Genel Energy Plc · LSE:GENL
Genel Energy — Debt Investor Presentation (July 2026)
39 slides from Genel Energy's debt investor presentation, Jul 2, 2026
Slide 1: Bond investor presentation
Bond investor presentation 2 July 2026 LSE: GENL A socially responsible contributor to the global energy mix Bond Investor Presentation
Slide 2: Important information and disclaimer (1/2)
Important information and disclaimer (1/2) DISCLAIMER AND IMPORTANT INFORMATION THIS DOCUMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, ITS TERRITORIES OR POSSESSIONS, JAPAN, AUSTRALIA, CANADA, OR TO
Slide 3: Important information and disclaimer (2/2)
Important information and disclaimer (2/2) This Presentation reflects the conditions and views as of the date set out on the front page of this Presentation. The information contained herein is subject to change, completion, or amendment without notice. In furnishing this Presentation, no Covered Pe
Slide 4: Summary of risk factors
Summary of risk factors An investment in the bonds in the tap issue (the "Bonds") to be issued by the Company involves a high degree of risk. • Increases of CO2 taxes and other emission taxes may increase the Group's operational costs. No investor should make any investment decision without having r
Slide 5: Issuer characteristics
Issuer characteristics Issuer characteristics Confirmation / verification of work conducted • Issuer: Genel Energy Finance 4 plc, a wholly owned subsidiary of Genel Energy • Genel will sign a “Declaration of Completeness” and has conducted a “Bring down due plc diligence call”, among others confirmi
Slide 6: Agenda
1) Bond tap background 2) Company overview 3) Financials 4) Risk factors 5) Appendix Bond Investor Presentation
Slide 7: Bond tap background
Bond tap background • Genel today announced the transformational acquisition of Capricorn Energy PLC (the Capital structure pro-forma for Acquisition ($m) “Acquisition”, ”Capricorn”) - Capricorn Board has recommended Genel’s all-cash offer for the entire issued share capital announced on 2 July 2026
Slide 8: Summary of terms and conditions
Summary of terms and conditions Issuer: Genel Energy Finance 4 plc Parent: Genel Energy plc Guarantors: The Parent, Genel Energy Holding Company Ltd. (“GEHCL”), Genel Energy International Ltd (“GEIL”) (each a “Guarantor”) Group: The Parent and all its (directly or indirectly owned) Subsidiaries from
Slide 9: Presenting team
Presenting team Paul Weir Luke Clements Chief Executive Officer Chief Financial Officer +30 years’ experience in oil & gas +20 years’ experience in oil & gas operations and finance Joined Genel in 2020 Joined Genel in 2011 Bond Investor Presentation 8
Slide 10: Credit highlights
Credit highlights Contemplated tap issue in connection with proposed Acquisition of Capricorn Energy Plc • Creating an independent energy company of scale in the MENA region with a strong balance sheet, stable production, significant reserves and substantial resource upside Strategic acquisition of
Slide 11: Agenda
1) Transaction summary 2) Company overview 3) Financials 4) Risk factors Bond Investor Presentation
Slide 12: Genel at a glance
Genel at a glance • Independent E&P company listed on the Main Market of the London Stock KEY FIGURES Exchange $190 million Market cap. per 1 July 2026 • Operated in the Kurdistan Region of Iraq for over 20 years $134 million • Low-cost and low-carbon production from the Tawke and Peshkabir fields,
Slide 13: Our strategy
Our strategy Building a business with resilient, diversified cash flows that delivers sustainable value to shareholders Maintain Strong Maximise Cash Investment in Balance Sheet Generation New Cash Flows • Significant cash balance and appropriate leverage • Pro-forma 2P reserves of 117 MMboe (WI) •
Slide 14: Delivering on Genel's M&A strategy
Delivering on Genel’s M&A strategy Acquisition of Capricorn delivers on Genel’s growth objectives as it works towards building a sustainable dividend policy ACQUISITION STRATEGY PRESENTED TO MARKET DURING FY2025 RESULTS • Diversify resilient free cash flow generation to reduce reliance on one asset
Slide 15: Proposed acquisition of Capricorn Energy Plc
Proposed acquisition of Capricorn Energy Plc Highlights Capricorn 2P + 2C (net W.I.) • Acquisition of London listed Capricorn Energy PLC for $360 million aggregate 2P developed consideration, comprising: 31 - $285 million in cash; and - Special permitted dividend of $75 million paid by Capricorn 2C
Slide 16: Egypt is an attractive country entry for Genel
Egypt is an attractive country entry for Genel Highlights Selected companies active in Egypt • Egypt has a long history of oil & gas production, a well-established regulatory regime, stable contracts and attractive fiscal terms - Identified as one of Genel’s focus countries to expand its footprint –
Slide 17: Solid cash flow generation in Capricorn
Solid cash flow generation in Capricorn EBITDAX Operating cash flow Free cash flow ($ million) ($ million) ($ million) Significant EBITDAX generation … … with strong cash conversion … … and free cash flow1 150 NWC change OCF pre NWC change 75 86 113 86 72 75 60 45 2024 2025 2024 2025 2024 2025 1) “N
Slide 18: Transformational impact for Genel
Transformational impact for Genel Significantly increased Scale, Robustness, Diversification and Longevity Genel pro forma 2025 Change Genel Capricorn Production 2025 17.5 kboepd 20.0 kboepd 37.5 kboepd +2.1x 2P reserves 64 MMbbls 53 MMboe 117 MMboe +1.8x 2C resources 9 MMbbls 81 MMboe 90 MMboe +10.
Slide 19: Tawke PSC – high quality asset with many years to go
Tawke PSC – high quality asset with many years to go TAWKE PSC HISTORICAL GROSS PRODUCTION TAWKE PSC 2P GROSS RESERVES (kbopd) AS AT 31 DECEMBER 20251 (MMbbls) 135 124 113 109 110 109 256 107 108 78.9 4.3 4 78.6 95 79 80 70 137 758 47 365 Photo: DNO 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 20: Oman Block 54 (40% working interest, OQEP Operated)
Oman Block 54 (40% working interest, OQEP Operated) Initial work undertaken towards understanding the full potential of Block 54 Key milestones • Objectives: Targeting reservoirs proven in adjacent Block 53 (Oxy, Mukhaizna) and Block 4 (CCED) and on legacy Block 54/BW-1 well logs ✓ BW-1 re-entry and
Slide 21: Agenda
1) Transaction summary 2) Company overview 3) Financials 4) Risk factors Bond Investor Presentation
Slide 22: Conservative financial strategy and balance sheet
Conservative financial strategy and balance sheet DEVELOPMENT IN NET CASH POSITION CAPITAL STRUCTURE • Conservative business model ($ million) ($ million) - Flexible capital allocation, and phasing, with limited commitments Cash end of period - Focus on low-cost, short cycle, lower risk cash Debt re
Slide 23: Debt and balance sheet has been sized to fundamentals
Debt and balance sheet has been sized to fundamentals HISTORICAL PRODUCTION GROSS & NET DEBT1 BOOK EQUITY RATIO & GROSS DEBT / PRODUCTION Net working interest (bopd) ($ million) (% book equity & $1,000/bopd) Solid production capacity at Tawke that will Strong balance sheet to enable attractive M&A C
Slide 24: Credit highlights
Credit highlights Contemplated tap issue in connection with proposed Acquisition of Capricorn Energy Plc • Creating an independent energy company of scale in the MENA region with a strong balance sheet, stable production, significant reserves and substantial resource upside Strategic acquisition of
Slide 25: Agenda
1) Transaction summary 2) Company overview 3) Financials 4) Risk factors Bond Investor Presentation
Slide 26: Risk factors (1/13)
Risk factors (1/13) The Group is exposed to numerous risk factors, and an investment in the Company and its securities (including the Bonds) involves inherent and significant risk, which, if they were to materialize, individually or together with other circumstances, may materially and adversely aff
Slide 27: Risk factors (2/13)
Risk factors (2/13) The Group may not be able to sell the hydrocarbons it produces, or receive prompt or any payment for sales The Group's ability to sell the hydrocarbons it produces is and will be affected by numerous factors beyond its control. There is also a risk that the Group does not receive
Slide 28: Risk factors (3/13)
Risk factors (3/13) The Group is subject to risks associated with failures in technology systems and cybersecurity The Group is exposed to cyber-attack against its IT infrastructure. Worldwide, the sophistication of such attacks is increasing. Cyber-attacks may halt production and expose the Group t
Slide 29: Risk factors (4/13)
Risk factors (4/13) The Group may not accurately predict its future decommissioning liabilities The Group has assumed certain obligations and liabilities with respect to decommissioning of facilities and infrastructure (including plugging and abandonment of wells) and it is expected to assume additi
Slide 30: Risk factors (5/13)
Risk factors (5/13) HSSE laws and regulations may expose the Group to significant liabilities The Group's operations are subject to health, safety, security and environment ("HSSE") rules established internationally, regionally and nationally. HSSE laws and regulations typically govern, among other
Slide 31: Risk factors (6/13)
Risk factors (6/13) FINANCIAL RISK The Group may be dependent on securing future financing The Group's E&P activities require significant capital expenditures. The Group's ability to arrange future financing, as well as the cost and terms of such financing, if any, depend on many factors, including
Slide 32: Risk factors (7/13)
Risk factors (7/13) Changes in the tax system in KRI outside of the fiscally agreed terms under the Production Sharing Contract may adversely affect taxation of the Group and reduce net returns to the Company's shareholders Taxation of the Group's operations in the KRI is governed by regional law an
Slide 33: Risk factors (8/13)
Risk factors (8/13) The Group operates in parts of the Middle East and North Africa prone to political, social and economic instability Parts of the Middle East and North Africa are prone to political, social and economic instability. Instability in the region may result from a number of factors, in
Slide 34: Risk factors (9/13)
Risk factors (9/13) Risks related to climate change politics could adversely affect the Group's business and ongoing operations The business and results of operations of the Group could be adversely affected by climate change and the adoption of new climate change policies, laws and regulations. Gro
Slide 35: Risk factors (10/13)
Risk factors (10/13) The Group is subject to political and legal uncertainty relating to the KRI's status within Iraq's federal structure The issue of regional autonomy in Iraq, and in particular the autonomy of the KRI, is a subject on which various political factions in Iraq disagree and which cou
Slide 36: Risk factors (11/13)
Risk factors (11/13) The Group's PSCs in the KRG are subject to audit and audits may determine that the costs recoverable by the Group are lower than expected The Group's PSCs are subject to audit by the KRG and there is uncertainty relating to the outcome and impact of any such audit on the Group's
Slide 37: Risk factors (12/13)
Risk factors (12/13) New regulation and changed circumstances may reduce the Group's achieved oil prices The Group's oil production has historically been sold at a discount to international reference prices such as Brent Blend. As mentioned above, the Group's entitlement is now sold locally. Realise
Slide 38: Risk factors (13/13)
Risk factors (13/13) The Bond terms allows for modification of the Bonds or waivers or authorizations of breaches and substitution of the Company which, in certain circumstances, may be effected without the consent of all holders of the Bonds (the "Bondholders") The Bond Terms contains provisions fo
Slide 39: Bond Investor Presentation
Bond Investor Presentation
Genel Energy — Debt Investor Presentation (July 2026) on 6ix