Ithaca Energy PLC (FRA:XE3)

Half Year 2026 Ithaca Energy PLC Earnings Call Transcript

Aug 19, 2026 / 08:00 AM GMT

Release Date Price: €3.01 (+4.59%)

Transcript

Key Points

Positve

Record quarterly production of 131,000 barrels of oil equivalent per day in Q2 2026, with strong momentum continuing into Q3.
Operating costs reduced to $18 per barrel in H1 2026, down from $22 in 2024, leading to an upgraded full-year OpEx guidance.
Increased dividend guidance for 2026 to $500-$530 million, with a first interim dividend of $255 million declared.
Rosebank project reached a major milestone with the FPSO on location, on track for first production in H1 2027.
Strong balance sheet with $1.9 billion in available liquidity and low leverage of 0.49 times, supporting growth and M&A opportunities.

Negative

Rosebank capital expenditure guidance reduced by $35 million due to rephasing of drilling activities, with first production subject to regulatory approvals.
Q1 2026 production was impacted by weather-related challenges, though the company rebounded strongly in Q2.
The company faces regulatory approval risks for Rosebank production startup and Cygnus infill drilling, which could delay projects.
Hedging limits upside on oil prices, with 85% of oil production protected at $60 for the next six months, potentially capping revenue in a high-price environment.
M&A opportunities in the UKCS are competitive, and the company remains selective, which may limit inorganic growth potential.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ITH.L - Ithaca Energy PLC
Half Year 2026 Ithaca Energy PLC Earnings Call
Aug 19, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning, everyone.

Those of you who are unfortunately not on holiday and joined us, and those who are, welcome to our first half 2026 result presentation.

My name is Yanis Friedman. I'm the Executive Chairman of Ithaca Energy, and with me on the call today are Luciano Vasquez, our CEO, and Ian Lewis, our CFO.

First slide, as you can see, delivering on our strategy. I think this is a perfect example of first half of the year that we've been executing on all pillars of our strategy. And what we'll cover today in our agenda, as you can see on slide 2, is first half 2026 highlights, our strategic and operational review, financial updates, and then we'll open it up for questions and answers.

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