…Cash Generated from Operations Hit N2.152 Trillion

Seplat Energy PLC, leading Nigerian independent energy Company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its unaudited results for the nine months ended 30 September 2025, recording a revenue of N3.356 trillion for the period from N1071 trillion reported same period last year. Its gross profit rose to N1.356 trillion from N531.5 billion Year-on-Year.

Dividend payout declared for the period was 7.5 US cents per share, consisting of 5.0 US cents per share base and 2.5 US cents per share special.

Cash generated from its operations for the period grew to N2.152 trillion from N633.8 billion Year-on-Year whilst operating profit rose to N1.096 trillion from N411.3 billion Year-on-Year.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) hit N1.715 trillion for the 9M period, representing a rise from N573.4 billion recorded in 2024 9M.

The Company’s 9M 2025 production averaged 135,636 boepd up 185% from reported 9M 2024 (47,525 boepd); its first Liquefied Petroleum Gas (LPG) cargo was sold to the domestic market, improving domestic energy access and supporting clean cooking; and ANOH gas plant on track to deliver first gas in 4Q 2025.

Operational highlights

• 9M 2025 production averaged 135,636 boepd up 185% from reported 9M 2024 (47,525 boepd), and up 18% vs. pro-forma 9M 2024 production, while 3Q 2025 production averaged 137,888 boepd, a 1% improvement on 2Q 2025.
• 3Q 2025 production onshore of 56,219 boepd, was up 5% QoQ supported by production improvement in OML40.
• 3Q 2025 production offshore of 81,669 boepd was down 2.5% QoQ, continued strong performance of the idle well programme offset by planned downtime on EAP, due to the IGE replacement project and lower output from A/K.
• Offshore, the idle well restoration programme added c.33.4 kbopd gross production capacity from the first 33 wells restored to production.
• Carbon emissions intensity for onshore assets: 25.2 kg CO2/boe 21% lower than revised 9M 2024: 32.0 kg CO2/boe. End of routine flaring for onshore assets on track for end 2025 completion. Carbon emissions intensity for our offshore assets was 51.2 kgCO2/boe in 9M 2025.

Financial highlights

• Unit production operating cost of $14.1/boe (9M 2024: $9.7/boe), within guidance of $14-$15/boe.
• Adjusted EBITDA of $1,112 million, up 190% on prior year (9M 2024: $383.0 million).
• Cash capital expenditure of $180.0 million (9M 2024: $102.4 million).
• Balance sheet remains strong, end-Sept cash at bank $579.8 million (9M 2024: $433.9 million), excluding $135.4 million restricted cash.
• Net Debt at end-Sept of $386 million down 43% on prior quarter (2Q 2025: $676 million). Pro-forma ND/EBITDA improves to 0.27x.
• Repaid and cancelled Westport junior facility and refinanced Westport senior reserve based loan (‘RBL’) facility at lower cost of debt.
• Repaid the outstanding $100 million on our RCF. At end September 2025, the $350 million RCF is undrawn and fully available.

Dividend

Outlined new dividend policy at the CMD. Strong YTD cash generation supports additional distribution. 3Q 2025 declared dividend of 7.5 US cents per share, +63% QoQ and +108% YoY, consisting of 5.0 US cents per share base and 2.5 US cents per share special.

2025 Outlook

• 2025 guidance is updated as follows:
• Production guidance narrowed to the upper half at 130-140 kboepd (previously 120-140 kboepd).
• Capex guidance narrowed to $270-290 million (previously $260-320 million).
• Unit production operating cost guidance is unchanged at $14.0-15.0/boe.

Commenting on the results, Roger Brown, Chief Executive Officer, Seplat Energy Plc, said: “At our Capital Market Day (CMD) in September, we set out our medium term vision for the Company, targeting 200 kboepd working interest production and $1 billion in cumulative dividends in our roadmap to 2030.

“As we approach the first anniversary of the MPNU acquisition, we are clearly displaying our ability to operate a business at scale. We delivered a third consecutive quarter of production growth at the upper end of productionguidance, and we are pleased to be able to narrow production to 130-140 kboepd. Our financial performance year to date has been extremely robust, generating after tax cash flows in excess of $1 billion, enabling significant deleveraging to 0.27x ND/EBITDA, well below our target levels. In addition, while we anticipate some cash outflow in 4Q 2025, our strong cash generation year to date supports declaring a special dividend of 2.5 US cents/share, delivering a total dividend to shareholders this quarter of 7.5 US cents/share. This is aligned with the new dividend policy of returning an increasing share of free cash flow to shareholders, laid out at the CMD.

“We have continued the momentum into the final quarter of the year, making substantial progress in the past few days to ending routine flaring onshore, a commitment we have made for 4Q 2025, and we expect to complete the PIA conversion process for our onshore business imminently, which will further support the delivery of our ambitious 2030 roadmap laid out at the CMD.”