2025 Half Year Results Presentation

• Production up 4% on 1H24, 2025 production guidance revised to 9.7 - 10.5 MMboe
• Underlying EBITDAX down 25% on 1H24, Underlying NPAT down 61% on 1H24
• Organic growth opportunities progressing, Neon 2C resource up 44%, Who Dat E6ST to commence in late 3Q25

Karoon Energy Ltd reported its 2025 half-year results, highlighting a 4% increase in production compared to the first half of 2024. However, the company's financial performance was impacted by lower oil sales prices, with Underlying EBITDAX down 25% and Underlying NPAT down 61% on the prior corresponding period. The company revised its 2025 production guidance to 9.7 - 10.5 MMboe. Karoon continued to focus on its organic growth opportunities, with the Neon 2C resource increasing by 44% and the Who Dat E6ST well set to commence in late Q3 2025. The company also completed the acquisition of the Baúna FPSO, which it will now operate subject to regulatory approvals. Karoon's balance sheet was deployed to fund the FPSO acquisition, well interventions, and capital returns, including a share buyback program that has repurchased around 9% of the company's issued capital since August 2024. Net debt at 30 June 2025 stood at US$237.9 million, with liquidity of US$452.1 million. Karoon's safety performance continued to improve, with no lost time injuries and a reduction in high potential incidents during the half-year period.

Karoon's 2025 production guidance has been revised to 9.7 - 10.5 MMboe.