NewMed Energy

Investor Presentation • Mar 10, 2025

4Q & FY 2024 Financial Results Presentation

March 2025 - -

Disclaimer

This presentation was prepared by NewMed Energy Limited Partnership") based on information included in the immediate and periodic reports filed by the Partnership with the Israel Securities Authority and the Under the Securities Law, 5728-1968.

The presentation is intended to present the business and provide general information reqarding its main activities in a user-friendly and clear manner. By its nature, the presentation is concise and does not include all information and data published by the Partnership under the Securities Law, 5728-1968.

To obtain a full picture of the Partnership and the risks entailed thereby, see the full immediate and periodic reports filed by the Partnership with the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd., including the Partnership's Anual Report for 2024 as published by the Partnership on March 10th 2025-01-015633) (the "Annual Report").

The presentation includes forward-looking in the Securities Law, 5728-1968. Such forward-looking information may not materialize, in whole or in part, or may materialize differently than expected by factors that cannot be assessed in advance.

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Production Summary_

	Israel	Egypt	Jordan	Total
4Q / 2024 (BCM)	0.4	1.6	0.7	2.7
Average Price (\$/mmbtu)				5.82
4Q / 2023 (BCM)	0.7	1.5	0.6	2.8
Average Price (\$/mmbtu)				6.17

	Israel	Egypt	Jordan	Total
FY 2024 (BCM)	1.5	7.0	2.7	11.2
Average Price (\$/mmbtu)				6.12
FY 2023 (BCM)	2.0	6.3	2.7	11.0
Average Price (\$/mmbtu)				6.11

* Production Summary for Leviathan 100%

Stable and Attractive Realized Prices

Key 4th Quarter Financial Metrics (\$mm) -

Key FY 2024 Financial Metrics (\$mm)

7

EBITDA calculated as Operating profit + Deprecation and Amortization

MN Leviathan Expansion Kicked off

• □ The Ministry of Energy has given a preliminary green light to expand the export of natural qas, while also increasing the supply to the domestic market. The export volume may be increased by an additional 118 BCM, which may increase to up to 145 BCM
• □ Leviathan Partners submitted to the Commissioner an updated plan for the development of the Leviathan reservoir, which mainly includes updates in connection with Phase 1B :
  • Three additional production wells
  • . Related subsea systems
  • = Expansion of the processing facilities on the platform
• ロ The expansion will increase the total gas production capacity of the Leviathan Project system to ~21 BCM per year
• □ Total CAPEX of the project is estimated at \$2.4B (100% Leviathan)
• ロ Phase 1B FEED -FEED and procurement of long lead items is underway with a total approved budget of approx. \$505 million (100%)

Regional Connectivity

NN Cyprus - Aphrodite Project

NewMed Energy 30%, Shell 35%, Chevron Corp. (operator) 35%

2C Resources

3.53 tcf (100 bcm), 7.9 mmbbl condensate

□ Location

168 km south of Limassol, 1,700m water depth

• ロ Expected Production Capacity 800 mmcf/d
• Target Markets ] Egypt Domestic + Export facilities

Status

• Development plan approved by MECI
• = JV for the supply of gas to EGAS

Ownership

Exploration in Israel- Zone I-

• 6 Exploration blocks awarded in L lsrael.
• Partners consortium : BP, SOCAR
• Relatively unexplored area, adjacent to proved discoveries

Morrocco-Boujdour License

□ Processing and analyzing the available data

Bulgaria - Farm-in Agreement

• Significant exploration potential
• Main prize is the Vinekh prospect, 그 which will be drilled first, in 2H2025:
  • = ~2tcf* with "high" chance of geologic success

P&L Summary (\$mm)-

	For the period ended on
	4Q / 2024	2024	4Q / 2023	2023
Revenues From natural gas and condensate sales	264.2	1,136.3	276.7	1,094.4
Net of royalties	37.5	163.2	40.4	159.8
Revenues, net	226.7	973.1	236.3	934.6
Expenses and costs:
Cost of production of natural gas and condensate	40.5	168.4	38.6	148.6
Depreciation, depletion and amortization expenses	16.8	80.7	19.1	79.2
Other direct expenses	2.4	5.9	2.5	5.3
G&A	3.7	16.9	4.4	20.8
Total expenses and costs	63.4	271.9	64.6	253.9
The Partnership's share in the profit (loss) of entities accounted for at equity	0.5	2.9	0.8	(1.3)
Operating profit	163.8	704.1	172.5	679.4
Financial expenses	(27.4)	(113.8)	(34.2)	(133.8)
Financial income	15.5	90.9	(5.9)	28.7
Financial expenses, net	(11.9)	(22.9)	(40.1)	(105.1)
Profit before income taxes	151.9	681.2	132.4	574.3
Taxes on income	(32.1)	(156.6)	(32.4)	(142.8)
Profit from continuing operations	119.8	524.6	100.0	431.5
Profit (loss) from discontinued operations	(0.3)		2.1	2.1
Net income	119.5	524.6	102.1	433.6

Net profit 4Q 2023 change in quantities Net Financeial Expense Tax expenses Net profit 4Q 2024

FY Change in Net Profit (\$mm)-

Balance Sheet Summary (\$mm)

	31.12.2024	31.12.2023
Assets:
Current assets:
Cash and cash equivalents	51.2	29.1
Short-term deposits	333.3	157.6
Trade receivables	209.6	194.5
Trade and other receivables	140.0	187.1
	734.1	568.3
Non-current assets:
Investments in oil and gas assets	2,682.3	2,647.3
Investments in a company accounted for at equity	61.7	58.4
Long-term deposits	0.5	101.9
Other long-term assets	513.7	470.3
	3,258.2	3,277.9
	3,992.3	3,846.2
Liabilities and equity:
Current liabilities:
Current maturities for bonds	485.6
l oan from Banks		80.0
Declared profits for distribution
Tax Payable	10.8	27.7
Trade and other payables	106.6	101.1
Other short-term liabilities		2.2
	603.0	211.0
Non-current liabilities:
Bonds	1,140.0	1,735.1
Deferred taxes	391.5	313.9
Other long-term liabilities	70.5	73.7
	1,602.0	2,122.7
Equity:
Partners' equity	154.8	154.8
Capital reserves	(28.1)	(28.6)
Retained earnings	1,660.6	1,386.3
	1,787.3	1,512.5
	3,992.3	3,846.2

Financial Debt (s'B)

• □ NewMed's Leviathan Bond buy back amounts to \$135mm.
• □ Agreements for the provision of credit facilities totaling \$400mm
• ロ \$384.5mm cash and deposits as of December 31 2024
• □ Deleveraging ahead of a new investment cycle

Dividend

□ The partnership has declared a \$60mm profit distribution to unitholders

Dividend Distributions * (\$'mm)

* Including latest declared Dividend

NN. Thank You NewMed Energy- IR Tel. +972 9 971 2421 IR@newmedenergy.com

Appendix

Leviathan Bond Sponsor Financial Data Report

PERIOD ENDED	31.12.2024
ITEM	QUANTITY/ACTUAL
	AMOUNT (IN USD\$ ,000)
Total Offtake (BCM)	11.2
Leviathan Revenues (100%)	2,506,067
Loss Proceeds, if any, paid to Revenue Account
Sponsor Deposits, if any, into Revenue Account
Gross Revenues (before Royalties)	1,129,565
Overriding Royalties
Statutory Royalties	(124,866)
(b) Third Party Royalties	(49,526)
Net Revenues	955,173
Costs and Expenses:
Fees Under the Financing Documents (Interest Income)	4,399
Taxes	(94,214)
Operation and Maintenance Expenses	(156,999)
Capital Expenditures	(155,593)
Insurance (income)	(24,852)
Total Costs and Expenses (sum of Items H(a), (c), (c), (d) and (e))	(472,259)
Total Cash Flows Available for Debt Service (Item G minus Item H)	527,914
Total Cash Flow from operation (Item G minus Items H(c) and H(e)	773,322
Total Debt Service*	166,173*
Total Distribution to the Sponsor	282,500