Slide 1: Q1 2025 Results
ITHACA ENERGY Q1 2025 Results Ithaca Energy ple = oh is MT, Bex 21 MAY 2025 = “pos ve rm >.
Slide 2: Today's presenters
Q1 2025 Results Today’s presenters . Yaniv Friedman Luciano Vasques lain Lewis Executive Chairman Chief Executive Officer Chief Financial Officer ITHACA ENERGY
Slide 3: Today's Agenda
Today’s Agenda 1 Q1 2025 Highlights Strategic and operational highlights 3 Financial overview 4 Closing remarks 5 Q&A
Slide 4: Q1 2025 Highlights
ITHACA ENERGY Q1 2025 Highlights
Slide 5: Record quarterly production and EBITDAX performance
* = a = = Record quarterly production and EBITDAX performance Record quarterly Focus on ‘perfect day’ Record quarterly adjusted production of 127.4 delivering improved EBITDAX performance of kboe/d supporting FY 25 production efficiency, safety $653.2 million, supported and environmental by reductio
Slide 6: Reaffirming and upgrading guidance for acquisition of increased stake in Cygnus
Reaffirming and upgrading guidance for acquisition of increased stake in Cygnus Following completion of the acquisition of Japex UK E&P and the additional 46.25% stake in the Na Cygnus gas field the Group expects a production exit rate at the end of 2025 of circa 135 kb: 7 2025 Guidance! 2025 Revise
Slide 7: Strategic and operational highlights
ITHACA ENERGY Strategic and operational highlights
Slide 8: Strategy in action: Sustaining and optimising production
Strategy in action: Sustaining and optimsing production organic expansion u, o 40 Me . ‘ a 0, ‘7 Sroitan 2 re ee % PS , %, é % 7, < 4%, fo) 5, 4 3 6% 3 e & e 8, S ”~ Fe on 4 %, yo 4, %, eae me, gree a Xe ny ney co oF Inorganic expansion 8 Q1 2025 Results ITHACA ENERGY PLC
Slide 9: Q1 2024 Q2 2024 Q3 2024
• 140 120 • 100 80 60 • 40 20 0 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 2025 Guidance
Slide 10: Focus on 'Perfect Day'
Focus on ‘Perfect Day’ delivering tangible safety and efficiency improvements THE CONCEPT: THE DEFINITION: } Q1 OUTCOME: * Our drive for continuous * Without a Tier 1 or Tier 2 | In Q1, more than 75% of all days achieved a — focus, attention to detail, process safety incident ‘pertect day’ on an ove
Slide 11: Q1 2025 Q1 2025 Q1 2025
2022 2023 2024 Q1 2025 2022 2023 2024 Q1 2025 2022 2023 2024 Q1 2025 Pro forma
Slide 12: 2024 UKCS Average Q1 2025
• • 2024 UKCS Average 2024 Q1 2025
Slide 13: Captain: material ongoing activity focused on life extension
Captain: Material ongoing activity at field focused on life extension and improving operating efficiency ] 2 3 13th infill well campaign ongoing. Two Improved production performance at Flotel Safe Caledonia due to arrive end of wells have been completed with an initial operated Captain field, with n
Slide 14: Increased stake in gas field with material ongoing activity and further infill drilling upside
Increased stake in gas field with material ongoing activity and further infill drilling upside Infill well campaign ongoing with Campaign commenced with Potential for further infill drilling three wells approved, first two arrival of the Valaris Norway late beyond approved campaign with wells being
Slide 15: Hub based strategy creating long-term value
Hub based strategy creating long-term value Short-cycle tie-back of Jocelyn South Talbot and Jocelyn South production Plateau production rates have b en with first production delivered mid- rates exceeding pre-development maintained for longer, demon rating March, within 3 months of discovery expect
Slide 16: Strategy in action: Unlocking material organic growth opportunities
Strategy in action: Unlocking material organic growth opportunities organic expansion "A. 3 °% oe 2 i: is %, % e %So a i 3 ¢ ., g % % Rr % oS %y %, Sige mK RA Ge, Mo, PP Ney cot oF Inorganic expansion 16 Q1 2025 Results ITHACA ENERGY PLC
Slide 17: Strategy in action: Consolidation in Core UKCS Market
Strategy in action: Consolidation in Core UKCS Market organic expansion ¥, > no? ‘Mf ~ > Re G,,* ~. eS Og Me, a we o%, Ce 0% e "6 8 > % o | =] %, e 8. eS % % oy be 4. > Pe ¥ Ss & em, gorge 67 Phi Ps ° "Shay cot oF Inorganic expansion 7 Q1 2025 Results ITHACA ENERGY PLC
Slide 18: Strategy in action: Consolidation in core UKCS market (Japex UK E&P)
Strategy in action: Consolidation in core UKCS market Delivering on our proven strategy to invest in core UKCS market, adding near-term production and cash generation from well understood and high-quality assets Acquisition of Japex UK E&P: Delivering on UKCS consolidation strategy Increased stake i
Slide 19: Strategy in action: Consolidation in core UKCS market (Cygnus)
Strategy in action: Consolidation in core UKCS market Acquisition of 46.25% stake in Cygnus field from Spirit Energy: Qn Shiny UKCS consolidation strategy in action, adding additional gas production to our portfolio Attractive investment metrics achieved, equating to a valuation of < $7/boe per 2P R
Slide 20: Financial overview
ITHACA ENERGY Financial overview
Slide 21: Q1 2025 financial performance
Q1 2025 financial performance Enhanced cash generation and financial strength Q1 2025 AVERAGE Q1 2025 PRODUCTION Q1 OPEX PER BOE PRODUCTION LIQUIDS vs GAS SPLIT 127.4kboe/d 59%vs41% $16.5 /boe Q1 2025 ADJ. EBITDAX NET OPERATING CASH FLOW —- NET CASH FLOW FROM OPS BEFORE MOVEMENT IN WC $653.2 m $625.
Slide 22: Adjusted EBITDAX analysis
Adjusted EBITDAX analysis Ql 2025 QI 2024 FY 2024? Production kboe/d mmboe kboe/d Mmboe kboe/d mmboe oil 69 6 38 3 4l 15 Gas 52 5 18 2 25 9 Condensate 6 : 3 : 3 1 Total production 127 u 59 5 69 25 Revenues! $/boe $m $/boe $m $/boe $m Oil revenue 78 319 88 303 81 1,176 Gas revenue 81 353 54 89 64 599
Slide 23: Q1 2024 Q2 2024 Q3 2024
Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 FY 2025
Slide 24: Senior Notes, Other, RBL (less cash)
30 Jun 22 31 Dec 22 31 Dec 23 31 Dec 24 31 Mar 25 Total Available Drawn Undrawn Cash Liquidity 31-Dec-22 31-Dec-23 Pro forma 31-Dec- Pro forma 31-Mar- Facilities Facilities Facilities 24 25 Senior Notes Other RBL (less cash)
Slide 25: Hedging: oil and gas puts, collars and swaps
250 40 Oil Puts/Wide ZCCs Oil Collars Oil Swaps Gas Puts/Wide ZCCs Gas Collars Gas Swaps 35 200 30 25 150 20 100 15 10 50 5 0 0 Q2-25 Q3-25 Q4-25 Q2-25 Q3-25 Q4-25
Slide 26: Outlook and Closing remarks
ITHACA ENERGY Outlook and Closing remarks
Slide 27: Q1 2025 Results closing remarks
Q1 2025 Results closing remarks 01 Record quarterly production and adj. EBITDAX of 127.4 kboe/d and $653.2 million respectively reflects material scale, diversification and operating capacity of the Group post combination 27 Q1 2025 Results 02 Production efficiency (PE) and HSE improvements being dr
Slide 28: Q&A
ENERGY Q&A
Slide 29: Hedging: oil and gas puts, collars and swaps
40 250 Oil Puts/Wide ZCCs Oil Collars Oil Swaps Gas Puts/Wide ZCCs Gas Collars Gas Swaps 35 30 200 25 150 20 15 100 10 50 5 0 0 Q2-25 Q3-25 Q4-25 Q1-26 Q2-25 Q3-25 Q4-25 Q1-26 Q2-26 Q3-26 Q4-26 Q1-27
Slide 30: Disciplined and balanced capital allocation framework
Disciplined and balanced capital allocation framework Capital allocation framework supporting long-term growth and attractive sustainable shareholder returns 2. Protect 1.5x Net Debt / EBITDAX 1. Invest 4. Evolve Grow Growth Capex Extend M&A Yield Additional Distribution 3. Return 15-30% Post-Tax CF