Energean

ENOG · Main Market · Energy · mcap £1,349m · 747.0p

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Financials · balance sheet 30 Jun 26 · last twelve months · today’s market value

Source: results 09 Sep 26 ↗

Key figures Cash & debt Profit & cash flow Valuation Returns & quality Latest half-year

Market cap: £1,380m
Owner’s net cash: −£1,939m
Net cash / market cap: -141%
EV ex leases: £3,319m
Revenue: £1,297m
Operating profit: £192.6m
Free cash flow after leases: £343.7m
EV / EBIT: 17.2×
FCF yield: 24.9%
Price / tangible book: 6.02×
ROCE: 7%
Net income (owners): −£198.0m

Hover or tap a figure for its formula and the values used – the names are the line names of the key figures below. Extracted automatically from the company's results announcements; check the source before relying on a figure. Not investment advice.

Key figures As reported

Income statement Balance sheet Cash flow

Annual Half-yearly

Standardised line items in £m, comparable across companies – figures the company reported in USD are converted to £ at the average rate of each period (balance sheets: at the date); when a later report restated a period, the later figure is shown and marked ^r (hover for the figure first reported). Italic = calculated (LTM, H2 = FY − H1); a year of other than 12 months is marked (15m). Hover a value for its source.

Latest report: H1 26 (six months to 30 Jun 26), published 09 Sep 26 · read the results ↗

Source ↗

	2026 (Unaudited) $'000	2025 (Unaudited) $'000
Revenue	481,334	482,627
Cost of sales	(249,814)	(256,733)
Gross profit for the period	231,520	225,894
General and administrative expenses	(14,039)	(10,747)
Exploration and evaluation expenses	-	(1,994)
Other (expenses)/ income	(524)	9,785
Operating profit for the period	216,957	222,938
Finance income	2,066	2,713
Finance costs	(76,199)	(83,085)
Net foreign exchange losses	(15,016)	(11,814)
Profit for the period before tax	127,808	130,752
Taxation expense	(26,800)	(30,264)
Net profit for the period	101,008	100,488
Other comprehensive income (loss)
Items that may be reclassified subsequently to profit or loss
(Loss)/ Income on cash flow hedge for the period	(3,873)	37,502
Income tax on items that may be reclassified to profit and loss	891	(8,625)
Other comprehensive income (loss) for the period	(2,982)	28,877
Total comprehensive income for the period	98,026	129,365

Source ↗

	30 June 2026 (Unaudited) $'000	31 December 2025 (Audited) $'000
ASSETS:
NON-CURRENT ASSETS:
Property, plant and equipment	3,283,580	3,077,029
Intangible assets	161,728	147,477
Derivative financial instruments	239	3,931
Other receivables	11,717	12,282
Total non-current assets:	3,457,264	3,240,719
CURRENT ASSETS
Trade and other receivables	144,047	145,902
Derivative financial instruments	14,363	21,705
Inventories	22,318	20,991
Restricted cash	1,993	97,647
Cash and cash equivalents	213,816	118,819
Total current assets	396,537	405,064
TOTAL ASSETS	3,853,801	3,645,783
EQUITY AND LIABILITIES
EQUITY
Share capital	1,708	1,708
Share premium	212,539	212,539
Hedges reserve	11,244	19,740
Retained earnings	239,849	177,841
TOTAL EQUITY	465,340	411,828
NON-CURRENT LIABILITIES
Borrowings	2,766,042	2,744,085
Decommissioning provision	88,330	89,999
Deferred tax liabilities	81,580	75,995
Trade and other payables	4,032	4,417
Total non-current liabilities	2,939,984	2,914,496
CURRENT LIABILITIES
Trade and other payables	447,972	311,134
Income tax liability	505	8,325
Total current liabilities	448,477	319,459
TOTAL LIABILITIES	3,388,461	3,233,955
TOTAL EQUITY AND LIABILITIES	3,853,801	3,645,783

Source ↗

	2026 (Unaudited) $'000	2025 (Unaudited) $'000
Operating activities
Profit for the period before tax	127,808	130,752
Adjustments to reconcile profit before taxation to net cash provided by
Depreciation, depletion and amortisation	110,282	110,138
Impairment of exploration and evaluation asset	-	1,994
Other expenses / (income)	524	(294)
Finance income	(2,066)	(2,579)
Finance expenses	76,199	82,951
Net foreign exchange loss	15,016	11,814
Cash flow from operations before working capital	327,763	334,776
Decrease / (increase) in trade and other receivables	(5,118)	17,420
Increase in inventories	(1,327)	(4,541)
Increase in trade and other payables	18,335	9,770
Cash flow from operations	339,653	357,425
Income tax paid	(25,400)	(110,460)
Net cash inflow from operating activities	314,253	246,965
Investing activities
Payment for purchase of property, plant and equipment (PP&E) 7(c)	(161,003)	(183,521)
Payment for exploration and evaluation, and other intangible assets	(12,821)	(897)
Loan granted to Related Party	-	(28,000)
Income on derivatives	117	134
Interest received	2,827	3,173
Net cash outflow from investing activities	(170,880)	(209,111)
Financing activities
Transaction costs in relation to borrowing issuance	-	(17,647)
Drawdown of borrowings	-	75,000
Borrowings - interest paid	(98,295)	(82,481)
Dividends paid	(39,000)	(67,600)
Other finance cost paid	(2,981)	(1,366)
Movement in restricted cash, net	95,654	(830)
Repayment of obligations under leases	(4,753)	(2,677)
Net cash outflow used in financing activities	(49,375)	(97,601)
Net increase / (decrease) in cash and cash equivalents	93,998	(59,747)
Cash and cash equivalents at beginning of period	118,819	157,728
Effect of exchange differences on cash and cash equivalents	999	2,897
Cash and cash equivalents at end of period	213,816	100,878

Source ↗

	2025 $'000	2024 (Restated *) $'000
Revenue	1,728,126	1,779,413
Cost of sales	(1,144,906)	(988,285)
Gross profit	583,220	791,128
General and administrative expenses	(53,638)	(50,980)
Other operating income	44,591	354
Impairment of oil and gas assets	(285,726)	(95,607)
Exploration and evaluation expenses and new ventures	(11,307)	(10,140)
Exploration cost written-off	(21,760)	(144,782)
Change in decommissioning provision	3,867	(22,368)
Expected credit (loss)/ reversal	10,228	(7,481)
Other operating expenses	(1,488)	(4,271)
Operating profit	267,987	455,853
Finance income	6,334	15,386
Finance costs	(259,629)	(271,528)
Net loss on derivatives	(2,884)	(392)
Net foreign exchange (loss)/gain	(38,202)	12,639
(Loss)/Profit before tax	(26,934)	211,958
Taxation expense	(231,189)	(84,511)
(Loss)/Profit for the period after taxation	(257,583)	127,447
Basic and diluted earnings per share ($ per share)
Basic	($1.40)	$0.69
Diluted	($1.40)	$0.69

Source ↗

	2025 $'000	2024 $'000
ASSETS
Non-current assets
Property, plant and equipment	4,250,419	4,515,359
Intangible assets	249,220	216,378
Equity-accounted investments	4	4
Derivative assets	3,931	-
Other receivables	30,861	33,452
Deferred tax asset	156,493	254,065
Restricted cash	3,345	2,950
Total non-current assets	4,694,273	5,022,208
Current assets
Inventories	94,193	101,848
Derivative asset	22,390	-
Trade and other receivables	451,822	422,247
Restricted cash	99,399	82,427
Cash and cash equivalents	227,213	235,270
Total current assets	895,017	841,792
Total assets	5,589,290	5,864,000
EQUITY AND LIABILITIES
Equity attributable to owners of the parent
Share capital	2,459	2,449
Share premium	465,331	465,331
Merger reserve	139,903	139,903
Other reserves	26,231	5,796
Foreign currency translation reserve	(8,773)	(23,547)
Share-based payment reserve	49,340	41,996
Retained earnings	(532,869)	(54,464)
Total equity	141,622	577,464
Non-current liabilities
Borrowings	3,355,741	3,141,904
Deferred tax liabilities	145,110	141,403
Retirement benefit liability	1,704	1,551
Provisions	777,804	722,016
Trade and other payables	36,709	122,384
Total non-current liabilities	4,317,068	4,129,258
Current liabilities
Trade and other payables	780,062	847,806
Current portion of borrowings	229,005	128,000
Current tax liability	8,449	84,847
Derivative liability	-	345
Provisions	113,084	96,280
Total current liabilities	1,130,600	1,157,278
Total equity and liabilities	5,589,290	5,864,000

Source ↗

	2025 $'000	2024 (Restated*) $'000
Operating activities
Profit before taxation	(26,394)	211,958
Depreciation, depletion and amortisation	580,561	412,825
Impairment loss on property, plant and equipment	285,726	95,607
Loss from the sale of property, plant and equipment	-	675
Impairment loss on exploration and evaluation assets	21,760	144,669
Impairment loss on inventory	-	671
Change in decommissioning provision estimates	(3,867)	(8,221)
Defined benefit (gain)/ loss	(107)	(71)
Movement in other provisions	(2,665)	704
Finance income	(6,334)	(15,386)
Finance costs	259,629	271,528
Unrealised loss on derivatives	2,884	392
ECL on trade receivables	(10,228)	7,482
Non-cash revenues from Egypt	(24,677)	(34,841)
Other income	(18,635)	(344)
Share-based payment charge	7,354	9,079
Net foreign exchange (income)/ loss	38,202	(12,639)
Working capital adjustments
(Increase)/ decrease in inventories	13,767	3,210
(Increase)/ decrease in trade and other receivables	(6,329)	(81,058)
Increase/(Decrease) in trade and other payables	195,401	121,260
Cash inflow from operations	1,306,048	1,127,500
Income tax paid	(162,468)	(5,733)
Net cash inflow from operating activities	1,143,580	1,121,767
Investing activities
Payment for purchase of property, plant and equipment	(750,989)	(580,487)
Payment for exploration and evaluation, and other intangible assets	(108,574)	(184,851)
Payment of deferred consideration for an acquisition of subsidiary	(100,701)	-
Movement in restricted cash	(17,367)	(59,954)
Government grant received	24,239	-
Proceeds from disposal of exploration and evaluation and other intangible	-	978
Amounts received from INGL related to the transfer of property, plant & equipment	-	1,801
Settlement of foreign exchange hedge	(2,884)	-
Other investing activities	-	2,858
Interest received	6,578	10,236
Net cash outflow for investing activities	(949,698)	(809,419)
Financing activities
Drawdown of borrowings	1,500,039	118,000
Repayment of borrowings	(1,201,000)	(70,000)
Debt issue costs	(36,718)	-
Repayment of obligations under leases	(23,400)	(20,467)
Finance cost paid for deferred license payments	-	(4,000)
Finance costs paid	(231,905)	(229,755)
Dividend Paid	(220,822)	(219,815)
Net cash outflow from financing activities	(213,806)	(426,037)
Net increase/(decrease) in cash and cash equivalents	(19,924)	(113,689)
Cash and cash equivalents at beginning of the period	235,270	346,772
Effect of exchange rate fluctuations on cash held	11,868	2,187
Cash and cash equivalents at end of the period	227,213	235,270

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	1,297.0	1,311.6	1,392.4
Gross profit	440.4	442.7	619.1
Adjusted EBITDA	813.4	847.8	909.3
Operating profit	192.6	203.4	356.7
Share-based payments	5.7	5.6	7.1
Operating profit to net income
Finance costs	(189.6)	(197.1)	(212.5)
Profit before tax	(26.3)	(20.4)	165.9
Tax	(172.0)	(175.5)	(66.1)
Net income (owners)	(198.0)	(195.5)	99.7
Per share
EPS basic	(82.0p)	(104.0p)	55.0p
EPS diluted	(82.8p)	(104.0p)	55.0p
Dividend per share	75.6p	89.1p	95.6p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	357.9	−4%	939.1	372.5
Gross profit	172.2	−1%	268.3	174.4
Adjusted EBITDA	355.4	−9%	458.0	389.8
Operating profit	161.3	−6%	31.3	172.1
Share-based payments	0.6	+19%	5.1	0.5
Operating profit to net income
Finance costs	(56.7)	−12%	(132.9)	(64.1)
Profit before tax	95.0	−6%	(121.4)	100.9
Tax	(19.9)	−15%	(152.1)	(23.4)
Net income (owners)	75.1	−3%	(273.1)	77.6
Per share
EPS basic	65.6p	–	(147.7p)	43.7p
EPS diluted	64.1p	–	(147.0p)	43.0p
Dividend per share	30.2p	–	45.4p	43.7p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	911.0	868.0	877.8
Interest paid	(185.4)	(176.0)	(179.8)
Tax paid	(56.9)	(123.3)	(4.5)
Investing activities
Capex (PP&E)	(548.1)	(570.0)	(454.2)
Financing activities
Lease principal paid	(19.2)	(17.8)	(16.0)
Dividends paid	(144.4)	(167.6)	(172.0)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	233.7	+23%	677.3	190.6
Interest paid	(73.1)	+15%	(112.3)	(63.7)
Tax paid	(18.9)	−78%	(38.1)	(85.3)
Investing activities
Capex (PP&E)	(119.7)	−15%	(428.3)	(141.7)
Capex (intangibles)	(9.5)	n/m	–	(0.7)
Financing activities
Lease principal paid	(3.5)	+71%	(15.7)	(2.1)
Dividends paid	(29.0)	−44%	(115.4)	(52.2)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	122.0	109.5	–
Property, plant & equipment	2,477.4	2,284.8^r	3,598.2
Non-current assets	2,608.5	2,406.4	4,002.0
Current assets
Inventories	16.8	15.6^r	81.2
Trade receivables	108.7	108.3^r	336.5
Cash	161.3	88.2^r	187.5
Current assets	299.2	300.8^r	670.8
Total assets	2,907.7	2,707.2^r	4,672.8
Current liabilities
Trade payables	338.0	231.0^r	675.6
Borrowings, current	13.8	170.0	102.0
Lease liabilities, current	3.1	3.7	–
Current liabilities	338.4	237.2^r	922.2
Non-current liabilities
Borrowings, non-current	2,087.0	2,037.6^r	2,503.7
Lease liabilities, non-current	2.6	3.0	–
Non-current liabilities	2,218.2	2,164.1	–
Total liabilities	2,556.6	2,401.4	–
Equity
Total equity	351.1	305.8^r	460.2
Net cash and other figures
Net cash / (debt) ex leases	(2,434.7)	(2,417.0)	–
Net cash / (debt) incl. leases	–	(2,417.0)	(2,350.0)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Other intangibles	122.0	109.5	–
Property, plant & equipment	2,477.4	2,284.8^r	3,598.2
Non-current assets	2,608.5	2,406.4	4,002.0
Current assets
Inventories	16.8	15.6^r	81.2
Trade receivables	108.7	108.3^r	336.5
Cash	161.3	88.2^r	187.5
Current assets	299.2	300.8^r	670.8
Total assets	2,907.7	2,707.2^r	4,672.8
Current liabilities
Trade payables	338.0	231.0^r	675.6
Borrowings, current	13.8	170.0	102.0
Lease liabilities, current	3.1	3.7	–
Current liabilities	338.4	237.2^r	922.2
Non-current liabilities
Borrowings, non-current	2,087.0	2,037.6^r	2,503.7
Lease liabilities, non-current	2.6	3.0	–
Non-current liabilities	2,218.2	2,164.1	–
Total liabilities	2,556.6	2,401.4	–
Equity
Total equity	351.1	305.8^r	460.2
Net cash and other figures
Net cash / (debt) ex leases	(2,434.7)	(2,417.0)	–
Net cash / (debt) incl. leases	–	(2,417.0)	(2,350.0)

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