Prospex Energy (PXEN) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 marked a transition period with a new CEO and a strategic reassessment for long-term growth.

• Raised £2 million via an oversubscribed Convertible Loan Note, exceeding the original target by 25%.

• Restarted production at El Romeral gas power plant in Spain and advanced expansion into Poland with new onshore licences.

Financial highlights

• Gas sales revenue from Selva Malvezzi reached £912,000 in Q1 2026, up from £769,000 in Q4 2025.

• Group cash at quarter-end was £907,000, a significant increase from £42,000 at the end of Q4 2025.

• Total group cash receipts for Q1 2026 were £2,297,000.

Outlook and guidance

• Q2 2026 expected to focus on consolidation and planning for future investment in key assets.

• Strong gas sales in Italy and elevated European gas prices anticipated to boost cash balances in Q2.

• Capex requirements expected to converge at the end of 2026, with major spending planned for 2027.

• Ongoing evaluation of funding options to support development while limiting shareholder dilution.