Slide 1: Delivering on our strategy
Delivering on our strategy H1 2026 RESULTS PRESENTATION | AUGUST 2026
Slide 2: Today's agenda
Today’s agenda H1 2026 highlights 01 Strategic and operational review 02 Financial update 03 Closing remarks 04 Q&A 05 ITHACA ENERGY PLC H1 2026 RESULTS 2
Slide 3: H1 2026 highlights
ITHACA ENERGY H1 2026 highlights
Slide 4: Our vision for 'Scale. Stability. Strength.' demonstrated in H1 2026
Our vision for ‘Scale. Stability. Strength.’ demonstrated in H1 2026 SCALE STABILITY STRENGTH Record high quarterly Rosebank nearing final Significant available production achieved in stages of execution. liquidity, bolstered by Q 2 2026 , with Advancing material private placement of improved cost o
Slide 5: 'Scale. Stability. Strength.' in action
‘Scale. Stability. Strength.’ in action Enhanced performance across all metrics, delivering robust cash flow generation and supporting attractive shareholder returns SCALE. STABILITY. STRENGTH. Production Opex per boe Dividends (Kboe/d) ($/ boe) ($m) 500 -530 500 500 400 128 22 119 19 18 80 1 2024 2
Slide 6: Strategic and operational review
Strategic and operational review
Slide 7: Organic growth strategic pillars in focus
IN FOCUS – STRATEGIC PILLARS 1 AND 2 Organic growth strategic pillars in focus Sustain and optimise Unlock material organic PILLAR 1 PILLAR 2 production growth opportunities Focus on ‘perfect day’ delivering continued Rosebank project nearing final stages of improvements in operational performance e
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 Industry Average1 : 3.95 Industry Average1 : 25 Maintaining strong 23.8 25 23.9 safety record i
Slide 9: Production kboe/d
Record quarterly production achieved in Q2 2026 of 131 kboe/d supports FY 2026 guidance of 120 -130 kboe/d Guidance 120 -130 Record quarterly production performance in Q2 kboe/d 2026, with average production of 131 kboe/d delivering H1 2026 average production of 128 kboe/d, and reflecting a strong r
Slide 10: Captain Investment: 20 kboe/d
IN FOCUS – SUSTAIN AND OPTIMISE PRODUCTION 2026 H1 Average Captain Investment: Net Production Material and accelerated investment in the field in 2026 20 kboe/d 01 02 03 Deployment of PBLJ rig to a three -month re- Captain 13th well campaign remains on Sanction of the Captain subsea well drill progr
Slide 11: Cygnus Investment: 23 kboe/d
IN FOCUS – SUSTAIN AND OPTIMISE PRODUCTION 2026 H1 Average Cygnus Investment: Net Production Infill campaign progressing strongly, with further activity in the area targeted 23 kboe/d 01 02 03 Infill drilling campaign at Cygnus continues C 14 spud in Q2 2026 and on track for first Potential to unloc
Slide 12: NOJV outlook: 24 kboe/d 17 kboe/d
IN FOCUS – SUSTAIN AND OPTIMISE PRODUCTION NOJV outlook: NOJV portfolio continues to make a significant contribution to the Group ’s production base 01 2026 H1 Average Net Production 02 2026 H1 Average Net Production J Area Elgin Franklin 17kboe/d 24 kboe/d Continuing to deliver a stable production
Slide 13: Rosebank: Project progressing to final stages of execution
IN FOCUS – UNLOCK MATERIAL ORGANIC GROWTH OPPORTUNITIES Rosebank: Project progressing to final stages of execution, with the Operator narrowing the first production window to1H2027 Ramp-up to production plateau from summer 2027, in line with project delivery expectations, subject to regulatory appro
Slide 14: Key projects being advanced to FID corridor in 2026/27
IN FOCUS – UNLOCK MATERIAL ORGANIC GROWTH OPPORTUNITIES Key projects being advanced to FID corridor in 2026/27 01 Fotla 02 Tornado 03 Cambo Fotla continues to progress towards the execution Tornado advancing towards FID, supported by the Project now entered the value engineering and phase in 2026, w
Slide 15: Over 200 mmboe of resources coming to FID within 18 months
IN FOCUS – UNLOCK MATERIAL ORGANIC GROWTH OPPORTUNITIES Over 200 mmboe of resources coming to FID within 18 months Material pipeline of organic growth opportunities advanced to FID corridor in 2026/27 Net 2C Expected Existing Field Resources FID Date status 2025 2026 2027 2028 2029 2030 Fotla 8 mmbo
Slide 16: Looking beyond the 1bn licensed barrel potential
Looking beyond the1bn licensed barrel potential Maturing and prioritising infrastructure led exploration (ILX) and production led exploration (PLX) opportunities as an additional avenue to long-term value creation Targeting the next wave of organic growth optionality, with TransitionalEnergy Certifi
Slide 17: Focused M&A guided by clear parameters
IN FOCUS – STRATEGIC PILLARS 3 AND 4 Focused M&A guided by clear parameters Active but patient pursuit of M&A and optimisation of balance sheet supports execution of the Group’s inorganic growth strategy 4 PILLAR 3 Consolidation in core Focused international PILLAR UKCS market expansion Will focus o
Slide 18: H1 financial update
H1 financial update
Slide 19: H1 2026 financial and operational performance
H1 2026 financial and operational performance Record quarterly production and lowopex per bbl supports strong cash flow generation H1 2026 AVERAGE H1 2026 OPEX PER BOE H1 2026 ADJ. EBITDAX PRODUCTION 128 kboe/d $18/boe $1.1bn H1 2026 PROFIT FOR PERIOD NET CASH FLOW FROM OPS FREE CASH FLOW $127m $955
Slide 20: Financial framework underpinned by strong cash flow generation
Financial framework underpinned by strong cash flow generation, reducing adjusted net debt in the period Net debt Adjusted net debt of $1.0bn and robust liquidity position of $1.9bn Adjusted net debt: Available liquidity: Leverage position: Strong cash flowgeneration increases cash position to Signi
Slide 21: Hedge book: 2027 & 2028 hedges executed at attractive levels
IN FOCUS - PROTECT Hedge book: 2027 & 2028 hedges executed at attractive levels Material build in hedge book, with volatile commodity price environment opening up attractive hedge opportunities 1 2026 in H PROTECT: Oil Hedges PROTECT: Gas Hedges Oil Price from September 2026 to 2028 ($/bbl) Gas Pric
Slide 22: Enhanced dividend guidance, upgraded to $500-530 million for FY 2026
IN FOCUS - RETURN Enhanced dividend guidance, with shareholder distributions guidance upgraded to $500 -530 million for FY 2026 Shareholder distributions ($m) UPGRADED Management Delivered Delivered Dividend guidance Increased $255 million dividend declared today, in 2024 Targeted 2025 Targeted comm
Slide 23: Outlook and closing remarks
ITHACA ENERGY SSIS 4 ‘ c( x a 1% a // Outlook and closing remarks
Slide 24: Increased confidence in 2026 outlook
Increased confidence in 2026 outlook 2026 Management Guidance Revised 2026 Guidance PRODUCTION 1 PRODUCTION 1 120 – 130 kboe/d 120 – 130 kboe/d 2 NET OPEX BASED ON FX RATE OF US$ 1.35 : £1 2 NET OPEX BASED ON FX RATE OF US$ 1.35 : £1 $820 – 860 million $800 – 840 million NET PRODUCING ASSET CAPEX FX
Slide 25: H1 2026 results closing remarks
H1 2026 results Record quarterly production high of 131 kboe/d closing remarks 01 achieved in Q2, strengthening confidence in the FY production outlook of 120 -130 kboe/d, with management guidance reaffirmed Strong cash flow generation and€155 million bond 02 tap increases financial firepower to del
Slide 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: Actively managed hedge programme, hedging at peaks
IN FOCUS - PROTECT Actively managed hedge programme, hedging at peaks, to protect revenue while accessing upside exposure Active hedge book with 58.8 mmboe hedged into 2028 from 1 July 2026 (as at 17 August), with material build in hedge bookomm at c odity peaks Oil Hedging 1 (kbbl/d) Gas Hedging 1