Capricorn Energy (CNE) H2 2025 earnings summary

Executive summary

• Operations in Egypt remained stable and unaffected by Middle East conflict, with business as usual on the ground.

• Multiple unsolicited non-binding proposals for an all-cash offer have been received, with discussions ongoing and no certainty of a firm offer.

• 2025 marked a pivotal year, transitioning from turnaround to growth, especially in Egypt and potentially the U.K. North Sea.

• Focused on sustainable cash flows, operational excellence, and capital discipline to deliver consistent shareholder returns.

• Transformational consolidation of Egypt concession agreements began in July 2025, strengthening the business model.

Financial highlights

• FY 2025 average working interest production was 20,024 boepd, with 40% liquids.

• Revenue from Egypt production reached $134m; oil price averaged $68.4/bbl, gas $3.1/mscf.

• Cash collections totaled $217m, up from $135m in 2024, reducing EGPC receivables to $86m.

• Egypt gross profit was $95m; cash inflow from operations was $81m.

• Ended 2025 with $133m in net cash before Egypt debt drawn of $30m, a significant year-over-year increase.

Outlook and guidance

• 2026 production guidance is 18,000–22,000 boepd, with a shift to higher liquids weighting (43%).

• Operating costs expected at $5–$7/boe; total capex guidance is $85–$95m.

• Guidance reflects two planned shutdowns and a working interest change at BED facilities.

• Ratification of new concession terms is expected soon and is critical for unlocking further development.