Second Quarter 2026 Oando PLC – H1 2026 results release

Lagos, Nigeria | 4 August 2026 - Oando PLC ("Oando" or the "Group"), Nigeria's

leading indigenous energy group listed on both the Nigerian Exchange Ltd. and Johannesburg Stock Exchange, today announces its unaudited results for the six months ended 30 June 2026.

Operational delivery and value realisation drive earnings and cash growth Group Highlights

• Delivered average production of 42,789 boepd (+16% YoY), within guidance, supported by new wells drilled, the restoration of previously shut-in wells and improved uptime

• Production opex reduced 18% to $16.83/boe (H1 2025: $20.62/boe), reflecting delivery of the Group's cost optimisation initiatives across the enlarged asset base

• Facility uptime of 92% (H1 2025: c.85%) and zero lost-time injuries recorded during the period

• Trading volumes of 13.15 MMbbl (H1 2025: 12.88 MMbbl), supported by increased sourcing from marginal field producers

• Revenue up 20% year-on-year to ₦2.1 trillion (H1 2025: ₦1.7 trillion), led by growth in the E&P segment and higher product prices

• Profit after tax up 8% to ₦68.6 billion (H1 2025: ₦63.3 billion), supported by improved operating profits and tax credits

• Cash generated from operations of ₦179.5 billion, against ₦287.9 billion used in H1 2025, reflecting improved operational cash conversion

• Capex of ₦81.4 billion (H1 2025: ₦48.3 billion), directed to high-impact upstream drilling across OMLs 60-63 and the non-operated portfolio

• Closing cash and cash equivalents of ₦544.9 billion (H1 2025: ₦194.2 billion), strengthening the Group's liquidity position

• Corporate Facility and Medium-Term Loan restructured, with both facilities in good standing

• Commenced long-term gas supply of 11.2 MMscfd to the newly commissioned 60 MW Bayelsa Independent Power Plant, expanding the Group's domestic gas monetisation portfolio

• Executed the Production Sharing Contract (PSC) for Block KON 13 in Angola, following the award of the block in January 2025, with Oando holding a 45% participating interest and serving as operator

  Commenting on the results, Wale Tinubu CON, Group Chief Executive, Oando PLC, said:

  "The first half of 2026 marks an important inflection point in Oando's journey. Over the past two years, our priority has been to successfully integrate one of the most significant upstream acquisitions in Africa and unlock the full value of our expanded portfolio. The progress achieved during the period demonstrates that we are now delivering the operational and financial outcomes expected from that transformation.

  Operational efficiency underpinned our performance during the period as we strengthened asset integrity, improved facility reliability and reinforced security across our operating areas, resulting in average facility uptime of 92% while reducing production operating costs by 18% to US$16.83 per boe.

  Our development programme also gathered significant momentum during the period as we successfully drilled and completed two land development wells, with an additional land well currently being drilled, while mobilising a second drilling rig to accelerate activity across our operated portfolio. In parallel, we continued an extensive programme of rig-less well interventions designed to restore production, sustain plateau output and mitigate natural field decline. Together, these activities increased average production to 42,789 boepd, representing 16% year-on-year growth.

  This translated into a stronger financial performance, with revenue increasing by 20% to ₦2.1 trillion, while the business generated ₦179.5 billion in operating cash, improving liquidity. Profit after tax also increased by 8% to ₦68.6 billion, reflecting the overall improvement in operating performance during the period.

  Looking ahead in 2026, our priorities remain firmly centred on completing our seven-well drilling programme and portfolio-wide well intervention campaign while delivering production of circa 50,000 boepd. Beyond 2026, our identified inventory of 62 development wells, supported by 55 planned well interventions, provides a clear pathway towards our medium-term production ambition of approximately 100,000 boepd.

  Furthermore, we shall execute an intensive fundraising and balance sheet restructuring programme to optimise our capital structure, strengthen our financial position, improve working capital, enhance financial flexibility and ensure the business is appropriately funded to accelerate growth and maximise long-term shareholder value

  We have built a resilient operating platform and established a clear roadmap for growth. Our focus is now on translating our significant opportunities into higher production, a stronger balance sheet and superior long-term returns for our shareholders."

  2026 Outlook

• Development programme of 7 wells in OMLs 60-63, of which two have been drilled and two are currently being drilled, supported by approximately 100 rigless activities across the portfolio.

• FY2026 capex of approximately $90-100 million, focused on high-impact, short-cycle upstream activities.

• FY2026 production guidance maintained at 40,000-50,000 boepd

• FY2026 traded crude oil volume guidance revised to 22-26 MMbbls following changes to one of the Company's crude oil marketing programmes.

• Completion of the Rights Issue and continued progress on the US$1.5 billion multi-instrument issuance programme

• Expansion of clean energy initiatives.

Responsibility for Publication

This announcement has been authorised for publication on behalf of Oando PLC by:

Adeola Ogunsemi

Group Chief Financial Officer

About Oando PLC

Oando PLC is Africa's leading indigenous energy solutions provider listed on the Nigerian Exchange (NGX) and the Johannesburg Stock Exchange (JSE). Oando operates across the entire energy value chain, encompassing upstream exploration and production, trading and renewable energy initiatives.

Through its subsidiaries, Oando Energy Resources and Oando Trading, the Company holds interests in onshore and offshore oil and gas assets and maintains a significant presence in the global energy trading market. Oando is committed to driving Africa's energy transition and delivering innovative, sustainable and value-driven solutions that meet the continent's unique energy needs.

For more information visit, oandoplc.com

Follow Oando on LinkedIn: https://www.linkedin.com/company/oando-plc/ X: https://x.com/Oando_PLC

Enquiries +234 (1) 2704000

Adeola Ogunsemi / Group CFO

Folasade Ibidapo-Obe / Chief Compliance Officer & Company Secretary Ayeesha Aliyu / Investor Relations Manager

Disclaimer - Forward-Looking Statements

This results release contains forward-looking statements regarding the operations, financial condition, strategy, and prospects of Oando PLC ("the Company"). These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks include, but are not limited to, market conditions, regulatory developments, geopolitical events, operational challenges, and the Company's ability to implement key initiatives, including its capital re-structuring, energy transition and diversification strategy. Readers are cautioned to carefully consider the foregoing factors and other uncertainties, and not to place undue reliance on forward-looking statements. Forward-looking statements apply only as of the date on which they are made, and the Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable laws and regulations.

Production

Production for the period was within guidance, averaging 42,789 boepd, representing a 16% increase over the H1 2025 average. Production opex fell 18% to $16.83/boe (H1 2025:

$20.62/boe), reflecting the delivery of the Group's cost optimisation initiatives, principally lower transport, logistics, service and ICT costs, alongside the benefit of higher production across a largely fixed field cost base.

1. Production comprises Oando's 40% working interest (WI) in OMLs 60, 61, 62 and 63, 40% WI in Qua Ibo Marginal Field, and 45% WI in Ebendo Marginal Field.

2. Volumes are subject to reconciliation and may differ from liftings within the period.

3. Gas volumes reflect the total quantity of gas produced during the period, inclusive of volumes utilised for operations or reinjection.

4. Gas volumes have been converted to barrels of oil equivalent using a conversion factor of 6 Mscf per boe.

OMLs 60-63 (40% WI, Operator)

Production from OMLs 60-63 averaged 40,077 boepd in H1 2026, up 18% from 33,947 boepd in H1 2025. Crude oil production increased by 22% to 10,867 bopd, supported by the new wells drilled, the restoration of 12 previously shut-in wells and improved facility uptime. Gas production increased by 16% to 27,275 boepd, despite continued challenges associated with wet gas production and flowline disruptions, while NGL production rose 28% to 1,935 bpd.

During the period, the NEPL/Oando JV commenced gas supply to the newly commissioned 60 MW Bayelsa Independent Power Plant (IPP), further expanding the Group's domestic gas monetisation portfolio. Under a long-term gas supply agreement, the JV will supply 11.2 MMscfd of gas, providing a stable and predictable revenue stream while supporting Nigeria's gas-to-power objectives.

OML 56 - Ebendo (45% WI)

Average daily production was broadly flat, down 1% to 2,476 boepd (H1 2025: 2,507 boepd).

OML 13 - Qua Ibo (40% WI)

Production averaged 236 bopd in H1 2026, down 38% from 382 bopd in H1 2025, primarily due to natural field decline.

Drilling Programme

The Group's 2026 drilling programme advanced across both the operated and non-operated portfolio, with new wells contributing to the 16% increase in production during the period. Within OMLs 60-63, the Idu 6ST well was drilled, completed and brought onstream, while the Samabri 4ST well was drilled and completed. Drilling is underway at the Samabri 7 and Idu 15 wells, with the Idu T, Samabri A and Ogbanbiri wells scheduled for the second half of the year, completing the seven-well programme. Across the non-operated portfolio, one development well was drilled at each of the Ebendo and Qua Ibo assets during the period, both of which came onstream in Q2 2026. The drilling campaign is complemented by a rig-less programme of approximately 100 well intervention activities planned across the portfolio for the full year. Together, these programmes are designed to add production, sustain plateau and offset natural field decline across the portfolio.

Exploration - Block KON 13 (Angola)

During the period, Oando executed the Production Sharing Contract (PSC) for Block KON 13 in Angola, following the award of the block in January 2025. Through its subsidiary, Oando Exploration and Production Angola Ltd, the Company holds a 45% participating interest and serves as operator of the block. With the PSC now executed, the Contractor Group, led by Oando, is advancing the initial exploration work programme and associated technical studies.

Operational Resilience & Sustainability

1. The percentage difference between measured hydrocarbon production and delivered sales volumes, reflecting production reconciliation and operational efficiency.

2. NR means not previously reported.

The Group maintained a strong operational resilience and sustainability performance during the period, recording zero fatalities, zero lost-time injuries and a TRIR of 0.00. Facility uptime rose to 92%, from approximately 85% in H1 2025, reflecting improved reliability of the Group's production and evacuation infrastructure and providing capacity to support the safe and efficient evacuation of incremental volumes from planned drilling and field development activities. During the period, the Company responded to an isolated spill incident on the Azuzuama-1 flowline in accordance with its emergency response procedures and applicable regulatory requirements. Gas utilisation of 94.7% (H1 2025: 91.5%) supported improved gas monetisation. The reconciliation loss factor of 3.3% largely reflects hydrocarbon losses associated with third-party interference. The Group continues to focus on pipeline integrity and security to reduce these losses and improve delivery reliability.

During the first half of 2026, the trading division continued to execute its strategic growth plan, trading 13.15 MMbbl of crude oil across 23 cargoes, compared with 12.88 MMbbl across 14 cargoes in H1 2025. The increase in cargoes reflected a greater number of smaller parcels, supported by continued execution of the Company's crude oil marketing and offtake programmes and increased sourcing from marginal field producers.

The Group expects continued execution of its crude oil marketing activities during the second half of the year, alongside the progressive expansion of its refined products trading business as commercial opportunities convert into executed transactions.

FY2026 traded crude oil volume guidance has been revised to 22-26 MMbbls following changes to one of the Company's crude oil marketing programmes. The revised outlook reflects the removal of volumes previously expected under that programme following the implementation of NNPC's new crude-backed financing structure and does not reflect any change in the Group's underlying trading capabilities or commercial strategy. The Group remains focused on expanding its broader crude oil marketing and trading portfolio.

Clean Energy Update

The Clean Energy business continues to record progress across strategic initiatives during the period. The sustainable transport sector, focused on Mass Transit, achieved a significant increase in ridership, reaching 139,621 passengers and covering 49,924 kilometres, while successfully averting 66,182 kg of carbon emissions. Fleet expansion plans are underway, with the deployment of additional electric buses and 160 kW fast chargers scheduled for the second half of the year.

In addition, the taxi-hailing initiative is advancing regulatory approvals and project development activities as it approaches its Final Investment Decision.

In PET (Polyethylene Terephthalate) Recycling initiatives, key permits and procurement activities have progressed, leading to an increase in offtake commitments to 8,100 tonnes through additional Letters of Intent.

Ongoing financing initiatives are being pursued across the portfolio to support effective project execution.

Mining Update

Oando Mining continued to advance its portfolio during the period, with exploration and technical evaluation activities focused on its lithium, tin, gold and bitumen assets. Work on the Company's tin assets progressed through resource evaluation and development planning, positioning the project as one of the portfolio's more advanced opportunities.

Exploration programmes also continued to validate lithium prospects in Kebbi State and Southwest Nigeria, while technical studies and commercial engagement progressed for the bitumen project. The Company remains focused on advancing its highest-priority assets towards development and future commercialisation.

1. Includes revenue from Independent Power Projects (IPP), pipeline tariffs, and electric vehicle (EV) initiatives.

2. Represents the balance on 30 June 2026 and 30 June 2025.

3. Gas sales represent the portion of produced gas that was sold to third parties. Accordingly, sales gas volumes are lower than total gas production.

4. Gas volumes converted to barrels of oil equivalent using a standard conversion factor of 6 Mscf per boe.

   Overview

   H1 2026 marks the point at which the enlarged JV asset base began converting into earnings and cash. Higher production and lower unit costs drove the swing from an operating loss to operating profit, while operating cash flow turned positive and closing cash more than doubled year-on-year. With operating performance across the enlarged asset base now established, the Group's focus is on executing the development programme and converting that upstream capacity into long-term value through cost control and cash flow optimisation.

   Revenue

   Group revenue grew 20% year-on-year to ₦2,063.5 billion in H1 2026 (vs H1 2025: ₦1,720.8 billion), reflecting growth in both the Exploration & Production and Trading segments. Key performance drivers included:

   • Crude Oil lifted volumes rose 14% to 2.64 MMbbl (vs H1 2025: 2.32 MMbbl), contributing ₦245.8 billion in revenue, supported by a 19% rise in the average realised price to $79.22/bbl (vs H1 2025: $66.34/bbl).

   • Natural Gas sales volumes increased 31% to 25.12 Bscf (vs H1 2025: 19.16 Bscf), generating ₦62.5 billion in revenue. The average realised price increased by 8% to

     $1.78/Mscf (vs H1 2025: $1.65/Mscf).

   • Natural Gas Liquids (NGLs) revenue increased to ₦4.0 billion, supported primarily by a significant uplift in volumes (0.34 MMbbl vs 0.20 MMbbl) as prices remained largely flat at $8.80/bbl vs $8.79/bbl in H1 2025.

   • Trading revenue increased 18% to ₦1,717.7 billion (vs H1 2025: ₦1,450.7 billion), primarily driven by higher realised prices during the period.

Gross Profit

Gross profit rose 331% to ₦101 billion in H1 2026 (H1 2025: ₦23 billion), supported by lower operating and production costs, and a decline in overlift position (overlift arises where crude lifted is in excess of entitlement, with the excess settled at prevailing market prices and recognised as cost of sales) during the period. The reduction in operating and production costs was driven by lower transport, logistics, service and ICT costs, reflecting operational efficiencies achieved across the enlarged asset base.

Administrative Expenses

Administrative expenses decreased 4% to ₦77.8 billion in H1 2026 (vs H1 2025: ₦81.4 billion). The decrease was driven by a swing to a ₦10.2 billion net foreign exchange gain (vs H1 2025:

₦16.9 billion loss), and lower depreciation and amortisation of ₦4.3 billion (vs ₦7.0 billion in H1 2025), reflecting the reclassification of upstream DD&A to cost of sales.

Impairment of Assets

The Group recorded a net impairment reversal of ₦55.9 billion on financial assets in H1 2026 (vs H1 2025: ₦197.5 billion). This was driven specifically by a reversal on trade and other receivables, as a result of settled receivables by customers and nil impairment of finance leases in the current period (vs H1 2025: ₦3.0 billion impairment charge).

Operating Profit/(Loss)

The Group reported an operating profit of ₦127.8 billion in H1 2026 (vs H1 2025 operating loss: ₦158.7 billion). This reflects growth in gross profit to ₦101.2 billion, a swing to other operating income of ₦48.5 billion (vs H1 2025 other operating loss: ₦298.3 billion), and the net impairment reversal of ₦55.9 billion described above. Within other operating income, the

main driver was the absence of the ₦311.6 billion fair value loss on modification of financial assets recognised in H1 2025.

Net Finance Income/(Costs)

Net finance cost stood at ₦161.3 billion in H1 2026 (vs H1 2025 net finance income: ₦13.0 billion). This was driven by finance income falling to ₦6.3 billion (vs H1 2025: ₦159.0 billion), as H1 2025 had benefited from non-recurring interest income of ₦128.7 billion on loan receivables and bank deposits and ₦30.3 billion on finance leases. Finance costs also rose to

₦167.6 billion (vs H1 2025: ₦146.0 billion). At current debt levels, debt service absorbs a substantial share of the cash the business generates: interest paid of ₦98.9 billion during the period was equivalent to 55% of cash generated from operations. Reducing this burden is a principal objective of the Group's capital restructuring programme, which is intended to lower interest expense and, over time, direct a greater share of operating cash flow to reinvestment and shareholder returns rather than debt service.

Taxation

The Group recognised a tax credit of ₦101.4 billion in H1 2026 (vs H1 2025: ₦209.1 billion), arising from the reversal of Companies Income Tax (CIT) provisions previously recognised for FY2023-2025.

Profit After Tax

Profit After Tax rose 8% to ₦68.6 billion in H1 2026 (vs H1 2025: ₦63.3 billion), reflecting the swing to operating profit and the impact of a tax credit. EPS rose 60% to ₦8/share (vs H1 2025: ₦5/share).

Cash Flow

Net cash generated from operating activities was ₦110.0 billion in H1 2026, compared to

₦357.5 billion used in H1 2025. This reflects a positive swing in cash generated from operations before interest and tax of ₦179.5 billion (vs H1 2025: ₦287.9 billion outflow) and a working capital inflow of ₦29.8 billion offsetting lower interest payments of ₦98.9 billion (vs H1 2025: ₦127.9 billion).

Net cash used in investing activities was ₦56.8 billion in H1 2026 (H1 2025: ₦54.4 billion), reflecting capital expenditure of ₦68.8 billion (H1 2025: ₦44.5 billion), primarily to support the drilling programme and intangible asset purchases of ₦12.6 billion.

Net cash generated from financing activities was ₦87.4 billion (vs H1 2025: ₦451.4 billion), as proceeds from borrowings fell to ₦437.5 billion (vs H1 2025: ₦868.1 billion) while repayments were lower at ₦331.7 billion (vs H1 2025: ₦385.6 billion). The Group closed the period with cash and cash equivalents of ₦544.9 billion (vs H1 2025: ₦194.2 billion).

Capital Structure

Total borrowings stood at ₦2.70 trillion as of 30 June 2026, broadly flat against ₦2.70 trillion as of 31 December 2025, as new facility drawdowns were largely offset by scheduled

repayments. Net debt stood at ₦2.16 trillion, as cash and cash equivalents rose to ₦544.9 billion, providing improved liquidity headroom.

Capital Management Update

Following the FY2025 results announcement, Management has continued to execute its programme to strengthen the Group's balance sheet and enhance financial flexibility. Key developments since year-end include:

Taken together, these initiatives have settled the Group's outstanding principal and interest arrears and restored its core facilities to good standing. Work continues on the Rights Issue and the US$1.5 billion issuance programme, which are together expected to reduce leverage, extend the Group's debt maturity profile and lower the Group's annual interest burden. By substituting equity for debt, the programme is intended to increase the proportion of cash generated by the business that is available for reinvestment and, in time, for distribution to shareholders.

Hedging

To manage oil price volatility and support revenue stability, the Group implemented a hedging programme covering 6,000 barrels per day using purchased put options at a strike price of

$59/bbl. These instruments provide downside protection while preserving upside exposure.

H2 2026 Management Execution Priorities