Slide 1: Delivering on our strategy
Delivering on our strategy Q1 2026 RESULTS PRESENTATION | MAY 2026
Slide 2: Today's Agenda
Today’s Agenda Q1 2026 highlights 01 Strategic and operational highlights 02 Financial highlights 03 Closing remarks 04 Q&A 05 ITHACA ENERGY PLC Q1 2026 RESULTS 2
Slide 3: Q1 2026 highlights
ITHACA ENERGY Q1 2026 highlights
Slide 4: Capital allocation policy supports attractive shareholder returns
Capital allocation policy supports attractive shareholder returns while unlocking ‘evolve’ activities in elevated commodity price environment 126 kboe/d Q1 2026 production Robust production supporting strong cash flow generation, with strong production performance trending into Q2 Optimising and acc
Slide 5: Strategic and operational highlights
Strategic and operational highlights
Slide 6: Executing across our strategic pillars
Executing across our strategic pillars Successfully executing our value-orientated growth strategy, supporting attractive shareholder returns Q1 2026 Strategic highlights: Building momentum in 01 Optimising production in elevated commodity price environment with thorough 02 unlocking organic develop
Slide 7: Strategy in focus: Sustain and optimise production
Strategy in focus Key takeaways Sustain and optimise production Continued strong operational performance across Objective all metrics with Q1 production supporting FY 2026 To be the best production guidance.Strong operational performing operator in performance continuing into Q2 the basin, optimisin
Slide 8: Safe and responsible operator
Safe and responsible operator Focus on ‘perfect day’ driving improvements across all key operational metrics Tier 1 & 2 Process Safety Events Total recordable case frequency GHG Intensity (KgCO 2 e/boe) 2 3.4 3.3 25 23.8 23.9 2.3 18.7 Maintaining strong 17.2 safety record into 2026 1 1.7 1.7 0 0 0 2
Slide 9: Production kboe/d
Q1 2026 production of 126 kboe/d supports FY 2026 guidance of 120-130kboe/d Guidance 120 -130 Robust production performance in Q1 2026 on kboe/d track with FY 2026 guidance, with average production of 126 kboe/d delivered despite challenging operating conditions caused by severe weather in January/f
Slide 10: PBLJ rig supports activity across the entire asset life cycle
PBLJ rig supports activity across the entire asset life cycle Five-year rig sharing agreement with Harbour Energy for the high - performing PBLJ semi-submersible drilling rig with a May 2026 start-up, as a hot rig, through to 2030 2026 2027 2028 2029 2030 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 11: Captain Investment
IN FOCUS – SUSTAIN AND OPTIMISE PRODUCTION New producing wells Captain Investment in 2026 3 Continued and accelerated investment in the field, with new well intervention activity planned 01 02 03 Material ongoing activity at Captain Accelerating subsea well intervention Safe Caledonia flotel left th
Slide 12: Cygnus Investment: 3 new wells
IN FOCUS – SUSTAIN AND OPTIMISE PRODUCTION Cygnus Investment: 2026 well programme Continued organic investment in the field in 2026, with future upside identified 3 new wells 01 02 03 Continued infill drilling campaign at Cygnus Two further infill wells sanctioned (C14, Moving toward final investmen
Slide 13: Agile and value driven operator
IN FOCUS – GREATER STELLA AREA (GSA) Agile and value driven operator Cessation of production (CoP) at GSA, maximising potential output during strong commodity price environment CoP of Greater Stella Decision taken to FPF-1 sailing to VATS Area, occurred on temporarily extend the Norway for dismantli
Slide 14: Rosebank: Final full year of development activity towards first production
Rosebank: Final full year of development activity towards first production in 2026/27 Project progressing towards first production in the Operator’s stated 2026/27 start-up window FPSO Rosebank sail away from Dubai in Q1, with remaining scopes planned later in the year as part of the programme to mo
Slide 15: Strategy in focus: Unlock material organic growth opportunities
Strategy in focus Key takeaways Unlock material organic growth opportunities Strong cash flow generation supporting the advancement of the Group’s material pipeline of inorganic growth options, as a strategic priority, Objective towards final investment decision in the short to medium-term To invest
Slide 16: Over 200 mmboe of resources coming to FID within 24 months
IN FOCUS – UNLOCK MATERIAL ORGANIC GROWTH OPPORTUNITIES Over 200 mmboe of resources coming to FID within 24 months Material pipeline of organic growth opportunities being advanced through FID corridor in 2026/27 Net 2C Expected Existing Field Resources FID Date status 2025 2026 2027 2028 2029 2030 F
Slide 17: Fotla: A journey of strong conviction
IN FOCUS – UNLOCK MATERIAL ORGANIC GROWTH OPPORTUNITIES 2025 NET RESOUCES 1,2 Fotla: A journey of strong conviction, leading the 8-14 MMBOE project into execution phase and closer to FID 01 02 03 Investment in exploration well, against the cycle, Fotla field development plan and Environmental Farm-i
Slide 18: Tornado: West of Shetland gas strategy gaining momentum
IN FOCUS – UNLOCK MATERIAL ORGANIC GROWTH OPPORTUNITIES 2025 NET RESOUCES 1 Tornado: West of Shetland gas strategy gaining 37-48 MMBOE momentum with material opportunity set 01 02 03 Tornado development progressing through Tornado will serve as a key enabler for Catalyst for further ILX, with Spitfi
Slide 19: Organic growth opportunities meet all investment criteria
IN FOCUS – UNLOCK MATERIAL ORGANIC GROWTH OPPORTUNITIES Organic growth opportunities meet all investment criteria Development projects competing for capital across the portfolio, and ranking favourably OPERATED WORKING INTEREST OPERATED WORKING INTEREST Fotla 55 % Tornado 50 % Gross resources1 Net r
Slide 20: Financial highlights
Financial highlights
Slide 21: Q1 2026 financial and operational performance
Q1 2026 financial and operational performance Robust financial position to support growth Q1 2026 AVERAGE Q1 2026 OPEX PER BOE Q1 2026 ADJ. EBITDAX PRODUCTION 126 kboe/d $18/boe $0.6bn Q1 2026 PROFIT FOR PERIOD NET CASH FLOW FROM OPS FREE CASH FLOW $67m $0.4bn $151m ADJUSTED NET DEBT AVAILABLE LIQUI
Slide 22: Adjusted EBITDAX analysis
Adjusted EBITDAX analysis Q1 2026 Q1 2025 FY 202 5 Production kboe/d mmboe kboe/d Mmboe kboe/d mmboe Oil 59 5 69 6 61 22 Adjusted EBITDAX per Gas 61 5 52 5 52 19 barrel of $50/boe Condensate 6 1 6 - 6 2 reflects benefits of higher oil prices offset Total production 126 11 127 11 119 43 by lower gas
Slide 23: Financial framework underpinned by strong cash flows
Financial framework underpinned by strong cash flows, reducing adjusted net debt in the quarter Adjusted net debt of $1.1bn and robust liquidity position of $1.6bn Adjusted net debt: Available liquidity: Leverage position: Strong cash flowgeneration increases cash position, Significant liquidity of
Slide 24: Hedge book: 2027 & 2028 hedges executed at attractive levels
IN FOCUS - PROTECT Hedge book: 2027 & 2028 hedges executed at attractive levels Material build in hedge book, with escalated commodity price environment opening up attractive hedge opportunities resulting in a hedged position at 14 May 2026 of 61.9 mmboe (c.58% oil, c.42% gas) through the end of 202
Slide 25: Oil hedge book: Collared to deliver steady cashflows
IN FOCUS - PROTECT Oil hedge book: Collared to deliver steady cashflows underpinning dividends and capital programme Oil Hedging 1 (kbbl/d) 2026 cashflow secured largely by material oil 80 hedges: • C.50% of oil volumes hedged in 2026 at average collar 10 10 40 41 19 12 12 ceilings of $74/bbl 24 22
Slide 26: Gas hedge book: Delivering material upside in 2026 and 2027
IN FOCUS - PROTECT Gas hedge book: Delivering material upside in 2026 and 2027, and hedging initiated in 2028 Gas Hedging 1 (Mmscf/d) 2026 cashflow upside driven by material gas price 300 exposure with: 250 52 • >25% of gas volumes unhedged in Q2-Q4 2026 200 105 150 52 93 94 74 • c.20% of gas volume
Slide 27: Trending to top end of dividend guidance
IN FOCUS - RETURN Trending totop end of dividend guidance, with shareholder distributions expected to be above $500 millionfor FY 2026 Shareholder distributions ($m) 2026 dividend Delivered Delivered Dividend expected to be Increased Reaffirming 2026 dividend commitment 2024 Targeted 2025 Targeted c
Slide 28: Outlook and closing remarks
ITHACA ENERGY SSIS 4 ‘ c( x a 1% a // Outlook and closing remarks
Slide 29: Q1 2026 results closing remarks
Q1 2026 results closing remarks 01 Robust operational performance of 126 kboe/d achieved despite challenging operating conditions, supporting FY 2026 productionguidance, with strong production performance trending into Q2 Confidence in operations, continued strong 02 execution of strategy and capita
Slide 30: Q&A
Q&A