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First Half 2026 Interim Results 15 September 2026
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This presentation and its enclosures and appendices (the “presentation”) have been prepared by Kistos Holdings plc (the “Company”) exclusively for information purposes. This presentation has not been reviewed or registered with any public authority. This presentation is confidential and may not be reproduced, further distributed to any other person or published, in whole or in part, for any purpose. By viewing this presentation, you agree to be bound by the foregoing restrictions and the other terms of this disclaimer. The distribution of this presentation and the offering, subscription, purchase or sale of securities issued by the Company in certain jurisdictions is restricted by law. Persons into whose possession this presentation may come are required by the Company to inform themselves about and to comply with all applicable laws and regulations in force in any jurisdiction in or from which it invests or receives or possesses this presentation and must obtain any consent, approval or permission required under the laws and regulations in force in such jurisdiction, and the Company shall not have any responsibility or liability for these obligations. This presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities. The contents of this presentation are not to be construed as legal, business, investment or tax advice. Each recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. In making an investment decision, investors must rely on their own examination of the Company and the terms of any investment in the Company, including the merits and risks involved. Although reasonable care has been taken to ensure that the facts stated in this presentation are accurate and that the opinions expressed are fair and reasonable, the contents of this presentation have not been verified by the Company or any other person. Accordingly, no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information and opinions contained in this presentation, and no reliance should be placed on such information or opinions. Disclaimer First Half 2026 Interim Results 15 September 2026 | 2
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First Half 2026 Interim Results 15 September 2026 | 3 Delivering transformative growth Highlights $205m Pro forma EBITDA USD million1 Unhedged exposure to oil and gas prices 102 2P + 2C mmboe Including Oman, extends average field life to ~16 years 20.8 kboepd pro forma production2 High operational uptime across the portfolio Acquisition of Blocks 3 & 4 completed on 14 September USD 300 million Nordic bond refinancing completed in May 2026 120% Reserves Replacement3 Reserves replacement ratio excluding Oman
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First Half 2026 Interim Results 15 September 2026 | 4 Full-year production guidance maintained Production Strong production from Oman and Norway, coupled with high production uptime in the UK and the Netherlands – annual pro forma guidance maintained at 19 – 21 kboepd Pro forma production guidance 19 – 21 kboepd Combined 2P and 2C (including Oman) 102 mmboe 2P Reserves 2C ResourcesOman Norway UK Netherlands
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Strategy Secure long-life producing hydrocarbons Maintain unhedged exposure to commodity price upside Generate sustainable shareholder returns Refinancing 4-year Nordic bond issued Bullet, ~9% yield1 Oman Acquisition Blocks 3 & 4 completed, Block 9 to follow 1H26 production ~9 kboepd2 Organic Growth Balder V, VI and Next hold ~20 kboepd into 2030s Gas storage expansion M&A Screening MENA opportunities Focus on producing assets Our Strategy 2026 Priorities Delivering on our key priorities First Half 2026 Interim Results 15 September 2026 | 5
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Share price increase of 22% over the last 3 months, with newly issued bond price trading above par1 Building market value amid volatile conditions Market Performance 20.72 44.28 35.00 Board of Directors represent over a fifth of the total share capital Board of Directors Institutional Investors Other 257 320 99.872 102.273 96 97 98 99 100 101 102 103 200 220 240 260 280 300 320 340 June 2026 July 2026 August 2026 September 2026 Bond Price (USD) Share price (GBp) Share Price Bond Price First Half 2026 Interim Results 15 September 2026 | 6 SOURCE: Bloomberg Terminal Data (IBVL) As of 25 June 2026
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Financial highlights First Half 2026 Interim Results 15 September 2026 | 7
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Financial Highlights Production step up 20,800 boepd pro forma production including Oman of ~9 kboepd Significant cash on balance sheet USD 259 million cash and near cash equivalents¹ as at 30 June 2026 Strong EBITDA, with Oman contribution USD 205 million pro forma EBITDA Includes USD 51 million from Oman Balance sheet close to debt- free USD 23 million adjusted net debt prior to the closing of the Oman acquisition (USD 86 million as at 30 June 2025)² Balder projects lift reserves 49.2 mmboe pro forma 2P reserves 120% reserves replacement ratio (excl. Oman) Source: Kistos Holdings plc interim results for the six months to 30 June 2026. Pro forma figures include Oman Blocks 3 & 4 and Block 9. Balder ramp-up delivering, Oman next driver First Half 2026 Interim Results 15 September 2026 | 8
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Cash Flow 154 (5) (20) 3 132 (54) 2 80 259 EBITDA Working capital Cash tax Other operating Cash flow from operations Capex Net interest and other Adj FCF Cash and near- cash, 30 Jun 26 USD million First-half 2026 Cash flow Bridge (excl. Oman) Cash flows from operations of USD 132 million excl. Oman First Half 2026 Interim Results 15 September 2026 | 9 1 2
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New four-year bond issued at par for USD 300 million, carrying a 9.875% coupon Extending bond maturity to 2030 Bond Refinancing Kistos Energy Ltd (UK) Kistos Energy Storage Ltd (UK) Kistos NL1 B.V. (NL) Kistos NL2 B.V. (NL) Kistos Energy Norway (NO) Kistos Energy Middle East Ltd (UK) Kistos Holdings plc (UK) Kistos PLC (UK) USD 300 million Secured Senior Bond Guarantors / share pledge First Half 2026 Interim Results 15 September 2026 | 10 142 142 300 0 50 100 150 200 250 300 2026 2027 2028 2029 2030 USD million Maturity date Extending maturity profile and improving blended coupon KENO02 KENO01 NEW BOND Previous bonds with Kistos Energy Norway AS¹ New bond² at the parent company level (Kistos Holdings plc) (10.25%) (9.75%) (9.875%)
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Operational highlights First Half 2026 Interim Results 15 September 2026 | 11
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Pursuing low-cost production in a new region Blocks 3 & 4 and Block 9 Completion of Blocks 3 & 4 on 14 Sept 2026, with Block 9 expected in H2 2026 2P Reserves and 2C resources (mmboe)3 Arabian Sea Sultanate of Oman UAE Block 9 Block 3 Block 4 Muscat Saudi Arabia 22.1 33.5 2P 2C USD 5.80/boe 9,000 boepd Acquisition equates to a valuation of approximately USD 5.80 per boe of 2P reserves Production net to Kistos 2, made up of >90% liquids1 25.6 mmboe 2P reserves, net to Kistos 2 First Half 2026 Interim Results 15 September 2026 | 12 1H26 highlights Block 9 Joint Venture signed an amendment to the EPSA with Oman's Ministry of Energy and Minerals. Revised agreement came into effect on 1 July 2026, following ministry approval, which enhances production and supports future reserves growth. Continued upside from drilling optimisation and strong well performance. Block 9 Blocks 3 & 4
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Advancing the next wave of resource growth Balder Area High production efficiency and disciplined capital investments 25.4 14 2P 2C Central North Sea PL001 (containing Balder) Production licence PL028 (containing Balder) PL027 (containing Ringhorne Øst and King/Prince)King Prince 2P reserves and 2C resources (mmboe)2 Balder Future Completed June 2025 Balder Phase V Drilling completed Balder Phase VI Completion due H2 26 Balder Next Commencement due 2027 First Half 2026 Interim Results 15 September 2026 | 13 1H26 highlights Contribution of three production wells from the Balder Phase V project and high production efficiency of 94% Production Drilling on trilateral well has started, expected to come online in H2, targeting > 20 mmboe 1. Phase VI FID taken to drill 7 wells to target ~86 mmboe 1, including pre-investments for 8 more wells. Project breaks even at USD 30 per boe, with a projected IRR > 35%. Balder Next
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Significant capital programme to yield stable production of 7 – 8 kboepd beyond 2030 Balder Area Capital programme supported by ~78% “carry” through the Norwegian petroleum tax system First Half 2026 Interim Results 15 September 2026 | 14 Capital expenditure estimates 2026e 2027e 2028e 2029e 2030e 2P Capex (USDm) 2C Capex (USDm) Production (kboepd) 121
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0.4 2P Maximising production from mature assets Q10-A Stabilising production, balancing field development and ABEX Production licence Exploration licence Q11b Q07a Q10a Q10b M10a M11 2P reserves (mmboe)1 GLA Production licence Adura-operated licence Tormore Laggan Edradour (including Glendronach) Glenlivet Shetland Gas Plant Victory 2P reserves and 2C resources (mmboe)1 1.4 5.0 2P 2C First Half 2026 Interim Results 15 September 2026 | 15 1H26 highlights Uptime of 95%, with exceptionally low unplanned downtime during the period. GLA Production Steady production across all producing wells with strong uptime at 97.5% for H1 2026. Q10-A Close co-operation with operator and other platform users to maximise volumes and minimise costs before CoP in 2027. Decommissioning contracts signed for removal of platform jack and well plug, commencing in 2028. P15-D New GLA operator paves the way for significant nearby development opportunities from field infill drilling and third-party tie-backs to SGP. Change of operator
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Diversifying exposure across the value chain Gas Storage Midstream optionality and gas price volatility upside from strategic, fast- cycle gas storage assets Hole House Hill Top Storage facility sites Irish Sea USD 9.1 million 67 million therms Total income during 1H26 Total gas withdrawals 98% Gas Storage operating availability First Half 2026 Interim Results 15 September 2026 | 16 Hole House recommissioning Development Works ongoing and on track for completion in 2028, increasing working gas capacity by 63%. 1 Financing Project being funded by third-party financing under a profit share agreement.
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Outlook First Half 2026 Interim Results 15 September 2026 | 17
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2026e 2027e 2028e 2029e 2030e Indicative production profile (kboepd) 2026e 2027e 2028e 2029e 2030e Indicative net debt ($m) Flat production, steady deleveraging Illustrative profiles Production holds through the forecast period, and free cash flow lowers net debt each year, reaching net cash by 2030 Bond maturity May 2030 First Half 2026 Interim Results 15 September 2026 | 18 Total production (boepd) BalderOman GLA Q10-A 19 – 21
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Capital commitments enhance coverage over the outstanding bond amount at maturity1 Material residual coverage from asset portfolio Residual value 27 49 102 ~75 ~500 300 22 19 34 North Sea² Oman Total 2P North Sea Oman 2P + 2C 2026 2027 2028 2029 2P + 2C at Maturity Residual value Bond Illustrative residual value coverage at maturity1 Fully covered residual value Reserves and Resources (mmboe) Production estimate (mmboe) Value (USD million) On existing reserves and resources, the outstanding bond is fully covered on recently observed multiples at maturity. Applying recent market valuations of 2P + 2C Reserves of 6.6x results in a residual value of USD ~500 million, which is >1.6x the gross outstanding bond amount at maturity. Based on current 2P + 2C Reserves and estimated production over the bond tenor, residual 2P + 2C Reserves at maturity is estimated at ~75 mmboe. The estimate does not include considerable planned, uncommitted 2C capital investments during the bond tenor. First Half 2026 Interim Results 15 September 2026 | 19
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Footnotes First Half 2026 Interim Results 15 September 2026 | 20 Slide 3 1 Pro forma EBITDA is defined as the Group results as if the Oman Blocks 3 & 4 and Block 9 acquisitions had completed on 1 January 2026, based on draft results provided by the seller 2 Pro forma average daily production figures for the 6 months ended 30 June 2026 include production from the Oman Acquisition as if the acquisition of Blocks 3 & 4 and Block 9 had completed on 1 January 2026. 3 Reserves replacement ratio is calculated as net 2P reserves added during the period divided by total Group net production for the period, (excluding Oman) Slide 5 1 Share price and bond yield on 11 September 2026 2 Average daily production comprising both Blocks 3 & 4 and Block 9 Slide 6 1 Share price and bond yield on 11 September 2026 Slide 8 1 Cash and near cash4 is $259 million which includes $128m of unrestricted cash, $95m in escrow for Oman acquisition - subject to completion and a $36m near cash Norwegian tax rebate expected to be received in December 2026 2 Adj. Net debt: prior to the acquisition of Blocks 3&4 and Block 9 Oman. Adjusted net debt also reflects $20 million drawn under the Group’s credit facility during the period, which was repaid in August 2026 Slide 9 1 Adjusted Free Cash Flow of USD 80 million reconciles to FCF of USD 9 million by excluding a USD 65 million Oman escrow transfer, USD 3 million foreign exchange differences and a USD 3 million change in the Norwegian rebate 2 Cash and near cash4 is $259 million which includes $128m of unrestricted cash, $95m in escrow for Oman acquisition - subject to completion and a $36m near cash Norwegian tax rebate expected to be received in December 2026 Slide 10 1 Face value as at 30 June 2026 2 Disbursement of $20m under the new bond is subject to completion of Block 9 Slide 12 1 Company estimates as at 30 June 2026. Estimated net average daily production rate for the first-half interim period 2026 2 Economic effective date of the SPA: 01 January 2025 3 Company estimates as at 30 June 2026 Slide 13 1 Gross 2P reserves 2 Company estimates as at 30 June 2026 Slide 15 1 Company estimates as at 30 June 2026 Slide 16 1 Per Kistos Holdings plc 2025 Annual Report Slide 18 1 Cash Flow Available for Debt Service is defined as EBITDA, less CAPEX, Change in Working Capital and Cash taxes 2 End of period Slide 19 1 As of 1 January 2026
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Kistos plc 2nd Floor 3 St James’s Square London SW1Y 4JUA United Kingdom