Slide 1: First Half 2026 Interim Results
First Half 2026 Interim Results 15 September 2026
Slide 2: Disclaimer
Disclaimer This presentation and its enclosures and appendices (the “presentation”) have been prepared by Kistos Holdings plc (the “Company”) exclusively for information purposes. This presentation has not been reviewed or registered with any public authority. This presentation is confidential and m
Slide 3: Highlights: Delivering transformative growth
Highlights Delivering transformative growth USD 300 million Nordic bond $205m 20.8 refinancing completed in May 2026 Pro forma EBITDA kboepd pro forma USD million1 production2 Unhedged exposure to oil and High operational uptime gas prices across the portfolio 120% 102 Acquisition of Blocks 3 & 4 co
Slide 4: Full-year production guidance maintained
Production Full-year production guidance maintained Strong production from Oman and Norway, coupled with high production uptime in the UK and the Netherlands – annual pro forma guidance maintained at 19 – 21 kboepd Pro forma production guidance Combined 2P and 2C (including Oman) 19 – 21 kboepd 102
Slide 5: Delivering on our key priorities
Strategy Delivering on our key priorities Our Strategy 2026 Priorities Secure long-life producing hydrocarbons Refinancing Oman Acquisition 4-year Nordic bond issued Blocks 3 & 4 completed, Bullet, ~9% yield1 Block 9 to follow Maintain unhedged exposure to commodity 1H26 production ~9 kboepd2 price
Slide 6: Building market value amid volatile conditions
Market Performance Building market value amid volatile conditions Share price increase of 22% over the last 340 103 3 months, with newly issued bond price 102.273 trading above par1 320 320 102 300 101 Board of Directors represent over a fifth of the total share capital 99.872 Share price (GBp) Bond
Slide 7: Financial highlights
Financial highlights First Half 2026 Interim Results 15 September 2026 | 7
Slide 8: Balder ramp-up delivering, Oman next driver
Financial Highlights Balder ramp-up delivering, Oman next driver Production Significant cash Strong EBITDA, Balance sheet Balder projects step up on balance sheet with Oman close to debt- lift reserves contribution free USD 23 49.2 20,800 USD 259 USD 205 million mmboe boepd million million pro forma
Slide 9: Cash flows from operations of USD 132 million excl. Oman
Cash Flow Cash flows from operations of USD 132 million excl. Oman First-half 2026 Cash flow Bridge (excl. Oman) 259 154 (5) (20) 3 132 (54) USD million 2 80 1 EBITDA Working capital Cash tax Other operating Cash flow from Capex Net interest and Adj FCF Cash and near- 2 operations other cash, 30 Jun
Slide 10: Extending bond maturity to 2030
Bond Refinancing Extending bond maturity to 2030 New four-year bond issued at par for USD 300 million, carrying a 9.875% coupon Extending maturity profile and improving blended USD 300 million Kistos Energy Ltd (UK) coupon 300 Secured Senior Bond (9.875%) Kistos Energy 300 Previous bonds with Storag
Slide 11: Operational highlights
Operational highlights First Half 2026 Interim Results 15 September 2026 | 11
Slide 12: Pursuing low-cost production in a new region
Blocks 3 & 4 and Block 9 Pursuing low-cost production in a new region Completion of Blocks 3 & 4 on 14 Sept 2026, with Block 9 expected in H2 2026 Block 9 Arabian USD 5.80/boe 9,000 boepd 25.6 mmboe Sea UAE Muscat Acquisition equates to a Production net to Kistos2, 2P reserves, net to valuation of a
Slide 13: Advancing the next wave of resource growth
Balder Area Advancing the next wave of resource growth High production efficiency and Production licence PL027 disciplined capital investments (containing Ringhorne Øst King and King/Prince) Prince Balder Balder Future Phase V Balder Phase VI Balder Next Completed Drilling Completion Commencement Ju
Slide 14: Significant capital programme to yield stable production of 7 – 8 kboepd beyond 2030
Balder Area Significant capital programme to yield stable production of 7 – 8 kboepd beyond 2030 Capital programme supported by ~78% Capital expenditure estimates “carry” through the Norwegian petroleum tax system 121 2026e 2027e 2028e 2029e 2030e 2P Capex (USDm) 2C Capex (USDm) Production (kboepd)
Slide 15: Maximising production from mature assets
GLA Q10-A Maximising production from mature assets Stabilising production, balancing field 2P reserves and 2C Laggan Glenlivet development and ABEX resources (mmboe)1 Victory 2P Tormore Edradour 2C 1.4 (including Glendronach) 1H26 highlights Shetland Gas 5.0 Plant GLA Production Change of operator P
Slide 16: Diversifying exposure across the value chain
Gas Storage Diversifying exposure across the value chain Midstream optionality and gas price Hole House volatility upside from strategic, fast- cycle gas storage assets USD 9.1 67 million 98% million therms Total income Total gas withdrawals Gas Storage during 1H26 operating availability Hill Top Ho
Slide 17: Outlook
Outlook First Half 2026 Interim Results 15 September 2026 | 17
Slide 18: Flat production, steady deleveraging
Illustrative profiles Flat production, steady deleveraging Production holds through the forecast period, and free cash flow lowers net debt each year, reaching net cash by 2030 Indicative production profile (kboepd) Indicative net debt ($m) 19 – 21 Bond maturity May 2030 2026e 2027e 2028e 2029e 2030
Slide 19: Material residual coverage from asset portfolio
Residual value Material residual coverage from asset portfolio Capital commitments enhance Illustrative residual value coverage at maturity1 coverage over the outstanding bond Reserves and Resources (mmboe) Production estimate (mmboe) Value (USD million) amount at maturity1 residual value Fully cove
Slide 20: Footnotes
Footnotes Slide 3 Slide 10 1 Pro forma EBITDA is defined as the Group results as if the Oman Blocks 3 & 4 and Block 9 acquisitions had completed on 1 January 2026, based on draft results provided by the seller 1 Face value as at 30 June 2026 2 Disbursement of $20m under the new bond is subject to co
Slide 21: Kistos plc contact
Kistos plc 2nd Floor 3 St James’s Square London SW1Y 4JUA United Kingdom