BW ENERGY: THIRD QUARTER RESULTS 2025

Core Insights - BW Energy demonstrated strong operational performance in Q3 2025, achieving high production uptime and efficient execution of maintenance programs while maintaining competitive cost levels [1][2][3] - Key development projects, including Maromba and Golfinho Boost, are progressing as planned, with significant financing milestones completed [1][4] - The company is well-positioned for organic growth and long-term shareholder value creation, supported by robust cash generation and a resilient financial structure [1][5] Operational Performance - Q3 2025 net production was 2.4 million barrels, equivalent to 26.3 thousand barrels per day, consistent with Q3 2024 [5] - Operating costs increased to USD 22.7 per barrel from USD 17.7 in the previous year, primarily due to planned maintenance activities [5][6] - Successful completion of annual maintenance in Gabon was achieved on time and within budget [5] Financial Results - Q3 2025 EBITDA was USD 96.0 million, down from USD 130.0 million in Q3 2024, attributed to lower realized oil prices [6][7] - Net profit for Q3 2025 was USD 20.1 million, a decrease from USD 48.0 million in the same quarter of the previous year [7] - Total revenues for the quarter were USD 199.6 million, compared to USD 215.4 million in Q3 2024 [6] Financial Structure - Total equity at the end of Q3 2025 was USD 987.8 million, with a stable equity ratio of 41% [8] - Total available liquidity amounted to USD 529.3 million, including USD 259.3 million in cash [8] - A USD 250 million revolving credit facility was signed to enhance financial flexibility [11] Development Projects - The Maromba development and Golfinho Boost project are on track, with the Bourdon development moving towards final investment decision [4][17] - Appraisal drilling on the Kudu field offshore Namibia is underway, with the Kharas-1A well successfully spudded [1][4] 2025 Guidance - Production guidance for 2025 remains unchanged at 11 to 12 million barrels [17] - Operating cost guidance has been narrowed to USD 19 to 21 per barrel, down from USD 18 to 22 [17] - Capital expenditures for 2025 are reduced to USD 475 to 525 million, primarily due to changes in financing for the Maromba development [17]