Bw Energy Ltd (BWEFF) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.400 Thank you, operator, and thank you all for joining BW Energy's fourth quarter 00:00:05.400 -- 00:00:09.483 and full year 2025 presentation. 00:00:09.606 -- 00:00:14.895 My name is Carl Arnett. I'm the chief executive officer of BW Energy. 00:00:14.895 -- 00:00:20.023 I will take you through some of the highlights for 2025 00:00:20.023 -- 00:00:25.151 and the fourth quarter and some of our 00:00:25.151 -- 00:00:27.151 developments. 00:00:27.419 -- 00:00:33.085 Then you will have some more granularity on the operations 00:00:33.085 -- 00:00:38.490 from our Chief Operating Officer Brice Morlot and of course 00:00:38.490 -- 00:00:40.632 as usual some 00:00:40.632 -- 00:00:47.419 granularity on the financials by our Chief Financial Officer Thomas Young. 00:00:47.419 -- 00:00:52.624 2025 was a strong year for BW Energy with a record 00:00:52.624 -- 00:00:58.130 annual production, another record I'm pleased to say and of course 00:00:58.130 -- 00:01:03.696 with the record production comes reduced unit OPEX. 00:01:04.660 -- 00:01:09.367 Our project portfolio is on schedule and cost 00:01:09.367 -- 00:01:14.856 and we are very pleased to have raised a total 00:01:14.856 -- 00:01:19.743 of 1 billion, approximately 1 billion of low-cost financing 00:01:19.743 -- 00:01:22.745 related to our developments. 00:01:22.972 -- 00:01:28.097 We are also pleased that our discovery last year, Burdon, 00:01:28.097 -- 00:01:31.541 is moving towards FID, 00:01:31.541 -- 00:01:36.846 and that will be more to come very soon in future 00:01:36.846 -- 00:01:38.708 reporting. 00:01:38.708 -- 00:01:44.712 So for 2025, we had a total EBITDA of 414 00:01:45.094 -- 00:01:49.599 million, with a net profit of 133 00:01:49.599 -- 00:01:54.835 million. Our cash at the e...