Results for the year ended 31 December 2025

Summary by AI ^BETAClose X

EnQuest PLC reported its results for the year ended 31 December 2025, with production reaching 42,945 Boepd, an increase from 40,736 Boepd in 2024, driven by the acquisition of Vietnam operations and strong performance in Malaysia. Revenue decreased to $1,118.3 million from $1,180.7 million in the prior year, primarily due to lower oil prices, while adjusted EBITDA fell to $503.8 million from $673.9 million. The company refinanced its Reserve Based Lending facility in Q4 2025, increasing liquidity to $679 million, and proposed a final dividend of approximately $20.0 million, subject to shareholder approval. The company also highlighted progress in its South East Asia diversification strategy, targeting 35 Kboed net production from the region by 2030.

Disclaimer*

	Notes	2025 $'000	2024 $'000
ASSETS
Non-current assets
Property, plant and equipment	9	2,370,131	2,297,954
Goodwill	10	139,510	134,400
Intangible assets	11	24,615	20,563
Deferred tax assets	6(c)	271,375	506,481
Other receivables	15	128,166	2,102
Other financial assets	18	50,818	38,459
		2,984,615	2,999,959
Current assets
Intangible assets	11	1,110	1,138
Inventories	12	32,759	48,976
Trade and other receivables	15	245,469	230,971
Current tax receivable		2,021	1,256
Cash and cash equivalents	13	268,846	280,239
Other financial assets	18	59,491	69
		609,696	562,649
TOTAL ASSETS		3,594,311	3,562,608
EQUITY AND LIABILITIES
Equity
Share capital and premium	19	392,054	392,054
Treasury shares	19	(3,540)	(4,425)
Share-based payments reserve	19	12,395	13,949
Capital redemption reserve	19	2,006	2,006
Retained earnings	19	125,144	138,882
TOTAL EQUITY		528,059	542,466
Non-current liabilities
Loans and borrowings	17	638,211	621,440
Lease liabilities	23	285,767	288,262
Contingent consideration	21	24,302	452,891
Provisions⁽ⁱ⁾	22	877,954	710,976
Deferred income	24	138,095	138,095
Deferred tax liabilities	6(c)	250,364	104,698
		2,214,693	2,316,362
Current liabilities
Loans and borrowings	17	69,253	43,417
Lease liabilities	23	86,323	46,994
Contingent consideration	21	60,318	20,403
Provisions⁽ⁱ⁾	22	54,082	55,130
Trade and other payables	16	454,650	414,390
Other financial liabilities	18	10,391	21,580
Current tax payable		116,542	101,866
		851,559	703,780
TOTAL LIABILITIES		3,066,252	3,020,142
TOTAL EQUITY AND LIABILITIES		3,594,311	3,562,608

	Notes	Share capital $'000	Share premium $'000	Treasury shares $'000	Share-based payments reserve $'000	Capital redemption reserve $'000	Retained earnings $'000	Total $'000
Balance at 1 January 2024		133,285	260,546	-	13,195	-	49,702	456,728
Profit for the year		-	-	-	-	-	93,773	93,773
Total comprehensive income for the year		-	-	-	-	-	93,773	93,773
Issue of shares to Employee Benefit Trust		229	-	-	(229)	-	-	-
Repurchase and cancellation of shares		(2,006)	-	(4,425)	-	2,006	(4,593)	(9,018)
Share-based payment		-	-	-	983	-	-	983
Balance at 31 December 2024		131,508	260,546	(4,425)	13,949	2,006	138,882	542,466
Profit for the year		-	-	-	-	-	1,562	1,562
Total comprehensive income for the year		-	-	-	-	-	1,562	1,562
Transfer of shares to Employee Benefit Trust	19	-	-	885	(885)	-	-	-
Share-based payment	20	-	-	-	(669)	-	-	(669)
Dividend paid		-	-	-	-	-	(15,300)	(15,300)
Balance at 31 December 2025		131,508	260,546	(3,540)	12,395	2,006	125,144	528,059

	Notes	2025 $'000	2024 $'000
CASH FLOW FROM OPERATING ACTIVITIES
Cash generated from operations	29	497,819	685,946
Cash received/(paid) on sale/(purchase) of financial instruments		9,075	(10,306)
Net cash received for trading of other intangible assets		26,829	-
Cash paid for purchase of other intangible assets		(6,472)	(1,138)
Cash paid in relation to amounts previously provided for		(481)	(9,063)
Decommissioning spend		(56,810)	(60,544)
Income taxes paid		(107,235)	(97,264)
Net cash flows from/(used in) operating activities		362,725	507,631
INVESTING ACTIVITIES
Purchase of property, plant and equipment		(175,025)	(249,165)
Proceeds from farm-down		-	1,263
Vendor financing facility repaid	18(f),24	-	107,518
Purchase of intangible oil and gas assets	11	(4,225)	(3,686)
Payment of Magnus contingent consideration - Profit share	21	-	(48,465)
Acquisition	30	(20,278)	-
Interest received		5,286	10,100
Net cash flows (used in)/from investing activities		(194,242)	(182,435)
FINANCING ACTIVITIES
Proceeds from loans and borrowings		152,432	31,662
Repayment of loans and borrowings		(146,451)	(162,304)
Payment for repurchase of shares		-	(9,018)
Payment of obligations under financing leases	23	(83,061)	(130,065)
Dividend paid	8	(15,300)	-
Interest paid		(96,997)	(83,162)
Other finance expenses paid		(3,606)	-
Net cash flows (used in)/from financing activities		(192,983)	(352,887)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS		(24,500)	(27,691)
Net foreign exchange on cash and cash equivalents		13,107	(5,642)
Cash and cash equivalents at 1 January		280,239	313,572
CASH AND CASH EQUIVALENTS AT 31 DECEMBER		268,846	280,239
Reconciliation of cash and cash equivalents
Total cash at bank and in hand	13	265,886	226,317
Restricted cash	13	2,960	53,922
Cash and cash equivalents per balance sheet		268,846	280,239

	2026	2027	2028	2029>
Brent oil ($/bbl)	65.0	67.5	72.5	75.0

Year ended 31 December 2025 $'000	North Sea	Malaysia	All other segments	Total segments	Adjustments and eliminations^{(i), (iii)}	Consolidated
Revenue and other operating income:
Revenue from contracts with customers	895,313	114,110	52,842	1,062,265	-	1,062,265
Other operating income/(expense)	1,770	-	343	2,113	53,922	56,035
Total revenue and other operating income/(expense)	897,083	114,110	53,185	1,064,378	53,922	1,118,300
Income/(expenses) line items:
Depreciation and depletion	(244,937)	(18,183)	(9,308)	(272,428)	-	(272,428)
Net impairment reversal/(charge) to oil and gas assets	5,819	-	-	5,819	-	5,819
Exploration write-off and impairments	(173)	-	-	(173)	-	(173)
Segment profit/(loss)(ii), (iii)	489,959	43,770	9,090	542,819	105,975	648,794
Other disclosures:
Capital expenditure(iv)	148,814	63,214	1,328	213,356	-	213,356

Year ended 31 December 2024 $'000	North Sea	Malaysia	All other segments	Total segments	Adjustments and eliminations^{(i), (iii)}	Consolidated
Revenue and other operating income:
Revenue from contracts with customers	1,063,829	123,728	-	1,187,557	-	1,187,557
Other operating income/(expense)	2,709	-	260	2,969	(9,817)	(6,848)
Total revenue and other operating income/(expense)	1,066,538	123,728	260	1,190,526	(9,817)	1,180,709
Income/(expenses) line items:
Depreciation and depletion	(252,208)	(17,042)	(41)	(269,291)	-	(269,291)
Net impairment (charge)/reversal to oil and gas assets	(71,414)	-	-	(71,414)	-	(71,414)
Exploration write-off and impairments	-	(183)	-	(183)	-	(183)
Segment profit/(loss)(ii), (iii)	274,354	45,536	9,013	328,903	(17,375)	311,528
Other disclosures:
Capital expenditure(iv)	313,557	32,774	15	346,346	-	346,346

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Revenue from contracts with customers:
Revenue from crude oil sales	858,166	1,020,266
Revenue from gas and condensate sales(i)	200,526	164,647
Tariff revenue	3,573	2,644
Total revenue from contracts with customers	1,062,265	1,187,557
Realised gains/(losses) on commodity derivative contracts (see note 18)	8,744	(12,907)
Unrealised gains/(losses) on commodity derivative contracts (see note 18)	45,178	3,090
Other	2,113	2,969
Total revenue and other operating income	1,118,300	1,180,709

		Year ended 31 December 2025 $'000			Year ended 31 December 2024 $'000
Revenue from contracts with customers:
Revenue from crude oil sales	703,071	103,299	51,796	858,166	900,310	119,956	-	1,020,266
Revenue from gas and condensate sales(i)	192,074	7,406	1,046	200,526	162,951	1,696	-	164,647
Tariff revenue	168	3,405	-	3,573	568	2,076	-	2,644
Total revenue from contracts with customers	895,313	114,110	52,842	1,062,265	1,063,829	123,728	-	1,187,557

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Production costs	344,580	307,634
Tariff and transportation expenses	69,189	70,449
Realised (gain)/loss on derivative contracts related to operating costs (see note 18)	(19,711)	4,735
Unrealised (gains)/losses on derivative contracts related to operating costs (see note 18)	(32,342)	2,823
Other non-cash UKA losses	11,490	1,335
Change in lifting position	3,350	3,528
Crude oil inventory movement	14,057	(1,356)
Depletion of oil and gas assets(i)	267,299	263,251
Other cost of operations(ii)	179,628	134,984
Total cost of sales	837,540	787,383

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Staff costs (see note 4(e))	73,634	75,833
Depreciation(i)	5,129	6,040
Other general and administration costs	26,359	26,748
Recharge of costs to operations and joint venture partners	(97,640)	(102,919)
Total general and administration expenses	7,482	5,702

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Net foreign exchange (losses)/gains	(28,330)	9,975
Rental income from office sublease	1,893	2,201
Fair value changes in contingent consideration (see note 21)	387,145	(15,904)
Change in decommissioning provisions (see note 22)	(9,727)	(6,666)
Change in Thistle decommissioning provision (see note 22)	(4,772)	(412)
Drilling rig contract cancellation costs⁽ⁱ⁾	-	(14,629)
Write-down of relinquished assets/unsuccessful exploration expenditure (see note 11)	(173)	(183)
Insurance income	(53)	1,663
Reversal of provisions	4,685	-
Other	19,029	19,273
Total other income/(expenses)	369,697	(4,682)

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Wages and salaries	62,286	66,700
Social security costs	6,202	5,899
Defined contribution pension costs	5,932	5,265
(Credit)/expense of share-based payments (see note 20)	(669)	983
Other staff costs	13,969	12,300
Total employee costs	87,720	91,147
Contractor costs	46,529	37,493
Total staff costs	134,249	128,640
General and administration staff costs (see note 4(c))	73,634	75,833
Non-general and administration costs	60,615	52,807
Total staff costs	134,249	128,640

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Fees payable to the Company's auditor for the audit of the parent company and Group financial statements	1,476	1,367
The audit of the Company's subsidiaries	303	173
Total audit	1,779	1,540
Audit-related assurance services(i)	694	589
Total audit and audit-related assurance services	2,473	2,129
Total auditor's remuneration	2,473	2,129

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Finance costs:
Loan interest payable	6,027	18,524
Bond interest payable	69,269	54,971
Unwinding of discount on decommissioning provisions (see note 22)	35,912	30,290
Unwinding of discount on other provisions (see note 22)	755	911
Debt refinancing fees (see note 17)	-	4,809
Finance charges payable under leases (see note 23)	25,100	27,673
Finance fees on loans and bonds including amortisation of capitalised fees	15,337	14,473
Other financial expenses	12,191	7,771
Total finance costs	164,591	159,422
Finance income:
Bank interest receivable	6,535	11,110
RockRose loan interest (see note 18(f))	2,639	3,263
Other financial income	50	135
Total finance income	9,224	14,508

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Current UK income tax
Current income tax charge	1,051	-
Current overseas income tax
Current income tax charge	12,351	11,432
Adjustments in respect of current income tax of previous years	307	(746)
UK Energy Profits Levy
Current year charge	84,069	10,262
Adjustments in respect of current charge of previous years⁽ⁱ⁾	19,378	(8,803)
Total current income tax	117,156	12,145
Deferred UK income tax
Relating to origination and reversal of temporary differences	222,897	42,745
Adjustments in respect of deferred income tax of previous years⁽ⁱ⁾	12,209	(9,103)
Deferred overseas income tax
Relating to origination and reversal of temporary differences	7,581	7,071
Adjustments in respect of deferred income tax of previous years	(363)	31
Deferred UK Energy Profits Levy
Relating to origination and reversal of temporary differences	134,985	11,156
Adjustments in respect of changes in tax rates	-	6,889
Adjustments in respect of deferred charge of previous years	(2,600)	1,907
Total deferred income tax	374,709	60,696
Income tax expense reported in profit or loss	491,865	72,841

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Profit/(loss) before tax	493,427	166,614
UK statutory tax rate applying to North Sea oil and gas activities of 40% (2024: 40%)	197,371	66,646
Supplementary corporation tax non-deductible expenditure	4,383	5,809
Non-deductible expenditure(i)	8,537	26,114
Non-taxable gain on sale of assets	-	505
Petroleum revenue tax (net of income tax benefit)	(363)	(8,938)
Tax in respect of non-ring-fence trade	13,776	7,298
Deferred tax asset not recognised in respect of non-ring-fence trade	21,426	12,243
Deferred tax asset recognised on previously unrecognised losses	-	(48,115)
UK Energy Profits Levy(ii)	95,179	(13,921)
UK Energy Profits Levy - changes in tax rates(iii)	-	6,889
UK Energy Profits Levy - abolishment of Investment Allowance(iii)	-	35,339
UK Energy Profits Levy - extension to March 2030(iv)	123,875	-
Adjustments in respect of prior years	28,931	(16,713)
Overseas tax rate differences	(1,323)	2,045
Share-based payments	(132)	(1,407)
Other differences	205	(953)
At the effective income tax rate of 100% (2024: 44%)	491,865	72,841

	Group balance sheet	Charge/(credit) for the year recognised in profit or loss
Deferred tax liability
Accelerated capital allowances	1,039,396	911,501	126,945	33,701
	1,039,396	911,501
Deferred tax asset
Losses	(627,124)	(717,900)	90,777	(22,012)
Decommissioning liability	(296,069)	(263,705)	(33,047)	2,095
Other temporary differences⁽ⁱ⁾	(137,214)	(331,679)	190,034	46,912
	(1,060,407)	(1,313,284)	374,709	60,696
Net deferred tax (assets)⁽ⁱⁱ⁾	(21,011)	(401,783)
Reflected in the balance sheet as follows:
Deferred tax assets	(271,375)	(506,481)
Deferred tax liabilities	250,364	104,698
Net deferred tax (assets)	(21,011)	(401,783)

	2025 $'000	2024 $'000
At 1 January	401,783	462,479
Tax expense during the period recognised in profit or loss	(374,709)	(60,696)
Deferred taxes acquired in business combinations (see note 30)	(6,063)	-
At 31 December	21,011	401,783

	Profit/(loss) after tax	Weighted average number of Ordinary shares	Earnings per share
Basic	1,562	93,773	1,859.9	1,891.9	0.001	0.050
Dilutive potential of Ordinary shares granted under share-based incentive schemes	-	-	24.2	24.3	-	(0.001)
Diluted	1,562	93,773	1,884.1	1,916.2	0.001	0.049

	Oil and gas assets $'000	Office furniture, fixtures and fittings $'000	Right-of- use assets (note 23) $'000	Total $'000
Cost:
At 1 January 2024	9,243,807	68,578	904,994	10,217,379
Additions	325,813	394	16,453	342,660
Change in decommissioning provision	(741)	-	-	(741)
At 1 January 2025	9,568,879	68,972	921,447	10,559,298
Additions	176,552	277	32,302	209,131
Acquisition (see note 30)	24,716	-	33,002	57,718
Disposals	(1,672)	-	(37,881)	(39,553)
Change in decommissioning provision (note 22)	77,862	-	-	77,862
At 31 December 2025	9,846,337	69,249	948,870	10,864,456
Accumulated depreciation, depletion and impairment:
At 1 January 2024	7,364,063	59,314	497,262	7,920,639
Charge for the year	211,873	2,683	54,735	269,291
Net impairment charge/(reversal) for the year	75,428	-	(4,014)	71,414
At 1 January 2025	7,651,364	61,997	547,983	8,261,344
Charge for the year	211,616	1,628	59,184	272,428
Net impairment (reversal)/charge for the year	23,019	-	(28,838)	(5,819)
Disposal	-	-	(33,628)	(33,628)
At 31 December 2025	7,885,999	63,625	544,701	8,494,325
Net carrying amount:
At 31 December 2025	1,960,338	5,624	404,169	2,370,131
At 31 December 2024	1,917,515	6,975	373,464	2,297,954
At 1 January 2024	1,879,744	9,264	407,732	2,296,740

	Impairment reversal/(charge)	Recoverable amount(i)
North Sea	5,819	(71,414)	1,100,312	1,172,487
Net pre-tax impairment reversal/(charge)	5,819	(71,414)

	2025 $'000	2024 $'000
Cost and net carrying amount
At 1 January	134,400	134,400
Acquisition (see note 30)	5,110	-
At 31 December	139,510	134,400

	Exploration and appraisal assets $'000	UK emissions allowances $'000	Total $'000
Cost:
At 1 January 2024	127,476	876	128,352
Additions	3,686	1,138	4,824
Write-off of unsuccessful exploration expenditure	(183)	-	(183)
Disposal	(1,263)	(876)	(2,139)
At 1 January 2025	129,716	1,138	130,854
Additions	4,225	6,472	10,697
Write-off of relinquished licence	(173)	-	(173)
Disposal	-	(6,500)	(6,500)
At 31 December 2025	133,768	1,110	134,878
Accumulated impairment:
At 1 January 2024, 1 January 2025 and 31 December 2025	(109,153)	-	(109,153)
Net carrying amount:
At 31 December 2025	24,615	1,110	25,725
At 31 December 2024	20,563	1,138	21,701
At 1 January 2024	18,323	876	19,199

	2025 $'000	2024 $'000
Hydrocarbon inventories	8,487	22,544
Well supplies	24,272	26,432
	32,759	48,976

31 December 2025	Notes	Carrying Value $'000	Total $'000	Quoted prices in active markets (Level 1) $'000	Significant observable inputs (Level 2) $'000	Significant unobservable inputs (Level 3) $'000
Financial assets measured at fair value:
Derivative financial assets measured at FVPL
Commodity contracts	18(a)	36,754	36,754	-	36,754	-
Forward foreign currency contracts	18(a)	932	932	-	932	-
Forward UKA contracts	18(a)	28,721	28,721	-	28,721	-
Other financial assets measured at FVPL						-
Quoted equity shares		6	6	6	-	-
Total financial assets measured at fair value		66,413	66,413	6	66,407	-
Financial assets measured at amortised cost:
Vendor financing facility	18(f)	43,896	43,896	-	43,896	-
Total financial assets measured at amortised cost⁽ⁱ⁾		43,896	43,896	-	43,896	-
Liabilities measured at fair value:
Derivative financial liabilities measured at FVPL
Commodity contracts	18(a)	1,997	1,997	-	1,997	-
Forward UKA contracts	18(a)	8,394	8,394	-	8,394	-
Other financial liabilities measured at FVPL
Contingent consideration	21	84,620	84,620	-	-	84,620
Total liabilities measured at fair value		95,011	95,011	-	10,391	84,620
Liabilities measured at amortised cost
Interest-bearing loans and borrowings⁽ⁱ⁾	17	60,324	60,324	-	60,324	-
GBP retail bond 9.00%⁽ⁱⁱ⁾	17	181,812	180,892	180,892	-	-
USD high yield bond 11.625%⁽ⁱⁱ⁾	17	465,328	470,878	470,878	-	-
Total liabilities measured at amortised cost⁽ⁱⁱⁱ⁾		707,464	712,094	651,770	60,324	-

	2025 $'000	2024 $'000
Current
Trade receivables	15,357	20,151
Joint venture receivables	104,608	106,963
Under-lift position	18,073	16,806
VAT receivable	12,377	7,574
Vietnam lease receivable from joint venture partners	5,122	-
Other receivables⁽ⁱ⁾	55,015	25,989
Prepayments	13,821	5,720
Accrued income	21,096	47,768
Total current	245,469	230,971
Non-current
Vietnam abandonment fund	92,079	-
Vietnam lease receivable from joint venture partners	19,473	-
Other receivables	16,614	2,102
Total non-current	128,166	2,102

	2025 $'000	2024 $'000
Current
Trade payables	124,806	138,822
Accrued expenses	287,408	209,225
Over-lift position	8,136	16,849
Joint venture creditors	25,750	46,187
Other payables	8,550	3,307
Total current	454,650	414,390

	2025 $'000	2024 $'000
Loans	60,324	33,972
Bonds	647,140	630,885
	707,464	664,857

	2025	2024
SVT working capital facility	36,331	-	36,331	33,972	-	33,972
Vendor loan facility	22,096	-	22,096	-	-	-
USD high yield bond 11.625%	465,000	(6,156)	458,844	465,000	(10,661)	454,339
GBP retail bond 9.00% (GBP 133.3 million)	179,367	-	179,367	167,101	-	167,101
Accrued interest⁽ⁱ⁾	10,826	-	10,826	9,445	-	9,445
Total borrowings	713,620	(6,156)	707,464	675,518	(10,661)	664,857
Due within one year			69,253			43,417
Due after more than one year			638,211			621,440
Total borrowings			707,464			664,857

	2025	2024
Fair value through profit or loss:
Derivative commodity contracts	35,009	1,997	69	10,497
Forward foreign currency contracts	932	-	-	2,354
Derivative UKA contracts	23,550	8,394	-	8,729
Total current	59,491	10,391	69	21,580
Fair value through profit or loss:
Derivative commodity contracts	1,745	-	-	-
Derivative UKA contracts	5,171	-	-	-
Quoted equity shares	6	-	6	-
Amortised cost:
Other receivables (Vendor financing facility) (notes 18(f), 24)	43,896	-	38,453	-
Total non-current	50,818	-	38,459	-

Total other financial assets and liabilities	110,309	10,391	38,528	21,580

Year ended 31 December 2025	Revenue and other operating income	Cost of sales
Commodity options	(6,561)	7,766	-	-
Commodity swaps	15,567	37,225	-	-
Commodity futures	(262)	187	-	-
Foreign exchange contracts	-	-	20,766	3,286
UKA contracts	-	-	(1,055)	29,056
	8,744	45,178	19,711	32,342

Year ended 31 December 2024	Revenue and other operating income	Cost of sales
Realised $'000	Unrealised $'000	Realised $'000	Unrealised $'000
Commodity options	(19,899)	10,617	-	-
Commodity swaps	7,467	(7,340)	-	-
Commodity futures	(475)	(187)	-	-
Foreign exchange contracts	-	-	2,859	(2,354)
UKA contracts	-	-	(7,594)	(469)
	(12,907)	3,090	(4,735)	(2,823)

Authorised, issued and fully paid	Ordinary shares of £0.05 each Number	Share capital $'000	Share premium $'000	Treasury shares $'000	Capital redemption reserve $'000	Total $'000
At 1 January 2025	1,885,029,503	131,508	260,546	(4,425)	2,006	389,635
Shares transferred to EBT	-	-	-	885	-	885
At 31 December 2025	1,885,029,503	131,508	260,546	(3,540)	2,006	390,520

Companies

EnQuest (ENQ)

UK 100

Latest directors dealings

2 hours ago Tertiary Minerals
2 hours ago Hargreaves Services
15 hours ago ASOS
15 hours ago MJ Gleeson
15 hours ago Rolls-Royce Holdings

All directors dealings today

Macro conditions	2025	2024	Change
Brent oil price⁴ ($/bbl)	68.2	80.5	-15.3%
Natural gas price⁵ (GBp/Therm)	88.3	83.6	+5.6%

Alternative performance measures ('APMs')	2025	2024	Change
Production (Boepd)	42,945	40,736	5.4%
Realised oil price ($/bbl)^1,2	68.8	80.2	-14.2%
Average unit operating costs ($/Boe)²	25.1	25.6	-2.0%
Adjusted EBITDA ($m)²	503.8	673.9	-25.2%
Cash expenditures ($m)	236.0	313.4	-24.7%
Capital²	179.2	252.9	-29.1%
Decommissioning	56.8	60.5	-6.1%
Adjusted free cash flow ($m)²	8.7	53.2	-83.6%

	End 2025	End 2024
EnQuest net (debt)/cash ($m)²	(433.9)	(385.8)	12.5%

Statutory measures	2025	2024	Change %
Reported revenue and other operating income ($m)³	1,118.3	1,180.7	-5.3%
Cost of sales ($m)	(837.5)	(787.4)	6.4%
Reported gross profit ($m)	280.8	393.3	-28.6%
Reported profit/(loss) after tax ($m)	1.6	93.8	-98.3%
Reported basic earnings/(loss) per share (cents)	0.1	5.0	-82.0%
Net cash flow from operating activities ($m)	362.7	507.6	-28.5%
Net increase/(decrease) in cash and cash equivalents ($m)	(24.5)	(27.7)	11.6%

EnQuest PLC	Tel: +44 (0)20 7925 4900
Amjad Bseisu (Chief Executive)
Jonathan Copus (Chief Financial Officer)
Craig Baxter (Head of Investor Relations and Corporate Affairs)

Teneo	Tel: +44 (0)20 7353 4200
Martin Robinson Harry Cameron

	2025 $ million	2024 $ million
Production costs	344.5	307.6
Tariff and transportation expenses	69.2	70.5
Realised (gain)/loss on derivatives related to operating costs	(19.7)	4.7
Operating costs1	394.0	382.8
Charge/(credit) relating to the Group's lifting position and hydrocarbon inventory	17.4	2.2
Other cost of operations	179.6	135.0
Depletion of oil and gas assets	267.3	263.3
Other cost of sales	(20.8)	4.1
Cost of sales	837.5	787.4
Unit operating cost2	$/Boe	$/Boe
- Production costs	22.0	20.6
- Tariff and transportation expenses	4.4	4.7
Average unit operating cost (excluding gain/loss on derivatives)	26.4	25.3
Average unit operating cost (including gain/loss on derivatives)	25.1	25.6

Adjusted EBITDA	2025 $ million	2024 $ million
Profit/(loss) from operations before tax and finance income/(costs)	648.8	311.5
Net unrealised commodity, foreign exchange and UKA hedge (gain)/loss	(77.5)	(0.3)
Depletion and depreciation	272.4	269.3
Impairment (reversal)/charge	(5.8)	71.4
Change in fair value of contingent consideration	(387.1)	15.9
Net other expenses	21.9	21.6
Change in well inventories	2.8	(5.5)
Net foreign exchange revaluation loss/(gain)	28.3	(10.0)
Adjusted EBITDA1	503.8	673.9

Capital expenditure	2025 $ million	2024 $ million
North Sea	128.0	230.4
Malaysia and Vietnam	48.5	19.0
Exploration and evaluation	2.7	3.5
	179.2	252.9

	$ million
EnQuest net debt 1 January 2025	(385.8)
Net cash flows from operating activities	362.7
Cash capital expenditure	(179.2)
Net interest and finance costs paid	(91.7)
Finance lease payments	(83.1)
Dividend paid	(15.3)
Vietnam asset acquisition	(20.3)
RBL re-financing fees	(17.8)
Other movements, primarily net foreign exchange on cash and debt	(3.4)
EnQuest net debt 31 December 20251	(433.9)

EnQuest net debt	31 December 2025 $ million	31 December 2024 $ million
Bonds	644.4	632.1
Senior secured debt facility ('RBL')	-	-
Vendor loan facility	22.1	-
SVT working capital facility	36.3	33.9
Cash and cash equivalents	(268.9)	(280.2)
EnQuest net debt1	433.9	385.8

	North Sea			South East Asia			Total
	Oil and NGLs MMbbls	Gas Bcf	Total MMboe	Oil and NGLs MMbbls	Gas Bcf	Total MMboe	Oil and NGLs MMbbls	Gas Bcf	Total MMboe
2P reserves (working interest)1,2,3,5,6
1 January 2025	123.3	52.7	132.3	20.0	94.2	36.3	143.3	146.9	168.6
Revisions4	0.5	0.3	0.6	2.0	30.7	7.6	2.6	31.0	8.2
Production	(10.5)	(5.2)	(11.4)	(2.6)	(1.7)	(2.9)	(13.1)	(6.9)	(14.3)
31 December 2025	113.3	47.8	121.5	19.5	123.2	41.0	132.8	171.0	162.5

2C resources (working interest)1,2,7,8
1 January 2025	305.1	18.1	308.2	17.8	160.2	45.4	322.9	178.3	353.6
Revisions, additions and relinquishments	(0.4)	0.0	(0.4)	21.1	403.7	98.9	20.7	403.7	98.5
31 December 2025	304.8	18.1	307.9	38.9	563.9	144.3	343.6	582.0	452.1

Average daily production on a net working interest basis	1 Jan 2025 to 31 Dec 2025	1 Jan 2024 to 31 Dec 2024
	(Boepd)	(Boepd)
UK Upstream
- Magnus	15,335	14,173
- Kraken	10,948	12,759
- Golden Eagle	2,736	3,328
- Other Upstream¹	2,103	2,327
Total UK	31,122	32,587
Total Malaysia	9,201	8,149
Total Vietnam	2,622	-
Total EnQuest	42,945	40,736

	2025	2024	2023
Brent oil price ($/bbl)	68.2	80.5	82.5
ESG metrics:
Group LTIF¹	0.69	1.55	0.52
Scope 1 and Scope 2 Emissions (kilo-tonnes of CO₂ equivalent)	1,068.0	1,068.4	1,041.9
Business performance data:
Production (Boepd)	42,945	40,736	43,812
Unit opex (production and transportation costs) ($/Boe)²	25.1	25.6	21.7
Cash expenditures ($ million)	236.0	313.4	211.1
Capital²	179.2	252.9	152.2
Decommissioning	56.8	60.5	58.9
Reported data:
Cash generated from operations ($ million)	497.8	685.9	854.7
EnQuest net debt ($ million)²	433.9	385.8	480.9
Net 2P reserves (MMboe)	163	169	175

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Segment profit/(loss) before tax and finance income/(costs)	542,819	328,903
Finance costs	(164,591)	(159,422)
Finance income	9,224	14,508
Gain/(loss) on derivatives(i)	105,975	(17,375)
Profit/(loss) before tax	493,427	166,614

Office furniture and equipment	Five years
Fixtures and fittings	Ten years
Right-of-use assets*	Lease term

	2025 $'000	2024 $'000
Available cash	265,886	226,317
Restricted cash	2,960	53,922
Cash and cash equivalents	268,846	280,239

31 December 2024	Notes	Carrying Value $'000	Total $'000	Quoted prices in active markets (Level 1) $'000	Significant observable inputs (Level 2) $'000	Significant unobservable inputs (Level 3) $'000
Financial assets measured at fair value:
Derivative financial assets measured at FVPL
Gas commodity contracts	18(a)	69	69	-	69	-
Other financial assets measured at FVPL						-
Quoted equity shares		6	6	6	-	-
Total financial assets measured at fair value		75	75	6	69	-
Financial assets measured at amortised cost:
Vendor financing facility	18(f)	38,453	38,453	-	38,453	-
Total financial assets measured at amortised cost⁽ⁱ⁾		38,453	38,453	-	38,453	-
Liabilities measured at fair value:
Derivative financial liabilities measured at FVPL
Commodity derivative contracts	18(a)	10,497	10,497	-	10,497	-
Forward foreign currency contracts	18(a)	2,354	2,354	-	2,354	-
Forward UKA contracts	18(a)	8,729	8,729	-	8,729	-
Other financial liabilities measured at FVPL
Contingent consideration	21	473,294	473,294	-	-	473,294
Total liabilities measured at fair value		494,874	494,874	-	21,580	473,294
Liabilities measured at amortised cost
Interest-bearing loans and borrowings⁽ⁱ⁾	17	33,972	33,972	-	33,972	-
GBP retail bond 9.00%⁽ⁱⁱ⁾	17	169,371	161,461	161,461	-	-
USD high yield bond 11.625%⁽ⁱⁱ⁾	17	461,514	466,102	466,102	-	-
Total liabilities measured at amortised cost⁽ⁱⁱⁱ⁾		664,857	661,535	627,563	33,972	-

	2025			2024
	Principal $'000	Fees $'000	Total $'000	Principal $'000	Fees $'000	Total $'000
SVT working capital facility	36,331	-	36,331	33,972	-	33,972
Vendor loan facility	22,096	-	22,096	-	-	-
USD high yield bond 11.625%	465,000	(6,156)	458,844	465,000	(10,661)	454,339
GBP retail bond 9.00% (GBP 133.3 million)	179,367	-	179,367	167,101	-	167,101
Accrued interest⁽ⁱ⁾	10,826	-	10,826	9,445	-	9,445
Total borrowings	713,620	(6,156)	707,464	675,518	(10,661)	664,857
Due within one year			69,253			43,417
Due after more than one year			638,211			621,440
Total borrowings			707,464			664,857

	2025		2024
	Assets $'000	Liabilities $'000	Assets $'000	Liabilities $'000
Fair value through profit or loss:
Derivative commodity contracts	35,009	1,997	69	10,497
Forward foreign currency contracts	932	-	-	2,354
Derivative UKA contracts	23,550	8,394	-	8,729
Total current	59,491	10,391	69	21,580
Fair value through profit or loss:
Derivative commodity contracts	1,745	-	-	-
Derivative UKA contracts	5,171	-	-	-
Quoted equity shares	6	-	6	-
Amortised cost:
Other receivables (Vendor financing facility) (notes 18(f), 24)	43,896	-	38,453	-
Total non-current	50,818	-	38,459	-

Total other financial assets and liabilities	110,309	10,391	38,528	21,580

	Other receivables $'000	Equity shares $'000	Total $'000
At 1 January 2024	145,103	6	145,109
Interest	3,263	-	3,263
Repayments	(107,518)	-	(107,518)
Foreign Exchange	(2,395)	-	(2,395)
At 31 December 2024	38,453	6	38,459
Interest	2,639	-	2,639
Foreign Exchange	2,804	-	2,804
At 31 December 2025	43,896	6	43,902
Current			-
Non-current			43,902
			43,902

	2025 $'000	2024 $'000
Performance Share Plan	(806)	511
Other performance share plans	(8)	64
Sharesave Plan	145	408
	(669)	983

Share plans	2025 Number	2024 Number
Outstanding at 1 January	88,617,683	87,367,455
Granted during the year	27,138,555	35,353,664
Exercised during the year	(1,493,821)	(7,291,023)
Forfeited during the year	(17,282,431)	(26,812,413)
Outstanding at 31 December	96,979,986	88,617,683
Exercisable at 31 December	15,172,474	9,138,271

Sharesave options	2025		2024
Sharesave options	Number	Weighted average exercise price $	Number	Weighted average exercise price $
Outstanding at 1 January	9,956,017	0.15	18,658,144	0.16
Exercised during the year	-	-	(5,478,693)	0.13
Forfeited during the year	(1,575,108)	0.21	(3,223,434)	0.15
Outstanding at 31 December	8,380,909	0.15	9,956,017	0.15
Exercisable at 31 December	155,925	0.28	323,886	0.24

	Magnus 75% $'000	Magnus decommissioning-linked liability $'000	Total $'000
At 31 December 2024	451,333	21,961	473,294
Unwinding of discount (see note 4(d))	51,002	2,645	53,647
Other change in fair value (see note 4(d))	(442,335)	1,543	(440,792)
Utilisation	-	(1,529)	(1,529)
At 31 December 2025	60,000	24,620	84,620
Classified as:
Current	60,000	318	60,318
Non-current	-	24,302	24,302
	60,000	24,620	84,620

	Decommissioning provision $'000	Thistle decommissioning provision $'000	Other provisions $'000	Total $'000
At 31 December 2024	741,565	18,348	6,193	766,106
Acquisition (see note 30)	89,052	-	-	89,052
Additions during the year(i)	46,721	-	461	47,182
Changes in estimates(i)	40,868	4,772	(5,083)	40,557
Unwinding of discount	35,912	755	-	36,667
Utilisation(ii)	(38,486)	(8,589)	(481)	(47,556)
Foreign exchange	-	-	28	28
At 31 December 2025	915,632	15,286	1,118	932,036
Classified as:
Current	48,853	4,915	314	54,082
Non-current	866,779	10,371	804	877,954
	915,632	15,286	1,118	932,036

	Right-of-use assets $'000	Lease liabilities $'000
As at 31 December 2023	407,732	422,174
Additions in the period	16,453	16,453
Depreciation expense	(54,735)	-
Impairment reversal	4,014	-
Interest expense	-	27,673
Payments	-	(130,065)
Foreign exchange movements	-	(980)
As at 31 December 2024	373,464	335,255
Acquisition (see note 30)	33,002	60,681
Additions in the period (see note 9)	32,302	32,302
Depreciation expense (see note 9)	(59,184)	-
Impairment reversal (see note 9)	28,838	-
Interest expense	-	25,100
Payments	-	(83,061)
Foreign exchange movements	-	5,818
Disposal	(4,253)	(4,005)
As at 31 December 2025	404,169	372,090
Current		86,323
Non-current		285,767
		372,090

	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Depreciation expense of right-of-use assets	59,184	54,735
Impairment reversal of right-of-use assets	(28,838)	(4,014)
Interest expense on lease liabilities	25,100	27,673
Rent expense - short-term leases	9,018	13,860
Rent expense - leases of low-value assets	297	33
Total amounts recognised in profit or loss	64,761	92,287

	2025 $'000	2024 $'000
Less than one year	1,291	2,029
One to two years	1,293	858
Two to three years	1,310	860
Three to four years	1,317	875
Four to five years	821	882
More than five years	1,326	1,856
Total undiscounted lease payments	7,358	7,360

Results for the year ended 31 December 2025

Summary by AI BETAClose X

Companies

UK 100

Latest directors dealings

Summary by AI ^BETAClose X

	2025 $'000	2024 $'000
Short-term employee benefits	5,206	5,138
Share-based payments	30	124
Post-employment pension benefits	278	226
Termination payments	133	947
	5,647	6,435

	Pre-tax profit
	+$10/bbl increase $'000	-$10/bbl decrease $'000
31 December 2025	(42,600)	42,900
31 December 2024	(47,600)	47,200

	Pre-tax profit
	10% rate increase $'000	10% rate decrease $'000
31 December 2025	(22,189)	22,189
31 December 2024	(28,263)	28,263

Year ended 31 December 2025	On demand $'000	Up to 1 year $'000	1 to 2 years $'000	2 to 5 years $'000	Over 5 years $'000	Total $'000
Loans	-	60,888	-	-	-	60,888
Bonds	-	69,945	714,312	-	-	784,257
Contingent consideration	-	60,335	6,681	1,382	65,571	133,969
Obligations under lease liabilities	-	97,363	231,189	59,547	26,328	414,427
Trade and other payables	-	446,527	-	-	-	446,527
	-	735,058	952,182	60,929	91,899	1,840,068

Year ended 31 December 2025	On demand $'000	Less than 3 months $'000	3 to 12 months $'000	1 to 2 years $'000	Over 2 years $'000	Total $'000
Commodity derivative contracts	-	2,563	66	-	-	2,629
Other derivative contracts	-	43,411	7,485	22,015	-	72,911
	-	45,974	7,551	22,015	-	75,540

	2025 $'000	2024 $'000
Loans, borrowings and bond(i) (A) (see note 17)	702,794	666,073
Cash and cash equivalents (see note 13)	268,846	(280,239)
EnQuest net debt (B) (ii)	433,948	385,834
Equity attributable to EnQuest PLC shareholders (C)	528,059	542,466
Profit/(loss) for the year attributable to EnQuest PLC shareholders (D)	1,562	93,773
Adjusted EBITDA (F) (ii)	503,823	673,919
Gross gearing ratio (A/C)	1.3	1.2
Net gearing ratio (B/C)	0.8	0.7
EnQuest net debt/adjusted EBITDA (B/F) (ii)	0.9	0.6
Shareholders' return on investment (D/C)	0.3%	17.3%

Name of company	Principal activity	Country of incorporation	Proportion of nominal value of issued Ordinary shares controlled by the Group
EnQuest Britain Limited	Intermediate holding company and provision of Group manpower and contracting/procurement services	England	100%
EnQuest Heather Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
EnQuest ENS Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
EnQuest Heather Leasing Limited(i)	Dormant	England	100%
EQ Petroleum Sabah Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
EnQuest Dons Leasing Limited(i)	Leasing	England	100%
EnQuest Energy Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
EnQuest Production Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
EnQuest Global Limited	Intermediate holding company	England	100%
EnQuest NWO Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
EQ Petroleum Production Malaysia Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
NSIP (GKA) Limited1	Dormant	Scotland	100%
EnQuest Global Services Limited(i)2	Provision of Group manpower and contracting/procurement services for the international business	Jersey	100%
EnQuest Marketing and Trading Limited	Marketing and trading of crude oil	England	100%
EnQuest Petroleum Developments Malaysia SDN. BHD(i)3	Exploration, extraction and production of hydrocarbons	Malaysia	100%
EnQuest Advance Holdings Limited(i)	Intermediate holding company	England	100%
EnQuest Advance Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
EnQuest Progress Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
North Sea (Golden Eagle) Resources Ltd(i)	Exploration, extraction and production of hydrocarbons	England	100%
Veri Energy (CCS) Limited(i)	Assessment and development of new energy and decarbonisation opportunities	England	100%
Veri Energy (Hydrogen) Limited⁽ⁱ⁾	Assessment and development of new energy and decarbonisation opportunities	England	100%
Veri Energy Holdings Limited	Intermediate holding company	England	100%
Veri Energy Limited(i)	Assessment and development of new energy and decarbonisation opportunities	England	100%
Premier Oil (Vietnam) Limited(i)4	Exploration, extraction and production of hydrocarbons	British Virgin Islands	100%
Premier Oil Vietnam Offshore B.V(i)5	Exploration, extraction and production of hydrocarbons	Netherlands	100%
EnQuest EP Gaea Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
EnQuest EP Gaea II Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%
EnQuest EP BV Limited(i)	Exploration, extraction and production of hydrocarbons	England	100%

	Notes	Year ended 31 December 2025 $'000	Year ended 31 December 2024 $'000
Profit/(loss) before tax		493,427	166,614
Depreciation	4(c)	5,129	6,040
Depletion	4(b)	267,299	263,252
Exploration and appraisal expense	11	173	183
Net impairment (reversal)/charge to oil and gas assets	9	(5,819)	71,414
Net disposal/(write-back) of inventory		2,800	(5,539)
Share-based payment (credit)/charge	4(e)	(669)	983
Change in Magnus related contingent consideration	21	(387,145)	15,904
Change in provisions	22	46,544	39,116
Other non-cash UKA losses	4(b)	11,490	1,335
Unrealised (gain)/loss on commodity financial instruments	4(a)	(45,178)	(3,090)
Unrealised (gain)/loss on other financial instruments	4(b)	(32,342)	2,823
Unrealised exchange loss/(gain)		21,973	(8,714)
Net finance expense(i)		118,700	113,711
Operating cashflow before working capital changes		496,382	664,032
Decrease/(increase) in trade and other receivables		38,656	(4,561)
Decrease/(increase) in inventories		12,366	(5,786)
(Decrease)/increase in trade and other payables		(49,585)	32,261
Cash generated from operations		497,819	685,946

	Loans and borrowings $'000	Bonds $'000	Lease liabilities $'000	Total $'000
At 1 January 2024	(311,210)	(471,019)	(422,174)	(1,204,403)
Cash movements:
Repayments of loans and borrowings	312,304	-	-	312,304
Proceeds from loans and borrowings	(26,928)	(160,000)	-	(186,928)
Payment of lease liabilities	-	-	130,065	130,065
Cash interest paid in year	18,524	52,494	-	71,018
Non-cash movements:
Additions	-	3,362	(16,453)	(13,091)
Interest/finance charge payable	(18,524)	(54,971)	(27,673)	(101,168)
Fee amortisation	(5,036)	(3,493)	-	(8,529)
Foreign exchange and other non-cash movements	(3,102)	2,742	980	620
At 31 December 2024	(33,972)	(630,885)	(335,255)	(1,000,112)
Cash movements:
Repayments of loans and borrowings⁽ⁱ⁾	196,451	-	-	196,451
Proceeds from loans and borrowings⁽ⁱⁱ⁾	(217,420)	-	-	(217,420)
Payment of lease liabilities	-	-	83,061	83,061
Cash interest paid in year⁽ⁱⁱⁱ⁾	4,130	69,884	-	74,014
Non-cash movements:
Additions	20,448	-	(32,302)	(11,854)
Disposals	-	-	4,005	4,005
Acquired (see note 30)	-	-	(60,681)	(60,681)
Interest/finance charge payable	(6,027)	(69,269)	(25,100)	(100,396)
Fee amortisation	(2,927)	(4,505)	-	(7,432)
Foreign exchange and other non-cash movements	(21,007)	(12,365)	(5,818)	(39,190)
At 31 December 2025	(60,324)	(647,140)	(372,090)	(1,079,554)

	Loans (see note 17) $'000	Bonds (see note 17) $'000	Lease liabilities (see note 23) $'000	Total $'000
Principal	(33,972)	(632,101)	(335,255)	(1,001,328)
Unamortised fees	-	10,661	-	10,661
Accrued interest	-	(9,445)	-	(9,445)
At 31 December 2024	(33,972)	(630,885)	(335,255)	(1,000,112)
Principal	(58,427)	(644,367)	(372,090)	(1,074,884)
Unamortised fees	-	6,156	-	6,156
Accrued interest	(1,897)	(8,929)	-	(10,826)
At 31 December 2025	(60,324)	(647,140)	(372,090)	(1,079,554)