Annual Results for the year ended 31 December 2025

20 April 2026

CADOGAN ENERGY SOLUTIONS PLC

Annual Results for the year ended 31 December 2025

The Board of Cadogan Energy Solutions plc, ("Cadogan" or "the Company"), is pleased to announce the Company's annual results for the year ended 31 December 2025. A summary of the information includes:

Key Financial Highlights of 2025:

• Loss for the year: $1.1 million (2024: loss of $6.2 million)
• Average realised price * : $46.75/boe (2024: $71.13/boe)
• Gross revenues ** : $5.8 million (2024: $9.2 million)
• G&A *** : $4.0 million (2024: $3.5 million)
• Loss per share: 0.45 cent (2024: loss of 2.6 cents)
• Cash and other financial assets (see note 21) at the year-end **** : $20.1 million (2024: $14.4 million)

Key Operational Highlights of 2025:

• Oil production: 117,408 bbl (2024: 129,272 bbl), a 9% decrease year-on-year;
• No LTI/TRI ***** . All employees and assets have been secured;
• In January 2025, Cadogan received 10 million euros as provided in the Settlement Agreement signed with Proger in December 2024. Subsequently, Cadogan exited from the Loan Agreement signed in February 2019, ended all the litigations procedures and dissolved the pledge over the corresponding shares in Proger Ingegneria;
• In Italy, Exploenergy has obtained two gas exploration licences in Northern Italy, for the Corzano project located in the Lombardia region and the Reno Centese project located in the Emilia Romagna region;
• New decentralised power generation infrastructure has been developed in Western Ukraine, with a total capacity of 12.3 MW. As of April 2026, 9.2 MW are operating and producing electricity sold to the grid operator. Remaining 3.1 MW is undergoing commissioning process prior to operational start;
• The Gas-to power infrastructure using the non-commercial gas of Blazhiv field for producing electricity is operational since February 2026, and selling electricity to the grid operator; and
• The ISO 14001 and 45001 certifications were re-validated by respective authorities for one year.

The Annual Report and Financial Statements for the year ended 31 December 2025 are attached to this announcement. Alternatively, copies are available on the Company's website at:   www.cadoganenergysolutions.com

In accordance with the UK Listing Rules, a copy of the report will be submitted shortly to the National Storage Mechanism and will shortly be available for inspection at:   https://data.fca.org.uk/#/nsm/nationalstoragemechanism .

*   Average realised price is calculated as total revenue from oil sales for the period divided by total volume of sold oil for the period.

**   Gross revenues of $5.8 million (2024: $9.2 million) included $0.3 million (2024: nil) from trading of natural gas, $5.5 million (2024:$9.2 million) from production.

***   Administrative expenses ("G&A").

****   Group's cash position is $13.6 million and with an other financial asset amount of $6.5 million (£4.8 million) being an amount held on deposit as a collateral for SBLC provided by a UK Bank to one of the Company's subsidiaries (see note 21).

*****   LTI: Lost Time Incidents; TRI: Total Recordable Incidents.

Attachment

• 260417 Cadogan Group AR 2025_final.pdf

ENDS

About

Cadogan Energy Solutions is an independent, multi-energy group, operating an exploration and production license in Western Ukraine, with two gas exploration licenses in Northern Italy granted in 2025. Cadogan is now an operator in the power generation sector. The Company's goal is to expand its investments across the energy value chain with a focus on energy solutions and services with a reduced environmental footprint.

For further information, please contact:

Cadogan Energy Solutions plc
Fady Khallouf   Chief Executive Officer   [e-mail]
Ben Harber   Company Secretary   [phone]

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260417 Cadogan Group AR 2025 final

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