Energean PLC

Investor Presentation • Sep 11, 2025

Energean

Half Year 2025 Results

11 September 2025

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.

H1 2025 highlights Resilient performance amid geopolitical backdrop

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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

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

Optimising asset value outside of core Israel base

Improving Egypt commercial terms and maturing development opportunities across the ex. Israel portfolio

Significant exploration prospectivity across the portfolio

Assessing drilling opportunities to unlock 1.87 bnboe¹ of unrisked Pmean in place volumes in Egypt and Greece

First tranche of Prinos carbon storage grant funding received from RRF

Initial drilling and well testing, funded by the RRF, targeted in 2026

Reviewing strategic options to maximise shareholder value and grow the business

In line with key business drivers: quarterly dividends, deleveraging, and growth

138 kboed Production	\$804 million Revenue	\$505 million Adjusted EBITDAX	\$110 million Net profit	2.7x Leverage	\$706 million2 Cumulative dividends

3 September 2025.

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1. Internal management estimates, see slide 9. 2. Includes the Q2 2025 dividend declared on 11

Operational Review Mathios Rigas, Chief Executive Officer

Safe and responsible operator

Reduction achieved across all key environmental and health & safety indicators

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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.

Production

Group output increased to 178 kboed in August following safe resumption of Israel production in June

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 146 138 145-155 147

Group production performance

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.

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.

Focused on long-term value creation in Israel

\$4bn new long-term domestic gas contracts signed, intention to book capacity in Nitzana export pipeline

Domestic sales

• 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

Exports

• 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

Contracted domestic gas between 2025 – 36

Annual Contracted Quantities Take-or-Pay/Exclusivity volumes

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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.

Export routes

Katlan development on budget and on schedule for first gas in H1 2027

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

Volumes carry no export restrictions¹

An initial 26 bcm will be developed, followed by further tie-backs to the FPSO

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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.

Optimising asset value outside of core Israel base

Focused on maximising cash flow and driving further growth

Strategic investment to strengthen asset value

Operated control over Tors and Wenlock decommissioning

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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.

Significant prospectivity across the portfolio

Energean evaluating a number of exploration opportunities for future maturation

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.

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Prinos Carbon Storage Project

First tranche of grant funding received from the Greek Resilience and Recovery Facility

Project overview:

• 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

Funding update:

• 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

Scope of funding:

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1. NSAI CPR = Netherland, Sewell & Associates, Inc. Competent Person Report. 2. Non-binding memorandum of understanding, based on EU Projects of Common Interest application.

Financial Review Panos Benos, Chief Financial Officer

Financial results

Revenues and realised pricing

	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%)

	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 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%)

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)

Financial results Other Key Performance Indicators

155 175 116 97 0 100 200 300 400 500 H1 2024 H1 2025 \$ million Operating costs Royalties \$271 \$272 Cost of Operation

Capital and decommissioning expenditure

Exploration Development Asset Integrity Decommissioning

	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	-%

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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.

1. Capital expenditure includes development, asset integrity and exploration costs only.

Financial results

Capital structure and net debt

	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%

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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.

2025 guidance

	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.

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1. Includes \$25-30 million of flux costs in Italy. 2. Guidance excludes any potential expenditure on the Nitzana export pipeline.

Outlook Mathios Rigas, Chief Executive Officer

Reviewing strategic M&A options to maximise shareholder value

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.

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.

Management team with proven M&A track-record

• Energean has executed five well-timed deals, taking advantage of the opportunities in the market, at the right time, with strict capital discipline.

Reviewing strategic options within existing portfolio

• Focused on assessing optimum ways to strengthen and optimise asset base.

Geographical focus for M&A

Outlook

Appendix: Supplemental Financials

For the 6-months ended 30 June 2025

Income statement

	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

Amounts may not add up due to rounding.

Balance sheet

	Assets
\$'000	30 June 2025	31 December 2024
Non-current assets			Non-current liabilities
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			Current liabilities
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	-	Equity
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

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Amounts may not add up due to rounding.

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.

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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

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

Net movement in cash and equivalents	147,814	(87,183)
Net cash flow from financing activities	(36,057)	(220,805)
Other financing cashflows	(9,191)	(10,253)
Finance costs paid	(121,599)	(125,717)
Dividend paid	(110,267)	(109,835)
Movement in borrowings	205,000	25,000

Amounts may not add up due to rounding.