DANA GAS (DANA) Q4 2025 earnings summary

Executive summary

• Achieved major operational milestones in 2025, including early completion of the KM250 expansion in Kurdistan, boosting gas processing capacity by 50% and supporting production growth.

• Group production reached 70,000 boe/d in January 2026, the highest in seven years, with further increases expected as new infrastructure comes online.

• Net profit for 2025 was $130 million, down 14% year-over-year, mainly due to lower Egypt production and softer oil prices, but major projects advanced to strengthen future outlook.

• Egypt investment program delivered incremental production and reserves, with further stabilization expected in 2026.

• Maintained a strong balance sheet and net cash position, with improved collections supporting a potential dividend recommendation.

Financial highlights

• Gross revenue for 2025 declined 22% year-over-year to $348 million, mainly due to lower Egypt production, reduced hydrocarbon prices, and the absence of a $46 million one-off gain from 2024.

• Net profit for 2025 was $130 million, down $21 million year-over-year, including a $12 million one-off impairment.

• EBITDA declined 18% year-over-year to $215 million.

• Cash balance at year-end was $215 million, including $107 million at Pearl JV.

• Dividend of $105 million paid in May 2025.

Outlook and guidance

• Production expected to rise to 75,000 boe/d by end-2026 as the Common User Pipeline in Kurdistan becomes operational.

• KM250 ramp-up expected to add up to $150 million in annual revenue at full capacity, with further production increases anticipated in 2026.

• Chemchemal $160 million investment program and new gas sales agreements to drive medium-term growth.

• Egypt drilling and workover programs expected to stabilize and recover production in 2026, with seven new wells planned.

• Operating cost per barrel targeted to fall below $3 as production ramps up.