Nostrum Oil & Gas (NOG) investor relations material

Executive summary

• Revenue rose 13.3% year-over-year to $72.6 million in H1 2026, driven by higher Brent crude prices, improved export ratios, and increased product volumes from third-party feedstock.

• EBITDA increased 16.4% to $27.7 million, with margin improving to 38.1% due to revenue growth and cost control.

• Net cash flow was positive at $11.1 million after coupon payments, reflecting strong cash generation and financial discipline.

• Consent solicitation for a long-term standstill on bonds was approved, enhancing financial flexibility.

Financial highlights

• Operating cash flow reached $22.6 million, reversing a $10.0 million outflow in H1 2025.

• Unrestricted cash and equivalents stood at $154.4 million as of 30 June 2026, up from $143.3 million at year-end 2025.

• Net debt increased to $606.1 million, mainly due to capitalised coupon payments and amortisation of fair value adjustments.

• Average Brent crude price rose 28.2% year-over-year to $92.2/bbl.

Outlook and guidance

• Focus remains on safe, reliable operations, financial resilience, and executing strategic priorities for long-term value.

• Ongoing reviews of well workovers and new drilling prospects at Chinarevskoye and development strategy for Stepnoy Leopard Fields.