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Oando PLC

(Incorporated in Nigeria and registered as an external

company in South Africa) Registration number: RC 6474

(External company registration number 2005/038824/10)

Share Code on the JSE Limited: OAO

Share Code on the Nigerian Stock Exchange: UNTP

ISIN: NGOANDO00002 ("Oando" or the "Company")

Full-Year 2025 Unaudited Results

Lagos, Nigeria | 1 February 2026- Oando PLC ("Oando" or the "Group"), Nigeria's leading indigenous energy group listed on both the Nigerian Exchange Ltd. and Johannesburg Stock Exchange, today announces its unaudited results for the full year ended 31 December 2025.

Commenting on the results, Wale Tinubu CON, Group Chief Executive, Oando PLC, said:

"2025 was a year of relentless execution as we successfully transitioned from the integration of the NAOC Joint Venture into operational delivery.

Over the year under review, we reinforced asset integrity, strengthened security across our operating areas and materially improved uptime, delivering a 32% year-on-year increase in total production. Operated Joint Venture production averaged approximately 80,545 boepd, translating to 32,482 boepd net to Oando, alongside a 30% increase in crude oil liftings and a 59% increase in gas sales volumes.

Building on this foundation, we launched our development drilling programme with the successful completion and start-up of the Obiafu-44 gas-condensate well. This well represents the first execution milestone within a phased 36-well development programme, designed to restore field deliverability, unlock incremental production and advance the Group's medium-term growth objectives.

In our downstream trading business, we responded decisively to evolving market dynamics by deliberately rebalancing our portfolio away from gasoline importation toward higher-margin crude and gas opportunities. We expanded global exports and leveraged structured offtake and pre-export financing arrangements to support liquidity, cash-flow resilience and effective production monetisation for our clients.

With operational control firmly embedded and the foundations for growth clearly established, our focus is on the diligent execution of our development programme to accelerate production growth, strengthen cash generation and enhance long-term value creation. As we enter 2026, we will continue to allocate capital prudently, deepen operational resilience and build on the momentum achieved."

Group Overview

The Group operates an integrated energy platform centred on upstream oil and gas production and trading, which together drive cash generation and balance sheet strength. These core businesses are supported by disciplined capital allocation, infrastructure optimisation, and structured financing capabilities.

During FY 2025, the Group transitioned from post-acquisition integration to operational execution, delivering improved production performance, stronger uptime, and enhanced commercial flexibility.

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With operatorship embedded and cash generation improving, capital is being prioritised toward sustaining and growing upstream production and optimising trading activities that support liquidity and production monetisation.

Selected energy transition and mining initiatives are being progressed on a phased and capitaldisciplined basis and remain secondary to the Group's near- and medium-term focus on strengthening core earnings, accelerating production growth, and enhancing financial resilience.

Full-Year 2025 performance highlights

Group highlights

Revenue declined 21% year-on-year to N3.21 trillion (FY 2024: N4.09 trillion), reflecting a deliberate reduction in lower-margin refined-product trading amid structural changes in the domestic downstream market, partly offset by higher upstream production volumes.
Gross profit decreased 82% year-on-year to N27.8 billion (FY 2024: N155.9 billion), driven by the change in revenue mix following reduced trading volumes and the impact of non-cash items, notwithstanding materially higher upstream output.
Profit after tax increased 10% year-on-year to N241.3 billion (FY 2024: N220.1 billion), supported by higher upstream production, impairment reversals, and favourable tax adjustments.
Capital expenditure increased to N101.9 billion (FY 2024: N18.5 billion), reflecting increased investment in upstream development, facility integrity, and infrastructure optimisation following the assumption of operatorship.
Operating cash flow improved materially year-on-year, reflecting enhanced cash conversion, and improved working capital management.

Exploration and Production

Group production averaged 32,482 boepd in FY 2025, up 32% year-on-year, driven by the full-year consolidation of the NAOC JV interest and improved operational uptime.
Crude oil, gas, and NGL output increased year-on-year, supported by asset optimisation initiatives and the successful revamp of the NGL processing plant.
Completed the Obiafu-44 gas-condensate well and progressed targeted facility debottlenecking to enhance flow assurance and production stability.
Maintained strong safety performance, recording zero fatalities and zero lost-time injuries during the year.
Advanced regional expansion, with award of operatorship and a 45% participating interest in Block KON-13, Angola (PSC in advanced approval stages).

Trading

Traded 26 crude oil cargos (29.4 MMbbl) in FY 2025, up 42% year-on-year, reflecting stronger execution across core crude trading routes.
Paused PMS trading activities in response to structural shifts in domestic supply dynamics, reallocating focus toward higher-margin crude and gas trading opportunities.
Strengthened liquidity management through structured pre-financing and offtake arrangements, supporting working capital flexibility and cash-flow resilience.
Selected as preferred bidder for the Guaracara Refinery (Trinidad & Tobago), providing strategic downstream optionality in the Caribbean market.

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Portfolio Updates

• Progressed selected clean energy and mining initiatives on a phased, capital-disciplined basis, with focus on electric mobility operations, regulatory positioning, and early-stage technical evaluation.

Strategic Priorities

Sustain production and operational stability through continued asset optimisation.
Maintain capital discipline with focus on asset integrity and operational resilience.
Strengthen balance sheet and liquidity through disciplined capital allocation.
Scale trading platform to support cash flow resilience and market access.
Advance selected transition and mining initiatives on a phased, capital-disciplined basis.

Responsibility for publication

This announcement has been authorised for publication on behalf of Oando PLC by:

Adeola Ogunsemi, Group Chief Financial Officer

About Oando PLC

Oando PLC is Africa's leading indigenous energy solutions provider, listed on the Nigerian Exchange (NGX) and the Johannesburg Stock Exchange (JSE). Oando operates across the energy value chain, encompassing upstream exploration and production, trading, and renewable energy initiatives.

Through its subsidiaries, Oando Energy Resources and Oando Trading, the Company holds interests in onshore and offshore oil and gas assets and maintains a significant presence in global energy trading. Oando is committed to driving Africa's energy transition and delivering innovative, sustainable, and value-driven solutions that meet the continent's unique energy needs.

For more information, visit oandoplc.com

Follow Oando on LinkedIn: https://www.linkedin.com/company/oando-plc/

X: https://x.com/Oando\_PLC

Enquiries +234 (1) 2704000

Adeola Ogunsemi / Group Chief Financial Officer Folashade Ibidapo-Obe / Chief Compliance Officer & Company Secretary Ayeesha Aliyu / Investor Relations Manager

Disclaimer- forward-looking statements

This results release contains forward-looking statements regarding the operations, financial condition, strategy, and prospects of Oando PLC ("the Group"). These statements are based on current expectations and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks include, but are not limited to, market conditions, regulatory developments, geopolitical events, operational challenges, and the Group's ability to implement key initiatives, including its capital restructuring, energy transition, and diversification strategy. Readers are cautioned to carefully consider the foregoing factors and other uncertainties, and not to place undue reliance on forward-looking statements. Forward-looking statements apply only as of the date on which they are made, and the Group undertakes no obligation to update or revise any forward-looking statements, except as required by applicable laws and regulations.

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Operations Review

E&P Business Overview

The E&P business delivered a step-change in operational performance in FY 2025, reflecting the first full year of consolidated operations following the acquisition of the NAOC JV assets in 2024. The assumption of operatorship enabled tighter execution discipline, improved operational control, and more responsive decision-making across the expanded asset base. These factors supported higher production volumes, improved reliability, and strengthened the foundation for medium-term production growth and capital efficiency.

Production	Unit	FY 2025	FY 2024	%Change
Crude Oil	bopd	11,269	8,301	36%
Gas	boepd	19,982	16,085	24%
NGLs	bpd	1,231	151	715%
Total	boepd	32,482	24,537	32%
Opex	\$/boe	24.9	20.6	21%

1. Production in 2025 comprises Oando's 40% working interest (WI) in OMLs 60,61,62,63, 40% WI in Qua Ibo Marginal Field, and 45% WI in Ebendo Marginal Field.
1. Volumes are subject to reconciliation and may differ from liftings within the period.
1. Gas production volumes reflect the total quantity of gas produced during the period, inclusive of volumes utilised for operations or reinjection.
1. Gas volumes converted to barrels of oil equivalent using a standard conversion factor of 5.8 mscf per boe
1. Opex/boe reflects full-year operator costs, including logistics, maintenance, regulatory levies, and HSE-related expenses.

Group Production Performance

Group production averaged 32,482 boepd in FY 2025, representing a 32% year-on-year increase, driven by higher output across crude oil, gas, and NGLs and the full-year impact of the NAOC JV consolidation. Production growth was supported by improved facility availability, the reactivation of previously constrained wells, and targeted infrastructure upgrades across operated assets.

During the year, production was temporarily impacted by gas-related shut-ins in the fourth quarter, resulting in deferred volumes. All affected operations were restored within the year, with no impact on long-term asset integrity or underlying production capacity.

Crude oil output increased materially following the restoration of shut-in wells and improved flow assurance, while gas production recorded solid year-on-year growth despite the temporary fourthquarter disruptions. NGL volumes increased significantly following the successful revamp of the NGL processing plant, which enhanced recovery efficiency across the portfolio.

Production Expenses

Production operating expenses averaged \$24.9/boe in FY 2025, compared with \$20.6/boe in FY 2024, representing a 21% year-on-year increase. The increase reflects the higher operating cost base following the consolidation of additional assets, increased maintenance activity and staffing costs associated with operated assets, as well as inventory and cost reversals recognised during the year. These were partly offset by cost recoveries and operational efficiencies. Management remains focused on cost optimisation and improved uptime to moderate unit costs over time.

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Drilling and field optimisation activities

The Group advanced its upstream optimisation agenda during the year through targeted restoration projects, rig-less interventions, and surface-facility enhancements to sustain production stability. Preparations for the 2025 drilling programme progressed during the year; however, timelines were adjusted due to limited rig availability following increased activity levels across the domestic industry. The revised programme targeted two wells in 2025: the Obiafu-44 gas-condensate well, which was successfully completed and brought onstream in October, and a second well initially scheduled to spud before year-end.

In light of prevailing rig constraints, remaining workovers and development drilling have been deferred to 2026 to ensure disciplined capital deployment, efficient sequencing, and optimal resource allocation.

Cost Efficiency

The Group maintained a strong focus on operating discipline during the year. Contract optimisation initiatives delivered approximately \$17.7 million in savings across key operating inputs, supporting margin resilience and aligning the cost base with operational priorities.

Vendor Audit Reconciliation

Following the assumption of operatorship, the Group initiated a comprehensive vendor audit and reconciliation process to address inherited liabilities associated with the NAOC JV assets. The process is substantially advanced, with several payments concluded and remaining balances expected to be finalised as the process moves toward completion.

Asset-Level Performance

OMLs 60–63 (40% WI, Operator)

Production from OMLs 60–63 averaged 29,733 boepd in FY 2025, compared with 21,301 boepd in FY 2024, reflecting the additional 20% working interest acquired through the NAOC transaction and improved operational performance during the year.

OML 56 – Ebendo (45% WI)

Average daily production declined to 2,379 boepd in FY 2025 (FY 2024: 2,825 boepd), reflecting the temporary shut-in of the Ebendo North field between February and April 2025 pending regulatory approval for full-field development.

OML 13 – Qua Ibo (40% WI)

Production averaged 370 bopd in FY 2025, compared with 411 bopd in FY 2024, primarily reflecting natural field decline. Planned drilling of one new development well in December 2025 is scheduled for early 2026, following adjustments to the drilling programme and rig availability, to support production volumes.

Entry into Angola – Block KON 13

In January 2025, Oando Energy Resources was awarded operatorship and a 45% participating interest in Block KON-13 in Angola's Onshore Kwanza Basin. During the year, the Production Sharing Contract (PSC) was negotiated with the National Agency of Oil, Gas & Biofuels (ANPG) and approved by the government of Angola. A Presidential Decree has been published in the public gazette, and execution of the PSC is expected shortly. Upon execution, the contractor group, led by Oando, will proceed with exploration planning activities.

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Pipeline Integrity and Incident Response

During the year, the Group recorded isolated pipeline sabotage incidents, which were addressed promptly through established emergency response protocols. Joint Investigation Visits (JIVs) with regulators confirmed third-party interference, and repairs were completed without a prolonged impact on production.

Enhanced surveillance, infrastructure security, and stakeholder engagement continue to form part of the Group's ESG and operational risk management framework.

People and integration

Workforce stability was maintained during the year, with employee attrition remaining below 5%, reflecting effective organisational integration following the NAOC acquisition. Core human capital management processes were successfully integrated and automated, strengthening governance, improving data integrity, and supporting operational efficiency.

Community and Social Performance

The Group continued to support host community development across its operating areas, with aggregate Host Community Development Trust (HCDT) contributions of approximately N11 billion remitted to date. Community-led development initiatives progressed across multiple host communities, reinforcing the Group's social licence to operate and supporting stable operation.

Safety, Security, and Operational Risk

The Group continued to prioritise safe and reliable operations. Enhanced security measures implemented across core operating areas contributed to a material reduction in security-related incidents, supporting operational continuity and mitigating disruption risks.

HSE Performance

	FY 2025	FY 2024
Fatalities (FAT)	0	0
Lost Time Injuries (LTI)	0	1
Medical Treatment Cases (MTC)	1	3
TRIR	0.05	0.19
LTIF	0.00	0.05
Near misses	34	34
Hours worked (million)	20.3	20.7

Oando sustained strong HSE performance in FY 2025, recording zero fatalities and zero lost-time injuries, consistent with the prior year. The Total Recordable Incident Rate (TRIR) improved to 0.05 from 0.19 in FY 2024, reflecting continued enhancement in safety culture and proactive risk management. Medical Treatment Cases (MTC) reduced to one, compared with three in the prior year. Near misses remained stable at 34, while total hours worked declined marginally to 20.3 million from 20.7 million in FY 2024.

Trading Business Overview

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The Trading Division operates as a commercial platform focused on crude oil and gas trading, providing liquidity support, production monetisation, and cash flow resilience across commodity cycles.

Traded Volumes	Unit	FY 2025	FY 2024	%Change
Crude Oil	MMbbl	29.4	20.7	42%
Refined Products	kMT	-	599	nm

Trading performance

In FY 2025, the Trading Division delivered improved execution across its core crude trading activities amid a shifting domestic downstream landscape. A total of 26 crude oil cargos (29.4 MMbbl) were traded during the year, representing a 42% increase year-on-year (FY 2024: 21 cargos; 20.7 MMbbl), reflecting stronger operational delivery and expanded participation in international crude markets.

During the year, the Division deliberately paused premium motor spirit (PMS) trading in response to structural changes in Nigeria's refined-product supply dynamics and evolving market economics. As domestic refining capacity expanded, the trading portfolio was rebalanced toward higher-margin crude and gas trading opportunities, improving capital efficiency while preserving flexibility to re-enter refined-product markets as conditions stabilise.

Strategic developments

In February 2025, Oando Trading Division was selected as preferred bidder for the lease of the Guaracara Refinery in Trinidad & Tobago, providing downstream optionality in the Caribbean market. The preferred bidder status was reaffirmed by the newly appointed government in July 2025, with stakeholder engagements ongoing to define the commercial and operational framework for the next phase of the project.

Clean Energy Update

During the year, Oando Clean Energy Limited (OCEL) continued to manage its clean energy portfolio through a phased and capital-disciplined approach, with primary focus on sustaining operations within its electric mobility platform. The electric bus fleet and associated grid-based charging infrastructure remained stable and fully operational, supporting continued ridership growth and reinforcing confidence in electric mobility solutions.

Beyond electric mobility, OCEL continued limited preparatory work across selected renewable and circular economy initiatives, including solar module assembly, PET recycling, and geothermal power; focusing on technical readiness, regulatory positioning, and partner engagement. These initiatives remain at an early stage of development and are being advanced selectively, in line with funding availability and market conditions.

OCEL's clean energy initiatives are being progressed as long-term strategic options, aligned with the Group's broader energy transition objectives and capital allocation priorities

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Mining Update

During the year, the Group continued to advance its mining portfolio selectively, positioning the business to participate in Nigeria's emerging critical minerals value chain over the longer term. Regulatory and partnership initiatives progressed, including the execution of a production sharing arrangement with Kebbi State covering gold and lithium assets.

Exploration activities across the portfolio remained early-stage, with technical evaluations supported by the engagement of experienced local geologists. All mining activities are being progressed on a phased and capital-disciplined basis, with focus on technical validation, regulatory alignment, and preservation of balance sheet flexibility.

Group Strategic Priorities

As the Group completes its full-year close and audit process, management remains focused on consolidating recent operational gains, strengthening the balance sheet, and executing a disciplined capital allocation strategy.

Operational priorities include sustaining production performance through continued asset optimisation, enhancing operational reliability, and advancing targeted drilling and infrastructure initiatives to improve field deliverability and reserve conversion. Capital deployment will remain focused on maintaining asset integrity, optimising production systems, and supporting initiatives that enhance operational resilience.

In parallel, the Group will continue to scale its trading platform to strengthen liquidity, support cash flow resilience, and expand market access through disciplined use of structured financing, selective geographic diversification, and robust risk management. The Group will also progress selected energy transition and mining initiatives through phased, capital-disciplined execution, prioritising projects with clear long-term value potential and alignment with funding availability, regulatory progress, and partner engagement.

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Financial review

	unit	FY 2025	FY 2024	%Change
Revenue1	N'billion	3,213	4,087	(21)%
Crude proceeds	N'billion	305	283	8%
Gas proceeds	N'billion	106	85	25%
NGL proceeds	N'billion	4	0.4	900%
Trading operations	N'billion	2,728	3,693	(26)%

Gross Profit	N'billion	28	156	(82)%
Operating (Loss)/Profit	N'billion	50	570	(91)%
Income tax credit/ (expense)	N'billion	226	(164)	nm
Profit-After-Tax	N'billion	241	220	10%
EPS	N	30	18	67%

Cash /(used in) generated from operations2	N'billion	70	(223)	nm
Cash and bank balance2	N'billion	380	222	71%
Total Capex3	N'billion	102	19	437%

Crude oil lifting	MMbbl	3.95	3.04	30%
Gas sales4	MMscf	44.31	27.90	59%
NGL sales	MMbbl	0.45	0.06	650%
Total	MMboe	12.04	7.91	52%

Average Realized Oil Price	\$/bbl	65.23	73.91	(12)%
Average Realized Gas Price	\$/Mscf	1.73	2.14	(19)%
Average Realized NGL Price	\$/bbl	6.78	4.31	57%
Exchange rate (average)	N/\$	1,505	1,515	(1)%

1. Includes revenue from Independent Power Projects (IPP), pipeline tariffs, and electric vehicle (EV) initiatives.
1. Represents the balance at 31 December 2025 and 31 December 2024.
1. Total capex does not include asset acquisition costs.
1. Gas sales represent the portion of produced gas that was sold to third parties. Accordingly, sales gas volumes are lower than total gas production.
1. Gas volumes converted to barrels of oil equivalent using a standard conversion factor of 5.8 mscf per boe.

Overview

Oando's full-year 2025 performance reflects the first complete year of consolidated operations following the acquisition of the NAOC JV assets in 2024, marking a significant uplift in upstream capacity, operational resilience, and production scale. Production volumes increased materially across the portfolio, supported by improved asset uptime, infrastructure upgrades, and the full-year impact of operatorship.

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Strong upstream performance, including higher crude oil, gas, and NGL volumes, was partly offset by lower realised prices and reduced trading revenues following a deliberate rebalancing of the Trading Division's portfolio.

Revenue

Group revenue declined 21.5% year-on-year to N3.21 trillion in FY 2025 (FY 2024: N4.09 trillion), reflecting lower trading volumes following a deliberate rebalancing of the Trading Division's portfolio amid structural changes in the domestic downstream market. This was partly offset by stronger upstream contributions, supported by higher production volumes following the consolidation of the NAOC JV interests.

Key segment performance highlights include:

Crude Oil: Lifted volumes totalled 3.95 MMbbl, generating approximately N305 billion in revenue at an average realised price of \$65.23/bbl (FY 2024: \$73.91). Strong volume growth was partly offset by lower realised oil prices.
Natural Gas: Sales volumes increased to 7.39 MMboe (44.31 Bscf), generating approximately N106 billion in revenue at an average realised price of \$1.73/mscf (\$10.35/boe). Volume growth remained robust, despite continued pricing pressure in the domestic gas market.
Natural Gas Liquids (NGLs): NGL volumes rose to 0.45 MMbbl, contributing approximately N4 billion in revenue, supported by improved recovery following the NGL processing plant revamp, albeit at structurally lower realised prices of \$6.78/bbl.
Trading: Revenue declined to N2.7 trillion (FY 2024: N3.7 trillion), reflecting a deliberate reduction in refined-product trading activity amid structural shifts in the domestic downstream market, alongside the trading of 29.4 MMbbl of crude oil during the year.

While realised prices moderated across key commodities during the year, the increase in production volumes underscores the resilience of the Group's upstream assets and reinforces the strategic rationale for rebalancing the earnings mix toward higher-margin, capital-backed production growth.

Gross Profit

Gross profit declined 82.2% year-on-year to N27.8 billion in FY 2025 (FY 2024: N155.9 billion), reflecting a shift in revenue mix and margin dynamics across the portfolio. The reduction was driven primarily by lower trading revenues following the deliberate scaling back of high-turnover, low-margin trading activities, as well as margin compression across certain commodity streams.

While upstream production volumes increased materially following the consolidation of the NAOC JV interests, realised prices for crude oil and gas moderated year-on-year, and NGL pricing remained structurally lower. Cost of sales declined in line with reduced trading activity; however, the combined impact of the changed revenue mix and non-cash accounting items weighed on reported gross profitability for the year, despite improved capital efficiency.

Administrative Expenses

Administrative expenses reduced 54.5% year-on-year to N278.1 billion in FY 2025 (FY 2024: N610.9 billion). The improvement was largely attributable to a significant reduction in foreign exchange losses

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on the revaluation of foreign currency-denominated liabilities compared with the prior year, as well as the reversal of legal provisions no longer required following the resolution of legacy matters. Depreciation and amortisation increased by 71.2% year-on-year to N100.0 billion (FY 2024: N71.2 billion), reflecting higher production volumes.

Impairment of assets

The Group recognised a net impairment reversal of N540.7 billion on financial assets in FY 2025, compared with an impairment charge of N76.2 billion in FY 2024. This represents a material positive swing year-on-year, driven primarily by the resolution and restructuring of previously impaired receivables and legacy balances following settlement arrangements concluded during the period.

Operating Profit

The Group recorded an operating profit of N50.2 billion in FY 2025 (FY 2024: N569.7 billion), representing a decline of 91.1%. This was mainly driven by other operating losses, including fair value losses on modifications to financial instruments recognised during the year. These items are largely non-cash and relate to balance sheet restructuring actions rather than underlying operating performance.

Net Finance Costs

Net finance cost reduced 80.8% year-on-year to N36.2 billion in FY 2025 (FY 2024: N188.6 billion). The improvement reflects lower effective financing costs, the reversal of prior default interest, and the resolution of long-outstanding financing items, consistent with management's focus on balance sheet optimisation and funding efficiency.

Taxation

The Group recognised a tax credit of N226.1 billion in FY 2025 (FY 2024: tax expense of N163.7 billion), representing a swing of N389.8 billion year-on-year. This was driven by the reversal of previously recognised tax provisions and the recognition of deferred tax credits, following ongoing engagements with tax authorities and internal reassessments of historic tax positions.

Profit After Tax

Profit after tax increased 9.6% year-on-year to N241.3 billion in FY 2025 (FY 2024: N220.1 billion). The improvement reflects stronger upstream operating performance, impairment reversals, and favourable tax adjustments, partly offset by fair value and other non-cash losses recognised during the year. Earnings per share increased 66.7% year-on-year to N30 per share (FY 2024: N18 per share).

Liquidity and Balance Sheet

During the year, the Group strengthened its liquidity position through disciplined working capital management, structured bank financing, and targeted balance sheet actions. Funding was secured from a mix of local and international financial institutions to support upstream operations and crude marketing activities. The recovery of outstanding receivables contributed to the reduction and restructuring of corporate facilities and other obligations, while legacy facilities were settled or refinanced. These actions improved the Group's funding profile, reduced near-term liquidity pressure, and enhanced financial flexibility to support ongoing operational and capital requirements. At the

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Company level, retained earnings moved into positive territory during the period, reflecting non-cash intra-group balance sheet movements associated with ongoing capital restructuring activities.

Cash Flow Performance

The Group delivered a material year-on-year improvement in cash flow performance in FY 2025, reflecting stabilised operating performance, improved working capital management, and the normalisation of acquisition-related cash flows following the NAOC transaction in the prior year.

Net cash used in operating activities reduced to N147.4 billion in FY 2025, compared with N535.3 billion in FY 2024, representing an improvement of approximately N387.9 billion year-on-year. The improvement was driven primarily by enhanced receivables recovery, tighter working capital controls, and improved cash conversion across core operating activities, supported by higher production volumes and reduced operational disruptions. Interest and tax payments during the year amounted to N222.6 billion.

Net cash used in investing activities amounted to N16.7 billion in FY 2025, compared with N872.9 billion in FY 2024, which was largely driven by the NAOC asset acquisition. The increased capital expenditure of N101.7 billion (FY 2024: N18.5 billion), is primarily directed toward upstream development, facility integrity and infrastructure investments.

Net cash generated from financing activities was N383.3 billion in FY 2025, compared with N1.47 trillion in FY 2024. Financing inflows during the year were driven by N1.33 trillion in new borrowings to support upstream development and working capital requirements, partly offset by N961.9 billion in debt repayments as the Group continued to rebalance its funding profile and reduce legacy exposures.

As a result of these movements, the Group recorded a net increase in cash and cash equivalents of N219.3billion during the year, closing FY 2025 with a balance of N363.8 billion, compared with N155.3 billion at the start of the period.

Capital Structure and Funding Strategy

Total borrowings stood at N3.00 trillion as at 31 December 2025 (FY 2024: N2.77 trillion), reflecting incremental drawdowns to support operations and capital investment, as well as the impact of foreign exchange movements on foreign-currency-denominated obligations.

During the year, the Group completed the restructuring of longstanding facilities, including the settlement of N27 billion under the MTL and \$98 million under the Corporate Facility. These actions followed shareholder approvals obtained at the 46th Annual General Meeting and Extraordinary General Meeting and form part of the Group's broader capital restructuring programme. The measures have extended repayment profiles, improved liquidity headroom, and strengthened financial flexibility.

\$375 Million Refinancing to Support Upstream Development

In June 2025, Oando Oil Limited (OOL), an upstream subsidiary of Oando PLC and a 20% participant in the OMLs 60–63 Joint Venture, successfully upsized its reserve-based lending facility ("RBL2") to \$375 million. Originally secured at \$525 million in 2019 and reduced to \$100 million by December 2024, the refinancing, led by Afreximbank with support from Mercuria, enhances the Group's financial flexibility and supports its medium-term production growth objectives. The facility will fund the efficient development and monetisation of the Group's upstream asset base.

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Hedging

To manage oil price volatility and support revenue stability, the Group implemented a hedging programme covering 3,000 barrels per day using purchased put options with a strike price of \$59/bbl. These instruments provide downside protection while preserving upside exposure.

Corporate and Governance Updates

During the year, the Group executed the first tranche of its approved 1.28 billion share distribution programme, delivering one fully paid share for every twelve shares held in August 2025. The second tranche will be implemented in line with Board approval.
Board and executive succession were strengthened with the appointment of Ms. Ayotola Jagun as Executive Director and Mrs. Folasade Ibidapo-Obe as Chief Compliance Officer and Company Secretary.
In November 2025, the Company was inducted into the Society for Corporate Governance Nigeria (SCGN), reflecting ongoing enhancements to governance practices, board oversight and compliance frameworks as the Group scaled its operating footprint.

JSE Sponsor to Oando

Questco Corporate Advisory Proprietary Limited