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NewMed Energy
Investor Presentation • May 12, 2025
7125_rns_2025-05-12_967d0876-d09a-4181-9305-5b5c6808071c.pdf
Investor Presentation
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1Q 2025 Financial Results Presentation = '
May 2025 - 1 - 1
Disclaimer
This presentation was prepared by New Med Partnership" (the "Partnership") based on information included in the immediate and periodic reports fied by the Partnership with the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd. under the Securities Law, 5726-1968.
The presentation is intended to present the Partners and provide general information regarding its main activities in a user-friendly and clear manner. By its rature, the presentation is concise and does not include all information and data published by the Securities Law 5728-1968.
To chain a full picture of the Partnership and the risks entalled thereby see the full immediate and periodic reports fleet by the Partnership with the Israel Securities Authority and the Fel vir Stock in the Partnership's Annual Report of 2024 as published by the Partnership on 10 March 2025 (Reference No: 2025-01-015633) (the "Annual Report").
The presentation includes for ware on as defined in the Securities Law, 5728-1968 Such formation may not materialize, in whole of in part, or may materialize differently than expected, or may be affected by factors that cannot be assessed in advance.
Key Highlights
- ص 1st quarter gas sales 1,156 MMcf/d (203 Mboe/d), 2.9 BCM
- □ 1st quarter earnings \$201mm EBITDA / \$116mm net profit
- □ Leviathan operational Update & Phase 1B Expansion
- □ Additional Upstream Activities :
- Cyprus Aphrodite : FDP approved
- Bulgaria Han-Asparuh Exploration
- □ Financing : \$400 mm Leviathan bond June-25 partial pre-payment in May
- D Dividend \$60mm Dividend distribution for the quarter.
Production Summary
| Israel | Egypt | Jordan | Total | |
|---|---|---|---|---|
| 1Q / 2025 (BCM) | 0.4 | 1.7 | 0.8 | 2.9 |
| Average Price (\$/mmbtu) | 5.85 | |||
| 1Q / 2024 (BCM) | 0.2 | 1.8 | 0.6 | 2.6 |
| Average Price (\$/mmbtu) | 6.16 |
* Production Summary for Leviathan 100%
Leviathan Operations
- □ Phase 1B Expansion working in 3 main channels in order to reach a Final Investment Decision in the near future :
- = Engineering & Design = FEED underway including procurement items. Finalizing schedule and budget for FID
- Requlatory Phase 1B updated FDP + Export permit green light
- Commercial Lonq term Export agreement under neqotiation
□ 3rd Gathering Line project. First Gas expected Early 2026
Aphrodite -
- FDP approved by MECI.
- Partners approved budget of \$20mm 그 for examining the construction of transmission infrastructure from the Aphrodite reservoir
Bulgaria-Han-Asparuh -
- മ Farm-in agreement finalized
- ロ Preparing for first exploration drill, Vinekh prospect scheduled for 4Q 2025
Exploration in Israel- Zone I
- 6 Exploration blocks officially 그 awarded by MOE.
- Preparing for Seismic surveys
Key 1st Quarter Financial Metrics (\$mm)
P&L Summary (\$mm)-
| For the period | 1-3/2025 | 1-3/20124 | 2024 |
|---|---|---|---|
| Revenues From natural gas and condensate sales | 287.6 | 263.2 | 1,136.3 |
| Net of royalties | 42.0 | 37.1 | 163.2 |
| Revenues, net | 245.6 | 226.1 | 973.1 |
| Expenses and costs: | |||
| Cost of production of natural gas and condensate | 37.8 | 44.4 | 168.4 |
| Depreciation, depletion and amortization expenses | 22.6 | 19.0 | 80.7 |
| Other direct expenses | 3.1 | 0.8 | 5.9 |
| G&A | 3.2 | 3.2 | 16.9 |
| Total expenses and costs | 66.7 | 67.4 | 271.9 |
| The Partnership's share in the losses / Profits of entities accounted for at equity | (0.7) | 1.0 | 2.9 |
| Operating profit | 178.2 | 159.7 | 704.1 |
| Financial expenses | (31.9) | (29.6) | (113.8) |
| Financial income | 6.2 | 27.4 | 90.9 |
| Financial expenses, net | (25.7) | (2.2) | (22.9) |
| Profit before income taxes | 152.5 | 157.5 | 681.2 |
| Taxes on income | (36.1) | (36.4) | (156.6) |
| Profit from continued operation | 116.4 | 121.1 | 524.6 |
| Total profit from discontinued operations | * | ||
| Net income | 116.4 | 121.1 | 524.6 |
1st Quarter Change in Net Profit (\$mm)
Financial Debt (\$'B)
- 0 Leviathan Bond June-25 series partial pre-payment of \$400mm. Remaining balance of \$200 mm to be paid at the end of June
- □ NewMed's Leviathan Bond buy back amounts to \$154mm to date.
- □ Prudent financial management to support expansion is exploring various financing alternatives, including financial institutions loans, corporate and project bonds, and other options.
Balance Sheet Summary (\$mm) ---
| For the Period Ending | 31.03.2025 | 31.03.2024 | 31.12.2024 |
|---|---|---|---|
| Assets: | |||
| Current assets: | |||
| Cash and cash equivalents | 99.7 | 152.3 | 51.2 |
| Short-term deposits | 337.7 | 89.5 | 333.3 |
| Trade receivables | 226.2 | 226.1 | 209.6 |
| Trade and other receivables | 124.6 | 146.3 | 140.0 |
| 788.2 | 614.2 | 734.1 | |
| Non-current assets: | |||
| Investments in oil and gas assets | 2,703.1 | 2,645.5 | 2,682.3 |
| Investments in entities accounted for at equity | 61.0 | 59.3 | 61.7 |
| Long-term deposits | 0.8 | 103.1 | 0.5 |
| Other long-term assets | 508.7 | 481.9 | 513.7 |
| 3,273.6 | 3,289.8 | 3,258.2 | |
| 4,061.8 | 3,904.0 | 3,992.3 | |
| Liabilities and equity: | |||
| Current liabilities: | |||
| Current maturities of bonds | 445.9 | 485.6 | |
| Declared profit distribution | 60.0 | ||
| Income tax payable | 5.9 | 17.9 | 10.8 |
| Trade and other payables | 147.1 | 121.2 | 106.6 |
| Other short-term liabilities | 2.3 | ||
| 598.9 | 201.4 | 603.0 | |
| Non-current liabilities: | |||
| Bonds | 1,140.6 | 1,728.1 | 1,140.0 |
| Deferred taxes | 402.8 | 330.6 | 391.5 |
| Other long-term liabilities | 75.7 | 70.1 | 70.5 |
| 1,619.1 | 2,128.8 | 1,602.0 | |
| Equity: | |||
| Partners' equity | 154.8 | 154.8 | 154.8 |
| Capital reserves | (28.0) | (28.4) | (28.1) |
| Retained earnings | 1,717.0 | 1,447.4 | 1,660.6 |
| 1,843.8 | 1,573.8 | 1,787.3 | |
| 4,061.8 | 3,904.0 | 3,992.3 |
Dividends
- ロ \$60mm profit distribution for the quarter
- ロ Committed to delivering share-holders returns through dividend distributions.
Dividend Distributions
* Including latest declared Dividend and tax balancing distribution
NN. Thank You
NewMed Energy- IR Tel. +972 9 971 2421 [email protected]
Appendix
Leviathan Bond Sponsor Financial Data Report
| QUARTER ENDED | 31.03.2025 | |
|---|---|---|
| QUANTITY/ACTUAL | ||
| AMOUNT (IN USD\$ ,000) | ||
| Total Offtake (BCM) | 2.9 | |
| Leviathan Revenues (100%) | 634,220 | |
| Loss Proceeds, if any, paid to Revenue Account | ||
| Sponsor Deposits, if any, into Revenue Account | ||
| Gross Revenues (before Royalties) | 273,638 | |
| Overriding Royalties | ||
| Statutory Royalties | (31,410) | |
| (b) Third Party Royalties | (12,565) | |
| Net Revenues | 229,663 | |
| Costs and Expenses: | ||
| Fees Under the Financing Documents (Interest Income) | 803 | |
| Taxes | (62,655) | |
| Operation and Maintenance Expenses | (36,664) | |
| Capital Expenditures | (19,102) | |
| Insurance (income) | ||
| Total Costs and Expenses (sum of Items H(a), (b), (c), (d) and (e)) | (117,618) | |
| Total Cash Flows Available for Debt Service (Item G minus Item H) | 112,045 | |
| Total Cash Flow from operation (Item G minus Items H(c) and H(e) | 192,999 | |
| Total Debt Service | 35,184 | |
| Total Distribution to the Sponsor | 75,000 |