Jadestone Energy Plc · LSE:JSE
Jadestone Energy — FY2025 Earnings Presentation
19 slides from Jadestone Energy's earnings presentation, May 2026
Slide 1: Full-Year 2025 Results Presentation
Full-Year 2025 Results Presentation CREATING THE LEADING ASIA-PACIFIC INDEPENDENT UPSTREAM COMPANY May 2026
Slide 2: Disclaimer
Full Year 2025 Results Presentation DISCLAIMER You must read the following before continuing. The following applies to this document, the presentation of the information in The content of the Presentation has not been approved by an authorized person within the meaning of the Financial Services and
Slide 3: A Differentiated Upstream Platform for Growth
Full Year 2025 Results Presentation = Jadestone operated A DIFFERENTIATED UPSTREAM PLATFORM FOR GROWTH 19,829 boe/d >12 million manhours 2025 production, Worked LTI(1) free during 2025 +6% year-on-year Annual record -21% US$124 million Year-on-year reduction in 2025 operating cashflow pre w/c adjust
Slide 4: 2025 Summary and Recent Highlights
Full Year 2025 Results Presentation 2025 SUMMARY AND RECENT HIGHLIGHTS “PROTECTING THE BASE” WITH FOCUS ON OPERATIONAL EXCELLENCE • 2025 production increased 6% year-on-year to a new record, underlying(1) production increased 14% • Over 12 million manhours worked across the Group without a lost-time
Slide 5: Intrinsic Portfolio Value Well Above Current Share Price
Full Year 2025 Results Presentation INTRINSIC PORTFOLIO VALUE WELL ABOVE CURRENT SHARE PRICE Current share price vs. average sell-side analyst asset valuations(1) Sell-side analyst valuation sensitivity to Brent oil price(2) p/share p/share 90 200 2.9x 85 Core Risked upside Share price as of 15 May
Slide 6: 2025 Operational and Financial Summary
Full Year 2025 Results Presentation 2025 OPERATIONAL AND FINANCIAL SUMMARY Selected operational and financial metrics ⚫ Production increased 6% y-o-y to a new annual record (US$ million) unless stated 2025 2024 ∆ – Underlying production (excl. Sinphuhorm) increased 14% Production (boe/d) 19,829 18,6
Slide 7: Operational Efficiencies Drive Enhanced 2025 Performance
Full Year 2025 Results Presentation OPERATIONAL EFFICIENCIES DRIVE ENHANCED 2025 PERFORMANCE Reported production costs: 2025 vs. 2024 Operating costs – bridge from 2024 to 2025 US$ million US$ million 300 350 US$35.28/boe Adjusted unit opex(2) US$28.02/boe 300 287 248 250 21 (5) 17 4 250 233 1 212 (
Slide 8: On Track to Deliver 2025-27 FCF Guidance with ~US$80 Million Generated in 2025
Full Year 2025 Results Presentation ON TRACK TO DELIVER 2025-27 FCF GUIDANCE WITH ~US$80 MILLION GENERATED IN 2025 Reconciliation of cash from 1 January 2025 to 31 December 2025(1) US$ million 200 91.4 180 160 7.6 39.4 140 120 100 95.2 (83.0) (50.0) 23.7 84.6 80 60.9 60 (39.7) Operating cash flows 4
Slide 9: Improved Liquidity Delivers Resilience and Supports Growth
Full Year 2025 Results Presentation IMPROVED LIQUIDITY DELIVERS RESILIENCE AND SUPPORTS GROWTH Liquidity position at 30 April 2026(1) Current hedging schedule US$ million Barrels US$/bbl • ~US$220 million pro-forma liquidity 250 700,000 85.00 at the end of April 2026 Hedged volume 30.0 220.4 Weighte
Slide 10: Vietnam: Nam Du/U Minh Development Receives All Key Approvals
Full Year 2025 Results Presentation VIETNAM: NAM DU/U MINH DEVELOPMENT RECEIVES ALL KEY APPROVALS Field development plan approval in March 2026 • ~32 MMboe of 2P reserves (100% W.I. basis) Gas sales agreement signed in April 2026 • Market standard provisions • Gas price comparable to historical Viet
Slide 11: Vietnam: Strong Momentum Towards FID in Late-2026
Full Year 2025 Results Presentation VIETNAM: STRONG MOMENTUM TOWARDS FID IN LATE-2026 • ND/UM will supply the Ca Mau industrial complex • Low-risk and staged development concept • Strong local demand driven by power generation and • Two unmanned platforms, leased FPSO, existing pipeline export numer
Slide 12: Vietnam: Low-Cost De-Risking of 1.5 TCF High-Value Upside
Full Year 2025 Results Presentation VIETNAM: LOW-COST DE-RISKING OF 1.5 TCF HIGH-VALUE UPSIDE SW cluster: seismic x-section U Minh H060 prospect H060 a 51-UM-1X A H060 b U Minh channel 51-MH-1X F040 west a H060 c&d H040 b H040 a H060 e&f NE Cluster H060 c&d 65 Bcf GIIP W Cluster 150 Bcf GIIP • Up to
Slide 13: Akatara: Safe Operations Underpinning Group Cash Flows
Full Year 2025 Results Presentation AKATARA: SAFE OPERATIONS UNDERPINNING GROUP CASH FLOWS • >9.3 million manhours worked without a lost-time injury • Less than 6% unplanned facility downtime during 2025 • 2025 gross production of 6,067 boe/d • Production expected to remain at similar levels through
Slide 14: PenMal: Anticipated Production Uplift Coinciding with High Prices
Full Year 2025 Results Presentation PENMAL: ANTICIPATED PRODUCTION UPLIFT COINCIDING WITH HIGH PRICES EBA-07ST1 well depth vs. days (14 May) EBA-18ST3 well depth vs. days (14 May) Days Days 0 5 10 15 20 25 30 35 0 5 10 15 20 25 30 35 0 0 500 500 1,000 1,000 1,500 1,500 Depth, mMD Depth, mMD 2,000 2,
Slide 15: Stag Update
Full Year 2025 Results Presentation STAG UPDATE • Cyclone Narelle – eighth largest cyclone in recorded history – CALM buoy partially submerged, full facility inspections ongoing, CALM buoy inspection to inform path to production resumption – Significantly reduced operating expenses while Stag is off
Slide 16: Australia: Montara Life Extension Studies Underway; Okha Dry Dock Completed
Full Year 2025 Results Presentation AUSTRALIA: MONTARA LIFE EXTENSION STUDIES UNDERWAY; OKHA DRY DOCK COMPLETED • Montara update – ~5,000 bbls/d YTD production – Two liftings in Q1 2026 totaling ~460kbbls at a weighted average realization of ~US$84/bbl – ~300kbbl lifting from Montara in mid-May at ~
Slide 17: 2026 Guidance and Priorities
Full Year 2025 Results Presentation 2026 GUIDANCE AND PRIORITIES 2026 priorities Metric Guidance Comments • Unchanged Vietnam FDP approval Group production 18-21,000 boe/d • Outcome in lower half of the range likely given Stag outage Refinance RBL • Unchanged Total production US$260-300 million • Ou
Slide 18: Jadestone's Investment Case
Full Year 2025 Results Presentation JADESTONE’S INVESTMENT CASE Maximize cash flow through “Protecting the Base”: focus on improved uptime, coupled with safe and efficient operations Debt refinancing provides solid financial platform, allowing near- term cash generation to be directed towards growth
Slide 19: Thank You
For further information, please contact: PHIL CORBETT Head of Investor Relations ir@jadestone-energy.com THANK YOU May 2026