Etablissements Maurel & Prom (MAU) investor relations material

Executive summary

• Sales revenue rose 27% year-over-year to $366 million, driven by a 46% increase in average oil sale price and positive inventory revaluation impacts.

• EBITDA increased 63% to $227 million, and net income surged 78% to $191 million, reflecting strong operational performance and favorable oil prices.

• Free cash flow reached $77 million, with a positive net cash position of $257 million at period end.

• Major developments included the integration of Sinu-9 in Colombia, new wells in Tanzania, and resumed crude exports from Venezuela.

• Announced $1.33 billion acquisition of Gran Tierra's assets in Colombia and Ecuador, targeting 40,000 bopd by 2029-2030.

Financial highlights

• Revenue: $366 million (+27% YoY); EBITDA: $227 million (+63% YoY); Operating income: $161 million (+64% YoY).

• Net income: $191 million (+78% YoY); Group share: $183 million (+74% YoY); EPS: $0.92 (basic), $0.91 (diluted).

• Free cash flow: $77 million (+21% YoY); positive net cash position of $257 million.

• Ordinary dividend of €0.38/share (~$90 million), up 15% from 2025, payable end of August 2026.

• Development capex: $134 million; Exploration capex: $10 million.

Outlook and guidance

• Refinancing agreement signed for a new $465 million, five-year facility, expected to add $250 million liquidity by October 2026.

• Acquisition of Gran Tierra assets expected to close by year-end, subject to regulatory and shareholder approvals.

• Targeting working interest production of 40,000 bopd by 2029-2030 post-acquisition.

• Continued focus on growth, financial discipline, and value creation, leveraging strong cash generation and asset development.