expansion |7
Slide 8: Long-Term GSPAs: Growing Regional Demand for Natural Gas
Long-Term GSPAs: Growing Regional Demand for Natural Gas Israel Diversified customer portfolio Contracted volume: 53 BCM ───────────────────────────── • Projected gas demand growth driven by growth in electricity demand, coal phase-out, and expanding gas use for transportation and industry • 8-10 ne
Slide 9: Midstream Infrastructure
Midstream Doubling export capacity through strategic Infrastructure investments in regional midstream infrastructure Midstream Projects Midstream Capacity 1. Ashdod-Ashkelon looping (BCM p.a.) Capacity expansion through new 25 offshore pipeline 6 6 2 1 2. FAJR+ Pipeline 4 13 Enhancing existing pipel
Slide 10: Exploration Licenses Zone G
Exploration Licenses Zone G PARTNERS IN THE LICENSE Zone G Haifa Zone G Tel Aviv Awarded to Ratio in the Ministry of Energy's 4th licensing round (October 2023) New operator The Partnership is working to bring in a world-class operator at a 50% WI in the license Exploration area: 1,733 km2 |10
Slide 11: Financial Results
2 RATIO @) ENERGIES Financial Results |11
Slide 12: First quarter: Financial Highlights ($M)
First quarter: Financial Highlights ($M) Results reflect lower oil prices and unplanned shutdown during the March 2026 conflict 95 14 64 5.85 54 36 7 81 5.19 32 18 47 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Domestic Export Revenue Avg. Gas Price EBITDA Net Income ($/MMBtu) |
Slide 13: Projected Cash Flow
More than $ 2 Bn in Cumulative Net Cash Flow Over the Next Decade Net Cash Flow Forecast, 2026–20351 900 700 500 Projected 300 216 192 253 261 249 263 Cash Flow 139 161 152 162 100 Underpinned by long- -100 term agreements with -300 take-or-pay clauses and floor price protection -500 -700 2026 2027
Slide 14: Consistent Shareholder Returns
Dividends since 2022 130 Consistent Shareholder Returns 60 60 70 $320M in dividends distributed since 2022, delivering consistent shareholder returns while funding future growth 2022 2023 2024 2025 Dividend Payments ($M) |14
Slide 15: Financial Strength
Financial Strength Debt Structure Underpinned by high liquidity, strong cash flow, and conservative leverage Bank Debt2 • $600M facility with a consortium of $205M $600M Israeli and international banks • Attractive terms, including an early Average annual cash flow available for debt repayment optio
Slide 16: Thank You
O - 7 i) W U 4 W Z W Thank You
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