Karoon Energy (KAR) Investor presentation summary

Strategic positioning and market context

• Operates high-quality, long-life oil and gas assets in tier-1 offshore basins with flexible market access and exposure to major trade routes.

• Maintains a strong focus on resilience, navigating energy market cycles for 23 years and achieving a 160% three-year reserves replacement ratio.

• Oil and gas supply remains essential, comprising ~80% of global primary energy, with hydrocarbons expected to dominate through 2040.

Financial performance and cost structure

• Reported 2025 revenue of US$628.6m and underlying EBITDAX of US$388.8m, with a market cap of ~A$1.5bn and liquidity of US$452.7m as of May 2026.

• Achieved a 66% cash margin and a breakeven price of US$31/boe in 2025, positioning among the lowest-cost offshore oil producers.

• 2026 production guidance is 8.1–9.2 MMboe, with unit production costs forecast at US$12–15/boe.

• Net debt stands at US$180.6m, with an undrawn credit facility of US$283.3m and net debt to underlying EBITDAX below 0.5x.

Asset operations and growth initiatives

• Baúna project life extended to 2039, with efficiency improvements targeting 90–95% and production expected to return after a shutdown by mid-May 2026.

• Who Dat JV in the US Gulf provides high-margin production (74% liquids), with 2026 guidance of 2.1–2.5 MMboe NRI and restoration of curtailed production expected by mid-2026.

• Growth pipeline includes tie-back and development projects in the Gulf of America and Santos Basin, with significant contingent resources under evaluation.