• 1H25 underlying net profit after tax (NPAT) of US$45.0 million, down 61% from 1H24
• Baúna Project 2P Reserves increased 13.7 MMbbl to 52.7 MMbbl as at 30 June 2025
• Neon and Who Dat East development opportunities now in the Define Phase

Karoon Energy Ltd reported its 2025 half-year results, with underlying NPAT of US$45.0 million, down 61% from 1H24, primarily due to lower sales volumes and 14% lower average realised liquids prices. However, the company's statutory NPAT increased 15% to US$71.0 million. Production increased 4% to 5.30 MMboe, and the Baúna Project 2P Reserves were upgraded by 13.7 MMbbl to 52.7 MMbbl as at 30 June 2025, extending the field life by seven years. Both the Neon and Who Dat East development opportunities are now in the Define Phase, including Front-End Engineering Design. Net debt increased to US$237.9 million due to reduced cash flow and several significant cash outflows, including the purchase of the Baúna FPSO. The company has revised its full-year 2025 production guidance to 9.7 - 10.5 MMboe and lowered its unit production cost guidance to US$12 - 15/boe.

2025 full year production guidance revised to 9.7 - 10.5 MMboe. Unit production cost guidance lowered to US$12 - 15/boe. Excludes US$21.1 million of flotel costs incurred in 1H25, US$5 - 7 million of FPSO transition costs, and US$3 - 5 million of corporate relocation costs.

Karoon enters the second half of 2025 with strong operational momentum, focused on maintaining safe and reliable operations, delivering an incident-free transition of Baúna FPSO operatorship, advancing the Neon and Who Dat East developments and the Who Dat South discovery, and maintaining capital discipline.