Jadestone Energy (JSE) Q4 2025 TU earnings summary

Executive summary

• Achieved record annual production of 19,829 boe/d in 2025, a 6% increase year-over-year, despite the disposal of the Sinphuhorm field.

• Maintained excellent safety performance, surpassing 12 million manhours without a lost-time injury.

• Delivered strong operational and financial results, with a focus on cost discipline and operational excellence.

Financial highlights

• 2025 revenues (post-hedging) rose 3% year-over-year to $408.1 million.

• Total production costs decreased 14% to $243.0 million, at the lower end of guidance.

• Net debt declined 15% to $89.0 million by year-end, with $61.0 million in cash and $150.0 million in debt.

• Capital expenditure increased to $112.7 million, reflecting the Skua-11ST drilling campaign.

• Generated a $17.2 million profit from the disposal of Thailand interests.

Outlook and guidance

• 2026 guidance to be announced with the end-2025 reserves update in late February 2026.

• Hedges in place for ~1.7 million barrels through September 2026 at an average Brent price of $67.48/bbl, covering ~42% of forecast oil and condensate production.