Nostrum Oil & Gas (NOG) Q3 2025 earnings summary

Executive summary

• Delivered EBITDA of $26.8 million for 9M 2025, with a 28% reduction in operating expenses per barrel processed, reflecting improved efficiencies and increased third-party processing volumes.

• Maintained strong liquidity with net positive operating cash flow of $21.6 million before one-off items and unrestricted cash of $147.3 million at period end.

• Focused on strategic growth, leadership, and health and safety, with new board appointment and continued commitment to Kazakhstan's energy sector.

Financial highlights

• Revenue of $85.5 million for 9M 2025, down from $101.4 million in 9M 2024, impacted by lower oil prices and natural production decline.

• EBITDA margin at 31.3% (9M 2024: 34.2%).

• Net debt increased to $501.3 million as of 30 September 2025, mainly due to capitalised interest and fair value adjustments.

• Unrestricted cash and cash equivalents at $147.3 million; restricted cash at $26.3 million.

Outlook and guidance

• Committed to sustainable value creation and supporting Kazakhstan's energy sector.

• Focus on maximising facility uptime, controlling costs, and supporting growth projects.