Unaudited results for the period ended 30 June 2025

05-Aug-2025 / 07:00 GMT/BST

Genel Energy plc - Unaudited results for the period ended 30 June 2025

Paul Weir, Chief Executive of Genel, said:

“The Tawke PSC has delivered robust production into consistent domestic market demand in the first half of 2025. Taken together with the cost reductions undertaken in 2024, the core business has generated underlying free cash flow.

Following the successful refinancing of our bond debt in April, our significant cash holding has now increased to $225 million. This strong balance sheet provides both optionality and the funding necessary for the acquisition of new production assets and geographical diversification, which remains a strategic priority for the business.

We are excited to have started work on Block 54 in Oman, and plan to begin testing of the discovered hydrocarbon pay zones around the start of next year, with results expected towards the end of the first quarter of 2026. These results will then determine the best approach for assessing the further potential of the licence for value realisation over the next 3 years.

Over a two-day period in July, the oil operations of a number of international oil companies in the Kurdistan Region of Iraq suffered drone attacks, with Tawke being one of the licences impacted. We are pleased to report that no people were hurt. Recent events in the Middle East had already resulted in a heightened state of security alert in Kurdistan and site manning was minimised. The operator is assessing both the impact and the appropriate forward production plan, with work ongoing to assess damage, minimize presence of staff on location, enhance safety protocols, and carry out repairs necessary for a full restart. We expect the impact of the damage and the deferred production on our cash position to be mitigated by continued focus on control of spend and insurance cover held for incidents such as these. We continue to guide no significant change in net cash at the end of the year.

We continue to work with peers and governments towards the resumption of Kurdistan oil exports, and are encouraged by the increased level of engagement between interested parties in recent weeks. We note that detailed discussions are taking place in relation to several key issues which could pave the way for an agreement that is acceptable to all parties.”

Results summary ($ million unless stated)

EBITDAX is operating loss adjusted for the add back of depreciation and amortisation, exploration expense, net write-off/impairment of oil and gas assets and net ECL/reversal of ECL receivables

Free cash flow is reconciled on page 5

Reported cash less debt reported under IFRS (page 5)

Summary

Tawke generated predictable production with consistent domestic sales demand, resulting in working interest production of 19,600 bopd in H1 2025 (H1 2024: 19,510 bopd)

Domestic sales price averaged $33/bbl for the period (H1 2024: $34/bbl), with all cash due for domestic sales received before the end of the period

After the end of the period, there were drone attacks on a number of Kurdistan oil operations, including Tawke where production was temporarily stopped as a result of damage caused. The operator is assessing the damage and is working on an appropriate plan to increase production.

Net cash of $134 million (31 December 2024: $131 million)

Significant cash balance of $225 million (31 December 2024: $196 million)

Bond debt of $92 million due in 2030 (31 December 2024: $66 million)

Exits from the Sarta, Qara Dagh and Taq Taq licences have been approved by the KRG with minimal residual liability exposure. We have also exited the Lagzira licence in Morocco.

Both receivables and payables balances with the KRG have reduced as a result of the exit from Sarta, Qara Dagh and Taq Taq, with the net balance of receivable of around $50 million

A socially responsible contributor to the global energy mix:

Portfolio carbon intensity under 14 kgCO2e/bbl, below the industry average target

The Genel20 Scholarship programme has entered its third year, where Genel is providing university tuition funding for undergraduates from the Kurdistan Region of Iraq

Outlook

Following the impact of the drone attack on Tawke production, the operator is developing a plan to expedite the resumption of optimal production in a safe and efficient way, with work ongoing to determine and test the best plan for production ramp up

We expect the impact on cash of damage caused and lost production to be mitigated by judicious cost control and insurance cover

On Block 54 in Oman, following the Royal Decree granted in May, there will be some direct capital investment this year as we work towards the first phase, testing previously discovered hydrocarbon pay zones

We reiterate our guidance of net cash at year-end expected to be about the same as the start of the year.

On access to exports, talks between the Kurdistan Regional Government and Federal Government of Iraq and Ministry of Oil regarding the Iraq-Türkiye Pipeline are ongoing, with the timing of the resumption of exports on acceptable terms uncertain

This announcement includes inside information.

CEO STATEMENT

The Tawke licence, operated by DNO, continues to deliver exceptional, consistent performance with efficient activity and investment maintaining production at around gross 80,000 bopd in the first half of the year. Operating costs of under $4/bbl and significant reserves mean that this asset will continue to provide significant cash generation well into the future.

At first half average realised domestic sales prices of around $33/bbl, our 25% interest in the licence has generated significant free cash flow that has more than covered our spend.

With discussions on access to exports seeming to have reached a stage of progression that we have not seen previously, we remain focused on working hard with fellow stakeholders to convert this position into accessing exports on the right terms that provide appropriate confidence that we will be paid in line with our contractual terms. This, together with unlocking appropriate investment activity, has the potential to more than double the revenue generation of this world class licence.

We are pleased to report the conclusion of our reorganisation of our Kurdistan business – in the first half of the year we finalised the terms of our previously announced divestment of the unprofitable Taq Taq PSC, and our exit from each of the Sarta and Qara Dagh PSCs. This has removed ongoing cost from the business for no new cost and minimal remaining exposure.

We are now focused on our exciting new Block 54 licence in Oman, where we have been working with the operator OQEP to develop the first phase of our activity plan. This will involve testing existing discovered hydrocarbon pay zones through the re-entry of an existing well, with our current expectation that the associated activity will recommence towards the end of the year with results to follow in Q1 2026.

The activity plan for the remainder of the three-year first phase of the exploration period will be matured on the back of these initial results but will include the drilling of 2 new wells and the acquisition of 3D seismic by May 2028.

In Somaliland we continue to work towards the right operational and commercial conditions to invest, with our partner OPIC (Taiwan), in the delivery of an exploration well on the highly prospective SL10B13 licence.

In Morocco we have completed the relinquishment of the Lagzira licence having completed the minimum work obligations.

We are pleased to have generated $5 million of free cash flow in the first half of the year, and report cash of $225 million, with our bond maturity now moved out to 2030. This provides us with appropriate optionality and funding to deliver on our strategic objectives.

OPERATING REVIEW

Tawke PSC (Tawke and Peshkabir fields)

Gross production from the Tawke PSC has been maintained at consistent levels. This has been achieved by careful and diligent subsurface and operations management. Gross production for the first half of 2025 was 78,400 bopd, well below what we would expect to produce if exports were available.

Realised price in the domestic market averaged $33/bbl over the course of the period compared to average Brent of $72/bbl. The Company has generated revenue of $36 million from Tawke entitlement in the period.

The asset delivered robust production throughout the first half of the year, with reservoir and operator performance continuing to be exceptional. We will work with the operator to evaluate appropriate and capital efficient investment in order to ensure the production levels meet our needs given the external environment.

Oman

Royal Decree issued on 8 May 2025. We are working with OQEP, the operator, on planned activity for the second half of the year, with an expectation of testing activity to take place around the end of the year, with results expected towards the end of the first quarter of 2026.

Somaliland – SL10B13

On SL10B13 in Somaliland, we continue to work towards achieving conditions that support drilling of the highly prospective Toosan-1 exploration well.

Morocco

As announced in Q1, we informed ONHYM that we will not be extending beyond the Initial Period of the Lagzira licence to the First Extension Period and consequently abandoned the licence in June 2025, with no incremental costs incurred.

FINANCIAL RESULTS

1 Net cash interest is bond interest payable less bank interest income (see note 5)

Tawke production continued to be robust and domestic sales demand reliable, resulting in average production for the period of 19,600 bopd, in line with the comparative period (H1 2024: 19,510 bopd). All production has been sold domestically at an average price of $33/bbl (H1 2024: $34/bbl), which under the PSC translates into $10 per working interest barrel produced and revenue of $36 million (H1 2024: $38 million). Production costs of $9 million (H1 2024: $8 million) and production capex of $13 million (H1 2024: $13 million) were broadly in line with the prior period. Cash general and administration costs were $8 million, lower than last period (H1 2024: $14 million) as a result of this period benefitting from cost reductions and no material arbitration costs.

The resulting production business netback of $6 million is an improvement on $2 million generated in the first half last year.

Interest income of $4 million (H1 2024: $9 million) and bond interest expense of $4 million (H1 2024: $14 million) decreased in line with cash and bond balances.

Free cash flow of $5 million is lower than $9 million last half year, which benefitted from positive working capital movements of $15 million. The Company called its existing bonds in April and issued a new bond, increasing cash by $25 million.

EBITDAX and cash flow

EBITDAX of $25 million was higher than comparative period (H1 2024: $13 million) mainly due to partial reversal of arbitration cost award accrual of $9 million and lower general and administration costs. EBITDAX is presented in order to illustrate the cash operating profitability of the Company and excludes the impact of costs attributable to exploration activity, which tend to be one-off in nature, and the non-cash costs relating to depreciation, amortisation, impairments, write-offs.

Free cash flow was $5 million (H1 2024: $9 million). Free cash flow is presented in order to illustrate the free cash generated for equity.

Cash and debt

Cash of $225 million increased from the start of the year (31 December 2024: $196 million) as a result of positive free cash flow and an increase in bond debt.

The Company monitors its cash position, cash forecasts and liquidity on a regular basis. The Company holds surplus cash in treasury bills, time deposits or liquidity funds with a number of major financial institutions. Suitability of banks is assessed using a combination of sovereign risk, credit default swap pricing and credit rating.

The nominal value of bond debt increased to $92 million (31 December 2024: $66 million). The bond debt matures in April 2030 and has two financial covenant maintenance tests:

Net assets

Net assets at 30 June 2025 were $361 million (31 December 2024: $357 million) and consist primarily of oil and gas assets of $261 million (31 December 2024: $273 million), net trade receivables of $76 million (31 December 2024: $85 million) and net cash of $134 million (31 December 2024: $131 million).

Going concern

The Directors have assessed that the Company’s forecast liquidity provides adequate headroom over forecast expenditure for the 12 months following the signing of the half-year condensed consolidated financial statements for the period ended 30 June 2025 and consequently that the Company is considered a going concern. Further explanation is provided in note 1 to the financial statements.

The Company has net cash of $134 million at the balance sheet date.

Principal risks and uncertainties

The Company is exposed to a number of risks and uncertainties that may seriously affect its performance, future prospects or reputation and may threaten its business model, future performance, solvency or liquidity. The following risks are the principal risks and uncertainties of the Company, which have not changed since year-end 2024: KRI Regional Oil & Gas Sector Risk, notably the current closure of the Iraq-Türkiye pipeline; Commercial Terms & Payment for Kurdish Sales, lack of oil export payments, as well as the recovery of the $88 million outstanding gross receivable; Development & Recovery of Oil Reserves; Reserves Replacement & Additions; New Business Activity; Capital Structure & Financing; Attract & Maintain Organisational Capability; Environmental, Social & Governance Expectations; Regulatory & Compliance Failure; and Health & Safety risks. Further detail on these risks was provided in the 2024 Annual Report.

Statement of directors’ responsibilities

The directors confirm that these condensed interim financial statements have been prepared in accordance with International Accounting Standard 34, ‘Interim Financial Reporting’, as adopted by the European Union and that the interim management report includes a true and fair review of the information required by DTR 4.2.7 and DTR 4.2.8, namely:

The directors of Genel Energy plc are listed in the Genel Energy plc Annual Report for 31 December 2024. A list of current directors is maintained on the Genel Energy plc website: www.genelenergy.com

By order of the Board

Paul Weir

CEO

Luke Clements

CFO

Condensed consolidated statement of comprehensive income

For the period ended 30 June 2025

1Adjusted basic EPS / (LPS) is profit / (loss) and total comprehensive income / (expense) adjusted for the add back of net ECL/reversal of ECL of receivables, and impairment loss on Taq Taq held for sale asset divided by weighted average number of ordinary shares.

Previous period’s figures have been restated for discontinued operation disclosure in relation to Taq Taq PSC (note 7).

Condensed consolidated balance sheet

At 30 June 2025

Notes to the consolidated financial statements

Basis of preparation

The half-year condensed consolidated financial statements for the six months ended 30 June 2025 are unaudited and have been prepared in accordance with the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority, with Article of 106 of the Companies (Jersey) Law 1991 and with IAS 34 ‘Interim Financial Reporting’ as adopted by the European Union and were approved for issue on 4 August 2025. They do not comprise statutory accounts within the meaning of Article 105 of the Companies (Jersey) Law 1991. The half-year condensed consolidated financial statements should be read in conjunction with the annual financial statements for the year ended 31 December 2024, which have been prepared in accordance with IFRS as adopted by the European Union. The same accounting policies and methods of computation are followed in the interim financial report as compared with the 31 December 2024 annual financial statements. The annual financial statements for the year ended 31 December 2024 were approved by the board of directors on 17 March 2025. The report of the auditors was unqualified, did not contain an emphasis of matter paragraph and did not contain any statement under the Article 113A of Companies (Jersey) Law 1991. The financial information for the year to 31 December 2024 has been extracted from the audited accounts.

Going concern

The Company has reported cash of $225 million, with debt of $92 million maturing in April 2030 and significant headroom on both the equity ratio and minimum liquidity financial covenants.

The International Chamber of Commerce in Paris ruling in favour of Iraq in a long running arbitration case against Türkiye concerning the Iraqi-Turkish pipeline agreement signed in 1973, resulted in exports through the pipeline being suspended from 25 March 2023. As a result, the Company is currently selling in the domestic market at lower prices and lower volumes than are available from exports, with significantly reduced cash generation.

The Directors have assessed that, even with continued suspension of exports, the Company’s forecast liquidity provides adequate headroom over its forecast expenditure for the 12 months following the signing of the half-year condensed consolidated financial statements for the period ended 30 June 2025 and consequently that the Company is considered a going concern.

Summary of material accounting policies

The accounting policies adopted in preparation of these half-year condensed consolidated financial statements are consistent with those used in preparation of the annual financial statements for the year ended 31 December 2024.

The preparation of these half-year condensed consolidated financial statements in accordance with IFRS requires the Company to make judgements and assumptions that affect the reported results, assets and liabilities. Where judgements and estimates are made, there is a risk that the actual outcome could differ from the judgement or estimate made. The Company has assessed the following as being areas where changes in judgements or estimates could have a significant impact on the financial statements.

Significant estimates

The following are the critical estimates that the directors have made in the process of applying the Group accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Estimation of hydrocarbon reserves and resources and associated production profiles and costs

Estimates of hydrocarbon reserves and resources are inherently imprecise and are subject to future revision. The Company’s estimation of the quantum of oil and gas reserves and resources and the timing of its production, cost and monetisation impact the Company’s financial statements in a number of ways, including: testing recoverable values for impairment; the calculation of depreciation, amortisation and assessing the cost and likely timing of decommissioning activity and associated costs. This estimation also impacts the assessment of going concern.

Assessment of reserves and resources are determined using estimates of oil and gas in place, recovery factors and future commodity prices, the latter having an impact on the total amount of recoverable reserves. Where the Company has updated its estimated reserves and resources any required disclosure of the impact on the financial statements is provided in the following sections.

Estimation of oil and gas asset values (note 9 and 10)

Discount rate is assessed by the Company using various inputs from market data, external advisers and internal calculations. A post tax nominal discount rate of 14% (HY & YE 2024: 14%) derived from the Company’s weighted average cost of capital (WACC) is used when assessing the impairment testing of the Company’s oil assets at period end. Risking factors are also used alongside the discount rate when the Company is assessing exploration and appraisal assets.

Estimation of future oil price and netback price

The estimation of future oil price has a significant impact throughout the financial statements, primarily in relation to the estimation of the recoverable value of property, plant and equipment and intangible assets. It is also relevant to the assessment of ECL and going concern.

The Company’s assumption of average Brent oil price for future years is based on a range of publicly available market estimates and is summarised in the table below.

Effective from 1 September 2022, sales have been priced by the MNR under a new pricing formula based on the realised sales price for KRI blend crude (‘KBT’) during the delivery month, rather than on dated Brent. The Company has not agreed on this new pricing formula and continued to invoice on Brent. The Company does not have direct visibility on the components of the netback price realised for its oil because sales are managed by the KRG, but the latest payments were based on the netback price provided by the KRG. Therefore, the export revenue from 1 September 2022 was recognised in accordance with IFRS15 using KBT pricing, resulting in the recognition of $10 million less of revenue.

The export pipeline closure in March 2023 has resulted in volumes sold in the domestic market starting in June 2023 on a cash and carry basis at lower realised oil prices than previously achieved through export.

A sensitivity analysis of netback price on producing asset values has been provided in note 10. Where relevant, for estimates of future domestic sales price the Company uses $35/bbl.

The Company has also taken the change into account in its assessment of impairment reversal and considered it appropriate not to reverse any previous impairments.

Estimation of the recoverable value of deferred receivables and trade receivables (note 11)

As of 30 June 2025, the Company is owed six months of payments for the sales from October 2022 to March 2023. Management has compared the carrying value of trade receivables with the present value of the estimated future cash flows based on a number of collection scenarios. The ECL is the weighted average of these scenarios and is recognised in the income statement. The weighting is applied based on expected repayment timing. The result of this assessment is an ECL provision of $11.8 million (31 December 2024: $11.7 million). Sensitivities of the ECL has been provided in note 11.

Decommissioning provision

Decommissioning provisions are calculated from a number of inputs such as costs to be incurred in removing production facilities and site restoration at the end of the producing life of each field which is considered as the mid-point of a range of cost estimation. These inputs are based on the Company’s best estimate of the expenditure required to settle the present obligation at the end of the period inflated at 2% (2024: 2%) and discounted at 4% (2024: 4%). 10% increase in cost estimates would increase the existing provision by c.$2 million and 1% increase in discount rate would decrease the existing provision by c.$3 million, the combined impact would be c.$1 million. The cash flows relating to the decommissioning and abandonment provision are expected to occur in 2036.

Arbitration costs award

The consolidated accounts include an accrual of $27 million relating to a potential costs award in relation to the arbitration claim made by the KRG against a subsidiary of the Group, Genel Energy Miran Bina Bawi Limited (‘GEMBBL’). This has reduced from $36 million accrued at the end of last year as a result of the actual award made in April being lower than the amount provisionally accrued. In May 2025, GEMBBL appealed this costs award.

Other estimates

The following are the other estimates that the directors have made in the process of applying the Company’s accounting policies and that have effect on the amounts recognised in the financial statements.

Taxation

Under the terms of KRI PSC's, corporate income tax due is paid on behalf of the Company by the KRG from the KRG's own share of revenues, resulting in no corporate income tax payment required or expected to be made by the Company. It is not known at what rate tax is paid, but it is estimated that the current tax rate would be between 15% and 40%. If this was known, it would result in a gross up of revenue with a corresponding debit entry to taxation expense with no net impact on the income statement or on cash. In addition, it would be necessary to assess whether any deferred tax asset or liability was required to be recognised.

New standards

The following new accounting standards, amendments to existing standards and interpretations are effective on 1 January 2025 and have been endorsed in 2024: Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023). The following new accounting standards, amendments to existing standards and interpretations have been issued but are not yet effective and/or have not yet been endorsed by the EU: IFRS 19 Subsidiaries without Public Accountability: Disclosures (issued on 9 May 2024), IFRS 18 Presentation and Disclosure in Financial Statements (issued on 9 April 2024), Contracts Referencing Nature-dependent Electricity – Amendments to IFRS 9 and IFRS 7 (issued on 18 December 2024), Annual Improvements Volume 11 (issued on 18 July 2024), Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7) (issued on 30 May 2024). Nothing has been early adopted, and these standards are not expected to have a material impact on the Company’s results or financials statement disclosures in the periods they become effective except for IFRS 18 which will impact the presentation and disclosure in the financial statements.

Segmental information

The Company has two reportable business segments: Production and Pre-production. Capital allocation decisions for the production segment are considered in the context of the cash flows expected from the production and sale of crude oil. The production segment is comprised of the producing fields on the Tawke PSC (Tawke and Peshkabir fields) which are located in the KRI and currently make local sales only to the local buyers. The pre-production segment is comprised of exploration activity, principally located in Somaliland, Morocco (exited in June 2025) and Oman. ‘Other’ includes corporate assets, liabilities and costs, elimination of intercompany receivables and intercompany payables, which are non-segment items.

For the 6-month period ended 30 June 2025

Sarta and Taq Taq PSC figures have been disclosed as discontinued operation (note 7).

Total assets and liabilities in the other segment are predominantly cash and debt balances, and includes assets and liabilities relating to Sarta, Qara Dagh, Miran and Bina Bawi PSCs which have been exited in prior years.

For the 6-month period ended 30 June 2024

Sarta and Taq Taq PSC figures have been disclosed as discontinued operation (note 7).

Total assets and liabilities in the other segment are predominantly cash and debt balances, and includes assets and liabilities relating to Sarta, Qara Dagh, Miran and Bina Bawi PSCs which have been exited in prior years.

For the 12-month period ended 31 December 2024

Sarta and Taq Taq PSC figures have been disclosed as discontinued operation (note 7).

Total assets and liabilities in the other segment are predominantly cash and debt balances, and includes assets and liabilities relating to Sarta, Qara Dagh, Miran and Bina Bawi PSCs which have been exited in prior years.

Operating loss

• Income tax expense
• Assets and liabilities held for sale and discontinued operations

On 24 December 2024, the Company entered into a sale agreement to dispose its share of rights, benefits, liabilities and obligations in Taq Taq PSC to its partner. The transaction was subject to Kurdistan Regional Government (‘KRG’) approval. These operations, which were expected to be sold within 12 months, had been classified as a disposal group held for sale and presented separately in the consolidated balance sheet as at 31 December 2024. Following the KRG approval in May 2025, the assets and liabilities held for sale were removed.

The major classes of assets and liabilities comprising the operations classified as held for sale are as follows:

Sarta PSC was terminated on 1 December 2023. On 20 April 2025, a Settlement, Relinquishment, and Termination Agreement (‘RTA’) was signed between the Kurdistan Regional Government of Iraq (‘KRG’), Genel Energy Sarta Ltd. and Chevron Iraq (Sarta) Ltd. (together ‘Contractors’). As per the agreement, the KRG released the contractors from liabilities owed to the KRG and the Contractors released the KRG from all liabilities owed to the contractors. Therefore, all receivables and payables related to Sarta PSC has been written off resulting with c.$4 million profit in the period.

The results of the discontinued operations from Taq Taq and Sarta, which have been included in the loss for the period, were as follows:

Earnings / (Loss) per share

Basic

Basic earnings / (loss) per share is calculated by dividing the profit / (loss) attributable to owners of the parent by the weighted average number of shares in issue during the period.

1 Excluding shares held as treasury shares and by the Employee Benefit Trust

Diluted

The Company purchases shares in the market to satisfy share plan requirements so diluted earnings per share is adjusted for performance shares, restricted shares, share options and deferred bonus plans not included in the calculation of basic earnings per share. Because the Company reported a loss from continuing operations for the period ended 30 June 2025, the performance shares, restricted shares and share options are anti-dilutive and therefore diluted LPS is the same as basic LPS.

1 Excluding shares held as treasury shares and by the Employee Benefit Trust

Adjusted Basic EPS / (LPS)

Adjusted basic EPS / (LPS) is profit / (loss) and total comprehensive income / (expense) adjusted for the add back of net ECL/reversal of ECL of receivables, and impairment loss on Taq Taq held for sale asset divided by weighted average number of ordinary shares.

1 Excluding shares held as treasury shares and by the Employee Benefit Trust

Intangible assets

1 Other line includes non-cash asset retirement obligation provision and share-based payment costs.

The sensitivities below provide an indicative impact on net recoverable value of a change in netback price, discount rate, production or pipeline reopening, assuming no change to any other inputs.

As of 30 June 2025, the Company is owed six months of payments (31 December 2024: six months).

Period when sale made

Recovery of the carrying value of the receivable

All trade receivables relate to export sales from Tawke PSC as the domestic sales are on a cash and carry basis. As explained in note 2, the booked nominal receivable value of $87.8 million has been recognised based on KBT due to IFRS 15 requirements and it would be $10 million higher under Brent pricing mechanism. The Company expects to recover the full value of receivables owed from the KRG under Brent pricing mechanism, but the terms of recovery are not determined yet. An explanation of the assumptions and estimates in assessing the net present value of the deferred receivables are provided in note 2.

Total $m

Sensitivities/Scenarios

As set out in note 2, the recoverability of the overdue trade receivables is based on a number of different collection scenarios. We consider that the ultimate resolution will include full consideration of all balances between the two counterparties. A 1% increase / decrease in the discount rate would result in a c.$0.7 million change in the ECL provision. Each three-month delay in settlement would result in a c.$0.9 million increase in the ECL provision. A combined three-month delay and a 1% increase in the discount rate would result in a c.$1.6 million change in the ECL provision. The discount rate applied is the discount rate considered to represent the effective interest rate on this instrument.

Interest bearing loans and net cash

As of 30 June 2025, the fair value of the $92 million of bonds held by third parties is $92 million (31 December 2024: $66 million).

In April 2025, the Company issued a new five-year senior unsecured bond and exercised its call option on the old bonds, which were repaid at par.

The bonds maturing in 2030 have two financial covenants:

1 Net other changes are free cash flow plus purchase of own shares

Capital commitments

INDEPENDENT REVIEW REPORT TO GENEL ENERGY PLC

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 is not prepared, in all material respects, in accordance with International Accounting Standard 34 “Interim Financial Reporting” as adopted by the European Union, Article 106 of the Companies (Jersey) Law 1991 and the Disclosure, Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.

We have been engaged by Genel Energy PLC (“the Company”) to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2025 which comprises the Condensed consolidated statement of comprehensive income, the Condensed consolidated balance sheet, the Condensed consolidated statement of changes in equity, the Condensed consolidated cash flow statement and the related explanatory notes that have been reviewed.

Basis for conclusion

As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, “Interim Financial Reporting” as adopted by the European Union, Article 106 of the Companies (Jersey) Law 1991 and the Disclosure, Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.

Conclusions relating to going concern

Responsibilities of directors

The directors are responsible for preparing the half-yearly financial report in accordance with the International Accounting Standard 34 “Interim Financial Reporting” as adopted by the European Union, Article 106 of the Companies (Jersey) Law 1991 and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.

Auditor’s responsibilities for the review of the financial information

Use of our report

BDO LLP

Chartered Accountants

London, UK

The issuer is solely responsible for the content of this announcement.