EnQuest

ENQ · Main Market · Energy · mcap £528m · 29.7p

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

Source: results 03 Sep 26 ↗

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

Market cap: £559.9m
Owner’s net cash: −£387.5m
Net cash / market cap: -69%
EV ex leases: £947.3m
Revenue: £818.9m
Operating profit: £447.7m
Free cash flow after leases: £107.4m
EV / EBIT: 2.1×
FCF yield: 19.2%
Price / tangible book: 2.45×
ROCE: 22%
Net income (owners): £105.4m

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 03 Sep 26 · read the results ↗

Source ↗

	2026 $'000 Unaudited	2025 $'000 Unaudited
Revenue and other operating income/(expense)	529,851	549,122
Cost of sales	(480,386)	(388,935)
Gross profit	49,465	160,187
Net impairment reversal/(charge) to oil and gas assets	29,640	532
General and administration expenses	(3,207)	(3,945)
Other income/(expenses)	7,910	(18,046)
Profit/(loss) from operations before tax and finance income/(costs)	83,808	138,728
Finance costs	(112,048)	(78,371)
Finance income	3,415	5,220
(Loss)/profit before tax	(24,825)	65,577
Income tax (i)	(15,113)	(239,079)
(Loss)/profit for the period attributable to owners of the parent	(39,938)	(173,502)
Total comprehensive (loss)/profit for the period, attributable to owners of the parent	(39,938)	(173,502)
Earnings/(loss) per share $ $
Basic	(0.021)	(0.093)
Diluted	(0.021)	(0.093)

Source ↗

	30 June 2026 $'000 Unaudited	31 December 2025 $'000 Audited
ASSETS
Non-current assets
Property, plant and equipment	2,364,859	2,370,131
Goodwill	139,510	139,510
Intangible assets	26,751	24,615
Deferred tax assets	269,139	271,375
Other receivables	134,837	128,166
Other financial assets	44,941	50,818
Total non-current assets	2,980,037	2,984,615
Current assets
Intangible assets	-	1,110
Inventories	32,878	32,759
Trade and other receivables	286,770	245,469
Current tax receivable	-	2,021
Cash and cash equivalents	206,183	268,846
Other financial assets	19,928	59,491
Total current assets	545,759	609,696
TOTAL ASSETS	3,525,796	3,594,311
EQUITY AND LIABILITIES
Equity
Share capital and premium	392,054	392,054
Treasury shares	(3,540)	(3,540)
Share-based payments reserve	13,225	12,395
Capital redemption reserve	2,006	2,006
Retained earnings	65,046	125,144
TOTAL EQUITY	468,791	528,059
Non-current liabilities
Loans and borrowings	653,008	638,211
Lease liabilities	272,306	285,767
Contingent consideration	25,498	24,302
Provisions (i)	853,075	877,954
Deferred income	138,095	138,095
Other financial liabilities	18,113	-
Tax payable	28,156	-
Deferred tax liabilities	211,146	250,364
Total non-current liabilities	2,199,397	2,214,693
Current liabilities
Loans and borrowings	66,713	69,253
Lease liabilities	92,797	86,323
Contingent consideration	3,444	60,318
Provisions (i)	82,938	54,082
Trade and other payables	437,483	454,650
Other financial liabilities	41,082	10,391
Current tax payable	133,151	116,542
Total current liabilities	857,608	851,559
TOTAL LIABILITIES	3,057,005	3,066,252
TOTAL EQUITY AND LIABILITIES	3,525,796	3,594,311

Source ↗

	2026 $'000 Unaudited	2025 $'000 Unaudited
CASH FLOW FROM OPERATING ACTIVITIES
Cash generated from operations	281,419	215,224
Cash (paid)/received on (purchase)/sale of financial instruments	(13,341)	(1,900)
Cash paid for purchase of other intangible assets	-	(5,785)
Decommissioning spend	(28,187)	(31,387)
Net cash received/(paid) for trading of other intangible assets	6,339	17,788
Cash paid in relation to amounts previously provided for	-	(3)
Income taxes paid	(7,418)	(1,989)
Net cash flows from/(used in) operating activities	238,812	191,948
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(76,175)	(81,252)
Purchase of intangible oil and gas assets	(2,136)	(1,966)
Settlement of Magnus contingent consideration	(60,000)	-
Acquisition deposit and costs	(28,712)	(3,550)
Interest received	1,459	2,992
Net cash flows (used in)/from investing activities	(165,564)	(83,776)
FINANCING ACTIVITIES
Proceeds from loans and borrowings	335,080	27,420
Repayment of loans and borrowings	(368,548)	(6,451)
Payment of obligations under financing leases	(46,829)	(35,441)
Interest paid	(16,819)	(43,554)
Dividend paid	(20,160)	(15,300)
Other financial expenses paid (i)	(14,836)	-
Net cash flows (used in)/from financing activities	(132,112)	(73,326)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(58,864)	34,846
Net foreign exchange on cash and cash equivalents	(3,799)	15,645
Cash and cash equivalents at 1 January	268,846	280,239
CASH AND CASH EQUIVALENTS AT 30 JUNE	206,183	330,730

Source ↗

	2025 $'000	2024 $'000
Revenue and other operating income 4(a)	1,118,300	1,180,709
Cost of sales 4(b)	(837,540)	(787,383)
Gross profit/(loss)	280,760	393,326
Net impairment reversal/(charge) to oil and gas assets	5,819	(71,414)
General and administration expenses 4(c)	(7,482)	(5,702)
Other income/(expenses) 4(d)	369,697	(4,682)
Profit/(loss) from operations before tax and finance income/(costs)	648,794	311,528
Finance costs	(164,591)	(159,422)
Finance income	9,224	14,508
Profit/(loss) before tax	493,427	166,614
Income tax (i)	(491,865)	(72,841)
Profit/(loss) for the year attributable to owners of the parent	1,562	93,773
Total comprehensive profit/(loss) for the year, attributable to owners of the parent	1,562	93,773

Source ↗

	2025 $'000	2024 $'000
ASSETS
Non-current assets
Property, plant and equipment	2,370,131	2,297,954
Goodwill	139,510	134,400
Intangible assets	24,615	20,563
Deferred tax assets 6(c)	271,375	506,481
Other receivables	128,166	2,102
Other financial assets	50,818	38,459
Total non-current assets	2,984,615	2,999,959
Current assets
Intangible assets	1,110	1,138
Inventories	32,759	48,976
Trade and other receivables	245,469	230,971
Current tax receivable	2,021	1,256
Cash and cash equivalents	268,846	280,239
Other financial assets	59,491	69
Total current assets	609,696	562,649
TOTAL ASSETS	3,594,311	3,562,608
EQUITY AND LIABILITIES
Equity
Share capital and premium	392,054	392,054
Treasury shares	(3,540)	(4,425)
Share-based payments reserve	12,395	13,949
Capital redemption reserve	2,006	2,006
Retained earnings	125,144	138,882
TOTAL EQUITY	528,059	542,466
Non-current liabilities
Loans and borrowings	638,211	621,440
Lease liabilities	285,767	288,262
Contingent consideration	24,302	452,891
Provisions (i)	877,954	710,976
Deferred income	138,095	138,095
Deferred tax liabilities 6(c)	250,364	104,698
Total non-current liabilities	2,214,693	2,316,362
Current liabilities
Loans and borrowings	69,253	43,417
Lease liabilities	86,323	46,994
Contingent consideration	60,318	20,403
Provisions (i)	54,082	55,130
Trade and other payables	454,650	414,390
Other financial liabilities	10,391	21,580
Current tax payable	116,542	101,866
Total current liabilities	851,559	703,780
TOTAL LIABILITIES	3,066,252	3,020,142
TOTAL EQUITY AND LIABILITIES	3,594,311	3,562,608

Source ↗

	2025 $'000	2024 $'000
CASH FLOW FROM OPERATING ACTIVITIES
Cash generated from operations	497,819	685,946
Cash received/(paid) on sale/(purchase) of financial instruments	9,075	(10,306)
Net cash received for trading of other intangible assets	26,829	-
Cash paid for purchase of other intangible assets	(6,472)	(1,138)
Cash paid in relation to amounts previously provided for	(481)	(9,063)
Decommissioning spend	(56,810)	(60,544)
Income taxes paid	(107,235)	(97,264)
Net cash flows from/(used in) operating activities	362,725	507,631
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(175,025)	(249,165)
Proceeds from farm-down	-	1,263
Vendor financing facility repaid 18(f),24	-	107,518
Purchase of intangible oil and gas assets	(4,225)	(3,686)
Payment of Magnus contingent consideration - Profit share	-	(48,465)
Acquisition	(20,278)	-
Interest received	5,286	10,100
Net cash flows (used in)/from investing activities	(194,242)	(182,435)
FINANCING ACTIVITIES
Proceeds from loans and borrowings	152,432	31,662
Repayment of loans and borrowings	(146,451)	(162,304)
Payment for repurchase of shares	-	(9,018)
Payment of obligations under financing leases	(83,061)	(130,065)
Dividend paid	(15,300)	-
Interest paid	(96,997)	(83,162)
Other finance expenses paid	(3,606)	-
Net cash flows (used in)/from financing activities	(192,983)	(352,887)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(24,500)	(27,691)
Net foreign exchange on cash and cash equivalents	13,107	(5,642)
Cash and cash equivalents at 1 January	280,239	313,572
CASH AND CASH EQUIVALENTS AT 31 DECEMBER	268,846	280,239

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	818.9	848.8	923.9
Gross profit	126.2	213.1	307.8
Operating profit	447.7	492.4	243.8
Operating profit to net income
Finance costs	(147.7)	(124.9)	(124.8)
Profit before tax	305.4	374.5	130.4
Tax	(200.0)	(373.3)	(57.0)
Net income (owners)	105.4	1.2	73.4
Per share
EPS basic	5.3p	0.1p	4.0p
EPS diluted	5.3p	0.1p	3.9p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	394.0	−7%	424.9	423.8
Gross profit	36.8	−70%	89.5	123.6
Adjusted EBITDA	203.0	+9%	–	186.5
Operating profit	62.3	−42%	385.3	107.1
Operating profit to net income
Finance costs	(83.3)	+38%	(64.4)	(60.5)
Profit before tax	(18.5)	n/m	323.9	50.6
Tax	(11.2)	−94%	(188.8)	(184.5)
Net income (owners)	(29.7)	n/m	135.1	(133.9)
Per share
EPS basic	(1.6p)	–	6.9p	(6.8p)
EPS diluted	(1.6p)	–	6.9p	(6.8p)

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	304.7	275.3	397.2
Interest paid	(52.5)	(73.6)	(65.1)
Tax paid	(85.4)	(81.4)	(76.1)
Investing activities
Capex (PP&E)	(126.8)	(132.8)	(195.0)
Financing activities
Lease principal paid	(70.5)	(63.0)	(101.8)
Dividends paid	(14.8)	(11.6)	–
Share buybacks	–	–	(7.1)

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	177.6	+20%	127.1	148.2
Interest paid	(12.5)	−63%	(40.0)	(33.6)
Tax paid	(5.5)	+259%	(79.9)	(1.5)
Investing activities
Capex (PP&E)	(56.6)	−10%	(70.1)	(62.7)
Capex (intangibles)	(1.6)	+5%	–	(1.5)
Financing activities
Lease principal paid	(34.8)	+27%	(35.7)	(27.4)
Dividends paid	(15.0)	+27%	0.2	(11.8)

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	105.3	103.6	107.1
Other intangibles	20.2	18.3	–
Property, plant & equipment	1,784.3	1,759.9	1,831.2
Non-current assets	2,248.4	2,216.2	2,390.6
Current assets
Inventories	24.8	24.3	39.0
Trade receivables	216.4	182.3	184.1
Cash	155.6	199.6	223.3
Current assets	411.8	452.7	448.4
Total assets	2,660.2	2,668.9	2,838.9
Current liabilities
Trade payables	330.1	337.6	330.2
Borrowings, current	50.3	51.4	34.6
Lease liabilities, current	70.0	64.1	37.4
Current liabilities	647.1	632.3	560.8
Non-current liabilities
Borrowings, non-current	492.7	473.9	495.2
Lease liabilities, non-current	205.5	212.2	229.7
Non-current liabilities	1,659.4	1,644.5	1,845.8
Total liabilities	2,306.5	2,276.8	2,406.7
Equity
Total equity	353.7	392.1	432.3
Net cash and other figures
Net cash / (debt) ex leases	(390.1)	(322.2)	–

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	105.3	103.6	107.1
Other intangibles	20.2	18.3	–
Property, plant & equipment	1,784.3	1,759.9	1,831.2
Non-current assets	2,248.4	2,216.2	2,390.6
Current assets
Inventories	24.8	24.3	39.0
Trade receivables	216.4	182.3	184.1
Cash	155.6	199.6	223.3
Current assets	411.8	452.7	448.4
Total assets	2,660.2	2,668.9	2,838.9
Current liabilities
Trade payables	330.1	337.6	330.2
Borrowings, current	50.3	51.4	34.6
Lease liabilities, current	70.0	64.1	37.4
Current liabilities	647.1	632.3	560.8
Non-current liabilities
Borrowings, non-current	492.7	473.9	495.2
Lease liabilities, non-current	205.5	212.2	229.7
Non-current liabilities	1,659.4	1,644.5	1,845.8
Total liabilities	2,306.5	2,276.8	2,406.7
Equity
Total equity	353.7	392.1	432.3
Net cash and other figures
Net cash / (debt) ex leases	(390.1)	(322.2)	–

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