• Strong free cash flow from operations of US$1.1 billion
• Barossa LNG FPSO rapidly approaching RFSU, Pikka phase 1 first oil guidance accelerated to Q1 2026
• Interim dividend of US13.4 cents per share, up on prior year

Santos today announced strong half-year results for 2025, comparable with the prior year. Free cash flow from operations remained strong at US$1.1 billion. Sales revenue was US$2.6 billion, EBITDAX was US$1.8 billion and underlying profit was US$508 million. Production volumes were 44.1 mmboe, also comparable with the prior year, and sales volumes were 47.2 mmboe. Average realised LNG prices were strong for the period at US$11.57 per mmbtu. The Santos Board declared an interim dividend of US13.4 cents per share, franked to 10 per cent and up on the prior year. This represents 40 per cent of free cash flow from operations in line with the company's dividend policy and is up on the prior year. The excellent first half operational result reinforces the strength of Santos' base business and its ability to self-execute development projects, highlighted by accelerated first oil guidance for Pikka phase 1 to the first quarter of 2026, DLNG RFSU achieved and Barossa first gas imminent. The additional production and cash flows from Barossa LNG and Pikka phase 1 are expected to underpin stronger shareholder returns into the future.

Barossa LNG together with Pikka phase 1 are expected to deliver a ~30 per cent increase in production by 2027.

Santos' equity LNG portfolio is about 90 per cent contracted over the next five years, with strong pricing driven by the high heating value of its LNG, reliability and proximity to growing Asian markets. The company remains focused on delivering US$150 million in annual structural savings, driving higher margins and value for shareholders.