Serica Energy

SQZ · AIM · Energy · mcap £1,042m · 271.4p

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

Source: results 06 Aug 26 ↗

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

Market cap: £1,064m
Owner’s net cash: £30.4m
Net cash / market cap: 3%
EV ex leases: £1,033m
Revenue: £724.6m
Operating profit: −£43.2m
Free cash flow after leases: £115.1m
FCF yield: 10.8%
Price / tangible book: 2.47×
Net income (owners): −£1.5m

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 06 Aug 26 · read the results ↗

Source ↗

	Six months ended 30 June 2026 $000	Six months ended 30 June 2025 $000	Year ended 31 December 2025 $000
Sales revenue	677,099	304,896	601,429
Cost of sales	(405,194)	(228,523)	(536,689)
Gross profit	271,905	76,373	64,740
Unrealised hedging (losses)/gains	(110,843)	53,136	67,371
Realised hedging (losses)/gains	(88,600)	(1,350)	7,795
Contract revenue - other	-	5,408	5,408
Exploration expense	-	(1,100)	(1,100)
E&E asset write-offs	-	(96)	(147)
Impairment of producing assets	(5,820)	-	-
Administrative expenses	(14,619)	(11,976)	(23,075)
Foreign exchange (loss)/gain	(1,526)	(635)	38
Transaction costs	(3,048)	-	(5,533)
Share-based payments	(1,648)	(1,673)	(3,523)
Expense of goodwill	(95,582)	-	-
Operating (loss)/profit	(49,781)	118,087	111,974
Change in fair value of financial liabilities	(4,508)	(3,587)	(2,471)
Finance revenue	1,455	2,473	6,102
Finance costs	(22,771)	(16,198)	(35,262)
(Loss)/profit before taxation	(75,605)	100,775	80,343
Taxation credit/(charge) for the period	81,739	(143,869)	(132,165)
Profit/(loss) after taxation and profit/
(loss) for the period	6,134	(43,094)	(51,822)
Earnings/(loss) per ordinary share
Basic EPS on profit/(loss) for the period ($)	0.02	(0.11)	(0.13)
Diluted EPS on profit/(loss) for the period ($)	0.02	(0.11)	(0.13)

Source ↗

	30 June 2026 $000	31 December 2025 $000
Non-current assets
Exploration & evaluation assets	64,858	43,283
Property, plant and equipment	1,145,707	1,155,716
Goodwill	50,448	56,497
Derivative financial assets	-	5,667
Deferred tax asset	106,557	-
Total non-current assets	1,367,570	1,261,163
Current assets
Inventories	22,124	31,423
Trade and other receivables	232,095	170,993
Corporate tax receivable	-	13,026
Derivative financial asset	-	24,260
Restricted cash	1,460	12,060
Cash and cash equivalents	324,451	18,840
Total current assets	580,130	270,602
TOTAL ASSETS	1,947,700	1,531,765
Current liabilities
Trade and other payables	222,124	211,646
Derivative financial liability	50,581	-
Corporate tax payable	54,923	-
Financial liabilities	5,164	4,140
Lease liabilities	3,683	2,308
Dividends payable	51,897	-
Provisions	19,109	18,712
Non-current liabilities
Derivative financial liabilities	30,048	-
Financial liabilities	100,041	89,756
Deferred tax liability	-	77,132
Lease liabilities	7,388	3,415
Provisions	496,718	233,594
Loans and borrowings	284,139	221,488
TOTAL LIABILITIES	1,325,815	862,191
NET ASSETS	621,885	669,574
Share capital	245,715	245,715
Merger reserve	286,590	286,590
Other reserves	42,711	41,063
Treasury/own shares	(3,397)	(6,678)
Accumulated funds	52,043	101,087
Currency translation reserves	(1,777)	1,797
TOTAL EQUITY	621,885	669,574

Source ↗

	Six months ended 30 June 2026 $000	Six months ended 30 June 2025 $000	Year ended 31 December 2025 $000
Cash inflow from operations	270,493	101,954	179,946
Taxation received/(paid)	9,126	70,554	63,358
Decommissioning spend	(5,847)	(104)	(1,088)
Net cash inflow from operating activities	273,772	172,404	242,216
Investing activities
Interest received	1,455	2,473	5,486
Purchase of E&E assets	(1,370)	(1,179)	(6,467)
Purchase of property, plant & equipment	(79,427)	(136,527)	(242,567)
Acquisition of asset interests	(4,168)	(10,416)	(11,720)
Business combination, net cash received/acquired	68,682	-	2,235
Net cash outflow from investing activities	(14,828)	(145,649)	(253,033)
Financing activities
Payments of lease liabilities	(2,071)	-	(1,943)
Proceeds from share issues	-	178	178
Repayment of borrowings	(231,000)	-	(51,848)
Proceeds from borrowings - net	293,199	(979)	51,848
Dividends paid	-	-	(84,853)
Share buyback	-	-	(9,819)
Finance costs paid	(11,361)	(11,620)	(25,900)
Net cash outflow from financing activities	48,767	(12,421)	(122,337)
Cash and cash equivalents
Net increase/(decrease) in period	307,711	14,334	(133,154)
Effect of exchange rates on cash and cash equivalents	(2,100)	11,601	3,534
Amount at start of period	18,840	148,460	148,460
Amount at end of period	324,451	174,395	18,840

Source ↗

	2025 $000	2024 $000
Continuing operations
Sales revenue	601,429	727,178
Cost of sales	(536,689)	(503,981)
Gross profit	64,740	223,197
Hedging income/(expense)	75,166	(43,474)
Contract revenue - other	5,408	31,292
Exploration and pre-licence costs	(1,100)	(1,595)
E&E asset write-offs	(147)	(851)
General and administrative expenses	(23,075)	(21,601)
Transaction costs	(5,533)	-
Foreign exchange gain	38	3,234
Share-based payments	(3,523)	(3,735)
Operating profit before net finance costs	111,974	186,467
and tax
Change in fair value of financial liabilities	(2,471)	(2,538)
Finance revenue	6,102	13,927
Finance costs	(35,262)	(37,358)
Profit before taxation	80,343	160,498
Taxation charge for the year	(132,165)	(68,069)
(Loss)/profit for the year	(51,822)	92,429
(Loss)/profit for the year attributable to
Equity owners of the Company	(51,822)	92,429
(Loss)/earnings per ordinary share - EPS
Basic EPS on (loss)/profit for the year ($)	(0.13)	0.24
Diluted EPS on (loss)/profit for the year ($)	(0.13)	0.23

Source ↗

	2025 $000	2024 $000
Non-current assets
Exploration & evaluation assets	43,283	20,367
Property, plant and equipment	1,155,716	991,588
Goodwill	56,497	-
Derivative financial assets	5,667	-
Deferred tax asset	-	55,139
Total non-current assets	1,261,163	1,067,094
Current assets
Inventories	31,423	14,884
Trade and other receivables	170,993	158,117
Corporate tax receivable	13,026	71,013
Derivative financial assets	24,260	5,185
Restricted cash	12,060	-
Cash and cash equivalents	18,840	148,460
Total current assets	270,602	397,659
TOTAL ASSETS	1,531,765	1,464,753
Current liabilities
Trade and other payables	211,646	168,287
Derivative financial liabilities	-	31,185
Contract liabilities	-	5,408
Financial liabilities	4,140	-
Lease liabilities	2,308	1,418
Provisions	18,712	-
Non-current liabilities
Derivative financial liabilities	-	11,201
Financial liabilities	89,756	81,923
Deferred tax liability	77,132	-
Lease liabilities	3,415	3,769
Provisions	233,594	145,974
Interest bearing loans	221,488	219,130
TOTAL LIABILITIES	862,191	668,295
NET ASSETS	669,574	796,458
Share capital	245,715	245,537
Merger reserve	286,590	286,590
Other reserve	41,063	37,540
Treasury/own shares	(6,678)	(8,931)
Accumulated funds	101,087	249,834
Currency translation reserve	1,797	(14,112)
TOTAL EQUITY	669,574	796,458

Source ↗

	2025 $000	2024 $000
Cash inflow from operations	179,946	452,222
Taxation received/(paid)	63,358	(152,517)
Decommissioning spend	(1,088)	(18,142)
Net cash flow generated from operating activities	242,216	281,563
Investing activities
Interest received	5,486	13,927
Expenditures relating to E&E assets	(6,467)	(11,123)
Expenditures relating to property, plant and equipment	(242,567)	(249,050)
Acquisition of asset interests	(11,720)	(7,665)
Business combination, net cash acquired	2,235	-
Net cash flow used in investing activities	(253,033)	(253,911)
Financing activities
Payments of lease liabilities	(1,943)	(2,697)
Proceeds from issue of shares	178	280
Repayment of borrowings	(51,848)	(323,700)
Proceeds from borrowings	51,848	283,500
Dividends paid	(84,853)	(113,385)
EBT/Share buyback	(9,819)	(18,775)
Finance costs paid	(25,900)	(38,501)
Net cash flow used in financing activities	(122,337)	(213,278)
Net decrease in cash and cash equivalents	(133,154)	(185,626)
Effect of exchange rates on cash and cash equivalents	3,534	(1,347)
Cash and cash equivalents at 1 January	148,460	335,433
Cash and cash equivalents at 31 December	18,840	148,460

	LTM Jun 26	FY 25	FY 24
Revenue to operating profit
Revenue	724.6	456.5	569.0
Gross profit	192.4	49.1	174.7
Adjusted EBITDA	292.1	159.4	296.6
Operating profit	(43.2)	85.0	145.9
Share-based payments	(2.6)	(2.7)	(2.9)
Operating profit to net income
Finance costs	(31.2)	(26.8)	(29.2)
Profit before tax	(73.0)	61.0	125.6
Tax	71.5	(100.3)	(53.3)
Net income (owners)	(1.5)	(39.3)	72.3
Per share
EPS basic	(0.1p)	(9.7p)	19.1p
EPS diluted	(0.1p)	(9.7p)	18.3p
Dividend per share	7.6p	7.4p	8.0p

	H1 26	vs H1 25	H2 25	H1 25
Revenue to operating profit
Revenue	503.5	+114%	221.1	235.3
Gross profit	202.2	+243%	(9.8)	58.9
Adjusted EBITDA	223.8	+146%	68.3	91.1
Operating profit	(37.0)	n/m	(6.2)	91.1
Share-based payments	(1.2)	−5%	(1.4)	(1.3)
Operating profit to net income
Finance costs	(16.9)	+35%	(14.3)	(12.5)
Profit before tax	(56.2)	n/m	(16.8)	77.8
Tax	60.8	n/m	10.7	(111.0)
Net income (owners)	4.6	n/m	(6.1)	(33.3)
Per share
EPS basic	1.5p	–	(1.6p)	(8.0p)
EPS diluted	1.5p	–	(1.6p)	(8.0p)
Dividend per share	4.5p	–	3.1p	4.4p

	LTM Jun 26	FY 25	FY 24
Operating activities
Cash from operations	254.3	183.8	220.3
Interest paid	(19.1)	(19.7)	(30.1)
Tax paid	0.4	48.1	(119.3)
Investing activities
Capex (PP&E)	(137.8)	(184.1)	(194.9)
Financing activities
Lease principal paid	–	(1.5)	(2.1)
Dividends paid	–	(64.4)	(88.7)
Share buybacks	–	(7.5)	(14.7)
Shares issued	–	0.1	0.2

	H1 26	vs H1 25	H2 25	H1 25
Operating activities
Cash from operations	203.6	+53%	50.8	133.1
Interest paid	(8.4)	−6%	(10.7)	(9.0)
Tax paid	6.8	−88%	(6.4)	54.5
Investing activities
Capex (PP&E)	(59.1)	−44%	(78.7)	(105.4)
Financing activities
Lease principal paid	(1.5)	–	–	–
Shares issued	–	–	(0.0)	0.1

	30 Jun 26	31 Dec 25	31 Dec 24
Non-current assets
Goodwill	38.1	42.0	0.0
Property, plant & equipment	864.4	858.2	790.2
Non-current assets	1,031.8	936.5	–
Current assets
Inventories	16.7	23.3	11.9
Trade receivables	175.1	127.0	126.0
Cash	244.8	14.0	118.3
Current assets	437.7	200.9	–
Total assets	1,469.5	1,137.4	1,167.2
Current liabilities
Trade payables	167.6	157.2	134.1
Lease liabilities, current	2.8	1.7	1.1
Non-current liabilities
Borrowings, non-current	214.4	164.5	174.6
Lease liabilities, non-current	5.6	2.5	3.0
Total liabilities	1,000.3	640.2	532.5
Equity
Total equity	469.2	497.2	634.7
Net cash and other figures
Net cash / (debt) ex leases	19.6	(148.5)	(66.1)

	30 Jun 26	31 Dec 25	30 Jun 25	31 Dec 24
Non-current assets
Goodwill	38.1	42.0	–	0.0
Property, plant & equipment	864.4	858.2	–	790.2
Non-current assets	1,031.8	936.5	–	–
Current assets
Inventories	16.7	23.3	–	11.9
Trade receivables	175.1	127.0	–	126.0
Cash	244.8	14.0	–	118.3
Current assets	437.7	200.9	–	–
Total assets	1,469.5	1,137.4	–	1,167.2
Current liabilities
Trade payables	167.6	157.2	–	134.1
Lease liabilities, current	2.8	1.7	–	1.1
Non-current liabilities
Borrowings, non-current	214.4	164.5	–	174.6
Lease liabilities, non-current	5.6	2.5	–	3.0
Total liabilities	1,000.3	640.2	–	532.5
Equity
Total equity	469.2	497.2	–	634.7
Net cash and other figures
Net cash / (debt) ex leases	19.6	(148.5)	(41.5)	(66.1)

Read automatically from each results announcement. Check the source before relying on a figure.

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