Seplat Energy Plc · LSE:SEPL
Seplat Energy — FY2025 Earnings Presentation
29 slides from Seplat Energy's earnings presentation, February 2026
Slide 1: FY 2025 Results Investor Presentation
SEPLAT ENERGY FY 2025 Results Investor Presentation February 2026 Seplat Energy Plc Investor Presentation – FY 2025 Results
Slide 2: Important Notice
Important Notice Disclaimer FORWARD-LOOKING STATEMENTS This presentation may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company's control and all o
Slide 3: Welcome and Agenda
Welcome Agenda Roger Brown FY 2025 Highlights Chief Executive Officer Operational Performance: Delivering at scale Samson Ezugworie Chief Operating Officer Financial Performance: Record results Eleanor Adaralegbe Outlook & Guidance: Foundations for long-term growth Chief Financial Officer
Slide 4: FY 2025 Highlights
FY 2025 Highlights Seplat Energy Plc Investor Presentation – FY 2025 Results
Slide 5: Investment Case
Investment Case Transformational acquisition has set us on a path of growth and enhanced shareholder returns A giant resource base supports our ability to grow production and cash flow for enhanced shareholder returns Giant Resource Organic Production Base Growth 2.5 BN boe ~200 kboepd 2P + 2C 2030
Slide 6: FY 2025 Financial Highlights
FY 2025 Financial Highlights Step change in performance delivered through 2025 WI production Working Interest Production 131.5 Group +148% YoY: Onshore +14%, Offshore +9% YoY (Pro-forma) kboepd Delivered within revised guidance (130-140 kboepd*) Group revenue Reported Revenue $2.7 +144% YoY bi
Slide 7: FY 2025 Corporate Highlights
FY 2025 Corporate Highlights Delivering enhanced value for shareholders and Nigeria as we operate at scale Onshore Highlights Completed PIA conversion for onshore operated assets PIA Conversion Western & Eastern assets conversion achieved in 4Q 2025 Progress on offshore PIA discussions CO2 emiss
Slide 8: Operational Performance
Operational Performance Delivering at scale Seplat Energy Plc Investor Presentation – FY 2025 Results
Slide 9: Giant Reserve Base
Giant Reserve Base Working interest reserves life of 21 years* underpins our growth ambitions 2P RESERVES 2C RESOURCES 2P + 2C BALANCED PORTFOLIO WEIGHTED TO OFFSHORE SIGNIFICANT SCALE TO OF RESERVES GAS UNDERPIN GROWTH 1,001 1,485 2,486 MMBOE MMBOE MMBOE (YE24: 1,043 MMboe) (YE24: 1,262 MMboe) (YE2
Slide 10: FY 2025 HSE & Emissions
FY 2025 HSE & Emissions Completed our End of Routine Flaring Projects onshore Onshore Consolidated Emission Intensity (kg CO2 per boe) – Operated Assets Safety 33.2 31.8 32.3 31.1 30.6 1 LTI recorded in onshore 3Q 2025 at Oben. Western Asset EoRF positive impact Zero LTIs offshore 23.0 22.2 21.3
Slide 11: Upstream Operational Performance
Upstream Operational Performance Strong operational performance underpins growth trajectory PRODUCTION YoY (boepd): FY 2025 production rose PRODUCTION QoQ (boepd): Drop in production in 4Q Production Highlights 148% reflecting step change in scale of the business due to fire Incident on the Yoho pla
Slide 12: Midstream Gas Operational Performance
Midstream Gas Operational Performance Growth delivered in 2025, further expansion in 2026 GAS PRODUCTION YoY (MMscfd): +54% GAS PRODUCTION QoQ (MMscfd): -4% ANOH Gas Plant 172.0 186.2 First Gas achieved Jan 2026 11.1 166.2 171.1 164.9 111.4 31.6 134.6 Stable flow to Indorama at 50-70 109.5 107.9
Slide 13: Spotlight on IGE replacement
Spotlight on IGE replacement Inlet Gas Exchanger replacement project, executed safely, already delivering significant value EAP IGE replacement: delivering value The Inlet Gas Exchanger (IGE) replacement project was our first major capex project on our offshore assets Project completed successfu
Slide 14: 2026 Key Projects
2026 Key Projects Key projects to support our 2026 to 2030 growth objectives Gas Drilling Infrastructure Growth, resource development & revenue Continuous well activity to maximise Reliability, integrity and reduced flaring diversification economic reserves Offshore Asset integrity Oso-BRT pha
Slide 15: Financial Performance
Financial Performance Record results Seplat Energy Plc Investor Presentation – FY 2025 Results
Slide 16: FY 2025 Financial Highlights
FY 2025 Financial Highlights Lower realised prices 2025 financial performance reflects delivering at scale Realised oil price $70.3/bbl (FY24, $80.0/bbl), -12% YoY Realised gas price $2.95/Mscf (FY24, $3.06/Mscf), -4% YoY GROUP REVENUES ADJ. EBITDA Realised NGL price $44.1/boe, strong at 64% o
Slide 17: FY 2025 Financial Results
FY 2025 Financial Results Strong revenue and cashflow growth aided by robust operations despite weaker prices $ million FY 2025 FY 2024 Change Notes Realised oil price ($/bbl) 70.3 80.0 (12%) Global macro concerns (demand) weigh on oil price Oil revenue 2,487.8 991.0 151% Higher oil liftings fol
Slide 18: FY 2025 Cashflow Waterfall
FY 2025 Cashflow Waterfall Strong cashflow generation aided by higher liftings and improving cost efficiencies Working Strong cashflow growth capital benefit of $341 million Reflects CFFO $1,672 million: 1,672 issuance costs Funding of +336% YoY due to higher liftings and for Eurobond SEPNU posi
Slide 19: Strong and Fortified Balance Sheet
Strong and Fortified Balance Sheet Improved balance sheet with conservative leverage and flexible liquidity GROSS CASH Leverage: <1x since acquisition completion Liquidity: Sufficient flexibility to support growth $332m 400 732 (1) $m Pro-Forma Reported YE 24 YE 25 Net Debt 898 673 (YE24, $470m) 332
Slide 20: Lower cost of debt & bond performance
Lower cost of debt & bond performance Ability to raise debt capital at lower spread and tighter margins highlights financial strength 25 2021/2020: Eland Junior & 8.00% Senior RBL To fund acquisition of Eland in 2019. Facility rate reflects riskier asset. 20 7.00% 2024: Advance Payment Facility $300
Slide 21: Rewarding Shareholders
Rewarding Shareholders Strong operating performance underpinned significant step up in 2025 dividend FCF LINKED DIVIDEND POLICY TARGET OUTCOME Material $8.3c/shr declared for 4Q 25 VARIABLE WITH BUSINESS 2026-2030 CUMULATIVE CASH PERFORMANCE DIVIDEND $5.0c/shr base dividend in line with new divi
Slide 22: Outlook & Guidance
Outlook & Guidance Foundations for long term growth Seplat Energy Plc Investor Presentation – FY 2025 Results
Slide 23: Board updates
Board updates Board changes reflect shareholder evolution and strong reputation of Seplat’s board in Nigeria “The Board continues to combine strong technical depth with international exposure and proven local market expertise to deliver on our long-term ambitions” Shareholder & Board changes in 2025
Slide 24: Roadmap to 2030
Roadmap to 2030 We are committed towards delivering our 2030 objectives for our business INVEST GROW EARN RETURN Jisike Buffer TARGET Tanks WORKING TARGET CUMULATIVE DEPLOY CAPITAL FOR POST-TAX OPERATING TARGET CUMULATIVE GROWTH INTEREST PRODUCTION CASH DIVIDEND CASH FLOW ~ $2.5-3.0 ~200 $5.0-$6.0 ~
Slide 25: 2026 Guidance
2026 Guidance Foundations for long term growth 2026 Outlook 2026 2025 Actual Focus on strategic maintenance and integrity activities to underpin Guidance long term asset performance Production Crude & Condensate (kboepd) 131.5 135-155 Drilling 17 new wells including 15 onshore and 2 offshore Cap
Slide 26: Q&A
Q&A Seplat Energy Plc Investor Presentation – FY 2025 Results
Slide 27: Our Assets – Onshore & Offshore
Our Assets – Onshore & Offshore Seplat Energy Plc Investor Presentation – FY 2025 Results 27
Slide 28: Roadmap to 2030
Roadmap to 2030 We remain committed towards delivering our 2030 objectives for our business 2026 2027 2028 2029 2030 Development Drilling (Oil & Gas Wells) Jisike Buffer Tanks Onshore Amukpe Storage Tanks Onshore Flowstation/Facilities Upgrade Sapele LTF & Gaslift Compression Station Idle Wells Rest
Slide 29: Contact Us
Contact Us Lagos Seplat Energy Plc Seplat House: 1, Lekki-Epe Expressway, Victoria Island, Lagos State, Nigeria. T: +234 (0)1 277 0400 E: ir@seplatenergy.com London Seplat Energy Plc 4th Floor, 58-60 Berners Street, London W1T 3NQ, United Kingdom P: +44 (0)20 3725 6500 E: ir@seplatenergy.com W: www.