**Summary of Ithaca Energy PLCs Third Quarter 2025 Results and Update**
Ithaca Energy PLC reported strong third-quarter results for the nine months ended September 30, 2025, highlighting robust operational and financial performance following its successful Business Combination with Eni UK. Key highlights include
**Operational Performance**
**Production Growth** Year-to-date (YTD) average production reached 115 kboe/d, up significantly from 52.5 kboe/d in YTD 2024, driven by successful summer shutdown activities and portfolio expansion.
**HSE Excellence** Zero Tier 1 or Tier 2 safety events recorded, with a material reduction in Total Recordable Injury Rate (TRIR) and greenhouse gas emission intensity.
**Cost Efficiency** Transformed cost base with YTD operating expenses (opex) per barrel at $19.1/boe, down from $28.9/boe in YTD 2024, reflecting the enlarged portfolios high netback capability.
**Financial Performance**
**Enhanced EBITDAX** YTD adjusted EBITDAX rose to $1,501.2 million, compared to $758.5 million in YTD 2024.
**Strong Balance Sheet** Successful €450 million bond issuance and $300 million upsizing of the Reserves Based Lending (RBL) facility, with low leverage (0.50x) and significant liquidity of $1.7 billion.
**Shareholder Returns** Declared and paid $167 million in interim dividends in September 2025, with an accelerated $133 million dividend announced in November, totaling $500 million in 2025 distributions.
**Strategic Growth Initiatives**
**Organic Growth** Progressed key projects like the Captain 13th well campaign, Cygnus infill wells, and the Rosebank development, with first production from Rosebank targeted for 2026/27.
**Inorganic Growth** Completed acquisitions of JAPEX UK E&P and a 46.25% stake in the Cygnus Field, adding circa 18 kboe/d in proforma 2025 production.
**West of Shetland Strategy** Farmed into Shells Tobermory gas field, aligning with the Groups gas development strategy in the region.
**2025 Outlook**
Reaffirmed full-year production guidance of 119-125 kboe/d, trending toward the lower end due to extended shutdowns and delayed well start-ups.
Uplifted Q4 2025 exit rate to 145 kboe/d, positioning the Group for increased production capacity in 2026.
Reaffirmed 2025 dividend target of $500 million.
**Executive Commentary**
Executive Chairman Yaniv Friedman emphasized the Groups successful integration of Eni UK assets, operational excellence, and strategic growth, positioning Ithaca Energy as a leading UK North Sea energy company. The focus remains on disciplined investment, HSE improvements, and delivering long-term value for stakeholders.
**Financial KPIs**
YTD adjusted EBITDAX$1,501.2 million (YTD 2024: $758.5 million).
YTD profit before tax$668.1 million (YTD 2024: $183.7 million).
YTD net cash flow from operations$1,279.6 million (YTD 2024: $792.5 million).
Available liquidity: $1664.3 million (Q4 2024: $1015.1 million).
Ithaca Energy continues to strengthen its position in the UK Continental Shelf, focusing on sustainable growth, operational efficiency, and attractive shareholder returns.