Seplat Energy (SEPL) Q3 2025 earnings summary

Executive summary

• Achieved significant production growth, averaging 135,636 boepd in 9M 2025, up 185% year-over-year, driven by the consolidation of offshore assets and robust onshore performance.

• Revenue surged 204% to $2.18 billion, with adjusted EBITDA up 190% to $1.11 billion and net income up 170% to $95.1 million compared to 9M 2024.

• Net debt reduced by 57% to $386 million, with net leverage at 0.27x ND/EBITDA, reflecting strong cash generation and deleveraging.

• Declared a 3Q 2025 dividend of 7.5 US cents per share, up 63% quarter-on-quarter and 108% year-over-year.

Financial highlights

• Revenue: $2,176.6 million (9M 2025), up 204% from $715.3 million (9M 2024).

• Adjusted EBITDA: $1,111.9 million, up 190% year-over-year.

• Operating profit: $711.0 million, up 159% year-over-year.

• Net income: $95.1 million, up 170% year-over-year.

• Cash generated from operations: $1,395.4 million, up 230% year-over-year.

• Capex: $180.0 million, up from $102.4 million in 9M 2024.

• Cash at bank: $579.8 million, up from $433.9 million in 9M 2024.

• Net debt: $386 million, down 43% from the previous quarter.

Outlook and guidance

• 2025 production guidance narrowed to 130-140 kboepd (previously 120-140 kboepd), with onshore at the top end and offshore at the midpoint.

• Capex guidance narrowed to $270-290 million (previously $260-320 million).

• Unit production operating cost guidance unchanged at $14.0-15.0/boe.

• Effective tax rate for FY 2025 projected at 80-85%.