Slide 1: Preliminary Results 2025: A Year of Delivery & Strength
PRELIMINARY RESULTS 2025 A YEAR OF DELIVERY & STRENGTH 25 March 2026
Slide 2: Disclaimer
Pharos Energy – Preliminary Results 2025 25 March 2026 / 2 Disclaimer Nothing in this presentation or in any accompanying management discussion of this presentation to adhere to applicable laws, rules and regulations, including anti-bribery and anti-corruption constitutes, nor is it intended to cons
Slide 3: Introduction
2025 INTRODUCTION
Slide 4: A Year of Strength
Pharos Energy – Preliminary Results 2025 25 March 2026 / 4 A YEAR OF STRENGTH Quality assets delivering stable domestic Strategic, operational & financial delivery production OPERATIONS CORPORATE Vietnam Egypt • Fully-funded TGT & CNV six-well • Consolidated Concession Agreement • YE cash $40.2m, de
Slide 5: Financial Review
ENERGY FINANCIAL REVIEW
Slide 6: 2025 Financial Highlights
Pharos Energy – Preliminary Results 2025 25 March 2026 / 6 2025 FINANCIAL HIGHLIGHTS REVENUE (1) Vietnam $99.8m EGYPTIAN RECEIVABLES ($m) $114.6m Egypt $14.8m (2) • 2025 Egyptian (2024: $136.1m) 40.0 receipts of 37.4 35.0 $37.7m BRENT PRICE 31.3 33.5 29.5 • Including bullet $69.13/bbl 30.0 payment o
Slide 7: Strong Cash Flow Supports Capex Programme
Pharos Energy – Preliminary Results 2025 25 March 2026 / 7 STRONG CASH FLOW SUPPORTS CAPEX PROGRAMME ($’M) 100.0 90.0 80.0 Exceptional items in 2025 70.0 29.0 30.3 60.0 50.0 40.0 27.6 30.0 56.9 2.9 55.6 0.4 20.0 27.6 30.5 10.0 0.0 Cash inflow Working Taxes to Governments Operating cash flow Capital
Slide 8: Sustainable Shareholder Returns
Pharos Energy – Preliminary Results 2025 25 March 2026 / 8 SUSTAINABLE SHAREHOLDER RETURNS Commitment to sustainable dividend Dividends Paid in Year 8.0 7.4 7.0 6.5 5.9 6.0 5.6 5.0 5.2 $m 4.0 4.7 4.2 Continued 3.0 5.6 Balanced 2.0 1.0 2.2 1.8 Returns 1.7 - 2023 2024 2025 2026 * Interim Dividend Fina
Slide 9: Hedging
Pharos Energy – Preliminary Results 2025 25 March 2026 / 9 HEDGING Protecting revenues and retaining upside through hedging HEDGING EXECUTION HEDGING OUTLOOK Pharos’ hedging policy protects against significant declines in oil prices Hedged % of total group entitlement, average floor while allowing f
Slide 10: 2026 Estimated Capital Investment Programme
Pharos Energy – Preliminary Results 2025 25 March 2026 / 10 2026 ESTIMATED CAPITAL INVESTMENT PROGRAMME Disciplined capital programme focused on asset development and production growth Vietnam 79% Outlook Appraisal wells in Vietnam 2026 Total and consolidation in Egypt Egypt will enable further 21%
Slide 11: Operational Review
ENERGY OPERATIONAL REVIEW
Slide 12: Vietnam – Active Offshore Drilling
Pharos Energy – Preliminary Results 2025 25 March 2026 / 12 VIETNAM – ACTIVE OFFSHORE DRILLING Vietnam production TGT & CNV Blocks 125 & 126 ➢ All oil sold domestically to local refinery with strong 2025 Production net premium to Brent and excellent payment record ➢ Drill-ready prospect - Long Lead
Slide 13: Extracting Value in Vietnam
Pharos Energy – Preliminary Results 2025 25 March 2026 / 13 EXTRACTING VALUE IN VIETNAM Blocks 125 & 126 High quality 3D seismic Variety of prospects identified Continue to develop 2P reserves Appraisal and further development in TGT & CNV Frontier exploration – Blocks 125 & 126 Vietnam 2P Reserves
Slide 14: Egypt – Low-Risk, Low-Cost Assets
Pharos Energy – Preliminary Results 2025 25 March 2026 / 14 EGYPT – LOW-RISK, LOW-COST ASSETS Egypt production El Fayum & North Beni Suef 2026 Work Programme 2025 Production net ➢ Attractive well cost - <$1m dry hole and $2m ➢ Six-well drilling programme (4 El drilled and completed 1,303 bopd ➢ Succ
Slide 15: Extracting Value in Egypt
Pharos Energy – Preliminary Results 2025 25 March 2026 / 15 EXTRACTING VALUE IN EGYPT North Beni Suef + Focus on progressing undeveloped reserves to production and increase South Wadi Rayan Concession surrounded by reserves position through the consolidation of our concessions producing fields. Maxi
Slide 16: Outlook
2025 OUTLOOK
Slide 17: Cumulative FCF 2025 – 2030
Pharos Energy – Preliminary Results 2025 25 March 2026 / 17 Cumulative FCF 2025 – 2030 US$70 Brent US$80 Brent US$90 Brent US$100 Brent Forward Curve 23/03/2026 300 250 200 US$m 150 100 50 0 2025 2026 2027 2028 2029 2030 Base case production outlook leads to significant unlevered free cash flow gene
Slide 18: 2026 Outlook: Protected Growth
Pharos Energy – Preliminary Results 2025 25 March 2026 / 18 2026 OUTLOOK: PROTECTED GROWTH Vietnam Egypt Blocks 125 & 126 Material investment Improved fiscal Farm-in partner to to underpin terms enhance pursue basin- foundational cash economics for future opening play flows investment Two-year exten
Slide 19: Appendix
2025 APPENDIX
Slide 20: Corporate Responsibility Framework
Pharos Energy – Preliminary Results 2025 25 March 2026 / 20 CORPORATE RESPONSIBILITY FRAMEWORK United Nations Operating a sustainable business Sustainable Development Environment Society Business Goals Aligning our social programme 356 tonnes CO2e per 1,000 $417,867 invested in 28 100% Vietnamese an
Slide 21: www.pharos.energy
Pharos Energy plc 27/28 Eastcastle Street London W1W 8DH United Kingdom Tel: 020 7747 2000 Company No: 3300821 www.pharos.energy