Ratio Energies Limited Partnership · TASE:RATI
Ratio Energies Limited Partnership — Investor Presentation (March 2025)
16 slides from Ratio Energies Limited Partnership's investor presentation, March 2025
Slide 1: Ratio Energies FY 2025 Investor Presentation
RATIO ENERGIES Limited Partnership FY 2025 Investor Presentation March 2025
Slide 2: Disclaimer
This presentation was prepared by Ratio Energies – Such Information is based solely on the Partnership ’s Limited Partnership (the “Partnership” or “Ratio”). subjective assessment, based on facts and figures concerning the status of the Partnership’s business, It is not an offer to buy or sell secur
Slide 3: Key Highlights FY 2025
Additional Egypt Leviathan Expansion Export Agreement $2.4B $35B in projected revenues from ~130 BCM contracted Phase 1 expansion FID in Jan 2026 with Blue Ocean Energy through 2040 Key Highlights FY 2025 Revenue & Production Dividend Distribution $335M FY 2025 Revenue 10.9 BCM Gas production $130M
Slide 4: Leviathan field
Leviathan field 31.12.2019 330 km2 43 mmbbl 553 BCM First gas Reservoir area Condensate1 Natural gas1 1.4 BCF/D 63 BCM Current production from 5 producing wells Total natural gas supplied to Israel, Egypt, and Jordan Partnership Working Interests 15% 39.66% 45.34% |4 1 | 100%, as per the Partnership
Slide 5: Leviathan Project: developing into largest gas field in Eastern Mediterranean
Leviathan Project Developing into the largest natural gas field in the Eastern Mediterranean 12 BCM/y 14 BCM/y 21 BCM/y Initial production Current production Future production capacity at first gas capacity, upon 3rd capacity, upon expansion (2020) gathering line completion completion 2020 - 2025 20
Slide 6: Leviathan Project Sales by market
Leviathan Project Sales by market (BCM/y) 10.7 11.4 11.0 11.2 10.9 3.4 4.9 7.3 6.2 7.0 6.2 1.9 2.7 2.7 1.9 2.7 2.9 2.7 4.6 3.5 3.8 2.1 1.5 1.8 2020 2021 2022 2023 2024 2025 Avg price: (mmbtu) $5.01 $5.10 $6.19 $6.11 $6.12 $5.58 |6
Slide 7: Egypt expansion: January 2026 FID
January 2026: FID $35B 130 BCM Projected revenues from Blue Additional volumes contracted Ocean Energy contract to Egypt through 2040 H2 2029 $2.4B Budget for the 1st phase of the Expected completion expansion |7
Slide 8: Long-Term GSPAs: Growing Regional Demand for Natural Gas
Long-Term GSPAs: Growing Regional Demand for Natural Gas Israel Diversified customer portfolio Contracted volume: 21 BCM Supplied to date: 51 BCM ───────────────────────────── • Projected gas demand growth driven by growth in electricity demand, coal phase-out, and expanding gas use for transportati
Slide 9: Midstream Infrastructure
Midstream Doubling export capacity through strategic Infrastructure investments in regional midstream infrastructure Midstream Projects Midstream Capacity 1. Ashdod-Ashkelon looping (BCM p.a.) Capacity expansion through new 25 offshore pipeline 6 6 2 1 2. FAJR+ Pipeline 4 13 Enhancing existing pipel
Slide 10: Exploration Licenses Zone G
Exploration Licenses Zone G PARTNERS IN THE LICENSE Zone G Haifa Zone G Tel Aviv Awarded to Ratio in the Ministry of Energy's 4th licensing round (October 2023) Ratio and Dana Petroleum working to finalize award of the licenses Official award and work program commencement expected in Q2 2026 Explora
Slide 11: Financial Results
Financial Results | 11
Slide 12: FY 2025: Financial Highlights ($M)
FY 2025: Financial Highlights ($M) Results reflect lower oil prices and unplanned shutdown during the June 2025 conflict 376 47 335 56 6.12 248 139 217 125 5.58 329 279 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Domestic Export Revenue Avg. Gas Price EBITDA Net Income ($/MMBtu)
Slide 13: Projected Cash Flow
More than $ 2 Bn in Cumulative Net Cash Flow Over the Next Decade Net Cash Flow Forecast, 2026–20351 900 700 500 Projected 300 216 192 253 261 249 263 Cash Flow 139 161 152 162 100 Underpinned by long- -100 term agreements with -300 take-or-pay clauses and floor price protection -500 -700 2026 2027
Slide 14: Consistent Shareholder Returns
Dividends since 2022 130 Consistent Shareholder Returns 60 60 70 $320M in dividends distributed since 2022, delivering consistent shareholder returns while funding future growth 2022 2023 2024 2025 Dividend Payments ($M) |14
Slide 15: Financial Strength
Financial Strength Debt Structure Underpinned by high liquidity, strong cash flow, and conservative leverage Bank Debt • $600M facility with a consortium of $205M $450M Israeli and international banks • Attractive terms, including an early Average annual cash flow available for debt repayment option
Slide 16: Thank You
O - 7 i) W U 4 W Z W Thank You
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