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Ithaca Energy (ITH) investor relations material

Ithaca Energy Q3 2025 TU earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 TU earnings summary19 Nov, 2025

Executive summary

  • Achieved strong operational and strategic delivery in Q3 2025, with year-to-date average production reaching 115,000 barrels/day, supported by major acquisitions and integration of Eni UK assets.

  • Upgraded Q4 exit production rate guidance to 145,000 barrels/day, with increased capacity expected to continue into 2026.

  • Strategic growth through acquisitions (JAPEX UK, increased Cygnus and Seagull stakes) and a 50% farm-in to Shell's Tobermory gas field, strengthening the West of Shetland position.

  • Accelerated shareholder returns, with $500 million FY25 dividend target reaffirmed and $1.2 billion returned since November 2022.

  • Continued focus on safety, environmental performance, and reduced GHG emissions intensity.

Financial highlights

  • Adjusted EBITDAX of $1.5 billion for the nine months ended September 30, 2025, with per-barrel margin at $48.

  • Net cash from operations at $1.3 billion year-to-date; Q3 standalone profit of $98.5 million.

  • Net income year-to-date Q3 at -$119 million, impacted by a one-off EPL extension charge.

  • OPEX reduced to $19.1 per barrel year-to-date, down from $29 last year.

  • Available liquidity increased to $1.7 billion, supported by a €450 million bond issuance and $300 million RBL upsizing.

Outlook and guidance

  • Full-year 2025 production guidance reaffirmed, trending to the lower end due to extended Captain shutdown and delayed well start-ups.

  • Q4 2025 exit rate upgraded to 145,000 barrels/day, with increased production capacity into 2026.

  • Cash tax expected at the bottom of the $230–$300 million range.

  • 2025 dividend target of $500 million reaffirmed; $133 million dividend payment accelerated to December 2025.

  • Continued focus on high-return investments and West of Shetland growth strategy.

EPL extension: future tax planning
Rosebank: new consent approval outlook
Opex reduction and production growth drivers
What budget clarity enables Cambo FID and growth?
How will 2026 TAR season differ from 2025?
How balance M&A, dividends, and balance sheet?
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Frequently asked questions

Ithaca Energy plc provides oil and gas exploration, development, and production services in the United Kingdom. It specializes in three core areas: the North Sea, with its principal asset being the Etive field; onshore UK with interests in the Southern North Sea and Central North Sea; and international oil & gas exploration. The company was incorporated in 2004 and is based in London, the United Kingdom.

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