Seplat Energy Grows 2026 6M Revenue to $1.82bn, Gross Profit Rises by 68%

… Delivers 18.8 million man-hours without Lost Time Injury

Seplat Energy PLC, foremost Nigerian independent energy company listed on both the Nigerian Exchange and the London Stock Exchange, has announced its unaudited results for the for the six months ended 30 June 2026, declaring US 12.0 Cents total dividend per share for the period, with its Profit After Tax (PAT) for the period rising by 498 per cent to $164m.

The energy company grew its revenue to $1.82bn from $1.398bn Year-on-Year with cash generated hitting $985.9m.

Production averaged 139,509 boepd in 6M 2026 up 4 per cent from 6M 2025 (134,492 boepd), within 2026 guidance (135 – 155 kboepd). Working interest oil production of 99,518 bopd and gas of 182.9 MMscfd in 6M 2026.

Group production in 2Q 2026 averaged 149,070 boepd, up 9 per cent from 2Q 2025 (137,207 boepd) and up 15 per cent from 1Q 2026 (129,841 boepd).

Gross profit for the period stood at $815.9m rising by 68 per cent Year-on-Year from $484.6m.

The Group operated assets delivered 18.8 million man-hours without LTI.

The agreement reached with NNPC Limited to sell a 10 per cent interest in the NNPCL-SEPNU Joint Venture (JV) is expected to further enhance shareholder returns, bringing total expected dividend for 2026 to USD 68.3 cents/share ($410 million).

Operational highlights

• Production averaged 139,509 boepd in 6M 2026 up 4% from 6M 2025 (134,492 boepd), within 2026 guidance (135 – 155 kboepd). Working interest oil production of 99,518 bopd and gas of 182.9 MMscfd in 6M 2026.

• Group production in 2Q 2026 averaged 149,070 boepd, up 9% from 2Q 2025 (137,207 boepd) and up 15% from 1Q 2026 (129,841 boepd).

• Onshore production contribution of 60,690 boepd, up 11% YoY (6M 2025: 54,831 boepd).

• Strong production performance on West, East and Elcrest in 2Q 2026 supports YoY growth.

• Offshore production contribution of 78,819 boepd, down 1% vs. 6M 2025: 79,660 boepd.

• Idle well restoration programme continued its strong performance, 26 kbopd gross JV production capacity added in 6M 26 from 24 wells.

• NGLs delivered strong YoY growth, WI production of 8,459 bopd (6M 2025: 3,772 bopd).

• Carbon emissions intensity for the group: 33.5 kg CO2/boe 18% lower YoY (6M 2025: 41.0 kg CO2/boe). Onshore operated emissions intensity reduced 37% on 6M 2025, reflecting the positive impact of our End of Routine Flaring programme.

• 6M 2026 Lost Time Injury (LTI) free. Group operated assets delivered 18.8 million man-hours without LTI.

Financial highlights

• Positive price environment drives a material improvement in revenue, EBITDA and net income.

• Revenue $1,820 million up 30% on prior year (6M 2025: $1,398 million), average realised oil price $94.13/bbl, a $7.47/bbl premium to Brent.

• Unit production operating cost of $15.8/boe (6M 2025: $12.5/boe), primarily due to Yoho restoration ($14.0/boe excluding Yoho costs).

• Adjusted EBITDA of $939 million, up 28% on prior year (6M 2025: $735.0 million).

• Net income increased to $164.0 million, up 498% YoY. Earnings per share USD 26.6 cents, up 565% YoY (6M 2025 USD 4.0 cents).

• Cash generated from operations of $985.9 million, up 29% on prior year (6M 2025: $766.2 million).

• Cash capital expenditure of $109.8 million (6M 2025: $96.5 million), higher run-rate expected in 2H 2026.

• Repaid early and cancelled $200 million under the Advanced Payment Facility, balance reduced to $100 million.

• Balance sheet remains strong, end-June cash at bank $433.8 million (FY 2025: $332.3 million), excluding $130.8 million restricted cash.

• Net Debt at end-June of $370.7 million down 45% since YE2025 ($673.3 million). Net Debt/EBITDA improves to 0.25x from 0.53x FY25.

• Credit ratings changes: S&P upgraded Seplat to B+ in May 2026

Dividend Update

• 2Q 2026 declared dividend of USD 12.0 cents/share ($72 million), consisting of USD 5.0 c/shr core and USD 7.0 c/shr special dividend.

• Planned full year dividend of USD 45.0 cents/share ($270 million), based on strength of underlying business performance and management confidence in 2026 outlook. Represents 80% dividend growth YoY.

• In addition, and subject to completion, the company plans to distribute a Transaction dividend of USD 23.3 cents/share ($140 million). Combined with the planned dividend from the business, 2026 dividend is expected to grow to USD 68.3 cents/share ($410 million), up 173% YoY, and representing 41% of our planned 2026-2030 $1 billion dividend target.

Corporate Update and 2026 Outlook

• Agreement reached to sell a 10% interest in NNPCL-SEPNU JV to NNPC Ltd (further details in separate RNS).

• Headline transaction value of $281.6 million, represents 25% of Seplat’s acquisition costs to date.

• Completion expected in 2H 2026. Upon completion, proceeds will be split ~50:50 between a transaction dividend and debt repayment.

• 2026 guidance will be updated following completion of the transaction. Current guidance is as follows:

• Production guidance unchanged at 135-155 kboepd, tracking towards mid-point of the range.

• Capex guidance remains $360-440 million, with expenditure biased to 2H 2026.

• Unit operating cost guidance revised to $14.5-$15.5/boe. Guidance range is $1.0/boe higher than plan, driven by higher Yoho costs.

Board & Management Changes

• As previously announced, on 1st August 2026, Engr. Effiong Okon will succeed Mr. Roger Brown as Chief Executive Officer and Executive Director on the Board of Seplat Energy.

• As previously announced, on 1st January 2027, Mr. Tony O. Elumelu, CFR will succeed Senator Udoma Udo Udoma as Chairman of the Board of Seplat Energy.

• Dr. Emma FitzGerald, Independent Non-Executive Director, has given notice that she will retire from the Board on 31 December 2026. The Board has commenced a process to identify a suitable independent replacement.

Commenting on the results, Mr. Roger Brown, Chief Executive Officer, said: “As I hand over leadership of Seplat, the Company is stronger than ever. Production improved from the first quarter and remains on track to grow further in the second half of 2026 as temporary restrictions are lifted and planned activities are completed.

Our first-half performance benefited from a supportive commodity price environment, translating into strong cash generation. Given the limited visibility on how long these elevated prices may persist, we prioritised balance sheet strength during the quarter, repaying $200 million of our outstanding APF debt, equivalent to 20 per cent of gross debt. At the same time, robust cash flows enabled us to continue enhancing shareholder returns.

Our declared quarterly dividend of USD 12.0 cents per share represents a new quarterly high-water mark, up 33 per cent on 1Q 2026 and 161% higher than 2Q 2025. With continued strong business performance and the announced sale of a 10 per cent interest in our offshore JV to NNPC Limited, means that total dividends paid for the current financial year are expected to represent nearly 50% of all previous dividend paid to shareholders.

The performance of our offshore business over the past 18 months has reinforced our conviction in the quality and scale of the opportunity within the portfolio. As I hand over to Effiong, I do so with great confidence. He brings the experience, capability and operational focus needed to unlock the next phase of value creation, supported by an exceptional team with a proven track record that continues to deliver for our shareholders, host communities and wider stakeholders.”

–