2025 Full Year Results

Kistos Holdings PLC

26 June 2026

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU, WHICH IS PART OF DOMESTIC UK LAW PURSUANT TO THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS (SI 2019/310) (UK MAR). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION (AS DEFINED IN UK MAR) IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

26 June 2026

Kistos Holdings plc

("Kistos" or "the Company")

Full-year results for the year ended 31 December 2025

Kistos (LON: KIST), an independent energy company focused on unlocking value within its existing portfolio and through value-accretive M&A, is pleased to provide its audited full-year results for the year ended 31 December 2025. A copy of the Company's full audited annual report and accounts will be made available shortly on the Company's website at www.kistosplc.com.

Post-period highlights

·    Proforma production guidance for FY26 remains at 19,000 boepd - 21,000 boepd, with reserve additions under review following recent project announcements (including Balder Next)

·    Successfully priced a $300 million senior secured bond issue, with a 4 year tenor and a coupon of 9.875%

o  Oversubscribed, attracting a broad base of institutional investors across the Nordics, the UK and other geographies.

o  The Group's existing KENO01 and KENO02 bonds have now been called for repayment

·    Strong operational performance and unhedged commodity exposure have driven a significant cash build, with approximately $209 million of cash as at 31 May 2026, increasing to approximately $268 million on a near-cash basis, including restricted cash, Oman acquisition deposits of $8 million and a tax receivable due in December 2026 of $32 million

2026 Year Outlook

·    Acquisition of interests in Blocks 3 & 4 and Block 9 onshore Oman, adding 25.6 mmboe (operator's estimates) of 2P reserves net to Kistos (as at 1 January 2025). Ministerial approvals received for Blocks 3 & 4, awaiting publication of the Royal Decree, and Block 9 completion subject to outstanding ministerial approval

·    Exploring further value-accretive M&A, with several identified opportunities across MENA and Europe currently under evaluation

·    Balder Phase V programme underway, achieving first oil from two wells in December 2025 and the third in the first quarter of 2026. The remaining wells will be drilled and onstream during 2026, in total, targeting >30 mmboe (gross)

·    Balder Phase VI and King wells will come online in the second half of 2026, targeting >20 mmboe (gross)

·    Balder Next, following final investment decision in June 2026, will deliver additional volumes from seven new production wells tied back to the Jotun FPSO, with start-up expected in the fourth quarter of 2027, targeting 86 mmboe of reserves (gross)

·    With Serica Energy as operator of the GLA, Kistos expects significant organic growth potential and opportunities to extract near-term value from Glendronach and further  infill drilling, along with the development of further third-party tie-backs to the Shetland Gas Plant

2025 Year Highlights

Operational highlights

·    Start-up of the Jotun FPSO in June 2025, marking the completion of the Balder Future project in Norway

·    Average daily production of 8,940 boepd, at the top of end of guidance (2024: 8,050 boepd)

o  Proforma average production of 18,470 boepd, including Oman interests

·    Year-end 2P reserves of 26.7 mmboe (2024: 24.4 mmboe) and estimated 2C contingent resources of 18.8 mmboe

o  Proforma 2P reserves of 48.8 mmboe and 2C resources of 52.3 mmboe, including Oman interests

·    Net production from the Balder, Ringhorne and Ringhorne Øst fields averaged 5,270 boepd in 2025

·    The GLA contributed 2,490 boepd throughout 2025, exceeding expectations due to strong uptime and well performance

·    Q10-A net production was 1,180 boepd (2024: 2,070 boepd), impacted by extended outage at third-party P-15 tie-back facility

·    Hill Top achieved high operating availability (including a planned five week turnaround) through the year and exited 2025 with 18.0 million therms of trading stock

·    Investment decision taken in September 2025 to return the Hole House gas storage caverns to active service, with works anticipated to be completed by 2028, increasing working gas storage capacity by 63%

Financial highlights

·    Adjusted EBITDA of $97 million¹ for the 12 months to 31 December 2025 (2024: $95 million)

·    Capital expenditure on a cash basis was $122 million (2024: $144 million), representing the significant planned ongoing investment in Norway to progress the Balder Future project to first oil

·    Norwegian tax rebate receivable before interest of approximately $32 million in respect of investments in the 2025 calendar year, payable in December 2026

·    Statutory loss after tax of $2 million (2024: $52 million loss after tax)

·    Adjusted net debt of $76 million² (2024: adjusted net debt $52 million)

o  All outstanding Hybrid Bonds cancelled in the year due to no crude oil being lifted from the Jotun FPSO by 31 May 2025 (2024: carrying value $0.7 million)

Andrew Austin, Executive Chairman of Kistos, commented:

"2025 was transformational for Kistos, marked not only by first oil from the Balder Future project, but also by the Company's expansion into the MENA region, generating immediate cash flow and significantly enhancing the Company's 2P reserve base.

This momentum has continued in 2026 with the ongoing delivery of the Balder Phase V and VI programmes, alongside the sanctioning of Balder Next in June 2026, which will deliver additional volumes from seven new wells tied back to the Jotun FPSO, with first production expected in the fourth quarter of 2027. In Oman, high-quality, long-life onshore assets are expected to provide significant growth potential, with plans to drill upwards of 30 exploration wells across the blocks by 2029.

In addition to maintaining operational progress, we remain actively focused on pursuing further value accretive M&A opportunities in support of our strategy to grow scale, optimise asset diversity and enhance shareholder value."

12 months ended 31 December 2025

		FY 2025	FY 2024
Average production rate 3	boepd	8,940	8,050
Revenue	$'000	212,940	216,319
Average realised sales price 3	$/boe	65	69
Adjusted EBITDA 1	$'000	96,590	95,324
Adjusted net (debt) / cash 2	$'000	(75,870)	(51,663)

Notes:

¹ Non-IFRS measure. Refer to note 2.2.2 to the financial statements for definition and calculation.

² Non-IFRS measure. Refer to Appendix B2 to the financial statements for definition and calculation.

³ Average production rate includes gas, oil and natural gas liquids, and is rounded to the nearest 100 barrels of oil equivalent per day. The actual average production rate reflects the number of days during the year businesses were controlled by the Group. Sales and production volumes are converted to estimated barrels of oil equivalent (boe) using the conversion factors in Appendix C to the Financial Statements.

ENDS

Dr Richard Benmore, Non-Executive Director of Kistos, with a Bachelor's, Master's and PhD in Geosciences and who has been involved in the energy industry for more than 40 years, has read and approved the disclosure in this announcement.

The Company's internal estimates of resources contained in this announcement were prepared in accordance with the Petroleum Resource Management System guidelines endorsed by the Society of Petroleum Engineers, World Petroleum Congress, American Association of Petroleum Geologists and Society of Petroleum Evaluation Engineers.

Glossary

2C resources	those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations by application of development projects, but which are not currently considered to be commercially recoverable owing to one or more contingencies.
2P reserves	the sum of proved and probable reserves, denotes the best estimate scenario of reserves
boe	barrels of oil equivalent
boepd	barrels of oil equivalent per day
FPSO	Floating production, storage, and offloading vessel
GLA	Greater Laggan Area
km2	square kilometres
mmboe	million barrels of oil equivalent
mmbbl	millions of barrels of oil

Contacts

Kistos Holdings plc Andrew Austin / Peter Mann / James Thomson	via Hawthorn Advisors
Panmure Liberum (NOMAD, Joint Broker) Amrit Mahbubani / Inaya Rafique / Mark Murphy / Sam Elder	Tel: [phone]
Berenberg (Joint Broker) Matthew Armitt / Ciaran Walsh	Tel: [phone]
Hawthorn Advisors (Public Relations Advisor) Henry Lerwill / Simon Woods	Tel: [phone]
Camarco (Public Relations Advisor) Billy Clegg	Tel: [phone]

https://www.kistosplc.com

 

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