Slides
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Energean Half Year 2025 Results 11 September 2025
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Disclaimer This presentation contains certain forward-looking statements that are subject to the usual risk factors and uncertainties associated with the oil and gas exploration and production business. Whilst Energean believes the expectations reflected herein to be reasonable considering the information available to them at this time, the actual outcome may be materially different owing to factors beyond the Group’s control or within the Group’s control where, for example, the Group decides on a change of plan or strategy. The Group undertakes no obligation to revise any such forward-looking statements to reflect any changes in the Group’s expectations or any change in circumstances, events or the Group’s plans and strategy. Accordingly, no reliance may be placed on the figures contained in such forward-looking statements. The numbers contained herein are unaudited and may be subject to further review and amendment. 2
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Significant exploration prospectivity across the portfolio Assessing drilling opportunities to unlock 1.87 bnboe1 of unrisked Pmean in place volumes in Egypt and Greece Focused on long-term value creation and securing export options in Israel Katlan on budget on schedule, >$4bn new domestic gas contracts signed, intention to book export capacity in Nitzana H1 2025 highlights Resilient performance amid geopolitical backdrop First tranche of Prinos carbon storage grant funding received from RRF Initial drilling and well testing, funded by the RRF, targeted in 2026 Optimising asset value outside of core Israel base Improving Egypt commercial terms and maturing development opportunities across the ex. Israel portfolio Resilient business performance, despite geopolitical and market headwinds Net profit increased during the period and we are therefore pleased to declare our regular quarterly dividend today Group production increased to 178 kboed in August alone Reflects strong summer gas demand in Israel, strong FPSO performance and stable production in Egypt Reviewing strategic options to maximise shareholder value and grow the business In line with key business drivers: quarterly dividends, deleveraging, and growth 1 2 3 4 5 138 kboed Production $804 million Revenue $706 million2 Cumulative dividends 2.7x Leverage $505 million Adjusted EBITDAX 1. Internal management estimates, see slide 9. 2. Includes the Q2 2025 dividend declared on 11 September 2025. 3 6 $110 million Net profit 7
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Operational Review Mathios Rigas, Chief Executive Officer
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Safe and responsible operator Reduction achieved across all key environmental and health & safety indicators 5 Emissions intensity (kgCO2e/boe)1 2% 8.3 (H1 2024: 8.5) Lost time injury frequency (LTIF)2 12% 0.37 (H1 2024: 0.42) Total recordable injury rate (TRIR)2 71% 0.37 (H1 2024: 1.27) 1. Scope 1 and 2 emissions on an equity share basis. 2. No. of LTIFs or TRIRs for employees and contractors per million hours worked.
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104 94 105 105- 115 42 44 42 ~40 0 20 40 60 80 100 120 140 160 180 H1 2024 H1 2025 End-Aug 2025 FY 2025E kboed Israel Rest of Portfolio Production Group output increased to 178 kboed in August following safe resumption of Israel production in June H1 2025 output impacted by temporary suspension in Israel 138 kboed (H1 2024: 146 kboed), down 5% due to: • Planned shutdown for the second oil train in March • Unplanned shutdown following temporary suspension order by Ministry of Energy & Infrastructure in June. Strong performance in Q3 2025 to date End-August 2025 Group production averaged 147 kboed • Group August standalone output 178 kboed • Increase follows strong summer gas demand in Israel. Group production performance 146 138 145-155 Revised FY outlook a direct result of Israel temporary suspension FY 2025 guidance now 145-155 kboed • Israel: 105-115 kboed, due to the temporary suspension of production in June. Increase in liquids throughput via second oil train now expected in late Q4 2025 • Rest of Portfolio: ~40 kboed, unchanged. 6 147
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0 3 6 9 Annual Contracted Quantities Take-or-Pay/Exclusivity volumes Focused on long-term value creation in Israel >$4bn new long-term domestic gas contracts signed, intention to book capacity in Nitzana export pipeline Contracted domestic gas between 2025 – 36 Karish Karish N.Katlan Export routes Nitzana • Intention to book capacity in Nitzana export pipeline to boost sales • Working in coordination with potential buyers and the regulator to secure further export opportunities1 to maximise sales in the shoulder months • Volumes from the Katlan lease contain no export restrictions2 • Over $4bn in new long-term domestic gas contracts signed in H1 2025 • ~$20bn contracted over next 20 years with over 20 different high-quality offtakers • Target to sign additional new long-term domestic gas contracts Approx. 29 bcm of contracted gas1 from 2037+ ~$15 bn3 revenue ~$5 bn3 revenue 1. Subject to the issuance of an export permit by the Petroleum Commissioner and compliance with any governmental export policy. 2. As per the existing regulations as of the date of this release. 3. Total revenues over the life of the contract as per the ACQ. Life-of-contracts take-or-pay revenues are close to $15 billion. Does not assume any price indexation. Includes binding term sheets signed with Dalia Energy Companies Ltd. Domestic sales Exports 7
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Katlan development on budget and on schedule for first gas in H1 2027 63 13 13 6 26 121 5 34 Karish + Karish N Athena Zeus Hera Tanin Total 2P reserves Drakon (2C) Remaining Katlan (P50) Gas (bcm)2 0 20 40 60 80 100 120 140 160 180 Katlan (I/21) Katlan location An initial 26 bcm will be developed, followed by further tie-backs to the FPSO Volumes carry no export restrictions1 All major contracts awarded in line with $1.2bn FID announcement Rig secured for 2026 drilling campaign Two firm wells: Athena and Zeus + two optional wells 8 1. As per the existing regulations as of the date of this presentation. 2. All volumes shown are as per D&M’s YE2024 CPR.
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Optimising asset value outside of core Israel base Focused on maximising cash flow and driving further growth Low-cost cash-generative production Operated control over Tors and Wenlock decommissioning Diversified production with European gas pricing Italy: • Vega West work programme amendment submitted, contains ~10 mmbbl in the first phase & an additional 23 mmbbl in the full development scenario2 • Rospo Mare production to resume in early Q4 2025 Croatia: • FID taken for Irena development • First gas expected in H1 2027 • Peak production anticipated at around 8- 10 mmscfd gross (1,400- 1,700 boe/d). Strategic investment to strengthen asset value UK: • Wenlock and Garrow well plug and abandonment campaigns, which Energean is operator for, were successfully completed on schedule and below budget in June and July respectively. H1 2025 44 kboed1 Egypt: • Strong performance from Location B well • Concession merger discussions well advanced, unlocking new development and exploration opportunities • Expect a gradual reduction in receivables 1. Also includes small quantities of oil production in Greece. 2. Total Vega West 2C volumes are 33 mmbbl per the YE24 D&M CPR. 10 mmbbl first phase volumes, as included in the submitted work programme amendment, are internal management estimates. 9
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Significant prospectivity across the portfolio Energean evaluating a number of exploration opportunities for future maturation 10 1. Request submitted to the Ministry in July 2025 to extend the licence. 2. Internal pre-drill estimates. 3. Includes the unlicenced Abu Deep Acreage currently under negotiation with the Egyptian government. Diversified opportunities across the Mediterranean • Operator: Energean (100% share) Tsav Yam (Block 23)1 • Operator: Energean (50% share) • Low-cost onshore drilling activities expected in 2026 • Net unrisked STOIP: 356 mmbbl2 East Bir El Nus concession • Energean (100% share) of Abu Qir, NEA and NI licences • Abu Qir Deep Licence under discussion with the government • Total unrisked prospective resources (shallow & deep): ~1.6 Bcf2,3 Abu Qir, NEA and NI concessions • Operator: Energean (75% share) • 3D seismic survey conducted, drill or drop decision in 2026 • Net unrisked Pmean GIIP: 7.1 Tcf3 Asopus (Block 2) Unrisked in place Pmean volumes (bnboe) Tsav Yam Block 2 Abu Qir, NEA and NI EBEN Total 1.23 0.28 0.36 1.87
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Prinos Carbon Storage Project First tranche of grant funding received from the Greek Resilience and Recovery Facility New Well Head/ COI Water Treatment Platform Compressed CO2 supply CO2 Manifold / Header 2 Water Producing Wells Existing Prinos Complex, Beta, Deta, Alpha Prinos Aquifer / Depleted Reservoir CEF Scope New Marine Terminal and JettyLiquid CO2 Carrier Scope 2 Injection Wells Subsea pipelineNew Onshore CO2 Storage, Pumping and Heating RRF Scope Scope of funding: 11 • Strategic location: Prinos CO2 project is the only mature carbon storage project in the Eastern Mediterranean • Certified storage volumes: NSAI CPR1 confirmed 66 million tons 2C contingent storage resources and potential sequestration of up to 3 MtCO2/year • Excess storage demand: 15 MoUs2 signed with heavy industry emitters for a storage demand of 6.12 MtCO2/year • Prinos CO2 has EUR 270 million of grants secured across the CEF and RRF • Four emitters, totaling 3.8 MtCO2/year, have received EUR 490 million of funding from the EU Innovation Fund • First instalment of RRF funding grant received in August 2025 • Initial drilling and well testing campaign, funded by the RRF, targeted in 2026 Municipality of KavalaMunicipality of Pangaio Kavala Gulf Municipality of Thasos Prinos area Proposed pipeline Existing pipelines Municipality of Nestos Funding update: Project overview: 1. NSAI CPR = Netherland, Sewell & Associates, Inc. Competent Person Report. 2. Non-binding memorandum of understanding, based on EU Projects of Common Interest application.
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Financial Review Panos Benos, Chief Financial Officer
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Financial results 13 Highlights • Increase in gas sales revenues, with higher sales in Italy combined with greater PSV prices offsetting lower volumes in Israel due to the temporary suspension of production in June • Lower liquids sales revenues due to lower realised pricing and sales volumes (lower production and underlift of cargoes) H1 2025 H1 2024 % change Gas sales revenues ($ million) 541 504 7% Liquids sales revenues ($ million) 250 361 (31%) Other revenues ($ million) 13 2 550% Total Sales & Other Revenue ($ million) 804 867 (7%) H1 2025 H1 2024 % change Realised weighted average liquid price ($/boe) 61.6 74.8 (18%) Realised weighted average gas ($/mcf) 5.2 4.6 12% H1 2025 H1 2024 % change Gas sales volumes (kboe) 19,020 19,637 (3%) Liquids sales volumes (kboe) 3,794 4,612 (18%) Total sales volumes1 (kboe) 22,814 24,249 (6%) 1. Egypt and Croatia sales volumes are shown as per Energean’s net entitlement. Revenues and realised pricing
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Financial results Other Key Performance Indicators 14 H1 2025 H1 2024 % change Cash Cost of Production ($ million) 272 271 -% Cash G&A ($ million) 21 19 11% Adjusted EBITDAX ($ million) 505 568 (11%) Profit after tax ($m) 110 89 24% Cash flow from operating activities ($ million) 555 527 5% Capital expenditure2 ($ million) (excludes decommissioning) 297 393 (24%) Decommissioning expenditure ($ million) 31 16 94% Dividend per share ($/share) 0.6 0.6 -% Capital and decommissioning expenditure 1941 176 278 23 21 16 31 0 100 200 300 400 500 H1 2024 H1 2025 $ million Exploration Development Asset Integrity Decommissioning $328 $409 155 175 116 97 0 100 200 300 400 500 H1 2024 H1 2025 $ million Operating costs Royalties $271 $272 Cost of Operation (2) 1. H1 2024 exploration costs include $127 million on Katlan (Israel) and $31 million on Location B (Egypt) which were classified as exploration and appraisal costs under IFRS accounting standards. 2. Capital expenditure includes development, asset integrity and exploration costs only.
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Financial results Capital structure and net debt 15 30 June 2025 31 December 2024 % change Net Debt – Consolidated ($ million) 3,000 2,949 2% Leverage (Net Debt / Adjusted EBITDAX3) 2.7x 2.5x 8% Debt maturity profile ($ million) 0 100 200 300 400 500 600 700 800 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 $ million Energean Israel Senior Secured Notes Energean PLC Senior Secured Notes Greek State-Backed Loan New 10-year Term Loan Redemption date 21 September 2025 ~20-year reserves life1 and ~$20bn contracted revenues2 supports capital structure 1. Reserves life calculated by dividing YE24 2P reserves by 2024 production. 2. See slide 7. 3. Leverage ratio calculated using annualised Adjusted EBITDAX based on actual H1 2025 performance. Weighted average cost of debt Pre-redemption: 6.4% Post-redemption: 7.0% Weighted average maturity Pre-redemption: 4 years Post-redemption: 6 years Term Loan will be drawn to repay ‘26 notes
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2025 guidance 16 Production Guidance Comment Total Production (kboed) 145-155 (from 155 – 165) Lowered due to Israel, reflecting the impact of the temporary suspension of production in June and deferral of second oil train commissioning. Net Debt – Consolidated ($ million) 2,900 – 3,100 (from 2,800-3,000) Increased reflecting the revised production outlook in Israel. Cash Cost of Production (includes royalties; $ million) 560 – 6001 (from 590-640) Decreased due to lower royalties in Israel and actual performance at the Rest of the Portfolio. Cash SG&A ($ million) 35 – 40 Unchanged. Total Development & Production Capital Expenditure ($ million) 480 – 5202 Unchanged. Exploration Expenditure ($ million) 0 – 5 Unchanged. Decommissioning Expenditure ($ million) 60 – 80 (from 80-100) Lowered due to a deferral of platform removal activities and cost savings in the UK. 1. Includes $25-30 million of flux costs in Italy. 2. Guidance excludes any potential expenditure on the Nitzana export pipeline.
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Outlook Mathios Rigas, Chief Executive Officer
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Reviewing strategic M&A options to maximise shareholder value Focused on executing deep-value deals • Any future acquisitions will be value-driven, opportunistic and focused on protecting or growing shareholder returns. Focus on operated assets, maintaining majority gas weighting • Building on our strengths as a proven operator across the entire life cycle of oil and gas. • Focus is on the ability to control both costs and timing of expenditure. • Prioritising regions where there is long-term policy support for gas and domestic supply. Expanded geographical focus to the wider EMEA region • Remain focused on core Mediterranean area. • See growth opportunities in the wider Europe, Middle East and Africa (“EMEA”) region. Geographical focus for M&A • Energean has executed five well-timed deals, taking advantage of the opportunities in the market, at the right time, with strict capital discipline. Management team with proven M&A track-record • Focused on assessing optimum ways to strengthen and optimise asset base. Reviewing strategic options within existing portfolio 18
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Outlook 19 Sign new long-term domestic gas contracts in line with strategic focus on long-term value creation1 Finalising export opportunities in Israel to enhance sales 2 Optimise asset value outside of Israel, particularly via the Egypt concession merger3 Mature strategic options to grow the business and maximise shareholder value5 Quarterly dividends to shareholders4
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Appendix: Supplemental Financials For the 6-months ended 30 June 2025
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Income statement Amounts may not add up due to rounding. Interim Income Statement $'000 H1 2025 H1 2024 Revenue 803,780 866,591 Cost of Sales (469,078) (460,888) Administrative expenses (27,541) (25,871) Exploration and evaluation expenses (1,573) (78,994) Other operating income/(expenses) 23,471 (4,219) Operating profit 329,059 296,619 Net finance costs (125,074) (132,772) Net (loss)/gain on derivatives and foreign exchange (29,836) 11,138 Profit before tax 174,149 174,985 Taxation expense (63,665) (86,448) Profit for the period after taxation 110,484 88,537 21
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Balance sheet Assets $'000 30 June 2025 31 December 2024 Non-current assets Property, plant and equipment 4,726,518 4,515,359 Intangible assets 219,125 216,378 Other non-current assets 327,161 290,470 Total non-current assets 5,272,804 5,022,207 Current assets Trade and other receivables 446,295 422,248 Cash and cash equivalents 400,650 235,270 Restricted cash 83,257 82,427 Inventories 90,323 101,848 Derivative asset 15,323 - Total current assets 1,035,848 841,793 Total assets 6,308,652 5,864,000 Liabilities and equity $'000 30 June 2025 31 December 2024 Non-current liabilities Borrowings 2,607,183 3,141,904 Provisions 813,462 722,016 Other liabilities 224,394 265,338 Total non-current liabilities 3,645,039 4,129,258 Current liabilities Trade and other payables 979,689 847,805 Other liabilities 1,037,368 309,472 Total current liabilities 2,017,057 1,157,277 Equity Invested capital 646,556 577,465 Total liabilities and equity 6,308,652 5,864,000 Amounts may not add up due to rounding. 22
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Net debt position Net debt $ million 30 June 2025 31 December 2024 Cash and cash equivalents Cash – excluding Israel 303 81 Cash – Israel 184 240 Group cash 487 321 Borrowings Debt – PLC Senior Secured Notes 447 446 Debt – PLC Revolving Credit Facility 133 128 Debt – Other short-term borrowings 124 Debt – Greek State-Backed Loan (non-recourse to plc) 115 102 Debt – excluding Israel 819 676 Debt – Israel (non-recourse to plc) 2,668 2,594 Group debt 3,487 3,270 Net debt Net debt – excluding Israel 516 595 Net debt – Israel 2,484 2,354 Group net debt 3,000 2,949 Amounts may not add up due to rounding. 23
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Cash flow statement Statement of Cash Flows $ million H1 2025 H1 2024 Operating activities Profit before tax 174,149 174,985 Profit before taxation 174,149 174,985 Depreciation, depletion and amortization 194,431 183,917 Impairment (reversal)/loss on exploration and evaluation (656) 76,189 Net financing costs 154,910 121,627 Change in decommissioning provision 3,927 (16,129) Other operating cashflows (9,163) (12,385) Cash flow before working capital adjustments 517,598 528,204 (Increase)/decrease in inventories 17,279 (198) Movement in trade receivables and payables 130,481 1,021 Income tax paid (110,460) (1,948) Net cash flow from operating activities 554,898 527,079 Amounts may not add up due to rounding. Statement of Cash Flows $ million H1 2025 H1 2024 Investing activities Payment for PPE (331,109) (262,419) Payment for Exploration and Evaluation (53,412) (79,798) Movement in restricted cash (834) (60,065) Other investing cashflows 14,328 8,825 Net cash flow from investing activities (371,027) (393,457) Financing activities Movement in borrowings 205,000 25,000 Dividend paid (110,267) (109,835) Finance costs paid (121,599) (125,717) Other financing cashflows (9,191) (10,253) Net cash flow from financing activities (36,057) (220,805) Net movement in cash and equivalents 147,814 (87,183) 24