ShaMaran Petroleum (SNM) Q4 2025 earnings summary

Executive summary

• Q4 2025 and FY 2025 results reflect higher earnings from improved international crude pricing after the Iraq-Türkiye pipeline reopened, with materially higher sales and EBITDAX versus prior periods.

• Payment certainty for oil sales improved, enabling renewed investment in assets and operational expansion.

• Debottlenecking at Atrush increased crude handling capacity to 40,000 bopd, with plans to drill to fill this capacity depending on regional security.

• Shareholders to vote on moving the primary listing to Oslo and corporate continuance to Bermuda to attract new investors and increase liquidity.

Financial highlights

• Q4 2025 revenue was $54.7M, up 57% year-over-year; FY 2025 revenue was $154.9M, up 42% year-over-year, driven by international oil sales.

• Q4 2025 gross margin was $30.5M, up 60% year-over-year; FY 2025 gross margin was $65.0M, up 50% year-over-year.

• Net cash flow from operating activities in Q4 2025 was $4.7M, down 86% year-over-year; FY 2025 net cash flow was $69.1M, down 29% year-over-year, mainly due to timing of cash receipts and higher expenditures.

• Adjusted EBITDAX in Q4 2025 was $39.9M, up 71% year-over-year; FY 2025 Adjusted EBITDAX was $107.1M, up 41% year-over-year.

• Cash at year-end 2025 was $42.1M with gross debt of $143.8M; net debt was $101.6M.

Outlook and guidance

• Interim export agreements extended to March 31, 2026, with full PSC entitlement payments expected after review completion.

• Plans to drill additional wells to maximize new Atrush capacity, subject to regional security conditions.

• Temporary production shut-in at Atrush and Sarsang announced March 2, 2026, as a precaution due to security environment; restart planned as soon as possible.