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"2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00202": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00200": { "value": "28776000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00199": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00198": { "value": "14774000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00205": { "value": "-257583000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00204": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_TotalLabel_00203": { "value": "-214033000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00385": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "enog:CashflowHedgesBasisAdjustmentTransferredToPPE", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00386": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "enog:CashflowHedgesBasisAdjustmentTransferredToPPE", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00387": { "value": "10833000.0", "decimals": -3, "dimensions": { "concept": "enog:CashflowHedgesBasisAdjustmentTransferredToPPE", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00388": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "enog:CashflowHedgesBasisAdjustmentTransferredToPPE", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00389": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "enog:CashflowHedgesBasisAdjustmentTransferredToPPE", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00390": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "enog:CashflowHedgesBasisAdjustmentTransferredToPPE", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00391": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "enog:CashflowHedgesBasisAdjustmentTransferredToPPE", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00392": { "value": "10833000.0", "decimals": -3, "dimensions": { "concept": "enog:CashflowHedgesBasisAdjustmentTransferredToPPE", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00447": { "value": "2492000.0", "decimals": -3, "dimensions": { "concept": "enog:CashflowHedgeDeferredTaxRelatedToBasisAdjustment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00448": { "value": "2492000.0", "decimals": -3, "dimensions": { "concept": "enog:CashflowHedgeDeferredTaxRelatedToBasisAdjustment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00449": { "value": "10000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00450": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00451": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00456": { "value": "-10000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00452": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00453": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00454": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00455": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IssueOfEquity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00472": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00471": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00470": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00469": { "value": "7354000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00468": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00467": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00466": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_Label_00465": { "value": "7354000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00481": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00482": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00483": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00484": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00485": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00486": { "value": "220822000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00487": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_NegatedLabel_00488": { "value": "220822000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersOfParent", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0050": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00401": { "value": "2459000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00402": { "value": "465331000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00403": { "value": "26231000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "enog:HedgesAndDefinedBenefitPlansReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00404": { "value": "49340000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfSharebasedPaymentsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00405": { "value": "-8773000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00406": { "value": "-532869000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00407": { "value": "139903000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "GroupStatementOfChangesInEquity_PeriodEndLabel_00408": { "value": "141622000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Group Statement of Cash Flows
Year ended 31 December 2025
\n \n
2024
($\u2019000)
Note
2025
(Restated)
87
Operating activities
(Loss)/Profit before taxation
(26,394)
211,958
Adjustments to reconcile profit before taxation to net cash
provided by operating activities:
Depreciation, depletion and amortisation
12,13
580,561
412,825
Impairment loss on property, plant and equipment
12
285,726
95,607
Loss from the sale of property, plant and equipment
7
-
675
Impairment loss on exploration and evaluation assets
13
21,760
144,669
Impairment loss on inventory
-
671
Change in decommissioning provision estimates
23
(3,867)
(8,221)
Defined benefit (gain)/ loss
(107)
(71)
Movement in other provisions
23
(2,665)
704
Finance income
9
(6,334)
(15,386)
Finance costs
9
259,629
271,528
Unrealised loss on derivatives
2,884
392
ECL on trade receivables
(10,228)
7,482
Non-cash revenues from Egypt
88
(24,677)
(34,841)
Other income
(18,635)
(344)
Share-based payment charge
26
7,354
9,079
Net foreign exchange (income)/ loss
9
38,202
(12,639)
Working capital adjustments:
Decrease in inventories
13,767
3,210
Increase in trade and other receivables
(6,329)
(81,058)
Increase in trade and other payables
195,401
121,260
Cash flow from operations
1,306,048
1,127,500
Income tax paid
(162,468)
(5,733)
Net cash inflow from operating activities
1,143,580
1,121,767
\n
87
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
88
\n
Non-cash revenues from Egypt arise due to taxes being deducted at source from invoices as such revenue and tax charges are
\n
grossed up to reflect this deduction but no cash inflow or outflow results.
2024
($\u2019000)
Note
2025
(Restated)
87
Investing activities
Payment for purchase of property, plant and equipment
12
(750,989)
(580,487)
Payment
for
exploration
and
evaluation,
and
other
13
(108,574)
(184,851)
intangible assets
Payment of deferred consideration for an acquisition of
27
(100,701)
-
subsidiary
Movement in restricted cash
16
(17,367)
(59,954)
Government grant received
24,239
-
Proceeds from disposal of exploration and evaluation and
-
978
other intangible
Amounts received from INGL related to the transfer of
-
1,801
property, plant & equipment
Settlement of foreign exchange hedge
(2,884)
-
Other investing activities
-
2,858
Interest received
6,578
10,236
Net cash outflow for investing activities
(949,698)
(809,419)
Financing activities
Drawdown of borrowings
21
1,500,039
118,000
Repayment of borrowings
21
(1,201,000)
(70,000)
Debt issue costs
21
(36,718)
-
Repayment of obligations under leases
21
(23,400)
(20,467)
Finance cost paid for deferred license payments
-
(4,000)
Finance costs paid
(231,905)
(229,755)
Dividend Paid
(220,822)
(219,815)
Net cash outflow from financing activities
(213,806)
(426,037)
Net decrease in cash and cash equivalents
(19,924)
(113,689)
Cash and cash equivalents at beginning of the period
235,270
346,772
Effect of exchange rate fluctuations on cash held
11,867
2,187
Cash and cash equivalents at end of the period
15
227,213
235,270
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GroupStatementOfCashFlows_Label_00436": { "value": "-26394000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00435": { "value": "211958000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0014": { "value": "580561000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0013": { "value": "412825000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpense", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0019": { "value": "285726000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0020": { "value": "95607000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_0032": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_0031": { "value": "-675000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0036": { "value": "21760000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossExplorationAndEvaluationAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0035": { "value": "144669000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossExplorationAndEvaluationAssets", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0045": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0046": { "value": "671000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossInventories", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0054": { "value": "-3867000.0", "decimals": -3, "dimensions": { "concept": "enog:ChangeInDecommissioningProvisionEstimates", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0053": { "value": "-8221000.0", "decimals": -3, "dimensions": { "concept": "enog:ChangeInDecommissioningProvisionEstimates", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0056": { "value": "-107000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0055": { "value": "-71000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0064": { "value": "-2665000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0065": { "value": "704000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForProvisions", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_0081": { "value": "6334000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_0080": { "value": "15386000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceIncome", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0083": { "value": "259629000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_0082": { "value": "271528000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_0090": { "value": "-2884000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_0091": { "value": "-392000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00120": { "value": "-10228000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00119": { "value": "7482000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLossTradeAndOtherReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00148": { "value": "24677000.0", "decimals": -3, "dimensions": { "concept": "enog:NonCashRevenuesFromEgypt", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00147": { "value": "34841000.0", "decimals": -3, "dimensions": { "concept": "enog:NonCashRevenuesFromEgypt", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00168": { "value": "-18635000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00167": { "value": "-344000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInOtherOperatingReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00187": { "value": "7354000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00186": { "value": "9079000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForSharebasedPayments", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00189": { "value": "38202000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00188": { "value": "-12639000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00217": { "value": "13767000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00216": { "value": "3210000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInInventories", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00218": { "value": "-6329000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00219": { "value": "-81058000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00224": { "value": "195401000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00225": { "value": "121260000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInTradeAndOtherPayables", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00381": { "value": "1306048000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00382": { "value": "1127500000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00383": { "value": "162468000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsOperatingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": 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"value": "750989000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00227": { "value": "580487000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00229": { "value": "108574000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00228": { "value": "184851000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00233": { "value": "100701000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00232": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsUsedInObtainingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00236": { "value": "-17367000.0", "decimals": -3, "dimensions": { "concept": 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"entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00244": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00245": { "value": "978000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfIntangibleAssetsClassifiedAsInvestingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00247": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "enog:AmountsReceivedFromInglRelatedToTheTransferOfPropertyPlantEquipment", "entity": "scheme:549300RVMKU0CYUZBB05", "period": 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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00255": { "value": "118000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00256": { "value": "1201000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00257": { "value": "70000000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00258": { "value": "36718000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00259": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForDebtIssueCosts", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00271": { "value": "23400000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00270": { "value": "20467000.0", "decimals": -3, "dimensions": { "concept": 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"unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00275": { "value": "229755000.0", "decimals": -3, "dimensions": { "concept": "enog:FinanceCostsPaid", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00398": { "value": "220822000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_NegatedLabel_00397": { "value": "219815000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00498": { "value": "-213806000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00499": { "value": "-426037000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00276": { "value": "-19924000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_TotalLabel_00277": { "value": "-113689000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_PeriodStartLabel_00278": { "value": "235270000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_PeriodStartLabel_00279": { "value": "346772000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00280": { "value": "11867000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_Label_00281": { "value": "2187000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_PeriodEndLabel_00282": { "value": "227213000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "GroupStatementOfCashFlows_PeriodEndLabel_00283": { "value": "235270000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_005": { "value": 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"entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0059": { "value": "England & Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0015": { "value": "44 Baker Street, London W1U 7AL, United Kingdom.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_0034": { "value": "exploration, production and commercialisation of crude oil, hydrocarbon liquids and natural gas in Israel, Egypt, Italy, Greece, United Kingdom (UK) and the wider Eastern Mediterranean.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_008": { "value": "Israel, Egypt, Italy, Greece, United Kingdom (UK) and the wider Eastern Mediterranean.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "2
Significant accounting policies
2.1
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are measured at fair values at the end of each
reporting period, as explained in the accounting policies below.
The consolidated financial statements have been prepared in accordance with UK-adopted
International Accounting Standards (UK-adopted IAS).
The consolidated financial statements have been prepared on a going concern basis. The principal
accounting policies adopted by the Group are set out below.
Going concern
The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position
and its liquidity risk. The going concern assessment covers the period from the date of approval of the
Group Financial Statements on 18 March 2026 to 30 June 2027 \u2018the Assessment Period\u2019.
As of 31 December 2025, the Group\u2019s available liquidity was approximately $265 million. In addition to
$227 million of cash and cash equivalents held by the Group at 31 December 2025, this available liquidity
figure includes: (i) c. $1 million available under the $300 million Revolving Credit Facility (\u2018RCF\u2019) signed
by the Group in September 2025 (with the remainder being utilised to issue Letters of Credit for the
Group\u2019s operations) and (ii) $37 million available under the unsecured loan facility obtained in relation
to the Nitzana project. In addition, the Group holds $103 million of restricted cash, principally
comprising debt service reserve accounts.
The going concern assessment is founded on a cashflow forecast prepared by management and
approved by the Board of Directors, which is based on a number of assumptions, most notably the
Group\u2019s latest life of field production forecasts, budgeted expenditure forecasts, estimated of future
commodity prices (based on recent published forward curves) and available headroom under the
Group\u2019s debt facilities.
The going concern assessment contains a \u2018Base Case\u2019 and a \u2018Reasonable Worst Case\u2019 (\u2018RWC\u2019) scenario
and Reverse stress testing.
The Base Case scenario assumes Brent at $65/bbl in 2026 and 2027 with prices for gas sold assumed
at contractually agreed prices for Egypt and Israel throughout the going concern assessment period
and PSV at \u20ac35/MWh in 2026 and \u20ac30/MWh in 2027.
Under the Base Case, sufficient liquidity is
maintained throughout the going concern period. The Board also considered, as a complementary
scenario to the Base Case, the impact of the signed agreement to acquire interests in offshore Angola,
with an effective date of 1 January 2026 and closing expected by end of 2026, subject to customary
conditions. Under this scenario, the Group's liquidity position remains adequate throughout the
assessment period, demonstrating that the Angola transaction does not adversely affect the Group's
ability to continue as a going concern.
The Group has considered events occurring after the going concern assessment period in course of its
Viability assessment and has not identified any matters that would cast significant doubt on the Group\u2019s
ability to continue as a going concern.
The Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
that may result from changes to the macro-economic environment, such as a reduction in commodity
prices. These downsides are considered in the RWC going concern assessment scenario. In the light of
the 10 year, senior-secured term loan with Bank Leumi as the Facility Agent and Arranger for $750
million signed by the Group in February 2025 the Group increased its exposure to the floating interest
rates in the assessment period. The group also looks at the impact of changes or deferral of key projects
and downside scenarios to budgeted production forecasts in the RWC.
The two primary downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii)
reduced production \u2013 these downsides are applied to assess the robustness of the Group\u2019s liquidity
position over the Assessment Period. In a RWC downside case, there are appropriate and timely
mitigation strategies, within the Group\u2019s control, to manage the risk of funding shortfalls and to ensure
the Group\u2019s ability to continue as a going concern. Mitigation strategies, within management\u2019s control,
modelled in the RWC include deferral of capital expenditure on operated assets and/or management
of operating expenses to improve the liquidity. Under the RWC scenario, after considering mitigation
strategies, liquidity is maintained throughout the going concern period.
In assessing the Group\u2019s resilience, the Board also considered downside scenario incorporating a
prolonged suspension of production in Israel, reflecting the ongoing geopolitical uncertainty in the
Middle East and the temporary suspension of Israeli production which commenced on 28 February
2026. This scenario was modelled across the full going concern horizon (until 30 June 2027) and
assumes an extended period without Israeli revenues - a scenario which the Board considers to be
remote and unrealistic. Notwithstanding its remote likelihood, and after taking into account available
mitigating actions, the Group maintains adequate liquidity and covenant headroom throughout the
assessment period.
Reverse stress testing was also performed to determine what commodity price or production shortfall
would need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
headroom to be eliminated are judged to have a remote possibility of occurring, given the \u2018natural
hedge\u2019 provided by virtue of the Group\u2019s fixed-price gas contracts in Israel. In the event a remote
downside scenario occurred, prudent mitigating strategies, consistent with those described above,
could also be executed in the necessary timeframe to preserve liquidity. There is no material impact of
climate change within the Assessment Period and therefore it does not form part of the reverse stress
testing performed by management.
In forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
the forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\u2022
Reasonable sensitivities appropriate for the current status of the business and the wider macro
environment; and
\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event
these actions were required.
After careful consideration, the Directors are satisfied that the Group has sufficient financial resources
to continue in operation for the foreseeable future, for the Assessment Period from the date of
approval of the Group Financial Statements on 18 March 2026 to 30 June 2027. For this reason, they
continue to adopt the going concern basis in preparing the group financial statements.
2.2
New and amended accounting standards and interpretations
The following amendments became effective as at 1 January 2025 and have been applied in the
preparation of these consolidated financial statements:
\u2022
Amendments to IAS 21 - Lack of exchangeability
The adoption of the above amendments did not lead to any material changes to the Group\u2019s accounting
policies and did not have any other material impact on the financial position or performance of the
Group.
The following relevant amendments and interpretations have been issued but were not effective for
the 2025 reporting period:
\u2022
Amendments to IFRS 9 and IFRS 7: Classification and measurement of financial instruments;
\u2022
Annual improvements to IFRS accounting standards: Volume 11;
\u2022
Amendments to IFRS 9 and IFRS 7: Contracts referencing nature-dependent electricity; and
\u2022
IFRS 18: Presentation and Disclosure in Financial Statements.
The adoption of the above standards and interpretations is not expected to lead to any material
changes to the Group\u2019s accounting policies or have any material impact on the financial position or
performance of the Group.
2.3
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and
entities controlled by the Company (its subsidiaries) as detailed in note 32. Control is achieved when the
Group is exposed, or has rights, to variable returns from its involvement with the investee and has the
ability to affect those returns through its power over the investee.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
financial statements from the effective date of acquisition or up to the effective date of disposal,
as appropriate.
3
Summary of material accounting policies
The principal accounting policies and measurement bases used in the preparation of the consolidated
financial statements are set out below. These policies have been consistently applied to all periods
presented in the consolidated financial statements unless otherwise stated.
3.1
Functional and presentation currency and foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Company and its subsidiaries entities are
measured using the currency of the primary economic environment in which each entity operates (''the
functional currency'').
The functional currency of the Company is US Dollars ($). The US Dollar is the currency that mainly
influences sales prices, revenue estimates and has a significant effect on its operations. The functional
currencies of the Group's main subsidiaries are Euro for Energean Italy Spa, Energean Sicilia Srl,
Energean Oil & Gas S.A. and EnEarth Limited, $ for Energean Group Services Limited, Energean Israel
Limited, Energean Egypt Limited, Energean E&P Holdings Limited, Energean Investments Limited, and
Energean Capital Limited, and GBP for Energean UK Limited and Energean Exploration Limited.
The consolidated financial information is presented in US Dollars and all values are rounded to the
nearest thousand dollars except where otherwise indicated.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
retranslation of monetary assets and liabilities denominated in foreign currencies are recognised in
profit or loss. Such monetary assets and liabilities are translated at year end foreign exchange rates.
Non-monetary items denominated in a foreign currency are translated at the exchange rates
prevailing at the date of the transaction and are not subsequently remeasured.
Translation to presentation currency
For the purpose of presenting consolidated financial statements information, the assets and liabilities
of the Group are expressed in $. The Company and its subsidiaries\u2019 assets and liabilities are translated
using exchange rates prevailing on the reporting date. Income and expense items are translated at the
average exchange rates for the period, unless exchange rates have fluctuated significantly during that
period, in which case the exchange rates at the dates of the transactions are used. Exchange
differences arising are recognised in other comprehensive income and accumulated in the Group's
translation reserve. Such translation differences are reclassified to profit or loss in the period in which
the foreign operation is disposed of.
3.2
Investments in Associates and Joint arrangements
A joint arrangement is one in which two or more parties have joint control. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the parties sharing control.
A joint arrangement is
either a joint operation or a joint venture.
An associate is an entity over which the Group has significant influence. Significant influence is the
power to participate in the financial and operating policy decisions of the investee but is not control or
joint control over those policies.
Investments in Joint Ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement.
In relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in
accordance with IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets
and liabilities of these joint operations. In addition, where the Energean acts as operator to the joint
operation, the gross liabilities and receivables (including amounts due to or from non-operated partner)
of the joint operation are included in the Group\u2019s statement of financial position.
Where another party
acts as operator, the Group\u2019s share of the working capital (inventory, receivables and payables) of
those non-operated fields is recognised within trade and other payables/receivables. A list of the
Group\u2019s joint operations and its working interest in each is disclosed in note 33.
3.3
Exploration and evaluation expenditures
The Group adopts the successful efforts method of accounting for exploration and evaluation costs.
Pre-licence costs are expensed in the period in which they are incurred. All licence acquisition,
exploration and evaluation costs and directly attributable administration costs are initially capitalised
as intangible assets by field or exploration area, as appropriate. All such capitalised costs are subject
to technical, commercial and management review, as well as review for indicators of impairment at
least once a year. This is to confirm the continued intent to develop or otherwise extract value from the
discovery. When this is no longer the case, the costs are written off through the statement of profit or
loss. When proved reserves of oil and gas are identified and development is sanctioned by
management, the relevant capitalised expenditure is first assessed for impairment and (if required) any
impairment loss is recognised, then the remaining balance is transferred to oil and gas properties.
Farm-out arrangements in exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not
recognise any gain or loss on its exploration and evaluation farm-out arrangements but redesignates
any costs previously capitalised in relation to the whole interest as relating to the partial interest
retained. Any cash consideration received directly from the farmee is credited against costs previously
capitalised in relation to the whole interest with any excess accounted for by the Group as a gain on
disposal.
Farm-in arrangements
Farm-in transactions typically occur during the exploration or development phase and involve the
transferor (the farmor) giving up future economic benefits, such as reserves, in exchange for a
permanent reduction in future funding obligations.
Under a carried interest arrangement, the carried party transfers a portion of the risks and rewards
of a property in exchange for a funding commitment from the carrying party. In contrast, a farm-in
arrangement involves the farmor transferring all risks and rewards of a proportion of a property in
exchange for the farmee\u2019s commitment to fund specific expenditures. This effectively represents the
complete disposal of a proportion of the property and is similar to purchase/sale-type carried interest
arrangements.
3.4
Oil and gas properties \u2013 assets in development
Expenditure is transferred from \u2019Exploration and evaluation assets\u2019 to \u2018Assets in development\u2019 which is
a subcategory of \u2018Oil and gas properties\u2019 once the work completed to date supports the future
development of the asset and such development receives appropriate approvals. After transfer of the
exploration and evaluation assets, all subsequent expenditure on the construction, installation or
completion of infrastructure facilities such as platforms, pipelines and the drilling of development wells,
including unsuccessful development or delineation wells, is capitalised within \u2018Assets in development\u2019.
Proceeds from any oil and gas produced while bringing an item of property, plant and equipment to the
location and condition necessary for it to be capable of operating in the manner intended by
management (such as samples produced when testing whether the asset is functioning properly) is
recognised in profit or loss in accordance with IFRS 15
Revenue Recognition
. The Group measures the
cost of those items applying the measurement requirements of IAS 2
Inventories
. When a development
project moves into the production stage, all assets included in \u2018Assets in development\u2019 are then
transferred to \u2018Producing assets\u2019 which is also a sub-category of \u2018Oil and gas properties\u2019. The
capitalisation of certain construction/development costs ceases, and costs are either regarded as part
of the cost of inventory or expensed, except for costs which qualify for capitalisation relating to \u2018Oil and
gas properties\u2019 asset additions, improvements or new developments.
3.5
Commercial reserves
Commercial reserves are proven and probable oil and gas reserves, which are defined as the estimated
quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and
engineering data demonstrate with a specified degree of certainty to be recoverable in future years
from known reservoirs and which are considered commercially producible. Commercial reserves have
a 50% statistical probability that the actual quantity of recoverable reserves will equal or exceed the
amount estimated as proven and probable reserves and a 50% statistical probability that it will be less.
3.6
Depletion and amortisation
All expenditure carried within each field is amortised from the commencement of production on a unit
of production basis, which is the ratio of oil and gas production in the period to the estimated quantities
of commercial reserves at the end of the period plus the production in the period, generally on a field-
by-field basis or by a group of fields which are reliant on common infrastructure. Costs included in the
unit of production calculation comprise the net book value of capitalised costs plus the estimated future
field development costs required to recover the commercial reserves remaining. Changes in the
estimates of commercial reserves or future field development costs are dealt with prospectively.
3.7
Impairment assessment of oil & gas properties
The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU
may not be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low
field utilisation, significant downward revisions of estimated reserves or increases in estimated future
development expenditure or decommissioning costs. If any such indication of impairment exists, the
group makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
Where there is interdependency between fields due to shared infrastructure, the related cash inflows
of each field are not largely independent and therefore the relevant fields are grouped as a single CGU
for impairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of
disposal and its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the
CGU is considered impaired and is written down to its recoverable amount.
Fair value less costs of disposal is the price that would be received to sell the asset in an orderly
transaction between market participants and does not reflect the effects of factors that may be
specific to the group and not applicable to entities in general.
In order to discount the future cash flows the Group calculates CGU-specific discount rates. The
discount rates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of
Capital (WACC). The Group then adds any exploration risk premium which is implicit within a peer
group\u2019s WACC and subsequently applies additional country risk premium for CGUs to make it CGU-
specific. Where conditions giving rise to impairment subsequently reverse, the effect of the impairment
charge is also reversed as a credit to the income statement, net of any amortisation that would have
been charged since the impairment.
The reversal is limited such that the carrying amount of the asset exceeds neither its recoverable
amount, nor the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.
3.8
Other property, plant and equipment
Other property, plant and equipment comprise of plant machinery and installation, furniture and
fixtures.
Initial recognition
The initial cost of an asset comprises its purchase price or construction cost, any costs directly
attributable to bringing the asset into operation and borrowing costs. The purchase price or
construction cost is the aggregate amount paid and the fair value of any other consideration given to
acquire the asset.
Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write-off the cost amount of each asset to its residual value, over its estimated useful life. The useful
life of each class is estimated as follows:
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Property leases and leasehold improvements
3 - 10
Motor vehicles and other equipment
2 - 5
Plant and machiner
y
7 - 15
Furniture, fixtures and equipment
5 - 7
\n
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the
asset is derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each
reporting date.
Repairs, maintenance, and renovations
Expenditure for routine repairs and maintenance of property, plant and equipment is charged to the
profit or loss in the year in which it is incurred. The cost of major improvements and renovations and
other subsequent expenditure are included in the carrying amount of the asset when the recognition
criteria of IAS 16
Property, Plant and Equipment
are met. Major improvements and renovations
capitalised are depreciated over the remaining useful life of the related asset.
3.9
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
equipment and intangible assets to determine whether there is any indication that those assets have
suffered an impairment loss. Impairment is assessed at the level of cash-generating units (CGUs) which,
in accordance with IAS 36
Impairment of Assets
, are identified as the smallest identifiable group of
assets that generates cash inflows, which are largely independent of the cash inflows from other assets.
This is usually at the individual royalty, stream, oil and gas or working interest level for each property
from which cash inflows are generated.
An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
recoverable amount, which is the higher of fair value less costs of disposal (FVLCD) and value-in-use
(VIU). The future cash flow expected is derived using estimates of proven and probable reserves and
information regarding the mineral, stream and oil & gas properties, respectively, that could affect the
future recoverability of the Company\u2019s interests. Discount factors are determined individually for each
asset and reflect their respective risk profiles.
Assets are subsequently reassessed for indications that an impairment loss previously recognised may
no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of
an impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
amount. Impairment losses can be reversed only to the extent that the recoverable amount does not
exceed
the
carrying
value
that
would
have
been
determined
had
no
impairment
been
recognised previously.
Exploration and evaluation assets are tested for impairment when there is an indication that a
particular exploration and evaluation project may be impaired. Examples of indicators of impairment
include a significant price decline over an extended period, the decision to delay or no longer pursue the
exploration and evaluation project, or an expiration of rights to explore an area. In addition,
exploration and evaluation assets are assessed for impairment upon their reclassification to producing
assets (oil and gas interest in property, plant and equipment). In assessing the impairment of
exploration and evaluation assets, the carrying value of the asset would be compared to the estimated
recoverable amount and any impairment loss is recognised immediately in profit or loss.
Goodwill is tested for impairment annually on 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
future periods.
3.10
Accounting for non-current assets held for sale and discontinued operations
The Group classifies an operation as discontinued when it has disposed of or intends to dispose of a
business component that represents a separate major line of business or geographical area of
operations. Non-current assets and disposal groups classified as held for sale are measured at the
lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs
directly attributable to the disposal of an asset disposal group, excluding finance costs and income tax
expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and
the asset or disposal group is available for immediate sale in its present condition. Actions required to
complete the sale should indicate that it is unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset
and the sale expected to be completed within one year from the date of the classification. Property,
plant and equipment and intangible assets are not depreciated or amortised once classified as held for
sale.
Assets and liabilities classified as held for sale are presented separately as current items in the
statement of financial position. The comparative balance sheet and the related notes to the financial
statements have not been restated to reflect this presentation, resulting in significant fluctuations
between the two reporting periods. The post-tax profit or loss of the discontinued operations is shown
as a single line on the face of the consolidated statement of profit or loss, separate from the continuing
operating results of the Group. When an operation is classified as a discontinued operation, the
comparative consolidated statement of profit or loss is represented as if the operation had been
discontinued from the start of the comparative year. Expenses are presented as discontinued if they
will cease to be incurred on disposal of the discontinued operation. Transactions between continuing
and discontinued operations have been consistently eliminated as intragroup balances without any
adjustments for both current and comparative reporting periods.
On 20 June 2024, the Group publicly announced its Board of Directors' decision to sell its portfolio in
Egypt, Italy, and Croatia, collectively referred to as 'Energean Capital Limited Group' (ECL), which is
fully owned and controlled by the Group. The sale of ECL was expected to be completed within 12
months. The Group assessed whether ECL met the definition of being held for sale and discontinued
operations and presented them as discontinued operations in its 2024 Interim and annual consolidated
financial statements accordingly. On 21 March 2025, the planned transaction was cancelled, and the
business previously classified as a discontinued operation was reclassified to continuing operations.
Accordingly:
\u2022
Results of ECL previously presented within discontinued operations have been reclassified to
continuing operations for all periods presented.
\u2022
The comparative amounts for the twelve months ended 31 December 2024 have been restated.
\u2022
Comparative figures for assets and liabilities of disposal groups classified as held for sale in the
statement of financial position have also been restated (refer to Note 25).
Following the cessation of \u201cheld for sale\u201d classification, the measurement of ECL reverted to the basis
that would have applied had the classification never occurred (being lower than the recoverable
amount). This resulted in a catch-up depreciation charge, recognised for the period from the original
date of classification, together with the related deferred tax adjustment. To ensure consistency in
presentation and measurement, the comparative financial information has been restated as if ECL had
never met the criteria to be classified as held for sale.
3.11
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the
arrangement at the date of inception. The arrangement is assessed to determine whether fulfilment is
dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the
asset (or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement.
Other than in lease arrangements within joint operations (see below), the Group is not a lessor in any
transactions, it is only a lessee.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term
leases, leases of low-value assets and leases to explore for or use minerals, oil, natural gas and similar
non-regenerative resources. The Group recognises lease liabilities to make lease payments and right-
of-use assets representing the right to use the underlying assets.
i) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use).
The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities. Cost comprises the initial amount of the lease
liability and any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs required to remove or restore the underlying asset, less any lease
incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the
lease term and the estimated useful lives of the assets, as follows:
\u2022
Property leases 1 to 10 years
\u2022
Motor vehicles and other equipment 1 to 7 years
\u2022
Fibre optic 14 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects
the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment assessment.
ii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects
the Group exercising the option to terminate.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date if the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to
future payments resulting from a change in an index or rate used to determine such lease payments) or
a change in the assessment of an option to purchase the underlying asset.
The Group\u2019s lease liabilities are included in Interest-bearing loans and borrowings (see Note 21).
iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery
and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement
date and do not contain a purchase option). It also applies the lease of low-value assets recognition
exemption to leases of office equipment that are considered to be low value. Lease payments on short-
term leases and leases of low value assets are recognised as expense on a straight-line basis over the
lease term.
iv) Other leases outside the scope of IFRS 16
Leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources are
outside the scope of IFRS 16 and are recognised as exploration and evaluation costs or as oil and gas
assets, as appropriate. Please refer to notes 3.4 and 3.5.
Accounting for leases in joint operations
Where the Group enters into lease agreements as operator of a joint operation and is sole signatory to
a lease contract, it recognises its obligations under the lease in full to reflect the legal position of the
Group as the contracting counterparty for such leases. Where the obligations of the non-operator
parties under the joint operating agreement give rise to a sub-lease, the related proportion of the right-
of-use asset is derecognised and a finance lease receivable recorded to reflect the proportion of the
lease liability recoverable from the non-operator parties to the joint operating agreement.
3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.
3.13
Share-based payment
Equity-settled transactions
Awards to non-employees:
The fair value of the equity settled awards has been determined at the date the goods or services are
received with a corresponding increase in equity (share-based payment reserve).
Awards to employees:
Employees (including senior executives) of the Group receive remuneration in the form of share-based
payments, whereby employees render services as consideration for equity instruments (equity-
settled transactions).
The fair value of the equity settled awards has been determined at the date of grant of the award
allowing for the effect of any market-based performance conditions.
That cost is recognised in employee benefits expense, together with a corresponding increase in equity
(share-based payment reserve), over the period in which the service and, where applicable, the
performance conditions are fulfilled (the vesting period). The cumulative expense recognised for
equity-settled transactions at each reporting date until the vesting date reflects the extent to which the
vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will
ultimately vest. The expense or credit in the statement of profit or loss for a period represents the
movement in cumulative expense recognised as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the
grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the
Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value. Any other conditions attached
to an award, but without an associated service requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate
expensing of an award unless there are also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance
and/or service conditions have not been met. Where awards include a market or non-vesting condition,
the transactions are treated as vested irrespective of whether the market or non-vesting condition is
satisfied, provided that all other performance and/or service conditions are satisfied.
Shares held by the Employee Benefit Trust
The Energean plc Employee Benefit Trust (\u201c
EBT
\u201d) provides for the issue of shares to Group employees
under share incentive schemes. The Company controls the EBT and accounts for the EBT as an
extension to the Company in these consolidated financial statements. Accordingly, shares in the
Company held by the EBT are included in the consolidated statement of financial position at cost as a
deduction from equity.
3.14
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place
either: in the principal market for the asset or liability or in the absence of a principal market, in the
most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest. A fair value measurement of a non-financial asset takes into account a market participant's
ability to generate economic benefits by using the asset in its highest and best use or by selling it to
another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.
All assets and liabilities, for which fair value is measured or disclosed in the consolidated financial
statements, are categorised within the fair value hierarchy, described as follows, based on the lowest-
level input that is significant to the fair value measurement as a whole:
\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\u2022
Level 2 \u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is directly or indirectly observable
\u2022
Level 3 \u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the consolidated financial statements on a recurring
basis, the Group determines whether transfers have occurred between levels in the hierarchy by
reassessing categorisation (based on the lowest-level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.
3.15
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank and demand deposits with a maturity of three
months or less that are subject to an insignificant risk of changes in their fair value.
Restricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
collateral provided under a letter of credit facility for issuing bank guarantees for Group's activities in
Israel (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
classification as cash equivalents.
3.16
Over/underlift
Lifting or offtake arrangements for oil and gas produced in certain of the Group\u2019s jointly owned
operations are such that each participant may not receive and sell its precise share of the overall
production in each period. The resulting imbalance between cumulative entitlement and cumulative
production less stock is underlift or overlift. Underlift and overlift are valued at market value and
included within receivables and payables respectively. Movements during an accounting period are
adjusted through cost of sales such that gross profit is recognised on an entitlement basis.
In respect of redeterminations, any adjustments to the Group\u2019s net entitlement of future production are
accounted for prospectively in the period in which the make-up oil is produced. Where the make-up
period extends beyond the expected life of a field an accrual is recognised for the expected shortfall.
3.17
Inventories
Inventories comprise hydrocarbon liquids, crude oil and by-product (sulphur), consumables and other
spare parts. Inventories are stated at the lower of cost and net realisable value. Cost is determined
using the weighted average cost method. The cost of finished goods and work in progress comprises
raw materials, direct labour, other direct costs and related production overheads. It does not include
borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business,
less estimated costs of completion and estimated costs necessary to make the sale. Spare parts
consumed within a year are carried as inventory and recognised in profit or loss when consumed.
The Group assesses the net realisable value of the inventories at the end of each year and recognises
in the consolidated statement of profit or loss the appropriate valuation adjustment if the inventories
are overstated. When the circumstances that previously caused impairment no longer exist or when
there is clear evidence of an increase in the inventories\u2019 net realisable value due to a change in the
economic circumstances, the amount thereof is reversed.
3.18
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed,
for example under an insurance contract, the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the end of the reporting period, taking
into account the risk and uncertainties surrounding the obligation. The expense relating to a provision
is presented in profit or loss net of any reimbursement. If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the
liability. When discounting is used, the increase in the provision due to the passage of time is recognised
as a finance cost.
Decommissioning costs
Provision for decommissioning is recognised in full when the related facilities are installed. A
corresponding amount equivalent to the provision is also recognised as part of the cost of the related
property, plant and equipment.
The amount recognised is the estimated cost of decommissioning, discounted to its net present value at
a risk-free discount rate, and is reassessed each year in accordance with local conditions and
requirements. Changes in the estimated timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to the provision, and a corresponding
adjustment to property, plant and equipment or in the income statement. The unwinding of the discount
on the decommissioning provision is included as a finance cost.
3.19
Revenue from contracts with customers
Revenue from contracts with customers is recognised when control of the gas/hydrocarbon
liquids/crude oil/by-products or rendering of services are transferred to the customer at an amount
that reflects the consideration to which the Group expects to be entitled in exchange for those goods
or services.
The Group has concluded that it is the principal in its revenue arrangements because it typically controls
the goods or services before transferring them to the customer. In certain jurisdictions in which the
Group operates royalties are levied by the government. The government can request that these royalty
payments be made in cash or in kind. In the current year and in prior years the government has
requested cash payments be made and therefore the Group has not made any royalty payments in
kind. As such the Group obtains control of all the underlying reserves once extracted, sells the
production to its customers and then remits the proceeds to the royalty holder and is therefore
considered to be acting as the principal.
Sale of gas, hydrocarbon liquids, crude oil and by-products
Sales revenue represents the sales value, net of VAT, of actual sales volumes to customers in the year
together with the gain/loss on realisation of cash flow hedges.
The Group\u2019s accounting policy under IFRS 15 is that revenue is recognised when the Group satisfies a
performance obligation by transferring oil or gas to its customer. The title to oil and gas typically
transfers to a customer at the same time as the customer takes physical possession of the oil or gas.
Typically, at this point in time, the performance obligations of the Group are fully satisfied. The revenue
is recorded when the oil or gas has been physically delivered to a vessel or pipeline.
3.20
Retirement benefit costs
State managed retirement benefit scheme
Payments made to state managed retirement benefit schemes (e.g. government social insurance fund)
are dealt with as payments to defined contribution plans where the Group's obligations under the plans
are equivalent to those arising in a defined contribution plan. The Group's contributions are expensed
as incurred and are included in staff costs. The Group has no legal or constructive obligations to pay
further contributions if the government scheme does not hold sufficient assets to pay all employees
benefits relating to employee service in the current and prior periods.
Defined benefit plan
The Group operates an unfunded defined benefit plan in which a lump sum amount is specified and is
payable at the termination of employees\u2019 services based on such factors as the length of the employees\u2019
service and their salary. The liability recognised for the defined benefit plan is the present value of the
defined benefit obligation at the reporting date.
The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each reporting date. These assumptions used in the actuarial valuations
are developed by management with the assistance of independent actuaries.
Service costs on the defined benefit plan are included in staff costs. Interest expense on the defined
benefit liability is included in finance costs. Gains and losses resulting from other remeasurements of
the defined benefit liability are included in other comprehensive income and are not reclassified to
profit or loss in subsequent periods.
3.21
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use
or sale, are added to the cost of those assets, until such time as the assets are substantially ready for
their intended use or sale. Investment income earned on the temporary investment of specific
borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible
for capitalisation.
Excluded from the above capitalisation policy are any qualifying assets that are inventories that are
produced in large quantities on a repetitive basis and any Exploration and Evaluation assets which have
not resulted in the classification of commercial reserves.
Borrowing costs consist of interest and other costs that the Group incurs in connection with the
borrowing of funds.
3.22
Tax
Income tax expense represents the sum of current and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as
reported in the consolidated financial statements because it excludes items of income or expense that
are taxable or deductible in other years and it further excludes items that are never taxable or
deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the reporting date.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the consolidated financial statements and the corresponding tax bases used in the
computation of taxable profit, based on tax rates that have been enacted or substantively enacted by
the reporting date. Deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is probable that taxable profits
will be available against which deductible temporary differences can be utilised. No deferred tax is
recognised if the temporary difference arises from goodwill or from the initial recognition (other than
in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit.
Current and deferred tax assets and corresponding liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax liabilities and when they relate to
income taxes levied by the same taxation authority and the Group intends to settle its tax assets and
liabilities on a net basis.
3.23
Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been issued. Share premium
includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium, net of any related income tax benefits.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.22)
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1) and translation
effect of the net investment hedging (see Note 27)
\u2022
Cashflow hedging reserve \u2013 comprises gain or loss recognised in relation to cashflow hedges (see
Note 27)
\u2022
Merger reserves - On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Limited. From that
point, in the consolidated financial statements, the share capital became that of Energean plc.
The previously recognised share capital and share premium of Energean E&P Holdings Limited
was eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
All transactions with owners of the parent are recorded separately within equity.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends
have been approved in a general meeting prior to the balance sheet date.
3.24
Government grants
Government grants are recognised when there is reasonable assurance that the Group will comply with
the conditions attached to them, will receive the related funding and will not be required to return the
grant providing those conditions are met. Grants received in connection with the Prinos CO
2
Storage
project (Greece) are treated as grants related to assets under IAS 20
Government Grants
and
Disclosure of Government Assistance.
The Group applies the presentation option under IAS 20 whereby government grants related to
property, plant and equipment are presented as a deduction in arriving at the carrying amount of the
related asset. Accordingly, the grant is recognised as a reduction in capitalised cost of the CCS asset
when the recognition criteria are satisfied. The impact of the grant is recognised in profit or loss
through reduced depreciation expense over the useful life of the asset.
Grant proceeds received before the recognition criteria are satisfied are recorded as a liability within
\u2018Other payables\u2019. If the facts and circumstances supporting recognition changes such that it is no longer
reasonable assured that the Group will retain the grant, the grant is derecognised, why any
derecognised income reversed and, to the extent the grant has already been received in cash, a refund
liability recognised.
Refer to Note 28 for further details about the nature, terms, and conditions of significant government
grants obtained by the Group.
4
Critical accounting estimates and judgements
The preparation of these consolidated financial statements in conformity with IFRS requires the use of
accounting estimates and assumptions, and also requires management to exercise its judgement, in the
process of applying the Group's accounting policies.
Estimates, assumptions and judgement applied are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances. Although these estimates, assumptions and judgement are based
on management's best knowledge of current events and actions, actual results may ultimately differ.
4.1
Critical judgements in applying the Group\u2019s accounting policies
The following are management judgements in applying the accounting policies of the Group that have
the most significant effect on the consolidated financial statements:
Identification of cash generating units (note 12)
In considering the carrying value of property, plant and equipment the Group has to make a critical
judgement in relation to the identification of the smallest cash generating units to which those assets
are allocated.
In countries except for Italy, Israel and Egypt the cash generating unit is considered to be at the
concession level. In Italy we have identified eleven cash generating units (\u2018CGUs\u2019). The Italy Gas CGUs
are as follows: Cassiopea, Clara, Comiso, Calipso, Accettura, Gas Other and the Italy Oil CGUs
comprise of: Vega, Sarago, Rospo, Santa Maria a Mare and Tresauro.
In Egypt, we have identified a single CGU that combines the operations of three concessions.
Given that production from all Israeli sites is processed through a single FPSO and transported via one
pipeline to the gas buyers, it is impractical to reliably separate their cash inflows. Therefore, a single
CGU has been identified in Israel.
The identification of CGUs across the group is consistent with how the Group monitors the business.
Assessment of control and continued recognition of the Cassiopea asset (Note 13)
The Group holds through its subsidiary Energean Italy S.p.A. (\u201c
Energean Italy
\u201d) a 40% non-operated
participating interest in the Cassiopea gas concession in Italy. The remaining interest is held by the
operator, Eni Mediterranea Idrocarburi S.p.A. The concession is governed by a Joint Operating
Agreement (\u201c
JOA
\u201d).
Following the operator\u2019s conduct, which resulted in Energean Italy not receiving production, and the
initiation of arbitration proceedings, management assessed whether the Group continues to control its
40% participating interest in the Cassiopea concession. In making this judgement, management
considered:
\u2022
the legal title retained by the Group under the concession and the JOA,
\u2022
the clarification issued by the Ministry of the Environment and Energy Security (\u201c
MASE
\u201d), in
response to the operator\u2019s request to formally transfer the Group\u2019s 40% interest to the operator
with the reference to ongoing arbitration proceedings, the content of which supports the Group's
position regarding retention of its 40% participating interest.
\u2022
the forfeiture procedures under the JOA, which were assessed as not applicable in the
circumstances, and
\u2022
external legal advice obtained.
Management concluded that the suspension of lifting represents a temporary restriction on access to
production and does not constitute a transfer of ownership or loss of control of the underlying asset.
Accordingly, the asset continues to be recognised within property, plant and equipment.
4.2
Estimation uncertainty
\n
The estimates and assumptions that have a significant risk of causing a material adjustment to the
\n
carrying amounts of assets and liabilities within the next financial year, are discussed below:
\n
Impairment of property, plant and equipment (note 12):
\n
The Group assesses at each reporting date whether there is an indication that an asset (or CGU) may
\n
be impaired. The Group assesses impairment at each reporting date by evaluating conditions specific
\n
to the Group that may lead to impairment of assets. Where indicators of impairments or impairment
\n
reversals are present and an impairment or impairment reversal test is required, the calculation of the
\n
recoverable amount requires estimation of future cash flows within complex impairment models. The
\n
recoverable amount (which is the higher of fair value less costs to sell and value in use) of the cash-
\n
generating unit to which the assets belong is then estimated based on the present value of future
\n
discounted cash flows. Key assumptions and estimates used in both the impairment models and in the
\n
calculation of the recoverable amount are: commodity price assumptions, production profiles, the
\n
future impact of risks associated with climate change, discount rates, commercial reserves and the
\n
related cost profiles. Commercial (proven and probable) reserves are estimates of the amount of oil
\n
and gas that can be economically extracted from the Group\u2019s oil and gas assets as certified by the
\n
external qualified professionals.
\n
The Group's impairment assessment identified an impairment of the Cassiopea CGU, Italy of $285.7
\n
million following the reduction in available commercial reserves. Further details are provided in Note
\n
13.
\n
Management has considered how the Group\u2019s identified climate risks and opportunities (as discussed in
\n
the Strategic Report) may impact the estimation of the recoverable amount of cash-generating units
\n
in the impairment assessments. The anticipated extent and nature of the future impact of climate on
\n
the Group\u2019s operations and future investment, and therefore estimation of recoverable value, is not
\n
uniform across all cash-generating units. There is a range of inherent uncertainties in the extent that
\n
responses to climate change may impact the recoverable value of the Group\u2019s cash-generating units.
\n
These include the impact of future changes in government policies, legislation and regulation, societal
\n
responses to climate change, the future availability of new technologies and changes in supply and
\n
demand dynamics.
\n
The Group has incorporated carbon pricing when preparing discounted cash flow valuations. Carbon
\n
prices are incorporated based on currently enacted legislation (where relevant). Carbon costs are
\n
based on the forecast carbon price per tonne/CO2e, multiplied by estimated Scope 1 and 2 emissions
\n
for the relevant operation(s).
\n
As part of the impairment assessment the Group has run sensitivity scenarios based on the
\n
International Energy Agency\u2019s (IEA) 2024 World Energy Outlook climate projections including Stated
\n
Policies Scenario (STEPS), Announced Pledges Scenario (APS) and Net-Zero Emissions by 2050
\n
Scenario (NZE).
These specific scenarios were not directly applied in the assets\u2019 valuation for financial
\n
reporting purposes. This is because no single scenario fully aligns with the management consensus on
\n
the assumptions market participants may use in appraising the Group\u2019s assets.
\n
The analysis indicates a slight decline in the recoverable amount under NZE scenario. This resilience is
\n
largely due to Group portfolio\u2019s significant weighting towards gas, which shields it from declines in oil
\n
prices. In Israel, the stability of gas revenues is further secured through fixed gas contracts that include
\n
minimum price guarantees. The only scenario where a notable impact was observed is under the NZE,
\n
where there is a minor reduction in the net present value due to the pricing of the liquid components.
\n
Group\u2019s assets in Greece and the UK are more vulnerable to the impact of lower commodity prices
\n
under these scenarios, with the NZE projecting lower prices for Brent and UK NBP than baseline
\n
assumptions. To mitigate this risk, the Group has the option to use commodity price hedges. For more
\n
details, please refer to the TCFD statement on pages 24-41.
\n
Further details about the carrying value of property, plant and equipment are shown in note 12 to these
\n
financial statements.
Hydrocarbon reserve and resource estimates (notes 12, 13, 14, 23):
\n
The Group\u2019s oil and gas development and production properties are depreciated on a unit of production
\n
basis at a rate calculated by reference to developed and undeveloped proved and probable
\n
commercial reserves (2P developed and undeveloped) which are estimated to be recoverable with
\n
existing and future developed facilities using current operating methods, determined in accordance
\n
with the Petroleum Resources Management System published by the Society of Petroleum Engineers,
\n
the World Petroleum Congress and the American Association of Petroleum Geologists.
\n
Commercial reserves are determined using estimates of oil and gas in place, recovery factors and
\n
future prices. The level of estimated commercial reserves is also a key determinant in assessing whether
\n
the carrying value of any of the Group\u2019s oil and gas properties has been impaired. Reserves are subject
\n
to regular revision, both upward or downward, based on changes in economic assumptions used,
\n
including the impact of climate change, additional geological information, updates of development
\n
plans and changes in economic factors, including product prices, contract terms, legislation or
\n
development plans. Such changes may impact the Group\u2019s reported financial position and results which
\n
include:
\n
\u2022
Depreciation and amortisation charges in profit or loss may change where such charges are
\n
determined using the units of production method, or where the useful life of the related assets
\n
change;
\n
\u2022
Impairment charges in the income statement;
\n
\u2022
Provisions for decommissioning may change where changes to the reserve estimates affect
\n
expectations about when such activities will occur and the associated cost of these activities; and
\n
\u2022
The recognition and carrying value of deferred tax assets may change due to changes in the
\n
judgements regarding the existence of such assets and in estimates of the likely recovery of such
\n
assets.
\n
The impact upon commercial reserves (if any) and the aggregate depletion charge for the year of a
\n
fluctuation of the forward Brent oil price and PSV price assumption as well as the Group\u2019s carrying
\n
amount of oil and gas properties for the current and prior period are presented in note 12. Management
\n
monitors the impact on the commercial reserves and the depletion charge on a Group level.
\n
The audited statement of reserves is included in the Strategic Report, refer to pages 22-23 of the
\n
Annual Report.
\n
Decommissioning liabilities (note 23):
\n
There is uncertainty around the cost of decommissioning as cost estimates can vary in response to many
\n
factors, including from changes to market rates for goods and services, to the relevant legal
\n
requirements, the emergence of new technology or experience at other assets. The expected timing,
\n
work scope, amount of expenditure, discount and inflation rates require estimation. The discount rate
\n
applied to determine the carrying amount of provisions provides a source of estimation uncertainty as
\n
referred to in IAS 1.125.
\n
The estimated decommissioning costs are reviewed annually by an internal expert and the results of
\n
this review are then assessed alongside estimates from operators. Provision for environmental clean-
\n
up and remediation costs is based on current legal and contractual requirements, technology and price
\n
levels. Discount rate applied is reviewed regularly and adjusted following the changes in market rates.
\n
The Group considers the impact of climate change on environmental restoration and decommissioning
\n
provisions, specifically the timing of future cash flows, and has concluded that it does not currently
\n
represent a key source of estimation uncertainty. Changes to legislation, including in relation to climate
\n
change, are factored into the provisions when the legislation becomes enacted.
\n
Deferred tax assets valuation (note 14):
\n
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
\n
available, allowing for the utilisation of deductible temporary differences, as well as unused tax losses
\n
and credits that are carried forward. This determination involves evaluating the timing of the reversal
of those assets and estimating the availability of sufficient taxable profits to utilise the assets at the
point of reversal. Such assessments necessitate assumptions about future profitability, introducing a
degree of inherent uncertainty. In assessing the likelihood of generating sufficient taxable profits in
future periods for the recovery of losses, the Group considered approved budgets, forecasts, and
business plans to inform its evaluation.
A deferred tax asset has been recognised in accordance with IAS 12.28 up to the amount available to
offset the deferred tax liabilities arising on timing differences. Then, for the remaining temporary
differences on tax losses and decommissioning expenses, deferred tax was recognised based on future
taxable profits in accordance with IAS 12.29.
Decommissioning expenses and tax losses in the UK are expected to be utilised by 2030 and tax losses
from Prinos area in Greece are expected to be utilised by 2038, in accordance with the taxable profits
forecasts which are based upon the competent persons reports (\u201c
CPR
\u201d) and approved Group budget.
Both the CPR and the budget are based on estimates including among others the estimated production
volumes and forecasted brent price.
No reasonably possible change in any key assumption would result in a material impairment of the
deferred tax asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "2.1
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are measured at fair values at the end of each
reporting period, as explained in the accounting policies below.
The consolidated financial statements have been prepared in accordance with UK-adopted
International Accounting Standards (UK-adopted IAS).
The consolidated financial statements have been prepared on a going concern basis. The principal
accounting policies adopted by the Group are set out below.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "2.1
Basis of preparation
The consolidated financial statements have been prepared on the historical cost basis, except for the
revaluation of certain financial instruments that are measured at fair values at the end of each
reporting period, as explained in the accounting policies below.
The consolidated financial statements have been prepared in accordance with UK-adopted
International Accounting Standards (UK-adopted IAS).
The consolidated financial statements have been prepared on a going concern basis. The principal
accounting policies adopted by the Group are set out below.
Going concern
The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position
and its liquidity risk. The going concern assessment covers the period from the date of approval of the
Group Financial Statements on 18 March 2026 to 30 June 2027 \u2018the Assessment Period\u2019.
As of 31 December 2025, the Group\u2019s available liquidity was approximately $265 million. In addition to
$227 million of cash and cash equivalents held by the Group at 31 December 2025, this available liquidity
figure includes: (i) c. $1 million available under the $300 million Revolving Credit Facility (\u2018RCF\u2019) signed
by the Group in September 2025 (with the remainder being utilised to issue Letters of Credit for the
Group\u2019s operations) and (ii) $37 million available under the unsecured loan facility obtained in relation
to the Nitzana project. In addition, the Group holds $103 million of restricted cash, principally
comprising debt service reserve accounts.
The going concern assessment is founded on a cashflow forecast prepared by management and
approved by the Board of Directors, which is based on a number of assumptions, most notably the
Group\u2019s latest life of field production forecasts, budgeted expenditure forecasts, estimated of future
commodity prices (based on recent published forward curves) and available headroom under the
Group\u2019s debt facilities.
The going concern assessment contains a \u2018Base Case\u2019 and a \u2018Reasonable Worst Case\u2019 (\u2018RWC\u2019) scenario
and Reverse stress testing.
The Base Case scenario assumes Brent at $65/bbl in 2026 and 2027 with prices for gas sold assumed
at contractually agreed prices for Egypt and Israel throughout the going concern assessment period
and PSV at \u20ac35/MWh in 2026 and \u20ac30/MWh in 2027.
Under the Base Case, sufficient liquidity is
maintained throughout the going concern period. The Board also considered, as a complementary
scenario to the Base Case, the impact of the signed agreement to acquire interests in offshore Angola,
with an effective date of 1 January 2026 and closing expected by end of 2026, subject to customary
conditions. Under this scenario, the Group's liquidity position remains adequate throughout the
assessment period, demonstrating that the Angola transaction does not adversely affect the Group's
ability to continue as a going concern.
The Group has considered events occurring after the going concern assessment period in course of its
Viability assessment and has not identified any matters that would cast significant doubt on the Group\u2019s
ability to continue as a going concern.
The Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
that may result from changes to the macro-economic environment, such as a reduction in commodity
prices. These downsides are considered in the RWC going concern assessment scenario. In the light of
the 10 year, senior-secured term loan with Bank Leumi as the Facility Agent and Arranger for $750
million signed by the Group in February 2025 the Group increased its exposure to the floating interest
rates in the assessment period. The group also looks at the impact of changes or deferral of key projects
and downside scenarios to budgeted production forecasts in the RWC.
The two primary downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii)
reduced production \u2013 these downsides are applied to assess the robustness of the Group\u2019s liquidity
position over the Assessment Period. In a RWC downside case, there are appropriate and timely
mitigation strategies, within the Group\u2019s control, to manage the risk of funding shortfalls and to ensure
the Group\u2019s ability to continue as a going concern. Mitigation strategies, within management\u2019s control,
modelled in the RWC include deferral of capital expenditure on operated assets and/or management
of operating expenses to improve the liquidity. Under the RWC scenario, after considering mitigation
strategies, liquidity is maintained throughout the going concern period.
In assessing the Group\u2019s resilience, the Board also considered downside scenario incorporating a
prolonged suspension of production in Israel, reflecting the ongoing geopolitical uncertainty in the
Middle East and the temporary suspension of Israeli production which commenced on 28 February
2026. This scenario was modelled across the full going concern horizon (until 30 June 2027) and
assumes an extended period without Israeli revenues - a scenario which the Board considers to be
remote and unrealistic. Notwithstanding its remote likelihood, and after taking into account available
mitigating actions, the Group maintains adequate liquidity and covenant headroom throughout the
assessment period.
Reverse stress testing was also performed to determine what commodity price or production shortfall
would need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
headroom to be eliminated are judged to have a remote possibility of occurring, given the \u2018natural
hedge\u2019 provided by virtue of the Group\u2019s fixed-price gas contracts in Israel. In the event a remote
downside scenario occurred, prudent mitigating strategies, consistent with those described above,
could also be executed in the necessary timeframe to preserve liquidity. There is no material impact of
climate change within the Assessment Period and therefore it does not form part of the reverse stress
testing performed by management.
In forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
the forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\u2022
Reasonable sensitivities appropriate for the current status of the business and the wider macro
environment; and
\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event
these actions were required.
After careful consideration, the Directors are satisfied that the Group has sufficient financial resources
to continue in operation for the foreseeable future, for the Assessment Period from the date of
approval of the Group Financial Statements on 18 March 2026 to 30 June 2027. For this reason, they
continue to adopt the going concern basis in preparing the group financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00345": { "value": "The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (UK-adopted IAS).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Going concern
The Group carefully manages the risk of a shortage of funds by closely monitoring its funding position
and its liquidity risk. The going concern assessment covers the period from the date of approval of the
Group Financial Statements on 18 March 2026 to 30 June 2027 \u2018the Assessment Period\u2019.
As of 31 December 2025, the Group\u2019s available liquidity was approximately $265 million. In addition to
$227 million of cash and cash equivalents held by the Group at 31 December 2025, this available liquidity
figure includes: (i) c. $1 million available under the $300 million Revolving Credit Facility (\u2018RCF\u2019) signed
by the Group in September 2025 (with the remainder being utilised to issue Letters of Credit for the
Group\u2019s operations) and (ii) $37 million available under the unsecured loan facility obtained in relation
to the Nitzana project. In addition, the Group holds $103 million of restricted cash, principally
comprising debt service reserve accounts.
The going concern assessment is founded on a cashflow forecast prepared by management and
approved by the Board of Directors, which is based on a number of assumptions, most notably the
Group\u2019s latest life of field production forecasts, budgeted expenditure forecasts, estimated of future
commodity prices (based on recent published forward curves) and available headroom under the
Group\u2019s debt facilities.
The going concern assessment contains a \u2018Base Case\u2019 and a \u2018Reasonable Worst Case\u2019 (\u2018RWC\u2019) scenario
and Reverse stress testing.
The Base Case scenario assumes Brent at $65/bbl in 2026 and 2027 with prices for gas sold assumed
at contractually agreed prices for Egypt and Israel throughout the going concern assessment period
and PSV at \u20ac35/MWh in 2026 and \u20ac30/MWh in 2027.
Under the Base Case, sufficient liquidity is
maintained throughout the going concern period. The Board also considered, as a complementary
scenario to the Base Case, the impact of the signed agreement to acquire interests in offshore Angola,
with an effective date of 1 January 2026 and closing expected by end of 2026, subject to customary
conditions. Under this scenario, the Group's liquidity position remains adequate throughout the
assessment period, demonstrating that the Angola transaction does not adversely affect the Group's
ability to continue as a going concern.
The Group has considered events occurring after the going concern assessment period in course of its
Viability assessment and has not identified any matters that would cast significant doubt on the Group\u2019s
ability to continue as a going concern.
The Group also routinely performs sensitivity tests of its liquidity position to evaluate adverse impacts
that may result from changes to the macro-economic environment, such as a reduction in commodity
prices. These downsides are considered in the RWC going concern assessment scenario. In the light of
the 10 year, senior-secured term loan with Bank Leumi as the Facility Agent and Arranger for $750
million signed by the Group in February 2025 the Group increased its exposure to the floating interest
rates in the assessment period. The group also looks at the impact of changes or deferral of key projects
and downside scenarios to budgeted production forecasts in the RWC.
The two primary downside sensitivities considered in the RWC are: (i) reduced commodity prices; (ii)
reduced production \u2013 these downsides are applied to assess the robustness of the Group\u2019s liquidity
position over the Assessment Period. In a RWC downside case, there are appropriate and timely
mitigation strategies, within the Group\u2019s control, to manage the risk of funding shortfalls and to ensure
the Group\u2019s ability to continue as a going concern. Mitigation strategies, within management\u2019s control,
modelled in the RWC include deferral of capital expenditure on operated assets and/or management
of operating expenses to improve the liquidity. Under the RWC scenario, after considering mitigation
strategies, liquidity is maintained throughout the going concern period.
In assessing the Group\u2019s resilience, the Board also considered downside scenario incorporating a
prolonged suspension of production in Israel, reflecting the ongoing geopolitical uncertainty in the
Middle East and the temporary suspension of Israeli production which commenced on 28 February
2026. This scenario was modelled across the full going concern horizon (until 30 June 2027) and
assumes an extended period without Israeli revenues - a scenario which the Board considers to be
remote and unrealistic. Notwithstanding its remote likelihood, and after taking into account available
mitigating actions, the Group maintains adequate liquidity and covenant headroom throughout the
assessment period.
Reverse stress testing was also performed to determine what commodity price or production shortfall
would need to occur for liquidity headroom to be eliminated. The conditions necessary for liquidity
headroom to be eliminated are judged to have a remote possibility of occurring, given the \u2018natural
hedge\u2019 provided by virtue of the Group\u2019s fixed-price gas contracts in Israel. In the event a remote
downside scenario occurred, prudent mitigating strategies, consistent with those described above,
could also be executed in the necessary timeframe to preserve liquidity. There is no material impact of
climate change within the Assessment Period and therefore it does not form part of the reverse stress
testing performed by management.
In forming its assessment of the Group\u2019s ability to continue as a going concern, including its review of
the forecasted cashflow of the Group over the Forecast Period, the Board has made judgements about:
\u2022
Reasonable sensitivities appropriate for the current status of the business and the wider macro
environment; and
\u2022
the Group\u2019s ability to implement the mitigating actions within the Group\u2019s control, in the event
these actions were required.
After careful consideration, the Directors are satisfied that the Group has sufficient financial resources
to continue in operation for the foreseeable future, for the Assessment Period from the date of
approval of the Group Financial Statements on 18 March 2026 to 30 June 2027. For this reason, they
continue to adopt the going concern basis in preparing the group financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "2.3
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and
entities controlled by the Company (its subsidiaries) as detailed in note 32. Control is achieved when the
Group is exposed, or has rights, to variable returns from its involvement with the investee and has the
ability to affect those returns through its power over the investee.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated
financial statements from the effective date of acquisition or up to the effective date of disposal,
as appropriate.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00347": { "value": "3.1
Functional and presentation currency and foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Company and its subsidiaries entities are
measured using the currency of the primary economic environment in which each entity operates (''the
functional currency'').
The functional currency of the Company is US Dollars ($). The US Dollar is the currency that mainly
influences sales prices, revenue estimates and has a significant effect on its operations. The functional
currencies of the Group's main subsidiaries are Euro for Energean Italy Spa, Energean Sicilia Srl,
Energean Oil & Gas S.A. and EnEarth Limited, $ for Energean Group Services Limited, Energean Israel
Limited, Energean Egypt Limited, Energean E&P Holdings Limited, Energean Investments Limited, and
Energean Capital Limited, and GBP for Energean UK Limited and Energean Exploration Limited.
The consolidated financial information is presented in US Dollars and all values are rounded to the
nearest thousand dollars except where otherwise indicated.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
retranslation of monetary assets and liabilities denominated in foreign currencies are recognised in
profit or loss. Such monetary assets and liabilities are translated at year end foreign exchange rates.
Non-monetary items denominated in a foreign currency are translated at the exchange rates
prevailing at the date of the transaction and are not subsequently remeasured.
Translation to presentation currency
For the purpose of presenting consolidated financial statements information, the assets and liabilities
of the Group are expressed in $. The Company and its subsidiaries\u2019 assets and liabilities are translated
using exchange rates prevailing on the reporting date. Income and expense items are translated at the
average exchange rates for the period, unless exchange rates have fluctuated significantly during that
period, in which case the exchange rates at the dates of the transactions are used. Exchange
differences arising are recognised in other comprehensive income and accumulated in the Group's
translation reserve. Such translation differences are reclassified to profit or loss in the period in which
the foreign operation is disposed of.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00346": { "value": "3.1
Functional and presentation currency and foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Company and its subsidiaries entities are
measured using the currency of the primary economic environment in which each entity operates (''the
functional currency'').
The functional currency of the Company is US Dollars ($). The US Dollar is the currency that mainly
influences sales prices, revenue estimates and has a significant effect on its operations. The functional
currencies of the Group's main subsidiaries are Euro for Energean Italy Spa, Energean Sicilia Srl,
Energean Oil & Gas S.A. and EnEarth Limited, $ for Energean Group Services Limited, Energean Israel
Limited, Energean Egypt Limited, Energean E&P Holdings Limited, Energean Investments Limited, and
Energean Capital Limited, and GBP for Energean UK Limited and Energean Exploration Limited.
The consolidated financial information is presented in US Dollars and all values are rounded to the
nearest thousand dollars except where otherwise indicated.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the
retranslation of monetary assets and liabilities denominated in foreign currencies are recognised in
profit or loss. Such monetary assets and liabilities are translated at year end foreign exchange rates.
Non-monetary items denominated in a foreign currency are translated at the exchange rates
prevailing at the date of the transaction and are not subsequently remeasured.
Translation to presentation currency
For the purpose of presenting consolidated financial statements information, the assets and liabilities
of the Group are expressed in $. The Company and its subsidiaries\u2019 assets and liabilities are translated
using exchange rates prevailing on the reporting date. Income and expense items are translated at the
average exchange rates for the period, unless exchange rates have fluctuated significantly during that
period, in which case the exchange rates at the dates of the transactions are used. Exchange
differences arising are recognised in other comprehensive income and accumulated in the Group's
translation reserve. Such translation differences are reclassified to profit or loss in the period in which
the foreign operation is disposed of.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00349": { "value": "3.2
Investments in Associates and Joint arrangements
A joint arrangement is one in which two or more parties have joint control. Joint control is the
contractually agreed sharing of control of an arrangement, which exists only when decisions about the
relevant activities require the unanimous consent of the parties sharing control.
A joint arrangement is
either a joint operation or a joint venture.
An associate is an entity over which the Group has significant influence. Significant influence is the
power to participate in the financial and operating policy decisions of the investee but is not control or
joint control over those policies.
Investments in Joint Ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement.
In relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in
accordance with IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets
and liabilities of these joint operations. In addition, where the Energean acts as operator to the joint
operation, the gross liabilities and receivables (including amounts due to or from non-operated partner)
of the joint operation are included in the Group\u2019s statement of financial position.
Where another party
acts as operator, the Group\u2019s share of the working capital (inventory, receivables and payables) of
those non-operated fields is recognised within trade and other payables/receivables. A list of the
Group\u2019s joint operations and its working interest in each is disclosed in note 33.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00348": { "value": "Investments in Joint Ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement.
In relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in
accordance with IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets
and liabilities of these joint operations. In addition, where the Energean acts as operator to the joint
operation, the gross liabilities and receivables (including amounts due to or from non-operated partner)
of the joint operation are included in the Group\u2019s statement of financial position.
Where another party
acts as operator, the Group\u2019s share of the working capital (inventory, receivables and payables) of
those non-operated fields is recognised within trade and other payables/receivables. A list of the
Group\u2019s joint operations and its working interest in each is disclosed in note 33.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00350": { "value": "Investments in Joint Ventures
A joint venture is a type of joint arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the joint venture.
The considerations made in determining significant influence or joint control are similar to those
necessary to determine control over subsidiaries. The Group\u2019s investments in joint ventures are
accounted for using the equity method.
Under the equity method, the investment in a joint venture is initially recognised at cost. The carrying
amount of the investment is adjusted to recognise changes in the Group\u2019s share of net assets of the joint
venture since the acquisition date. Any goodwill relating to the joint venture is included in the carrying
amount of the investment and is not tested for impairment separately.
Joint operations
A joint operation is a type of joint arrangement whereby the parties that have joint control of the
arrangement have the right to the assets and obligations for the liabilities, relating to the arrangement.
In relation to its interests in joint operations, the Group recognises its share of:
\u2022
Assets, including its share of any assets held jointly.
\u2022
Liabilities, including its share of any liabilities incurred jointly.
\u2022
Revenue from the sale of its share of the output arising from the joint operation.
\u2022
Share of the revenue from the sale of the output by the joint operation.
\u2022
Expenses, including its share of any expenses incurred jointly.
The Group is engaged in oil and gas exploration, development and production through unincorporated
joint arrangements particularly in Italy and the UK. These are classified as joint operations in
accordance with IFRS 11
Joint Arrangements
. The Group accounts for its share of the results and assets
and liabilities of these joint operations. In addition, where the Energean acts as operator to the joint
operation, the gross liabilities and receivables (including amounts due to or from non-operated partner)
of the joint operation are included in the Group\u2019s statement of financial position.
Where another party
acts as operator, the Group\u2019s share of the working capital (inventory, receivables and payables) of
those non-operated fields is recognised within trade and other payables/receivables. A list of the
Group\u2019s joint operations and its working interest in each is disclosed in note 33.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00351": { "value": "3.3
Exploration and evaluation expenditures
The Group adopts the successful efforts method of accounting for exploration and evaluation costs.
Pre-licence costs are expensed in the period in which they are incurred. All licence acquisition,
exploration and evaluation costs and directly attributable administration costs are initially capitalised
as intangible assets by field or exploration area, as appropriate. All such capitalised costs are subject
to technical, commercial and management review, as well as review for indicators of impairment at
least once a year. This is to confirm the continued intent to develop or otherwise extract value from the
discovery. When this is no longer the case, the costs are written off through the statement of profit or
loss. When proved reserves of oil and gas are identified and development is sanctioned by
management, the relevant capitalised expenditure is first assessed for impairment and (if required) any
impairment loss is recognised, then the remaining balance is transferred to oil and gas properties.
Farm-out arrangements in exploration and evaluation phase
The Group does not record any expenditure made by the farmee on its account. It also does not
recognise any gain or loss on its exploration and evaluation farm-out arrangements but redesignates
any costs previously capitalised in relation to the whole interest as relating to the partial interest
retained. Any cash consideration received directly from the farmee is credited against costs previously
capitalised in relation to the whole interest with any excess accounted for by the Group as a gain on
disposal.
Farm-in arrangements
Farm-in transactions typically occur during the exploration or development phase and involve the
transferor (the farmor) giving up future economic benefits, such as reserves, in exchange for a
permanent reduction in future funding obligations.
Under a carried interest arrangement, the carried party transfers a portion of the risks and rewards
of a property in exchange for a funding commitment from the carrying party. In contrast, a farm-in
arrangement involves the farmor transferring all risks and rewards of a proportion of a property in
exchange for the farmee\u2019s commitment to fund specific expenditures. This effectively represents the
complete disposal of a proportion of the property and is similar to purchase/sale-type carried interest
arrangements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00352": { "value": "3.4
Oil and gas properties \u2013 assets in development
Expenditure is transferred from \u2019Exploration and evaluation assets\u2019 to \u2018Assets in development\u2019 which is
a subcategory of \u2018Oil and gas properties\u2019 once the work completed to date supports the future
development of the asset and such development receives appropriate approvals. After transfer of the
exploration and evaluation assets, all subsequent expenditure on the construction, installation or
completion of infrastructure facilities such as platforms, pipelines and the drilling of development wells,
including unsuccessful development or delineation wells, is capitalised within \u2018Assets in development\u2019.
Proceeds from any oil and gas produced while bringing an item of property, plant and equipment to the
location and condition necessary for it to be capable of operating in the manner intended by
management (such as samples produced when testing whether the asset is functioning properly) is
recognised in profit or loss in accordance with IFRS 15
Revenue Recognition
. The Group measures the
cost of those items applying the measurement requirements of IAS 2
Inventories
. When a development
project moves into the production stage, all assets included in \u2018Assets in development\u2019 are then
transferred to \u2018Producing assets\u2019 which is also a sub-category of \u2018Oil and gas properties\u2019. The
capitalisation of certain construction/development costs ceases, and costs are either regarded as part
of the cost of inventory or expensed, except for costs which qualify for capitalisation relating to \u2018Oil and
gas properties\u2019 asset additions, improvements or new developments.
3.5
Commercial reserves
Commercial reserves are proven and probable oil and gas reserves, which are defined as the estimated
quantities of crude oil, natural gas and natural gas liquids which geological, geophysical and
engineering data demonstrate with a specified degree of certainty to be recoverable in future years
from known reservoirs and which are considered commercially producible. Commercial reserves have
a 50% statistical probability that the actual quantity of recoverable reserves will equal or exceed the
amount estimated as proven and probable reserves and a 50% statistical probability that it will be less.
3.6
Depletion and amortisation
All expenditure carried within each field is amortised from the commencement of production on a unit
of production basis, which is the ratio of oil and gas production in the period to the estimated quantities
of commercial reserves at the end of the period plus the production in the period, generally on a field-
by-field basis or by a group of fields which are reliant on common infrastructure. Costs included in the
unit of production calculation comprise the net book value of capitalised costs plus the estimated future
field development costs required to recover the commercial reserves remaining. Changes in the
estimates of commercial reserves or future field development costs are dealt with prospectively.
3.7
Impairment assessment of oil & gas properties
The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU
may not be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low
field utilisation, significant downward revisions of estimated reserves or increases in estimated future
development expenditure or decommissioning costs. If any such indication of impairment exists, the
group makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
Where there is interdependency between fields due to shared infrastructure, the related cash inflows
of each field are not largely independent and therefore the relevant fields are grouped as a single CGU
for impairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of
disposal and its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the
CGU is considered impaired and is written down to its recoverable amount.
Fair value less costs of disposal is the price that would be received to sell the asset in an orderly
transaction between market participants and does not reflect the effects of factors that may be
specific to the group and not applicable to entities in general.
In order to discount the future cash flows the Group calculates CGU-specific discount rates. The
discount rates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of
Capital (WACC). The Group then adds any exploration risk premium which is implicit within a peer
group\u2019s WACC and subsequently applies additional country risk premium for CGUs to make it CGU-
specific. Where conditions giving rise to impairment subsequently reverse, the effect of the impairment
charge is also reversed as a credit to the income statement, net of any amortisation that would have
been charged since the impairment.
The reversal is limited such that the carrying amount of the asset exceeds neither its recoverable
amount, nor the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOilAndGasAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00353": { "value": "3.6
Depletion and amortisation
All expenditure carried within each field is amortised from the commencement of production on a unit
of production basis, which is the ratio of oil and gas production in the period to the estimated quantities
of commercial reserves at the end of the period plus the production in the period, generally on a field-
by-field basis or by a group of fields which are reliant on common infrastructure. Costs included in the
unit of production calculation comprise the net book value of capitalised costs plus the estimated future
field development costs required to recover the commercial reserves remaining. Changes in the
estimates of commercial reserves or future field development costs are dealt with prospectively.Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write-off the cost amount of each asset to its residual value, over its estimated useful life. The useful
life of each class is estimated as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Property leases and leasehold improvements
3 - 10
Motor vehicles and other equipment
2 - 5
Plant and machiner
y
7 - 15
Furniture, fixtures and equipment
5 - 7
\n
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the
asset is derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each
reporting date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00354": { "value": "3.7
Impairment assessment of oil & gas properties
The group assesses assets or groups of assets, called cash-generating units (CGUs), for impairment
whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU
may not be recoverable; for example, changes in the group\u2019s assumptions about commodity prices, low
field utilisation, significant downward revisions of estimated reserves or increases in estimated future
development expenditure or decommissioning costs. If any such indication of impairment exists, the
group makes an estimate of the asset\u2019s or CGU\u2019s recoverable amount.
Where there is interdependency between fields due to shared infrastructure, the related cash inflows
of each field are not largely independent and therefore the relevant fields are grouped as a single CGU
for impairment purposes. A CGU\u2019s recoverable amount is the higher of its fair value less costs of
disposal and its value in use. Where the carrying amount of a CGU exceeds its recoverable amount, the
CGU is considered impaired and is written down to its recoverable amount.
Fair value less costs of disposal is the price that would be received to sell the asset in an orderly
transaction between market participants and does not reflect the effects of factors that may be
specific to the group and not applicable to entities in general.
In order to discount the future cash flows the Group calculates CGU-specific discount rates. The
discount rates are based on an assessment of a relevant peer group\u2019s Weighted Average Cost of
Capital (WACC). The Group then adds any exploration risk premium which is implicit within a peer
group\u2019s WACC and subsequently applies additional country risk premium for CGUs to make it CGU-
specific. Where conditions giving rise to impairment subsequently reverse, the effect of the impairment
charge is also reversed as a credit to the income statement, net of any amortisation that would have
been charged since the impairment.
The reversal is limited such that the carrying amount of the asset exceeds neither its recoverable
amount, nor the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior years.3.9
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
equipment and intangible assets to determine whether there is any indication that those assets have
suffered an impairment loss. Impairment is assessed at the level of cash-generating units (CGUs) which,
in accordance with IAS 36
Impairment of Assets
, are identified as the smallest identifiable group of
assets that generates cash inflows, which are largely independent of the cash inflows from other assets.
This is usually at the individual royalty, stream, oil and gas or working interest level for each property
from which cash inflows are generated.
An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
recoverable amount, which is the higher of fair value less costs of disposal (FVLCD) and value-in-use
(VIU). The future cash flow expected is derived using estimates of proven and probable reserves and
information regarding the mineral, stream and oil & gas properties, respectively, that could affect the
future recoverability of the Company\u2019s interests. Discount factors are determined individually for each
asset and reflect their respective risk profiles.
Assets are subsequently reassessed for indications that an impairment loss previously recognised may
no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of
an impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
amount. Impairment losses can be reversed only to the extent that the recoverable amount does not
exceed
the
carrying
value
that
would
have
been
determined
had
no
impairment
been
recognised previously.
Exploration and evaluation assets are tested for impairment when there is an indication that a
particular exploration and evaluation project may be impaired. Examples of indicators of impairment
include a significant price decline over an extended period, the decision to delay or no longer pursue the
exploration and evaluation project, or an expiration of rights to explore an area. In addition,
exploration and evaluation assets are assessed for impairment upon their reclassification to producing
assets (oil and gas interest in property, plant and equipment). In assessing the impairment of
exploration and evaluation assets, the carrying value of the asset would be compared to the estimated
recoverable amount and any impairment loss is recognised immediately in profit or loss.
Goodwill is tested for impairment annually on 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00355": { "value": "3.8
Other property, plant and equipment
Other property, plant and equipment comprise of plant machinery and installation, furniture and
fixtures.
Initial recognition
The initial cost of an asset comprises its purchase price or construction cost, any costs directly
attributable to bringing the asset into operation and borrowing costs. The purchase price or
construction cost is the aggregate amount paid and the fair value of any other consideration given to
acquire the asset.
Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write-off the cost amount of each asset to its residual value, over its estimated useful life. The useful
life of each class is estimated as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Property leases and leasehold improvements
3 - 10
Motor vehicles and other equipment
2 - 5
Plant and machiner
y
7 - 15
Furniture, fixtures and equipment
5 - 7
\n
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the
asset is derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each
reporting date.
Repairs, maintenance, and renovations
Expenditure for routine repairs and maintenance of property, plant and equipment is charged to the
profit or loss in the year in which it is incurred. The cost of major improvements and renovations and
other subsequent expenditure are included in the carrying amount of the asset when the recognition
criteria of IAS 16
Property, Plant and Equipment
are met. Major improvements and renovations
capitalised are depreciated over the remaining useful life of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00356": { "value": "3.8
Other property, plant and equipment
Other property, plant and equipment comprise of plant machinery and installation, furniture and
fixtures.
Initial recognition
The initial cost of an asset comprises its purchase price or construction cost, any costs directly
attributable to bringing the asset into operation and borrowing costs. The purchase price or
construction cost is the aggregate amount paid and the fair value of any other consideration given to
acquire the asset.
Depreciation
Depreciation of other property, plant and equipment is calculated on the straight-line method so as to
write-off the cost amount of each asset to its residual value, over its estimated useful life. The useful
life of each class is estimated as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Property leases and leasehold improvements
3 - 10
Motor vehicles and other equipment
2 - 5
Plant and machiner
y
7 - 15
Furniture, fixtures and equipment
5 - 7
\n
Depreciation of the assets in the course of construction commences when the assets are ready for their
intended use, on the same basis as other assets of the same class.
An item of property, plant and equipment and any significant part initially recognised is derecognised
upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or
loss arising on derecognition of the asset (calculated as the difference between the net disposal
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the
asset is derecognised.
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at each
reporting date.
Repairs, maintenance, and renovations
Expenditure for routine repairs and maintenance of property, plant and equipment is charged to the
profit or loss in the year in which it is incurred. The cost of major improvements and renovations and
other subsequent expenditure are included in the carrying amount of the asset when the recognition
criteria of IAS 16
Property, Plant and Equipment
are met. Major improvements and renovations
capitalised are depreciated over the remaining useful life of the related asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00357": { "value": "3.9
Impairment of non-financial assets
At each reporting date, the Group reviews the carrying amounts of its depreciable property, plant and
equipment and intangible assets to determine whether there is any indication that those assets have
suffered an impairment loss. Impairment is assessed at the level of cash-generating units (CGUs) which,
in accordance with IAS 36
Impairment of Assets
, are identified as the smallest identifiable group of
assets that generates cash inflows, which are largely independent of the cash inflows from other assets.
This is usually at the individual royalty, stream, oil and gas or working interest level for each property
from which cash inflows are generated.
An impairment loss is recognised for the amount by which the asset\u2019s carrying value exceeds its
recoverable amount, which is the higher of fair value less costs of disposal (FVLCD) and value-in-use
(VIU). The future cash flow expected is derived using estimates of proven and probable reserves and
information regarding the mineral, stream and oil & gas properties, respectively, that could affect the
future recoverability of the Company\u2019s interests. Discount factors are determined individually for each
asset and reflect their respective risk profiles.
Assets are subsequently reassessed for indications that an impairment loss previously recognised may
no longer exist. An impairment charge is reversed if the conditions that gave rise to the recognition of
an impairment loss are subsequently reversed and the asset\u2019s recoverable amount exceeds its carrying
amount. Impairment losses can be reversed only to the extent that the recoverable amount does not
exceed
the
carrying
value
that
would
have
been
determined
had
no
impairment
been
recognised previously.
Exploration and evaluation assets are tested for impairment when there is an indication that a
particular exploration and evaluation project may be impaired. Examples of indicators of impairment
include a significant price decline over an extended period, the decision to delay or no longer pursue the
exploration and evaluation project, or an expiration of rights to explore an area. In addition,
exploration and evaluation assets are assessed for impairment upon their reclassification to producing
assets (oil and gas interest in property, plant and equipment). In assessing the impairment of
exploration and evaluation assets, the carrying value of the asset would be compared to the estimated
recoverable amount and any impairment loss is recognised immediately in profit or loss.
Goodwill is tested for impairment annually on 31 December and when circumstances indicate that the
carrying value may be impaired.
Impairment is determined for goodwill by assessing the recoverable amount of each CGU (or group of
CGUs) to which the goodwill relates. When the recoverable amount of the CGU is less than its carrying
amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in
future periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00358": { "value": "3.10
Accounting for non-current assets held for sale and discontinued operations
The Group classifies an operation as discontinued when it has disposed of or intends to dispose of a
business component that represents a separate major line of business or geographical area of
operations. Non-current assets and disposal groups classified as held for sale are measured at the
lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs
directly attributable to the disposal of an asset disposal group, excluding finance costs and income tax
expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and
the asset or disposal group is available for immediate sale in its present condition. Actions required to
complete the sale should indicate that it is unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset
and the sale expected to be completed within one year from the date of the classification. Property,
plant and equipment and intangible assets are not depreciated or amortised once classified as held for
sale.
Assets and liabilities classified as held for sale are presented separately as current items in the
statement of financial position. The comparative balance sheet and the related notes to the financial
statements have not been restated to reflect this presentation, resulting in significant fluctuations
between the two reporting periods. The post-tax profit or loss of the discontinued operations is shown
as a single line on the face of the consolidated statement of profit or loss, separate from the continuing
operating results of the Group. When an operation is classified as a discontinued operation, the
comparative consolidated statement of profit or loss is represented as if the operation had been
discontinued from the start of the comparative year. Expenses are presented as discontinued if they
will cease to be incurred on disposal of the discontinued operation. Transactions between continuing
and discontinued operations have been consistently eliminated as intragroup balances without any
adjustments for both current and comparative reporting periods.
On 20 June 2024, the Group publicly announced its Board of Directors' decision to sell its portfolio in
Egypt, Italy, and Croatia, collectively referred to as 'Energean Capital Limited Group' (ECL), which is
fully owned and controlled by the Group. The sale of ECL was expected to be completed within 12
months. The Group assessed whether ECL met the definition of being held for sale and discontinued
operations and presented them as discontinued operations in its 2024 Interim and annual consolidated
financial statements accordingly. On 21 March 2025, the planned transaction was cancelled, and the
business previously classified as a discontinued operation was reclassified to continuing operations.
Accordingly:
\u2022
Results of ECL previously presented within discontinued operations have been reclassified to
continuing operations for all periods presented.
\u2022
The comparative amounts for the twelve months ended 31 December 2024 have been restated.
\u2022
Comparative figures for assets and liabilities of disposal groups classified as held for sale in the
statement of financial position have also been restated (refer to Note 25).
Following the cessation of \u201cheld for sale\u201d classification, the measurement of ECL reverted to the basis
that would have applied had the classification never occurred (being lower than the recoverable
amount). This resulted in a catch-up depreciation charge, recognised for the period from the original
date of classification, together with the related deferred tax adjustment. To ensure consistency in
presentation and measurement, the comparative financial information has been restated as if ECL had
never met the criteria to be classified as held for sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00360": { "value": "3.10
Accounting for non-current assets held for sale and discontinued operations
The Group classifies an operation as discontinued when it has disposed of or intends to dispose of a
business component that represents a separate major line of business or geographical area of
operations. Non-current assets and disposal groups classified as held for sale are measured at the
lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs
directly attributable to the disposal of an asset disposal group, excluding finance costs and income tax
expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and
the asset or disposal group is available for immediate sale in its present condition. Actions required to
complete the sale should indicate that it is unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset
and the sale expected to be completed within one year from the date of the classification. Property,
plant and equipment and intangible assets are not depreciated or amortised once classified as held for
sale.
Assets and liabilities classified as held for sale are presented separately as current items in the
statement of financial position. The comparative balance sheet and the related notes to the financial
statements have not been restated to reflect this presentation, resulting in significant fluctuations
between the two reporting periods. The post-tax profit or loss of the discontinued operations is shown
as a single line on the face of the consolidated statement of profit or loss, separate from the continuing
operating results of the Group. When an operation is classified as a discontinued operation, the
comparative consolidated statement of profit or loss is represented as if the operation had been
discontinued from the start of the comparative year. Expenses are presented as discontinued if they
will cease to be incurred on disposal of the discontinued operation. Transactions between continuing
and discontinued operations have been consistently eliminated as intragroup balances without any
adjustments for both current and comparative reporting periods.
On 20 June 2024, the Group publicly announced its Board of Directors' decision to sell its portfolio in
Egypt, Italy, and Croatia, collectively referred to as 'Energean Capital Limited Group' (ECL), which is
fully owned and controlled by the Group. The sale of ECL was expected to be completed within 12
months. The Group assessed whether ECL met the definition of being held for sale and discontinued
operations and presented them as discontinued operations in its 2024 Interim and annual consolidated
financial statements accordingly. On 21 March 2025, the planned transaction was cancelled, and the
business previously classified as a discontinued operation was reclassified to continuing operations.
Accordingly:
\u2022
Results of ECL previously presented within discontinued operations have been reclassified to
continuing operations for all periods presented.
\u2022
The comparative amounts for the twelve months ended 31 December 2024 have been restated.
\u2022
Comparative figures for assets and liabilities of disposal groups classified as held for sale in the
statement of financial position have also been restated (refer to Note 25).
Following the cessation of \u201cheld for sale\u201d classification, the measurement of ECL reverted to the basis
that would have applied had the classification never occurred (being lower than the recoverable
amount). This resulted in a catch-up depreciation charge, recognised for the period from the original
date of classification, together with the related deferred tax adjustment. To ensure consistency in
presentation and measurement, the comparative financial information has been restated as if ECL had
never met the criteria to be classified as held for sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00359": { "value": "3.10
Accounting for non-current assets held for sale and discontinued operations
The Group classifies an operation as discontinued when it has disposed of or intends to dispose of a
business component that represents a separate major line of business or geographical area of
operations. Non-current assets and disposal groups classified as held for sale are measured at the
lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs
directly attributable to the disposal of an asset disposal group, excluding finance costs and income tax
expense.
The criteria for held for sale classification is regarded as met only when the sale is highly probable, and
the asset or disposal group is available for immediate sale in its present condition. Actions required to
complete the sale should indicate that it is unlikely that significant changes to the sale will be made or
that the decision to sell will be withdrawn. Management must be committed to the plan to sell the asset
and the sale expected to be completed within one year from the date of the classification. Property,
plant and equipment and intangible assets are not depreciated or amortised once classified as held for
sale.
Assets and liabilities classified as held for sale are presented separately as current items in the
statement of financial position. The comparative balance sheet and the related notes to the financial
statements have not been restated to reflect this presentation, resulting in significant fluctuations
between the two reporting periods. The post-tax profit or loss of the discontinued operations is shown
as a single line on the face of the consolidated statement of profit or loss, separate from the continuing
operating results of the Group. When an operation is classified as a discontinued operation, the
comparative consolidated statement of profit or loss is represented as if the operation had been
discontinued from the start of the comparative year. Expenses are presented as discontinued if they
will cease to be incurred on disposal of the discontinued operation. Transactions between continuing
and discontinued operations have been consistently eliminated as intragroup balances without any
adjustments for both current and comparative reporting periods.
On 20 June 2024, the Group publicly announced its Board of Directors' decision to sell its portfolio in
Egypt, Italy, and Croatia, collectively referred to as 'Energean Capital Limited Group' (ECL), which is
fully owned and controlled by the Group. The sale of ECL was expected to be completed within 12
months. The Group assessed whether ECL met the definition of being held for sale and discontinued
operations and presented them as discontinued operations in its 2024 Interim and annual consolidated
financial statements accordingly. On 21 March 2025, the planned transaction was cancelled, and the
business previously classified as a discontinued operation was reclassified to continuing operations.
Accordingly:
\u2022
Results of ECL previously presented within discontinued operations have been reclassified to
continuing operations for all periods presented.
\u2022
The comparative amounts for the twelve months ended 31 December 2024 have been restated.
\u2022
Comparative figures for assets and liabilities of disposal groups classified as held for sale in the
statement of financial position have also been restated (refer to Note 25).
Following the cessation of \u201cheld for sale\u201d classification, the measurement of ECL reverted to the basis
that would have applied had the classification never occurred (being lower than the recoverable
amount). This resulted in a catch-up depreciation charge, recognised for the period from the original
date of classification, together with the related deferred tax adjustment. To ensure consistency in
presentation and measurement, the comparative financial information has been restated as if ECL had
never met the criteria to be classified as held for sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00361": { "value": "3.11
Leases
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration.
The determination of whether an arrangement is, or contains, a lease is based on the substance of the
arrangement at the date of inception. The arrangement is assessed to determine whether fulfilment is
dependent on the use of a specific asset (or assets) and the arrangement conveys a right to use the
asset (or assets), even if that asset is (or those assets are) not explicitly specified in an arrangement.
Other than in lease arrangements within joint operations (see below), the Group is not a lessor in any
transactions, it is only a lessee.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term
leases, leases of low-value assets and leases to explore for or use minerals, oil, natural gas and similar
non-regenerative resources. The Group recognises lease liabilities to make lease payments and right-
of-use assets representing the right to use the underlying assets.
i) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the
underlying asset is available for use).
The right-of-use asset is measured at cost, less any accumulated depreciation and impairment losses,
and adjusted for any remeasurement of lease liabilities. Cost comprises the initial amount of the lease
liability and any lease payments made at or before the commencement date, plus any initial direct costs
incurred and an estimate of costs required to remove or restore the underlying asset, less any lease
incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the
lease term and the estimated useful lives of the assets, as follows:
\u2022
Property leases 1 to 10 years
\u2022
Motor vehicles and other equipment 1 to 7 years
\u2022
Fibre optic 14 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects
the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset.
The right-of-use assets are also subject to impairment assessment.
ii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present
value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in substance fixed payments) less any lease incentives receivable, variable lease payments
that depend on an index or a rate, and amounts expected to be paid under residual value guarantees.
The lease payments also include the exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects
the Group exercising the option to terminate.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the
lease commencement date if the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and
reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to
future payments resulting from a change in an index or rate used to determine such lease payments) or
a change in the assessment of an option to purchase the underlying asset.
The Group\u2019s lease liabilities are included in Interest-bearing loans and borrowings (see Note 21).
iii) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery
and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement
date and do not contain a purchase option). It also applies the lease of low-value assets recognition
exemption to leases of office equipment that are considered to be low value. Lease payments on short-
term leases and leases of low value assets are recognised as expense on a straight-line basis over the
lease term.
iv) Other leases outside the scope of IFRS 16
Leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources are
outside the scope of IFRS 16 and are recognised as exploration and evaluation costs or as oil and gas
assets, as appropriate. Please refer to notes 3.4 and 3.5.
Accounting for leases in joint operations
Where the Group enters into lease agreements as operator of a joint operation and is sole signatory to
a lease contract, it recognises its obligations under the lease in full to reflect the legal position of the
Group as the contracting counterparty for such leases. Where the obligations of the non-operator
parties under the joint operating agreement give rise to a sub-lease, the related proportion of the right-
of-use asset is derecognised and a finance lease receivable recorded to reflect the proportion of the
lease liability recoverable from the non-operator parties to the joint operating agreement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00373": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00372": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00371": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00370": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00369": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00367": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00366": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00365": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00364": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00363": { "value": "3.12
Financial instruments - initial recognition and subsequent measurement
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial
liability or equity instrument of another entity.
i) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair
value through other comprehensive income (OCI), or fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual
cash flow characteristics and the Group\u2019s business model for managing them. With the exception of
trade receivables that do not contain a significant financing component or for which the Group has
applied the practical expedient, the Group initially measures a financial asset at its fair value plus, in the
case of a financial asset not at fair value through profit or loss, transaction costs. Trade receivables
that do not contain a significant financing component or for which the Group has applied the practical
expedient are measured at the transaction price determined under IFRS 15.
In order for a financial asset to be classified and measured at amortised cost or fair value through OCI,
it needs to give rise to cash flows that are \u2018solely payments of principal and interest (SPPI)\u2019 on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an
instrument level.
The Group\u2019s business model for managing financial assets refers to how it manages its financial assets
in order to generate cash flows. The business model determines whether cash flows will result from
collecting contractual cash flows, selling the financial assets, or both.
Subsequent measurement
For purposes of subsequent measurement, financial assets are classified in two categories:
\u2022
Financial assets at amortised cost (debt instruments)
\u2022
Financial assets at fair value through profit or loss
Financial assets at amortised cost
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method
and are subject to impairment under the expected credit loss model. Gains and losses are recognised in
profit or loss when the asset is derecognised, modified or impaired.
The Group\u2019s financial assets at amortised cost include trade receivables.
Financial assets at fair value through profit or loss
The Group\u2019s financial assets at fair value through profit or loss include financial assets designated upon
initial recognition at fair value through profit or loss, or financial assets mandatorily required to be
measured at fair value.
Financial assets at fair value through profit or loss are carried in the statement of financial position at
fair value with net changes in fair value recognised in the statement of profit or loss.
Derecognition
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial
assets) is primarily derecognised (i.e., removed from the Group\u2019s consolidated statement of financial
position) when the rights to receive cash flows from the asset have expired or are transferred.
Impairment of financial assets
The Group recognises an allowance for expected credit losses (ECLs) for all debt instruments not held
at fair value through profit or loss. ECLs are based on the difference between the contractual cash
flows due in accordance with the contract and all the cash flows that the Group expects to receive,
discounted at an approximation of the original effective interest rate. The expected cash flows will
include cash flows from the sale of collateral held or other credit enhancements that are integral to the
contractual terms.
ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.
The Group considers a financial asset in default when contractual payments are 90 days past due.
However, in certain cases, the Group may also consider a financial asset to be in default when internal
or external information indicates that the Group is unlikely to receive the outstanding contractual
amounts in full before taking into account any credit enhancements held by the Group. A financial asset
is written off when there is no reasonable expectation of recovering the contractual cash flows.
ii) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit
or loss, loans and borrowings, payables, or as derivatives designated as hedging instruments in an
effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and
payables, net of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings and derivative
financial instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and
financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing
in the near term. This category also includes derivative financial instruments entered into by the Group
that are not designated as hedging instruments in hedge relationships as defined by IFRS 9
Financial
Instruments
. Separated embedded derivatives are also classified as held for trading unless they are
designated as effective hedging instruments.
Gains or losses on financial liabilities recognised at fair value through profit and loss are recognised in
the statement of profit or loss. The Group discloses the unwinding of the discount separately, in finance
costs, from the mark to market gain or loss.
Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or
expires. When an existing financial liability is replaced by another from the same lender on substantially
different terms, or the terms of an existing liability are substantially modified, such an exchange or
modification is treated as the derecognition of the original liability and the recognition of a new liability.
The difference in the respective carrying amounts is recognised in the statement of profit or loss.
Derivative financial instruments and hedge accounting
Initial recognition and subsequent measurement
The Group uses derivative financial instruments, such as interest rate swaps and forward commodity
contracts, to hedge its interest rate risks and commodity price risks, respectively. Such derivative
financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets
when the fair value is positive and as financial liabilities when the fair value is negative.
For the purpose of hedge accounting, hedges are classified as:
\u2022
Fair value hedges when hedging the exposure to changes in the fair value of a recognised asset
or liability or an unrecognised firm commitment.
\u2022
Cash flow hedges when hedging the exposure to variability in cash flows that is either
attributable to a particular risk associated with a recognised asset or liability or a highly probable
forecast transaction or the foreign currency risk in an unrecognised firm commitment.
\u2022
Hedges of a net investment in a foreign operation.
At the inception of a hedge relationship, the Group formally designates and documents the hedging
instrument and the hedged item to which it wishes to apply hedge accounting and the risk management
objective and strategy for undertaking the hedge.
A
hedging
relationship
qualifies
for
hedge
accounting
if
it
meets
all
of
the
following
effectiveness requirements:
\u2022
There is \u2018an economic relationship\u2019 between the hedged item and the hedging instrument.
\u2022
The effect of credit risk does not \u2018dominate the value changes\u2019 that result from that economic
relationship.
\u2022
The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the
hedged item that the Group actually hedges and the quantity of the hedging instrument that the
Group actually uses to hedge that quantity of hedged item.
Hedges that meet all the qualifying criteria for hedge accounting are accounted for, as described
below:
Cash flow hedges
The effective portion of the gain or loss on the hedging instrument is recognised in OCI in the cash flow
hedge reserve, while any ineffective portion is recognised immediately in the statement of profit or loss.
The cash flow hedge reserve is adjusted to the lower of the cumulative gain or loss on the hedging
instrument and the cumulative change in fair value of the hedged item attributable to the hedged risk.
From time to time, the Group may use forward commodity contracts for its exposure to volatility in the
commodity prices. The ineffective portion relating to forward commodity contracts is recognised in
revenue or cost of sales.
The Group designates only the spot element of forward contracts as a hedging instrument. The
forward element is recognised in OCI and accumulated in a separate component of equity.
The amount accumulated in OCI is reclassified to profit or loss as a reclassification adjustment in the
same period or periods during which the hedged cash flows affect profit or loss.
When the hedged forecast transaction results in the recognition of a non-financial asset, including the
construction of property, plant and equipment, the cumulative effective portion of the gain or loss
deferred in the cash flow hedge reserve is removed from equity and included as a basis adjustment to
the initial carrying amount of the related asset. This basis adjustment is made once, at the point the
asset is recognised.
Following the basis adjustment, any subsequent changes in the fair value of the hedging instrument
continue to be recognised in OCI within the cash flow hedge reserve for as long as the hedge relationship
remains in place. If the hedging instrument expires prior to the recognition of the related asset, the
cumulative amount in OCI remains in equity, provided the hedged transaction is still expected to occur.
The amount is transferred to the carrying amount of the asset when the related asset is ultimately
recognised.
If cash flow hedge accounting is discontinued, the amount that has been accumulated in OCI must
remain in accumulated OCI if the hedged future cash flows are still expected to occur. Otherwise, the
amount will be immediately reclassified to profit or loss as a reclassification adjustment. After
discontinuation, once the hedged cash flow occurs, any amount remaining in accumulated OCI must be
accounted for depending on the nature of the underlying transaction.
Equity instruments
Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Ordinary shares
Ordinary shares are classified as equity and measured at their nominal value. Any premiums received
on issue of share capital above its nominal value, are recognised as share premium within equity.
Associated issue costs are deducted from share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00368": { "value": "ECLs are recognised in two stages. For credit exposures for which there has not been a significant
increase in credit risk since initial recognition, ECLs are provided for credit losses that result from
default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures
for which there has been a significant increase in credit risk since initial recognition, a loss allowance is
required for credit losses expected over the remaining life of the exposure, irrespective of the timing of
the default (a lifetime ECL).
For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs.
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance
based on lifetime ECLs at each reporting date.Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the
\n
amount of future cash inflows from financial assets on hand at the reporting date. The Group has
\n
policies in place to ensure that all of its transactions giving rise to credit risk are made with parties
\n
having an appropriate credit history and monitors on a continuous basis the ageing profile of its
\n
receivables.
\n
Also, the Group has policies to limit the amount of credit exposure to any banking institution,
\n
considering among other factors the credit ratings of the banks with which deposits are held. Credit
\n
quality information in relation to those banks is provided below.
\n
With regard to the risk of potential losses caused by the failure of any of the counterparties the
\n
Company interacts with to honour the commitments they have undertaken, the Group has implemented
\n
for some time procedures and tools to evaluate and select counterparties based on their credit rating,
\n
constantly monitoring its exposure to the various counterparties and implementing appropriate
\n
mitigating actions, primarily aimed at recovering or transferring receivables.
\n
Presented below is a breakdown of trade receivables by past due bracket:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
)
134
Trade receivables and receivables from partners under JOA
373,234
352,914
Allowance for impairment
(6,304)
(11,285)
Total
366,930
341,629
\n
134
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
The Group\u2019s credit risk is concentrated as approximately 58% of trade receivables and almost all of the
\n
expected credit loss provision (\u201c
ECL
\u201d) recognised on 31 December 2025 mainly relate to EGPC, the
\n
Egyptian governmental body that are significantly aged, as follows:
\n\n \n
31 December 2025
31 December 2024
Allowance
Allowance
Trade
for
Trade
for
($\u2019000)
receivables
impairment
receivables
impairment
Not yet due
43,383
(525)
59,720
(3,050)
Past due by less than one month
12,305
(352)
8,971
(458)
Past due by one to three months
51,552
(1,475)
49,663
(2,537)
Past due by three to six months
35,214
(1,008)
30,279
(1,546)
Past due by more than six months
72,101
(2,064)
57,046
(2,914)
Total
214,555
(5,424)
205,679
(10,505)
\n
Apart from this concentration, the Group does not have significant credit risk exposure to any other
\n
single customer or geographical region, as provided below.
\n
Trade Receivables by geography
\n\n \n
($\u2019000)
2025
2024
United Kingdom
7,745
4,012
Italy
29,764
35,048
Egypt
214,555
205,678
Greece
164
91
Israel
121,006
108,085
Total
373,234
352,914
\n
Credit quality of bank deposits
\n
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
\n
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group
\n
keeps its deposits is as follows:
\n\n \n
($\u2019000)
2025
2024
Aa2
1,367
109
Aa3
2,809
-
A1
61,381
35,247
A2
21
24
Baa1
250,029
265,295
Baa2
-
12,636
Ba1
-
47
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
B3
160
1,612
Caa1
14,178
5,660
Not applicable
135
12
17
\u00a0
329,957
320,647
\n
The Group has assessed the recoverability of all cash balances and considers they are carried within
\nthe consolidated statement of financial position at amounts not materially different to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00362": { "value": "Loans and borrowings
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and
borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are
recognised in profit or loss when the liabilities are derecognised, modified and through the EIR
amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
statement of profit or loss.
This category generally applies to interest-bearing loans and borrowings.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00374": { "value": "3.13
Share-based payment
Equity-settled transactions
Awards to non-employees:
The fair value of the equity settled awards has been determined at the date the goods or services are
received with a corresponding increase in equity (share-based payment reserve).
Awards to employees:
Employees (including senior executives) of the Group receive remuneration in the form of share-based
payments, whereby employees render services as consideration for equity instruments (equity-
settled transactions).
The fair value of the equity settled awards has been determined at the date of grant of the award
allowing for the effect of any market-based performance conditions.
That cost is recognised in employee benefits expense, together with a corresponding increase in equity
(share-based payment reserve), over the period in which the service and, where applicable, the
performance conditions are fulfilled (the vesting period). The cumulative expense recognised for
equity-settled transactions at each reporting date until the vesting date reflects the extent to which the
vesting period has expired and the Group\u2019s best estimate of the number of equity instruments that will
ultimately vest. The expense or credit in the statement of profit or loss for a period represents the
movement in cumulative expense recognised as at the beginning and end of that period.
Service and non-market performance conditions are not taken into account when determining the
grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the
Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
performance conditions are reflected within the grant date fair value. Any other conditions attached
to an award, but without an associated service requirement, are considered to be non-vesting
conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate
expensing of an award unless there are also service and/or performance conditions.
No expense is recognised for awards that do not ultimately vest because non-market performance
and/or service conditions have not been met. Where awards include a market or non-vesting condition,
the transactions are treated as vested irrespective of whether the market or non-vesting condition is
satisfied, provided that all other performance and/or service conditions are satisfied.
Shares held by the Employee Benefit Trust
The Energean plc Employee Benefit Trust (\u201c
EBT
\u201d) provides for the issue of shares to Group employees
under share incentive schemes. The Company controls the EBT and accounts for the EBT as an
extension to the Company in these consolidated financial statements. Accordingly, shares in the
Company held by the EBT are included in the consolidated statement of financial position at cost as a
deduction from equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00375": { "value": "3.14
Fair value measurement
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is
based on the presumption that the transaction to sell the asset or transfer the liability takes place
either: in the principal market for the asset or liability or in the absence of a principal market, in the
most advantageous market for the asset or liability.
The fair value of an asset or a liability is measured using the assumptions that market participants would
use when pricing the asset or liability, assuming that market participants act in their economic best
interest. A fair value measurement of a non-financial asset takes into account a market participant's
ability to generate economic benefits by using the asset in its highest and best use or by selling it to
another market participant that would use the asset in its highest and best use.
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and
minimising the use of unobservable inputs.
All assets and liabilities, for which fair value is measured or disclosed in the consolidated financial
statements, are categorised within the fair value hierarchy, described as follows, based on the lowest-
level input that is significant to the fair value measurement as a whole:
\u2022
Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities
\u2022
Level 2 \u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is directly or indirectly observable
\u2022
Level 3 \u2014 Valuation techniques for which the lowest-level input that is significant to the fair value
measurement is unobservable
For assets and liabilities that are recognised in the consolidated financial statements on a recurring
basis, the Group determines whether transfers have occurred between levels in the hierarchy by
reassessing categorisation (based on the lowest-level input that is significant to the fair value
measurement as a whole) at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00376": { "value": "3.15
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank and demand deposits with a maturity of three
months or less that are subject to an insignificant risk of changes in their fair value.
Restricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
collateral provided under a letter of credit facility for issuing bank guarantees for Group's activities in
Israel (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
classification as cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00377": { "value": "3.15
Cash and cash equivalents
Cash and cash equivalents comprise of cash at bank and demand deposits with a maturity of three
months or less that are subject to an insignificant risk of changes in their fair value.
Restricted cash comprises balances retained in respect of the Group\u2019s Senior Secured Notes and cash
collateral provided under a letter of credit facility for issuing bank guarantees for Group's activities in
Israel (see Note 16). The nature of the restrictions on these balances mean that they do not qualify for
classification as cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00378": { "value": "3.17
Inventories
Inventories comprise hydrocarbon liquids, crude oil and by-product (sulphur), consumables and other
spare parts. Inventories are stated at the lower of cost and net realisable value. Cost is determined
using the weighted average cost method. The cost of finished goods and work in progress comprises
raw materials, direct labour, other direct costs and related production overheads. It does not include
borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business,
less estimated costs of completion and estimated costs necessary to make the sale. Spare parts
consumed within a year are carried as inventory and recognised in profit or loss when consumed.
The Group assesses the net realisable value of the inventories at the end of each year and recognises
in the consolidated statement of profit or loss the appropriate valuation adjustment if the inventories
are overstated. When the circumstances that previously caused impairment no longer exist or when
there is clear evidence of an increase in the inventories\u2019 net realisable value due to a change in the
economic circumstances, the amount thereof is reversed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00399": { "value": "3.18
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed,
for example under an insurance contract, the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the end of the reporting period, taking
into account the risk and uncertainties surrounding the obligation. The expense relating to a provision
is presented in profit or loss net of any reimbursement. If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the
liability. When discounting is used, the increase in the provision due to the passage of time is recognised
as a finance cost.
Decommissioning costs
Provision for decommissioning is recognised in full when the related facilities are installed. A
corresponding amount equivalent to the provision is also recognised as part of the cost of the related
property, plant and equipment.
The amount recognised is the estimated cost of decommissioning, discounted to its net present value at
a risk-free discount rate, and is reassessed each year in accordance with local conditions and
requirements. Changes in the estimated timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to the provision, and a corresponding
adjustment to property, plant and equipment or in the income statement. The unwinding of the discount
on the decommissioning provision is included as a finance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00400": { "value": "3.18
Provisions
Provisions are recognised when the Group has a present legal or constructive obligation as a result of
past events, it is probable that an outflow of resources will be required to settle the obligation, and a
reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed,
for example under an insurance contract, the reimbursement is recognised as a separate asset but only
when the reimbursement is virtually certain. The amount recognised as a provision is the best estimate
of the consideration required to settle the present obligation at the end of the reporting period, taking
into account the risk and uncertainties surrounding the obligation. The expense relating to a provision
is presented in profit or loss net of any reimbursement. If the effect of the time value of money is
material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the
liability. When discounting is used, the increase in the provision due to the passage of time is recognised
as a finance cost.
Decommissioning costs
Provision for decommissioning is recognised in full when the related facilities are installed. A
corresponding amount equivalent to the provision is also recognised as part of the cost of the related
property, plant and equipment.
The amount recognised is the estimated cost of decommissioning, discounted to its net present value at
a risk-free discount rate, and is reassessed each year in accordance with local conditions and
requirements. Changes in the estimated timing of decommissioning or decommissioning cost estimates
are dealt with prospectively by recording an adjustment to the provision, and a corresponding
adjustment to property, plant and equipment or in the income statement. The unwinding of the discount
on the decommissioning provision is included as a finance cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00431": { "value": "3.19
Revenue from contracts with customers
Revenue from contracts with customers is recognised when control of the gas/hydrocarbon
liquids/crude oil/by-products or rendering of services are transferred to the customer at an amount
that reflects the consideration to which the Group expects to be entitled in exchange for those goods
or services.
The Group has concluded that it is the principal in its revenue arrangements because it typically controls
the goods or services before transferring them to the customer. In certain jurisdictions in which the
Group operates royalties are levied by the government. The government can request that these royalty
payments be made in cash or in kind. In the current year and in prior years the government has
requested cash payments be made and therefore the Group has not made any royalty payments in
kind. As such the Group obtains control of all the underlying reserves once extracted, sells the
production to its customers and then remits the proceeds to the royalty holder and is therefore
considered to be acting as the principal.
Sale of gas, hydrocarbon liquids, crude oil and by-products
Sales revenue represents the sales value, net of VAT, of actual sales volumes to customers in the year
together with the gain/loss on realisation of cash flow hedges.
The Group\u2019s accounting policy under IFRS 15 is that revenue is recognised when the Group satisfies a
performance obligation by transferring oil or gas to its customer. The title to oil and gas typically
transfers to a customer at the same time as the customer takes physical possession of the oil or gas.
Typically, at this point in time, the performance obligations of the Group are fully satisfied. The revenue
is recorded when the oil or gas has been physically delivered to a vessel or pipeline.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00432": { "value": "3.20
Retirement benefit costs
State managed retirement benefit scheme
Payments made to state managed retirement benefit schemes (e.g. government social insurance fund)
are dealt with as payments to defined contribution plans where the Group's obligations under the plans
are equivalent to those arising in a defined contribution plan. The Group's contributions are expensed
as incurred and are included in staff costs. The Group has no legal or constructive obligations to pay
further contributions if the government scheme does not hold sufficient assets to pay all employees
benefits relating to employee service in the current and prior periods.
Defined benefit plan
The Group operates an unfunded defined benefit plan in which a lump sum amount is specified and is
payable at the termination of employees\u2019 services based on such factors as the length of the employees\u2019
service and their salary. The liability recognised for the defined benefit plan is the present value of the
defined benefit obligation at the reporting date.
The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial
valuations being carried out at each reporting date. These assumptions used in the actuarial valuations
are developed by management with the assistance of independent actuaries.
Service costs on the defined benefit plan are included in staff costs. Interest expense on the defined
benefit liability is included in finance costs. Gains and losses resulting from other remeasurements of
the defined benefit liability are included in other comprehensive income and are not reclassified to
profit or loss in subsequent periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00433": { "value": "3.21
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets,
which are assets that necessarily take a substantial period of time to get ready for their intended use
or sale, are added to the cost of those assets, until such time as the assets are substantially ready for
their intended use or sale. Investment income earned on the temporary investment of specific
borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible
for capitalisation.
Excluded from the above capitalisation policy are any qualifying assets that are inventories that are
produced in large quantities on a repetitive basis and any Exploration and Evaluation assets which have
not resulted in the classification of commercial reserves.
Borrowing costs consist of interest and other costs that the Group incurs in connection with the
borrowing of funds.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00434": { "value": "3.22
Tax
Income tax expense represents the sum of current and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as
reported in the consolidated financial statements because it excludes items of income or expense that
are taxable or deductible in other years and it further excludes items that are never taxable or
deductible. The Group's liability for current tax is calculated using tax rates that have been enacted or
substantively enacted by the reporting date.
Deferred tax is recognised on temporary differences between the carrying amounts of assets and
liabilities in the consolidated financial statements and the corresponding tax bases used in the
computation of taxable profit, based on tax rates that have been enacted or substantively enacted by
the reporting date. Deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is probable that taxable profits
will be available against which deductible temporary differences can be utilised. No deferred tax is
recognised if the temporary difference arises from goodwill or from the initial recognition (other than
in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit
nor the accounting profit.
Current and deferred tax assets and corresponding liabilities are offset when there is a legally
enforceable right to set off current tax assets against current tax liabilities and when they relate to
income taxes levied by the same taxation authority and the Group intends to settle its tax assets and
liabilities on a net basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00493": { "value": "3.23
Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been issued. Share premium
includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium, net of any related income tax benefits.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.22)
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1) and translation
effect of the net investment hedging (see Note 27)
\u2022
Cashflow hedging reserve \u2013 comprises gain or loss recognised in relation to cashflow hedges (see
Note 27)
\u2022
Merger reserves - On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Limited. From that
point, in the consolidated financial statements, the share capital became that of Energean plc.
The previously recognised share capital and share premium of Energean E&P Holdings Limited
was eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
All transactions with owners of the parent are recorded separately within equity.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends
have been approved in a general meeting prior to the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00494": { "value": "3.23
Equity, reserves and dividend payments
Share capital represents the nominal (par) value of shares that have been issued. Share premium
includes any premiums received on issue of share capital. Any transaction costs associated with the
issuing of shares are deducted from share premium, net of any related income tax benefits.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
Retained earnings includes all current and prior period retained profits.
Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.22)
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1) and translation
effect of the net investment hedging (see Note 27)
\u2022
Cashflow hedging reserve \u2013 comprises gain or loss recognised in relation to cashflow hedges (see
Note 27)
\u2022
Merger reserves - On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Limited. From that
point, in the consolidated financial statements, the share capital became that of Energean plc.
The previously recognised share capital and share premium of Energean E&P Holdings Limited
was eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
All transactions with owners of the parent are recorded separately within equity.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends
have been approved in a general meeting prior to the balance sheet date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00497": { "value": "Other components of equity include the following:
\u2022
Remeasurement of net defined benefit liability \u2013 comprises the actuarial losses from changes in
demographic and financial assumptions and the return on plan assets (see Note 3.22)
\u2022
Translation reserve \u2013 comprises foreign currency translation differences arising from the
translation of financial statements of the Group\u2019s foreign entities (see Note 3.1) and translation
effect of the net investment hedging (see Note 27)
\u2022
Cashflow hedging reserve \u2013 comprises gain or loss recognised in relation to cashflow hedges (see
Note 27)
\u2022
Merger reserves - On 30 June 2017, the Company became the parent company of the Group
through the acquisition of the full share capital of Energean E&P Holdings Limited. From that
point, in the consolidated financial statements, the share capital became that of Energean plc.
The previously recognised share capital and share premium of Energean E&P Holdings Limited
was eliminated with a corresponding positive merger reserve.
Share-based payment reserve: The share-based payments reserve is used to recognise the value of
equity-settled share-based payments granted to parties including employees and key management
personnel, as part of their remuneration.
All transactions with owners of the parent are recorded separately within equity.
Dividend distributions payable to equity shareholders are included in other liabilities when the dividends
have been approved in a general meeting prior to the balance sheet date.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00500": { "value": "3.24
Government grants
Government grants are recognised when there is reasonable assurance that the Group will comply with
the conditions attached to them, will receive the related funding and will not be required to return the
grant providing those conditions are met. Grants received in connection with the Prinos CO
2
Storage
project (Greece) are treated as grants related to assets under IAS 20
Government Grants
and
Disclosure of Government Assistance.
The Group applies the presentation option under IAS 20 whereby government grants related to
property, plant and equipment are presented as a deduction in arriving at the carrying amount of the
related asset. Accordingly, the grant is recognised as a reduction in capitalised cost of the CCS asset
when the recognition criteria are satisfied. The impact of the grant is recognised in profit or loss
through reduced depreciation expense over the useful life of the asset.
Grant proceeds received before the recognition criteria are satisfied are recorded as a liability within
\u2018Other payables\u2019. If the facts and circumstances supporting recognition changes such that it is no longer
reasonable assured that the Group will retain the grant, the grant is derecognised, why any
derecognised income reversed and, to the extent the grant has already been received in cash, a refund
liability recognised.
Refer to Note 28 for further details about the nature, terms, and conditions of significant government
grants obtained by the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "4
Critical accounting estimates and judgements
The preparation of these consolidated financial statements in conformity with IFRS requires the use of
accounting estimates and assumptions, and also requires management to exercise its judgement, in the
process of applying the Group's accounting policies.
Estimates, assumptions and judgement applied are continually evaluated and are based on historical
experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances. Although these estimates, assumptions and judgement are based
on management's best knowledge of current events and actions, actual results may ultimately differ.
4.1
Critical judgements in applying the Group\u2019s accounting policies
The following are management judgements in applying the accounting policies of the Group that have
the most significant effect on the consolidated financial statements:
Identification of cash generating units (note 12)
In considering the carrying value of property, plant and equipment the Group has to make a critical
judgement in relation to the identification of the smallest cash generating units to which those assets
are allocated.
In countries except for Italy, Israel and Egypt the cash generating unit is considered to be at the
concession level. In Italy we have identified eleven cash generating units (\u2018CGUs\u2019). The Italy Gas CGUs
are as follows: Cassiopea, Clara, Comiso, Calipso, Accettura, Gas Other and the Italy Oil CGUs
comprise of: Vega, Sarago, Rospo, Santa Maria a Mare and Tresauro.
In Egypt, we have identified a single CGU that combines the operations of three concessions.
Given that production from all Israeli sites is processed through a single FPSO and transported via one
pipeline to the gas buyers, it is impractical to reliably separate their cash inflows. Therefore, a single
CGU has been identified in Israel.
The identification of CGUs across the group is consistent with how the Group monitors the business.
Assessment of control and continued recognition of the Cassiopea asset (Note 13)
The Group holds through its subsidiary Energean Italy S.p.A. (\u201c
Energean Italy
\u201d) a 40% non-operated
participating interest in the Cassiopea gas concession in Italy. The remaining interest is held by the
operator, Eni Mediterranea Idrocarburi S.p.A. The concession is governed by a Joint Operating
Agreement (\u201c
JOA
\u201d).
Following the operator\u2019s conduct, which resulted in Energean Italy not receiving production, and the
initiation of arbitration proceedings, management assessed whether the Group continues to control its
40% participating interest in the Cassiopea concession. In making this judgement, management
considered:
\u2022
the legal title retained by the Group under the concession and the JOA,
\u2022
the clarification issued by the Ministry of the Environment and Energy Security (\u201c
MASE
\u201d), in
response to the operator\u2019s request to formally transfer the Group\u2019s 40% interest to the operator
with the reference to ongoing arbitration proceedings, the content of which supports the Group's
position regarding retention of its 40% participating interest.
\u2022
the forfeiture procedures under the JOA, which were assessed as not applicable in the
circumstances, and
\u2022
external legal advice obtained.
Management concluded that the suspension of lifting represents a temporary restriction on access to
production and does not constitute a transfer of ownership or loss of control of the underlying asset.
Accordingly, the asset continues to be recognised within property, plant and equipment.
\n
4.2
Estimation uncertainty
\n
The estimates and assumptions that have a significant risk of causing a material adjustment to the
\n
carrying amounts of assets and liabilities within the next financial year, are discussed below:
\n
Impairment of property, plant and equipment (note 12):
\n
The Group assesses at each reporting date whether there is an indication that an asset (or CGU) may
\n
be impaired. The Group assesses impairment at each reporting date by evaluating conditions specific
\n
to the Group that may lead to impairment of assets. Where indicators of impairments or impairment
\n
reversals are present and an impairment or impairment reversal test is required, the calculation of the
\n
recoverable amount requires estimation of future cash flows within complex impairment models. The
\n
recoverable amount (which is the higher of fair value less costs to sell and value in use) of the cash-
\n
generating unit to which the assets belong is then estimated based on the present value of future
\n
discounted cash flows. Key assumptions and estimates used in both the impairment models and in the
\n
calculation of the recoverable amount are: commodity price assumptions, production profiles, the
\n
future impact of risks associated with climate change, discount rates, commercial reserves and the
\n
related cost profiles. Commercial (proven and probable) reserves are estimates of the amount of oil
\n
and gas that can be economically extracted from the Group\u2019s oil and gas assets as certified by the
\n
external qualified professionals.
\n
The Group's impairment assessment identified an impairment of the Cassiopea CGU, Italy of $285.7
\n
million following the reduction in available commercial reserves. Further details are provided in Note
\n
13.
\n
Management has considered how the Group\u2019s identified climate risks and opportunities (as discussed in
\n
the Strategic Report) may impact the estimation of the recoverable amount of cash-generating units
\n
in the impairment assessments. The anticipated extent and nature of the future impact of climate on
\n
the Group\u2019s operations and future investment, and therefore estimation of recoverable value, is not
\n
uniform across all cash-generating units. There is a range of inherent uncertainties in the extent that
\n
responses to climate change may impact the recoverable value of the Group\u2019s cash-generating units.
\n
These include the impact of future changes in government policies, legislation and regulation, societal
\n
responses to climate change, the future availability of new technologies and changes in supply and
\n
demand dynamics.
\n
The Group has incorporated carbon pricing when preparing discounted cash flow valuations. Carbon
\n
prices are incorporated based on currently enacted legislation (where relevant). Carbon costs are
\n
based on the forecast carbon price per tonne/CO2e, multiplied by estimated Scope 1 and 2 emissions
\n
for the relevant operation(s).
\n
As part of the impairment assessment the Group has run sensitivity scenarios based on the
\n
International Energy Agency\u2019s (IEA) 2024 World Energy Outlook climate projections including Stated
\n
Policies Scenario (STEPS), Announced Pledges Scenario (APS) and Net-Zero Emissions by 2050
\n
Scenario (NZE).
These specific scenarios were not directly applied in the assets\u2019 valuation for financial
\n
reporting purposes. This is because no single scenario fully aligns with the management consensus on
\n
the assumptions market participants may use in appraising the Group\u2019s assets.
\n
The analysis indicates a slight decline in the recoverable amount under NZE scenario. This resilience is
\n
largely due to Group portfolio\u2019s significant weighting towards gas, which shields it from declines in oil
\n
prices. In Israel, the stability of gas revenues is further secured through fixed gas contracts that include
\n
minimum price guarantees. The only scenario where a notable impact was observed is under the NZE,
\n
where there is a minor reduction in the net present value due to the pricing of the liquid components.
\n
Group\u2019s assets in Greece and the UK are more vulnerable to the impact of lower commodity prices
\n
under these scenarios, with the NZE projecting lower prices for Brent and UK NBP than baseline
\n
assumptions. To mitigate this risk, the Group has the option to use commodity price hedges. For more
\n
details, please refer to the TCFD statement on pages 24-41.
\n
Further details about the carrying value of property, plant and equipment are shown in note 12 to these
\n
financial statements.
\n
Hydrocarbon reserve and resource estimates (notes 12, 13, 14, 23):
\n
The Group\u2019s oil and gas development and production properties are depreciated on a unit of production
\n
basis at a rate calculated by reference to developed and undeveloped proved and probable
\n
commercial reserves (2P developed and undeveloped) which are estimated to be recoverable with
\n
existing and future developed facilities using current operating methods, determined in accordance
\n
with the Petroleum Resources Management System published by the Society of Petroleum Engineers,
\n
the World Petroleum Congress and the American Association of Petroleum Geologists.
\n
Commercial reserves are determined using estimates of oil and gas in place, recovery factors and
\n
future prices. The level of estimated commercial reserves is also a key determinant in assessing whether
\n
the carrying value of any of the Group\u2019s oil and gas properties has been impaired. Reserves are subject
\n
to regular revision, both upward or downward, based on changes in economic assumptions used,
\n
including the impact of climate change, additional geological information, updates of development
\n
plans and changes in economic factors, including product prices, contract terms, legislation or
\n
development plans. Such changes may impact the Group\u2019s reported financial position and results which
\n
include:
\n
\u2022
Depreciation and amortisation charges in profit or loss may change where such charges are
\n
determined using the units of production method, or where the useful life of the related assets
\n
change;
\n
\u2022
Impairment charges in the income statement;
\n
\u2022
Provisions for decommissioning may change where changes to the reserve estimates affect
\n
expectations about when such activities will occur and the associated cost of these activities; and
\n
\u2022
The recognition and carrying value of deferred tax assets may change due to changes in the
\n
judgements regarding the existence of such assets and in estimates of the likely recovery of such
\n
assets.
\n
The impact upon commercial reserves (if any) and the aggregate depletion charge for the year of a
\n
fluctuation of the forward Brent oil price and PSV price assumption as well as the Group\u2019s carrying
\n
amount of oil and gas properties for the current and prior period are presented in note 12. Management
\n
monitors the impact on the commercial reserves and the depletion charge on a Group level.
\n
The audited statement of reserves is included in the Strategic Report, refer to pages 22-23 of the
\n
Annual Report.
\n
Decommissioning liabilities (note 23):
\n
There is uncertainty around the cost of decommissioning as cost estimates can vary in response to many
\n
factors, including from changes to market rates for goods and services, to the relevant legal
\n
requirements, the emergence of new technology or experience at other assets. The expected timing,
\n
work scope, amount of expenditure, discount and inflation rates require estimation. The discount rate
\n
applied to determine the carrying amount of provisions provides a source of estimation uncertainty as
\n
referred to in IAS 1.125.
\n
The estimated decommissioning costs are reviewed annually by an internal expert and the results of
\n
this review are then assessed alongside estimates from operators. Provision for environmental clean-
\n
up and remediation costs is based on current legal and contractual requirements, technology and price
\n
levels. Discount rate applied is reviewed regularly and adjusted following the changes in market rates.
\n
The Group considers the impact of climate change on environmental restoration and decommissioning
\n
provisions, specifically the timing of future cash flows, and has concluded that it does not currently
\n
represent a key source of estimation uncertainty. Changes to legislation, including in relation to climate
\n
change, are factored into the provisions when the legislation becomes enacted.
\n
Deferred tax assets valuation (note 14):
\n
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
\n
available, allowing for the utilisation of deductible temporary differences, as well as unused tax losses
\n
and credits that are carried forward. This determination involves evaluating the timing of the reversal
of those assets and estimating the availability of sufficient taxable profits to utilise the assets at the
point of reversal. Such assessments necessitate assumptions about future profitability, introducing a
degree of inherent uncertainty. In assessing the likelihood of generating sufficient taxable profits in
future periods for the recovery of losses, the Group considered approved budgets, forecasts, and
business plans to inform its evaluation.
A deferred tax asset has been recognised in accordance with IAS 12.28 up to the amount available to
offset the deferred tax liabilities arising on timing differences. Then, for the remaining temporary
differences on tax losses and decommissioning expenses, deferred tax was recognised based on future
taxable profits in accordance with IAS 12.29.
Decommissioning expenses and tax losses in the UK are expected to be utilised by 2030 and tax losses
from Prinos area in Greece are expected to be utilised by 2038, in accordance with the taxable profits
forecasts which are based upon the competent persons reports (\u201c
CPR
\u201d) and approved Group budget.
Both the CPR and the budget are based on estimates including among others the estimated production
volumes and forecasted brent price.
No reasonably possible change in any key assumption would result in a material impairment of the
deferred tax asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "5
Segmental reporting
The information reported to the Group\u2019s Chief Executive Officer and Chief Financial Officer (together
the Chief Operating Decision Makers) for the purposes of resource allocation and assessment of
segment performance is focused on four operating segments: Europe (including Greece, Italy, UK and
Croatia), Israel, Egypt and New Ventures. The Group\u2019s reportable segments under IFRS 8
Operating
Segments
are Europe, Israel and Egypt. New Ventures segment does not exceed the quantitative
thresholds for reporting information about operating segments and has therefore been included within
\u201cOther\u201d alongside inter-segment transactions.
Information regarding the results of each reportable segment is included below and prior periods are
restated to reflect discontinued operations reclassified within the continuing operations to provide
comparability. Discontinued operations as disclosed in the 2024 annual consolidated financial
statements consist of the Egypt segment, and the Italian and Croatian operations included in the
Europe reportable segment.
Segment revenues, results and reconciliation to profit before tax
The following is an analysis of the Group\u2019s revenue, results and reconciliation to profit/(loss) before tax
by reportable segment:
\n \n
Other & inter-
Year ended 31 December 2025
segment
($\u2019000)
Europe
Israel
Egypt
transactions
Total
Revenue from gas sales
173,715
848,887
142,291
-
1,164,893
Revenue from hydrocarbon liquids sales
28,660
316,326
42,679
-
387,665
Revenue from crude oil sales
115,757
-
-
-
115,757
Revenue from LPG sales
348
-
17,129
-
17,477
Other revenue
17,100
-
-
(14,843)
2,257
Other revenue - lost production insurance proceeds
27,088
-
-
-
27,088
Other revenue from production activities
12,989
-
-
-
12,989
Total revenue from production activities
375,657
1,165,213
202,099
(14,843)
1,728,126
Adjusted EBITDAX
89
149,679
813,199
166,193
(11,574)
1,117,497
Reconciliation to profit before tax:
Other operating income
13,880
9,500
19,686
1,525
44,591
Depreciation and amortisation expenses
(194,683)
(292,156)
(92,737)
(985)
(580,,561)
Share-based payment charge
(3,568)
(1,354)
-
(2,432)
(7,354)
Exploration and evaluation expenses and new ventures
(3,470)
-
-
(7,837)
(11,307)
Exploration expenses written off
(22,054)
(1,994)
2,288
-
(21,760)
Change in decommissioning provision
3,867
-
-
-
3,867
Reversal of expected credit loss
5,147
-
5,081
-
10,228
Impairment of oil and gas assets
(285,726)
-
-
-
(285,726)
Other operating expenses
(2,030)
285
125
132
(1,488)
Finance income
3,391
5,157
803
(3,017)
6,334
Finance costs
(48,979)
(163,622)
(574)
(46,454)
(259,629)
Net loss on derivative instruments
-
233
-
(3,117)
(2,884)
Net foreign exchange gain/(loss)
(34,880)
(18,713)
(325)
15,716
(38,202)
(Loss)/Profit before income tax
(419,426)
350,535
100,540
(58,043)
(26,394)
Taxation expense
(124,492)
(81,930)
(24,787)
20
(231,189)
(Loss)/Profit for the year
(543,918)
268,605
75,753
(58,023)
(257,583)
\n
89
\n
Adjusted EBITDAX is a non-IFRS measure used by the Group to measure business performance. It is calculated as profit or loss for the period, adjusted for discontinued operations, taxation,
\n
depreciation and amortisation, share-based payment charge, impairment of property, plant and equipment, other income and expenses (including the impact of derivative financial instruments and
\n
foreign exchange), net finance costs and exploration and evaluation expenses.
\n \n
Other & inter-
Year ended 31 December 2024 (Restated
90
)
segment
($\u2019000)
Europe
Israel
Egypt
transactions
Total
Revenue from gas sales
99,348
838,881
157,773
-
1,096,002
Revenue from hydrocarbon liquids sales
-
400,230
41,581
-
441,811
Revenue from crude oil sales
221,820
-
-
-
221,820
Revenue from LPG sales
549
-
14,892
-
15,441
Other revenue
15,262
-
-
(10,923)
4,339
Total revenue from production activities
336,979
1,239,111
214,246
(10,923)
1,779,413
Adjusted EBITDAX
91
96,452
889,001
176,939
(340)
1,162,052
Reconciliation to profit before tax:
Other operating income
751
-
(339)
(58)
354
Depreciation and amortisation expenses
(44,263)
(278,252)
(89,731)
(579)
(412,825)
Share-based payment charge
(1,783)
(1,207)
216
(6,305)
(9,079)
Exploration and evaluation expenses and new ventures
(3,824)
-
-
(6,316)
(10,140)
Exploration expenses written off
(16,507)
-
(63,045)
(65,230)
(144,782)
Change in decommissioning provision
(22,368)
-
-
-
(22,368)
Expected credit (loss)
(5,137)
-
(2,344)
-
(7,481)
Impairment of oil & gas assets
(95,607)
-
-
-
(95,607)
Other operating expenses
(2,515)
(779)
264
(1,241)
(4,271)
Finance income
12,111
8,894
637
(6,256)
15,386
Finance costs
(48,564)
(179,779)
(1,186)
(41,999)
(271,528)
Net loss on derivatives
-
(392)
-
-
(392)
Net foreign exchange gain/(loss)
17,902
(938)
831
(5,156)
12,639
Profit/(loss) before income tax
(113,352)
436,548
22,242
(133,480)
211,958
Taxation expense
51,067
(107,579)
(34,843)
6,844
(84,511)
Profit/(loss) for the period
(62,285)
328,969
(12,601)
(126,636)
127,447
\n
Other & inter-segment transactions column refer to other segments transactions as well as transactions between the reported reportable segments. They are
\n
eliminated upon consolidation.
\n
90
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
91
\n
Adjusted EBITDAX is a non-IFRS measure used by the Group to measure business performance. It is calculated as profit or loss for the period, adjusted for discontinued operations, taxation,
\n
depreciation and amortisation, share-based payment charge, impairment of property, plant and equipment, other income and expenses (including the impact of derivative financial instruments and
\n
foreign exchange), net finance costs and exploration and evaluation expenses.
Finance costs, finance income, other income and expenses and share \u2013 based payment charge included in \u201cOther & inter-segment transactions\u201d are not allocated
\n
to individual segments as the underlying instruments are managed on a group basis.
\n
Segment financial position
\n
The following table presents assets and liabilities information for the Group\u2019s operating segments as at 31 December 2025 and 31 December 2024, respectively:
\n\n \n
Other & inter-
Year ended 31 December 2025
segment
($\u2019000)
Europe
Israel
Egypt
transactions
Total
Oil & Gas properties
510,733
3,367,761
349,358
(23,280)
4,204,572
Other fixed assets
25,576
9,834
7,071
3,366
45,847
Intangible assets
16,835
223,276
6,662
2,447
249,220
Trade and other receivables
130,631
158,184
214,896
(21,028)
482,683
Derivative asset
685
25,636
-
-
26,321
Deferred tax asset
156,442
-
-
51
156,493
Cash and cash equivalents
17,007
118,819
73,485
17,902
227,213
Restricted cash
3,345
97,647
1,752
-
102,744
Other assets
964,205
20,991
88,865
(979,864)
94,197
Total assets
1,825,459
4,022,148
742,089
(1,000,406)
5,589,290
Trade and other payables
475,545
315,552
40,038
(5,915)
825,220
Borrowings
343,754
2,744,085
-
496,907
3,584,746
Decommissioning provision
744,967
89,999
-
-
834,966
Current tax payable
(50)
8,324
-
175
8,449
Deferred tax liability
-
145,110
-
-
145,110
Other liabilities
6,571
-
1,054
41,552
49,177
Total liabilities
1,570,787
3,303,070
41,092
532,719
5,447,668
Other segment information
Capital Expenditure
92
:
Property, plant and equipment
119,755
397,832
7,647
9,082
534,316
Intangible, exploration and evaluation assets
1,018
53,357
(1,562)
(193)
52,620
\n
92
\n
Capital expenditure is defined as additions to property, plant and equipment and intangible exploration and evaluation assets less decommissioning asset additions, right-of-use asset additions,
\n
capitalised share-based payment charge and capitalised borrowing costs.
\n \n
Other & inter-
Year ended 31 December 2024 (Restated
93
)
segment
($\u2019000)
Europe
Israel
Egypt
transactions
Total
Oil & Gas properties
805,927
3,221,617
436,201
(16,326)
4,447,419
Other fixed assets
29,357
10,252
22,565
5,766
67,940
Intangible assets
35,641
171,902
6,043
2,792
216,378
Trade and other receivables
143,395
131,128
203,662
(22,486)
455,699
Deferred tax asset
254,065
-
-
-
254,065
Cash and cash equivalents
34,405
157,728
27,695
15,442
235,270
Restricted cash
2,950
82,427
-
-
85,377
Other assets
800,162
16,714
55,037
(770,061)
101,852
Total assets
2,105,902
3,791,768
751,203
(784,873)
5,864,000
Trade and other payables
404,609
329,969
122,828
112,783
970,189
Borrowings
312,957
2,594,213
-
362,734
3,269,904
Decommissioning provision
725,302
85,357
-
-
810,659
Current tax payable
3,813
80,966
-
68
84,847
Deferred tax liability
-
141,403
-
-
141,403
Other liabilities
7,318
344
1,871
-
9,533
Total liabilities
1,453,999
3,232,252
124,699
475,585
5,286,535
Other segment information
Capital expenditure:
Property, plant and equipment
260,791
177,377
51,145
564
489,877
Intangible, exploration and evaluation assets
23,637
132,441
22,162
64,944
243,184
\n
Other & inter-segment transactions column refer to other segments and transactions between the reportable segments. The oil & gas properties primarily reflect
\n
the fair value assessment by the Group following the acquisition of Israeli oil & gas assets in 2018. Borrowings balance retained in Other & intersegment
\n
93
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
transactions column mainly comprises the loan balances held by Energean plc.
Eliminations of cash management transactions within the Group are included in
\n
Other liabilities line in Other & inter-segment transactions column.
\n
Segment cash flows
\n
The following tables present cash flow information for the Group\u2019s operating segments for the year ended 31 December:
\n\n \n
Year ended 31 December
2025
Other & inter-segment
($\u2019000)
Europe
Israel
Egypt
transactions
Total
Net cash from / (used in)
261,171
682,114
144,786
55,509
1,143,580
operating activities
Cash
outflow
for
(220,766)
(538,509)
(62,687)
(127,736)
(949,698)
investing activities
Net cash from financing
(62,048)
(185,507)
(36,380)
70,129
(213,806)
activities
Net
increase/(decrease)
(21,643)
(41,902)
45,719
(2,098)
(19,924)
in
cash
and
cash
equivalents
Cash and cash equivalents
34,405
157,728
27,695
15,442
235,270
at beginning of the period
Effect of exchange rate
4,246
2,993
71
4,557
11,867
fluctuations on cash held
Cash
and
cash
17,008
118,819
73,485
17,901
227,213
equivalents at end of the
period
\n \n
Year ended 31 December
\u00a0\u00a0\u00a0\u00a0\u00a0
2024(Restated
94
)
\u00a0\u00a0\u00a0
Other & inter-segment
\u00a0
($\u2019000)
Europe
Israel
Egypt
transactions
Total
Net cash from / (used in)
133,795
888,988
97,763
1,221
1,121,767
operating activities
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash
outflow
for
(281,963)
(436,814)
(60,378)
(30,264)
(809,419)
investing activities
\u00a0\u00a0\u00a0\u00a0\u00a0
Net cash from financing
165,210
(583,706)
(20,077)
12,536
(426,037)
activities
\u00a0\u00a0\u00a0\u00a0\u00a0
Net
increase/(decrease)
17,042
(131,532)
17,308
(16,507)
(113,689)
in
cash
and
cash
\u00a0\u00a0\u00a0\u00a0\u00a0
equivalents
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash and cash equivalents
17,473
286,625
11,232
31,442
346,772
at beginning of the period
\u00a0\u00a0\u00a0\u00a0\u00a0
Effect of exchange rate
(228)
2,635
(846)
626
2,187
fluctuations on cash held
\u00a0\u00a0\u00a0\u00a0\u00a0
Cash
and
cash
34,287
157,728
27,694
15,561
235,270
equivalents at end of the
\u00a0\u00a0\u00a0\u00a0\u00a0
period
\u00a0\u00a0\u00a0\u00a0\u00a0
\n
94
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "6
Revenue and other income
\n \n
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
95
)
Revenue from gas sales
1,164,893
1,096,002
Revenue from hydrocarbon liquids sales
387,665
441,811
Revenue from crude oil sales
115,757
222,368
Revenue from LPG sales
17,477
14,892
Rendering of services
266
445
Other revenue
1,991
3,895
Revenue from contracts with customers
1,688,049
1,779,413
Other revenue \u2013 lost production insurance proceeds
27,088
-
Other revenue from production activities
96
(Note 30)
12,989
-
Total revenue from production activities
1,728,126
1,779,413
Insurance proceeds
21,290
751
Other income from reversal of prior period accruals
97
23,301
(397)
Total revenue and other income
1,772,717
1,779,767
\n
Revenues from transactions with a single external customer amounting to 10% or more of the Group\u2019s
total revenues are as follows:
\u2022
Customer A: $316 million (2024: $400 million) (reported in the Israel segment)
\u2022
Customer B (State-owned companies): $202 million (2024: $214 million) (reported in the Egypt
segment)
The Group has no other customers with revenues exceeding 10% of total revenues.
\n \n
Sales for the year ended 31 December (Kboe)
2025
2024 (Restated
98
)
Israel
\u00a0\u00a0
Gas
36,322
35,399
Hydrocarbon liquids
5,065
5,351
Egypt (net entitlement)
\u00a0\u00a0
Gas
4,638
4,579
Hydrocarbon liquid
862
730
Italy
\u00a0\u00a0
Gas
2,400
1,362
\n
95
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
96
Other revenue from production activities relates to the non-cash settlement of outstanding payables to partners for Cassiopea
concession in Italy.
97
Other income from reversal of prior period accrual mainly relates to $18.9 million reversed accrued expense no longer required
in Egypt, following the lapse of the statute of limitations period under the Egyptian Commercial law.
98
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
Sales for the year ended 31 December (Kboe)
2025
2024 (Restated
98
)
Italy (continued)
\u00a0\u00a0
Crude Oil
1,745
2,034
Croatia
\u00a0\u00a0
Gas
3
10
UK
\u00a0\u00a0
Gas
26
26
Crude oil
304
343
Greece
\u00a0\u00a0
Crude oil
193
572
Total
51,558
50,406
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "6
Revenue and other income
\n \n
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
95
)
Revenue from gas sales
1,164,893
1,096,002
Revenue from hydrocarbon liquids sales
387,665
441,811
Revenue from crude oil sales
115,757
222,368
Revenue from LPG sales
17,477
14,892
Rendering of services
266
445
Other revenue
1,991
3,895
Revenue from contracts with customers
1,688,049
1,779,413
Other revenue \u2013 lost production insurance proceeds
27,088
-
Other revenue from production activities
96
(Note 30)
12,989
-
Total revenue from production activities
1,728,126
1,779,413
Insurance proceeds
21,290
751
Other income from reversal of prior period accruals
97
23,301
(397)
Total revenue and other income
1,772,717
1,779,767
\n
Revenues from transactions with a single external customer amounting to 10% or more of the Group\u2019s
total revenues are as follows:
\u2022
Customer A: $316 million (2024: $400 million) (reported in the Israel segment)
\u2022
Customer B (State-owned companies): $202 million (2024: $214 million) (reported in the Egypt
segment)
The Group has no other customers with revenues exceeding 10% of total revenues.
\n \n
Sales for the year ended 31 December (Kboe)
2025
2024 (Restated
98
)
Israel
\u00a0\u00a0
Gas
36,322
35,399
Hydrocarbon liquids
5,065
5,351
Egypt (net entitlement)
\u00a0\u00a0
Gas
4,638
4,579
Hydrocarbon liquid
862
730
Italy
\u00a0\u00a0
Gas
2,400
1,362
\n
95
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
96
Other revenue from production activities relates to the non-cash settlement of outstanding payables to partners for Cassiopea
concession in Italy.
97
Other income from reversal of prior period accrual mainly relates to $18.9 million reversed accrued expense no longer required
in Egypt, following the lapse of the statute of limitations period under the Egyptian Commercial law.
98
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
Sales for the year ended 31 December (Kboe)
2025
2024 (Restated
98
)
Italy (continued)
\u00a0\u00a0
Crude Oil
1,745
2,034
Croatia
\u00a0\u00a0
Gas
3
10
UK
\u00a0\u00a0
Gas
26
26
Crude oil
304
343
Greece
\u00a0\u00a0
Crude oil
193
572
Total
51,558
50,406
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "7
Operating profit
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
99
)
Cost of operations
\u00a0\u00a0
Staff costs (note 8)
59,681
60,429
Energy cost
24,136
22,223
Royalty payable
226,291
238,578
Flux cost
28,800
27,681
Maintenance, insurance, transportation and treatment costs
223,976
209,992
Depreciation and amortisation (notes 12, 13)
572,138
407,289
Oil stock movement
14,920
16,341
Stock (underlift)/overlift movement
(5,036)
5,752
Total cost of operations
1,144,906
988,285
Expected credit (reversal)/ loss
(10,228)
7,481
Exploration and evaluation expenses and new ventures
11,307
10,140
Exploration costs written off (note 13)
21,760
144,782
Impairment of oil and gas assets (note 12) and loss on fixed assets
285,726
95,607
disposal
\u00a0\u00a0
Other operating expenses
1,488
4,271
Change in decommissioning provision
3,867
(22,368)
General & administration expenses
\u00a0\u00a0
Staff costs (note 8)
24,260
23,542
Other General & Administration expenses
10,783
11,273
\n
99
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
99
)
Share-based payment charge included in administrative expenses (note
7,354
8,029
8)
\u00a0\u00a0
Depreciation and amortisation (notes 12, 13)
8,423
5,536
Auditor fees
2,818
2,600
Total general & administration expenses
53,638
50,980
\n
Fees to the Company\u2019s auditor were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
The audit of the Company\u2019s annual accounts
1,474
1,375
The audit of the Company\u2019s subsidiaries pursuant to legislation
715
679
Total audit services
2,189
2,054
Audit-related assurance services \u2013 half-year review
390
374
Other services
496
172
\u00a0
3,075
2,600
\n
The auditor provided services related to the corporate bond issuance (2025: $0.3 million). In 2024 the
auditor provided the services related to the review of Energean Israel consolidated financial
information for refinancing purposes (2024: $0.06 million). These services were capitalised as
transaction costs in both years.", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "7
Operating profit
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
99
)
Cost of operations
\u00a0\u00a0
Staff costs (note 8)
59,681
60,429
Energy cost
24,136
22,223
Royalty payable
226,291
238,578
Flux cost
28,800
27,681
Maintenance, insurance, transportation and treatment costs
223,976
209,992
Depreciation and amortisation (notes 12, 13)
572,138
407,289
Oil stock movement
14,920
16,341
Stock (underlift)/overlift movement
(5,036)
5,752
Total cost of operations
1,144,906
988,285
Expected credit (reversal)/ loss
(10,228)
7,481
Exploration and evaluation expenses and new ventures
11,307
10,140
Exploration costs written off (note 13)
21,760
144,782
Impairment of oil and gas assets (note 12) and loss on fixed assets
285,726
95,607
disposal
\u00a0\u00a0
Other operating expenses
1,488
4,271
Change in decommissioning provision
3,867
(22,368)
General & administration expenses
\u00a0\u00a0
Staff costs (note 8)
24,260
23,542
Other General & Administration expenses
10,783
11,273
\n
99
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
99
)
Share-based payment charge included in administrative expenses (note
7,354
8,029
8)
\u00a0\u00a0
Depreciation and amortisation (notes 12, 13)
8,423
5,536
Auditor fees
2,818
2,600
Total general & administration expenses
53,638
50,980
\n
Fees to the Company\u2019s auditor were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
The audit of the Company\u2019s annual accounts
1,474
1,375
The audit of the Company\u2019s subsidiaries pursuant to legislation
715
679
Total audit services
2,189
2,054
Audit-related assurance services \u2013 half-year review
390
374
Other services
496
172
\u00a0
3,075
2,600
\n
The auditor provided services related to the corporate bond issuance (2025: $0.3 million). In 2024 the
auditor provided the services related to the review of Energean Israel consolidated financial
information for refinancing purposes (2024: $0.06 million). These services were capitalised as
transaction costs in both years.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "7
Operating profit
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
99
)
Cost of operations
\u00a0\u00a0
Staff costs (note 8)
59,681
60,429
Energy cost
24,136
22,223
Royalty payable
226,291
238,578
Flux cost
28,800
27,681
Maintenance, insurance, transportation and treatment costs
223,976
209,992
Depreciation and amortisation (notes 12, 13)
572,138
407,289
Oil stock movement
14,920
16,341
Stock (underlift)/overlift movement
(5,036)
5,752
Total cost of operations
1,144,906
988,285
Expected credit (reversal)/ loss
(10,228)
7,481
Exploration and evaluation expenses and new ventures
11,307
10,140
Exploration costs written off (note 13)
21,760
144,782
Impairment of oil and gas assets (note 12) and loss on fixed assets
285,726
95,607
disposal
\u00a0\u00a0
Other operating expenses
1,488
4,271
Change in decommissioning provision
3,867
(22,368)
General & administration expenses
\u00a0\u00a0
Staff costs (note 8)
24,260
23,542
Other General & Administration expenses
10,783
11,273
\n
99
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
99
)
Share-based payment charge included in administrative expenses (note
7,354
8,029
8)
\u00a0\u00a0
Depreciation and amortisation (notes 12, 13)
8,423
5,536
Auditor fees
2,818
2,600
Total general & administration expenses
53,638
50,980
\n
Fees to the Company\u2019s auditor were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
The audit of the Company\u2019s annual accounts
1,474
1,375
The audit of the Company\u2019s subsidiaries pursuant to legislation
715
679
Total audit services
2,189
2,054
Audit-related assurance services \u2013 half-year review
390
374
Other services
496
172
\u00a0
3,075
2,600
\n
The auditor provided services related to the corporate bond issuance (2025: $0.3 million). In 2024 the
auditor provided the services related to the review of Energean Israel consolidated financial
information for refinancing purposes (2024: $0.06 million). These services were capitalised as
transaction costs in both years.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "7
Operating profit
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
99
)
Cost of operations
\u00a0\u00a0
Staff costs (note 8)
59,681
60,429
Energy cost
24,136
22,223
Royalty payable
226,291
238,578
Flux cost
28,800
27,681
Maintenance, insurance, transportation and treatment costs
223,976
209,992
Depreciation and amortisation (notes 12, 13)
572,138
407,289
Oil stock movement
14,920
16,341
Stock (underlift)/overlift movement
(5,036)
5,752
Total cost of operations
1,144,906
988,285
Expected credit (reversal)/ loss
(10,228)
7,481
Exploration and evaluation expenses and new ventures
11,307
10,140
Exploration costs written off (note 13)
21,760
144,782
Impairment of oil and gas assets (note 12) and loss on fixed assets
285,726
95,607
disposal
\u00a0\u00a0
Other operating expenses
1,488
4,271
Change in decommissioning provision
3,867
(22,368)
General & administration expenses
\u00a0\u00a0
Staff costs (note 8)
24,260
23,542
Other General & Administration expenses
10,783
11,273
\n
99
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
99
)
Share-based payment charge included in administrative expenses (note
7,354
8,029
8)
\u00a0\u00a0
Depreciation and amortisation (notes 12, 13)
8,423
5,536
Auditor fees
2,818
2,600
Total general & administration expenses
53,638
50,980
\n
Fees to the Company\u2019s auditor were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
The audit of the Company\u2019s annual accounts
1,474
1,375
The audit of the Company\u2019s subsidiaries pursuant to legislation
715
679
Total audit services
2,189
2,054
Audit-related assurance services \u2013 half-year review
390
374
Other services
496
172
\u00a0
3,075
2,600
\n
The auditor provided services related to the corporate bond issuance (2025: $0.3 million). In 2024 the
auditor provided the services related to the review of Energean Israel consolidated financial
information for refinancing purposes (2024: $0.06 million). These services were capitalised as
transaction costs in both years.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "7
Operating profit
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
99
)
Cost of operations
\u00a0\u00a0
Staff costs (note 8)
59,681
60,429
Energy cost
24,136
22,223
Royalty payable
226,291
238,578
Flux cost
28,800
27,681
Maintenance, insurance, transportation and treatment costs
223,976
209,992
Depreciation and amortisation (notes 12, 13)
572,138
407,289
Oil stock movement
14,920
16,341
Stock (underlift)/overlift movement
(5,036)
5,752
Total cost of operations
1,144,906
988,285
Expected credit (reversal)/ loss
(10,228)
7,481
Exploration and evaluation expenses and new ventures
11,307
10,140
Exploration costs written off (note 13)
21,760
144,782
Impairment of oil and gas assets (note 12) and loss on fixed assets
285,726
95,607
disposal
\u00a0\u00a0
Other operating expenses
1,488
4,271
Change in decommissioning provision
3,867
(22,368)
General & administration expenses
\u00a0\u00a0
Staff costs (note 8)
24,260
23,542
Other General & Administration expenses
10,783
11,273
\n
99
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
99
)
Share-based payment charge included in administrative expenses (note
7,354
8,029
8)
\u00a0\u00a0
Depreciation and amortisation (notes 12, 13)
8,423
5,536
Auditor fees
2,818
2,600
Total general & administration expenses
53,638
50,980
\n
Fees to the Company\u2019s auditor were as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
The audit of the Company\u2019s annual accounts
1,474
1,375
The audit of the Company\u2019s subsidiaries pursuant to legislation
715
679
Total audit services
2,189
2,054
Audit-related assurance services \u2013 half-year review
390
374
Other services
496
172
\u00a0
3,075
2,600
\n
The auditor provided services related to the corporate bond issuance (2025: $0.3 million). In 2024 the
auditor provided the services related to the review of Energean Israel consolidated financial
information for refinancing purposes (2024: $0.06 million). These services were capitalised as
transaction costs in both years.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "8
Staff costs
The average monthly number of employees (including Executive Directors) employed by the Group
worldwide was:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Number
2025
2024
Administration
193
195
Technical
408
399
Total
601
594
\n
In addition, the Group consolidates the personnel costs of its Operating Company, Abu Qir Petroleum
Company (\u201c
AQP
\u201d), funded at 100%. The table below details the average number of employees and the
cost related to AQP employees:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
AQP employees (excluding Energean employees)
552
594
Staff costs, $\u2019000
14,096
13,705
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
100
)
Salaries and social security costs
95,891
91,966
Pension contributions
8,024
4,710
Share-based payments (note 26)
7,354
9,079
Total staff costs
111,269
105,755
Payroll cost capitalised in oil & gas assets and exploration &
(12,970)
(9,489)
evaluation costs
\u00a0\u00a0
Payroll cost expensed
98,299
96,266
Included in:
\u00a0\u00a0
Cost of operations (note 7)
59,681
60,429
Administration expenses (note 7)
31,614
31,571
Exploration & evaluation expenses (note 7)
5,335
3,552
Finance costs (Note 9)
1,669
714
\u00a0
98,299
96,266
\n
Details of Directors\u2019 remuneration, Directors\u2019 transactions and Directors\u2019 interests are set out in the
part of the Directors\u2019 Remuneration Report described as having been audited, which forms part of
these group financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "9
Net finance cost
\u00a0\u00a0\u00a0
2024
($\u2019000)
Notes
2025
(Restated
101
)
Interest on bank and other borrowings
21
45,131
15,957
Interest on Senior Secured Notes
21
194,299
201,254
Interest expense on long term payables
\u00a0
1,647
8,931
Less amounts included in the cost of qualifying assets
12,13
(40,724)
(14,626)
\u00a0\u00a0
200,353
211,516
Finance and arrangement fees
\u00a0
1,163
2,552
Commission charges for bank guarantees
\u00a0
5,131
3,575
Other finance costs and bank charges
\u00a0
4,767
3,861
Unwinding of discount on lease liability
\u00a0
2,403
3,313
Unwinding of discount on long term trade payables
\u00a0
8,969
14,417
Unwinding of discount on provision for decommissioning
\u00a0
35,231
33,016
Unwinding of discount on deferred consideration
\u00a0
2,085
-
Less amounts included in the cost of qualifying assets
\u00a0
(473)
(722)
Total finance costs
\u00a0
259,629
271,528
Interest income from time deposits
\u00a0
(6,319)
(10,381)
Other finance income
\u00a0
(15)
(5,005)
Total finance income
\u00a0
(6,334)
(15,386)
Net loss/(gain) on derivative instruments
\u00a0
2,884
(392)
Total net loss on derivative instruments
\u00a0
2,884
(392)
Foreign exchange loss/(gain)
\u00a0
38,202
(12,639)
Net financing costs
\u00a0
294,381
243,111
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "9
Net finance cost
\u00a0\u00a0\u00a0
2024
($\u2019000)
Notes
2025
(Restated
101
)
Interest on bank and other borrowings
21
45,131
15,957
Interest on Senior Secured Notes
21
194,299
201,254
Interest expense on long term payables
\u00a0
1,647
8,931
Less amounts included in the cost of qualifying assets
12,13
(40,724)
(14,626)
\u00a0\u00a0
200,353
211,516
Finance and arrangement fees
\u00a0
1,163
2,552
Commission charges for bank guarantees
\u00a0
5,131
3,575
Other finance costs and bank charges
\u00a0
4,767
3,861
Unwinding of discount on lease liability
\u00a0
2,403
3,313
Unwinding of discount on long term trade payables
\u00a0
8,969
14,417
Unwinding of discount on provision for decommissioning
\u00a0
35,231
33,016
Unwinding of discount on deferred consideration
\u00a0
2,085
-
Less amounts included in the cost of qualifying assets
\u00a0
(473)
(722)
Total finance costs
\u00a0
259,629
271,528
Interest income from time deposits
\u00a0
(6,319)
(10,381)
Other finance income
\u00a0
(15)
(5,005)
Total finance income
\u00a0
(6,334)
(15,386)
Net loss/(gain) on derivative instruments
\u00a0
2,884
(392)
Total net loss on derivative instruments
\u00a0
2,884
(392)
Foreign exchange loss/(gain)
\u00a0
38,202
(12,639)
Net financing costs
\u00a0
294,381
243,111
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "9
Net finance cost
\u00a0\u00a0\u00a0
2024
($\u2019000)
Notes
2025
(Restated
101
)
Interest on bank and other borrowings
21
45,131
15,957
Interest on Senior Secured Notes
21
194,299
201,254
Interest expense on long term payables
\u00a0
1,647
8,931
Less amounts included in the cost of qualifying assets
12,13
(40,724)
(14,626)
\u00a0\u00a0
200,353
211,516
Finance and arrangement fees
\u00a0
1,163
2,552
Commission charges for bank guarantees
\u00a0
5,131
3,575
Other finance costs and bank charges
\u00a0
4,767
3,861
Unwinding of discount on lease liability
\u00a0
2,403
3,313
Unwinding of discount on long term trade payables
\u00a0
8,969
14,417
Unwinding of discount on provision for decommissioning
\u00a0
35,231
33,016
Unwinding of discount on deferred consideration
\u00a0
2,085
-
Less amounts included in the cost of qualifying assets
\u00a0
(473)
(722)
Total finance costs
\u00a0
259,629
271,528
Interest income from time deposits
\u00a0
(6,319)
(10,381)
Other finance income
\u00a0
(15)
(5,005)
Total finance income
\u00a0
(6,334)
(15,386)
Net loss/(gain) on derivative instruments
\u00a0
2,884
(392)
Total net loss on derivative instruments
\u00a0
2,884
(392)
Foreign exchange loss/(gain)
\u00a0
38,202
(12,639)
Net financing costs
\u00a0
294,381
243,111
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "10
Taxation
\n
(a) Taxation charge
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
102
)
Current income tax charge
(109,064)
(120,854)
Adjustments in respect of current income tax of previous year(s)
(19)
4,239
Total current tax charge
(109,083)
(116,615)
Deferred tax relating to origination and reversal of temporary
(122,106)
32,104
differences (note 14)
\u00a0\u00a0
Income tax expense reported in the Income statement
(231,189)
(84,511)
\n
101
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
(b) Reconciliation of the total tax charge
\n
The tax rate applied to the Group's profits in preparing the reconciliation below is the main corporation
\n
tax rate of 25.0% applicable in the United Kingdom.
\n
The effective tax rate for the period is (876%), negative (2024: 40%).
\n
The tax (charge) for the period can be reconciled to the accounting profit per the Group Income
\n
statement as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
103
)
(Loss)/ Profit before tax
(26,394)
211,958
Tax calculated at 25% UK standard tax rate (2024: 25.0%)
6,599
(52,990)
Impact of different tax rates
(11,829)
2,891
Non recognition of deferred tax on current year tax losses and
\u00a0\u00a0
other temporary differences
104
(38,129)
(11,153)
Non - deductible Italian assets impairments
105
(73,863)
-
Recognition
of
previously
unrecognised
deferred
tax/
\u00a0\u00a0
Derecognition of previously recognised deferred tax
106
(124,861)
15,627
Permanent differences
4,086
(44,674)
Foreign taxes
-
(38)
Tax effect of non-taxable income and allowances
6,459
1,359
Other adjustments
200
302
Prior year tax
149
4,165
Total taxation expense
(231,189)
(84,511)
\n
There are no income tax consequences attached to the payment of dividends in either 2025 or 2024 by
\n
the Group to its shareholders.
\n
The Group is within the scope of the Pillar Two Model Rules starting from 1 January 2025. Legislation
\n
implementing these rules has been enacted or substantively enacted in a number of jurisdictions in
\n
which the Group operates.
The Group has applied the mandatory temporary exception under IAS 12
\n
from recognising and disclosing deferred taxes related to Pillar Two income taxes.
\n
The Group has performed an assessment of its potential exposure to Pillar Two top-up taxes. Based on
\n
the analysis performed using information currently available, including consideration of transitional
\n
safe harbour provisions where applicable, the Group does not expect a material exposure to arise.
\n
Accordingly, no amount has been recognised in the consolidated financial statements for the year.
\n
102
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
103
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
104
\n
The Group has not recognised deferred tax assets relating to current-year tax losses and other temporary differences,
\n
predominantly arising in Italy ($98.0 million), the UK ($10.9 million), and Cyprus ($2.2 million), in line with the latest forecasts
\n
and assumptions regarding future taxable profits. The Italian component primarily reflects the impairment recognised on the
\n
Cassiopea asset ($307.8 million) and the non-recognition of a deferred tax asset on the current-year tax losses and other
\n
temporary differences ($100.7 million), both calculated at the applicable Italian tax rate of 24%.
\n
105
\n
Tax impact of impairments recognised in Italy on the Cassiopea & Gemini assets of $307.8 million.
\n
106
\n
Historic deferred tax assets in Italy amounting to $124.0 million have been derecognised, reflecting updated projections of
\n
taxable profits, primarily driven by the downward revision of Cassiopea commercial reserves and the corresponding impact
\n
on forecasted taxable profits.
Annual report 2025 |
The Group will continue to monitor developments in legislation, guidance and the geographic mix of
earnings, which may impact future periods.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00306": { "value": "11
Earnings per share
Basic earnings per ordinary share amounts are calculated by dividing net income for the year
attributable to ordinary equity holders of the parent by the weighted average number of ordinary
shares outstanding during the year.
Diluted income per ordinary share is calculated by dividing net income for the year attributable to
ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding
during the year plus the weighted average number of ordinary shares that would be issued if dilutive
employee share options were converted into ordinary shares.
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
107
)
Total (loss)/ profit attributable to equity shareholders
(257,583)
127,447
Effect of dilutive potential ordinary shares
-
-
\u00a0
(257,583)
127,447
\u00a0
2025
2024
Basic weighted average number of shares including those held
\u00a0 \u00a0
by Employee Benefit Trust
184,105,617
183,480,959
Dilutive potential ordinary shares
-
2,282,980
Diluted weighted average number of shares
184,105,617
185,763,939
Basic earnings per share
($1.40)/share
$0.69/share
Diluted earnings per share
($1.40)/share
$0.69/share
\n107 Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "12
Property, plant & equipment
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0 \u00a0
property,
\u00a0
\u00a0
Oil and gas
Leased
plant and
\u00a0
($\u2019000)
assets
assets
equipment
Total
Property, Plant & Equipment at Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
5,201,651
108,278
64,103
5,374,032
Additions
460,870
11,360
8,557
480,787
Lease modification
-
602
-
602
Disposal of assets
(3,167)
-
(287)
(3,454)
Capitalised borrowing cost
15,348
-
-
15,348
Change in decommissioning provision
3,535
-
-
3,535
Transfer to inventory
(448)
-
-
(448)
Transfer from intangible assets
204,590
\u00a0 \u00a0
204,590
Foreign exchange impact
(176,628)
(4,593)
(3,927)
(185,148)
\n
Other
property,
Oil and gas
Leased
plant and
($\u2019000)
assets
assets
equipment
Total
At 31 December 2024 (Restated
108
)
5,705,751
115,647
68,446
5,889,844
Additions
500,033
16,754
10,883
527,670
Lease modification
-
(17,652)
-
(17,652)
Disposal of assets
(5,844)
(11,237)
(1)
(17,082)
Government
grants
deducted
from
asset cost
-
-
(16,021)
(16,021)
Capitalised borrowing cost
40,144
-
-
40,144
Change in decommissioning provision
(27,624)
-
-
(27,624)
Transfer from Intangible assets
(30)
-
-
(30)
Foreign exchange impact
407,710
9,931
8,135
425,776
At 31 December 2025
6,620,140
113,443
71,442
6,805,025
Accumulated Depreciation and Impairment:
At 1 January 2024
898,549
46,336
57,822
1,002,707
Charge for the period
331,685
13,630
1,516
346,831
Depreciation
catch-
up
adjustment
(note 25)
62,125
1,919
982
65,026
Impairment
95,607
-
-
95,607
Disposal
-
-
(170)
(170)
Foreign exchange impact
(129,634)
(2,715)
(3,167)
(135,516)
At 31 December 2024 (Restated
109
)
1,258,332
59,170
56,983
1,374,485
Charge for the period
556,057
19,856
2,276
578,189
Impairment
285,726
-
-
285,726
Lease modification
-
(6,308)
-
(6,308)
Disposal
(4,732)
(7,190)
-
(11,922)
Foreign exchange impact
320,185
7,466
6,785
334,436
At 31 December 2025
2,415,568
72,994
66,044
2,554,606
Net carrying amount:
At 31 December 2024 (Restated
110
)
4,447,419
56,477
11,463
4,515,359
At 31 December 2025
4,204,572
40,449
5,398
4,250,419
\n
108
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail. This amount
\n
includes the reclassification of assets from held for sale following the termination of the transaction.
\n
109
\n
Restated for discontinued operation reclassified to continuing operations and depreciation catch-up adjustment, refer to Note
\n
25 for further detail.
\n
110
\n
Restated for discontinued operation reclassified to continuing operations and depreciation catch-up adjustment, refer to Note
\n
25 for further detail.
Included in the carrying amount of leased assets at 31 December 2025 are right of use assets related to
\n
Oil and gas properties and Other property, plant and equipment of $37.0 million and $3.5 million
\n
respectively (2024: $54.5 million and $2.0 million). The depreciation charged on these classes for the
\n
year ending 31 December 2025 was $19.0 million and $0.9 million respectively (2024: $14.8 million and
\n
$0.8 million).
\n
Borrowing costs capitalised for qualifying assets during the year are calculated by applying a weighted
\n
average interest rate of 7.02 % for the year ended 31 December 2025 (for the year ended 31 December
\n
2024: 3.93%).
\n
The additions to Oil & gas properties in 2025 are mainly due to development costs of Katlan, Karish
\n
North and the second oil train in Israel at the amount of $380 million.
\n
On 21 March 2025, property, plant, and equipment owned by the ECL disposal group, with a carrying
\n
value of $1,196 million (primarily in Italy and Egypt), were reclassified back to continuing operations.
\n
Those assets were recorded at their carrying value including the depreciation adjustment
\n
retrospectively made for the period they were classified as held for sale.
\n
In 2024, due to additional delays in the development of Epsilon, a full impairment assessment of the
\n
Prinos CGU was held.
As a result of this assessment, the Group recorded an impairment of $92.3 million
\n
on oil and gas assets within the Prinos CGU (Europe operating segment). The recoverable amount of
\n
the CGU was determined to be $202.6 million as of 31 December 2024, based on a value in use
\n
calculation. This calculation utilised cash flow projections from the annual approved budget and
\n
Group\u2019s five-year mid-term plan reviewed by senior management and estimates of proven and
\n
probable reserves which is based on independent competent persons report (\u201c
CPR
\u201d). The extended
\n
forecast period up to 2049 is justified by the economic life of the Epsilon oil field, aligning with its
\n
expected operational duration and industry practice for long-term asset evaluation. The key
\n
assumptions used in forecasting future cash flows were:
\n
\u2022
A post-tax discount rate of 9.30%
\n
111
\n
;
\n
\u2022
Extension of the Epsilon license until 2049 under the local legislation with first oil expected in H2
\n
2029;
\n
\u2022
A long-term inflation/growth rate of 2% referencing the Greek inflation forecast as published by
\n
the International Monetary Fund;
\n
\u2022
Brent oil prices were identified based on market forecasts published by leading financial data
\n
providers, with projections set at $73.25 per barrel in 2025, decreasing to $71.00 in 2026, rising
\n
to $73.00 in 2027, and adjusting to $72.30 in 2028, followed by a 2% annual increase thereafter.
\n
We also considered reasonable possible changes to the assumptions that the impairment calculation is
\n
sensitive to, noting the following impacts:
\n
\u2022
A 5% change in the estimated reserves would change the impairment by $42.7 million;
\n
\u2022
A 1% change in the discount rate would change the impairment by $20.0 million;
\n
\u2022
A 1% increase in the long-term inflation/growth rate would change the impairment by $55.9
\n
million, whereas a 1% decrease would result in an additional impairment of $52.2 million;
\n
\u2022
A 5% change in Brent oil prices would change the impairment by $44.2 million.
\n
In 2024 the Group assessed the recoverability of its investment in the Katakolo license due to the lack
\n
of progress, resulting in a full impairment of the accumulated capital expenditure up to the reporting
\n
date, totalling $3.3 million.
\n
In 2025, due to a reduction in available commercial reserves, a full impairment assessment of the
\n
Cassiopea CGU was performed.
As a result of this assessment, the Group recorded an impairment of
\n
$285.7 million on oil and gas assets within the Cassiopea CGU (Europe operating segment). The
\n
recoverable amount of the CGU was determined to be $136.5 million as of 31 December 2025, based on
\n
a value in use calculation. This calculation utilised cash flow projections from the annual approved
\n
111
\n
Refer to note 3.7 for the approach applied by the Group to calculate the WACC.
Annual report 2025 |
\n
budget and Group\u2019s five-year mid-term plan reviewed by senior management and estimates of proven
\n
and probable reserves which is based on CPR The forecast period up to 2037 is justified by the economic
\n
life of the Cassiopea gas field, aligning with its expected operational duration and industry practice for
\n
long-term asset evaluation. The key assumptions used in forecasting future cash flows were:
\n
\u2022
A post-tax discount rate of 8.67%
\n
112
\n
;
\n
\u2022
A long-term inflation/growth rate of 2% referencing the European inflation forecast as published
\n
by the International Monetary Fund;
\n
\u2022
PSV gas prices were identified based on market forecasts published by leading financial data
\n
providers, with projections set at \u20ac35.0 per MWh in 2026, decreasing to \u20ac30.0 in 2027, \u20ac25.0 in
\n
2028-2029, followed by a 2% annual increase thereafter.
\n
We also considered reasonable possible changes to the assumptions that the impairment calculation is
\n
sensitive to, noting the following impacts:
\n
\u2022
A 5% change in the estimated reserves would change the impairment by $8.0 million;
\n
\u2022
A 1% change in the discount rate would change the impairment by $2.6 million;
\n
\u2022
A 1% change in the long-term inflation/growth rate would change the impairment by $1.4 million;
\n
\u2022
A 5% change in PSV gas prices would change the impairment by $8.4 million.
\n
Cash flow statement reconciliations:
Payment for additions to property, plant and equipment
\u00a0 \u00a0
($\u2019000)
2025
2024
Additions to property, plant and equipment
522,538
626,185
Associated cash flows
\u00a0 \u00a0
Payment for additions to property, plant and equipment
(750,989)
(580,487)
Non-cash movements/or presented in other cash flow lines
\u00a0 \u00a0
Borrowing cost capitalised
(40,144)
(15,348)
Right-of-use asset additions/modifications
898
(11,962)
Lease payments related to capital activities
23,400
20,467
Change in decommissioning provision
27,624
(3,535)
Movement in working capital
216,673
(35,320)
\n
Depreciation and amortisation of property, plant and equipment for the year has been recognised as
\n
follows:
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
113
)
Cost of sales (note 7)
572,138
407,289
Administration expenses (note 7)
6,051
4,568
Total
578,189
411,857
\n
112
\n
Refer to note 3.17 for the approach applied by the Group to calculate the WACC.
\n
113
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
Annual report 2025 |
\n
13
Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Other
\u00a0
\u00a0
Exploration and
\u00a0
Intangible
\u00a0
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
397,716
101,146
11,543
510,405
Additions
241,950
-
1,233
243,183
Transfer to property, plant and
\u00a0\u00a0\u00a0\u00a0
equipment
(205,324)
\u00a0
734
(204,590)
Exchange differences
(8,944)
-
(741)
(9,685)
31 December 2024 (Restated
114
)
425,398
101,146
12,769
539,313
Additions
243
-
52,377
52,620
Capitalised borrowing cost
-
-
580
580
Transfer to property, plant and
\u00a0\u00a0\u00a0\u00a0
equipment
30
-
-
30
Exchange differences
24,582
-
1,601
26,183
At 31 December 2025
450,253
101,146
67,327
618,726
Accumulated amortisation and impairments:
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
158,274
20,485
6,257
185,016
Charge for the period
-
-
923
923
Amortisation
catch-up
\u00a0\u00a0\u00a0\u00a0
adjustment (note 25)
\u00a0\u00a0
45
45
Impairment
144,627
-
42
144,669
Exchange differences
(7,442)
-
(276)
(7,718)
31 December 2024 (Restated
115
)
295,459
20,485
6,991
322,935
Charge for the period
578
-
1,794
2,372
Impairment
21,760
-
-
21,760
Exchange differences
21,123
-
1,316
22,439
31 December 2025
338,920
20,485
10,101
369,506
Net carrying amount
\u00a0\u00a0\u00a0\u00a0
At
31
December
2024
\u00a0\u00a0\u00a0\u00a0
(Restated
116
)
129,939
80,661
5,778
216,378
At 31 December 2025
111,333
80,661
57,226
249,220
\n
In July 2024, Katlan obtained a final investment decision authorizing its development, and the related
\n
asset has accordingly been reclassified to oil and gas assets (refer to note 12).
\n
114
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
115
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
116
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
Cash flow statement reconciliations:
\n\n \n
($\u2019000)
2025
2024
Additions to intangible assets
53,200
117,270
Associated cash flows
Payment for additions to intangible assets
(108,574)
(184,851)
Non-cash movements/presented in other cash flow lines
Borrowing cost capitalised
(580)
-
Movement in working capital
55,954
67,581
\n
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of $30.8
\n
million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were
\n
recorded at their carrying value including the amortisation adjustment retrospectively made for the
\n
period they were classified as held for sale.
\n
In 2025, the Group recognised an addition to intangible assets related to the Nitzana transmission
\n
agreement. In September 2025, the Group entered into a long-term transmission agreement with
\n
Israel Natural Gas Lines Ltd. (\u201c
INGL
\u201d) for capacity in the Nitzana pipeline. In line with the agreement,
\n
the Group made an initial payment of approximately $50.0 million in Q4 2025, representing around
\n
50% of its expected 16.4% share of total construction costs. The remaining investment will be incurred
\n
in accordance with contractual milestones. As the Group does not obtain ownership of, or control over,
\n
the physical pipeline asset, but instead acquires a contractual right to access defined transportation
\n
capacity for a period of 15 years, the arrangement has been recognised as an intangible asset in
\n
accordance with IAS 38. The asset will be amortised on a straight-line basis over the 15-year access
\n
period from the date the pipeline becomes operational.
\n
In 2025, due to the ongoing dispute with the operator of the Cassiopea license the Group have not
\n
approved the work program for the Gemini exploration project. It resulted in a full write-off of the
\n
related exploration asset of $22.1 million.
\n
In April 2024, the Group entered into a partnership with Chariot Limited in Morocco to invest in the
\n
Anchois gas development. As the farmee, the Group recognised its expenditure under this
\n
arrangement in the same way as directly incurred expenditure. Since the carry of Chariot\u2019s costs was
\n
conditional upon the successful commencement of production, Energean accounted for 100% of the
\n
expenses related to appraisal and other exploration activities concerning the two licences. In May 2025
\n
the Group sold its rights to Lixus and Risanna licenses (Anchois gas development) to Chariot Limited for
\n
$1 consideration with any related guarantee issued by the Group being terminated.
\n
In 2024 total impairments of $144.3 million were recognised due to several non-viable projects.
\n
Notably, the Orion X1 exploration well in Egypt, which reached its target reservoir but failed to discover
\n
commercial hydrocarbons, resulted in a complete impairment of the exploration asset valued at $62.6
\n
million. Additionally, the decision to exit following the expiration of the exploration license in Ioannina
\n
on 2 April 2024 led to a full impairment of its related asset valued at $16.5 million. Moreover, the Group
\n
had the intention to transfer the license rights in Morocco following exploration results that identified
\n
non-commercial reserves, necessitating a full impairment of the related exploration asset amounting
\n
to $65.2 million.
\n
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of $30.8
\n
million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were
\n
recorded at their carrying value including the amortisation adjustment retrospectively made for the
\n
period they were classified as held for sale.
\n
In 2025, the Group recognised an addition to intangible assets related to the Nitzana transmission
\n
agreement. In September 2025, the Group entered into a long-term transmission agreement with
Israel Natural Gas Lines Ltd. (\u201c
INGL
\u201d) for capacity in the Nitzana pipeline. In line with the agreement,
\n
the Group made an initial payment of approximately $50.0 million in Q4 2025, representing around
\n
50% of its expected 16.4% share of total construction costs. The remaining investment will be incurred
\n
in accordance with contractual milestones. As the Group does not obtain ownership of, or control over,
\n
the physical pipeline asset, but instead acquires a contractual right to access defined transportation
\n
capacity for a period of 15 years, the arrangement has been recognised as an intangible asset in
\n
accordance with IAS 38. The asset will be amortised on a straight-line basis over the 15-year access
\n
period from the date the pipeline becomes operational.
\n
In 2025, due to the ongoing dispute with the operator of the Cassiopea license the Group have not
\n
approved the work program for the Gemini exploration project. It resulted in a full write-off of the
\n
related exploration asset of $22.1 million.
\n
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities
\n
for the difference between the assigned values and the tax bases of assets acquired and liabilities
\n
assumed in a business combination.
\n
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and Sally CGU ($4.8
\n
million). We have performed the annual goodwill impairment test and note that no reasonably possible
\n
change in assumptions would result in impairment.
\n
The recoverable amount of the goodwill balances was determined as of 31 December 2025, based on
\n
a value in use calculation for the CGUs to which they relate. This calculation utilised cash flow
\n
projections from the annual approved budget and Group\u2019s five-year mid-term plan reviewed by senior
\n
management and estimates of proven and probable reserves which is based on CPR issued for Israel
\n
and UK assets. The key assumptions used in forecasting future cash flows were:
Israel CGU
Sally CGU (UK)
A post-tax discount rate
8.75% (2024: 8.87%)
5.93% (2024: 6.24%)
(Note 3.17)
Forecasted prices
Brent oil and gas prices were identified based on market forecasts
published by leading financial data providers, refer to the Viability
Statement on pages 84-87 for further detail. Where applicable,
gas
prices reflect the contractual terms of existing sales
agreements, including fixed-price contracts.
Forecasted period
Until 2044, aligned with the life
Until 2033, aligned with the life
of the assets
of the assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00307": { "value": "12
Property, plant & equipment
\u00a0 \u00a0 \u00a0
Other
\u00a0
\u00a0 \u00a0 \u00a0
property,
\u00a0
\u00a0
Oil and gas
Leased
plant and
\u00a0
($\u2019000)
assets
assets
equipment
Total
Property, Plant & Equipment at Cost:
\u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2024
5,201,651
108,278
64,103
5,374,032
Additions
460,870
11,360
8,557
480,787
Lease modification
-
602
-
602
Disposal of assets
(3,167)
-
(287)
(3,454)
Capitalised borrowing cost
15,348
-
-
15,348
Change in decommissioning provision
3,535
-
-
3,535
Transfer to inventory
(448)
-
-
(448)
Transfer from intangible assets
204,590
\u00a0 \u00a0
204,590
Foreign exchange impact
(176,628)
(4,593)
(3,927)
(185,148)
\n
Other
property,
Oil and gas
Leased
plant and
($\u2019000)
assets
assets
equipment
Total
At 31 December 2024 (Restated
108
)
5,705,751
115,647
68,446
5,889,844
Additions
500,033
16,754
10,883
527,670
Lease modification
-
(17,652)
-
(17,652)
Disposal of assets
(5,844)
(11,237)
(1)
(17,082)
Government
grants
deducted
from
asset cost
-
-
(16,021)
(16,021)
Capitalised borrowing cost
40,144
-
-
40,144
Change in decommissioning provision
(27,624)
-
-
(27,624)
Transfer from Intangible assets
(30)
-
-
(30)
Foreign exchange impact
407,710
9,931
8,135
425,776
At 31 December 2025
6,620,140
113,443
71,442
6,805,025
Accumulated Depreciation and Impairment:
At 1 January 2024
898,549
46,336
57,822
1,002,707
Charge for the period
331,685
13,630
1,516
346,831
Depreciation
catch-
up
adjustment
(note 25)
62,125
1,919
982
65,026
Impairment
95,607
-
-
95,607
Disposal
-
-
(170)
(170)
Foreign exchange impact
(129,634)
(2,715)
(3,167)
(135,516)
At 31 December 2024 (Restated
109
)
1,258,332
59,170
56,983
1,374,485
Charge for the period
556,057
19,856
2,276
578,189
Impairment
285,726
-
-
285,726
Lease modification
-
(6,308)
-
(6,308)
Disposal
(4,732)
(7,190)
-
(11,922)
Foreign exchange impact
320,185
7,466
6,785
334,436
At 31 December 2025
2,415,568
72,994
66,044
2,554,606
Net carrying amount:
At 31 December 2024 (Restated
110
)
4,447,419
56,477
11,463
4,515,359
At 31 December 2025
4,204,572
40,449
5,398
4,250,419
\n
108
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail. This amount
\n
includes the reclassification of assets from held for sale following the termination of the transaction.
\n
109
\n
Restated for discontinued operation reclassified to continuing operations and depreciation catch-up adjustment, refer to Note
\n
25 for further detail.
\n
110
\n
Restated for discontinued operation reclassified to continuing operations and depreciation catch-up adjustment, refer to Note
\n
25 for further detail.
\n
Included in the carrying amount of leased assets at 31 December 2025 are right of use assets related to
\n
Oil and gas properties and Other property, plant and equipment of $37.0 million and $3.5 million
\n
respectively (2024: $54.5 million and $2.0 million). The depreciation charged on these classes for the
\n
year ending 31 December 2025 was $19.0 million and $0.9 million respectively (2024: $14.8 million and
\n
$0.8 million).
\n
Borrowing costs capitalised for qualifying assets during the year are calculated by applying a weighted
\n
average interest rate of 7.02 % for the year ended 31 December 2025 (for the year ended 31 December
\n
2024: 3.93%).
\n
The additions to Oil & gas properties in 2025 are mainly due to development costs of Katlan, Karish
\n
North and the second oil train in Israel at the amount of $380 million.
\n
On 21 March 2025, property, plant, and equipment owned by the ECL disposal group, with a carrying
\n
value of $1,196 million (primarily in Italy and Egypt), were reclassified back to continuing operations.
\n
Those assets were recorded at their carrying value including the depreciation adjustment
\n
retrospectively made for the period they were classified as held for sale.
\n
In 2024, due to additional delays in the development of Epsilon, a full impairment assessment of the
\n
Prinos CGU was held.
As a result of this assessment, the Group recorded an impairment of $92.3 million
\n
on oil and gas assets within the Prinos CGU (Europe operating segment). The recoverable amount of
\n
the CGU was determined to be $202.6 million as of 31 December 2024, based on a value in use
\n
calculation. This calculation utilised cash flow projections from the annual approved budget and
\n
Group\u2019s five-year mid-term plan reviewed by senior management and estimates of proven and
\n
probable reserves which is based on independent competent persons report (\u201c
CPR
\u201d). The extended
\n
forecast period up to 2049 is justified by the economic life of the Epsilon oil field, aligning with its
\n
expected operational duration and industry practice for long-term asset evaluation. The key
\n
assumptions used in forecasting future cash flows were:
\n
\u2022
A post-tax discount rate of 9.30%
\n
111
\n
;
\n
\u2022
Extension of the Epsilon license until 2049 under the local legislation with first oil expected in H2
\n
2029;
\n
\u2022
A long-term inflation/growth rate of 2% referencing the Greek inflation forecast as published by
\n
the International Monetary Fund;
\n
\u2022
Brent oil prices were identified based on market forecasts published by leading financial data
\n
providers, with projections set at $73.25 per barrel in 2025, decreasing to $71.00 in 2026, rising
\n
to $73.00 in 2027, and adjusting to $72.30 in 2028, followed by a 2% annual increase thereafter.
\n
We also considered reasonable possible changes to the assumptions that the impairment calculation is
\n
sensitive to, noting the following impacts:
\n
\u2022
A 5% change in the estimated reserves would change the impairment by $42.7 million;
\n
\u2022
A 1% change in the discount rate would change the impairment by $20.0 million;
\n
\u2022
A 1% increase in the long-term inflation/growth rate would change the impairment by $55.9
\n
million, whereas a 1% decrease would result in an additional impairment of $52.2 million;
\n
\u2022
A 5% change in Brent oil prices would change the impairment by $44.2 million.
\n
In 2024 the Group assessed the recoverability of its investment in the Katakolo license due to the lack
\n
of progress, resulting in a full impairment of the accumulated capital expenditure up to the reporting
\n
date, totalling $3.3 million.
\n
In 2025, due to a reduction in available commercial reserves, a full impairment assessment of the
\n
Cassiopea CGU was performed.
As a result of this assessment, the Group recorded an impairment of
\n
$285.7 million on oil and gas assets within the Cassiopea CGU (Europe operating segment). The
\n
recoverable amount of the CGU was determined to be $136.5 million as of 31 December 2025, based on
\n
a value in use calculation. This calculation utilised cash flow projections from the annual approved
\n
111
\n
Refer to note 3.7 for the approach applied by the Group to calculate the WACC.
Annual report 2025 |
\n
budget and Group\u2019s five-year mid-term plan reviewed by senior management and estimates of proven
\n
and probable reserves which is based on CPR The forecast period up to 2037 is justified by the economic
\n
life of the Cassiopea gas field, aligning with its expected operational duration and industry practice for
\n
long-term asset evaluation. The key assumptions used in forecasting future cash flows were:
\n
\u2022
A post-tax discount rate of 8.67%
\n
112
\n
;
\n
\u2022
A long-term inflation/growth rate of 2% referencing the European inflation forecast as published
\n
by the International Monetary Fund;
\n
\u2022
PSV gas prices were identified based on market forecasts published by leading financial data
\n
providers, with projections set at \u20ac35.0 per MWh in 2026, decreasing to \u20ac30.0 in 2027, \u20ac25.0 in
\n
2028-2029, followed by a 2% annual increase thereafter.
\n
We also considered reasonable possible changes to the assumptions that the impairment calculation is
\n
sensitive to, noting the following impacts:
\n
\u2022
A 5% change in the estimated reserves would change the impairment by $8.0 million;
\n
\u2022
A 1% change in the discount rate would change the impairment by $2.6 million;
\n
\u2022
A 1% change in the long-term inflation/growth rate would change the impairment by $1.4 million;
\n
\u2022
A 5% change in PSV gas prices would change the impairment by $8.4 million.
\n
Cash flow statement reconciliations:
Payment for additions to property, plant and equipment
\u00a0 \u00a0
($\u2019000)
2025
2024
Additions to property, plant and equipment
522,538
626,185
Associated cash flows
\u00a0 \u00a0
Payment for additions to property, plant and equipment
(750,989)
(580,487)
Non-cash movements/or presented in other cash flow lines
\u00a0 \u00a0
Borrowing cost capitalised
(40,144)
(15,348)
Right-of-use asset additions/modifications
898
(11,962)
Lease payments related to capital activities
23,400
20,467
Change in decommissioning provision
27,624
(3,535)
Movement in working capital
216,673
(35,320)
\n
Depreciation and amortisation of property, plant and equipment for the year has been recognised as
\n
follows:
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
113
)
Cost of sales (note 7)
572,138
407,289
Administration expenses (note 7)
6,051
4,568
Total
578,189
411,857
\n
112
\n
Refer to note 3.17 for the approach applied by the Group to calculate the WACC.
\n
113
\nRestated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00308": { "value": "Depreciation and amortisation of property, plant and equipment for the year has been recognised as
follows:
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
113
)
Cost of sales (note 7)
572,138
407,289
Administration expenses (note 7)
6,051
4,568
Total
578,189
411,857
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00312": { "value": "13
Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Other
\u00a0
\u00a0
Exploration and
\u00a0
Intangible
\u00a0
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
397,716
101,146
11,543
510,405
Additions
241,950
-
1,233
243,183
Transfer to property, plant and
\u00a0\u00a0\u00a0\u00a0
equipment
(205,324)
\u00a0
734
(204,590)
Exchange differences
(8,944)
-
(741)
(9,685)
31 December 2024 (Restated
114
)
425,398
101,146
12,769
539,313
Additions
243
-
52,377
52,620
Capitalised borrowing cost
-
-
580
580
Transfer to property, plant and
\u00a0\u00a0\u00a0\u00a0
equipment
30
-
-
30
Exchange differences
24,582
-
1,601
26,183
At 31 December 2025
450,253
101,146
67,327
618,726
Accumulated amortisation and impairments:
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
158,274
20,485
6,257
185,016
Charge for the period
-
-
923
923
Amortisation
catch-up
\u00a0\u00a0\u00a0\u00a0
adjustment (note 25)
\u00a0\u00a0
45
45
Impairment
144,627
-
42
144,669
Exchange differences
(7,442)
-
(276)
(7,718)
31 December 2024 (Restated
115
)
295,459
20,485
6,991
322,935
Charge for the period
578
-
1,794
2,372
Impairment
21,760
-
-
21,760
Exchange differences
21,123
-
1,316
22,439
31 December 2025
338,920
20,485
10,101
369,506
Net carrying amount
\u00a0\u00a0\u00a0\u00a0
At
31
December
2024
\u00a0\u00a0\u00a0\u00a0
(Restated
116
)
129,939
80,661
5,778
216,378
At 31 December 2025
111,333
80,661
57,226
249,220
\n
In July 2024, Katlan obtained a final investment decision authorizing its development, and the related
\n
asset has accordingly been reclassified to oil and gas assets (refer to note 12).
\n
114
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
115
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
116
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
Cash flow statement reconciliations:
\n\n \n
($\u2019000)
2025
2024
Additions to intangible assets
53,200
117,270
Associated cash flows
Payment for additions to intangible assets
(108,574)
(184,851)
Non-cash movements/presented in other cash flow lines
Borrowing cost capitalised
(580)
-
Movement in working capital
55,954
67,581
\n
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of $30.8
\n
million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were
\n
recorded at their carrying value including the amortisation adjustment retrospectively made for the
\n
period they were classified as held for sale.
\n
In 2025, the Group recognised an addition to intangible assets related to the Nitzana transmission
\n
agreement. In September 2025, the Group entered into a long-term transmission agreement with
\n
Israel Natural Gas Lines Ltd. (\u201c
INGL
\u201d) for capacity in the Nitzana pipeline. In line with the agreement,
\n
the Group made an initial payment of approximately $50.0 million in Q4 2025, representing around
\n
50% of its expected 16.4% share of total construction costs. The remaining investment will be incurred
\n
in accordance with contractual milestones. As the Group does not obtain ownership of, or control over,
\n
the physical pipeline asset, but instead acquires a contractual right to access defined transportation
\n
capacity for a period of 15 years, the arrangement has been recognised as an intangible asset in
\n
accordance with IAS 38. The asset will be amortised on a straight-line basis over the 15-year access
\n
period from the date the pipeline becomes operational.
\n
In 2025, due to the ongoing dispute with the operator of the Cassiopea license the Group have not
\n
approved the work program for the Gemini exploration project. It resulted in a full write-off of the
\n
related exploration asset of $22.1 million.
\n
In April 2024, the Group entered into a partnership with Chariot Limited in Morocco to invest in the
\n
Anchois gas development. As the farmee, the Group recognised its expenditure under this
\n
arrangement in the same way as directly incurred expenditure. Since the carry of Chariot\u2019s costs was
\n
conditional upon the successful commencement of production, Energean accounted for 100% of the
\n
expenses related to appraisal and other exploration activities concerning the two licences. In May 2025
\n
the Group sold its rights to Lixus and Risanna licenses (Anchois gas development) to Chariot Limited for
\n
$1 consideration with any related guarantee issued by the Group being terminated.
\n
In 2024 total impairments of $144.3 million were recognised due to several non-viable projects.
\n
Notably, the Orion X1 exploration well in Egypt, which reached its target reservoir but failed to discover
\n
commercial hydrocarbons, resulted in a complete impairment of the exploration asset valued at $62.6
\n
million. Additionally, the decision to exit following the expiration of the exploration license in Ioannina
\n
on 2 April 2024 led to a full impairment of its related asset valued at $16.5 million. Moreover, the Group
\n
had the intention to transfer the license rights in Morocco following exploration results that identified
\n
non-commercial reserves, necessitating a full impairment of the related exploration asset amounting
\n
to $65.2 million.
\n
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of $30.8
\n
million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were
\n
recorded at their carrying value including the amortisation adjustment retrospectively made for the
\n
period they were classified as held for sale.
\n
In 2025, the Group recognised an addition to intangible assets related to the Nitzana transmission
\n
agreement. In September 2025, the Group entered into a long-term transmission agreement with
\n
Israel Natural Gas Lines Ltd. (\u201c
INGL
\u201d) for capacity in the Nitzana pipeline. In line with the agreement,
\n
the Group made an initial payment of approximately $50.0 million in Q4 2025, representing around
\n
50% of its expected 16.4% share of total construction costs. The remaining investment will be incurred
\n
in accordance with contractual milestones. As the Group does not obtain ownership of, or control over,
\n
the physical pipeline asset, but instead acquires a contractual right to access defined transportation
\n
capacity for a period of 15 years, the arrangement has been recognised as an intangible asset in
\n
accordance with IAS 38. The asset will be amortised on a straight-line basis over the 15-year access
\n
period from the date the pipeline becomes operational.
\n
In 2025, due to the ongoing dispute with the operator of the Cassiopea license the Group have not
\n
approved the work program for the Gemini exploration project. It resulted in a full write-off of the
\n
related exploration asset of $22.1 million.
\n
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities
\n
for the difference between the assigned values and the tax bases of assets acquired and liabilities
\n
assumed in a business combination.
\n
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and Sally CGU ($4.8
\n
million). We have performed the annual goodwill impairment test and note that no reasonably possible
\n
change in assumptions would result in impairment.
\n
The recoverable amount of the goodwill balances was determined as of 31 December 2025, based on
\n
a value in use calculation for the CGUs to which they relate. This calculation utilised cash flow
\n
projections from the annual approved budget and Group\u2019s five-year mid-term plan reviewed by senior
\n
management and estimates of proven and probable reserves which is based on CPR issued for Israel
\n
and UK assets. The key assumptions used in forecasting future cash flows were:
Israel CGU
Sally CGU (UK)
A post-tax discount rate
8.75% (2024: 8.87%)
5.93% (2024: 6.24%)
(Note 3.17)
Forecasted prices
Brent oil and gas prices were identified based on market forecasts
published by leading financial data providers, refer to the Viability
Statement on pages 84-87 for further detail. Where applicable,
gas
prices reflect the contractual terms of existing sales
agreements, including fixed-price contracts.
Forecasted period
Until 2044, aligned with the life
Until 2033, aligned with the life
of the assets
of the assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00311": { "value": "13
Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Other
\u00a0
\u00a0
Exploration and
\u00a0
Intangible
\u00a0
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
397,716
101,146
11,543
510,405
Additions
241,950
-
1,233
243,183
Transfer to property, plant and
\u00a0\u00a0\u00a0\u00a0
equipment
(205,324)
\u00a0
734
(204,590)
Exchange differences
(8,944)
-
(741)
(9,685)
31 December 2024 (Restated
114
)
425,398
101,146
12,769
539,313
Additions
243
-
52,377
52,620
Capitalised borrowing cost
-
-
580
580
Transfer to property, plant and
\u00a0\u00a0\u00a0\u00a0
equipment
30
-
-
30
Exchange differences
24,582
-
1,601
26,183
At 31 December 2025
450,253
101,146
67,327
618,726
Accumulated amortisation and impairments:
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
158,274
20,485
6,257
185,016
Charge for the period
-
-
923
923
Amortisation
catch-up
\u00a0\u00a0\u00a0\u00a0
adjustment (note 25)
\u00a0\u00a0
45
45
Impairment
144,627
-
42
144,669
Exchange differences
(7,442)
-
(276)
(7,718)
31 December 2024 (Restated
115
)
295,459
20,485
6,991
322,935
Charge for the period
578
-
1,794
2,372
Impairment
21,760
-
-
21,760
Exchange differences
21,123
-
1,316
22,439
31 December 2025
338,920
20,485
10,101
369,506
Net carrying amount
\u00a0\u00a0\u00a0\u00a0
At
31
December
2024
\u00a0\u00a0\u00a0\u00a0
(Restated
116
)
129,939
80,661
5,778
216,378
At 31 December 2025
111,333
80,661
57,226
249,220
\n
In July 2024, Katlan obtained a final investment decision authorizing its development, and the related
\n
asset has accordingly been reclassified to oil and gas assets (refer to note 12).
\n
114
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
115
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
116
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
Cash flow statement reconciliations:
\n\n \n
($\u2019000)
2025
2024
Additions to intangible assets
53,200
117,270
Associated cash flows
Payment for additions to intangible assets
(108,574)
(184,851)
Non-cash movements/presented in other cash flow lines
Borrowing cost capitalised
(580)
-
Movement in working capital
55,954
67,581
\n
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of $30.8
\n
million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were
\n
recorded at their carrying value including the amortisation adjustment retrospectively made for the
\n
period they were classified as held for sale.
\n
In 2025, the Group recognised an addition to intangible assets related to the Nitzana transmission
\n
agreement. In September 2025, the Group entered into a long-term transmission agreement with
\n
Israel Natural Gas Lines Ltd. (\u201c
INGL
\u201d) for capacity in the Nitzana pipeline. In line with the agreement,
\n
the Group made an initial payment of approximately $50.0 million in Q4 2025, representing around
\n
50% of its expected 16.4% share of total construction costs. The remaining investment will be incurred
\n
in accordance with contractual milestones. As the Group does not obtain ownership of, or control over,
\n
the physical pipeline asset, but instead acquires a contractual right to access defined transportation
\n
capacity for a period of 15 years, the arrangement has been recognised as an intangible asset in
\n
accordance with IAS 38. The asset will be amortised on a straight-line basis over the 15-year access
\n
period from the date the pipeline becomes operational.
\n
In 2025, due to the ongoing dispute with the operator of the Cassiopea license the Group have not
\n
approved the work program for the Gemini exploration project. It resulted in a full write-off of the
\n
related exploration asset of $22.1 million.
\n
In April 2024, the Group entered into a partnership with Chariot Limited in Morocco to invest in the
\n
Anchois gas development. As the farmee, the Group recognised its expenditure under this
\n
arrangement in the same way as directly incurred expenditure. Since the carry of Chariot\u2019s costs was
\n
conditional upon the successful commencement of production, Energean accounted for 100% of the
\n
expenses related to appraisal and other exploration activities concerning the two licences. In May 2025
\n
the Group sold its rights to Lixus and Risanna licenses (Anchois gas development) to Chariot Limited for
\n
$1 consideration with any related guarantee issued by the Group being terminated.
\n
In 2024 total impairments of $144.3 million were recognised due to several non-viable projects.
\n
Notably, the Orion X1 exploration well in Egypt, which reached its target reservoir but failed to discover
\n
commercial hydrocarbons, resulted in a complete impairment of the exploration asset valued at $62.6
\n
million. Additionally, the decision to exit following the expiration of the exploration license in Ioannina
\n
on 2 April 2024 led to a full impairment of its related asset valued at $16.5 million. Moreover, the Group
\n
had the intention to transfer the license rights in Morocco following exploration results that identified
\n
non-commercial reserves, necessitating a full impairment of the related exploration asset amounting
\n
to $65.2 million.
\n
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of $30.8
\n
million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were
\n
recorded at their carrying value including the amortisation adjustment retrospectively made for the
\n
period they were classified as held for sale.
\n
In 2025, the Group recognised an addition to intangible assets related to the Nitzana transmission
\n
agreement. In September 2025, the Group entered into a long-term transmission agreement with
\n
Israel Natural Gas Lines Ltd. (\u201c
INGL
\u201d) for capacity in the Nitzana pipeline. In line with the agreement,
\n
the Group made an initial payment of approximately $50.0 million in Q4 2025, representing around
\n
50% of its expected 16.4% share of total construction costs. The remaining investment will be incurred
\n
in accordance with contractual milestones. As the Group does not obtain ownership of, or control over,
\n
the physical pipeline asset, but instead acquires a contractual right to access defined transportation
\n
capacity for a period of 15 years, the arrangement has been recognised as an intangible asset in
\n
accordance with IAS 38. The asset will be amortised on a straight-line basis over the 15-year access
\n
period from the date the pipeline becomes operational.
\n
In 2025, due to the ongoing dispute with the operator of the Cassiopea license the Group have not
\n
approved the work program for the Gemini exploration project. It resulted in a full write-off of the
\n
related exploration asset of $22.1 million.
\n
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities
\n
for the difference between the assigned values and the tax bases of assets acquired and liabilities
\n
assumed in a business combination.
\n
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and Sally CGU ($4.8
\n
million). We have performed the annual goodwill impairment test and note that no reasonably possible
\n
change in assumptions would result in impairment.
\n
The recoverable amount of the goodwill balances was determined as of 31 December 2025, based on
\n
a value in use calculation for the CGUs to which they relate. This calculation utilised cash flow
\n
projections from the annual approved budget and Group\u2019s five-year mid-term plan reviewed by senior
\n
management and estimates of proven and probable reserves which is based on CPR issued for Israel
\n
and UK assets. The key assumptions used in forecasting future cash flows were:
Israel CGU
Sally CGU (UK)
A post-tax discount rate
8.75% (2024: 8.87%)
5.93% (2024: 6.24%)
(Note 3.17)
Forecasted prices
Brent oil and gas prices were identified based on market forecasts
published by leading financial data providers, refer to the Viability
Statement on pages 84-87 for further detail. Where applicable,
gas
prices reflect the contractual terms of existing sales
agreements, including fixed-price contracts.
Forecasted period
Until 2044, aligned with the life
Until 2033, aligned with the life
of the assets
of the assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00310": { "value": "13
Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Other
\u00a0
\u00a0
Exploration and
\u00a0
Intangible
\u00a0
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
397,716
101,146
11,543
510,405
Additions
241,950
-
1,233
243,183
Transfer to property, plant and
\u00a0\u00a0\u00a0\u00a0
equipment
(205,324)
\u00a0
734
(204,590)
Exchange differences
(8,944)
-
(741)
(9,685)
31 December 2024 (Restated
114
)
425,398
101,146
12,769
539,313
Additions
243
-
52,377
52,620
Capitalised borrowing cost
-
-
580
580
Transfer to property, plant and
\u00a0\u00a0\u00a0\u00a0
equipment
30
-
-
30
Exchange differences
24,582
-
1,601
26,183
At 31 December 2025
450,253
101,146
67,327
618,726
Accumulated amortisation and impairments:
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
158,274
20,485
6,257
185,016
Charge for the period
-
-
923
923
Amortisation
catch-up
\u00a0\u00a0\u00a0\u00a0
adjustment (note 25)
\u00a0\u00a0
45
45
Impairment
144,627
-
42
144,669
Exchange differences
(7,442)
-
(276)
(7,718)
31 December 2024 (Restated
115
)
295,459
20,485
6,991
322,935
Charge for the period
578
-
1,794
2,372
Impairment
21,760
-
-
21,760
Exchange differences
21,123
-
1,316
22,439
31 December 2025
338,920
20,485
10,101
369,506
Net carrying amount
\u00a0\u00a0\u00a0\u00a0
At
31
December
2024
\u00a0\u00a0\u00a0\u00a0
(Restated
116
)
129,939
80,661
5,778
216,378
At 31 December 2025
111,333
80,661
57,226
249,220
\n
In July 2024, Katlan obtained a final investment decision authorizing its development, and the related
\n
asset has accordingly been reclassified to oil and gas assets (refer to note 12).
\n
114
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
115
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
116
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
Cash flow statement reconciliations:
\n\n \n
($\u2019000)
2025
2024
Additions to intangible assets
53,200
117,270
Associated cash flows
Payment for additions to intangible assets
(108,574)
(184,851)
Non-cash movements/presented in other cash flow lines
Borrowing cost capitalised
(580)
-
Movement in working capital
55,954
67,581
\n
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of $30.8
\n
million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were
\n
recorded at their carrying value including the amortisation adjustment retrospectively made for the
\n
period they were classified as held for sale.
\n
In 2025, the Group recognised an addition to intangible assets related to the Nitzana transmission
\n
agreement. In September 2025, the Group entered into a long-term transmission agreement with
\n
Israel Natural Gas Lines Ltd. (\u201c
INGL
\u201d) for capacity in the Nitzana pipeline. In line with the agreement,
\n
the Group made an initial payment of approximately $50.0 million in Q4 2025, representing around
\n
50% of its expected 16.4% share of total construction costs. The remaining investment will be incurred
\n
in accordance with contractual milestones. As the Group does not obtain ownership of, or control over,
\n
the physical pipeline asset, but instead acquires a contractual right to access defined transportation
\n
capacity for a period of 15 years, the arrangement has been recognised as an intangible asset in
\n
accordance with IAS 38. The asset will be amortised on a straight-line basis over the 15-year access
\n
period from the date the pipeline becomes operational.
\n
In 2025, due to the ongoing dispute with the operator of the Cassiopea license the Group have not
\n
approved the work program for the Gemini exploration project. It resulted in a full write-off of the
\n
related exploration asset of $22.1 million.
\n
In April 2024, the Group entered into a partnership with Chariot Limited in Morocco to invest in the
\n
Anchois gas development. As the farmee, the Group recognised its expenditure under this
\n
arrangement in the same way as directly incurred expenditure. Since the carry of Chariot\u2019s costs was
\n
conditional upon the successful commencement of production, Energean accounted for 100% of the
\n
expenses related to appraisal and other exploration activities concerning the two licences. In May 2025
\n
the Group sold its rights to Lixus and Risanna licenses (Anchois gas development) to Chariot Limited for
\n
$1 consideration with any related guarantee issued by the Group being terminated.
\n
In 2024 total impairments of $144.3 million were recognised due to several non-viable projects.
\n
Notably, the Orion X1 exploration well in Egypt, which reached its target reservoir but failed to discover
\n
commercial hydrocarbons, resulted in a complete impairment of the exploration asset valued at $62.6
\n
million. Additionally, the decision to exit following the expiration of the exploration license in Ioannina
\n
on 2 April 2024 led to a full impairment of its related asset valued at $16.5 million. Moreover, the Group
\n
had the intention to transfer the license rights in Morocco following exploration results that identified
\n
non-commercial reserves, necessitating a full impairment of the related exploration asset amounting
\n
to $65.2 million.
\n
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of $30.8
\n
million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were
\n
recorded at their carrying value including the amortisation adjustment retrospectively made for the
\n
period they were classified as held for sale.
\n
In 2025, the Group recognised an addition to intangible assets related to the Nitzana transmission
\n
agreement. In September 2025, the Group entered into a long-term transmission agreement with
\n
Israel Natural Gas Lines Ltd. (\u201c
INGL
\u201d) for capacity in the Nitzana pipeline. In line with the agreement,
\n
the Group made an initial payment of approximately $50.0 million in Q4 2025, representing around
\n
50% of its expected 16.4% share of total construction costs. The remaining investment will be incurred
\n
in accordance with contractual milestones. As the Group does not obtain ownership of, or control over,
\n
the physical pipeline asset, but instead acquires a contractual right to access defined transportation
\n
capacity for a period of 15 years, the arrangement has been recognised as an intangible asset in
\n
accordance with IAS 38. The asset will be amortised on a straight-line basis over the 15-year access
\n
period from the date the pipeline becomes operational.
\n
In 2025, due to the ongoing dispute with the operator of the Cassiopea license the Group have not
\n
approved the work program for the Gemini exploration project. It resulted in a full write-off of the
\n
related exploration asset of $22.1 million.
\n
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities
\n
for the difference between the assigned values and the tax bases of assets acquired and liabilities
\n
assumed in a business combination.
\n
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and Sally CGU ($4.8
\n
million). We have performed the annual goodwill impairment test and note that no reasonably possible
\n
change in assumptions would result in impairment.
\n
The recoverable amount of the goodwill balances was determined as of 31 December 2025, based on
\n
a value in use calculation for the CGUs to which they relate. This calculation utilised cash flow
\n
projections from the annual approved budget and Group\u2019s five-year mid-term plan reviewed by senior
\n
management and estimates of proven and probable reserves which is based on CPR issued for Israel
\n
and UK assets. The key assumptions used in forecasting future cash flows were:
Israel CGU
Sally CGU (UK)
A post-tax discount rate
8.75% (2024: 8.87%)
5.93% (2024: 6.24%)
(Note 3.17)
Forecasted prices
Brent oil and gas prices were identified based on market forecasts
published by leading financial data providers, refer to the Viability
Statement on pages 84-87 for further detail. Where applicable,
gas
prices reflect the contractual terms of existing sales
agreements, including fixed-price contracts.
Forecasted period
Until 2044, aligned with the life
Until 2033, aligned with the life
of the assets
of the assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00309": { "value": "13
Intangible assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0
Other
\u00a0
\u00a0
Exploration and
\u00a0
Intangible
\u00a0
($\u2019000)
evaluation assets
Goodwill
assets
Total
Intangible assets at Cost:
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
397,716
101,146
11,543
510,405
Additions
241,950
-
1,233
243,183
Transfer to property, plant and
\u00a0\u00a0\u00a0\u00a0
equipment
(205,324)
\u00a0
734
(204,590)
Exchange differences
(8,944)
-
(741)
(9,685)
31 December 2024 (Restated
114
)
425,398
101,146
12,769
539,313
Additions
243
-
52,377
52,620
Capitalised borrowing cost
-
-
580
580
Transfer to property, plant and
\u00a0\u00a0\u00a0\u00a0
equipment
30
-
-
30
Exchange differences
24,582
-
1,601
26,183
At 31 December 2025
450,253
101,146
67,327
618,726
Accumulated amortisation and impairments:
\u00a0\u00a0\u00a0\u00a0
At 1 January 2024
158,274
20,485
6,257
185,016
Charge for the period
-
-
923
923
Amortisation
catch-up
\u00a0\u00a0\u00a0\u00a0
adjustment (note 25)
\u00a0\u00a0
45
45
Impairment
144,627
-
42
144,669
Exchange differences
(7,442)
-
(276)
(7,718)
31 December 2024 (Restated
115
)
295,459
20,485
6,991
322,935
Charge for the period
578
-
1,794
2,372
Impairment
21,760
-
-
21,760
Exchange differences
21,123
-
1,316
22,439
31 December 2025
338,920
20,485
10,101
369,506
Net carrying amount
\u00a0\u00a0\u00a0\u00a0
At
31
December
2024
\u00a0\u00a0\u00a0\u00a0
(Restated
116
)
129,939
80,661
5,778
216,378
At 31 December 2025
111,333
80,661
57,226
249,220
\n
In July 2024, Katlan obtained a final investment decision authorizing its development, and the related
\n
asset has accordingly been reclassified to oil and gas assets (refer to note 12).
\n
114
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
115
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
116
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
Cash flow statement reconciliations:
\n\n \n
($\u2019000)
2025
2024
Additions to intangible assets
53,200
117,270
Associated cash flows
Payment for additions to intangible assets
(108,574)
(184,851)
Non-cash movements/presented in other cash flow lines
Borrowing cost capitalised
(580)
-
Movement in working capital
55,954
67,581
\n
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of $30.8
\n
million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were
\n
recorded at their carrying value including the amortisation adjustment retrospectively made for the
\n
period they were classified as held for sale.
\n
In 2025, the Group recognised an addition to intangible assets related to the Nitzana transmission
\n
agreement. In September 2025, the Group entered into a long-term transmission agreement with
\n
Israel Natural Gas Lines Ltd. (\u201c
INGL
\u201d) for capacity in the Nitzana pipeline. In line with the agreement,
\n
the Group made an initial payment of approximately $50.0 million in Q4 2025, representing around
\n
50% of its expected 16.4% share of total construction costs. The remaining investment will be incurred
\n
in accordance with contractual milestones. As the Group does not obtain ownership of, or control over,
\n
the physical pipeline asset, but instead acquires a contractual right to access defined transportation
\n
capacity for a period of 15 years, the arrangement has been recognised as an intangible asset in
\n
accordance with IAS 38. The asset will be amortised on a straight-line basis over the 15-year access
\n
period from the date the pipeline becomes operational.
\n
In 2025, due to the ongoing dispute with the operator of the Cassiopea license the Group have not
\n
approved the work program for the Gemini exploration project. It resulted in a full write-off of the
\n
related exploration asset of $22.1 million.
\n
In April 2024, the Group entered into a partnership with Chariot Limited in Morocco to invest in the
\n
Anchois gas development. As the farmee, the Group recognised its expenditure under this
\n
arrangement in the same way as directly incurred expenditure. Since the carry of Chariot\u2019s costs was
\n
conditional upon the successful commencement of production, Energean accounted for 100% of the
\n
expenses related to appraisal and other exploration activities concerning the two licences. In May 2025
\n
the Group sold its rights to Lixus and Risanna licenses (Anchois gas development) to Chariot Limited for
\n
$1 consideration with any related guarantee issued by the Group being terminated.
\n
In 2024 total impairments of $144.3 million were recognised due to several non-viable projects.
\n
Notably, the Orion X1 exploration well in Egypt, which reached its target reservoir but failed to discover
\n
commercial hydrocarbons, resulted in a complete impairment of the exploration asset valued at $62.6
\n
million. Additionally, the decision to exit following the expiration of the exploration license in Ioannina
\n
on 2 April 2024 led to a full impairment of its related asset valued at $16.5 million. Moreover, the Group
\n
had the intention to transfer the license rights in Morocco following exploration results that identified
\n
non-commercial reserves, necessitating a full impairment of the related exploration asset amounting
\n
to $65.2 million.
\n
On 21 March 2025, intangible assets owned by the ECL disposal group, with a carrying value of $30.8
\n
million (primarily in Italy and Egypt), were reclassified back to continuing operations. Those assets were
\n
recorded at their carrying value including the amortisation adjustment retrospectively made for the
\n
period they were classified as held for sale.
\n
In 2025, the Group recognised an addition to intangible assets related to the Nitzana transmission
\n
agreement. In September 2025, the Group entered into a long-term transmission agreement with
\n
Israel Natural Gas Lines Ltd. (\u201c
INGL
\u201d) for capacity in the Nitzana pipeline. In line with the agreement,
\n
the Group made an initial payment of approximately $50.0 million in Q4 2025, representing around
\n
50% of its expected 16.4% share of total construction costs. The remaining investment will be incurred
\n
in accordance with contractual milestones. As the Group does not obtain ownership of, or control over,
\n
the physical pipeline asset, but instead acquires a contractual right to access defined transportation
\n
capacity for a period of 15 years, the arrangement has been recognised as an intangible asset in
\n
accordance with IAS 38. The asset will be amortised on a straight-line basis over the 15-year access
\n
period from the date the pipeline becomes operational.
\n
In 2025, due to the ongoing dispute with the operator of the Cassiopea license the Group have not
\n
approved the work program for the Gemini exploration project. It resulted in a full write-off of the
\n
related exploration asset of $22.1 million.
\n
Goodwill arises principally because of the requirement to recognise deferred tax assets and liabilities
\n
for the difference between the assigned values and the tax bases of assets acquired and liabilities
\n
assumed in a business combination.
\n
The remaining goodwill balance is in relation to the Israel CGU ($75.8 million), and Sally CGU ($4.8
\n
million). We have performed the annual goodwill impairment test and note that no reasonably possible
\n
change in assumptions would result in impairment.
\n
The recoverable amount of the goodwill balances was determined as of 31 December 2025, based on
\n
a value in use calculation for the CGUs to which they relate. This calculation utilised cash flow
\n
projections from the annual approved budget and Group\u2019s five-year mid-term plan reviewed by senior
\n
management and estimates of proven and probable reserves which is based on CPR issued for Israel
\n
and UK assets. The key assumptions used in forecasting future cash flows were:
Israel CGU
Sally CGU (UK)
A post-tax discount rate
8.75% (2024: 8.87%)
5.93% (2024: 6.24%)
(Note 3.17)
Forecasted prices
Brent oil and gas prices were identified based on market forecasts
published by leading financial data providers, refer to the Viability
Statement on pages 84-87 for further detail. Where applicable,
gas
prices reflect the contractual terms of existing sales
agreements, including fixed-price contracts.
Forecasted period
Until 2044, aligned with the life
Until 2033, aligned with the life
of the assets
of the assets
33
Exploration, development and production interests on the reporting date
\n
Development and Production
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Group\u2019s
\u00a0 \u00a0
\u00a0
Licence/unit
\u00a0
Fiscal
working
Joint
\u00a0
Country
area
Fields
regime
interest
operation
Operator
Israel
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Karish
Karish
North,
Concession
100%
No
NA
\u00a0 \u00a0
Karish Main
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Tanin
Tanin
Concession
100%
No
NA
\u00a0
Katlan
Katlan
Concession
100%
No
NA
Egypt
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Abu Qir
Abu Qir, Abu Qir
PSC
100%
No
NA
\u00a0 \u00a0
North,
Abu
Qir
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
West,
Yazzi
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
(32.75%)
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
NEA
Yazzi
(67.25%),
PSC
100%
No
NA
\u00a0 \u00a0
Python
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
NI
Field
A
(NI-1X),
PSC
100%
No
NA
\u00a0 \u00a0
Field B (NI-3X), NI-
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
2X, Viper (NI-4X)
\u00a0 \u00a0 \u00a0 \u00a0
Greece
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Prinos
Prinos,
Prinos
Concession
100%
No
NA
\u00a0 \u00a0
North, Epsilon
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
South Kavala
\u00a0
Concession
100%
No
NA
\u00a0
Katakolo
Katakolo
Concession
100%
No
NA
Italy
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
C.C6.EO
Vega A (Vega B,
Concession
100%
145
Yes
Energean
\u00a0 \u00a0
undeveloped)
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
B.C8.LF
Rospo Mare
Concession
100%
Yes
Energean
\u00a0
Fiume tenna
Verdicchio
Concession
100%
No
Energean
\u00a0
B.C7.LF
Sarago,
cozza,
Concession
95%
Yes
Energean
\u00a0 \u00a0
vongola
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0
Garaguso
Accettura
Concession
50%
Yes
Energean
\u00a0
A.c14.AS
Rosanna and Gaia
Concession
50%
Yes
ENI
\u00a0
A.C15.AX
Valentina,
Concession
10%
Yes
ENI
\u00a0 \u00a0
Raffaella,
\u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0
Emanuela, Melania
\u00a0 \u00a0 \u00a0 \u00a0
\n
143
\n
Subsequent to year-end, the Company has changed its registered address to become One Great Cumberland Place,
\n
London,W1H 7AL.
\n
144
\n
The Company was sold in May 2025, refer to the Note 13 for further details.
\n
145
\n
Energean has agreed with ENI to acquire the latter's WI and the request is pending approval from the Italian
\n
authorities. However, by means of an agreement between ENI and Energean Italy all the production and cost are retained by
\n
Energean from 1 January 2021 and, according to the JOA, the decommissioning costs will be borne by both parties according
\n
to their initial WI (Energean 60%, ENI 40%).
\n \n
Group\u2019s
Licence/unit
Fiscal
working
Joint
Country
area
Fields
regime
interest
operation
Operator
Masseria
Appia
and
Concession
50%
Yes
Energean
Monaco
Salacaro
(undeveloped)
G.C1.AG
Cassiopea,
Concession
40%
Yes
ENI
Gemini, Centauro
B.C14.AS
Calipso and Clara
Concession
49%
Yes
ENI
West
B.C20.AS
Carlo,
Clotilde
e
Concession
49%
Yes
ENI
Didone
(undeveloped)
Montignano
Cassiano
and
Concession
50%
Yes
Energean
Castellaro
B.C13.AS
Clara
Est,
Clara
Concession
49%
Yes
ENI
Nord, Clara NW,
(Cecilia
undeveloped)
Comiso (EIS)
Comiso
Concession
100%
No
Energean
A.c13.AS
Daria,
(Manuela,
Concession
49%
Yes
ENI
Arabella, Ramona
undeveloped)
B.C10.AS
Emma
West and
Concession
49%
Yes
ENI
Giovanna
A.C36.AG
Fauzia
Concession
40%
Yes
ENI
Torrente
Grottammare
Concession
76%
Yes
Petrorep
menocchia
(undeveloped)
Montegranaro
Leoni
Concession
50%
Yes
Gas Plus
Lucera
Lucera
Concession
4.8%
Yes
GPI
Monte Urano
San Lorenzo
Concession
40%
Yes
Energean
A.C21.AG
Naide
Concession
49%
Yes
ENI
Colle di lauro
Portocannone
Concession
83.32%
Yes
Energean
Porto
Porto civitanova
Concession
40%
Yes
GPI
civitanova
Quarto
Quarto
Concession
33%
Yes
Padana
Energia
A.C17.AG
Regina
Concession
25%
Yes
ENI
S. Andrea
Concession
50%
Yes
Canoel
B.C2.LF
San Giorgio Mare
Concession
100%
Yes
Energean
San Marco
San Marco
Concession
20%
No
ENI
B.C1.LF
Santo Stefano
Concession
95%
Yes
Energean
Mafalda
Sinarca
Concession
40%
Yes
Gas Plus
B.C9.AS
Squalo Centrale
Concession
33%
Yes
ENI
\n \n
Group\u2019s
Licence/unit
Fiscal
working
Joint
Country
area
Fields
regime
interest
operation
Operator
Massignano
Talamonti
Concession
50%
Yes
Energean
Masseria
Traetta
Concession
14%
Yes
Canoel
Grottavecchia
S. Anna (EIS)
Tresauro
Concession
25%
Yes
Enimed
Torrente
Vigna
Nocelli
Concession
50%
Yes
Rockhopper
Celone
(Masseria
Conca
Italia
undeveloped)
UK
Tors
Garrow, Kilmar
Concession
68%
Yes
Energean
Markham
Concession
3%
Yes
Spirit
Energy
Scott
Concession
10%
Yes
CNOOC
Telford
Concession
16%
Yes
CNOOC
Wenlock
Concession
80%
Yes
Energean
Croatia
Izabela, Irena
PSC
70%
No
EdINA
\n
Exploration
\n\n \n
Group\u2019s
Fiscal
working
Joint
Country
Concession
Fields
regime
interest
operation
Operator
Israel
Block 23
Concession
100%
No
Energean
Block 31
Concession
100%
No
Energean
Egypt
146
East
North
PSC
50%
Yes
Energean
Bir El Nus
Greece
Block-2
147
Concession
75%
Yes
Energean
Prinos
Prinos CO2 Storage
Concession
100%
No
Energean
Italy
G.R13.AG
Lince prospect
Concession
40%
Yes
ENI
G.R.14.AG
Panda,
Vela
Concession
40%
Yes
ENI
prospect
\n
146
\n
North East Hap\u2019y exploration license expired on 4 October 2025.
\n
147
\n
In November 2025 ExxonMobil agreed to farm-in to Block 2. ExxonMobil acquired 60% working interest, Energean maintains
\n
30%, and HelleniQ Energy the remaining 10%. The transaction was completed post-period end on 11 March 2026 upon receipt
\n
of the government approval and the extension of the license requested by Energean and HelleniQ.
Relinquished and are in the decommissioning phase:
Group\u2019s
Licence/unit
Fiscal
working
Joint
Country
area
Fields
regime
interest
operation
Operator
UK
Tors
Kilmar (P683)
Concession
68%
Yes
Energean
Garrow
Garrow (P1034)
Concession
68%
Yes
Energean
Wenlock
Concession
80%
Yes
Energean
Italy
Candela
Candela
Concession
40%
Yes
ENI
Capparuccia
Capparuccia
Concession
5%
Yes
ENI
Masseria
Palmori
Concession
45.2%
Yes
GPI
Acquasalsa
Monte
Carassai
Concession
50% and
Yes
ENI
Castellano
67.63%
S. Benedetto
S. Benedetto
Concession
12.5%
Yes
ENI
del Tronto
Tempa
Demma Locantore
Concession
30%
Yes
ENI
rossa
B.C21.AG
Fabrizia /Jole
Concession
49%
Yes
ENI
A.C8.ME
Anemone and Azelea
Concession
19% and
Yes
ENI
15.675%
", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00313": { "value": "14
Net deferred tax (liability)/asset
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Accrued
\u00a0
\u00a0\u00a0\u00a0\u00a0
Prepaid
\u00a0\u00a0\u00a0\u00a0
expenses and
\u00a0
Deferred tax
Property,
Right of
\u00a0
expenses
\u00a0\u00a0
Deferred
Retirement
other
\u00a0
(liabilities)/assets
plant and
use asset
Decom-
and other
\u00a0
Tax
expenses
benefit
short-term
\u00a0
($\u2019000)
equipment
IFRS 16
missioning
receivables
Inventory
losses
for tax
liability
liabilities
Total
At 1 January 2024
(163,994)
(3,737)
103,560
(2,051)
6
144,866
5,578
369
10,122
94,719
Increase / (decrease) for the period through, restated
117
:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Profit or loss (Note 10)
(3,286)
634
17,296
(764)
413
20,580
(633)
(39)
(2,096)
32,105
Other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
comprehensive income
-
-
-
-
-
-
-
80
10
90
Exchange difference
739
44
(6,315)
35
(17)
(8,433)
-
(7)
(298)
(14,252)
31
December
2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(Restated
118
)
(166,541)
(3,059)
114,541
(2,780)
402
157,013
4,945
403
7,738
112,662
Increase / (decrease) for the period through:
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
Profit or loss
(13,185)
3,039
(107,890)
18
(213)
(3,097)
(633)
3
(148)
(122,106)
Other
comprehensive
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
income
-
-
-
-
-
-
-
24
(8,627)
(8,603)
Equity
2,492
-
-
-
-
-
-
-
-
2,492
Exchange difference
(2,078)
(76)
9,936
(76)
44
18,487
-
17
684
26,938
31 December 2025
(179,312)
(96)
16,587
(2,838)
233
172,403
4,312
447
(353)
11,383
\n
117
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
118
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n \n
($\u2019000)
2025
2024 (Restated
119
)
Deferred tax liabilities
(145,110)
(141,403)
Deferred tax assets
156,493
254,065
11,383
112,662
\n
As of December 2025 the Group had gross total unused tax losses of $1,169.2 million (as of 31 December
\n
2024: $957.0 million) available to offset against future profits and other temporary differences. The
\n
Group has not recognised deferred tax on tax losses and other differences of $1,270.1 million.
\n
In Greece and the UK, the net DTA for carried forward losses recognised in excess of the other net
\n
taxable temporary differences was $121.4 million and $22.1 million (2024: $101.5 million and $29.8
\n
million) respectively.
\n
Greek tax losses (Prinos area) can be carried forward without limitation up until the relevant concession
\n
agreement expires (by 2049), whereas, the tax losses in Israel, Italy and the United Kingdom can be
\n
carried forward indefinitely. Based on the Prinos area forecasts including the Epsilon development with
\n
first oil expected in 2029, the deferred tax asset is fully utilised by 2038. Finally, in the UK,
\n
decommissioning losses are expected to be utilised by 2030 in accordance with the latest taxable
\n
profits forecasts.
\n
During the period, historic deferred tax assets in Italy (mainly decommissioning asset) amounting to
\n
$124.2 million have been derecognised, reflecting updated projections of taxable profits, primarily
\n
driven by the downward revision of Cassiopea asset reserves and the corresponding impact on
\n
forecasted taxable profits.
\n
At December 2025, the gross amount and expiry dates of losses available for carry forward are as
\n
follows:
\n\n \n
Expiring
Expiring
within 5
beyond 6
years
years
Unlimited
($\u2019000)
(Note A)
(Note B)
(Note C)
Total
Losses for which a deferred tax asset is
487,421
85,697
573,118
recognised
Losses for which no deferred tax asset is
102,129
391
493,562
596,082
recognised
Total
102,129
487,812
579,259
1,169,200
\n
Note A:
Mainly tax losses generated in the Republic of Cyprus ($56 million), EPL losses in the UK ($25.4
\n
million) and Greece ($15 million) of trading losses which cannot be utilised against profits from Prinos
\n
asset)
\n
Note B:
Tax losses ring-fenced to the Prinos asset in Greece which can be carried forward until the
\n
expiry of the relevant licences i.e. by 2049.
\n
Note C:
Italian tax losses of $11 million and UK tax losses of $72 million which can be carried forward
\n
indefinitely and remaining UK tax losses.
\n
There are no income tax consequences attached to the payment of dividends by the Group to its
\n
shareholders. As a result of exemptions on dividend from subsidiaries and capital gains on disposal
\n
119
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
there are no significant taxable temporary differences associated with investments in subsidiaries,
branches, associates and interests in joint arrangements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00314": { "value": "15
Cash and cash equivalents
($\u2019000)
2025
2024 (Restated
120
)
Cash and bank deposits
227,213
235,270
\u00a0
227,213
235,270
\n
Bank demand deposits comprise deposits and other short-term money market deposit accounts that
are readily convertible into known amounts of cash. The effective interest rate on short-term bank
deposits was 4.44% for the year ended 31 December 2025 (2024: 4.82%).", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00315": { "value": "16
Restricted cash
In addition to cash restricted in relation to letters of credit issued in Egypt, restricted cash comprises
cash retained under the Israel Senior Secured Notes and the Greek State Loan requirement as follows:
Current
The current portion of restricted cash at 31 December 2025 was $99.4 million (2024: $82.4 million). It
mainly relates to the March 2026 coupon payment on Senior Secured Notes (at 31 December 2025 is
$97.6 million, 2024: $82.4 million). It also includes $1.8 million of restricted cash held in Egypt (2024: nil).
Non-Current
The cash restricted for more than 12 months after the reporting date was $3.3 million (2024: $2.95
million) mainly comprising $2.3 million (2024: $2.15 million) held on the Interest Service Reserve Account
(\u2018ISRA\u2019) in relation to the Greek Loan Notes and $0.8 million (2024: $0.8 million) for Prinos Guarantee.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00316": { "value": "17
Inventories
($\u2019000)
2025
2024 (Restated
121
)
Crude oil
19,616
33,887
Hydrocarbon liquids
1,031
3,581
Gas
506
502
Raw materials and supplies
73,040
63,878
Total inventories
94,193
101,848
\n
The Group\u2019s raw materials and supplies consumption for the year ended 31 December 2025 was $8.7
million (2024: restated: $15.4 million).
120
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
121
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00317": { "value": "18
Trade and other receivables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024 (Restated
122
)
Trade and other receivables, current
\u00a0\u00a0
Financial items:
\u00a0\u00a0
Trade receivables
363,963
341,339
Receivables from partners under JOA
2,967
290
Other receivables
22,470
8,131
Refundable VAT
32,120
49,438
Accrued interest income
968
1,048
\u00a0
422,488
400,246
Non-financial items:
\u00a0\u00a0
Deposits and prepayments
19,375
19,885
Other deferred expense
2,005
2,116
Refundable VAT
7,954
-
\u00a0
29,334
22,001
\u00a0
451,822
422,247
Other non-current assets
\u00a0\u00a0
Financial items:
\u00a0\u00a0
Other tax receivable
16,798
15,693
\u00a0
16,798
15,693
Non-financial items:
\u00a0\u00a0
Deposits and prepayments
12,282
15,399
Deferred borrowing fees
952
-
Other non-current assets
829
2,360
\u00a0
14,063
17,759
\u00a0
30,861
33,452
\n
The movements in trade and other receivables reported above include both cash and non-cash
\n
movements during the period. The increase in trade and other receivables reported in the Consolidated
\n
Cash Flow Statements within operating activities refers exclusively to cash movements. These are
\n
related to trade and other receivables from operating activities and exclude any non-cash movements
\n
such as compensation to gas buyers and the expected credit loss (\u201c
ECL
\u201d) on trade receivables. They
\n
also exclude movements related to trade and other receivables from investing activities during the
\n
reporting period.
\n
The table below summarises the maturity profile of the Group receivables recorded as financial items:
\n
122
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
31
December
\u00a0 \u00a0
3
\u00a0 \u00a0 \u00a0
More
2025
Carrying
Contractual
months
3-12
1-2
2-5
than 5
($\u2019000)
amounts
cash flows
or less
months
years
years
years
Trade
363,963
363,963
209,478
132,269
22,216
-
-
receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Government
-
-
-
-
-
-
-
subsidies
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Refundable VAT
32,120
32,120
1,420
30,700
-
-
-
Receivables from
2,967
2,967
2,967
-
-
-
-
partners
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
under JOA
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other
23,438
23,438
17,596
5,842
-
-
-
receivables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Other
16,798
16,798
-
-
-
-
16,798
tax recoverable
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
439,286
439,286
231,461
168,811
22,216
-
16,798
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
31
December
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
2024
\u00a0\u00a0
3
\u00a0\u00a0\u00a0
More
(Restated
123
)
Carrying
Contractual
months
3-12
1-2
2-5
than 5
($\u2019000)
amounts
cash flows
or less
months
years
years
years
Trade
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivables
341,339
351,844
264,428
81,067
-
6,349
-
Government
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
subsidies
-
-
-
-
-
-
-
Refundable VAT
49,438
49,438
1,956
47,482
-
-
-
Receivables from
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
partners
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
under JOA
290
290
67
223
-
-
-
Other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
receivables
9,179
18,514
13,396
5,118
-
-
-
Other
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
tax recoverable
15,693
15,317
-
-
-
4,094
11,223
Total
415,939
435,403
279,847
133,890
-
10,443
11,223
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "19
Share capital
\n
On 30 June 2017, the Company became the parent company of the Group through the acquisition of
\n
the full share capital of Energean E&P Holdings Limited, in exchange for 65,643,120 \u00a30.01 ($0.013)
\n
shares in the Company issued to the previous shareholders. As of this date, the Company\u2019s share capital
\n
increased from \u00a350 thousand ($65 thousand) to \u00a3706 thousand ($917 thousand). From that point, in the
\n
consolidated financial statements, the share capital became that of Energean plc. The previously
\n
recognised share capital of $14.9 million and share premium of $125.8 million was eliminated with a
\n
123
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
corresponding positive merger reserve recognised of $139.9 million. The below tables outline the share
\n
capital of the Company.
\n
The share premium account represents the total net proceeds on issue of the Company\u2019s shares in
\n
excess of their nominal value of \u00a30.01 per share less amounts transferred to any other reserves.
\u00a0
Equity share
\u00a0 \u00a0
\u00a0
capital
\u00a0
Share
\u00a0
allotted and
Share capital
premium
Issued and authorised
fully paid
($\u2019000)
($\u2019000)
At 1 January 2024
183,480,959
2,449
465,331
Issued during the year
\u00a0 \u00a0 \u00a0
- New shares
-
-
-
- Share based payment
-
-
-
At 31 December 2024
183,480,959
2,449
465,331
Issued during the year
\u00a0 \u00a0 \u00a0
- New shares
-
-
-
- Share based payment
800,000
10
-
At 31 December 2025
184,280,959
2,459
465,331
\n
Shares held by the Energean Oil & Gas plc Employee Benefit Trust (EBT), established for the settlement
\n
of awards granted under employee share schemes, are recorded within the Share Premium Reserve.
\n
As of 31 December 2025, the EBT held 24,229 shares at a cost of $326.26 (they were subscribed at the
\n
nominal value of \u00a30.01 per share). The market value of these shares was $0.29 million. These shares
\nrepresent deferred awards granted to executive directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "19
Share capital
\n
On 30 June 2017, the Company became the parent company of the Group through the acquisition of
\n
the full share capital of Energean E&P Holdings Limited, in exchange for 65,643,120 \u00a30.01 ($0.013)
\n
shares in the Company issued to the previous shareholders. As of this date, the Company\u2019s share capital
\n
increased from \u00a350 thousand ($65 thousand) to \u00a3706 thousand ($917 thousand). From that point, in the
\n
consolidated financial statements, the share capital became that of Energean plc. The previously
\n
recognised share capital of $14.9 million and share premium of $125.8 million was eliminated with a
\n
123
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
corresponding positive merger reserve recognised of $139.9 million. The below tables outline the share
\n
capital of the Company.
\n
The share premium account represents the total net proceeds on issue of the Company\u2019s shares in
\n
excess of their nominal value of \u00a30.01 per share less amounts transferred to any other reserves.
\u00a0
Equity share
\u00a0 \u00a0
\u00a0
capital
\u00a0
Share
\u00a0
allotted and
Share capital
premium
Issued and authorised
fully paid
($\u2019000)
($\u2019000)
At 1 January 2024
183,480,959
2,449
465,331
Issued during the year
\u00a0 \u00a0 \u00a0
- New shares
-
-
-
- Share based payment
-
-
-
At 31 December 2024
183,480,959
2,449
465,331
Issued during the year
\u00a0 \u00a0 \u00a0
- New shares
-
-
-
- Share based payment
800,000
10
-
At 31 December 2025
184,280,959
2,459
465,331
\n
Shares held by the Energean Oil & Gas plc Employee Benefit Trust (EBT), established for the settlement
\n
of awards granted under employee share schemes, are recorded within the Share Premium Reserve.
\n
As of 31 December 2025, the EBT held 24,229 shares at a cost of $326.26 (they were subscribed at the
\n
nominal value of \u00a30.01 per share). The market value of these shares was $0.29 million. These shares
\nrepresent deferred awards granted to executive directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "20
Dividends
\n
In line with its dividend policy, Energean paid dividends of $1.2 per share in 2025, covering four quarters
\n
of payments. Similarly, in 2024, the company also distributed $1.2 per share over four quarters.
\u00a0
$ cents per share
$\u2019 000
\u00a0
2025
2024
2025
2024
Dividends announced and paid in cash
\u00a0 \u00a0 \u00a0 \u00a0
Ordinary shares
\u00a0 \u00a0 \u00a0 \u00a0
March
30
30
54,991
54,844
June
30
30
55,277
54,991
September
30
30
55,277
54,990
December
30
30
55,277
54,990
Total
120
120
220,822
219,815
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "21
Borrowings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
Non-current
\u00a0 \u00a0
Bank borrowings \u2013 after one year but
\u00a0 \u00a0
within five years
\u00a0 \u00a0
4.875% Senior Secured notes due 2026
\u00a0 \u00a0
($625 million)
\u00a0
622,102
6.5% Senior Secured notes due 2027
\u00a0 \u00a0
($450 million)
\u00a0
445,797
5.375% Senior Secured notes due 2028
\u00a0 \u00a0
($625 million)
621,144
619,602
Bank borrowings - more than five years
\u00a0 \u00a0
5.625% Senior Secured notes due 2031
\u00a0 \u00a0
(EUR 400 million)
459,663
-
5.875% Senior Secured notes due 2031
\u00a0 \u00a0
($625 million)
618,673
617,689
8.50% Senior Secured notes due 2033
\u00a0 \u00a0
($750 million)
735,990
734,820
Nitzana facility
31,848
\u00a0
Bank Leumi Loan
746,033
-
Revolving credit facility
130,567
-
Greek State Loan Notes
11,823
11,398
BSTDB Loan
-
90,496
Carrying
value
of
non-current
\u00a0\u00a0
borrowings
3,355,741
3,141,904
Current
\u00a0 \u00a0
Other borrowings
124,543
-
Revolving credit facility
-
128,000
BSTDB Loan
104,462
-
Carrying value of current borrowings
229,005
128,000
Carrying value of total borrowings
3,584,746
3,269,904
\n
The Group has provided security in respect of certain borrowings in the form of share pledges, as well
\n
as fixed and floating charges over certain assets of the Group.
\n
At 31 December 2025 the Group holds $2.0 billion in aggregate principal amount of senior secured
\n
notes, issued in three series as follows:
\n
\u2022
$625 million, issued on 24 March 2021, maturing on 30 March 2028, with a fixed annual interest
\n
rate of 5.375%.
\n
\u2022
$625 million, issued on 24 March 2021, maturing on 30 March 2031, with a fixed annual interest
\n
rate of 5.875%.
\n
\u2022
$750 million, issued on 11 July 2023, maturing on 30 September 2033, with a fixed annual interest
\n
rate of 8.5%.
The interest on each series is paid semi-annually on 30 March and 30 September. The notes are listed
\n
for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd (TASE), and the TASE-UP for
\n
the 2023 issuance.
\n
The Group has provided various collateral, including fixed charges over shares, leases, sales
\n
agreements, bank accounts, operating permits, insurance policies, exploration licenses, and the
\n
Energean Power FPSO. Floating charges cover present and future assets of relevant subsidiaries.
\n
Additionally, on 10 November 2025 the Group issued EUR 400 million senior secured notes, maturing in
\n
2031 with a fixed annual interest rate of 5.625%. These notes are listed on the Official List of the
\n
Euronext Dublin and traded on the Global Exchange Market (GEM), with interest paid semi-annually on
\n
15 May and 15 November. The proceeds were used to refinance the $450 million senior secured notes
\n
maturing on 30 April 2027 with a fixed annual interest rate of 6.5% and to provide additional
\n
operational liquidity. The security package remains the same as it was for the $450 million senior
\n
secured notes.
\n
In February 2025, the Group signed a 10-year, senior-secured term loan with Bank Leumi as the Facility
\n
Agent and Arranger for $750 million. The term loan proceeds were used to refinance the 2026
\n
Energean Israel Limited Notes ($625 million maturing in March 2026) and to provide additional liquidity
\n
for the Katlan development. The interest rate for the loan is floating. The term loan is secured on the
\n
assets of Energean Israel, pari passu with the Energean Israel Limited notes, non-recourse to Energean
\n
and has a bullet repayment in 2035.
\n
Energean Oil and Gas SA entered into a loan agreement on 27 December 2021 with Black Sea Trade
\n
and Development Bank for \u20ac90.5 million for the development of the Epsilon Oil Field, with an interest
\n
rate of EURIBOR plus margins, and another agreement with the Greek State for \u20ac9.5 million maturing
\n
in 8 years with a fixed rate plus margin.
\n
At 31 December 2025, the temporary suspension of production at Prinos affected the assessment of
\n
certain covenant conditions under the Black Sea Trade and Development Bank facility. As a result, and
\n
in accordance with IAS 1, the related borrowing has been presented as current at the reporting date.
\n
Subsequent to year end, production resumed and the facility continues in line with its contractual
\n
maturity to 2030.
\n
On 29 April 2025, the company signed a $ 125 million unsecured facility agreement with a third party.
\n
The interest rate applied is set at 3.95% plus SOFR rate. In 2025, the Company drew $125 million in full
\n
at an average interest rate of 8.24%. In March 2026 the loan was amended by the parties to extend its
\n
maturity to 15 March 2027, with an option exercisable at the Company\u2019s discretion to extend to 15
\n
September 2027. The amendment resulted in the loan being reclassified to non-current borrowings in
\n
2026.
\n
In October 2025 the Group entered into a new $70.0 million unsecured nine-year term loan facility with
\n
Bank Hapoalim to fund its share of construction costs in Nitzana project in Israel. It is subject to SOFR +
\n
3.9% interest charge. An initial drawdown of $33.3 million was made during the reporting period, with
\n
the remaining balance expected to be drawn as project payments progress.
\n
Finally, the Group signed a three-year $275 million Revolving Credit Facility (RCF) on 8 September
\n
2022, increased to $300 million in May 2023, led by ING Bank N.V. The RCF provides additional liquidity
\n
for corporate needs, including for issuing LCs for decommissioning in the UK, with an interest rate on
\n
loans of 5% plus SOFR on drawn amounts. In March 2025, the Group signed new documentation to
\n
extend $300 million Revolving Credit Facility by three years until September 2028. The loan extension
\n
was conditional upon certain precedents, all of which were satisfied in August 2025.
\n
Capital management
\n
The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
\n
provide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
\n
continue as a going concern.
The Group is not subject to any externally imposed capital requirements. To maintain or adjust the
\n
capital structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt,
\n
engage in active portfolio management, adjust the dividend payment to shareholders, or undertake
\n
other such restructuring activities as appropriate.
($\u2019000)
2025
2024 (Restated
124
)
Current borrowings
229,005
128,000
Non-current borrowings
3,355,741
3,141,904
Total borrowings
3,584,746
3,269,904
Less: Cash and cash equivalents
227,213
235,270
Restricted cash
102,744
85,377
Net Debt
3,254,789
2,949,257
Total equity
141,622
577,464
\n
124
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
Reconciliation of liabilities arising from financing activities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowing costs including
\u00a0 \u00a0
\u00a0 \u00a0
Cash
Cash
Reclass-
\u00a0
Lease
amortisation of
Foreign
\u00a0
($\u2019000)
1 January
inflows
outflows
ification
Additions
modification
arrangement fees
exchange impact
31 December
2025
3,425,761
1,500,039
(1,585,222)
(2,506)
16,767
(16,610)
244,619
42,859
3,625,707
Senior Secured Notes
3,040,010
462,840
(1,278,923)
10,082
-
-
194,299
7,162
2,435,470
Other long - term borrowings
101,894
783,199
(37,505)
(119,425)
-
-
28,933
32,608
789,704
Revolving credit line facility
128,000
129,000
(138,747)
2,706
-
-
9,608
-
130,567
Other current borrowings
-
125,000
(5,946)
103,361
-
-
6,590
-
229,005
Lease liabilities
57,942
-
(23,400)
770
16,767
(16,610)
2,403
3,089
40,961
Deferred consideration
97,915
-
(100,701)
-
-
-
2,786
-
-
2024
3,423,522
118,000
(362,891)
13,673
11,360
602
231,031
(9,536)
3,425,761
Senior Secured Notes
3,032,783
-
(207,842)
13,815
-
-
201,254
-
3,040,010
Long - term borrowings
108,414
-
(7,595)
(40)
-
-
7,842
(6,727)
101,894
Revolving credit line facility
80,000
118,000
(79,587)
(949)
-
-
10,536
-
128,000
Lease liabilities
65,096
-
(20,467)
847
11,360
602
3,313
(2,809)
57,942
Deferred licence payments
46,154
-
(47,400)
-
-
-
1,246
-
-
Deferred Consideration
91,075
-
-
-
\u00a0
-
6,840
-
97,915
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00322": { "value": "21
Borrowings
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
Non-current
\u00a0 \u00a0
Bank borrowings \u2013 after one year but
\u00a0 \u00a0
within five years
\u00a0 \u00a0
4.875% Senior Secured notes due 2026
\u00a0 \u00a0
($625 million)
\u00a0
622,102
6.5% Senior Secured notes due 2027
\u00a0 \u00a0
($450 million)
\u00a0
445,797
5.375% Senior Secured notes due 2028
\u00a0 \u00a0
($625 million)
621,144
619,602
Bank borrowings - more than five years
\u00a0 \u00a0
5.625% Senior Secured notes due 2031
\u00a0 \u00a0
(EUR 400 million)
459,663
-
5.875% Senior Secured notes due 2031
\u00a0 \u00a0
($625 million)
618,673
617,689
8.50% Senior Secured notes due 2033
\u00a0 \u00a0
($750 million)
735,990
734,820
Nitzana facility
31,848
\u00a0
Bank Leumi Loan
746,033
-
Revolving credit facility
130,567
-
Greek State Loan Notes
11,823
11,398
BSTDB Loan
-
90,496
Carrying
value
of
non-current
\u00a0\u00a0
borrowings
3,355,741
3,141,904
Current
\u00a0 \u00a0
Other borrowings
124,543
-
Revolving credit facility
-
128,000
BSTDB Loan
104,462
-
Carrying value of current borrowings
229,005
128,000
Carrying value of total borrowings
3,584,746
3,269,904
\n
The Group has provided security in respect of certain borrowings in the form of share pledges, as well
\n
as fixed and floating charges over certain assets of the Group.
\n
At 31 December 2025 the Group holds $2.0 billion in aggregate principal amount of senior secured
\n
notes, issued in three series as follows:
\n
\u2022
$625 million, issued on 24 March 2021, maturing on 30 March 2028, with a fixed annual interest
\n
rate of 5.375%.
\n
\u2022
$625 million, issued on 24 March 2021, maturing on 30 March 2031, with a fixed annual interest
\n
rate of 5.875%.
\n
\u2022
$750 million, issued on 11 July 2023, maturing on 30 September 2033, with a fixed annual interest
\n
rate of 8.5%.
\n
The interest on each series is paid semi-annually on 30 March and 30 September. The notes are listed
\n
for trading on the TACT Institutional of the Tel Aviv Stock Exchange Ltd (TASE), and the TASE-UP for
\n
the 2023 issuance.
\n
The Group has provided various collateral, including fixed charges over shares, leases, sales
\n
agreements, bank accounts, operating permits, insurance policies, exploration licenses, and the
\n
Energean Power FPSO. Floating charges cover present and future assets of relevant subsidiaries.
\n
Additionally, on 10 November 2025 the Group issued EUR 400 million senior secured notes, maturing in
\n
2031 with a fixed annual interest rate of 5.625%. These notes are listed on the Official List of the
\n
Euronext Dublin and traded on the Global Exchange Market (GEM), with interest paid semi-annually on
\n
15 May and 15 November. The proceeds were used to refinance the $450 million senior secured notes
\n
maturing on 30 April 2027 with a fixed annual interest rate of 6.5% and to provide additional
\n
operational liquidity. The security package remains the same as it was for the $450 million senior
\n
secured notes.
\n
In February 2025, the Group signed a 10-year, senior-secured term loan with Bank Leumi as the Facility
\n
Agent and Arranger for $750 million. The term loan proceeds were used to refinance the 2026
\n
Energean Israel Limited Notes ($625 million maturing in March 2026) and to provide additional liquidity
\n
for the Katlan development. The interest rate for the loan is floating. The term loan is secured on the
\n
assets of Energean Israel, pari passu with the Energean Israel Limited notes, non-recourse to Energean
\n
and has a bullet repayment in 2035.
\n
Energean Oil and Gas SA entered into a loan agreement on 27 December 2021 with Black Sea Trade
\n
and Development Bank for \u20ac90.5 million for the development of the Epsilon Oil Field, with an interest
\n
rate of EURIBOR plus margins, and another agreement with the Greek State for \u20ac9.5 million maturing
\n
in 8 years with a fixed rate plus margin.
\n
At 31 December 2025, the temporary suspension of production at Prinos affected the assessment of
\n
certain covenant conditions under the Black Sea Trade and Development Bank facility. As a result, and
\n
in accordance with IAS 1, the related borrowing has been presented as current at the reporting date.
\n
Subsequent to year end, production resumed and the facility continues in line with its contractual
\n
maturity to 2030.
\n
On 29 April 2025, the company signed a $ 125 million unsecured facility agreement with a third party.
\n
The interest rate applied is set at 3.95% plus SOFR rate. In 2025, the Company drew $125 million in full
\n
at an average interest rate of 8.24%. In March 2026 the loan was amended by the parties to extend its
\n
maturity to 15 March 2027, with an option exercisable at the Company\u2019s discretion to extend to 15
\n
September 2027. The amendment resulted in the loan being reclassified to non-current borrowings in
\n
2026.
\n
In October 2025 the Group entered into a new $70.0 million unsecured nine-year term loan facility with
\n
Bank Hapoalim to fund its share of construction costs in Nitzana project in Israel. It is subject to SOFR +
\n
3.9% interest charge. An initial drawdown of $33.3 million was made during the reporting period, with
\n
the remaining balance expected to be drawn as project payments progress.
\n
Finally, the Group signed a three-year $275 million Revolving Credit Facility (RCF) on 8 September
\n
2022, increased to $300 million in May 2023, led by ING Bank N.V. The RCF provides additional liquidity
\n
for corporate needs, including for issuing LCs for decommissioning in the UK, with an interest rate on
\n
loans of 5% plus SOFR on drawn amounts. In March 2025, the Group signed new documentation to
\n
extend $300 million Revolving Credit Facility by three years until September 2028. The loan extension
\n
was conditional upon certain precedents, all of which were satisfied in August 2025.
\n
Capital management
\n
The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
\n
provide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
\n
continue as a going concern.
\n
The Group is not subject to any externally imposed capital requirements. To maintain or adjust the
\n
capital structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt,
\n
engage in active portfolio management, adjust the dividend payment to shareholders, or undertake
\n
other such restructuring activities as appropriate.
($\u2019000)
2025
2024 (Restated
124
)
Current borrowings
229,005
128,000
Non-current borrowings
3,355,741
3,141,904
Total borrowings
3,584,746
3,269,904
Less: Cash and cash equivalents
227,213
235,270
Restricted cash
102,744
85,377
Net Debt
3,254,789
2,949,257
Total equity
141,622
577,464
\n
124
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
Reconciliation of liabilities arising from financing activities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowing costs including
\u00a0 \u00a0
\u00a0 \u00a0
Cash
Cash
Reclass-
\u00a0
Lease
amortisation of
Foreign
\u00a0
($\u2019000)
1 January
inflows
outflows
ification
Additions
modification
arrangement fees
exchange impact
31 December
2025
3,425,761
1,500,039
(1,585,222)
(2,506)
16,767
(16,610)
244,619
42,859
3,625,707
Senior Secured Notes
3,040,010
462,840
(1,278,923)
10,082
-
-
194,299
7,162
2,435,470
Other long - term borrowings
101,894
783,199
(37,505)
(119,425)
-
-
28,933
32,608
789,704
Revolving credit line facility
128,000
129,000
(138,747)
2,706
-
-
9,608
-
130,567
Other current borrowings
-
125,000
(5,946)
103,361
-
-
6,590
-
229,005
Lease liabilities
57,942
-
(23,400)
770
16,767
(16,610)
2,403
3,089
40,961
Deferred consideration
97,915
-
(100,701)
-
-
-
2,786
-
-
2024
3,423,522
118,000
(362,891)
13,673
11,360
602
231,031
(9,536)
3,425,761
Senior Secured Notes
3,032,783
-
(207,842)
13,815
-
-
201,254
-
3,040,010
Long - term borrowings
108,414
-
(7,595)
(40)
-
-
7,842
(6,727)
101,894
Revolving credit line facility
80,000
118,000
(79,587)
(949)
-
-
10,536
-
128,000
Lease liabilities
65,096
-
(20,467)
847
11,360
602
3,313
(2,809)
57,942
Deferred licence payments
46,154
-
(47,400)
-
-
-
1,246
-
-
Deferred Consideration
91,075
-
-
-
\u00a0
-
6,840
-
97,915
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00323": { "value": "Capital management
The Group defines capital as the total equity and net debt of the Group. Capital is managed in order to
\n
provide returns for shareholders and benefits to stakeholders and to safeguard the Group\u2019s ability to
\n
continue as a going concern.
\n
The Group is not subject to any externally imposed capital requirements. To maintain or adjust the
\n
capital structure, the Group may put in place new debt facilities, issue new shares for cash, repay debt,
\n
engage in active portfolio management, adjust the dividend payment to shareholders, or undertake
\n
other such restructuring activities as appropriate.
($\u2019000)
2025
2024 (Restated
124
)
Current borrowings
229,005
128,000
Non-current borrowings
3,355,741
3,141,904
Total borrowings
3,584,746
3,269,904
Less: Cash and cash equivalents
227,213
235,270
Restricted cash
102,744
85,377
Net Debt
3,254,789
2,949,257
Total equity
141,622
577,464
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00324": { "value": "22
Retirement benefit liability
\n
The Group operates defined benefit pension plans in Greece and Italy.
\n
Under Italian law, Energean Italy Spa is required to operate a Target Retirement Fund (\u201c
TFR
\u201d) for its
\n
local employees. This is technically a defined benefit scheme, though has no pension assets, with the
\n
liability measured by independent actuaries.
\n
In accordance with the provisions of Greek labour law, employees are entitled to compensation in case
\n
of dismissal or retirement. The amount of compensation varies depending on salary, years of service
\n
and the manner of termination (dismissal or retirement). Employees who resign are not entitled to
\n
compensation. The compensation payable in case of retirement is equal to 40% of the compensation
\n
which would be payable in case of unjustified dismissal.
\n
These plans are not funded and are defined benefit plans in accordance with IAS 19. The Group charges
\n
the accrued benefits in each period with a corresponding increase in the relative actuarial liability. The
\n
payments made to retirees in every period are charged against this liability. The liabilities of the Group
\n
arising from the obligation to pay termination indemnities are determined through actuarial studies,
\n
conducted by independent actuaries.
\n
22.1
Provision for retirement benefits
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
125
)
Defined benefit obligation
1,704
1,551
Provision for retirement benefits recognised
1,704
1,551
Allocated as:
\u00a0\u00a0
Non-current portion
1,704
1,551
\u00a0
1,704
1,551
\n
22.2
Defined benefit obligation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
126
)
At 1 January
1,551
1,595
Current service cost
140
109
Interest cost
47
51
Extra payments or expenses
44
19
Actuarial losses - from changes in financial assumptions
96
114
Benefits paid
(377)
(239)
Exchange differences
203
(98)
At 31 December
1,704
1,551
\n
22.3
Actuarial assumptions and risks
\n
The most recent actuarial valuation was carried out as of 31 December 2025 and it was based on the
\n
following key assumptions:
\n
125
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
126
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n \n
2025
2024
Greece:
Discount rate
3.60%
3.28%
Expected rate of salary increases
4.00%
3.54%
Average life expectancy over retirement age
19.5 years
21.3 years
Inflation rate
2.00%
2.00%
Italy:
Discount rate
2.79%
2.77%
Expected rate of salary increases
1.00%
1.00%
Average life expectancy over retirement age
23.7 years
20.1 years
Inflation rate
2.00%
2.00%
\n
Sensitivity analysis
\n
The sensitivity analysis below shows the impact on the defined benefit obligation of changing each
\n
assumption while not changing all other assumptions. This analysis may not be representative of the
\n
actual change in the defined benefit obligation as it is unlikely that the change in the assumptions would
\n
occur in isolation of one another as some of the assumptions may be correlated.
\n\n \n
2025
2024
Greece:
Percentage Effect on defined benefit obligation
Change + 0.5% in Discount rate
-3%
-3%
Change \u2013 0.5% in Discount rate
3%
3%
Change +0.5% in Expected rate of salary increases
3%
3%
Change -0.5% in Expected rate of salary increases
-3%
-3%
Italy:
Percentage Effect on defined benefit obligation
Change + 0.5% in Discount rate
-1%
-1%
Change \u2013 0.5% in Discount rate
1%
1%
\n\n \n
2025
2024
Greece:
Percentage Effect on current service cost
Change + 0.5% in Discount rate
-4%
-4%
Change \u2013 0.5% in Discount rate
4%
4%
Change +0.5% in Expected rate of salary increases
4%
4%
Change -0.5% in Expected rate of salary increases
-4%
-4%
The amounts presented reflect the impact from the percentage increase / (decrease) in the given
assumption by +/- 0.5% on the defined benefit obligation and current service cost, while holding all
other assumptions constant.
The plan exposes the Group to actuarial risks such as interest rate risk, longevity changes and
inflation risk.
Interest rate risk
The present value of the defined benefit liability is calculated using a discount rate determined by
reference to market yields of high-quality corporate bonds. The estimated term of the bonds is
consistent with the estimated term of the defined benefit obligation and it is denominated in Euro. A
decrease in market yield on high quality corporate bonds will increase the Group\u2019s defined benefit
liability.
Longevity of members
Any increase in the life expectancy of the members will increase the defined benefit liability.
Inflation risk
A significant proportion of the defined benefit liability is linked to inflation. An increase in the inflation
rate will increase the Group\u2019s defined benefit liability.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00325": { "value": "23
Provisions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
Provision for
\u00a0
\u00a0\u00a0
litigation and
\u00a0
($\u2019000)
Decommissioning
other claims
Total
At 1 January 2024
830,676
7,510
838,186
Change in estimates
25,903
489
26,392
Recognised in property, plant and
\u00a0\u00a0\u00a0
equipment
3,535
-
3,535
Recognised in profit or loss
22,368
489
22,857
Spend
(12,313)
-
(12,313)
Reclassification
(30,588)
-
(30,588)
Unwinding of discount
33,016
-
33,016
Currency translation adjustment
(36,035)
(362)
(36,397)
At 31 December 2024 (Restated
127
)
810,659
7,637
818,296
Current provisions
96,280
-
96,280
Non-current provisions
714,379
7,637
722,016
At 1 January 2025 (Restated
128
)
810,659
7,637
818,296
Additions
-
50,000
50,000
Change in estimates
(31,491)
(2,665)
(34,156)
Recognised in property, plant and
\u00a0\u00a0\u00a0
equipment
(27,624)
-
(27,624)
Recognised in profit or loss
(3,867)
(2,665)
(6,532)
\n
127
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
128
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n \n
Provision for
litigation and
($\u2019000)
Decommissioning
other claims
Total
Spend
(54,604)
-
(54,604)
Reclassification to payables
(7,120)
-
(7,120)
Unwinding of discount
35,231
-
35,231
Currency translation adjustment
82,291
950
83,241
At 31 December 2025
834,966
55,922
890,888
Current provisions
62,030
51,054
113,084
Non-current provisions
772,936
4,868
777,804
\n
Decommissioning provision
\n
The decommissioning provision represents the present value of decommissioning costs relating to oil
\n
and gas properties, which are expected to be incurred up to 2052 when the producing oil and gas
\n
properties are expected to cease operations. The future costs are based on a combination of estimates
\n
from an external study completed in previous years and internal estimates. These estimates are
\n
reviewed annually to take into account any material changes to the assumptions. However, actual
\n
decommissioning costs will ultimately depend upon future market prices for the necessary
\n
decommissioning works required that will reflect market conditions at the relevant time. Furthermore,
\n
the timing of decommissioning is likely to depend on when the fields cease to produce at economically
\n
viable rates. This, in turn, will depend upon future oil and gas prices and the impact of energy transition
\n
and the pace at which it progresses which are inherently uncertain.
\n
The decommissioning provision represents the present value of decommissioning costs relating to
\n
assets in Greece, UK, Italy, Croatia and Israel.
\n
No provision has been recognised for Egypt as there is no legal or constructive obligation as of 31
\n
December 2025.
\n
The principal assumptions used in determining decommissioning obligations for the Group are shown
\n
below:
\n\n \n
Cessation
Discount
of
Inflation
rate
production
Spend in
2025
2024
assumption
assumption
assumption
2025
($\u2019000)
($\u2019000)
Greece
2.04%-2.00%
3.70%
2045
-
16,021
12,966
Italy
1.66%-2.00%
3.90%
2052
23,046
540,394
496,984
UK
2.11%
4.28%
2033
31,558
166,332
193,972
Israel
2.19%-2.70%
4.78%
2044
-
89,999
85,357
Croatia
1.66%-2.00%
3.90%
2039
-
22,220
21,380
Total
54,604
834,966
810,659
\n
Litigation and other claims provisions
\n
Litigation and other claim provision relates to provision for amounts drawn under the letter of credit
\n
relating to the non-completion payment for the cancelled transaction (refer to note 25 for further
\n
detail) and litigation actions currently open in Egypt and Italy.
The latter relates to ongoing proceedings with the Termoli Port Authority in respect of the fees payable
\n
under the marine concession regarding FSO Alba Marina serving the Rospo Mare field in Italy.
\n
Energean Italy S.p.a. has appealed these cases to the Campobasso Court of Appeal. None of the other
\n
cases has yet had a decision on the substantive issue. The Group provided $3.8 million against an
\n
adverse outcome of these court cases.
\n
The remaining balance in other provisions pertains to a litigation with three municipalities in Italy over
\n
real estate municipality taxes (IMU/TASI).
\n
It is not currently possible to accurately predict the timing of the settlement of these claims and
\ntherefore the expected timing of the cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00326": { "value": "24
Trade and other payables
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
Trade and other payables, current
\u00a0 \u00a0
Financial items:
\u00a0 \u00a0
Trade accounts payable
244,846
255,495
Payables to partners under JOA
129
182,847
240,876
Other payables
130
66,044
84,971
Deferred consideration (note 27.1)
-
97,915
Short term lease liability
19,314
16,370
Deferred income
96,430
-
VAT payable
9,778
4,228
\u00a0
619,259
699,855
Non-financial items:
\u00a0 \u00a0
Accrued expenses
131
97,563
91,762
Other finance costs accrued
57,790
51,460
Social insurance and other taxes
5,450
4,729
\u00a0
160,803
147,951
\u00a0
780,062
847,806
Other non-current liabilities
\u00a0 \u00a0
Financial items:
\u00a0 \u00a0
Trade and other payables
14,987
80,020
Long term lease liability
21,647
41,572
\u00a0
36,634
121,592
\n
129
\n
Payables to partners under the JOA include both payables and working capital estimates provided by the operators. The
\n
decrease in 2024 is due to the payables to partners for JOAs in Italy and Egypt.
\n
130
\n
Other payables primarily consist of royalties accrued in Israel ($36.8 million as of 31 December 2025, $35.5 million as of 31
\n
December 2024) and in Italy ($27.9 million as of 31 December 2024, $30.3 million as of 31 December 2024).
\n
128
\n
Accrued expenses mainly relate to development expenditure incurred in Israel (Katlan) and Italy (Cassiopea).
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
Non-financial items:
\u00a0 \u00a0
Social insurance
75
792
\u00a0
75
792
\u00a0
36,709
122,384
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00327": { "value": "25
Discontinued operations
\n
On 19 June 2024, the Company entered into a binding sale and purchase agreement for the sale of its
\n
portfolio in Egypt, Italy and Croatia (together referred to as \u201c
Energean Capital Limited Group
\u201d, \u201c
ECL
\u201d
\n
or \u201c
ECL Group
\u201d), to an entity controlled by Carlyle International Energy Partners (the \u201cTransaction\u201d)
\n
(the \u201c
SPA
\u201d). The sale of ECL was expected to be completed within 12 months.
\n
At 31 December 2024, ECL Group was classified as a disposal group held for sale (\u201cHFS\u201d) and as a
\n
discontinued operation. The business of ECL Group comprised the entirety of the Group\u2019s Egypt
\n
operating segment until 20 June 2024. With ECL being classified as discontinued operations, the Egypt
\n
segment was no longer presented in the segment note. ECL operations in Italy and Croatia were
\n
previously included in the Group's Europe operating segment; as a result of the classification of ECL
\n
Group as a discontinued operation, they were no longer presented within this segment for the period
\n
ending 31 December 2024. Completion of the Transaction was conditional upon customary regulatory
\n
approvals in Italy and Egypt together with antitrust approvals in Italy, Egypt and Common Market for
\n
Eastern and Southern Africa, to be satisfied by a longstop date of 20 March 2025. As of the longstop
\n
date, certain regulatory approvals in Italy and Egypt were not obtained by Carlyle (or waived), in
\n
accordance with the terms of the SPA. Additionally, the Company was not able to reach agreement
\n
with Carlyle to extend the longstop date beyond 20 March 2025. Accordingly, on 21 March 2025, the
\n
Company terminated the SPA. Subsequently, on 25 April 2025, the Company drew the amount of $50
\n
million under the letter of credit for payment of the Non-Completion Payable pursuant to the terms of
\n
the SPA. The Company fully provided for it on receipt.
\n
Following the cessation of \u201cheld for sale\u201d classification, the measurement of ECL reverted to the basis
\n
that would have applied had the classification never occurred (being lower than the recoverable
\n
amount). This resulted in a catch-up depreciation charge of $65 million, recognised for the period from
\n
the original date of classification, together with the related deferred tax adjustment. To ensure
\n
consistency in presentation and measurement, the comparative financial information has been
\n
restated as if ECL had never met the criteria to be classified as held for sale. ECL results previously
\n
presented in discontinued operations are reclassified and included in income from continuing
\n
operations for all periods presented. The amounts for twelve months ended 31 December 2024 have
\n
been re-presented. The amounts presented for the assets and liabilities of disposal groups classified as
\n
held for sale in the comparative statement of financial position have been also restated accordingly.
\n
Each of the affected financial statement line items has been restated and the impact is summarised in
\n
the following table:
\n \n
31 December 2024
(As previously
31 December 2024
($'000)
reported)
Adjustments
(Restated)
ASSETS
Property, plant and equipment
3,378,752
1,136,607
4,515,359
Intangible assets
185,310
31,068
216,378
Equity-accounted investments
-
4
4
Deferred tax asset
128,368
125,697
254,065
Inventories
29,233
72,615
101,848
Trade and other receivables
132,454
289,793
422,247
Restricted cash
85,377
-
85,377
Cash and cash equivalents
182,251
53,019
235,270
Other receivables
32,973
479
33,452
Assets held for sale
1,769,906
(1,769,906)
-
Total assets
5,924,624
(60,624)
5,864,000
LIABILITIES
Borrowings
3,269,904
-
3,269,904
Retirement benefit liability
518
1,033
1,551
Provisions
292,295
526,001
818,296
Trade and other payables
425,124
545,065
970,189
Current tax Liability
81,034
3,813
84,847
Deferred tax liability
141,403
-
141,403
Derivative liability
345
-
345
Liabilities held for sale
1,075,912
(1,075,912)
-
Total liabilities
5,286,535
-
5,286,535
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Year ended 31
\u00a0 \u00a0
\u00a0
December 2024
\u00a0
Year ended 31
\u00a0
(As previously
\u00a0
December 2024
($'000)
reported)
Adjustments
(Restated)
Revenue
1,314,734
464,679
1,779,413
Cost of sales
(702,440)
(285,845)
(988,285)
Gross profit
612,294
178,834
791,128
Administrative expenses
(31,970)
(19,010)
(50,980)
Other operating income
-
354
354
Exploration
and
evaluation
(83,646)
73,506
(10,140)
expenses and new ventures
\u00a0 \u00a0 \u00a0
Exploration cost written off
-
(144,782)
(144,782)
Impairment of oil & gas assets
(95,448)
(159)
(95,607)
Change
in
decommissioning
3,201
(25,569)
(22,368)
provision
\u00a0 \u00a0 \u00a0
Expected credit loss
(4,928)
(2,553)
(7,481)
Other operating expenses
(5,088)
817
(4,271)
Operating profit
394,415
61,438
455,853
Finance Income
14,811
575
15,386
Finance costs
(239,123)
(32,405)
(271,528)
Net loss on derivatives
(392)
-
(392)
Net foreign exchange losses
(1,446)
14,085
12,639
Profit before taxation
168,265
43,693
211,958
Taxation
(52,342)
(32,169)
(84,511)
Profit
for
the
period
from
115,923
11,524
127,447
continuing operations
\u00a0 \u00a0 \u00a0
Discontinued operations
\u00a0 \u00a0 \u00a0
Profit
for
the
period
from
72,148
(72,148)
-
discontinued operations
\u00a0 \u00a0 \u00a0
Profit for the period
188,071
(60,624)
127,447
\n
There was no impact on reported cashflow financial results. The cessation of \u201cheld for sale\u201d
\n
classification resulted in an adjustment between the lines within Operating activities of the Cashflow
\n
statement, between profit before tax and depreciation adjustment to reconcile profit before taxation
\nto net cash provided by operating activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00328": { "value": "26
Employee share schemes
\n
Analysis of share-based payment charge
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024 (Restated
132
)
Energean Deferred Share Bonus Plan (DSBP)
1,878
2,232
Energean Long Term Incentive Plan (LTIP)
5,476
6,847
Total share-based payment charge
7,354
9,079
Expensed as administration and other expenses (note 8)
7,354
9,079
Total share-based payment charge
7,354
9,079
\n
Energean Long Term Incentive Plan (LTIP)
\n
Under the Energean plc's 2018 LTIP rules, senior executives may be granted conditional awards of
\n
shares or nil cost options.
Nil cost options are normally exercisable from three to ten years following
\n
grant provided an individual remains in employment. Awards are subject to performance conditions
\n
(including Total Shareholder Return (TSR) normally measured over a period of three years. Vesting of
\n
awards or exercise of nil cost options is generally subject to an individual remaining in employment
\n
except in certain circumstances such as good leaver and change of control.
Awards may be subject to
\n
a holding period following vesting.
No dividends are paid over the vesting period; however, Energean's
\n
Board may decide at any time prior to the issue or transfer of the shares in respect of which an award
\n
is released that the participant will receive an amount (in cash and/or additional Shares) equal in value
\n
to any dividends that would have been paid on those shares on such terms and over such period (ending
\n
no later than the Release Date) as the Board may determine. This amount may assume the
\n
reinvestment of dividends (on such basis as the Board may determine) and may exclude or include
\n
special dividends.
\n
The weighted average remaining contractual life for LTIP awards outstanding at 31 December 2025
\n
was 1.1 year, number of shares outstanding 2,115,079 and weighted average price at grant date \u00a39.98
\n
(or $13.43).
\n
There are further details of the LTIP in the Remuneration Report on pages 125-142.
\n
Deferred Share Bonus Plan (DSBP)
\n
Under the DSBP, a portion of any annual bonus of a Senior Executive nominated by the Remuneration
\n
Committee may be deferred into shares.
\n
Deferred awards are usually granted in the form of conditional share awards or nil-cost options (or,
\n
exceptionally, as cash-settled equivalents). Deferred awards usually vest two years after award
\n
although may vest early on leaving employment or on a change of control.
\n
The weighted average remaining contractual life for DSBP awards outstanding at 31 December 2025
\nwas 0.7 year, number of shares outstanding 284,686 and weighted price at grant date \u00a39.43 ($12.69).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00329": { "value": "27
Financial instruments
\n
The Group is exposed to a variety of risks including commodity price risk, interest rate risk, credit risk,
\n
foreign currency risk and liquidity risk. The use of derivative financial instruments is governed by the
\n
Group\u2019s policies approved by the Board of Directors. Compliance with policies and exposure limits are
\n
monitored and reviewed internally on a regular basis. The Group does not enter into or trade financial
\n
instruments, including derivatives, for speculative purposes.
\n
27.1
Fair values of financial assets and liabilities
\n
The section below outlines the methodology the Group employs to come up with the fair values of
\n
various financial assets and liabilities.
\n
Deferred consideration
\n
The share purchase agreement dated 4 July 2019 between Energean and Edison Spa provides for a
\n
contingent consideration of up to $100 million. The amount of the Cassiopea contingent payment varies
\n
between nil and $100 million, depending on future gas prices in Italy at the point at which first gas
\n
production is delivered from the field. The consideration was contingent on the basis of future gas
\n
prices (PSV) recorded at the time of the first gas, which was achieved on 19 August 2024. No payment
\n
was to be due if the arithmetic average of the year one (i.e., the first year after first gas production)
\n
and year two (i.e., the second year after first gas production) Italian PSV Natural Gas Futures prices
\n
was less than \u20ac10/MWh when first gas production was delivered from the field. $100 million was
\n
payable if that average price exceeded \u20ac20/MWh, with a range of outcomes between $0 million and
\n
$100 million if the average price was between \u20ac10/MWh and \u20ac20/MWh.
\n
According to the SPA, the Group\u2019s payment obligation is due 90 days after the later of the first day of
\n
the month following the first month in which production from the Cassiopea field has continued on a
\n
regular basis for at least 25 days or the date upon which formal notice of production from Cassiopea
\n
has been accepted by the relevant competent authority in Italy (or failing which once production has
\n
continued on a regular basis for 90 days).
\n
The first gas production commenced in August 2024, with four wells fully operational by the end of
\n
December 2024. This operational milestone led to a recognition of $97.9 million deferred consideration
\n
as of 31 December 2024. In 2024 the fair value of the consideration payable was estimated by
\n
reference to the terms of the SPA and discounted at a cost of debt. The fair value of the consideration
\n
payable was recognised at level 3 in the fair value hierarchy.
\n
The continued production on a regular basis was established in March 2025 resulting in the
\n
consideration of $100 million becoming payable on 3 June 2025. It was subsequently settled by the
\n
Group on 1 July 2025.
\n
Fair values of other financial instruments
\n
The following financial instruments are measured at amortised cost and are considered to have fair
\n
values different to their book values:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Carrying
\u00a0
Carrying
\u00a0
\u00a0
value at 31
\u00a0
value at 31
\u00a0
($\u2019000)
December
Fair value
December
Fair value
Senior Secured notes (note 21)
2,435,470
2,494,757
3,040,010
2,934,170
\n
The fair value of the bond is within level 1 of the fair value hierarchy and has been estimated by
\n
discounting future cash flows by the relevant market yield curve at the balance sheet date.
The fair values of other financial instruments not measured at fair value including cash and short-term
\n
deposits, trade receivables and trade and other payables equate approximately to their carrying
\n
amounts.
\n
27.2
Hedging activities
\n
The Group is exposed to certain risks relating to its ongoing business operations. To manage foreign
\n
currency and commodity price risks the Group use derivative and non-derivative instruments.
\n
The Group\u2019s risk management strategy and how it is applied to manage risk are explained in this note
\n
below.
\n
1
Derivatives designated as hedging instruments: cashflow hedges
\n
Commodity price risk
\n
All gas sales contracts in Italy are linked to the PSV price index and therefore the associated revenue
\n
proceeds are subject to PSV price fluctuations. The increased volatility in PSV price over the past 12
\n
months has led to the decision to enter into commodity forward contracts with the bank in the UK. In
\n
April and May 2025, the Group entered in a series of put and call options to hedge about 30% of
\n
anticipated gas production in Italy for the following 12 months (until May 2026). Hedging the price
\n
volatility of forecast gas sales is in accordance with the risk management strategy outlined by the Board
\n
of Directors.
\n
There is an economic relationship between the hedged items and the hedging instruments as the terms
\n
of the foreign exchange and commodity forward contracts match the terms of the expected highly
\n
probable forecast transactions (i.e., notional amount and expected payment date, based on the nature
\n
of the underlying host instruments). The Group has established a hedge ratio of 1:1 for the hedging
\n
relationships as the underlying risk of the foreign exchange and commodity forward contracts are
\n
identical to the hedged risk components.
\n
Foreign exchange risk
\n
Foreign currency forward contracts are designated as hedging instruments in cash flow hedges of
\n
forecast transactions in currencies other than $. Thus, in January 2025 the Group entered into the
\n
forward contracts with the bank in Israel to manage the foreign currency risk related to EUR, NOK and
\n
GBP payments to suppliers under the Katlan EPCI contract. The forward contracts are subject to
\n
different maturity dates and are designed to match the payments for completion of Katlan Subsea
\n
development milestones under the host contract. Multi-currency instruments are effective from April
\n
2025 to August 2027.
\n
Looking to protect its exposure to EUR/USD fluctuations associated with the deferred consideration
\n
payment (refer to note 27.1) the Group also entered into the EUR put and call options with the bank in
\n
the UK.
The contracts were to expire by 30 June 2025 and the hedged exposure matched the payable
\n
amount.
\n
The Group considered foreign exchange and commodity price collars not meeting the definition of net
\n
written options and therefore those were designated as joint hedging instruments.
\n \n
Less
than 1
1 to 3
3 to 6
6 to 9
9 to 12
13 to 24
3 to 5
month
months
months
months
months
months
years
Foreign exchange forward contracts highly probable forecast purchases:
Notional
amount
(in
8,783
35,008
42,224
85,657
79,989
47,468
-
$'000)
Average forward rate
1.0638
1.0686
1.0716
1.0766
1.0825
1.0873
-
(USD/EUR)
Average forward rate
1.2368
1.2455
1.2368
1.2368
1.2368
1.2368
-
(USD/GBP)
Commodity forward contracts:
Notional
amount
(in
11,280
22,560
3,854
-
-
-
-
$'000
)
133
Notional
amount
(in
240,000
480,000
80,000
-
-
-
-
MWh)
\n
The impact of hedging instruments on the consolidated statement of financial position on the reporting
\n
date is, as follows:
\n\n \n
Line item in
Change in fair
the
value used for
statement of
measuring
Notional
Carrying
financial
ineffectiveness
($'000)
amount
amount
position
for the period
Foreign
exchange
forward
47,468
3,931
Derivative
-
contracts
asset. Non-
Current
Foreign
exchange
forward
251,661
21,705
Derivative
-
contracts
asset.
Current
Commodity forward contracts
37,694
685
Derivative
-
asset.
Current
\n
The impact of hedged items on the statement of financial position is, as follows:
\n\n \n
Change in fair value used for measuring
Cash flow
($\u2019000)
ineffectiveness for the period
hedge reserve
Highly probable forecast purchases
-
19,740
Highly probable forecast gas sales
-
501
\n
The effect of the cash flow hedge in the consolidated statement of profit or loss and other
\n
comprehensive income is, as follows:
\n
133
\n
Estimated based on the exchange rate between EUR and USD at the reporting date.
\n \n
Total
Line item in
Amount
Line item in
hedging
the
reclassified
the
gain/(loss)
Ineffectiveness
statement
from OCI
statement
recognised
recognised in
of profit or
to profit or
of profit or
($\u2019000)
in OCI
profit or (loss)
(loss)
(loss)
(loss)
Highly probable
36,219
-
Cash Flow
-
forecast purchases
Hedge
(OCI)
Highly probable
830
-
Cash Flow
(233)
Net loss on
forecast purchases
Hedge
derivative
(OCI)
(PL)
Highly probable
659
-
Cash Flow
-
forecast gas sales
Hedge
(OCI)
Highly probable
(3,117)
-
Cash Flow
3,117
Net loss on
forecast deferred
Hedge
derivative
consideration
(OCI)
(PL)
payment
\n
2
Hedge of net investment in foreign operations
\n
Included in interest-bearing loans at 31 December 2025 was a borrowing of EUR 400 million which has
\n
been designated as a hedge of the net investment in the subsidiary in Italy, Energean Italy S.p.a. on 10
\n
November 2025 (the date of the senior secured notes issuance, refer to Note 21 for further details). This
\n
borrowing is being used to hedge the Group\u2019s exposure to the EUR foreign exchange risk on this
\n
investment. Gains or losses on the retranslation of this borrowing are transferred to OCI to offset any
\n
gains or losses on translation of the net investment in the subsidiary.
\n
There is an economic relationship between the hedged item and the hedging instrument as the net
\n
investment creates a translation risk that will match the foreign exchange risk on the EUR borrowing.
\n
The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is
\n
identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the
\n
investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing.
\n
The impact of the hedging instrument on the consolidated statement of financial position as at 31
\n
December 2025 is, as follows:
\n\n \n
Change in fair
value used for
measuring
Notional
Carrying
Line item in the statement
ineffectiveness
($\u2019000)
amount
amount
of financial position
for the period
EUR
denominated
462,840
470,002
Borrowings, Non-current
-
borrowing
liabilities
\n
The impact of the hedged item on the consolidated statement of financial position is, as follows:
\n\n \n
Foreign
currency
Hedged Item
Change in fair value used for measuring
translation
($\u2019000)
ineffectiveness for the period
reserve
Net investment in subsidiary
-
(7,162)
The hedging loss recognised in OCI before tax is equal to the change in fair value used for measuring
\n
effectiveness. There is no ineffectiveness recognised in profit or loss.
\n
Set out below is the reconciliation of each component of equity and the analysis of other comprehensive
\n
income:
Cashflow hedge
Foreign currency
($\u2019000)
reserve
translation reserve
As at 1 January 2025
(266)
(23,547)
Effective portion of changes in fair value arising from:
Commodity forward contracts \u2013 forecast gas sales
659
-
Foreign
exchange
forward
contracts
\u2013
forecast
37,049
-
purchases
Foreign
exchange
forward
contract
\u2013
forecast
(3,117)
-
deferred consideration payment
Amount reclassified to profit or loss
2,884
-
Basis adjustment to property, plant and equipment
(10,833)
-
Foreign currency revaluation of the EUR corporate bond
-
(7,162)
Foreign currency revaluation of the Group\u2019s foreign
21,937
operations
Tax effect
(6,135)
-
As at 31 December 2025
20,241
(8,772)
\n
27.3
Financial instruments risk management objectives and policies
\n
Commodity price risk
\n
Commodity price risk is the risk that the fair value or future cashflows of a financial instrument will
\n
fluctuate because of changes in commodity prices of crude oil, natural gas and liquids. The Group\u2019s
\n
exposure is limited due to a \u201cnatural hedge\u201d by virtue of fixed -price contracts in Israel. The Group
\n
considers hedging activities as part of the ongoing financial risk management to protect against
\n
commodity price volatility.
\n
Refer to the Note 27.2 for further details on derivative financial instruments \u2013 forward contracts \u2013
\n
designated in cash flow hedge relationships.
\n
Interest rate risk
\n
Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate
\n
because of changes in market interest rates.
\n
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable
\n
borrowings.
The Group\u2019s policy is to minimise interest rate cash flow risk exposures on long-term
\n
financing. Longerterm borrowings are therefore usually at fixed rate.
\n
The Group\u2019s exposure to the interest rate risk relates primarily to the Group\u2019s financing with floating
\n
interest rates: 10 - year senior-secured term loan with Bank Leumi, Greek borrowings and the Revolving
\n
Credit Facility (RCF). All other borrowings are at fixed interest rates (refer to Note 21 for details).
\n
Additionally, the exposure to interest rates for the Group\u2019s money market funds is considered
\n
immaterial.
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on
\n
that portion of borrowings affected. With all other variables held constant, the Group\u2019s finance costs
\n
are affected through the impact on floating rate borrowings, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
Impact on finance costs
\u00a0 \u00a0
Interest rates increase +0.5%
2,911
485
Interest rates decrease -0.5%
(3,644)
(485)
\n
Credit risk
\n
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the
\n
amount of future cash inflows from financial assets on hand at the reporting date. The Group has
\n
policies in place to ensure that all of its transactions giving rise to credit risk are made with parties
\n
having an appropriate credit history and monitors on a continuous basis the ageing profile of its
\n
receivables.
\n
Also, the Group has policies to limit the amount of credit exposure to any banking institution,
\n
considering among other factors the credit ratings of the banks with which deposits are held. Credit
\n
quality information in relation to those banks is provided below.
\n
With regard to the risk of potential losses caused by the failure of any of the counterparties the
\n
Company interacts with to honour the commitments they have undertaken, the Group has implemented
\n
for some time procedures and tools to evaluate and select counterparties based on their credit rating,
\n
constantly monitoring its exposure to the various counterparties and implementing appropriate
\n
mitigating actions, primarily aimed at recovering or transferring receivables.
\n
Presented below is a breakdown of trade receivables by past due bracket:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
)
134
Trade receivables and receivables from partners under JOA
373,234
352,914
Allowance for impairment
(6,304)
(11,285)
Total
366,930
341,629
\n
134
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
The Group\u2019s credit risk is concentrated as approximately 58% of trade receivables and almost all of the
\n
expected credit loss provision (\u201c
ECL
\u201d) recognised on 31 December 2025 mainly relate to EGPC, the
\n
Egyptian governmental body that are significantly aged, as follows:
\n\n \n
31 December 2025
31 December 2024
Allowance
Allowance
Trade
for
Trade
for
($\u2019000)
receivables
impairment
receivables
impairment
Not yet due
43,383
(525)
59,720
(3,050)
Past due by less than one month
12,305
(352)
8,971
(458)
Past due by one to three months
51,552
(1,475)
49,663
(2,537)
Past due by three to six months
35,214
(1,008)
30,279
(1,546)
Past due by more than six months
72,101
(2,064)
57,046
(2,914)
Total
214,555
(5,424)
205,679
(10,505)
\n
Apart from this concentration, the Group does not have significant credit risk exposure to any other
\n
single customer or geographical region, as provided below.
\n
Trade Receivables by geography
\n\n \n
($\u2019000)
2025
2024
United Kingdom
7,745
4,012
Italy
29,764
35,048
Egypt
214,555
205,678
Greece
164
91
Israel
121,006
108,085
Total
373,234
352,914
\n
Credit quality of bank deposits
\n
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
\n
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group
\n
keeps its deposits is as follows:
\n\n \n
($\u2019000)
2025
2024
Aa2
1,367
109
Aa3
2,809
-
A1
61,381
35,247
A2
21
24
Baa1
250,029
265,295
Baa2
-
12,636
Ba1
-
47
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
B3
160
1,612
Caa1
14,178
5,660
Not applicable
135
12
17
\u00a0
329,957
320,647
\n
The Group has assessed the recoverability of all cash balances and considers they are carried within
\n
the consolidated statement of financial position at amounts not materially different to their fair value.
\n
Foreign exchange risk
\n
The Group is exposed to foreign exchange risk as it undertakes operations in multiple currencies. The
\n
key sources of exposure arise from: (i) certain subsidiaries with functional currencies other than $
\n
having loan agreements denominated in $ and (ii) crude oil sales additionally denominated in $. In
\n
addition, a portion of the Group\u2019s procurement and construction contracts are denominated in foreign
\n
currencies other than $, creating further transactional exposure. In 2025 the Group issued EUR-
\n
denominated senior secured notes which increased its exposure to EUR/$ exchange rate movements.
\n
The foreign exchange risk exposure has been managed using derivative and non-derivative financial
\n
instruments as discussed in the Note 27.2.
\n
The Group\u2019s residual exposure to foreign currency risk at each reporting date is presented in the table
\n
below. The amounts shown are the $ equivalent of the foreign currency amounts.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Liabilities
Assets
($\u2019000)
2025
2024
2025
2024
United Kingdom Pounds (\u00a3)
172,433
130,199
50,628
151,914
EUR
1,703,721
892,469
1,110,140
796,430
CAD
13
17
-
-
NOK
4,190
21
1,910
-
ILS
315,422
4,324
38,673
31,058
SGD
(1)
-
37
-
MAD
-
358
-
47
EGP
3,219
231
13,119
7,765
Total
2,198,997
1,027,619
1,214,507
987,214
\n
135
\n
Refers to petty cash and cash in transit.
The following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking into consideration for the periods presented foreign
\n
exchange variation by +/- 10% with all other variables held constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
USD
GBP
EUR
ILS
NOK
SGD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
(4,740)
5,852
(79)
(742)
(12,315)
14,697
(27,675) 25,159
(231)
210
4
(3)
(907)
1,108
Effect on pre-tax equity
(4,740)
5,852
(79)
(742)
(12,315)
14,697
(27,675) 25,159
(231)
210
4
(3)
(907)
1,108
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
USD
GBP
EUR
ILS
NOK
SGD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
Effect on pre-tax equity
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
\n
The above calculations assume that interest rates remain the same as at the reporting date.
Annual report 2025 |
\n
Liquidity risk
\n
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with
\n
financial liabilities that are settled by delivering cash or another financial asset.
\n
The Group monitors its risk to a shortage of funds by monitoring its debt rating and the maturity dates
\n
of existing borrowings and other payables. As at 31 December 2025, the Group had available $38
\n
million of undrawn committed borrowing facilities (refer to Note 2.1 for further details).
Approximately
\n
10% of the Group\u2019s debt will mature in less than one year at 31 December 2025 based on the carrying
\n
value of borrowings reflected on the consolidated statement of financial position. The Group assessed
\n
the concentration of risk with respect to refinancing its debt and concluded it to be low. The Group has
\n
access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled
\n
over with existing lenders.
\n
The Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management
\n
prepares budgets and regular cash flow forecasts and takes appropriate actions to ensure available
\n
cash deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
\n
The table below summarises the maturity profile of the Group financial liabilities based on contractual
\n
undiscounted payments. It includes both interest and principal cash flows:
31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
Carrying
Contractual
3 months
3-12
\u00a0 \u00a0
More than
($\u2019000)
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
Borrowings
3,584,746
5,186,892
309,937
180,573
226,480
1,828,273
2,641,629
Lease
40,961
44,636
6,314
15,434
10,820
8,887
3,181
liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade
and
614,932
618,263
337,001
109,240
157,035
14,987
-
other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
payables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
4,240,639
5,849,791
653,252
305,247
394,335
1,852,147
2,644,810
31
December
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(Restated
)
136
Carrying
Contractual
3 months
3-12
\u00a0\u00a0
More than
($\u2019000)
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
Borrowings
3,269,904
4,425,709
210,344
118,076
944,034
1,389,340
1,763,915
Lease liabilities
57,942
65,121
4,609
13,550
15,707
16,592
14,663
Deferred
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
consideration
97,915
100,000
-
100,000
-
-
-
Trade
and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
other payables
665,590
683,259
467,751
127,452
69,794
18,262
-
Total
4,091,351
5,274,089
682,704
359,078
1,029,535
1,424,194
1,778,578
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00330": { "value": "27.1
Fair values of financial assets and liabilities
\n
The section below outlines the methodology the Group employs to come up with the fair values of
\n
various financial assets and liabilities.
\n
Deferred consideration
\n
The share purchase agreement dated 4 July 2019 between Energean and Edison Spa provides for a
\n
contingent consideration of up to $100 million. The amount of the Cassiopea contingent payment varies
\n
between nil and $100 million, depending on future gas prices in Italy at the point at which first gas
\n
production is delivered from the field. The consideration was contingent on the basis of future gas
\n
prices (PSV) recorded at the time of the first gas, which was achieved on 19 August 2024. No payment
\n
was to be due if the arithmetic average of the year one (i.e., the first year after first gas production)
\n
and year two (i.e., the second year after first gas production) Italian PSV Natural Gas Futures prices
\n
was less than \u20ac10/MWh when first gas production was delivered from the field. $100 million was
\n
payable if that average price exceeded \u20ac20/MWh, with a range of outcomes between $0 million and
\n
$100 million if the average price was between \u20ac10/MWh and \u20ac20/MWh.
\n
According to the SPA, the Group\u2019s payment obligation is due 90 days after the later of the first day of
\n
the month following the first month in which production from the Cassiopea field has continued on a
\n
regular basis for at least 25 days or the date upon which formal notice of production from Cassiopea
\n
has been accepted by the relevant competent authority in Italy (or failing which once production has
\n
continued on a regular basis for 90 days).
\n
The first gas production commenced in August 2024, with four wells fully operational by the end of
\n
December 2024. This operational milestone led to a recognition of $97.9 million deferred consideration
\n
as of 31 December 2024. In 2024 the fair value of the consideration payable was estimated by
\n
reference to the terms of the SPA and discounted at a cost of debt. The fair value of the consideration
\n
payable was recognised at level 3 in the fair value hierarchy.
\n
The continued production on a regular basis was established in March 2025 resulting in the
\n
consideration of $100 million becoming payable on 3 June 2025. It was subsequently settled by the
\n
Group on 1 July 2025.
\n
Fair values of other financial instruments
\n
The following financial instruments are measured at amortised cost and are considered to have fair
\n
values different to their book values:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Carrying
\u00a0
Carrying
\u00a0
\u00a0
value at 31
\u00a0
value at 31
\u00a0
($\u2019000)
December
Fair value
December
Fair value
Senior Secured notes (note 21)
2,435,470
2,494,757
3,040,010
2,934,170
\n
The fair value of the bond is within level 1 of the fair value hierarchy and has been estimated by
\n
discounting future cash flows by the relevant market yield curve at the balance sheet date.
\n
The fair values of other financial instruments not measured at fair value including cash and short-term
\n
deposits, trade receivables and trade and other payables equate approximately to their carrying
\namounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00331": { "value": "27.2
Hedging activities
\n
The Group is exposed to certain risks relating to its ongoing business operations. To manage foreign
\n
currency and commodity price risks the Group use derivative and non-derivative instruments.
\n
The Group\u2019s risk management strategy and how it is applied to manage risk are explained in this note
\n
below.
\n
1
Derivatives designated as hedging instruments: cashflow hedges
\n
Commodity price risk
\n
All gas sales contracts in Italy are linked to the PSV price index and therefore the associated revenue
\n
proceeds are subject to PSV price fluctuations. The increased volatility in PSV price over the past 12
\n
months has led to the decision to enter into commodity forward contracts with the bank in the UK. In
\n
April and May 2025, the Group entered in a series of put and call options to hedge about 30% of
\n
anticipated gas production in Italy for the following 12 months (until May 2026). Hedging the price
\n
volatility of forecast gas sales is in accordance with the risk management strategy outlined by the Board
\n
of Directors.
\n
There is an economic relationship between the hedged items and the hedging instruments as the terms
\n
of the foreign exchange and commodity forward contracts match the terms of the expected highly
\n
probable forecast transactions (i.e., notional amount and expected payment date, based on the nature
\n
of the underlying host instruments). The Group has established a hedge ratio of 1:1 for the hedging
\n
relationships as the underlying risk of the foreign exchange and commodity forward contracts are
\n
identical to the hedged risk components.
\n
Foreign exchange risk
\n
Foreign currency forward contracts are designated as hedging instruments in cash flow hedges of
\n
forecast transactions in currencies other than $. Thus, in January 2025 the Group entered into the
\n
forward contracts with the bank in Israel to manage the foreign currency risk related to EUR, NOK and
\n
GBP payments to suppliers under the Katlan EPCI contract. The forward contracts are subject to
\n
different maturity dates and are designed to match the payments for completion of Katlan Subsea
\n
development milestones under the host contract. Multi-currency instruments are effective from April
\n
2025 to August 2027.
\n
Looking to protect its exposure to EUR/USD fluctuations associated with the deferred consideration
\n
payment (refer to note 27.1) the Group also entered into the EUR put and call options with the bank in
\n
the UK.
The contracts were to expire by 30 June 2025 and the hedged exposure matched the payable
\n
amount.
\n
The Group considered foreign exchange and commodity price collars not meeting the definition of net
\n
written options and therefore those were designated as joint hedging instruments.
\n\n \n
Less
than 1
1 to 3
3 to 6
6 to 9
9 to 12
13 to 24
3 to 5
month
months
months
months
months
months
years
Foreign exchange forward contracts highly probable forecast purchases:
Notional
amount
(in
8,783
35,008
42,224
85,657
79,989
47,468
-
$'000)
Average forward rate
1.0638
1.0686
1.0716
1.0766
1.0825
1.0873
-
(USD/EUR)
Average forward rate
1.2368
1.2455
1.2368
1.2368
1.2368
1.2368
-
(USD/GBP)
Commodity forward contracts:
Notional
amount
(in
11,280
22,560
3,854
-
-
-
-
$'000
)
133
Notional
amount
(in
240,000
480,000
80,000
-
-
-
-
MWh)
\n
The impact of hedging instruments on the consolidated statement of financial position on the reporting
\n
date is, as follows:
\n\n \n
Line item in
Change in fair
the
value used for
statement of
measuring
Notional
Carrying
financial
ineffectiveness
($'000)
amount
amount
position
for the period
Foreign
exchange
forward
47,468
3,931
Derivative
-
contracts
asset. Non-
Current
Foreign
exchange
forward
251,661
21,705
Derivative
-
contracts
asset.
Current
Commodity forward contracts
37,694
685
Derivative
-
asset.
Current
\n
The impact of hedged items on the statement of financial position is, as follows:
\n\n \n
Change in fair value used for measuring
Cash flow
($\u2019000)
ineffectiveness for the period
hedge reserve
Highly probable forecast purchases
-
19,740
Highly probable forecast gas sales
-
501
\n
The effect of the cash flow hedge in the consolidated statement of profit or loss and other
\n
comprehensive income is, as follows:
\n
133
\n
Estimated based on the exchange rate between EUR and USD at the reporting date.
\n\n \n
Total
Line item in
Amount
Line item in
hedging
the
reclassified
the
gain/(loss)
Ineffectiveness
statement
from OCI
statement
recognised
recognised in
of profit or
to profit or
of profit or
($\u2019000)
in OCI
profit or (loss)
(loss)
(loss)
(loss)
Highly probable
36,219
-
Cash Flow
-
forecast purchases
Hedge
(OCI)
Highly probable
830
-
Cash Flow
(233)
Net loss on
forecast purchases
Hedge
derivative
(OCI)
(PL)
Highly probable
659
-
Cash Flow
-
forecast gas sales
Hedge
(OCI)
Highly probable
(3,117)
-
Cash Flow
3,117
Net loss on
forecast deferred
Hedge
derivative
consideration
(OCI)
(PL)
payment
\n
2
Hedge of net investment in foreign operations
\n
Included in interest-bearing loans at 31 December 2025 was a borrowing of EUR 400 million which has
\n
been designated as a hedge of the net investment in the subsidiary in Italy, Energean Italy S.p.a. on 10
\n
November 2025 (the date of the senior secured notes issuance, refer to Note 21 for further details). This
\n
borrowing is being used to hedge the Group\u2019s exposure to the EUR foreign exchange risk on this
\n
investment. Gains or losses on the retranslation of this borrowing are transferred to OCI to offset any
\n
gains or losses on translation of the net investment in the subsidiary.
\n
There is an economic relationship between the hedged item and the hedging instrument as the net
\n
investment creates a translation risk that will match the foreign exchange risk on the EUR borrowing.
\n
The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is
\n
identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the
\n
investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing.
\n
The impact of the hedging instrument on the consolidated statement of financial position as at 31
\n
December 2025 is, as follows:
\n\n \n
Change in fair
value used for
measuring
Notional
Carrying
Line item in the statement
ineffectiveness
($\u2019000)
amount
amount
of financial position
for the period
EUR
denominated
462,840
470,002
Borrowings, Non-current
-
borrowing
liabilities
\n
The impact of the hedged item on the consolidated statement of financial position is, as follows:
\n\n \n
Foreign
currency
Hedged Item
Change in fair value used for measuring
translation
($\u2019000)
ineffectiveness for the period
reserve
Net investment in subsidiary
-
(7,162)
\n
The hedging loss recognised in OCI before tax is equal to the change in fair value used for measuring
\n
effectiveness. There is no ineffectiveness recognised in profit or loss.
\n
Set out below is the reconciliation of each component of equity and the analysis of other comprehensive
\n
income:
Cashflow hedge
Foreign currency
($\u2019000)
reserve
translation reserve
As at 1 January 2025
(266)
(23,547)
Effective portion of changes in fair value arising from:
Commodity forward contracts \u2013 forecast gas sales
659
-
Foreign
exchange
forward
contracts
\u2013
forecast
37,049
-
purchases
Foreign
exchange
forward
contract
\u2013
forecast
(3,117)
-
deferred consideration payment
Amount reclassified to profit or loss
2,884
-
Basis adjustment to property, plant and equipment
(10,833)
-
Foreign currency revaluation of the EUR corporate bond
-
(7,162)
Foreign currency revaluation of the Group\u2019s foreign
21,937
operations
Tax effect
(6,135)
-
As at 31 December 2025
20,241
(8,772)
", "dimensions": { "concept": "enog:DisclosureOfHedgingActivitiesTextBlock", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00332": { "value": "Commodity price risk
All gas sales contracts in Italy are linked to the PSV price index and therefore the associated revenue
\n
proceeds are subject to PSV price fluctuations. The increased volatility in PSV price over the past 12
\n
months has led to the decision to enter into commodity forward contracts with the bank in the UK. In
\n
April and May 2025, the Group entered in a series of put and call options to hedge about 30% of
\n
anticipated gas production in Italy for the following 12 months (until May 2026). Hedging the price
\n
volatility of forecast gas sales is in accordance with the risk management strategy outlined by the Board
\n
of Directors.
\n
There is an economic relationship between the hedged items and the hedging instruments as the terms
\n
of the foreign exchange and commodity forward contracts match the terms of the expected highly
\n
probable forecast transactions (i.e., notional amount and expected payment date, based on the nature
\n
of the underlying host instruments). The Group has established a hedge ratio of 1:1 for the hedging
\n
relationships as the underlying risk of the foreign exchange and commodity forward contracts are
\n
identical to the hedged risk components.
\n
Foreign exchange risk
\n
Foreign currency forward contracts are designated as hedging instruments in cash flow hedges of
\n
forecast transactions in currencies other than $. Thus, in January 2025 the Group entered into the
\n
forward contracts with the bank in Israel to manage the foreign currency risk related to EUR, NOK and
\n
GBP payments to suppliers under the Katlan EPCI contract. The forward contracts are subject to
\n
different maturity dates and are designed to match the payments for completion of Katlan Subsea
\n
development milestones under the host contract. Multi-currency instruments are effective from April
\n
2025 to August 2027.
\n
Looking to protect its exposure to EUR/USD fluctuations associated with the deferred consideration
\n
payment (refer to note 27.1) the Group also entered into the EUR put and call options with the bank in
\n
the UK.
The contracts were to expire by 30 June 2025 and the hedged exposure matched the payable
\n
amount.
\n
The Group considered foreign exchange and commodity price collars not meeting the definition of net
\n
written options and therefore those were designated as joint hedging instruments.
\n\n \n
Less
than 1
1 to 3
3 to 6
6 to 9
9 to 12
13 to 24
3 to 5
month
months
months
months
months
months
years
Foreign exchange forward contracts highly probable forecast purchases:
Notional
amount
(in
8,783
35,008
42,224
85,657
79,989
47,468
-
$'000)
Average forward rate
1.0638
1.0686
1.0716
1.0766
1.0825
1.0873
-
(USD/EUR)
Average forward rate
1.2368
1.2455
1.2368
1.2368
1.2368
1.2368
-
(USD/GBP)
Commodity forward contracts:
Notional
amount
(in
11,280
22,560
3,854
-
-
-
-
$'000
)
133
Notional
amount
(in
240,000
480,000
80,000
-
-
-
-
MWh)
\n
The impact of hedging instruments on the consolidated statement of financial position on the reporting
\n
date is, as follows:
\n\n \n
Line item in
Change in fair
the
value used for
statement of
measuring
Notional
Carrying
financial
ineffectiveness
($'000)
amount
amount
position
for the period
Foreign
exchange
forward
47,468
3,931
Derivative
-
contracts
asset. Non-
Current
Foreign
exchange
forward
251,661
21,705
Derivative
-
contracts
asset.
Current
Commodity forward contracts
37,694
685
Derivative
-
asset.
Current
\n
The impact of hedged items on the statement of financial position is, as follows:
\n\n \n
Change in fair value used for measuring
Cash flow
($\u2019000)
ineffectiveness for the period
hedge reserve
Highly probable forecast purchases
-
19,740
Highly probable forecast gas sales
-
501
\n
The effect of the cash flow hedge in the consolidated statement of profit or loss and other
\n
comprehensive income is, as follows:
\n
133
\n
Estimated based on the exchange rate between EUR and USD at the reporting date.
\n\n \n
Total
Line item in
Amount
Line item in
hedging
the
reclassified
the
gain/(loss)
Ineffectiveness
statement
from OCI
statement
recognised
recognised in
of profit or
to profit or
of profit or
($\u2019000)
in OCI
profit or (loss)
(loss)
(loss)
(loss)
Highly probable
36,219
-
Cash Flow
-
forecast purchases
Hedge
(OCI)
Highly probable
830
-
Cash Flow
(233)
Net loss on
forecast purchases
Hedge
derivative
(OCI)
(PL)
Highly probable
659
-
Cash Flow
-
forecast gas sales
Hedge
(OCI)
Highly probable
(3,117)
-
Cash Flow
3,117
Net loss on
forecast deferred
Hedge
derivative
consideration
(OCI)
(PL)
payment
\n
2
Hedge of net investment in foreign operations
\n
Included in interest-bearing loans at 31 December 2025 was a borrowing of EUR 400 million which has
\n
been designated as a hedge of the net investment in the subsidiary in Italy, Energean Italy S.p.a. on 10
\n
November 2025 (the date of the senior secured notes issuance, refer to Note 21 for further details). This
\n
borrowing is being used to hedge the Group\u2019s exposure to the EUR foreign exchange risk on this
\n
investment. Gains or losses on the retranslation of this borrowing are transferred to OCI to offset any
\n
gains or losses on translation of the net investment in the subsidiary.
\n
There is an economic relationship between the hedged item and the hedging instrument as the net
\n
investment creates a translation risk that will match the foreign exchange risk on the EUR borrowing.
\n
The Group has established a hedge ratio of 1:1 as the underlying risk of the hedging instrument is
\n
identical to the hedged risk component. The hedge ineffectiveness will arise when the amount of the
\n
investment in the foreign subsidiary becomes lower than the amount of the fixed rate borrowing.
\n
The impact of the hedging instrument on the consolidated statement of financial position as at 31
\n
December 2025 is, as follows:
\n\n \n
Change in fair
value used for
measuring
Notional
Carrying
Line item in the statement
ineffectiveness
($\u2019000)
amount
amount
of financial position
for the period
EUR
denominated
462,840
470,002
Borrowings, Non-current
-
borrowing
liabilities
\n
The impact of the hedged item on the consolidated statement of financial position is, as follows:
\n\n \n
Foreign
currency
Hedged Item
Change in fair value used for measuring
translation
($\u2019000)
ineffectiveness for the period
reserve
Net investment in subsidiary
-
(7,162)
\n
The hedging loss recognised in OCI before tax is equal to the change in fair value used for measuring
\n
effectiveness. There is no ineffectiveness recognised in profit or loss.
\n
Set out below is the reconciliation of each component of equity and the analysis of other comprehensive
\n
income:
Cashflow hedge
Foreign currency
($\u2019000)
reserve
translation reserve
As at 1 January 2025
(266)
(23,547)
Effective portion of changes in fair value arising from:
Commodity forward contracts \u2013 forecast gas sales
659
-
Foreign
exchange
forward
contracts
\u2013
forecast
37,049
-
purchases
Foreign
exchange
forward
contract
\u2013
forecast
(3,117)
-
deferred consideration payment
Amount reclassified to profit or loss
2,884
-
Basis adjustment to property, plant and equipment
(10,833)
-
Foreign currency revaluation of the EUR corporate bond
-
(7,162)
Foreign currency revaluation of the Group\u2019s foreign
21,937
operations
Tax effect
(6,135)
-
As at 31 December 2025
20,241
(8,772)
\n
27.3
Financial instruments risk management objectives and policies
\n
Commodity price risk
\n
Commodity price risk is the risk that the fair value or future cashflows of a financial instrument will
\n
fluctuate because of changes in commodity prices of crude oil, natural gas and liquids. The Group\u2019s
\n
exposure is limited due to a \u201cnatural hedge\u201d by virtue of fixed -price contracts in Israel. The Group
\n
considers hedging activities as part of the ongoing financial risk management to protect against
\n
commodity price volatility.
\n
Refer to the Note 27.2 for further details on derivative financial instruments \u2013 forward contracts \u2013
\n
designated in cash flow hedge relationships.
\n
Interest rate risk
\n
Interest rate risk is the risk that the fair value or future cashflows of a financial instrument will fluctuate
\n
because of changes in market interest rates.
\n
The Group manages its interest rate risk by having a balanced portfolio of fixed and variable
\n
borrowings.
The Group\u2019s policy is to minimise interest rate cash flow risk exposures on long-term
\n
financing. Longerterm borrowings are therefore usually at fixed rate.
\n
The Group\u2019s exposure to the interest rate risk relates primarily to the Group\u2019s financing with floating
\n
interest rates: 10 - year senior-secured term loan with Bank Leumi, Greek borrowings and the Revolving
\n
Credit Facility (RCF). All other borrowings are at fixed interest rates (refer to Note 21 for details).
\n
Additionally, the exposure to interest rates for the Group\u2019s money market funds is considered
\n
immaterial.
\n
The following table demonstrates the sensitivity to a reasonably possible change in interest rates on
\n
that portion of borrowings affected. With all other variables held constant, the Group\u2019s finance costs
\n
are affected through the impact on floating rate borrowings, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
Impact on finance costs
\u00a0 \u00a0
Interest rates increase +0.5%
2,911
485
Interest rates decrease -0.5%
(3,644)
(485)
\n
Credit risk
\n
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the
\n
amount of future cash inflows from financial assets on hand at the reporting date. The Group has
\n
policies in place to ensure that all of its transactions giving rise to credit risk are made with parties
\n
having an appropriate credit history and monitors on a continuous basis the ageing profile of its
\n
receivables.
\n
Also, the Group has policies to limit the amount of credit exposure to any banking institution,
\n
considering among other factors the credit ratings of the banks with which deposits are held. Credit
\n
quality information in relation to those banks is provided below.
\n
With regard to the risk of potential losses caused by the failure of any of the counterparties the
\n
Company interacts with to honour the commitments they have undertaken, the Group has implemented
\n
for some time procedures and tools to evaluate and select counterparties based on their credit rating,
\n
constantly monitoring its exposure to the various counterparties and implementing appropriate
\n
mitigating actions, primarily aimed at recovering or transferring receivables.
\n
Presented below is a breakdown of trade receivables by past due bracket:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
)
134
Trade receivables and receivables from partners under JOA
373,234
352,914
Allowance for impairment
(6,304)
(11,285)
Total
366,930
341,629
\n
134
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
The Group\u2019s credit risk is concentrated as approximately 58% of trade receivables and almost all of the
\n
expected credit loss provision (\u201c
ECL
\u201d) recognised on 31 December 2025 mainly relate to EGPC, the
\n
Egyptian governmental body that are significantly aged, as follows:
\n\n \n
31 December 2025
31 December 2024
Allowance
Allowance
Trade
for
Trade
for
($\u2019000)
receivables
impairment
receivables
impairment
Not yet due
43,383
(525)
59,720
(3,050)
Past due by less than one month
12,305
(352)
8,971
(458)
Past due by one to three months
51,552
(1,475)
49,663
(2,537)
Past due by three to six months
35,214
(1,008)
30,279
(1,546)
Past due by more than six months
72,101
(2,064)
57,046
(2,914)
Total
214,555
(5,424)
205,679
(10,505)
\n
Apart from this concentration, the Group does not have significant credit risk exposure to any other
\n
single customer or geographical region, as provided below.
\n
Trade Receivables by geography
\n\n \n
($\u2019000)
2025
2024
United Kingdom
7,745
4,012
Italy
29,764
35,048
Egypt
214,555
205,678
Greece
164
91
Israel
121,006
108,085
Total
373,234
352,914
\n
Credit quality of bank deposits
\n
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
\n
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group
\n
keeps its deposits is as follows:
\n\n \n
($\u2019000)
2025
2024
Aa2
1,367
109
Aa3
2,809
-
A1
61,381
35,247
A2
21
24
Baa1
250,029
265,295
Baa2
-
12,636
Ba1
-
47
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
B3
160
1,612
Caa1
14,178
5,660
Not applicable
135
12
17
\u00a0
329,957
320,647
\n
The Group has assessed the recoverability of all cash balances and considers they are carried within
\n
the consolidated statement of financial position at amounts not materially different to their fair value.
\n
Foreign exchange risk
\n
The Group is exposed to foreign exchange risk as it undertakes operations in multiple currencies. The
\n
key sources of exposure arise from: (i) certain subsidiaries with functional currencies other than $
\n
having loan agreements denominated in $ and (ii) crude oil sales additionally denominated in $. In
\n
addition, a portion of the Group\u2019s procurement and construction contracts are denominated in foreign
\n
currencies other than $, creating further transactional exposure. In 2025 the Group issued EUR-
\n
denominated senior secured notes which increased its exposure to EUR/$ exchange rate movements.
\n
The foreign exchange risk exposure has been managed using derivative and non-derivative financial
\n
instruments as discussed in the Note 27.2.
\n
The Group\u2019s residual exposure to foreign currency risk at each reporting date is presented in the table
\n
below. The amounts shown are the $ equivalent of the foreign currency amounts.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Liabilities
Assets
($\u2019000)
2025
2024
2025
2024
United Kingdom Pounds (\u00a3)
172,433
130,199
50,628
151,914
EUR
1,703,721
892,469
1,110,140
796,430
CAD
13
17
-
-
NOK
4,190
21
1,910
-
ILS
315,422
4,324
38,673
31,058
SGD
(1)
-
37
-
MAD
-
358
-
47
EGP
3,219
231
13,119
7,765
Total
2,198,997
1,027,619
1,214,507
987,214
\n
135
\n
Refers to petty cash and cash in transit.
\n
The following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking into consideration for the periods presented foreign
\n
exchange variation by +/- 10% with all other variables held constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
USD
GBP
EUR
ILS
NOK
SGD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
(4,740)
5,852
(79)
(742)
(12,315)
14,697
(27,675) 25,159
(231)
210
4
(3)
(907)
1,108
Effect on pre-tax equity
(4,740)
5,852
(79)
(742)
(12,315)
14,697
(27,675) 25,159
(231)
210
4
(3)
(907)
1,108
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
USD
GBP
EUR
ILS
NOK
SGD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
Effect on pre-tax equity
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
\n
The above calculations assume that interest rates remain the same as at the reporting date.
Annual report 2025 |
\n
Liquidity risk
\n
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with
\n
financial liabilities that are settled by delivering cash or another financial asset.
\n
The Group monitors its risk to a shortage of funds by monitoring its debt rating and the maturity dates
\n
of existing borrowings and other payables. As at 31 December 2025, the Group had available $38
\n
million of undrawn committed borrowing facilities (refer to Note 2.1 for further details).
Approximately
\n
10% of the Group\u2019s debt will mature in less than one year at 31 December 2025 based on the carrying
\n
value of borrowings reflected on the consolidated statement of financial position. The Group assessed
\n
the concentration of risk with respect to refinancing its debt and concluded it to be low. The Group has
\n
access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled
\n
over with existing lenders.
\n
The Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management
\n
prepares budgets and regular cash flow forecasts and takes appropriate actions to ensure available
\n
cash deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
\n
The table below summarises the maturity profile of the Group financial liabilities based on contractual
\n
undiscounted payments. It includes both interest and principal cash flows:
31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
Carrying
Contractual
3 months
3-12
\u00a0 \u00a0
More than
($\u2019000)
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
Borrowings
3,584,746
5,186,892
309,937
180,573
226,480
1,828,273
2,641,629
Lease
40,961
44,636
6,314
15,434
10,820
8,887
3,181
liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade
and
614,932
618,263
337,001
109,240
157,035
14,987
-
other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
payables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
4,240,639
5,849,791
653,252
305,247
394,335
1,852,147
2,644,810
31
December
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(Restated
)
136
Carrying
Contractual
3 months
3-12
\u00a0\u00a0
More than
($\u2019000)
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
Borrowings
3,269,904
4,425,709
210,344
118,076
944,034
1,389,340
1,763,915
Lease liabilities
57,942
65,121
4,609
13,550
15,707
16,592
14,663
Deferred
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
consideration
97,915
100,000
-
100,000
-
-
-
Trade
and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
other payables
665,590
683,259
467,751
127,452
69,794
18,262
-
Total
4,091,351
5,274,089
682,704
359,078
1,029,535
1,424,194
1,778,578
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00333": { "value": "Credit risk
Credit risk arises when a failure by counterparties to discharge their obligations could reduce the
\n
amount of future cash inflows from financial assets on hand at the reporting date. The Group has
\n
policies in place to ensure that all of its transactions giving rise to credit risk are made with parties
\n
having an appropriate credit history and monitors on a continuous basis the ageing profile of its
\n
receivables.
\n
Also, the Group has policies to limit the amount of credit exposure to any banking institution,
\n
considering among other factors the credit ratings of the banks with which deposits are held. Credit
\n
quality information in relation to those banks is provided below.
\n
With regard to the risk of potential losses caused by the failure of any of the counterparties the
\n
Company interacts with to honour the commitments they have undertaken, the Group has implemented
\n
for some time procedures and tools to evaluate and select counterparties based on their credit rating,
\n
constantly monitoring its exposure to the various counterparties and implementing appropriate
\n
mitigating actions, primarily aimed at recovering or transferring receivables.
\n
Presented below is a breakdown of trade receivables by past due bracket:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0\u00a0
2024
($\u2019000)
2025
(Restated
)
134
Trade receivables and receivables from partners under JOA
373,234
352,914
Allowance for impairment
(6,304)
(11,285)
Total
366,930
341,629
\n
134
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
The Group\u2019s credit risk is concentrated as approximately 58% of trade receivables and almost all of the
\n
expected credit loss provision (\u201c
ECL
\u201d) recognised on 31 December 2025 mainly relate to EGPC, the
\n
Egyptian governmental body that are significantly aged, as follows:
\n\n \n
31 December 2025
31 December 2024
Allowance
Allowance
Trade
for
Trade
for
($\u2019000)
receivables
impairment
receivables
impairment
Not yet due
43,383
(525)
59,720
(3,050)
Past due by less than one month
12,305
(352)
8,971
(458)
Past due by one to three months
51,552
(1,475)
49,663
(2,537)
Past due by three to six months
35,214
(1,008)
30,279
(1,546)
Past due by more than six months
72,101
(2,064)
57,046
(2,914)
Total
214,555
(5,424)
205,679
(10,505)
\n
Apart from this concentration, the Group does not have significant credit risk exposure to any other
\n
single customer or geographical region, as provided below.
\n
Trade Receivables by geography
\n\n \n
($\u2019000)
2025
2024
United Kingdom
7,745
4,012
Italy
29,764
35,048
Egypt
214,555
205,678
Greece
164
91
Israel
121,006
108,085
Total
373,234
352,914
\n
Credit quality of bank deposits
\n
The credit quality of the banks in which the Group keeps its deposits is assessed by reference to the
\n
credit rating of these banks. Moody\u2019s credit ratings of the corresponding banks in which the Group
\n
keeps its deposits is as follows:
\n\n \n
($\u2019000)
2025
2024
Aa2
1,367
109
Aa3
2,809
-
A1
61,381
35,247
A2
21
24
Baa1
250,029
265,295
Baa2
-
12,636
Ba1
-
47
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
B3
160
1,612
Caa1
14,178
5,660
Not applicable
135
12
17
\u00a0
329,957
320,647
\n
The Group has assessed the recoverability of all cash balances and considers they are carried within
\nthe consolidated statement of financial position at amounts not materially different to their fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00334": { "value": "Foreign exchange risk
The Group is exposed to foreign exchange risk as it undertakes operations in multiple currencies. The
\n
key sources of exposure arise from: (i) certain subsidiaries with functional currencies other than $
\n
having loan agreements denominated in $ and (ii) crude oil sales additionally denominated in $. In
\n
addition, a portion of the Group\u2019s procurement and construction contracts are denominated in foreign
\n
currencies other than $, creating further transactional exposure. In 2025 the Group issued EUR-
\n
denominated senior secured notes which increased its exposure to EUR/$ exchange rate movements.
\n
The foreign exchange risk exposure has been managed using derivative and non-derivative financial
\n
instruments as discussed in the Note 27.2.
\n
The Group\u2019s residual exposure to foreign currency risk at each reporting date is presented in the table
\n
below. The amounts shown are the $ equivalent of the foreign currency amounts.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Liabilities
Assets
($\u2019000)
2025
2024
2025
2024
United Kingdom Pounds (\u00a3)
172,433
130,199
50,628
151,914
EUR
1,703,721
892,469
1,110,140
796,430
CAD
13
17
-
-
NOK
4,190
21
1,910
-
ILS
315,422
4,324
38,673
31,058
SGD
(1)
-
37
-
MAD
-
358
-
47
EGP
3,219
231
13,119
7,765
Total
2,198,997
1,027,619
1,214,507
987,214
\n
135
\n
Refers to petty cash and cash in transit.
\n
The following table reflects the sensitivity analysis for profit and loss results for the year and equity, taking into consideration for the periods presented foreign
\n
exchange variation by +/- 10% with all other variables held constant.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
USD
GBP
EUR
ILS
NOK
SGD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
(4,740)
5,852
(79)
(742)
(12,315)
14,697
(27,675) 25,159
(231)
210
4
(3)
(907)
1,108
Effect on pre-tax equity
(4,740)
5,852
(79)
(742)
(12,315)
14,697
(27,675) 25,159
(231)
210
4
(3)
(907)
1,108
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0
USD
GBP
EUR
ILS
NOK
SGD
EGP
\u00a0
Variation
Variation
Variation
Variation
Variation
Variation
Variation
\u00a0
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
10%
-10%
Effect on profit before tax
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
Effect on pre-tax equity
6,690
(8,134)
3,471
(4,116)
7,868
(10,309)
2,673
(2,430)
-
-
31
(31)
54
(44)
\nThe above calculations assume that interest rates remain the same as at the reporting date.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00335": { "value": "Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations associated with
\n
financial liabilities that are settled by delivering cash or another financial asset.
\n
The Group monitors its risk to a shortage of funds by monitoring its debt rating and the maturity dates
\n
of existing borrowings and other payables. As at 31 December 2025, the Group had available $38
\n
million of undrawn committed borrowing facilities (refer to Note 2.1 for further details).
Approximately
\n
10% of the Group\u2019s debt will mature in less than one year at 31 December 2025 based on the carrying
\n
value of borrowings reflected on the consolidated statement of financial position. The Group assessed
\n
the concentration of risk with respect to refinancing its debt and concluded it to be low. The Group has
\n
access to a sufficient variety of sources of funding and debt maturing within 12 months can be rolled
\n
over with existing lenders.
\n
The Group manages its liquidity risk by ongoing monitoring of its cash flows. Group management
\n
prepares budgets and regular cash flow forecasts and takes appropriate actions to ensure available
\n
cash deposits and credit lines with the banks are available to meet the Group\u2019s liabilities as they fall due.
\n
The table below summarises the maturity profile of the Group financial liabilities based on contractual
\n
undiscounted payments. It includes both interest and principal cash flows:
31
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
December
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025
Carrying
Contractual
3 months
3-12
\u00a0 \u00a0
More than
($\u2019000)
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
Borrowings
3,584,746
5,186,892
309,937
180,573
226,480
1,828,273
2,641,629
Lease
40,961
44,636
6,314
15,434
10,820
8,887
3,181
liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Trade
and
614,932
618,263
337,001
109,240
157,035
14,987
-
other
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
payables
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Total
4,240,639
5,849,791
653,252
305,247
394,335
1,852,147
2,644,810
31
December
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
2024
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
(Restated
)
136
Carrying
Contractual
3 months
3-12
\u00a0\u00a0
More than
($\u2019000)
amounts
cash flows
or less
months
1-2 years
2-5 years
5 years
Borrowings
3,269,904
4,425,709
210,344
118,076
944,034
1,389,340
1,763,915
Lease liabilities
57,942
65,121
4,609
13,550
15,707
16,592
14,663
Deferred
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
consideration
97,915
100,000
-
100,000
-
-
-
Trade
and
\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
other payables
665,590
683,259
467,751
127,452
69,794
18,262
-
Total
4,091,351
5,274,089
682,704
359,078
1,029,535
1,424,194
1,778,578
136
\nRestated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00336": { "value": "28
Government grants
($\u2019000)
2025
At 1 January
-
Grant received during the year
25,204
Amount recognised as deduction from PPE
(16,659)
At 31 December (Deferred Income liability)
8,545
Current
8,545
Non-current
-
\n
Government grants have been received for the CCS project in Greece. Those grants are provided as
\n
reimbursement of eligible project expenditure incurred and are released upon achievement of specified
\n
project milestones.
\n
The deferred income liability represents the portion of government grants for which the Group has not
\n
yet met the conditions for recognition as reduction in the cost of assets under construction.
\nNo amount has been recognised in profit or loss during the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00337": { "value": "29
Related parties
\n
29.1
Related party relationships
\n
Balances and transactions between the Company and its subsidiaries, which are related parties, have
\n
been eliminated on consolidation and are not disclosed in this note.
\n
The Directors of Energean Plc are considered to be the only key management personnel as defined by
\n
IAS 24. The following information is provided in relation to the related party transaction disclosures
\n
provided below.
\n
There were no other transactions with related parties outside of the Group during 2025 (2024: nil).
\n
There were no outstanding balances at the reporting date (2024: nil).
\n
Key management compensation
\n
The Directors of Energean plc are considered to be the only key management personnel as defined by
\n
IAS 24 Related Party Disclosures.
31
December
2025
\u00a0 \u00a0
Annual bonus paid
\u00a0
($\u2019000)
Salary and fees
Benefits
in cash
Total
Executive Directors
2,000
178
3,815
5,993
Non-Executive Directors
1,057
-
-
1,057
Total
3,057
178
3,815
7,050
31
December
2024
\u00a0 \u00a0
Annual bonus paid
\u00a0
($\u2019000)
Salary and fees
Benefits
in cash
Total
Executive Directors
1,726
162
2,485
4,373
Non-Executive Directors
1,023
-
-
1,023
Total
2,749
162
2,485
5,396
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00338": { "value": "Key management compensation
The Directors of Energean plc are considered to be the only key management personnel as defined by
\n
IAS 24 Related Party Disclosures.
31
December
2025
\u00a0 \u00a0
Annual bonus paid
\u00a0
($\u2019000)
Salary and fees
Benefits
in cash
Total
Executive Directors
2,000
178
3,815
5,993
Non-Executive Directors
1,057
-
-
1,057
Total
3,057
178
3,815
7,050
31
December
2024
\u00a0 \u00a0
Annual bonus paid
\u00a0
($\u2019000)
Salary and fees
Benefits
in cash
Total
Executive Directors
1,726
162
2,485
4,373
Non-Executive Directors
1,023
-
-
1,023
Total
2,749
162
2,485
5,396
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00339": { "value": "30
Commitments and contingencies
\n
In acquiring its oil and gas interests, the Group has pledged that various work programmes will be
\n
undertaken on each permit/interest. The exploration and development capital commitments in the
\n
following table are an estimate of the net cost to the Group of performing these work programmes:
\u00a0\u00a0\u00a0
($\u2019000)
2025
)
2024 (Restated
137
Capital Commitments
\u00a0\u00a0
Due within one year
15,217
51,030
Due later than one year but within two years
-
2,073
Due later than two years but within five years
-
-
\u00a0
15,217
53,103
\n
As of 31 December 2025, $1.4 million of capital commitments is towards Governments (31 December
\n
2024, restated: $2.0 million). An amount of $13.8 million (31 December 2024, restated: $51.1 million)
\n
pertains to capital commitments with partners based on future work programs for the development of
\n
the Scott field in the United Kingdom (31 December 2024: also includes capital commitments in Italy).
Performance guarantees
\u00a0\u00a0
($\u2019000)
2025
2024 (Restated
)
138
Greece
1,141
1,009
Israel
87,276
50,629
UK
152,528
134,056
Morocco
-
375
Egypt
6,000
6,000
Italy
12,241
22,710
\u00a0
259,186
214,779
\n
Open guarantees at the reporting date mainly relate to:
\n
\u2022
Karish and Tanin Leases ($25 million) - As required by the Karish and Tanin Lease deeds, the
\n
Group provided the Ministry of National Infrastructures, Energy, and Water with bank
\n
guarantees for each lease. These guarantees were renewed in June 2025 and are valid until June
\n
2026.
\n
\u2022
Blocks 23 and 31 ($13 million) - To meet the conditions for obtaining exploration and appraisal
\n
licenses, the Group provided the Ministry of National Infrastructures, Energy, and Water with
\n
bank guarantees totalling $13 million in June 2025, covering all mentioned blocks. They are valid
\n
until June 2026.
\n
\u2022
Katlan lease ($10 million) - As required by the Katlan Lease deeds, the Group provided the
\n
Ministry of National Infrastructures, Energy, and Water with bank guarantee. This guarantee
\n
was issued in June 2025 and are valid until January 2029.
\n
\u2022
Israel Other ($2.5 million) - The Group has provided various bank guarantees to third parties in
\n
Israel as part of ongoing operations.
\n
\u2022
Nitzana project ($36.7 million) - The Group has provided guarantees to INGL in relation to
\n
Nitzana project. These guarantees were issued in November 2025 and are valid until November
\n
2026.
\n
137
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
138
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\u2022
United Kingdom ($152 million) - The Group has issued letters of credit for United Kingdom
\n
decommissioning obligations and other obligations under the United Kingdom licenses.
\n
\u2022
Greece ($1 million) - The Group issued letters of credit to cover exploration obligations under the
\n
Prinos license and in regard to its gas and electricity contracts in Greece.
\n
\u2022
Egypt ($6 million) - The total capital commitments in Egypt related to the EBEN project
\n
amounted to $6.0 million, with $5.0 million already spent by the end of 2025. The Group is
\n
awaiting clearance from EGPC, which is expected upon the completion of all commitments.
\n
\u2022
Italy ($12 million) - The Group has issued guarantees primarily in favour of port authorities and
\n
counterparties in Italy to secure concession rights, field-related obligations, lease commitments
\n
and certain service contracts.
\n
Following the sale of Lixus and Risanna licences, the guarantee was replaced by a new one issued by
\n
Chariot Limited on 22 August 2025.
\n
Legal cases and contingent liabilities
\n
The Group holds through its subsidiary Energean Italy S.p.A. (\u201c
Energean Italy
\u201d) a 40% non-operated
\n
participating interest in the Cassiopea gas concession in Italy. The remaining interest is held by the
\n
operator, Eni Mediterranea Idrocarburi S.p.A. The concession is governed by a Joint Operating
\n
Agreement (\u201c
JOA
\u201d).
\n
During 2025, a dispute arose between Energean Italy and the operator in relation to certain costs
\n
invoiced by the operator. In addition to that, as a consequence of the operator\u2019s conduct \u2013 which is
\n
contested by Energean Italy \u2013 from 1 October 2025 Energean Italy has not been receiving production
\n
from the field. The Group has accounted for the retention of production by the operator as a non-cash
\n
settlement of outstanding joint operating liabilities, measured by reference to the contractual valuation
\n
mechanism in accordance with the JOA. The settlement of $13 million has been recognised within other
\n
operating income with a corresponding reduction to trade payables. Arbitration proceedings between
\n
the parties are ongoing at the date of approval of these consolidated financial statements.
\n
As at 31 December 2025 the outstanding amounts billed by the operator \u2013 and disputed by Energean
\n
Italy \u2013and expenses accrued in relation to Cassiopea total approximately \u20ac144 million and are included
\n
within trade payables.
\n
In the arbitration, the operator has asserted claims of up to \u20ac153 million in respect of (i) unpaid and
\n
disputed invoices and (ii) amounts relating to production revenues received by the Group during a
\n
certain period of time or compensation of operating expenses incurred by the operator during the
\n
same period. While the total amount asserted by the operator is broadly comparable to the aggregate
\n
balance recognised by the Group as trade payables in respect of the Cassiopea asset, the amounts do
\n
not represent an agreed net position between the parties and remain subject to arbitration. The
\n
operator\u2019s claim includes additional elements (including alleged revenue-related amounts), and the
\n
Group\u2019s recognised balance for costs incurred.
\n
The operator has also asserted in the arbitration proceedings that Energean\u2019s participating interest
\n
should be transferred. The Group considers this assertion to be without legal merit based on external
\n
legal advice obtained and the MASE response described in note 4.1.
\n
As of December 2025, Energean Italy has submitted counterclaims totalling approximately \u20ac265
\n
million, including claims for reimbursement of invalid costs and damages.
\n
In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets:
\n
\u2022
invoices received from the operator, although disputed, have been recognised as trade payables
\n
where they relate to costs incurred;
\n
\u2022
counterclaims and claims for damages have not been recognised as assets, as their realisation is
\n
dependent on the outcome of the arbitration proceedings and therefore represent contingent
\n
assets at the reporting date.
Although the claims and counterclaims relate to overlapping subject matters, they are accounted for
\n
separately in accordance with IFRS, and no offsetting has been applied in the group statement of
\n
financial position.
\n
The ultimate outcome of the arbitration proceedings remains uncertain and may result in adjustments
\nto amounts currently recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00340": { "value": "30
Commitments and contingencies
\n
In acquiring its oil and gas interests, the Group has pledged that various work programmes will be
\n
undertaken on each permit/interest. The exploration and development capital commitments in the
\n
following table are an estimate of the net cost to the Group of performing these work programmes:
\u00a0\u00a0\u00a0
($\u2019000)
2025
)
2024 (Restated
137
Capital Commitments
\u00a0\u00a0
Due within one year
15,217
51,030
Due later than one year but within two years
-
2,073
Due later than two years but within five years
-
-
\u00a0
15,217
53,103
\n
As of 31 December 2025, $1.4 million of capital commitments is towards Governments (31 December
\n
2024, restated: $2.0 million). An amount of $13.8 million (31 December 2024, restated: $51.1 million)
\n
pertains to capital commitments with partners based on future work programs for the development of
\n
the Scott field in the United Kingdom (31 December 2024: also includes capital commitments in Italy).
Performance guarantees
\u00a0\u00a0
($\u2019000)
2025
2024 (Restated
)
138
Greece
1,141
1,009
Israel
87,276
50,629
UK
152,528
134,056
Morocco
-
375
Egypt
6,000
6,000
Italy
12,241
22,710
\u00a0
259,186
214,779
\n
Open guarantees at the reporting date mainly relate to:
\n
\u2022
Karish and Tanin Leases ($25 million) - As required by the Karish and Tanin Lease deeds, the
\n
Group provided the Ministry of National Infrastructures, Energy, and Water with bank
\n
guarantees for each lease. These guarantees were renewed in June 2025 and are valid until June
\n
2026.
\n
\u2022
Blocks 23 and 31 ($13 million) - To meet the conditions for obtaining exploration and appraisal
\n
licenses, the Group provided the Ministry of National Infrastructures, Energy, and Water with
\n
bank guarantees totalling $13 million in June 2025, covering all mentioned blocks. They are valid
\n
until June 2026.
\n
\u2022
Katlan lease ($10 million) - As required by the Katlan Lease deeds, the Group provided the
\n
Ministry of National Infrastructures, Energy, and Water with bank guarantee. This guarantee
\n
was issued in June 2025 and are valid until January 2029.
\n
\u2022
Israel Other ($2.5 million) - The Group has provided various bank guarantees to third parties in
\n
Israel as part of ongoing operations.
\n
\u2022
Nitzana project ($36.7 million) - The Group has provided guarantees to INGL in relation to
\n
Nitzana project. These guarantees were issued in November 2025 and are valid until November
\n
2026.
\n
137
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
138
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
\u2022
United Kingdom ($152 million) - The Group has issued letters of credit for United Kingdom
\n
decommissioning obligations and other obligations under the United Kingdom licenses.
\n
\u2022
Greece ($1 million) - The Group issued letters of credit to cover exploration obligations under the
\n
Prinos license and in regard to its gas and electricity contracts in Greece.
\n
\u2022
Egypt ($6 million) - The total capital commitments in Egypt related to the EBEN project
\n
amounted to $6.0 million, with $5.0 million already spent by the end of 2025. The Group is
\n
awaiting clearance from EGPC, which is expected upon the completion of all commitments.
\n
\u2022
Italy ($12 million) - The Group has issued guarantees primarily in favour of port authorities and
\n
counterparties in Italy to secure concession rights, field-related obligations, lease commitments
\n
and certain service contracts.
\n
Following the sale of Lixus and Risanna licences, the guarantee was replaced by a new one issued by
\n
Chariot Limited on 22 August 2025.
\n
Legal cases and contingent liabilities
\n
The Group holds through its subsidiary Energean Italy S.p.A. (\u201c
Energean Italy
\u201d) a 40% non-operated
\n
participating interest in the Cassiopea gas concession in Italy. The remaining interest is held by the
\n
operator, Eni Mediterranea Idrocarburi S.p.A. The concession is governed by a Joint Operating
\n
Agreement (\u201c
JOA
\u201d).
\n
During 2025, a dispute arose between Energean Italy and the operator in relation to certain costs
\n
invoiced by the operator. In addition to that, as a consequence of the operator\u2019s conduct \u2013 which is
\n
contested by Energean Italy \u2013 from 1 October 2025 Energean Italy has not been receiving production
\n
from the field. The Group has accounted for the retention of production by the operator as a non-cash
\n
settlement of outstanding joint operating liabilities, measured by reference to the contractual valuation
\n
mechanism in accordance with the JOA. The settlement of $13 million has been recognised within other
\n
operating income with a corresponding reduction to trade payables. Arbitration proceedings between
\n
the parties are ongoing at the date of approval of these consolidated financial statements.
\n
As at 31 December 2025 the outstanding amounts billed by the operator \u2013 and disputed by Energean
\n
Italy \u2013and expenses accrued in relation to Cassiopea total approximately \u20ac144 million and are included
\n
within trade payables.
\n
In the arbitration, the operator has asserted claims of up to \u20ac153 million in respect of (i) unpaid and
\n
disputed invoices and (ii) amounts relating to production revenues received by the Group during a
\n
certain period of time or compensation of operating expenses incurred by the operator during the
\n
same period. While the total amount asserted by the operator is broadly comparable to the aggregate
\n
balance recognised by the Group as trade payables in respect of the Cassiopea asset, the amounts do
\n
not represent an agreed net position between the parties and remain subject to arbitration. The
\n
operator\u2019s claim includes additional elements (including alleged revenue-related amounts), and the
\n
Group\u2019s recognised balance for costs incurred.
\n
The operator has also asserted in the arbitration proceedings that Energean\u2019s participating interest
\n
should be transferred. The Group considers this assertion to be without legal merit based on external
\n
legal advice obtained and the MASE response described in note 4.1.
\n
As of December 2025, Energean Italy has submitted counterclaims totalling approximately \u20ac265
\n
million, including claims for reimbursement of invalid costs and damages.
\n
In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets:
\n
\u2022
invoices received from the operator, although disputed, have been recognised as trade payables
\n
where they relate to costs incurred;
\n
\u2022
counterclaims and claims for damages have not been recognised as assets, as their realisation is
\n
dependent on the outcome of the arbitration proceedings and therefore represent contingent
\n
assets at the reporting date.
\n
Although the claims and counterclaims relate to overlapping subject matters, they are accounted for
\n
separately in accordance with IFRS, and no offsetting has been applied in the group statement of
\n
financial position.
\n
The ultimate outcome of the arbitration proceedings remains uncertain and may result in adjustments
\nto amounts currently recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00341": { "value": "30
Commitments and contingencies
\n
In acquiring its oil and gas interests, the Group has pledged that various work programmes will be
\n
undertaken on each permit/interest. The exploration and development capital commitments in the
\n
following table are an estimate of the net cost to the Group of performing these work programmes:
\u00a0\u00a0\u00a0
($\u2019000)
2025
)
2024 (Restated
137
Capital Commitments
\u00a0\u00a0
Due within one year
15,217
51,030
Due later than one year but within two years
-
2,073
Due later than two years but within five years
-
-
\u00a0
15,217
53,103
\n
As of 31 December 2025, $1.4 million of capital commitments is towards Governments (31 December
\n
2024, restated: $2.0 million). An amount of $13.8 million (31 December 2024, restated: $51.1 million)
\n
pertains to capital commitments with partners based on future work programs for the development of
\n
the Scott field in the United Kingdom (31 December 2024: also includes capital commitments in Italy).
Performance guarantees
\u00a0\u00a0
($\u2019000)
2025
2024 (Restated
)
138
Greece
1,141
1,009
Israel
87,276
50,629
UK
152,528
134,056
Morocco
-
375
Egypt
6,000
6,000
Italy
12,241
22,710
\u00a0
259,186
214,779
\n
Open guarantees at the reporting date mainly relate to:
\n
\u2022
Karish and Tanin Leases ($25 million) - As required by the Karish and Tanin Lease deeds, the
\n
Group provided the Ministry of National Infrastructures, Energy, and Water with bank
\n
guarantees for each lease. These guarantees were renewed in June 2025 and are valid until June
\n
2026.
\n
\u2022
Blocks 23 and 31 ($13 million) - To meet the conditions for obtaining exploration and appraisal
\n
licenses, the Group provided the Ministry of National Infrastructures, Energy, and Water with
\n
bank guarantees totalling $13 million in June 2025, covering all mentioned blocks. They are valid
\n
until June 2026.
\n
\u2022
Katlan lease ($10 million) - As required by the Katlan Lease deeds, the Group provided the
\n
Ministry of National Infrastructures, Energy, and Water with bank guarantee. This guarantee
\n
was issued in June 2025 and are valid until January 2029.
\n
\u2022
Israel Other ($2.5 million) - The Group has provided various bank guarantees to third parties in
\n
Israel as part of ongoing operations.
\n
\u2022
Nitzana project ($36.7 million) - The Group has provided guarantees to INGL in relation to
\n
Nitzana project. These guarantees were issued in November 2025 and are valid until November
\n
2026.
\n
137
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
138
\n
Restated for discontinued operation reclassified to continuing operations, refer to Note 25 for further detail.
\n
\u2022
United Kingdom ($152 million) - The Group has issued letters of credit for United Kingdom
\n
decommissioning obligations and other obligations under the United Kingdom licenses.
\n
\u2022
Greece ($1 million) - The Group issued letters of credit to cover exploration obligations under the
\n
Prinos license and in regard to its gas and electricity contracts in Greece.
\n
\u2022
Egypt ($6 million) - The total capital commitments in Egypt related to the EBEN project
\n
amounted to $6.0 million, with $5.0 million already spent by the end of 2025. The Group is
\n
awaiting clearance from EGPC, which is expected upon the completion of all commitments.
\n
\u2022
Italy ($12 million) - The Group has issued guarantees primarily in favour of port authorities and
\n
counterparties in Italy to secure concession rights, field-related obligations, lease commitments
\n
and certain service contracts.
\n
Following the sale of Lixus and Risanna licences, the guarantee was replaced by a new one issued by
\n
Chariot Limited on 22 August 2025.
\n
Legal cases and contingent liabilities
\n
The Group holds through its subsidiary Energean Italy S.p.A. (\u201c
Energean Italy
\u201d) a 40% non-operated
\n
participating interest in the Cassiopea gas concession in Italy. The remaining interest is held by the
\n
operator, Eni Mediterranea Idrocarburi S.p.A. The concession is governed by a Joint Operating
\n
Agreement (\u201c
JOA
\u201d).
\n
During 2025, a dispute arose between Energean Italy and the operator in relation to certain costs
\n
invoiced by the operator. In addition to that, as a consequence of the operator\u2019s conduct \u2013 which is
\n
contested by Energean Italy \u2013 from 1 October 2025 Energean Italy has not been receiving production
\n
from the field. The Group has accounted for the retention of production by the operator as a non-cash
\n
settlement of outstanding joint operating liabilities, measured by reference to the contractual valuation
\n
mechanism in accordance with the JOA. The settlement of $13 million has been recognised within other
\n
operating income with a corresponding reduction to trade payables. Arbitration proceedings between
\n
the parties are ongoing at the date of approval of these consolidated financial statements.
\n
As at 31 December 2025 the outstanding amounts billed by the operator \u2013 and disputed by Energean
\n
Italy \u2013and expenses accrued in relation to Cassiopea total approximately \u20ac144 million and are included
\n
within trade payables.
\n
In the arbitration, the operator has asserted claims of up to \u20ac153 million in respect of (i) unpaid and
\n
disputed invoices and (ii) amounts relating to production revenues received by the Group during a
\n
certain period of time or compensation of operating expenses incurred by the operator during the
\n
same period. While the total amount asserted by the operator is broadly comparable to the aggregate
\n
balance recognised by the Group as trade payables in respect of the Cassiopea asset, the amounts do
\n
not represent an agreed net position between the parties and remain subject to arbitration. The
\n
operator\u2019s claim includes additional elements (including alleged revenue-related amounts), and the
\n
Group\u2019s recognised balance for costs incurred.
\n
The operator has also asserted in the arbitration proceedings that Energean\u2019s participating interest
\n
should be transferred. The Group considers this assertion to be without legal merit based on external
\n
legal advice obtained and the MASE response described in note 4.1.
\n
As of December 2025, Energean Italy has submitted counterclaims totalling approximately \u20ac265
\n
million, including claims for reimbursement of invalid costs and damages.
\n
In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets:
\n
\u2022
invoices received from the operator, although disputed, have been recognised as trade payables
\n
where they relate to costs incurred;
\n
\u2022
counterclaims and claims for damages have not been recognised as assets, as their realisation is
\n
dependent on the outcome of the arbitration proceedings and therefore represent contingent
\n
assets at the reporting date.
\n
Although the claims and counterclaims relate to overlapping subject matters, they are accounted for
\n
separately in accordance with IFRS, and no offsetting has been applied in the group statement of
\n
financial position.
\n
The ultimate outcome of the arbitration proceedings remains uncertain and may result in adjustments
\nto amounts currently recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00342": { "value": "31
Subsequent events
\n
In November 2025, ExxonMobil farmed into Block 2, which is located at the northwest part of the Ionian
\n
Sea. The new participating interests are: Energean (30%, operator), ExxonMobil (60%) and HELLENiQ
\n
ENERGY Upstream (10%). The transaction was completed on 11 March 2026 upon receipt of the
\n
government
approval
and
the
extension
of
the
license
requested
by
Energean
and
\n
HELLENiQ ENERGY Upstream. Energean will remain the Operator of the concession through the
\n
exploration stage, during which an exploratory well is expected to be drilled in early 2027, subject to
\n
permitting. Energean\u2019s share of past costs were received at the Closing Date. Energean\u2019s share of
\n
exploration costs, up to a defined cap, will be carried as part of the consideration.
\n
On 28 February 2026, the Group received an order from the Israeli Ministry of Energy and
\n
Infrastructure to temporarily suspend the production at the FPSO due to the escalation of geopolitical
\n
tensions in the region. At the date of this report, the timing of the resumption of production remains
\n
uncertain, although the Group expects operations to resume as soon as the situation stabilises.
\n
On 12 March 2026 the Group announced that it had signed an agreement to acquire Chevron\u2019s 31%
\n
operated interest in Block 14 and 15.5% non-operated interest in Block 14K, offshore Angola. The Block
\n
14 assets produce around 42 kbbl/d of oil in total, equivalent to 13 kbbl/d net to the interest to be
\n
acquired. The effective date of the transaction is 1 January 2026, with closing expected by the end of
\n
2026, subject, inter alia, to government and regulatory approvals and the waiver of applicable pre-
\n
emption rights. The consideration comprises:
\n
\u2022
a base consideration of $260 million subject to closing adjustments and economic performance
\n
139
\n
of the assets between the effective date and the closing date, and
\n
\u2022
$250 million of contingent payments capped at $25 million per annum.
\n
139
\n
This includes an upside sharing mechanism between Chevron and Energean for realised oil prices over a certain threshold
\nduring this period.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00343": { "value": "32
Subsidiary undertakings
\n
At 31 December 2025, the Group had investments in the following subsidiaries:
\u00a0
Country of
\u00a0
Shareholding
Shareholding
\u00a0
incorporation /
\u00a0
At 31 December
At 31 December
Name of subsidiary
registered office
Principal activities
2025 (%)
2024 (%)
Energean E&P
22 Lefkonos Street,
Holding Company
100
100
Holdings Ltd.
2064 Nicosia, Cyprus
\u00a0 \u00a0 \u00a0
Energean Capital Ltd.
22 Lefkonos Street,
Holding Company
100
100
\u00a0
2064 Nicosia, Cyprus
\u00a0 \u00a0 \u00a0
Energean Group
44 Baker Street,
Oil and gas exploration,
100
100
Services Ltd.
140
London W1U 7AL,
development and
\u00a0 \u00a0
\u00a0
United Kingdom
production
\u00a0 \u00a0
Energean Oil & Gas
32 Kifissias Avenue,
Oil and gas exploration,
100
100
S.A.
Marousi Athens, 151
development and
\u00a0 \u00a0
\u00a0
25, Greece
production
\u00a0 \u00a0
Energean International
22 Lefkonos Street,
Oil and gas exploration,
100
100
Ltd.
2064 Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Israel Ltd.
22 Lefkonos Street,
Oil and gas exploration,
100
100
\u00a0
2064 Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Montenegro
22 Lefkonos Street,
Oil and gas exploration,
100
100
Ltd.
2064 Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Israel
Andre Sakharov 9,
Gas transportation
100
100
Transmission Ltd.
Haifa, Israel
license holder
\u00a0 \u00a0
Energean Israel
Andre Sakharov 9,
Financing activities
100
100
Finance Ltd.
Haifa, Israel
\u00a0 \u00a0 \u00a0
Energean Egypt Ltd.
22 Lefkonos Street,
Oil and gas exploration,
100
100
\u00a0
2064 Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Hellas Ltd.
22 Lefkonos Street,
Oil and gas exploration,
100
100
\u00a0
2064 Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Italy S.p.a.
31 Foro Buonaparte,
Oil and gas exploration,
100
100
\u00a0
20121 Milano, Italy
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Energean Sicilia S.r.l.
Via Salvatore
Oil and gas exploration,
100
100
\u00a0
Quasimodo 2 \u2013 97100
development and
\u00a0 \u00a0
\u00a0
Ragusa (Ragusa)
production
\u00a0 \u00a0
Energean Exploration
44 Baker Street,
Oil and gas exploration,
100
100
Ltd.
141
London W1U 7AL,
development and
\u00a0 \u00a0
\u00a0
United Kingdom
production
\u00a0 \u00a0
Energean UK Ltd.
142
44 Baker Street,
Oil and gas exploration,
100
100
\u00a0
London W1U 7AL,
development and
\u00a0 \u00a0
\u00a0
United Kingdom
production
\u00a0 \u00a0
Energean Egypt
Block #17, City Center,
Oil and gas exploration,
100
100
Energy Services JSC
5th Settlement, New
development and
\u00a0 \u00a0
\u00a0
Cairo, 11835, Egypt
production
\u00a0 \u00a0
Energean Investments
44 Baker Street,
Oil and gas exploration,
100
100
Ltd.
143
London W1U 7AL,
development and
\u00a0 \u00a0
\u00a0
United Kingdom
production
\u00a0 \u00a0
Energean Morocco
44 Baker Street,
Oil and gas exploration,
-
144
100
Ltd.
London W1U 7AL,
development and
\u00a0 \u00a0
\u00a0
United Kingdom
production
\u00a0 \u00a0
Energean West Africa
22 Lefkonos Street,
Oil and gas exploration,
100
100
Ltd.
2064 Nicosia, Cyprus
development and
\u00a0 \u00a0
\u00a0 \u00a0
production
\u00a0 \u00a0
Enearth Limited
22 Lefkonos Street,
Holding Company
100
100
\u00a0
2064 Nicosia, Cyprus
\u00a0 \u00a0 \u00a0
Enearth Greece S.A.
32 Kifissias Avenue,
Carbon Capture
100
100
\u00a0
Marousi Athens, 151
Storage
\u00a0 \u00a0
\u00a0
25, Greece
\u00a0 \u00a0 \u00a0
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00344": { "value": "Company Statement of Financial Position
Year ended 31 December 2025
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
Notes
2025
2024
ASSETS
\u00a0 \u00a0 \u00a0
Non-current assets
\u00a0 \u00a0 \u00a0
Investment in subsidiaries
3
1,324,185
1,289,585
Property plant and equipment
11
2,798
119
Other intangible assets
\u00a0
40
57
Loans and other related party receivables
4
221,630
263,646
Deferred Loan fees
8
952
-
\u00a0 \u00a0
1,549,605
1,553,407
Current assets
\u00a0 \u00a0 \u00a0
Trade and other receivables
6
50,469
39,312
Derivative financial asset
16
685
-
Cash and cash equivalents
\u00a0
3,273
13,328
\u00a0 \u00a0
54,427
52,640
Total assets
\u00a0
1,604,032
1,606,047
EQUITY AND LIABILITIES
\u00a0 \u00a0 \u00a0
Shareholders\u2019 Equity
\u00a0 \u00a0 \u00a0
Share capital
9
2,459
2,449
Share premium
9
465,331
465,331
Other reserves
\u00a0
(107)
54
Share based payment reserve
\u00a0
49,360
42,016
Retained earnings
\u00a0
216,174
504,219
\u00a0 \u00a0
733,217
1,014,069
Non-current liabilities
\u00a0 \u00a0 \u00a0
Other payables
\u00a0
57
775
Long term lease liability
12
2,555
-
Borrowings
8
590,231
445,797
\u00a0 \u00a0
592,843
446,572
Current Liabilities
\u00a0 \u00a0 \u00a0
Trade and other payables
7
103,316
17,406
Short term lease liability
12
113
-
Provisions
15
50,000
-
Borrowings
8
124,543
128,000
Total Current Liabilities
\u00a0
277,972
145,406
\n \n
($\u2019000)
Notes
2025
2024
Total Liabilities
870,815
591,978
Total equity and liabilities
1,604,032
1,606,047
\n
During the year the Company made a loss of $67.2 million (31 December 2024: profit of $276.4 million).
\n
Approved by Board and authorised for issuance on 18 March 2026:
\n
Matthaios Rigas
Panagiotis Benos
\n
Chief Executive Officer
Chief Financial Officer
Company Statement of Changes in Equity
\n
Year ended 31 December 2025
\n\n \n
Share
based
Share
Share
payment
Other
Retained
Total
Capital
Premium
reserve
Reserves
earnings
equity
($\u2019000)
($\u2019000)
($\u2019000)
($\u2019000)
($\u2019000)
($\u2019000)
At 1 January 2024
2,449
465,331
32,939
-
447,626
948,345
Profit for the year
-
-
-
-
276,374
276,374
Exchange difference on the
-
-
-
54
34
88
translation
of
foreign
operations
Transactions with owners
of the company
Share
based
payment
-
-
9,077
-
9,077
charges
Exercise of employee share
-
-
-
-
-
-
options
Dividend Paid
-
-
-
-
(219,815)
(219,815)
At 31 December 2024
2,449
465,331
42,016
54
504,219
1,014,069
Loss for the year
-
-
-
-
(67,223)
(67,223)
Exchange difference on the
-
-
-
(161)
-
(161)
translation
of
foreign
operations
Transactions with owners
of the company
Share
based
payment
-
-
7,354
-
-
7,354
charges
Exercise of employee share
10
-
(10)
-
-
-
options
Dividend Paid
-
-
-
-
(220,822)
(220,822)
At 31 December 2025
2,459
465,331
49,360
(107)
216,174
733,217
1
General information
\n
Energean plc (\u2018the Company') was incorporated in England & Wales on 8 May 2017 as a public company
\n
with limited liability, under the Companies Act 2006. Its registered office is at 44 Baker Street, London
\n
W1U 7AL, United Kingdom at the reporting date. Subsequent to the reporting date, the Company
\n
changed its registered address to One Great Cumberland Place, London, W1H 7AL. The Financial
\n
Statements are presented in US dollars and all values are rounded to the nearest $ thousands ($\u2019000),
\n
except where otherwise stated. Energean plc is the ultimate Parent of the Energean Group.
\n
2
Basis of preparation
\n
The Company meets the definition of a qualifying entity under Financial Reporting Standard 100
\n
(FRS 100) issued by the Financial Reporting Council. The parent company Financial Statements have
\n
therefore been prepared in accordance with United Kingdom Generally Accepted Accounting Practice
\n
(United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 101
\n
(FRS 101) \u201cReduced Disclosure Framework\u201d as issued by the Financial Reporting Council. As permitted
\n
by FRS 101, the Company has taken advantage of the following disclosure exemptions under FRS 101:
\n
a.
the requirements of IFRS 7 Financial Instruments: Disclosures;
\n
b.
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;
\n
c.
the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present
\n
comparative information in respect of paragraph 79(a) (iv) of IAS 1 and (ii) paragraph 73(e) of
\n
IAS 16 Property Plant and Equipment;
\n
d.
the requirements of paragraphs 10(d), 16, 38A to 38D, 111 and 134 to 136 of IAS 1 Presentation
\n
of Financial Statements;
\n
e.
the requirements of paragraphs 1 to 44E, 44H(b)(ii) and 45 to 63 of IAS 7 Statement of Cash
\n
Flows;
\n
f.
the requirements of paragraphs 88C and 88D of IAS 12 Income Taxes;
\n
g.
the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share-based payments;
\n
h.
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures;
\n
i.
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions
\n
entered into between two or more members of a group, provided that any subsidiary which is
\n
a party to the transaction is wholly owned by such a member; and
\n
j.
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting
\n
Estimates and Errors.
\n
The Group is within the scope of the Pillar Two Model Rules starting from 1 January 2025. Legislation
\n
implementing these rules has been enacted or substantively enacted in a number of jurisdictions in
\n
which the Group operates. The Group has applied the mandatory temporary exception under IAS 12
\n
from recognising and disclosing deferred taxes related to Pillar Two income taxes.
\n
The Group has performed an assessment of its potential exposure to Pillar Two top-up taxes. Based on
\n
the analysis performed using information currently available, including consideration of transitional
\n
safe harbour provisions where applicable, the Group does not expect a material exposure to arise.
\n
Accordingly, no amount has been recognised in the consolidated financial statements for the year. The
\n
Group will continue to monitor developments in legislation, guidance and the geographic mix of
\n
earnings, which may impact future periods. Where applicable, equivalent disclosures are provided in
\n
the Energean plc consolidated financial statements, which are included in the Annual Report and
\n
available to the public.
\n
The Company has applied the exemption from the requirement to publish a separate income statement
\n
for the parent company set out in section 408 of the Companies Act 2006.
\n
2.1
Going concern
\n
The going concern assessment was perfomed at the Group level and includes considerations of the
Company\u2019s individual position within the Group. The Directors are satisfied that the assessment is
\n
applicable to the Company and concluded that the preparation of the financial statements on a going
\n
concern basis is appropriate. In making this assessment a number of factors were considered, refer to
\n
note 2.1 of the Energean plc consolidated financial statements. Accordingly, the Directors have a
\n
reasonable expectation that the Company has adequate resources to continue in operational existence
\n
for the foreseeable future and consider it appropriate to adopt the going concern basis in preparing
\n
these financial statements.
\n
2.2
Foreign currencies
\n
The US dollar is the functional currency of the Company. Transactions in foreign currencies are
\n
translated at the rates of exchange ruling at the transaction date. Monetary assets and liabilities
\n
denominated in foreign currencies are translated into US dollars at the rates of exchange ruling at the
\n
balance sheet date, with a corresponding charge or credit to the income statement.
\n
2.3
Investments
\n
Fixed asset investments, representing investments in subsidiaries, are stated at cost and reviewed for
\n
impairment if there are indications that the carrying value may not be recoverable.
\n
2.4
Trade and other receivables
\n
Receivables represent the Company\u2019s right to an amount of consideration that is unconditional (i.e. only
\n
the passage of time is required before payment of the consideration is due). The Company is required
\n
to assess the carrying values of each of the amounts due from subsidiary undertakings, considering the
\n
requirements established by IFRS 9
Financial Instruments
. The IFRS 9 impairment model requires the
\n
recognition of \u2018expected credit losses\u2019. If the subsidiary has sufficient liquid assets to repay the loan if
\n
demanded at the reporting date, the expected credit loss is likely to be immaterial. However, if the
\n
subsidiary could not demonstrate the ability to repay the loan, if demanded at the reporting date, the
\n
Company calculated an expected credit loss.
\n
2.5
Trade and other payables
\n
Trade and other payables are carried at amortised cost. They represent liabilities for goods and
\n
services provided to the Company prior to the end of the financial year that are unpaid and arise when
\n
the Company becomes obligated to make future payments in respect of the purchase of those goods
\n
and services.
\n
2.6
Loans and borrowings
\n
After initial recognition, interest-bearing loans and borrowings are subsequently measured at
\n
amortised cost using the EIR method. Gains and losses are recognised in profit or loss when the liabilities
\n
are derecognised, modified and through the EIR amortisation process.
Amortised cost is calculated by
\n
taking into account any discount or premium on acquisition and fees or costs that are an integral part
\n
of the EIR. The EIR amortisation is included as finance costs in the statement of profit or loss.
\n
2.7
Cash and cash equivalents
\n
Cash and cash equivalents comprise cash at bank, demand and time deposits and other short-term
\n
highly liquid investments with a maturity of less than 3 months that are readily convertible to a known
\n
amount of cash and are subject to an insignificant risk of changes in value.
\n
2.8
Capital management
\n
The Company defines capital as the total equity of the Company. Capital is managed in order to
\n
provide returns for shareholders and benefits to stakeholders and to safeguard the Company\u2019s ability
\n
to continue as a going concern. The Company is not subject to any externally imposed capital
\n
requirements. To maintain or adjust the capital structure, the Company may adjust the dividend
\n
payment to shareholders, return capital, issue new shares for cash, repay debt, and put in place new
\n
debt facilities.
2.9
Leasing
\n
The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the
\n
contract conveys the right to control the use of an identified asset for a period of time in exchange for
\n
consideration. The determination of whether an arrangement is, or contains, a lease is based on the
\n
substance of the arrangement at the date of inception. The arrangement is assessed to determine
\n
whether fulfilment is dependent on the use of a specific asset (or assets) and the arrangement conveys
\n
a right to use the asset (or assets), even if that asset is (or those assets are) not explicitly specified in an
\n
arrangement. The Company is not a lessor in any transactions, it is only a lessee.
\n
The Company applies a single recognition and measurement approach for all leases, except for short-
\n
term leases and leases of low-value assets. The Company recognises lease liabilities to make lease
\n
payments and right-of-use assets representing the right to use the underlying assets.
\n
2.9.1
Right-of-use assets
\n
The Company recognises right-of-use assets at the commencement date of the lease (i.e., the date the
\n
underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated
\n
depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost
\n
of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred,
\n
and lease payments made at or before the commencement date less any lease incentives received.
\n
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the
\n
estimated useful lives of the assets, as follows:
\n
Property leases:
3-10 years
\n
If ownership of the leased asset transfers to the Company at the end of the lease term or the cost
\n
reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of
\n
the asset. The right-of-use assets are also subject to impairment.
\n
2.9.2
Lease liabilities
\n
At the commencement date of the lease, the Company recognises lease liabilities measured at the
\n
present value of lease payments to be made over the lease term. The lease payments include fixed
\n
payments (including in substance fixed payments) less any lease incentives receivable, variable lease
\n
payments that depend on an index or a rate, and amounts expected to be paid under residual value
\n
guarantees. The lease payments also include the exercise price of a purchase option reasonably certain
\n
to be exercised by the Company and payments of penalties for terminating the lease, if the lease term
\n
reflects the Company exercising the option to terminate. In calculating the present value of lease
\n
payments, the Company uses its incremental borrowing rate at the lease commencement date if the
\n
interest rate implicit in the lease is not readily determinable. After the commencement date, the
\n
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease
\n
payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
\n
modification, a change in the lease term, a change in the lease payments (e.g., changes to future
\n
payments resulting from a change in an index or rate used to determine such lease payments) or a
\n
change in the assessment of an option to purchase the underlying asset.
\n
2.10
Share-based payments
\n
The Company has share-based awards that are equity-settled as defined by IFRS 2. The cost of equity-
\n
settled transactions is determined by the fair value at the date when the grant is made using an
\n
appropriate valuation model.That cost is recognised in employee remuneration expense together with
\n
a corresponding increase in equity (share-based payment reserve), over the period in which the service
\n
and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative
\n
expense recognised for equity-settled transactions at each reporting date until the vesting date
\n
reflects the extent to which the vesting period has expired and the Group\u2019s best estimate of the number
\n
of equity instruments that will ultimately vest. The expense or credit in the income statement for a
\n
period represents the movement in cumulative expense recognised as at the beginning and end of that
\n
period.
Service and non-market performance conditions are not taken into account when determining the
\n
grant date fair value of awards, but the likelihood of the conditions being met is assessed as part of the
\n
Group\u2019s best estimate of the number of equity instruments that will ultimately vest. Market
\n
performance conditions are reflected within the grant date fair value. Any other conditions attached
\n
to an award, but without an associated service requirement, are considered to be non-vesting
\n
conditions. Non-vesting conditions are reflected in the fair value of an award and lead to an immediate
\n
expensing of an award unless there are also service and/or performance conditions.
\n
No expense is recognised for awards that do not ultimately vest because non-market performance
\n
and/or service conditions have not been met. Where awards include a market or non-vesting condition,
\n
the transactions are treated as vested irrespective of whether the market or non-vesting condition is
\n
satisfied, provided that all other performance and/or service conditions are satisfied.
\n
When the terms of an equity-settled award are modified, the minimum expense recognised is the grant
\n
date fair value of the unmodified award, provided the original vesting terms of the award are met. An
\n
additional expense, measured as at the date of modification, is recognised for any modification that
\n
increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the
\n
employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of
\n
the fair value of the award is expensed immediately through profit or loss.
\n
2.11
Provisions
\n
Provisions are recognised when the Company has a present obligation (legal or constructive) as a result
\n
of a past event, it is probable that an outflow of resources will be required to settle the obligation, and
\n
a reliable estimate can be made of the amount. Provisions are measured at the best estimate of the
\n
expenditure required to settle the obligation at the reporting date and are discounted to present value
\n
when the effect of the time value is material. Further detail is provided in the note 3.18 to the Energean
\n
plc consolidated financial statements.
\n
2.12
Critical accounting judgements and key sources of estimation uncertainty
\n
The preparation of these management financial statements requires management to exercise its
\n
judgement in applying its accounting policies. Management considered the recoverability of
\n
investments in subsidiaries to determine if there were any indicators of impairment. Following the
\n
decision to exit Morocco, the Company assessed the recoverability of the investment to Energean
\n
Morocco Limited in 2025 and concluded on a full impairment of the investment of $53.0m resulting in a
\n
net charge of $33.2 million after reversing the credit losses of $19.8m as discussed in note 4.
\n
In addition management performed an impairment assessment of its investment in Energean UK
\n
Limited. The recoverable amount of the investment was estimated with reference to the value in use of
\n
the underlying operations of the subsidiary, based on forecast cash flows and appropriate discount
\n
rates. As a result of the assessment the Company recognised an impairment loss of $49.9 million during
\n
the reporting period, refer to note 4 for further detail.
\n
3
Investments in subsidiaries
\n
The following table shows the movement in the investment in subsidiaries during the year
\n\n \n
($\u2019000)
At 1 January 2025
1,289,585
Additions
137,500
Impairment
(102,900)
At 31 December 2025
1,324,185
\n
As of 31 December 2025, the company held investments in subsidiaries amounting to $1,324.2 million (31
\n
December 2024: $1,289.6 million). The principal activity of the majority of these companies relates to
\n
oil and gas exploration, development and production.
Additions mainly relate to the share capital increase in Energean UK Limited ($62.2 million) the
\n
capitalisation of the loan provided to Energean Morocco Limited ($56.2 million).
\n
The investment in Energean Morocco Limited
has been fully impaired during the reporting period in the
\n
light of the decision to exit Morocco and a sale of Energean Morocco Limited to Chariot Limited which
\n
completed on 13 May 2025.
\n
During the year, the Company recognised an impairment loss of $49.9 million in respect of its
\n
investment in Energean UK Limited. The impairment was recognised following the assessment of the
\n
recoverable amount of the investment in accordance with IAS 36. The recoverable amount of the
\n
investment of $12.3 million was determined with reference to the value in use of the underlying cash-
\n
generating unit (Sally CGU) with the Energean Group, consistent with the impairment testing
\n
performed for the Energean plc consolidated financial statements.
The key assumptions used in
\n
determining the recoverable amount are consistent with those disclosed in note 13 to the Group
\n
consolidated financial statements.
\n
In addition, the Company also invested $20.8 million in Energean E&P Holdings, $0.8 million in EnEarth
\n
Limited, and $0.6m in Energean Exploration.
\n
A complete list of Energean plc Group companies on 31 December 2025, and the Company\u2019s
\n
percentage of share capital are set out in the note 32 to the consolidated financial statements.
\n
4
Loans and other related party receivables, non-current
\n\n \n
($'000)
2025
2024
Loans to subsidiaries
220,391
262,566
Receivables from share-
based plan to subsidiary
1,239
1,080
undertakings
Total
221,630
263,646
\n
On 31 December 2025 the Company has a loan receivable amounting to $220.4 million (31 December
\n
2024: $262.6 million) from Energean Capital Limited, a subsidiary. This loan carries a fixed interest rate
\n
of 5.5% per annum and is set to mature on 18 May 2027.
\n
In 2025, the Company extended an additional loan of $33 million to Energean Morocco. On 12 May
\n
2025, the Company fully capitalised loans totalling $56.2 million as part of the investment in subsidiary
\n
balance that had been issued to Energean Morocco Limited during 2024\u20132025. The decision to
\n
capitalise the loan resulted in the reversal of a $19.8 million expected credit loss provision recognized in
\n
2024, leaving a net impairment charge of $33.2 million, as reflected in the income statement.
\n
5
Equity
\n
Share capital represents the nominal value of ordinary shares issued at \u00a30.01 each. Each carries the
\n
right to one vote at the general meetings of the Company.
\n
Share premium represents the excess of consideration received over the nominal value of shares
\n
issued.
\n
Other reserves comprise cumulative exchange differences arising on translation of the Company\u2019s
\n
foreign currency monetary items from a foreign operation (branch).
\n
Share \u2013 based payment reserves represent the cumulative charge recognised under IFRS 2 in respect
\n
of equity settled share -based payment arrangements granted to employees of the Company and its
\n
subsidiaries, net of amounts transferred to retained earnings on exercise or lapse of awards.
\n
Dividends
\n
In 2024, the company declared and paid dividends of 30 US cents per ordinary share on these dates:
\u2022
For the Q4 2023 operating period, dividends were declared on 22 February 2024 and paid on 29
\n
March 2024.
\n
\u2022
For the Q1 2024 operating period, dividends were declared on 23 May 2024 and paid on 28 June
\n
2024.
\n
\u2022
For the Q2 2024 operating period, dividends were declared on 11 September 2024 and paid on
\n
30 September 2024.
\n
\u2022
For the Q3 2024 operating period, dividends were declared on 28 November 2024 and paid on
\n
30 December 2024.
\n
In 2025, the company declared and paid dividends of 30 US cents per ordinary share on these dates:
\n
\u2022
For the Q4 2024 operating period, dividends were declared on 27 February 2025 and paid on 31
\n
March 2025.
\n
\u2022
For the Q1 2025 operating period, dividends were declared on 22 May 2025 and paid on 30 June
\n
2025.
\n
\u2022
For the Q2 2025 operating period, dividends were declared on 11 September 2025 and paid on
\n
30 September 2025.
\n
\u2022
For the Q3 2025 operating period, dividends were declared on 26 November 2025 and paid on
\n
29 December 2025.
\n\n \n
Cents per share
($\u2019000)
2025
2024
2025
2024
Dividends declared and paid in
cash
March
30
30
54,991
54,844
June
30
30
55,277
54,990
September
30
30
55,277
54,990
December
30
30
55,277
54,991
Total
120
120
220,822
219,815
\n
At 31 December 2025 the Company\u2019s distributable reserves are determined by reference to its retained
\n
earnings after taking into account amounts not available for distribution under the Companies Act
\n
2006. These include the share capital and share premium reserves, and share based payment reserve.
\n
Subsequent dividends received from subsidiaries increased the level of distributable reserves available
\n
for distribution.
6
Trade and other receivables
\n\n \n
($\u2019000)
2025
2024
Financial items
Due from subsidiary undertakings
18,533
17,170
Short term loans and interest receivable due from
30,382
21,810
subsidiaries
Refundable VAT
1,138
35
50,053
39,015
Non-financial items
Deposits and prepayments
416
297
Total trade and other receivables
50,469
39,312
\n
Short-term loans due from subsidiaries increased due to interest income receivable from Energean
\n
Capital Limited.
\n
On 31 December 2025 no expected credit loss allowances (31 December 2024: $ 19.8 million) were
\n
recognised in respect of the recoverability of amounts due from subsidiary undertakings (see note 4).
\n
The amounts due from short term loans and interest receivable include $21.4 million interest receivable
\n
on the related party loans (31 December 2024: $7.9 million).
\n
The remaining amounts due from subsidiaries accrue no interest and relate to intragroup recharges for
\n
subsidiaries\u2019 employees share-based payments and management services provided by the Company
\n
to its subsidiaries under a Master Intercompany Services Agreement.
\n
7
Trade and other payables
\n\n \n
($'000)
2025
2024
Staff costs accrued
4,616
3,105
Trade payables
3,207
518
Due to subsidiary undertakings
3,425
1,119
Short term loan due to subsidiaries
81,164
-
Finance costs accrued
7,318
9,173
Accrued expenses
3,122
3,196
Income taxes
175
68
Social insurance and other taxes
224
177
Other creditors
65
50
Total trade and other payables
103,316
17,406
\n
The amounts are unsecured and are usually paid within 30 days of recognition.
\n
Short term loan due to subsidiaries consists the cash management facility balance. The accrued finance
\n
cost pertains to accrued coupon payments under the Senior Secured Notes payable semi-annually in
\n
April and October.
8
Borrowings
\n\n \n
($\u2019000)
2025
2024
Non-current
Senior Secured notes $ 450 million
-
445,797
Senior Secured notes \u20ac 400 million
459,664
-
Revolving credit line facility
130,567
-
Carrying value of non-current borrowings
590,231
445,797
Current
Revolving credit line facility
-
128,000
Other borrowings
124,543
-
Carrying value of current borrowings
124,543
128,000
\n
On 18 November 2021, the Company completed the issuance of senior secured notes totalling $450
\n
million in aggregate principal amount. These notes, were due to mature in 2027, carried a fixed interest
\n
rate of 6.5%. On 11 November 2025, the Company repaid the $450 million
senior secured notes using
\n
the proceeds from the \u20ac 400 million bond issued on 11 November 2025, maturing in May 2031, carrying
\n
a fixed annual interest rate of 5.625%. The notes were admitted to the trading on the Euronext Dublin.
\n
On 8 September 2022, the Company secured a three-year, $275 million multicurrency revolving credit
\n
facility (\u201c
RCF
\u201d) with a syndicate of four banks, spearheaded by ING Bank N.V. In May 2023, this facility's
\n
limit was increased to $300 million. In March 2025, the Group extended its $300 million RCF until
\n
September 2028. The RCF is designed to provide additional liquidity for general corporate needs as
\n
necessary. The interest rate applied to any amounts drawn as loans is set at 5% plus the SOFR rate. In
\n
relation to the RCF financing arrangement, deferred loan fees of $1.0 million have been capitalised in
\n
the balance sheet. Refer to the note 21 of the consolidated financial statements for further detail.
\n
On 29 April 2025, the company signed a $ 125 million unsecured facility agreement with a third party.
\n
The interest rate applied is set at 3.95% plus SOFR rate. In 2025, the Company drew $125 million in full
\n
at an interest rate of 8.24%. In March 2026 the loan was amended by the parties, extending its maturity
\n
to 15 March 2027, with an option exercisable at the Company\u2019s discretion to extend to 15 September
\n
2027. The amendment resulted in the loan being reclassified to non-current borrowings in 2026.
9
Share capital
\n\n \n
Equity share capital
allotted and fully paid
Share capital
Share premium
Number
($\u2019000)
($\u2019000)
Authorised
At 1 January 2024
183,480,959
2,449
465,331
Issued during the period
- Employee share schemes
-
-
-
At 31 December 2024
183,480,959
2,449
465,331
Issued during the period
- Employee share schemes
800,000
10
-
At 31 December 2025
184,280,959
2,459
465,331
\n
As at 31 December 2025, the Company\u2019s issued share capital consisted of 184,280,959 ordinary shares
\n
of \u00a30.01 each. The Company has only one class of share, which carries no right to fixed income. Each
\n
share carries the right to one vote at General Meetings of the Company.
\n
10
Staff costs
\n\n \n
($\u2019000)
2025
2024
Salaries
148
9,865
8,135
Social insurance costs and other funds
1,721
1,322
Share-based payments
3,446
6,019
Pension contribution & insurance
186
138
Total Staff Costs
15,218
15,614
\n
148
\n
Including directors\u2019 remuneration
11
Property, plant and equipment
\n\n \n
($'000)
Leased assets
Other fixed assets
Total
COST
At 1 January 24
-
92
92
Additions
-
221
221
Disposal of assets
-
(161)
(161)
At 31 December 2024
-
152
152
Additions
2,557
232
2,789
At 31 December 2025
2,557
384
2,941
ACCUMULATED DEPRECIATION
At 1 January 2024
-
59
59
Charge for the year
-
20
20
Disposal of assets
-
(46)
(46)
At 31 December 2024
-
33
33
Charge for the year
84
25
109
NET BOOK VALUE
At 31 December 2025
2,473
325
2,798
At 31 December 2024
-
119
119
\n
On 11 November 2025, Energean Plc entered into a new office lease agreement with a contractual term
\n
of 10 years, including a break option exercisable at the fifth anniversary of the commencement date.
\n
In determining the lease term in accordance with IFRS 16, management assessed whether it is
\n
reasonably certain that the break option will not be exercised. Based on the information available at
\n
the reporting date, the lease term for accounting purposes reflects a 5-year period up to the first break
\n
date.
\n
12
Lease maturity analysis
\n\n \n
Contractual undiscounted cash flows
($\u2019000)
2025
3 months of less
-
3-12 months
343
1-2 years
839
2-5 years
2,914
Total undiscounted cash flows
4,096
Total lease liabilities
2,668
Current
113
Non-current
2,555
\n
The lease liability was initially measured at the present value of lease payments discounted using the
\n
Company\u2019s incremental borrowing rate of 7.43%.
The Group previously occupied office space at Accurist House, London, under a lease held by another
\n
Energean Group entity. That lease expires in March 2026.
\n
13
Share-based payment
\n
Energean Long Term Incentive Plan (LTIP)
\n
Under the LTIP, senior management can be granted nil exercise price options, normally at the end of a
\n
period of at least three years following grant and normally have a holding period taking the time
\n
horizon to no earlier than five years following grant. The size of awards depends on both annual
\n
performance measures and Total Shareholder Return (\u201c
TSR
\u201d) over a period of up to three years. There
\n
are no other post-grant performance conditions.
\n
No dividends are paid over the vesting period; however, Energean\u2019s Board may decide at any time prior
\n
to the issue or transfer of the shares in respect of which an award is released that the participant will
\n
receive an amount (in cash and/or additional Shares) equal in value to any dividends that would have
\n
been paid on those shares on such terms and over such period (ending no later than the release date)
\n
as the Board may determine. This amount may assume the reinvestment of dividends (on such basis as
\n
the Board may determine) and may exclude or include special dividends.
\n
The weighted average remaining contractual life for LTIP awards outstanding at 31 December 2025
\n
was 1.1 years (2024: 1.1 years), number of shares outstanding 2,115,079 and weighted average price at
\n
grant date \u00a39.98 (or $13.43).
\n
There are further details of the LTIP in the Remuneration Committee Report section of the Annual
\n
Report and note 26 to the Energean plc consolidated financial statements.
\n
Deferred Share Bonus Plan (DSBP)
\n
Under the DSBP, the portion of any annual bonus above 30 per cent of the base salary of a Senior
\n
Executive nominated by the Remuneration Committee is deferred into shares.
\n
Deferred awards are usually granted in the form of conditional share awards or nil-cost options (or,
\n
exceptionally, as cash-settled equivalents). Deferred awards usually vest two years after award
\n
although may vest early on leaving employment or on a change of control.
\n
The weighted average remaining contractual life for DSBP awards outstanding at 31 December 2025
\n
was 0.7 years (2024: 0.7 years), number of shares outstanding 284,686 and weighted price at grant
\n
date \u00a39.43 (or $12.69).
\n
There are further details refer to note 26 to the Energean plc consolidated financial statements.
\n
14
Related party transactions
\n
The Company\u2019s subsidiaries at 31 December 2024 and the Group\u2019s percentage of share capital are set
\n
out are in note 32 of the Group financial statements. The following table provides the Company\u2019s
\n
balances which are outstanding with subsidiary companies at the balance sheet date:
\n
The amounts outstanding are unsecured and will be settled in cash.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
($\u2019000)
2025
2024
Loans to subsidiaries (refer to notes 4 and 6)
250,774
276,476
Receivables
from
share-
based
plans
to
subsidiary
6,864
1,080
undertakings
\u00a0 \u00a0
Trade and other receivables (refer to notes 4 and 6)
12,907
25,071
Total amounts receivable from subsidiary undertakings
270,545
302,627
Loans from subsidiaries
81,164
-
Amounts payable to subsidiary undertakings
3,425
1,119
Total amounts outstanding
185,956
301,508
\n
15
Provisions
\n
On 19 June 2024, the Company entered into a binding sale and purchase agreement (\u201c
SPA
\u201d) in relation
\n
to the proposed disposal of certain assets in Egypt, Italy and Croatia. The transaction was subject to
\n
regulatory approvals which were not obtained by the longstop date. Accordingly, the SPA was
\n
terminated on 21 March 2025.
\n
Subsequently, the Company received $50 million under the letter of credit in respect of the non-
\n
completion payment, which has been fully provided for. Further details are included in note 23 to the
\n
consolidated financial statements.
\n
16
Derivative financial instruments
\n
During the year, the Company entered into derivative contracts on behalf of a subsidiary in order to
\n
hedge forecast commodity sales of that subsidiary.
The derivative is recognised at fair value in the
\n
Company\u2019s statement of financial position in accordance with IFRS 9. Under an intercompany
\n
agreement, all fair value movements and settlement amounts are contractually passed through to the
\n
subsidiary. Accordingly, the Company does not retain the economic exposure and there was no net
\n
impact on profit or loss for the year.
\n
The fair value of the derivative asset at 31 December 2025 was $0.7 million.
\n
17
Directors\u2019 Remuneration
\n
Directors\u2019 remuneration has been provided in the remuneration report within the Annual Report. Please
\n
refer to pages 125 to 142 of the Annual Report.
\n
18
Auditor\u2019s Remuneration
\n
Auditors\u2019 remuneration has been provided in the Energean plc Group financial statements. Please refer
\n
to note 7 of the Group financial statements, included in the Annual Report, for details of the
\n
remuneration of the company\u2019s auditor on a group basis.
\n
19
Subsequent Events
\n
Following the reporting date, the Company repaid $80 million under its revolving credit facility and
\n
settled $66 million of borrowings due to Energean E&P Holdings. In addition, the Company received
\n
$105 million in dividends from Energean E&P Holdings in the first two months of 2026.
\n
In March 2026, the Company extended its $125 million unsecured Facility agreement, by extending its
\n
maturity to 15 March 2027, with an option exercisable at the Company\u2019s discretion to extend to 15
\nSeptember 2027.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300RVMKU0CYUZBB05", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }