DANA GAS (DANA) Q3 2025 earnings summary

Executive summary

• Earnings of $103 million in 9M 2025, down 8% year-over-year, supported by strong KRI operations, improved Egypt gas pricing, and disciplined cost management, despite lower realized prices and a 28% production decline in Egypt.

• Gross revenue for the nine months ended 30 September 2025 was $255 million, down 11% year-over-year, mainly due to production decline in Egypt.

• Production averaged 50,900 boepd, with Kurdistan up 1% and Egypt down 28%.

• KM250 project in KRI completed ahead of schedule, with commercial gas sales initiated and expected to add up to $150 million in annual revenue at full capacity.

• $105 million dividend paid for FY 2024; $183 million consolidated cash at period end.

Financial highlights

• Net profit: $103 million, down 8% year-over-year, mainly due to lower Egypt production and reduced Brent prices.

• Revenue: $255 million, down 11% year-over-year, impacted by Egypt volumes.

• EBITDA: $155 million, down 11% year-over-year.

• OPEX & G&A: $3.7/boe, within top industry quartile.

• Cash and bank balance at period end was $183 million, down 42% from year-end 2024, mainly due to a $105 million dividend payment.

Outlook and guidance

• KM250 expected to add $150 million to annual revenue when fully operational.

• Egypt's $100 million, two-year drilling program aims to add 80 bcf in gas recovery and $1+ billion in energy cost savings.

• Egypt operations expect to begin drilling three exploration wells in January 2026, pending permit approvals.

• Management prioritizes ramping up KM250, executing Egypt program, ensuring timely payments, and maintaining sustainable dividends.

• Focus remains on maximizing value from existing assets and pursuing organic exploration and new business development.