Evonik Industries Ag · XETR:EVK
Evonik Industries — Q3 2025 Earnings Presentation
35 slides from Evonik Industries's earnings presentation, Nov 4, 2025
Slide 1: Operations & Financial Update Third Quarter 2025
Q3 25 International Petroleum Corp. Operations & Financial Update Third Quarter 2025 William Lundin, President & CEO Christophe Nerguararian, CFO November 4, 2025 NCF00402
Slide 2: Q3 2025 Highlights
International Petroleum Corp. Q3 2025 Highlights Quarterly average net production 45,900 boepd, above high end of guidance range Production Guidance 2025 average net production guidance range of 43,000–45,000 boepd maintained Operating costs Q3 operating costs marginally below guidance at 17.9 USD/b
Slide 3: 2025 Forecast Production Guidance
International Petroleum Corp. 2025 Forecast Production Guidance 2025 Production International, 11% nt Bre Canada Gas, 33% Ga s CS 2025 year to date net average production 44.6 Mboepd W Canada Crude, 56% High Production – all assets Canada International Low Guidance Planned Onion Lake Thermal Average
Slide 4: 2025 Operating Cash Flow
International Petroleum Corp. 2025 Operating Cash Flow First 9 months 2025 OCF 2025 CMD guidance OCF 2025 Forecast OCF 280 MUSD 85 USD/bbl (5/15)(1) 255 MUSD 65 USD/bbl (3/10)(1) 245 MUSD 55 USD/bbl (3/10)(1) 210 MUSD 65 USD/bbl (5/15)(1) 196 MUSD 71 USD/bbl (4/11)(1) Q3 66 MUSD 69 USD/bbl (4/10)(1)
Slide 5: 2025 Capital Expenditure
International Petroleum Corp. 2025 Capital Expenditure 2025 CAPEX 340 MUSD 2025 annual capital expenditure guidance revised to 340 MUSD Blackrod 250 MUSD Accelerated drilling at Blackrod Phase 1 Non-Blackrod 83 MUSD 281 MUSD spent in first 9 months 2025 Decommissioning 7 MUSD Canada 294 MUSD France
Slide 6: 2025 Free Cash Flow
International Petroleum Corp. 2025 Free Cash Flow First 9 months 2025 FCF 2025 CMD FCF Guidance 2025 Forecast FCF (excluding Blackrod) 150 MUSD (excluding Blackrod) 85 USD/bbl (5/15)(1) 90 MUSD 65 USD/bbl (3/10)(1) 79 MUSD (excluding Blackrod) 80 MUSD 80 MUSD 71 USD/bbl (4/11) (1) 65 USD/bbl (5/15)(
Slide 7: Share Repurchase
International Petroleum Corp. Share Repurchase 77 million IPC shares repurchased since inception at an average price of SEK 79 / CAD 11 per share Normal Course Issuer Bid (NCIB) 2024/2025 completed Intention to renew NCIB in December 2025 -25.5 -8.4 -9.6 +75.8 -8.3 -9.3 ~4.5x production -8.3 No 113.
Slide 8: Net Asset Value (MUSD)
International Petroleum Corp. Net Asset Value (MUSD) 3,292 Opening net debt 209 3,083 37 CAD/sh 43% discount (287 SEK/sh) to NAV 1,744 GR (147.6 SEK/sh) 21.8 CAD/sh CA 4 % 2 543 YE 2016 NAV YE 2024 IPCO NAV 10 Market Cap NC00402 p08 10.25 October 31, 2025 See Notes and Reader Advisory IPC - Q3 2025
Slide 9: Blackrod Phase 1 Development
IPC Canada Blackrod Phase 1 Development Project progressing ahead of schedule and on budget MUSD 785 (equivalent of 92% of growth capex) spent at end Q3 2025 Facility fabrication and major equipment delivery complete Mechanical and electrical connections under way Field construction and progressive
Slide 10: Blackrod Phase 1 Schedule
IPC Canada Blackrod Phase 1 Schedule First steam by year end 2025 and first oil by Q3 2026 2023 2024 2025 2026 TODAY Civil Plan Build Site Works Complete Facilities Workshop Manufacture Transport Construct CPF Construct CPF Commission Drilling Gas Pipeline 3rd Party Transport Diluent Pipeline Lines
Slide 11: Onion Lake Thermal Production
IPC Canada Onion Lake Thermal Export Pipeline 2025 Infill Wells Reservoir OLT Main Facility Pads Onion Lake Thermal Area L Pad Well Pair 2025 infill wells and final L Pad well pair online with Infill Drilling production performance ahead of expectations L D’ E Onion Lake Thermal Production New produ
Slide 12: Suffield Area Assets
0 50 KM 200 0 25 Miles 100 IPC Canada Saskatchewan 0 KM 1 Alberta Suffield Area Assets Fort McMurray Fort St. John Low decline production Blackrod Grande Prairie Slave Lake Mooney Athabasca Lac La Biche Prince George Cold Lake Alberta Suffield Area Oil & Gas Production St. Paul Meadow Lake TransMoun
Slide 13: Canada Other Assets Overview
Major Oil pipeline Major Gas pipeline IPC Canada IPC asset Other Assets Overview Mooney Blackrod Pilot Mooney Phase 2 polymer flood response ahead of forecast Edmonton Onion Lake Canada Other Assets 5 Planned maintenance Alberta 4 Saskatchewan Production (Mboepd) 3 2 Calgary Office 1 British Columbi
Slide 14: Malaysia and France Operations Update
IPC International Malaysia and France Operations Update Strong operational performance at Bertam in Malaysia Malaysia 2025 infill well online with performance in line with expectations Bertam Major shutdown and planned maintenance activity successfully completed Stable and low decline production in
Slide 15: Financial Highlights
Third Quarter 2025 Financial Highlights IPC - Q3 2025 Presentation 15
Slide 16: First Nine Months 2025 Financial Highlights
First Nine Months 2025 Financial Highlights Third Quarter First Nine Months 2025 2025 Production (boepd) 45,900 44,600 Average Dated Brent Oil Price (USD/bbl) 69.1 70.9 Operating costs (USD/boe) 17.9 17.7 Operating cash flow (MUSD) 66.1 195.8 EBITDA (MUSD) 62.1 184.6 Capital and decommissioning expe
Slide 17: Realised Oil Prices
First Nine Months 2025 Realised Oil Prices 2025 2024 2024 2023 USD/bbl YTD Q3 Q2 Q1 Q4 Q3 Q2 Q1 Full Year Full Year Brent 70.9 69.1 67.9 75.7 74.7 80.1 85.0 83.2 80.7 82.6 Malaysia 73.8 (+2.9) 74.5 (+5.4) 67.3 (-0.6) 78.8 (+3.1) 78.2 (+3.5) 80.9 (+0.8) 93.3 (+8.3) 91.6 (+8.4) 86.1 (+5.4) 91.0 (+8.4)
Slide 18: Realised Gas Prices
First Nine Months 2025 Realised Gas Prices 2025 2024 2024 2023 CAD/Mcf YTD Q3 Q2 Q1 Q4 Q3 Q2 Q1 Full Year Full Year AECO 1.45 0.62 1.65 2.13 1.44 0.67 1.17 2.49 1.44 2.61 Empress 1.65 0.62 1.96 2.43 1.49 0.68 1.17 2.59 1.49 2.61 Realised (to AECO) 1.67 (+0.22) 0.84 (+0.22) 1.82 (+0.17) 2.40 (+0.27)
Slide 19: Financial Results – Operating Cash Flow and EBITDA
First Nine Months 2025 Financial Results – Operating Cash Flow and EBITDA Operating Cash Flow EBITDA 300 300 264 259 Q3 Q3 250 73 250 68 200 196 200 185 Q3 Million USD Q2 Q2 Million USD 66 102 Q3 104 62 150 150 Q2 Q2 100 55 52 100 Q1 Q1 89 87 Q1 Q1 50 75 71 50 0 0 NC00402 fin p01 10.25 2025 2024 202
Slide 20: Operating Costs
First Nine Months 2025 Operating Costs USD/boe Quarterly operating costs USD/boe 22 22 20 20 2025 Operating Costs Guidance: 18–19 USD/boe 18 16 16 14 14 12 12 10 10 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Actual Actual Actual Forecast NC00402 fin p02 10.25 See Notes and Reader Advisory IPC - Q2 2025 Present
Slide 21: Netback (USD/boe)
First Nine Months 2025 Netback (USD/boe) Third Quarter First Nine Months 2025 2025 Average Dated Brent oil price (69.1 USD/bbl) (70.9 USD/bbl) Revenue 40.8 41.8 Cost of operations -15.1 -15.0 Tariff and transportation -2.5 -2.4 Production taxes -0.3 -0.3 Operating costs -17.9 -17.7 Cost of blending
Slide 22: Net Debt (MUSD)
First Nine Months 2025 Net Debt (MUSD) Operating Cash Flow MUSD 195.8 0 0 (50) (50) Blackrod (100) Phase 1 (100) MUSD -194.0 Development capex & abex MUSD -281.1 (150) (150) (200) (200) Opening Net Debt 1 Jan 2025 MUSD MUSD -208.5 Other Net Cash Financial (250) (250) MUSD -87.1 items MUSD -34.3 MUSD
Slide 23: G&A / Financial Items
First Nine Months 2025 G&A / Financial Items MUSD Third Quarter 2025 First Nine Months 2025 Net interest expense 9.6 25.1 Amortisation of capitalised financing fees 0.5 1.5 Unwinding of asset retirement obligation discount 4.2 12.3 Foreign exchange loss (gain), net and others 6.7 0.8 Net Financial I
Slide 24: Financial Results
First Nine Months 2025 Financial Results Revenue 550 MUSD 509.7 550 44,600 boepd 500 500 450 Production costs 450 MUSD -313.7 17.7 USD/boe 400 400 350 350 Million USD Million USD 300 300 250 Depletion 250 MUSD -95.3 200 200 Cash Margin MUSD 196.0 Exploration and 150 Business Development G&A 150 cost
Slide 25: Balance Sheet
September 30, 2025 Balance Sheet MUSD 30 Sep 2025 31 Dec 2024 Assets Oil and gas assets 1,740.1 1,501.3 Other non-current assets 58.6 53.5 Current assets 126.0 152.3 Cash 44.7 246.6 1,969.4 1,953.7 Liabilities Financial liabilities 26.6 1.7 Bonds (net of capitalised fees) 443.5 439.9 Provisions 286.
Slide 26: Capital Structure
International Petroleum Corp. Capital Structure Bonds MUSD 450 Refinance completed October 10, 2025 Maturity October 2030, with semi-annual amortizations of MUSD 25 commencing in April 2028 7.50% annual coupon, with semi-annual interest payments in April and October Canadian RCF MCAD 250 Maturity Ma
Slide 27: Hedging
International Petroleum Corp. Hedging 2025/2026 Hedges Executed 2025 Jan: 7,000 bbl/d @ 70.57 USD/bbl Oil WTI 2025 Feb-Dec: 10,000 bbl/d @ 71.30 USD/bbl Oil WTI Collar 2025 Jul-Dec: 4,000 bbl/d @ 65.00–75.45 USD/bbl 2025: 11,700 bbl/d @ -14.26 USD/bbl Oil WTI-WCS 2026: 5,000 bbl/d @ -12.50 USD/bbl 2
Slide 28: First Nine Months 2025 Highlights
International Petroleum Corp. First Nine Months 2025 Highlights Investment Production Stable Operating Costs Blackrod Phase 1 194 MUSD Q3 45.9 Mboepd Q3 17.9 USD/boe 9M 2025 281 MUSD FY2025 43–45 Mboepd FY2025 18–19 USD/boe Strong Cash Flow Robust Balance Sheet Sustainability Focus Share Repurchase
Slide 29: Notes
Notes Page 2: Q3 2025 Highlights • For production figures, see Reader Advisory, including “Supplemental Information regarding Product Types” in “Reserves and Resources Advisory” and the annual information form for the year ended December 31, 2024 (AIF) available on IPC’s website at www.international
Slide 30: Notes
Notes Page 20: Operating Costs • Operating costs is a “Non-IFRS Measure”. See Reader Advisory and MD&A. Page 21: Netback (USD/boe) • Netbacks are based on production volumes. • Operating costs, OCF and EBITDA are “Non-IFRS Measures”. See Reader Advisory and MD&A. • General and administration costs a
Slide 31: Reader Advisory
Reader Advisory Forward-Looking Statements This presentation contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking state
Slide 32: Reader Advisory
Reader Advisory • geopolitical conflicts, including the war between Ukraine and Russia and the potential for further conflict in the Middle East, and their potential impact on, among other things, global market conditions; • political or economic developments, including, without limitation, the risk
Slide 33: Reader Advisory
Reader Advisory There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the COGE Handbook as being considered to be the best estimate of the quantity that will be actually recovered.
Slide 34: Reader Advisory
Reader Advisory Currency All dollar amounts in this presentation are expressed in United States dollars, except where otherwise noted. References herein to USD mean United States dollars. References herein to CAD mean Canadian dollars. Oil related terms and measurements AECO The daily average benchm
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