Ithaca Energy (ITH) Q4 2025 TU earnings summary

Executive summary

• Achieved strong operational results in 2025, delivering on an upgraded outlook and entering 2026 with increased production capacity and a robust hedge position.

• Fully integrated several accretive acquisitions, increasing financial firepower and supporting future investments and distributions.

• Reaffirmed 2025 dividend target of $500 million, with $200 million expected to be declared on FY results.

Financial highlights

• 2025 adjusted preliminary EBITDAX reached $2.0 billion, up from $1.4 billion in 2024, reflecting enhanced cash generation.

• Net operating costs for 2025 estimated at $817 million, with a net unit opex cost of $19/boe, down from $22/boe in 2024.

• Low leverage position of 0.56x and available liquidity of $1.5 billion, including a fully undrawn $1.3 billion Reserve Based Lending facility.

• Group cash tax paid in 2025 was $263 million, below management guidance.

• Total cash distributions declared in 2025 amounted to $500 million, including a $133 million accelerated second interim dividend.

Outlook and guidance

• Entering 2026 with increased installed production capacity and a strong hedge book to protect cash flows in a potentially weaker commodity price environment.

• Plans to release full year results and 2026 guidance in late March 2026, including a Competent Persons Report.