Ithaca Energy PLC reported strong full-year 2025 results, highlighting strategic and operational success. Key achievements include a 130% 2P reserves replacement ratio, average production of 119 kboe/d, and a 2025 exit rate of ~148 kboe/d. Financial performance was robust, with adjusted EBITDAX of $2.0bn, net cash flow from operations of $1.7bn, and free cash flow of $683.3m. The company enhanced liquidity to $1.5bn, executed its growth strategy across West of Shetland developments, and distributed $500m in dividends. Ithaca Energy also revised its dividend policy, targeting 20-35% of post-tax CFFO for shareholder returns, and announced a third interim 2025 dividend of $200m. The company enters 2026 with increased production capacity, significant momentum, and a focus on value-driven growth.
| Metric | 2024 | 2025 | Change |
|---|---|---|---|
| Adjusted EBITDAX ($m) | 1,405.0 | 2,030.8 | +44.5% |
| Net Cash Flow from Operations ($m) | 853.3 | 1,745.3 | +104.5% |
| Available Liquidity ($m) | 1,015.1 | 1,470.1 | +44.8% |
| (Loss)/Profit for the Year ($m) | 153.1 | (84.1) | -155.0% |
| Adjusted Net Income ($m) | 323.6 | 289.2 | -10.6% |
| Basic EPS (Cents) | 13.2 | (5.1) | -140.2% |
| Unit Operating Expenditure ($/boe) | 22.4 | 18.9 | -15.6% |
| Total Production (kboe/d) | 80 | 119 | +48.8% |
| Scope 1 and 2 Emissions (ktCO2e) | 448.2 | 437.5 | -2.4% |
| Greenhouse Gas Intensity (kgCO2e/boe) | 23.9 | 17.2 | -28.0% |
| Adjusted Net Debt ($m) | 884.9 | 1,258.2 | +42.2% |
| Leverage Ratio (x) | 0.45 | 0.56 | +24.4% |