Harbour Energy Plc · LSE:HBR
Harbour Energy — H1 2026 Earnings Presentation
36 slides from Harbour Energy's earnings presentation, Aug 6, 2026
Slide 1: 2026 Half-year results
2026 Half-year results Harbour Energy plc www.harbourenergy.com
Slide 2: Disclaimer
Disclaimer IMPORTANT NOTICE: THIS PRESENTATION AND ITS CONTENTS ARE CONFIDENTIAL AND ARE BEING SUPPLIED TO YOU FOR YOUR INFORMATION ONLY AND ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY TO ANY OTHER PERSON. BY ACCESSING THIS DOCUMENT YOU AGREE TO BE B
Slide 3: Agenda
Agenda TOPIC PRESENTER 1. H1 2026 Highlights Linda Cook (CEO) 2. Operational review Nigel Hearne (COO) 3. Financial review, guidance and outlook Alexander Krane (CFO) 4. Closing remarks Linda Cook (CEO) Harbour Energy | 2026 Half-year results 2
Slide 4: H1 2026 Highlights
: H1 2026 Highlights
Slide 5: H1 2026 Highlights: Continued execution of our strategy
H1 2026 Highlights Continued execution of our strategy Leveraging our scale, Production, WI kboepd 509 diverse asset base, 500 established track record and world-class team to create value Production shifting to lower-cost, lower tax-basins with significant running room ▪ Sustaining production at sc
Slide 6: Record production and improved outlook; new $250 million share buyback
H1 2026 Highlights Record production and improved outlook; new $250 million share buyback announced ▪ Excellent operational performance with record production, high reliability and strong project execution; upgraded full- year production guidance ▪ Portfolio strengthened through LLOG (US) and Waldor
Slide 7: Operational review
: Operational review
Slide 8: Operational priorities
Operational priorities Focusing our investment to five core countries ▪ Safe and reliable operations ▪ Drive margin expansion and capital efficiency ▪ Profitably convert resources to Norway: UK: Argentina: US: Mexico: reserves to High-quality Diverse, cash Long-life Fully operated, oil- Operated pro
Slide 9: Prioritising safety in everything we do
Prioritising safety in everything we do Occupational Safety Greenhouse gas emissions intensity3 ▪ H1 2026 performance reflects mostly TRIR1 (per million hours worked) kgCO2e/boe minor personal safety incidents in Norway and process safety incidents onshore Mexico ▪ Significant improvements in both U
Slide 10: Production: Strong H1 performance; guidance further narrowed upwards
Production: Strong H1 performance; guidance further narrowed upwards Diverse, large-scale production with competitive cost structure and significant Brent and European gas price exposure Production WI, kboepd Guidance narrowed upwards 490-500 kboepd (from 480-500 kboepd) 509 488 Increased and enhanc
Slide 11: Norway
Norway: Resilient production and cash flow underpinned by pipeline of high-value, near-term projects ▪ Increased production of 180 kboepd, Project pipeline Projects onstream 62% gas (H1 2025: 173 kboepd) 2P reserves and 2C resources, mmboe (net)1 Approved developments Future projects ▪ High operatin
Slide 12: UK: Robust free cash flow platform driven by strong operational delivery and Waldorf acquisition
UK: Robust free cash flow platform driven by strong operational delivery and Waldorf acquisition Production Operating costs ▪ Significant operational control WI kboepd $/boe ▪ Low-cost operator 2025 UK basin average: ▪ Successful well intervention activity c.$24/boe3 ▪ Selective high return, short-c
Slide 13: Argentina
Argentina: Long-life production with potential for material growth ▪ CMA-1: Long-life conventional production with multiple tie-back options Production 2P & 2C resources WI kboepd YE25, mmboe Vaca Argentina ▪ Aguada Pichana Este (Vaca Muerta gas 73 74 722 Muerta San Roque Basin window, Harbour 23%1)
Slide 14: Gulf of America
Gulf of America: Large, long-life deepwater hubs with high-rate wells driving significant free cash flow growth through to 2030 ▪ Fully operated, oil-weighted portfolio Production, WI kboepd 75 Who Dat Buckskin Leon-Castile Other ▪ High-margin production growth ▪ Deep inventory of high return (>40%
Slide 15: Mexico
Mexico: Building a scaled and advantaged business around our operated shallow water Zama and Kan oil fields ▪ Focus on optimising Zama (Harbour 27%1) and 2P reserves & 2C resources YE25, mmboe (net) Kan (Harbour 70%) development plans to 375 enhance returns and reduce risk ▪ Capital efficient, phase
Slide 16: Delivering our highest return, most competitive projects to drive higher margin production
Delivering our highest return, most competitive projects to drive higher margin production Norway UK Argentina US Mexico Other Total capex Production 2026 Guidance $bn 2026 Guidance WI, kboepd 490-500 kboepd 2.5 $2.2-2.4bn 500 2.0 400 Growing higher margin 1.5 Strict capital 300 production disciplin
Slide 17: Financial review
Financial review
Slide 18: H1 2026 Financial highlights
H1 2026 Financial highlights Free cash flow $1.8bn ▪ Strong financial results driven by operational excellence and (H1 2025: $1.4bn) diverse portfolio with significant exposure to Dated Brent and European gas prices Adjusted earnings per voting ordinary share 28 cents ▪ Increased free cash flow outl
Slide 19: Against a volatile backdrop, Harbour well positioned
Against a volatile backdrop, Harbour well positioned Large scale and diverse Harbour realised oil prices, $/bbl Harbour realised Euro gas prices, $/mscf portfolio H1 2025 H1 2026 H1 2025 H1 2026 Pre-hedge 69 90 14.0 15.0 Significant exposure to Dated Brent and European gas prices Post-hedge 71 84 13
Slide 20: Income statement
Income statement Step up in profitability reflects higher prices and strengthened portfolio H1 2026 H1 2025 Realised post-hedge oil / Eur. gas prices $ million Reported Adjusts Adjusted1 Reported Adjusted1 $84/bbl; $14.4/mscf Total Revenue and other income 6,408 - 6,408 5,271 5,271 (H1 2025: $71/bbl
Slide 21: Significant cash flow generation
Significant cash flow generation Reflects strong operational performance, leverage to oil and European gas prices and H2 weighting of tax payments $ billion Reflects remaining 2025 UK/Norway tax liability; 2026 tax liability paid in 1.0 H2 2026 & H1 2027 0.2 2.3 2.5 Significant liquidity of 1.5 $4.1
Slide 22: Accelerated deleveraging following completion of the LLOG acquisition
Accelerated deleveraging following completion of the LLOG acquisition Net debt1,2 ▪ Leverage of 0.7x at 30 June; strong EBITDAX $bn Includes Indonesia proceeds, M&A fees, and free cash flow helped offset impact of hybrid interest and FX $2.7bn LLOG acquisition-related debt effects ▪ Successfully ref
Slide 23: Increased 2026 free cash flow outlook and shareholder returns
Increased 2026 free cash flow outlook and shareholder returns Reflects higher production and H2 commodity prices of $80/bbl & $16/mscf Delivering competitive shareholder returns Free cash flow outlook $bn FY 2026 FCF sensitivity +$5/bbl FY Brent: +$170m Return 45-75% of free cash flow, +$1/mscf FY E
Slide 24: Guidance and outlook
Guidance and outlook
Slide 25: Improved 2026 production & free cash flow outlook
H2 FCF impacted by tax payments as well as Improved 2026 production & free cash flow outlook lower oil prices & production & higher capex Dated Brent, $/bbl Production, kboepd 470-490* 2026 FY 2026 FY 2026 H1 2026 FY 2026 FY 2026 (March 2026)1 (May 2026)1 Actuals2 (August 2026)3 (Aug. vs May) 92 509
Slide 26: Outlook: delivering against our capital allocation priorities
Outlook: delivering against our capital allocation priorities Capital allocation priorities 1 Investment grade balance sheet 2 Robust & diverse portfolio 3 Competitive shareholder returns ▪ Investment grade credit profile ▪ Sustain 475-500 kboepd production ▪ 45-75% free cash flow payout ▪ Target <1
Slide 27: Closing remarks
: Closing remarks
Slide 28: Why Harbour Energy?
Why Harbour Energy? A track record of strategic, operational and financial delivery supported by active portfolio management and a world-class team A large-scale, diverse producing asset base with a competitive cost structure and exposure to Brent oil prices and European gas prices Production mainta
Slide 29: Appendix
: Appendix
Slide 30: Germany
Germany: Stable, high margin production with long reserve life and low emissions Production ▪ One of the largest oil and gas producers in Germany WI kboepd ▪ High degree of operational control 30 ▪ 100% op. interest in Mittelplate, Germany’s largest 28 28 oil field ▪ Ongoing infill drilling programm
Slide 31: North Africa
North Africa Stable, low-cost production supported by near-field discoveries and improved licence terms Production ▪ Long-established presence & strong in-country relationships WI kboepd ▪ Four production hubs: West Nile Delta (WND) & Disouq, Egypt; Reggane Nord, Algeria; and Al Jurf, Libya 30 ▪ Rec
Slide 32: CCS: Building a competitive CCS business
CCS: Building a competitive CCS business, offering the potential for long-term stable cash flow Leading CO2 storage position in Europe Greensand Future Greenstore Viking ▪ Ineos operator (40%), Harbour 40%, ▪ Harbour operator 40%, Ineos 40%, ▪ Harbour 60% operator, bp 40% Nordsøfonden 20% Nordsøfond
Slide 33: Group realised prices and production
Group realised prices and production H1 2026 realised prices Group production H1 2026 H1 2025 Oil ($/bbl) Liquids kboepd, net Gas Total Total HBR pre-hedge 90 (oil and NGLs) HBR post-hedge 84 Norway 69 112 180 173 NGLs ($/bbl) UK 70 78 148 161 Group NGLs 49 Argentina 6 68 74 75 Liquids (oil & NGLs,
Slide 34: Hedging schedule
Hedging schedule As at 30 June 2026. Owing to rounding, totals do not match the sum of the component parts H2 2026 FY2026 FY 2027 FY 2028 Transacted Average Transacted Average Transacted Average Transacted Avg price volume price volume price volume price volume EU/UK gas kboepd $/mscf kboepd $/mscf
Slide 35: Cash tax payment schedule and sensitivity
Cash tax payment schedule and sensitivity Approximately 60% of Harbour’s tax liability is paid in H2 of current year with 40% paid in H1 the following year Norway and UK cash tax payments H2 2026 prices $bn $80/16 (August outlook) 3.0 $65/11 (March outlook) 2.0 1.0 2025 Est. 2026 Est. 2026 liability
Slide 36: Harbour Energy
o_ Harbour mam Energy