Kistos Holdings Plc · LSE:KIST
Kistos — FY2024 Earnings Presentation
13 slides from Kistos's earnings presentation, Apr 11, 2025
Slide 1: 2024 Full Year Results Presentation
2024 Full Year Results Presentation 11 April 2025 1
Slide 2: Disclaimer
Disclaimer Disclaimer This presentation and its enclosures and appendices (the “presentation”) have been prepared by Kistos plc (the “Company”) exclusively for information purposes. This presentation has not been reviewed or registered with any public authority. This presentation is confidential and
Slide 3: Key highlights
FY24 highlights Key highlights Navigating a critical stage in the Balder Future project Operational Financial $52 million Adjusted Debt2 Significant progress on Balder Future $117 million gross profit Carrying value of Hybrid Jotun sail away completed in March 2025, hook-up bond fell to $0.7 million
Slide 4: Strategy at a glance
Our strategy Strategy at a glance Generating value across the upstream and midstream markets Accelerated growth Accelerating growth by pursuing value-accretive M&A deals. Our Journey A flexible mandate allows us to capitalise on overlooked opportunities outside the traditional E&P model OCT NOV MAY
Slide 5: Balder Future
Balder Phase V Norway Balder Future Six production well drilling campaign is Extending life of the Balder area beyond 2045 underway, using COSL Pioneer semi-sub, with completion expected in 2026 These new production wells will utilise the remaining subsea template well slots to capture FY24 net prod
Slide 6: Balder Phase VI and beyond
Norway Balder Phase VI and beyond Unlocking high-value, low-cost barrels Ghost King/Prince Ringhorne Balder Phase VI East (to be sanctioned in 2025) King area development Conversion of 2C Balder Future Prince up-dip (Start-up Q2 2025) resources to 2P reserves, targeting 2C Balder future phases Ringh
Slide 7: Greater Laggan Area
United Kingdom Greater Laggan Area Unlocking future upside potential FY24 net production: 3,240 boepd Change of operator Anticipated change of operator is expected to take place in H1 2025 Kistos expects new operator will provide additional momentum in sanctioning development projects, such as Glend
Slide 8: Hill Top and Hole House
United Kingdom Hill Top and Hole House Diversification of revenue streams Traded materially more since acquisition Completed acquisition of EDF’s onshore gas storage business in Cheshire, UK, for £25 million Diversified the asset portfolio into a stable marketplace that offers significant growth pot
Slide 9: The Netherlands
The Netherlands The Netherlands Minimal impact, renewably powered platform FY24 net production: 2,070 boepd Q-10A Production from the Q10-A field averaged 2,070 boepd, impacted by outages on the TAQA-operated P15-D platform We are prioritising efforts to maximise volumes and lower unit costs, while
Slide 10: Financial review
FY24 results Financial review Strong balance sheet after significant year of investment FY24 FY23 Production within guidance at 8,050 boepd with revenues impacted by a 9% Production rate boepd 8,050 8,800 decrease in realised prices, driven by weaker UK and European gas prices Sales Volumes boepd 8,
Slide 11: Growth and development
Our outlook Growth and development Substantial progress and expansion over an accelerated timeline Our priorities Balder Future Production guidance first oil of 8.0 – 9.0 kboepd Preparing for start-up, anticipated by the end of Q2 2025 Growing our daily production to an average of 9.0 kboepd and a p
Slide 12: Kistos plc contact details
Kistos plc 2nd Floor 3 St James’s Square London SW1Y 4JUA United Kingdom 12
Slide 13: Non-IFRS measures
Appendix Non-IRFS measures Adjusted EBITDA Adjusted net debt 31-Dec-24 31-Dec-23 $’000 FY24 FY23 $,000 (actual) (restated) Adjusted EBITDA 95,324 130,242 Restricted cash and 143,138 214,974 Development expenses (214) (1,239) cash equivalents Tax receivable 65,450 88,689 Shared-based payment expenses