**Summary**
Genel Energy PLC reported its audited results for the year ended December 31, 2025, highlighting progress in building a resilient business with significant upside potential. Key achievements include generating double-digit USD millions of production business free cash flow, improving net cash position, and successfully exiting unprofitable licenses without incurring new liabilities. The company refinanced its bond, reducing funding risks for future strategic priorities. Despite regional hostilities temporarily halting production at Tawke, Genel maintained its 2026 guidance. The focus remains on acquiring new assets, diversifying cash generation, and participating in Kurdistan exports while balancing risk and reward. Operationally, Genel plans drilling at Tawke, de-risking Block 54 in Oman, and progressing the Toosan-1 well in Somaliland. Financial highlights include a production business netback of $10 million, free cash flow of $4 million, and closing net cash of $134 million. The company aims to resume shareholder distributions by building a business with resilient, diversified, and predictable cash flows.
| Financial Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Average Brent Oil Price ($/bbl) | 81 | 69 | -15% |
| Average Realised Price ($/bbl) | 35 | 32 | -8.6% |
| Production (bopd, WI) | 19,650 | 17,520 | -10.8% |
| Revenue ($ million) | 74.7 | 68.7 | -8.0% |
| Production Costs ($ million) | (17.6) | (21.0) | 19.3% |
| EBITDAX ($ million) | 1.1 | 43.3 | 3,836% |
| Operating Loss ($ million) | (52.4) | (10.3) | -80.3% |
| Cash Flow from Operations ($ million) | 66.9 | 36.3 | -45.7% |
| Capital Expenditure ($ million) | 25.7 | 29.2 | 13.6% |
| Production Business Netback After Interest ($ million) | 4.9 | 9.8 | 100% |
| Free Cash Flow ($ million) | 19.6 | 4.1 | -79.1% |
| Cash ($ million) | 195.6 | 224.4 | 14.7% |
| Total Debt ($ million) | 65.8 | 92.0 | 39.8% |
| Net Cash ($ million) | 130.7 | 133.7 | 2.3% |