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NewMed Energy
Investor Presentation • Nov 10, 2025
7125_rns_2025-11-10_0e59b808-c7b6-481e-aeb6-a28333fe26c1.pdf
Investor Presentation
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Disclaimer
This presentation was prepared by NewMed Energy Limited Partnership (the "Partnership") based on information included in the immediate and periodic reports filed by the Partnership with the Israel Securities Authority and the Tel Aviv Stock Exchange Ltd. under the Securities Law, 5728-1968.
The presentation is intended to present the Partnership and its business and provide general information regarding 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 activities 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 Annual Report for 2024 as published by the Partnership on 10 March 2025 (Reference No: 2025-01-015633) (the "Annual Report").
The presentation includes forward-looking information, as defined in the Securities Law, 5728-1968. Such forward-looking information may not materialize, in whole or in part, or may materialize differently than expected, or may be affected by factors that cannot be assessed in advance.
Key Highlights
- □ 3rd quarter gas sales c. 1,193mmcf/d (210 mboe/d), 3.1 BCM
- □ 3rd quarter earnings \$187mm EBITDA / \$128.5mm net profit
- Leviathan Expansion
- Phase 1B FEED process finalized
- Third GL project expected completion 1Q-26.
- Egypt Export Agreement signed
- Awaiting regulatory export permit for Final Investment Decision
- Bulgaria Black Sea Exploration to begin by year end
- Aphrodite A head of Detailed engineering design (FEED)
- □ Dividend \$60mm Dividend distribution for the quarter.
Production Summary
| Israel | Egypt | Jordan | Total | |
|---|---|---|---|---|
| 3Q / 2025 (BCM) | 0.5 | 1.8 | 0.8 | 3.1 |
| Average Price (\$/mmbtu) | 5.43 | |||
| 3Q / 2024 (BCM) | 0.5 | 1.8 | 0.8 | 3.1 |
| Average Price (\$/mmbtu) | 6.18 |
Key 3rd Quarter Financial Metrics (\$mm)
Price Environment
P&L Summary (\$mm)
| For the period | 7-9/2025 | 7-9/2024 | 2024 |
|---|---|---|---|
| Revenues From natural gas and condensate sales | 279.0 | 313.6 | 1,136.3 |
| Net of royalties | 40.1 | 46.0 | 163.2 |
| Revenues, net | 238.9 | 267.6 | 973.1 |
| Expenses and costs: | |||
| Cost of production of natural gas and condensate | 43.2 | 40.5 | 168.4 |
| Depreciation, depletion and amortization expenses | 28.8 | 25.6 | 80.7 |
| Other direct expenses | 2.9 | 1.4 | 5.9 |
| G&A | 5.2 | 5.1 | 16.9 |
| Total expenses and costs | 80.1 | 72.6 | 271.9 |
| The Partnership's share in the losses / Profits of entities accounted for at equity | (0.6) | 2.4 | 2.9 |
| Operating profit | 158.2 | 195.0 | 704.1 |
| Financial expenses | (17.5) | (27.4) | (113.8) |
| Financial income | 23.8 | 24.2 | 90.9 |
| Financial expenses, net | 6.3 | (3.2) | (22.9) |
| Profit before income taxes | 164.5 | 191.8 | 681.2 |
| Taxes on income | (36.0) | (44.5) | (156.6) |
| Profit from continued operation | 128.5 | 147.3 | 524.6 |
| Total profit from discontinued operations | - | (0.3) | * |
| Net income | 128.5 | 147.0 | 524.6 |
3rd Quarter Change in Net Profit (\$mm)
Net Financial Debt (\$mm)
- Net Debt of \$1,176mm
- \$240mm cash and equivalents on Balance
- Strong balance sheet with low leverage entering a new investment cycle
Net Debt calculated as financial liabilities minus financial assets as of 30.06.25 balance-sheet.
Financial liabilities include: Current maturities of bonds, Short-term liability to a banking corporation, Bonds, Long-term liability to a banking corporation. Financial assets include: Cash and cash equivalents, Short-term deposits, Long-term deposits.
Balance Sheet Summary (\$mm)
| For the Period Ending | 30.09.2025 | 30.09.2024 | 31.12.2024 |
|---|---|---|---|
| Assets: | |||
| Current assets: | |||
| Cash and cash equivalents | 194.4 | 157.4 | 51.2 |
| Short-term deposits | 45.9 | 275.7 | 333.3 |
| Trade receivables | 218.5 | 240.8 | 209.6 |
| Trade and other receivables | 116.9 | 108.9 | 140.0 |
| 575.7 | 782.8 | 734.1 | |
| Non-current assets: | |||
| Investments in oil and gas assets | 2,785.5 | 2,689.5 | 2,682.3 |
| Investments in entities accounted for at equity | 60.4 | 60.7 | 61.7 |
| Long-term deposits | 0.8 | 0.5 | 0.5 |
| Other long-term assets | 531.0 | 516.2 | 513.7 |
| 3,377.7 | 3,266.9 | 3,258.2 | |
| 3,953.4 | 4,049.7 | 3,992.3 | |
| Liabilities and equity: | |||
| Current liabilities: | |||
| Current maturities of bonds | - | 552.9 | 485.6 |
| Income tax payable | 1.0 | 35.0 | 10.8 |
| Trade and other payables | 127.5 | 155.8 | 106.6 |
| Other short-term liabilities | - | 2.9 | - |
| 128.5 | 746.6 | 603.0 | |
| Non-current liabilities: | |||
| Bonds | 1,141.9 | 1,139.3 | 1,140.0 |
| Long-term liability to a banking corporation | 275.0 | - | |
| Deferred taxes | 391.9 | 353.3 | 391.5 |
| Other long-term liabilities | 82.8 | 77.6 | 70.5 |
| 1,891.6 | 1,570.2 | 1,602.0 | |
| Equity: | |||
| Partners' equity | 154.8 | 154.8 | 154.8 |
| Capital reserves | (28.1) | (28.1) | (28.1) |
| Retained earnings | 1,806.4 | 1,606.2 | 1,660.6 |
| Total equity attributed to unit holders | 1,933.1 | 1,732.9 | 1,787.3 |
| 3,953.4 | 4,049.7 | 3,992.3 |
Bulgaria – Black Sea Exploration Campaign
- Vinekh-1 expected spud by year end 2025
- Krum-1 to be drilled immediately after
- Farm in Negotiations are underway betweenthe Han-Asparuh partners NewMed and OMV Bulgaria, and the Bulgarian state-owned company Bulgarian Energy Holding EAD ("BEH"), for a transaction in which each of the Partners will sell 5% of the rights to BEH
| Vinekh¹ | ||
|---|---|---|
| Pg (%) | Tcf | |
| A1 | 43 | 1.99 |
| А3 | 28 | 0.57 |
| B1 | 24 | 0.78 |
| Krum² | |||
|---|---|---|---|
| Pg (%) | Tcf | ||
| D | 32 | 3.9 | |
| C/L | 22 | 1.9 | |
| C/U | 16 | 1.7* |
<sup>1 NSAI report 27.11.2024
<sup>2 NSAI Report 10.6.2025
Aphrodite
- Board of Directors approved the Aphrodite budget for 2026, in the amount of approximately \$111.5mm (Gross 100%, the Partnership's share is approximately \$33.5mm).
- Main part of the budget for the execution of detailed engineering design (FEED) (amounting to approximately \$105.7mm (Gross 100%, the Partnership's share approximately \$31.7mm).
Dividends
- \$60mm Dividend for the quarter
- Committed to delivering share-holders returns through dividend distributions.
Dividend Distributions
* Including latest declared Dividend and tax balancing distribution
Appendix
Leviathan Bond Sponsor Financial Data Report
| QUARTER ENDED | 30.09.2025 QUANTITY/ACTUAL AMOUNT (IN USD\$ ,000) |
|---|---|
| Total Offtake (BCM) (100%) | 3.1 |
| Leviathan Revenues (100%) | 615,455 |
| Loss Proceeds, if any, paid to Revenue Account | - |
| Sponsor Deposits, if any, into Revenue Account | - |
| Gross Revenues (before Royalties) | 209,530 |
| Overriding Royalties | |
| Statutory Royalties | (26,351) |
| (b) Third Party Royalties | (10,541) |
| Net Revenues | 172,638 |
| Costs and Expenses: | |
| Fees Under the Financing Documents (Interest Income) | 426 |
| Taxes | (22,039) |
| Operation and Maintenance Expenses | (40,003) |
| Capital Expenditures | (60,118) |
| Insurance (income) | (12,678) |
| Total Costs and Expenses (sum of Items H(a), (b), (c), (d) and (e)) | (134,412) |
| Total Cash Flows Available for Debt Service (Item G minus Item H) | 38,226 |
| Total Cash Flow from operation (Item G minus Items H(c) and H(e) | 119,957 |
| Total Debt Service | - |
| Total Distribution to the Sponsor | - |