Slide 1: 2026 First Half Results
2026 First Half Results Delivering the platform. Positioning for stronger cash generation and growth. 27 August 2026
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Karoon Energy Ltd (Karoon or the Company). The information contained in this presentation is for information purposes only and does not constitute an offer to issue, or arrange to issue, securities or other financial products. This presentation conta
Slide 3: Notes and Definitions
Notes and Definitions 1. Karoon’s Reserves, Contingent and Prospective Resources as at 31 December 2025 are as disclosed in the 2025 Annual Report. Karoon is not aware of any new information or data that materially affects these resource estimates. 2. Reserves and Resources estimates are prepared in
Slide 4: 2026 Half Year Highlights
2026 Half Year Highlights Carri Lockhart CEO and Managing Director
Slide 5: 1H26 major work programs delivered
1H26 major work programs delivered Execution positions Karoon for higher production and structurally lower costs Delivered in 1H26 Advancing in 2H26 Building next phase • Baúna FPSO operatorship • Lower capital intensity at Baúna • Neon progression towards FID transition • Baúna reservoir enhancemen
Slide 6: 2026 first half operational and financial summary
2026 first half operational and financial summary Operational Financial Production (NWI) 1 Total sales volumes Revenue Underlying EBITDAX3 3.17 MMboe 3.08 MMboe US$244.9m US$129.7m Unit production cost (NWI) Baúna FPSO efficiency2 Underlying NPAT3 Interim dividend4 $18.8/boe 97% US$29.2m AUD 1.2¢/sh
Slide 7: Capital allocation: self-funding returns and growth
Capital allocation: self-funding returns and growth Capital returned since first dividend in 20241 (US$m) Over same timeframe, US$509m invested to optimise base business and drive future growth Total US$98m US$173m US$m 1H26 2025 2024 15.3 • Baúna FPSO acquisition, maintenance and 150 revitalisation
Slide 8: Continued progress in safety performance
Continued progress in safety performance Total Recordable Injury Rate1 Lost Time Injuries & High Potential Incidents1 1.00 10 9 0.85 Numer of injuries pe 0.77 8 7 200,000 hours 0.75 6 5 4 0.50 4 No injuries 2 No injuries in 2 1 0.25 in CY23 0.16 -- -- -- -- 1H26 -- -- -- -- 2022 2023 2024 2025 1H262
Slide 9: Financial
Financial Eric Williams EVP & CFO
Slide 10: 2026 first half financial results
2026 first half financial results Financial snapshot • Higher realised prices partially offset lower sales volumes • Continued shareholder returns despite peak investment period: • AUD 1.2 ¢/share 2026 interim dividend Revenue Underlying EBITDAX1 Underlying NPAT1 declared US$244.9m US$129.7m US$29.2
Slide 11: 2026 first half revenue bridge
2026 first half revenue bridge 1H25 vs 1H26 350 308.3 300 30.2 250 11.9 244.9 -66.5 -39.0 200 US$ million 150 100 Baúna Who Dat 50 0 1H25 Sales Volume Realised Price Sales Volume Realised Price 1H26 Strong realised pricing partly offset lower 1H volumes during planned revitalisation work 11
Slide 12: FPSO ownership changes Baúna cost base
FPSO ownership changes Baúna cost base Benefits of owning and operating FPSO being realised Increasing FPSO efficiency2 100% • Greater control as owner/operator 95% 90% Target 90 - 95% • Decouples costs from performance by 85% eliminating uptime bonus payments 80% 2025 2026 20261 20271 2027 • Struct
Slide 13: 1H26 investment for future cash generation
1H26 investment for future cash generation Non-recurring investment strengthens the business 1H26 (US$m) 2H26(F) (US$m) • 1H26 capital deployed to complete FPSO revitalisation, restore key Baúna wells and bring A1-ST online US$58.4m 1H26 Net cash used US$125.8m • Peak investment period substantially
Slide 14: Financial capacity to fund next stage of growth
Financial capacity to fund next stage of growth Transitioning from investment to cash generation in 2H26 Liquidity (US$m) • US$363.6m total liquidity (30 June 2026) 750 681.2 • Diversified capital sources: 600 528.2 546.1 2H26+ cash flow expected to benefit • US$350m high yield bond + US$283.3m 450
Slide 15: Optimising pricing through market selection
Optimising pricing through market selection Cargoes sold to EU eligible for lower Brazilian Export Tax Background: Brazilian government introduced 120 day 7.92% after-tax (12% pre-tax) temporary tax on crude oil exports, effective 12 March 2026. Subsequently extended by 60 days on 9 July 2026 • Carg
Slide 16: Capital allocation framework unchanged
Capital allocation framework unchanged Fund base business, protect financial flexibility and allocate free cash flow to highest value use Cash generation & capital prioritisation Operating cash flow Value-driven capital allocation Non-discretionary capital spend Capital returns Growth investments Su
Slide 17: Operational Update
Operational Update Carri Lockhart CEO and Managing Director
Slide 18: Baúna - production and cost optimisation
Baúna - production and cost optimisation Focus areas for 2H26 and beyond 1H26 production 2.4 MMbbl 1H26 revenue US$197.7 million • Entered 2H26 as integrated Operator of Baúna Complex, with full control of FPSO, infrastructure and reservoir development • Sustaining asset integrity and performance •
Slide 19: Baúna FPSO efficiency exceeding target
Baúna FPSO efficiency exceeding target Investment translating into sustained operating performance Consistently exceeding target • FPSO efficiency exceeded target in last Quarterly FPSO efficiency three quarters, driven by 2025 and 2026 99% FPSO revitalisation and maintenance 100% 97% 97% programs 9
Slide 20: Who Dat
Who Dat Focus areas for 2H26 and beyond 1H26 production 0.62 MMboe 1H26 revenue US$47.2 million • Continued strong topside reliability (~97% in 1H26) • Successful A1 sidetrack well came online in July, currently producing ~2,200 boepd NRI1 • Who Dat East sanctioned on 12 August 2026 • G1-ST drilling
Slide 21: JV approves Who Dat East project
JV approves Who Dat East project1 Value-accretive development with first production expected in 2H28 • Final Investment Decision (FID) approved by Joint Venture on 12 August 2026 • Initial one well development via 29km tieback to Who Dat FPS • IRR2 : >20% IRR (mid-case) • First oil: 2H28 (target) Pl
Slide 22: Optimising Neon development concept
Optimising Neon development concept 1 Proposed timeline from concept reset to FID 1H 2H Decision FID 2026 2026 Gate 2 Concept Reset Validate + Secure (Pre-FEED) Move into FEED TURNAROUND Project Sanction 28 DAYS + 1 RAMP 4Q26UP Target 2027 Target • Phased development with • Evaluation of potential •
Slide 23: Basin exploration in Brazil and USA
Basin exploration in Brazil and USA Existing acreage positions create multiple pathways for resource additions Brazil Santos Basin portfolio (100% KAR) USA Who Dat hub opportunities (infrastructure-led) Deepwater and Esmeralda blocks near Baúna and Neon Discoveries and prospects located near establi
Slide 24: Disciplined delivery. Financial strength. Growth enabled.
Disciplined delivery. Financial strength. Growth enabled. A compelling investment Asset and cost advantage Financial strength Growth pathway • Both Baúna and Who Dat are • Peak 1H26 investment period • Who Dat East - value accretive high-quality, low-cost assets in nearly complete, expected to deve
Slide 25: Q&A
Q&A
Slide 26: Appendix and Glossary
Appendix and Glossary
Slide 27: Appendix 1: Underlying NPAT drivers
Appendix 1: Underlying NPAT1 drivers US$ million 1H26 1H25 • Underlying NPAT down 35% on 1H25 primarily % Change due to lower sales volumes and increased Six months to: 30 June 2026 30 June 2025 royalties due to Brazilian export tax, partly Revenue 244.9 308.3 -21 offset by higher realised prices, a
Slide 28: Appendix 2: Reconciliation of underlying results to statutory results
Appendix 2: Reconciliation of underlying results1 to statutory results 1. Underlying EBITDAX (earnings before interest, tax, depreciation, depletion, amortisation, exploration 1H26 1H25 and costs of unsuccessful wells) and underlying net profit after tax are non-IFRS measures. 2. Flotel costs relate
Slide 29: Appendix 3: 2026 Guidance
Appendix 3: 2026 Guidance NOTES 2026 Calendar Year1, 2 Guidance as at 1. Numbers may not add due to rounding. 27 August 2026 2. Guidance is subject to various risks (including “Key Risks” set out in the 2025 Annual PRODUCTION3 Report). Brazil MMbbl 6.0 – 6.7 Who Dat (NRI) MMboe 1.2 – 1.5 3. Producti
Slide 30: Glossary
Glossary Term Definition 1H26 Half year ended 30 June 2026 1H25 Half year ended 30 June 2025 AASB Australian Accounting Standards Board. ANP Agência Nacional do Petróleo, Gás Natural e Biocombustíveis. Baúna or Baúna Project Concession BM-S-40 containing the producing Baúna, Piracaba and Patola ligh