Panoro Energy (PEN) Q3 2025 earnings summary

Executive summary

• Achieved stable and diversified production and reserves across Gabon, Equatorial Guinea, and Tunisia, with continued asset development and exploration, including MaBoMo Phase II and Bourdon FID.

• Focused on maximizing shareholder returns, returning around 33% of current market cap to shareholders since March 2023 through distributions and buybacks.

• Strong production and free cash flow generation, with management emphasizing disciplined capital allocation and enhanced liquidity through recent bond issues.

• Key projects like MaBoMo Phase 2 and the Bourdon discovery are advancing, supporting future growth.

• CEO on temporary leave; executive chairman and management team ensuring continuity.

Financial highlights

• 9M 2025 revenue: $149.5 million; EBITDA: $70 million; Q3 2025 revenue: $63.5 million, EBITDA: $19.3 million.

• Q3 EBITDA impacted by a non-cash inventory movement of -$14 million due to expensing of Q2 inventory.

• CapEx for the first nine months: $29.7 million, mainly for the Bourdon discovery.

• Cash at bank at September 30, 2025: $43.7 million; gross debt: $150.9 million.

• Net cash from operations YTD: $23.9 million.

Outlook and guidance

• Full-year 2025 group production expected to average slightly below 11,000 barrels of oil per day.

• CapEx guidance for 2025 remains at $40 million.

• Q4 2025 expected to be the busiest quarter for liftings, with around 1.1 million barrels to be lifted.

• 2025 crude oil liftings forecasted at 3.1 to 3.4 million barrels, subject to scheduling.

• 2026 guidance to be provided after budgeting cycle with partners, expected early next year.