Slides
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9M 2025 – Financial Results Cleaner Energy for the Future 7 November 2025
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Contents 1. Performance Snapshot Page 4 2. Operational Highlights Page 6 3. Financial Highlights Page 11 4. Summary Page 18 2
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Disclaimer This presentation contains forward-looking statements which may be identified by their use of words like “plans,” “expects,” “will,” “anticipates,” “believes,” “intends,” “projects,” “estimates” or other words of similar meaning. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, product development, market position, expenditures, and financial results, are forward looking statements. Forward-looking statements are based on certain assumptions and expectations of future events. The Company, its subsidiaries and its affiliates (the “Companies”) referred to in this presentation cannot guarantee that these assumptions and expectations are accurate or will be realized. The actual results, performance or achievements of the Companies, could thus differ materially from those projected in any such forward-looking statements. The Companies assume no responsibility to publicly amend, modify or revise any forward-looking statements, on the basis of any subsequent developments, information or events, or otherwise. 3
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C L E A N E R E N E R G Y F O R T H E F U T U R E 1. Performance Snapshot 4
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Latest Earnings Update – 9M 2025 Group operations remained stable and uninterrupted in 9M 2025 Average group production: 50,900 boepd (vs 55,300 in 9M 2024) • KRI: 38,600 boepd (+1% YoY) • Egypt: 12,300 boepd (-28% YoY), due to natural field declines Successful early completion of KM250 expansion project. Adding 250 MMscf/d of processing capacity to Khor Mor field, increasing total gas capacity by 50% to 750 MMscf/d Egypt continues make steady progress with 3-wells drilled and 3 wells recompleted. Net profit: $103mm (-8% YoY), due to lower production in Egypt and reduced avg. Brent price Profitability supported by: • Egypt gas pricing uplift (post- Consolidation Agreement) • Lower DD&A and finance costs Revenue: $255mm (-11% YoY), due to reduced production in Egypt KM 250 is expected to add $150mm to the Company’s annual revenue when operating at full capacity EBITDA: $155mm (-11% YoY) OPEX & G&A: $3.7/boe – remains in top industry quartile Cash balance: $183mm, incl. $150mm at Pearl JV Collections: $183mm total • KRI: $150mm (94% collection rate) • Egypt: $33mm (79% collection rate) $70mm dividend received from Pearl in 9M Receivables (Dana Gas share): • KRI: $76mm • Egypt: $87mm Total debt: $224mm incl. $25mm corporate $105mm cash dividend paid (May) $50mm working capital facility secured in March; used to pay down term loan (April) Facility was paid down to $25mm by end of Q3 $160m Chemchemal investment programme underway Crescent Petroleum continues to enforce damages award against NIOC across several jurisdictions Corporate 5 Financials Operations Liquidity
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C L E A N E R E N E R G Y F O R T H E F U T U R E 2. Operational Highlights 6
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Kurdistan Region of Iraq (KRI) 7 9M 2025 production: 38,600 boepd (175 MMscf gas; 5,100 bbl/d condensate; 360 MTPD LPG) – up 1% YoY Q3 2025 Production: 38,700 boepd (175 MMscf gas; 5,190 bbl/d condensate; 365 MTPD LPG) Daily gas output remained strong, at 500 MMscf/d gross Continued engagement with KRG to improve payment cycle and address receivables – key to sustaining investment and power supply Expected to see additional quantities from KM 250 by YE 2025 KM250 successfully completed gas expansion project in early October, 8-months ahead of revised schedule Expansion added 250 MMscf/d of processing capacity, increasing Khor Mor total gas processing capacity to 750 MMscf/d Start of commercial gas sales; supply fuel to power plants and industrial markets, project expected to increase Company’s revenue by 35% when fully operational. Project will reach full production capacity gradually Chemchemal development underway under $160mm investment plan • Work underway to drill three wells and install an extended well test facility, targeting early production of up to 75 MMscf/d Operations Development Projects Strong operational performance; KM250 delivered ahead of revised schedule
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Egypt 8 9M 2025 production: 12,300 boepd, down 28% YoY , primarily due to natural field declines. 9M Production: 60 MMscf of gas; 1,135 bbl/d of condensate and 100 MTPD of LPG; Q3 Production: 59 MMscf of gas; 1,052 bbl/d of condensate and 95 MTPD of LPG; Lower realised prices partially offset by improved gas pricing post-Consolidation Agreement New investment programme advancing under improved fiscal terms Operations Investment Programme $100 million, two-year drilling and project programme launched following signing of Consolidated Concession Agreement in December 2024. • Programme aims to drill 11 wells and expected to add 80 bcf in gas recovery and deliver $1+ billion in energy cost savings for Egypt’s economy. • Programme fully self-funded; supports positive free cash flow. • Continued timely payments and permit approvals will be essential to sustaining investment and delivery. Two wells yielding encouraging results • Three wells were successfully drilled. Two of which are promising. • Confirmed 15 bcf in reserves, with upside potential of additional 3 bcf, and expected output of 10-12 MMscfd before end of year. • Pending government permit to connect the Begonia-2 well to the gas pipe network. Three successful recompletions • Total proved reserves of 6.3 bcf. • Current production of 9 MMscfd
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Production 9 Quarterly Breakdown of Production (kboepd) KRI production up 1% YoY; Egypt volumes impacted by natural field declines ahead of new investment cycle which is expected to support recovery 42.3 39.3 13.8 10.0 28.5 29.3 7.0 6.2 1.6 1.1 5.3 5.1 6.0 5.4 1.6 1.1 4.4 4.2 55.3 50.9 17.1 12.3 38.2 38.6 9M-24 9M-25 9M-24 9M-25 9M-24 9M-25 Group Egypt KRI LPG Condensate Gas Average Production 9M 2024 vs 9M 2025 (kboepd) 42.7 39.0 13.0 9.8 29.7 29.2 6.7 6.3 1.4 1.1 5.3 5.2 5.9 5.4 1.5 1.1 4.4 4.3 55.3 50.7 15.9 12.0 39.4 38.7 Q3-24 Q3-25 Q3-24 Q3-25 Q3-24 Q3-25 Group Egypt KRI LPG Condensate Gas
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Realized Prices 10 Average Realized Price – LPG $/boeAverage Realized Price – Condensate $/bbl Softer Brent-linked prices YoY; uplift from new Egypt gas pricing and stable LPG helped protect margins 83 44 35 75 71 39 33 65 80 44 36 7269 36 30 63 Brent Dana Gas KRI Egypt 9M-2024 9M-2025 Q3-2024 Q3-2025 83 34 29 48 71 33 28 52 80 34 29 50 69 34 28 56 Brent Dana Gas KRI Egypt 9M-2024 9M-2025 Q3-2024 Q3-2025
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C L E A N E R E N E R G Y F O R T H E F U T U R E 3. Financial Highlights 11
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Revenue Highlights 12 Egypt KRITotal 145 137 50 46 61 56 19 19 84 81 31 27 82 65 27 20 33 20 10 6 49 45 17 14 56 49 19 17 21 17 7 6 35 33 12 11 283 251 96 83 115 93 101 31 168 159 60 52 0 50 100 150 200 250 300 9M-24 9M-25 Q3-24 Q3-25 9M-24 9M-25 Q3-24 Q3-25 9M-24 9M-25 Q3-24 Q3-25 Gas Condensate LPG Total Revenue impacted by lower Egypt volumes and softer oil prices; uplift from Egypt gas pricing and higher volumes in the KRI partially offset revenue decline. Once fully operational KM 250 is expected to add $150mm to the Company’s annual revenue.
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Profit Highlights 13 EBITDA $mmNet Profit $mm Gross Profit $mm 60 50 175 155 Q3-2024 Q3-2025 9M-2024 9M-2025 8% drop in profitability mainly driven by lower quantities in Egypt (-$33mm), lower realized prices in the KRI (-$11mm) and higher operating costs (+7mm) and mainly offset by stronger pricing in Egypt (+$12mm), lower DDA charges(-$9mm) and reduced finance (-$6mm) 112 103 9M-2024 9M-2025 Net Profit $mm 40 30 Q3-2024 Q3-2025 47 40 141 130 Q3-2024 Q3-2025 9M-2024 9M-2025
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CAPEX / OPEX / G&A Highlights 14 91 85 110 43 67 9M-21 9M-22 9M-23 9M-24 9M-25 5.3 5.1 6.7 2.8 4.8$/boe CAPEX $mm 45 42 37 40 47 9M-21 9M-22 9M-23 9M-24 9M-25 2.6 2.5 2.3 2.6 3.4 OPEX $mm 7 9 9 9 9 9M-21 9M-22 9M-23 9M-24 9M-25 0.44 0.54 0.55 0.6 0.65 G&A $mm Capex increased with KM250 and Egypt drilling ramp-up; OPEX and G&A remain efficient and within top quartile at $4.05/boe Egypt operating costs rose by $2mm in 2025, primarily due to scheduled maintenance at the El Wastani plant in Q2, while the increase in KRI costs was due to one-off engineering project costs and IT-related expenses Capex increase driven by full resumption of KM250 spend and ramp-up of Egypt drilling programme $/boe $/boe
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Continued improvement in balance sheet strength with minimal corporate debt $183mm 9M 2025 cash balance vs. $317mm at FY2024 • $150mm held at Pearl Petroleum As of 30 September2025, Company’stotal borrowings stands at $224mm consisting of: • $199mm non-recourse project debt at Pearl • $25mm at the corporate level (balance of $50mm working capital facility drawn in March to repay Mashreq facility in full) Payment of $105mm dividend in May 2025 Dana Gas Borrowing Evolution $mm 10 59 73 123 159 144 227 199 723 404 397 90 76 57 108 28 25 723 414 456 163 199 216 252 255 224 0 100 200 300 400 500 600 700 2017 2018 2019 2020 2021 2022 2023 2024 9M-2025 Dana Gas Corporate Debt DG Share of Pearl Project Finance * Net debt/ (cash) ($mm) 115 7 31 55 14 65 121 (62) (41) Low corporate leverage maintained over last decade; Pearl project debt supporting KM250 expansion – expected to enhance cash flow once online Balance Sheet Evolution 15
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Receivables and Collections 16 48 95 (65) 78 Starting Receivables Billing Collections Ending Receivables Egypt (105% Realization) 103 225 (261) 67 Starting Receivables Billing Collections Ending Receivables KRI (116% Realization) 78 42 (33) 87 Starting Receivables Billing Collections Ending Receivables Egypt (79% Realization) 67 159 (150) 76 Starting Receivables Billing Collections Ending Receivables KRI (94% Realization) Cash collections totalled $183mm in 2025 KRI • 94% collection realisation in 9M 2025 • Dana Gas share of KRI trade receivables stands at $87mm • Received a $70mm Dividend in 2025 Egypt • Collected $33mm in Egypt with 79% realization • Trade receivables stand at $87mm Timely and predictable payments from partners remain critical to sustaining investments and momentum Timely payments from partners remain key to sustaining investments and operational momentum 2024 Full Year 9M 2025 * * Including concession consolidation invoicing of $33m (DGE net entitlement)
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C L E A N E R E N E R G Y F O R T H E F U T U R E 4. Summary 17
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Summary 18 Resilient earnings, clear capital delivery, and sustained focus on shareholder returns Dana Gas delivered resilient earnings of $103 million in 9M 2025, supported by strong operational performance in the KRI, improved gas pricing in Egypt, and disciplined cost management – despite lower realised prices and a 28% production decline in Egypt. In the KRI, the Company completed the KM250 project and initiated commercial gas sales in October. Its estimated to add up to $150 million in revenue when at full capacity. Early-stage development at Chemchemal also progressing. Production remains steady at 38,600 boepd. In Egypt, 6 wells were drilled and/or recompleted, adding potential new gas upside, reserves and potential production by year-end. This is part of the $100 million programme and is expected to mitigate natural gas declines. Dana Gas paid a $105 million dividend for FY 2024 in May and ended the period with $183 million of consolidated cash. The Company continues to engage constructively with both the KRG and Egyptian government to improve payment timelines, which are essential to sustaining investment momentum. Management Priorities Ramp up production on KM250 now that it is onstream Continue executing Egypt investment programme and bring new reserves online Ensure timely payments from government partners in both KRI and Egypt Maintain sustainable dividend payments and focus on long-term shareholders’ returns Explore new markets and geographies in line with strategic growth ambitions
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Contact Us www.danagas.com Dana Gas PJSC P . O. Box 2011, Sharjah, UAE E-mail mohammed.mubaideen@danagas.com Direct +971 6 519 4401