2025 H1 Earnings Reports (Petrolia SE H1 2025)

• The Energy Service Division had an EBITDA for the first half of 2025 of USD 6.9 million compared to USD 7.9 million during the same period in 2024.

• The Energy Division reported a loss from associated companies of USD 0.9 million for the first half of 2025 compared to a profit of USD 0.4 million in the same period in 2024.

• Investment in associated company, Petrolia NOCO AS is carried at USD nil, in line with the equity method, compared to a share of the market capitalisation of USD 14.1 million (https://www.notc.no). This treatment is consistent with previous periods.

• Shareholders' equity as at 30 June 2025 was USD 0.82 per share, compared to USD 0.75 per share as at 30 June 2024. Share price was NOK 4.4, or USD 0.44 at an exchange rate of NOK/USD of 0.0990 compared to a share price of NOK 5.0, or USD 0.47 at an exchange rate of NOK/USD of 0.0939 as at 30 June 2024.

In reporting financial information, the Group is using Alternative Performance Measures (APMs). Refer to page 12 for further details.

Profit and loss for the first half of 2025 compared to the first half of 2024

Total revenue was USD 27.9 million compared to USD 25.8 million in 2024. Operating expenses were USD 21.0 million compared to USD 17.9 million in 2024. EBITDA was USD 6.9 million compared to USD 7.9 million in 2024.

Depreciation was USD 3.6 million compared to USD 3.6 million in 2024. Operating profit was USD 3.4 million compared to USD 4.4 million in 2024. Result from associated companies was a loss of USD 0.9 million compared to a profit of USD 0.4 million in 2024. Net financial income was USD 2.0 million compared to a loss of USD 0.8 million in 2024.

The net result after tax was a profit of USD 3.3 million compared to a profit of USD 3.5 million in 2024. Total comprehensive income was USD 5.6 million compared to an income of USD 3.1 million in 2024.

Cash flow for the first half of 2025 compared to the first half of 2024

Cash inflow from operations was USD 5.6 million in 2025, compared to USD 6.0 million in 2024. Cash outflow from investments in 2025 was USD 9 thousand compared to a cash outflow of USD 1.4 million in 2024. Cash outflow from financing activities in 2025 was USD 3.4 million compared to a cash outflow of USD 2.8 million in 2024.

Free cash as at 30 June 2025 was USD 15.4 million compared to USD 12.5 million as at 30 June 2024 and USD 13.2 million as at 31 December 2024.

Statement of financial position

As at 30 June 2025, total assets amounted to USD 68.9 million (audited 31 December 2024: USD 63.1 million). Main balances are:

• Investment in right of use land and building assets had a book value of USD 3.8 million (audited 31 December 2024: USD 3.6 million)

• Investment in right of use other assets had a book value of USD 7.6 million (audited 31 December 2024: USD 8.8 million)

• Investment in Energy Service equipment had a book value of USD 15.2 million (audited 31 December 2024: USD 12.9 million)

• Accounts receivable had a book value of USD 15.2 million (audited 31 December 2024: USD 13.0 million)

• Total cash was USD 15.5 million (audited 31 December 2024: USD 13.4 million).

  As at 30 June 2025, total liabilities amounted to USD 20.7 million (audited 31 December 2024: USD 20.5 million). Main balances are:

• Leasing liabilities for Energy Service equipment were USD 4.3 million (audited 31 December 2024: USD 4.2 million).

• Leasing liabilities for offices were USD 5.0 million (audited 31 December 2024: USD 5.8 million).

• Accounts payable were USD 4.0 million (audited 31 December 2024: USD 3.2 million).

• Income tax payable were USD 1.1 million (audited 31 December 2024: USD 0.2 million).

• Other current liabilities were USD 4.8 million (audited 31 December 2024: USD 5.5 million).

Total equity was USD 48.2 million as at 30 June 2025 (audited 31 December 2024: USD 42.6 million), including a minority interest of USD 2.0 million (audited 31 December 2024: USD 1.8 million). Book value of equity per share was USD 0.82 as at 30 June 2025, (audited 31 December 2024: USD 0.72) including minority interest of USD 0.03 per share

(audited 31 December 2024: USD 0.03). Share information

As at 30 June 2025, the total number of shares outstanding in Petrolia SE was 59,133,786 (audited 31 December 2024: 59,133,786), each with a par value of USD 0.10 (audited 31 December 2024: USD 0.10). The Company has no outstanding or authorised stock options, warrants or convertible debt. As at 30 June 2025, a subsidiary of the Company held 100,000 treasury shares (audited 31 December 2024: 100,000 treasury shares).

Energy Division

Within the Energy Division, the 49.9% owned associated company Petrolia NOCO AS ("Petrolia NOCO" or "PNO") is actively pursuing exploration and production opportunities as an independent license holder and operator of producing fields on the Norwegian Continental Shelf ("NCS"). The company now has a total of 13 licences, of which four are as operator.

The company has a 12.2575% working interest in the Brage unit with a production of 2,035 boepd net to PNO in first half 2025; a 4.35% working interest in the Enoch unit, which produced an average of 15 boepd in first half 2025. On 25 August, the Operator of the Brage license reported oil discoveries in the Talisker exploration well. Total preliminary gross (100%) recoverable reserves for the discoveries are estimated to 16 - 33 million barrels of oil equivalent.

The company reported its first commercial oil discovery in 2020. The recoverable resources of the Dugong discovery in PL 882 are estimated to 46 million barrels of oil equivalent. The PL 882 license partnership is currently evaluating new field development solutions and studies involving tieback to the Snorre facilities. PNO owns 20% in PL 882.

In the Awards in Predefined Areas (APA) of 2024, the company was awarded interests in five licenses, including three operatorships. PNO will be operator in license PL1256, PL 1258 and PL 1273, all with 60% working interest. In addition, PNO will be license partner in PL1252 (31%) and PL1259 (30%).

Energy Service Division

Gas prices have trended towards international LNG prices. Oil price has been volatile and seems to level out at around 65 USD/bbl. The Board expects activity to be reduced and that the oil industry will remain volatile in the foreseeable future due to fluctuations in oil prices.

The Energy Service Division owns and operates one land rig in Iraq. The rig started operations again in June 2025 but the market is expected to remain weak due to the reduced activity in Iraq, following the closing of the pipeline to Turkey in March 2023.

Through CO2 Management AS, the Division focuses on decarbonisation efforts for the European hard-to-abate industry, including waste-to-energy, lime and cement production. In Bremen, Germany, a multimodal CO2 Hub is being planned by CO2 Management AS and project partner bremenports GmbH & Co. KG. The Bremen hub is part of the coalition agreement of the elected state government.

There have been no significant related party transactions.

Energy Division:

Petrolia NOCO (Associate Company):

Petrolia NOCO seeks to maximise field potential through innovative exploration and production in mature areas of the Norwegian Continental Shelf ('NCS'), leveraging on the extensive industry experience of its management team and an experienced and dynamic technical team.

Petrolia NOCO currently holds 13 licences on the NCS including four as operator. The Group directly and indirectly holds 49.9% of the share capital of Petrolia NOCO and is the main shareholder. The shares are registered in the Norwegian Central Securities Depository ("Verdipapirsentralen", VPS) with ISIN: NO0010844301. The shares are registered with ticker "PNO" on the NOTC (https://www.notc.no), a marketplace for unlisted shares.

Energy Service Division: The Division´s involvement in oilfield services began with the acquisition of Independent Oil Tools AS in 2007. The Division has developed into a well-respected, international equipment rental and oil service group with global presence. This Division owns one land rig, drill pipes, test strings & tubing, handling and auxiliary tools and pressure control equipment for onshore and offshore activities. In addition, the Division provides associated services such as tubular running services, fishing services, land drilling, work-over services and various other sustainable services.

The Energy Service Division benefits from an excellent track record of availability, technical compliance, experience and performance. It has a well-established, large, international client base, including a portfolio of contracts in place with numerous major oil service companies, oil companies and drilling contractors.

The activities and assets of the Group are primarily in USD and the loan to Petrolia NOCO AS (reported as 'other financial fixed asset') is in NOK. There is therefore a currency risk regarding the USD/NOK exchange rate.

The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will have an impact on the current and deferred income tax assets and liabilities in the period in which such determination is made.

The Board closely monitors the cash position of the group and the cash flow forecasts. It remains confident in the Group's ability to maintain sufficient financial resources to enable it to continue as a going-concern for the foreseeable future.

On 25 August, the Operator of the Brage license reported oil discoveries in the Talisker exploration well. Total preliminary gross (100%) recoverable reserves for the discoveries are estimated to 16 - 33 million barrels of oil equivalent.