REG - Seplat Energy PLC - Unaudited results for the 9M ended 30 Sept 2025

Seplat EnergyAnnouncement

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RNS Number : 4070F  Seplat Energy PLC  30 October 2025

"Please see the Full Unaudited Results in attached PDF"

 http://www.rns-pdf.londonstockexchange.com/rns/4070F_1-2025-10-29.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4070F_1-2025-10-29.pdf)

Unaudited results for the nine months ended 30 September 2025

30 October 2025

 

Lagos and London, 30 October 2025: Seplat Energy Plc ("Seplat Energy" or "the
Company"), a leading Nigerian independent energy company listed on both the
Nigerian Exchange Group and the London Stock Exchange, announces its unaudited
results for the nine months ended 30 September 2025.

Summary

In 9M 2025 we delivered further production growth, underpinning FY2025
guidance, which we narrow to the upper half of the range at 130-140 kboepd.
Generated over $1 billion in after tax CFFO, up over 180% YoY, supporting our
Capital Markets Day ('CMD') ambitions. Strong cash generation delivers a
reduction in net debt to $386 million, with net leverage improving to 0.27x
ND/EBITDA, and aligned with CMD capital allocation plans, declare 7.5 US cents
per share dividend for 3Q 2025, +63% QoQ.

Operational highlights

•   9M 2025 production averaged 135,636 boepd up 185% from reported 9M
2024 (47,525 boepd), and up 18% vs. pro-forma 9M 2024 production, while 3Q
2025 production averaged 137,888 boepd, a 1% improvement on 2Q 2025.

•    3Q 2025 production onshore of 56,219 boepd, was up 5% QoQ supported
by production improvement in OML40.

•    3Q 2025 production offshore of 81,669 boepd was down 2.5% QoQ,
continued strong performance of the idle well programme offset by planned
downtime on EAP, due to the IGE replacement project and lower output from A/K.

•   Offshore, the idle well restoration programme added c.33.4 kbopd gross
production capacity from the first 33 wells restored to production.

•   First Liquefied Petroleum Gas ('LPG') cargo sold to the domestic
market, improving domestic energy access and supporting clean cooking.

•   Recorded one Lost Time Injury ('LTI') to the hand of one person at
Oben. Fire incident at Yoho production platform on 27 September, no injuries
sustained. Yoho expected to be offline to year end, 4Q 2025 net production
impact of approximately 10-12 kboepd.

•   ANOH gas plant on track to deliver first gas in 4Q 2025.

•   Carbon emissions intensity for onshore assets: 25.2 kg CO(2)/boe 21%
lower than revised 9M 2024: 32.0 kg CO(2)/boe. End of routine flaring for
onshore assets on track for end 2025 completion. Carbon emissions intensity
for our offshore assets was 51.2 kgCO(2)/boe in 9M 2025.

 

Financial highlights

•   Revenue $2,177 million up c.204% on prior year (9M 2024: $715
million).

•   Unit production operating cost of $14.1/boe (9M 2024: $9.7/boe),
within guidance of $14-$15/boe.

•   Adjusted EBITDA of $1,112 million, up 190% on prior year (9M 2024:
$383.0 million).

•   Cash generated from operations of $1,395.4 million, up 239% on prior
year (6M 2024: $423.3 million).

•   Cash capital expenditure of $180.0 million (9M 2024: $102.4 million).

•   Balance sheet remains strong, end-Sept cash at bank $579.8 million (9M
2024: $433.9 million), excluding $135.4 million restricted cash.

•   Net Debt at end-Sept of $386 million down 43% on prior quarter (2Q
2025: $676 million). Pro-forma ND/EBITDA improves to 0.27x.

•   Repaid and cancelled Westport junior facility and refinanced Westport
senior reserve based loan ('RBL') facility at lower cost of debt.

•   Repaid the outstanding $100 million on our RCF. At end September 2025,
the $350 million RCF is undrawn and fully available.

Dividend

•   Outlined new dividend policy at the CMD. Strong YTD cash generation
supports additional distribution. 3Q 2025 declared dividend of 7.5 US cents
per share, +63% QoQ and +108% YoY, consisting of 5.0 US cents per share base
and 2.5 US cents per share special.

2025 Outlook

•   2025 guidance is updated as follows:

•    Production guidance narrowed to the upper half at 130-140 kboepd
(previously 120-140 kboepd).

•    Capex guidance narrowed to $270-290 million (previously $260-320
million).

•    Unit production operating cost guidance is unchanged at
$14.0-15.0/boe.

Roger Brown, Chief Executive Officer, said:

"At our CMD in September, we set out our medium term vision for the Company,
targeting 200 kboepd working interest production and $1 billion in cumulative
dividends in our roadmap to 2030.

"As we approach the first anniversary of the MPNU acquisition, we are clearly
displaying our ability to operate a business at scale. We delivered a third
consecutive quarter of production growth at the upper end of production
guidance, and we are pleased to be able to narrow production to 130-140
kboepd. Our financial performance year to date has been extremely robust,
generating after tax cash flows in excess of $1 billion, enabling significant
deleveraging to 0.27x ND/EBITDA, well below our target levels. In addition,
while we anticipate some cash outflow in 4Q 2025, our strong cash generation
year to date supports declaring a special dividend of 2.5 US cents/share,
delivering a total dividend to shareholders this quarter of 7.5 US
cents/share. This is aligned with the new dividend policy of returning an
increasing share of free cash flow to shareholders, laid out at the CMD.

"Unfortunately, at the end of September, we had a fire incident at Yoho. While
there were no injuries and the safety systems worked efficiently, the event
reinforces our decision to focus and prioritize additional investment in
integrity and maintenance activities. We are now working to restore production
safely and swiftly.

"We have continued the momentum into the final quarter of the year, making
substantial progress in the past few days to ending routine flaring onshore, a
commitment we have made for 4Q 2025, and we expect to complete the PIA
conversion process for our onshore business imminently, which will further
support the delivery of our ambitious 2030 roadmap laid out at the CMD."

 

Summary of performance

                                                               $ million                        ₦ billion
                                                               9M 2025*  9M 2024  % Change      9M 2025*  9M 2024
 Revenue **                                                    2,176.6   715.3    204%          3,356.2   1,070.9
 Gross profit                                                  879.5     355.0    148%          1,356.0   531.5
 EBITDA ***                                                    1,111.9   383.0    190%          1,714.5   573.4
 Operating profit                                              711.0     274.8    159%          1,096.2   411.3
 Profit before tax                                             570.1     245.0    133%          879.0     366.7
 Profit after tax                                              95.1      35.3     169%          146.6     52.8
 Cash generated from operations                                1,395.4   423.3    230%          2,151.5   633.8
 Working interest production (boepd)                           135,636   47,525   185%
 Volumes lifted (MMbbls)                                       27.9      7.5      270%
 Average realised oil price ($/bbl)                            71.93     82.89    (13)%
 Average realised gas price ($/Mscf)                           2.95      3.18     (7)%
 LTIF                                                          0.12      -
 CO2 emissions intensity from operated onshore assets, kg/boe  25.2      32.0     (21)%

 

*Throughout results 9M 2025 reported figures consolidate offshore assets
contribution, while 9M 2024 information relates solely to Seplat's Onshore
assets

** 9M 2025 reported revenue excludes an underlift of $3.8 million, 9M 2024
excludes an underlift of $8.2 million

*** Adjusted for non-cash items

Responsibility for publication

This announcement has been authorised for publication on behalf of Seplat
Energy by Eleanor Adaralegbe, Chief Financial Officer, Seplat Energy Plc.

Signed:

 

Eleanor Adaralegbe

Chief Financial Officer

Enquiries:

 Seplat Energy Plc
 Eleanor Adaralegbe, Chief Financial Officer                      +23412770400
 James Thompson, Head of Investor Relations                       ir@seplatenergy.com
 Ayorinde Akinloye, Investor Relations
 Chioma Afe, Director, External Affairs & Social Performance
 FTI Consulting
 Ben Brewerton / Christopher Laing                                +44 203 727 1000

                                                                  seplatenergy@fticonsulting.com
 Citigroup Global Markets Limited
 Peter Brown / Peter Catterall                                    +44 207 986 4000

About Seplat Energy

Seplat Energy Plc (Seplat) is Nigeria's leading indigenous energy company.
Listed on the Nigerian Exchange Limited (NGX: SEPLAT) and the Main Market of
the London Stock Exchange (LSE: SEPL). Through our strategy to build a
sustainable business and deliver energy transition, we are transforming lives
by delivering affordable, reliable and sustainable energy that drives social
and economic prosperity.

 

Following the acquisition of Mobil Producing Nigeria Unlimited, Seplat
Energy's enlarged portfolio consists of eleven oil and gas blocks in onshore
and shallow water locations in the prolific Niger Delta region of Nigeria,
which we operate with partners including the Nigerian Government and other oil
producers. Furthermore, we have an operated interest in three export terminals
including the Qua Iboe export terminal and Yoho FSO, as well as an operated
interest in the Bonny River Terminal (BRT), and two large NGL recovery plants
at Oso and EAP. We operate two gas processing plants onshore, at Oben in OML 4
and Sapele in OML 41, and are soon to open the 300 MMscfd ANOH Gas Processing
Plant in OML 53 as a joint venture with NGIC. Combined, these gas facilities
augment Seplat Energy's position as a leading supplier of natural gas to the
domestic power generation market.

 

For further information please refer to our website; https://seplatenergy.com/

Important notice

The information contained within this announcement is unaudited and deemed by
the Company to constitute inside information as stipulated under Market Abuse
Regulations. Upon the publication of this announcement via Regulatory
Information Services, this inside information is now considered to be in the
public domain.

Certain statements included in these results contain forward-looking
information concerning Seplat Energy's strategy, operations, financial
performance or condition, outlook, growth opportunities or circumstances in
the countries, sectors, or markets in which Seplat Energy operates. By their
nature, forward-looking statements involve uncertainty because they depend on
future circumstances and relate to events of which not all are within Seplat
Energy's control or can be predicted by Seplat Energy. Although Seplat Energy
believes that the expectations and opinions reflected in such forward-looking
statements are reasonable, no assurance can be given that such expectations
and opinions will prove to have been correct. Actual results and market
conditions could differ materially from those set out in the forward-looking
statements. No part of these results constitutes, or shall be taken to
constitute, an invitation or inducement to invest in Seplat Energy or any
other entity and must not be relied upon in any way in connection with any
investment decision. Seplat Energy undertakes no obligation to update any
forward-looking statements, whether because of new information, future events
or otherwise, except to the extent legally required.

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