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Caledonia Mining Corporation Plc: Results for the Quarter ended June 30, 2025 - ForexTV
Details of Management Conference Call Strong Performance Driven by Record Q2 Production and Higher Gold Prices ST HELIER, Jersey, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Caledonia Mining Corporation Plc (“Caledonia” or “the Company”) (NYSE AMERICAN: CMCL; AIM: CMCL; VFEX: CMCL) announces its operating and financial results for the quarter ended June 30, 2025 (“Q2 2025” or the “Quarter”). Further information on the financial and operating results for the Quarter can be found in the Management Discussion and Analysis (“MD&A”) and the unaudited condensed consolidated interim financial statements, which are available on the Company’s website and are being filed on SEDAR+. Q2 2025 HIGHLIGHTS Financial Highlights: Gold revenue of $65.0 million (second quarter of 2024 (“Q2 2024”): $50.1 million, +30%)Gross profit of $33.8 million (Q2 2024: $22.9 million, +48%)EBITDA of $39.5 million (including one off profit on sale of solar plant in April 2025 of $8.5m) (Q2 2024: $20.4 million, +94%)Net profit attributable to shareholders of the Company of $20.5 million (Q2 2024: $8.3 million, +147%)Adjusted EPS of 113.9 cents (Q2 2024: 44.6 cents, +155%)Net cash from operating activities of $28.1 million (Q2 2024: $19.1 million, +47%)Net cash position (including fixed term deposits) improved to $26.2 million (Q2 2024: negative $1.4 million)A dividend of 14 cents per share was declared today, August 11, 2025Completion of the solar plant sale (through the sale of the Zimbabwe subsidiary owning the plant) to CrossBoundary Energy Holdings for $22.35 million which was paid in cash Operational Highlights: Production at Blanket Mine of 21,070 ounces (Q2 2024: 20,773 ounces, +1.4%)Production guidance at Blanket Mine for 2025 increased to 75,500 - 79,500 ounces of goldOn-mine cost per ounce of $1,123 (Q2 2024: $1,013, +10.9%)All-in sustaining cost (“AISC”) per ounce of $1,805 (Q2 2024: $1,485, +21.5%)Average realised gold price of $3,188 per ounce (Q2 2024: $2,302, +38.5%)Continued progress on Bilboes feasibility study and Motapa exploration programmeContinued exploration at Blanket to upgrade inferred resources and explore new areas within the mining lease area. Mark Learmonth, Chief Executive Officer, commented: “Caledonia has delivered another strong quarter, highlighted by record second-quarter gold production at Blanket and a substantial increase in profitability, reflecting strong operational performance and a higher gold price environment. I would like to thank the team for their hard work and contribution. “The successful sale of our solar plant in April has strengthened our balance sheet and ensures a reliable, long-term renewable energy supply for Blanket Mine. “Our ongoing drilling campaign at Blanket Mine continues to demonstrate encouraging results, further improving our confidence in the mineral resource and pointing to additional future mineral resource growth. The grades and widths we are seeing from this drilling campaign are as good as and, in some cases, considerably better than results from previous drilling campaigns. “We are encouraged by the progress on the Bilboes feasibility study, and we continue to evaluate opportunities that could materially improve project economics. At the same time, our exploration programme at Motapa is advancing well, with a clear focus on identifying both sulphide and oxide resources that could support near-term production and longer-term growth. “Looking ahead, we remain focused on delivering our increased production guidance at Blanket, and advancing our growth pipeline in a way that maximises long-term value for shareholders. With a strong operational base and a clear strategic roadmap, Caledonia is well positioned to continue building on this positive momentum.” Revenue and Profit Revenue for the Quarter was $65.0 million, a 30% increase from $50.1 million in Q2 2024. This improvement was driven by higher gold prices and slightly higher production. Gross profit increased to $33.8 million (Q2 2024: $22.9 million). Net profit attributable to shareholders of the Company more than doubled to $20.5 million (Q2 2024: $8.3 million), while adjusted EPS rose to 113.9 cents from 44.6 cents in Q2 2024. Costs Consolidated on-mine cost per ounce increased by 10.9% to $1,123 (Q2 2024: $1,013), primarily due to higher labour and consumables costs at Blanket Mine. Labour costs increased due to a higher headcount, inflationary salary increases, bonuses paid for higher production, and overtime worked. Consumable costs per ounce at Blanket increased due to higher repair and maintenance activities at the metallurgical plant and on underground trackless mining machinery in the Quarter. Consolidated AISC rose to $1,805 per ounce (Q2 2024: $1,485); this was as expected due to higher on-mine costs and increased sustaining capital expenditure (as planned). Full year sustaining capital expenditure remains on target. Cash Generation During the half year ended 30 June 2025, Caledonia generated operating cash inflows of $41.3 million (Q2 2025: $28.1 million), driven by higher production at Blanket and a favourable gold price environment. An additional $22.35 million (pre-tax) was received in the Quarter from the sale of the solar plant, further strengthening the group’s cash position. This strong cash generation supported continued investment in strategic growth. The group invested $17.7 million during the half year (Q2 2025: $10.5 million) in property, plant, and equipment on key infrastructure at Blanket. A further $3.1 million during the half year (Q2 2025: $1.8 million) was allocated to exploration and evaluation activities, primarily at Bilboes and Motapa. To optimise short-term returns and strengthen the balance sheet, $18.0 million was placed into fixed-term deposits during the Quarter. Financing activities had a net outflow of $6.0 million during the half year (Q2 2025: $6.9 million), with three key drivers being net proceeds from loans and bond issuance for supporting capital projects making a positive contribution of $3.2 million (Q2 2025: $0.8 million) and an outflow of $9.0 million (Q2 2025: $7.6 million) returned to Caledonia and Blanket minority shareholders through dividends. Additionally, $0.1 million (Q2 2025: $0.1 million) paid lease liabilities in the period. As a result of all the key movements above, cash and cash equivalents increased by $16.9 million during the half year (Q2 2025: $12.8 million) to $8.2 million. This reflects Caledonia’s prudent treasury management and balanced approach to deploying capital for both growth and shareholder returns. OPERATIONAL REVIEW Blanket Mine Blanket Mine produced 21,070 ounces of gold in Q2 2025, a 1.4% increase from 20,773 ounces in Q2 2024. The increase was due to higher grades and better plant recoveries. As announced on July 16, 2025, Blanket's annual production guidance for 2025 was increased to 75,500 - 79,500 ounces, reflecting a strong operational performance. The plant recovery rate in the Quarter was 94.4%, which represents a new record. The improved recovery was due to the introduction of an additional tank in the carbon-in-leach circuit, closer attention to dosage levels of reagents and improved process controls. The improved recovery rate in the Quarter compared to the average recovery of 93.6% in 2024 resulted in approximately 175 ounces of additional gold production in the Quarter. In the absence of unforeseen changes to the ore feed grade or mineralogy, it is anticipated that the recovery rate achieved in the Quarter can be sustained. The metallurgical team at Blanket continues to evaluate opportunities to achieve further improvements in recovery. Exploration at Blanket is ongoing with encouraging high grade results. The programme is aimed at evaluating the continuity of the mineralised zones on the Blanket, Eroica and Lima orebodies (which comprise three of the main orebodies at Blanket Mine). The objectives of the programme are to increase the confidence levels of the existing mineral resource and to grow the mineral resource estimate below the 34 level (1,110 metres) of the mine. Results from 6,976 metres of underground drilling from January 2024 to the end of April 2025 indicate that the existing Blanket and Eroica orebodies have grades and widths which are generally better than expected, while the Lima orebody is shown to continue below 22 level (750 metres). A new potential orebody has been intersected in the Blanket orebody area of the mine, with impressive grades and widths. Solar Plant Sale Summary On 11 April, 2025, Caledonia sold its Zimbabwe subsidiary, Caledonia Mining Services (Private) Limited (“CMS”), to CrossBoundary Energy Holdings for $22.35 million in cash. CMS owns the 12.2MWac solar plant powering Blanket Mine, which will continue supplying energy under an exclusive agreement. Bilboes Project The feasibility study for the Bilboes sulphide project is progressing well and we continue to evaluate new opportunities which may enhance the economics of the project and the potential for near-term, low capital revenue opportunities elsewhere in Caledonia's asset portfolio to contribute to funding the Bilboes project. In the Quarter, 372 ounces of gold were produced from the Bilboes oxide mine. Motapa Exploration After the encouraging results from the 2024 exploration programme, a $2.8 million exploration programme is underway at Motapa for 2025, targeting sulphide and oxide resources across the Motapa property. With Motapa's location adjacent to Bilboes, significant synergies could be obtained should a viable resource be identified through the planned exploration programme. To the end of June 2025, a total of 1,788 meters of diamond drilling and 9,638 meters of reverse circulation drilling has been completed. A full overview of activities and results are expected to be provided during the second half of 2025. LEADERSHIP CHANGES Mr. Johan Holtzhausen retired from the Board and as chair of the Audit Committee in May 2025. Ms. Tariro Gadzikwa was appointed as chair of the Audit Committee. REPORTING CHANGES Caledonia will no longer publish financial statements and management’s discussion and analysis (MD&A) reports on a quarterly basis in accordance with Canadian securities regulations. This decision aligns with applicable exemptions under Canadian securities regulations, including National Instrument 71-102 – Continuous Disclosure and Other Exemptions Relating to Foreign Issuers, and reflects our status as an SEC foreign issuer with equivalent disclosure obligations outside Canada. We remain fully committed to transparent and timely disclosure of material information through the publication of our annual and half-yearly financial statements and via recognised regulatory channels, and, going forwards, we anticipate publishing revenue, costs and production results for the quarters for which we do not release detailed financial results (namely, the first and third quarters). This change does not affect our obligation to disclose any significant developments or risks that may materially impact the group’s financial position or performance. We will continue to provide comprehensive MD&A commentary as part of our annual and semiannual reporting cycle. OUTLOOK AND GUIDANCE Blanket is on track to achieve production within its updated guidance range of 75,500 to 79,500 ounces1 for 2025, while continuing to modernise operations and improve mining and operational cost efficiencies. Further exploration is being undertaken at Blanket, aiming to upgrade existing inferred mineral resources to measured and indicated categories, with the goal of extending the mine’s life. In addition, exploration is ongoing in target areas outside the current mine footprint within the Blanket mining lease area. Work continues on the feasibility study for the Bilboes sulphide project, including the assessment of new factors that may enhance the project’s economics. At Motapa, exploration efforts are progressing through a $2.8 million programme focused on both oxide and sulphide resources. INVESTOR CONFERENCE CALL Details of Investor and Analyst Presentation Conference Call Details A presentation for investors and analysts will be held as follows: When: August 13, 2025 at 2:00pm London time Topic: Q2 2025 Results Call for Investors Register in advance for this webinar: https://brrmedia.news/CMCL_Q225 ________________________ 1 Refer to the technical report entitled "NI 43-101 Technical Report on the Blanket Gold Mine, Zimbabwe" with effective date December 31, 2023 prepared by Caledonia Mining Corporation Plc and filed by the Company on SEDAR+ (https://www.sedarplus.ca) on May 15, 2024. Craig James Harvey, MGSSA, MAIG, Caledonia Vice President, Technical Services, has reviewed and approved the scientific and technical information contained in this news release. Craig James Harvey is a "Qualified Person" as defined by each of (i) the Canadian Securities Administrators' National Instrument 43-101 - Standards of Disclosure for Mineral Projects and (ii) sub-part 1300 of Regulation S-K of the U.S. Securities Act. Enquiries: Caledonia Mining Corporation Plc Mark LearmonthTel: +44 1534 679 800Camilla HorsfallTel: +44 7817 841 793 Cavendish Capital Markets Limited (Nomad and Joint Broker) Adrian HaddenTel: +44 207 397 1965Pearl KellieTel: +44 131 220 9775 Panmure Liberum (Joint Broker) Scott MathiesonTel: +44 20 3100 2000 Camarco, Financial PR/ IR (UK) Gordon PooleTel: +44 20 3757 4980Elfie Kent Fergus Young 3PPB (Financial PR, North America) Patrick ChidleyTel: +1 917 991 7701Paul DurhamTel: +1 203 940 2538 Curate Public Relations (Zimbabwe) Debra TatendaTel: +263 77802131 IH Securities (Private) Limited (VFEX Sponsor - Zimbabwe) Lloyd MlotshwaTel: +263 (242) 745 119/33/39 This announcement contains inside information which is disclosed in accordance with the Market Abuse Regulation (EU) No. 596/2014 (“MAR”) as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 and is disclosed in accordance with the Company's obligations under Article 17 of MAR. Cautionary Note Concerning Forward-Looking Information Information and statements contained in this news release that are not historical facts are "forward-looking information" within the meaning of applicable securities legislation that involve risks and uncertainties relating, but not limited to Caledonia's current expectations, intentions, plans, and beliefs. Forward-looking information can often be identified by forward-looking words such as "anticipate", "believe", "expect", "goal", "plan", "target", "intend", "estimate", "could", "should", "may" and "will" or the negative of these terms or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Examples of forward-looking information in this news release include: production guidance, expected recovery rates, our plans and timing regarding further exploration and drilling and development, future costs, the development of Bilboes and Motapa, the amount and funding of capital costs and the publication of the Bilboes feasibility study. This forward-looking information is based, in part, on assumptions and factors that may change or prove to be incorrect, thus causing actual results, performance or achievements to be materially different from those expressed or implied by forward-looking information. Such factors and assumptions include, but are not limited to: failure to establish estimated resources and reserves, the grade and recovery of ore which is mined varying from estimates, success of future exploration and drilling programs, reliability of drilling, sampling and assay data, assumptions regarding the representativeness of mineralization being inaccurate, success of planned metallurgical test-work, capital and operating costs varying significantly from estimates, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects and other factors. Security holders, potential security holders and other prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the forward-looking statements. Such factors include, but are not limited to: risks relating to estimates of mineral reserves and mineral resources proving to be inaccurate, fluctuations in gold price, risks and hazards associated with the business of mineral exploration, development and mining, risks relating to the credit worthiness or financial condition of suppliers, refiners and other parties with whom the Company does business; inadequate insurance, or inability to obtain insurance, to cover these risks and hazards, employee relations; relationships with and claims by local communities and indigenous populations; political risk; risks related to natural disasters, terrorism, civil unrest, public health concerns (including health epidemics or outbreaks of communicable diseases such as the coronavirus (COVID-19)); availability and increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development, including the risks of obtaining or maintaining necessary licenses and permits, diminishing quantities or grades of mineral reserves as mining occurs; global financial condition, the actual results of current exploration activities, changes to conclusions of economic evaluations, and changes in project parameters to deal with unanticipated economic or other factors, risks of increased capital and operating costs, environmental, safety or regulatory risks, expropriation, the Company's title to properties including ownership thereof, increased competition in the mining industry for properties, equipment, qualified personnel and their costs, risks relating to the uncertainty of timing of events including targeted production rate increase and currency fluctuations, risks related to potentially being unable to remedy the deficiency in control over accounting for deferred tax liabilities and risks related to potentially being unable to prevent financial statements misstatements in the future. Security holders, potential security holders and other prospective investors are cautioned not to place undue reliance on forward-looking information. By its nature, forward-looking information involves numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Caledonia undertakes no obligation to update publicly or otherwise revise any forward-looking information whether as a result of new information, future events or other such factors which affect this information, except as required by law. This news release is not an offer of the shares of Caledonia for sale in the United States or elsewhere. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the shares of Caledonia, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such province, state or jurisdiction. Consolidated statements of profit or loss and other comprehensive income(in thousands of United States Dollars, unless indicated otherwise)For the Six months ended June 30Six months endedJune 30Unaudited 2025 2024 2025 2024 Restated* Restated* Revenue 65,309 50,107 121,487 88,635 Royalty (3,507)(2,475)(6,278)(4,409)Production costs (23,954)(20,460)(46,576)(39,420)Depreciation (4,042)(4,239)(7,901)(8,058)Gross profit 33,806 22,933 60,732 36,748 Net foreign exchange loss (1,026)(2,182)(2,278)(7,064)Administrative expenses (4,363)(3,664)(8,961)(6,275)Fair value loss on derivative financial instrument - (174)(1,592)(476)Equity-settled share-based expense (226)(305)(82)(506)Cash-settled share-based (expense) / credit (285)(4)(443)(57)Other expenses (1,103)(664)(1,946)(1,264)Other income 75 185 141 349 Profit on the sale of non-current assets held for sale 8,540 - 8,540 - Operating profit 35,418 16,125 54,111 21,455 Finance income 121 3 127 9 Finance cost (602)(797)(1,502)(1,529)Profit before tax 34,937 15,331 52,736 19,935 Tax expense (11,341)(5,151)(17,977)(7,681)Profit for the period 23,596 10,180 34,759 12,254 Other comprehensive income Items that are or may be reclassified to profit or loss Exchange differences on translation of foreign operations 239 178 446 34 Total comprehensive income for the period 23,835 10,358 35,205 12,288 Profit attributable to: Owners of the Company 20,487 8,283 29,402 9,769 Non-controlling interests 3,109 1,897 5,357 2,485 Profit for the period 23,596 10,180 34,759 12,254 Total comprehensive income attributable to: Owners of the Company 20,726 8,461 29,848 9,803 Non-controlling interests 3,109 1,897 5,357 2,485 Total comprehensive income for the period 23,835 10,358 35,205 12,288 Earnings per share Basic earnings per share (cents) 105.7 41.6 150.3 48.9 Diluted earnings per share (cents) 105.7 41.6 150.3 48.9 Adjusted earnings per share Basic earnings per share (cents) 113.9 44.6 172.4 54.2 Dividends per share (cents) 14.0 14.0 28.0 28.0 * Refer to note 27. Summarised Consolidated Statements of Financial Position (in thousands of United States Dollars, unless indicated otherwise)UnauditedJun 30 Dec 31 Dec 31 As at2025 2024 2023 *Restated Total non-current assets300,646 287,046 274,074 Income tax receivable106 355 1,120 Inventories29,528 23,768 20,304 Derivative financial assets- - 88 Trade and other receivables9,364 12,675 9,952 Prepayments11,663 6,748 2,538 Fixed term deposit18,000 - - Cash and cash equivalents19,860 4,260 6,708 Assets held for sale- 13,512 13,519 Total assets389,167 348,364 328,303 Total non-current liabilities73,741 68,505 63,970 Cash-settled share-based payment751 634 920 Income tax payable9,122 2,958 10 Lease liabilities278 95 167 Loans and borrowings1,741 1,174 - Loan note instruments1,093 855 665 Trade and other payables29,137 26,647 20,503 Overdrafts11,649 12,928 17,740 Liabilities associated with assets held for sale- 104 128 Total liabilities127,512 113,900 104,103 Total equity261,655 234,464 224,200 Total equity and liabilities389,167 348,364 328,303 Consolidated statements of cash flows(in thousands of United States Dollars, unless indicated otherwise)Unaudited Three months ended June 30,Six months ended June 30, 2025 2024 2025 2024 Cash inflow from operations 34,111 20,988 52,668 27,523 Interest received 11 3 17 9 Finance costs paid (623)(710)(1,166)(1,283)Tax paid (5,415)(1,195)(10,246)(2,276)Net cash inflow from operating activities 28,084 19,086 41,273 23,973 Cash flows used in investing activities Acquisition of property, plant and equipment (10,511)(6,897)(17,761)(10,638)Expenditure on exploration and evaluation assets (1,831)(733)(3,060)(1,163)Proceeds from sale of non-current asset held for sale (net of selling costs) 21,966 - 21,966 - Proceeds from the sale of property plant and equipment 17 - 17 - Acquisition of put options - (168)(1,592)(408)Investment in fixed term deposits (18,000)- (18,000)- Net cash used in investing activities (8,359)(7,798)(18,430)(12,209) Cash flows from financing activities Dividends paid (7,606)(2,912)(8,993)(5,632)Payment of lease liabilities (104)(38)(133)(75)Proceeds from loans and borrowings 1,259 2,032 1,259 2,032 Repayments of loans and borrowings (472)- (472)- Bonds - solar bond issue receipts (net of transaction cost) - 1,939 2,387 1,939 Net cash (used in) / from financing activities (6,923)1,021 (5,952)(1,736) Net increase in cash and cash equivalents 12,802 12,309 16,891 10,028 Effect of exchange rate fluctuations on cash and cash equivalents (19)485 (12)(362)Net cash and cash equivalents at the beginning of the period (4,572)(14,160)(8,668)(11,032)Net cash and cash equivalents at the end of the period 8,211 (1,366)8,211 (1,366)
Diversified Energy Reports Strong Second Quarter Results Highlighting Consistent Cash Margins, Year-over-Year Growth, and Disciplined Execution of Maverick Acquisition Integration - ForexTV
Non-Op Development Partnership Generating Over 60% Returns with Minimal Capital Spend that Delivers an Improving Corporate Decline Rate Portfolio Optimization Program Contributed $70 Million in Cash Flow Year-to-Date Returned Over $105 million to Shareholders Year-to-Date Through Dividends and Share Repurchases On Track to Achieve Full-Year 2025 Guidance BIRMINGHAM, Ala., Aug. 11, 2025 (GLOBE NEWSWIRE) -- Diversified Energy Company PLC (LSE: DEC, NYSE: DEC) today announced its interim results for the six months ended June 30, 2025, reporting performance in line with expectations and highlighting key strategic and financial achievements. Delivering Reliable Results and Strategic Growth as the U.S. PDP Champion Second Quarter 2025 Results (Second Quarter Results Reflect Full Quarter Impact of the Acquisition of Maverick Natural Resources) Production exit rate(a): 1,135 MMcfepd (189 Mboepd) Average production: 1,149 MMcfepd (192 Mboepd)Production volume mix (natural gas, NGLs, oil): 73% / 13% / 14% Total Revenue (including settled hedges)(d): $510 millionOperating Cash Flow: $133 millionAdjusted EBITDA(b): $280 millionFree Cash Flow: Adjusted Free Cash Flow(c) of $88 million after $25 million of nonrecurring transaction costs Annualized Adjusted FCF Yield(c) of 31% Revenue per unit(d): $4.88/Mcfe ($29.28/Boe)Adjusted cost per unit(e):$2.21/Mcfe ($13.26/Boe) First Half 2025 Results Average production: 1,007 MMcfepd (168 Mboepd) Production volume mix (natural gas, NGLs, oil): 77% / 13% / 10% Total Revenue (including settled hedges)(d): $804 millionOperating Cash Flow: $264 millionAdjusted EBITDA(b): $418 millionFree Cash Flow: Adjusted Free Cash Flow(c) of $152 million after $28 million of nonrecurring transaction costsCAPEX: $89 million Non-Op drilling expenditures weighted more in Q2; full-year Capex trending toward low end of guidance Revenue per unit(d): $4.41/Mcfe ($26.46/Boe)Adjusted cost per unit(e): $2.11/Mcfe ($12.66/Boe) Improving Financial and Operational Metrics 1Q252Q25QoQ % Change1H241H25YoY % Change Production (Mmcfe/d)8641,14933%7461,00735%Production volume mix Natural gas82%73% 84%77% NLGs12%13% 13%13% Oil6%14% 3%10% Total Revenue(d) (millions)$294$51073%$449$80479%Adj. EBITDA(b) (millions)$138$280103%$218$41892%Adj. FCF(c) (millions)$64$8838%$102$15249% Financial Strength and Shareholder Returns Liquidity: $416 million of undrawn credit facility capacity and unrestricted cashLeverage ratio: 2.6x Net Debt to EBITDA; ~13% improvement from YE2024 Consolidated debt consists of ~70% in non-recourse ABS securities ABS principal reduction: Retired $130 million in principal during 1H252Q25 dividend: $0.29 per share declaredShareholder returns: Over $105 million returned YTD via dividends and repurchases(f)Share repurchases: ~3.3 million shares repurchased YTD (~4% of outstanding shares), totaling ~$43 million(f) Strategic Execution and Transformational Growth $2 Billion Carlyle Partnership Strategic partnership to invest up to $2 billion in existing U.S. proved developed producing (PDP) oil and gas assetsCapitalizes on industry consolidation trends and divestitures of mature producing assetsNon-dilutive structure preserves capital flexibility and supports long-term growthEnhances Diversified’s stature as a leading consolidator of upstream PDP assets Maverick Integration Update Increasing annualized synergy target to $60M from previously stated $50M, following strong execution during our integration processEfficiency gains through staffing optimization, contract savings, and midstream cost reductionsField-level integration completed in Q2Technology and administrative integration are on track for 3Q25 completion Unlocking Value Through Portfolio Optimization Portfolio optimization program realized ~$70 million from non-core asset and leasehold divestituresJoint Development Partnership continues to produce >60% IRRs with 124 wells drilled under the JDA in the last 3 years The program highlights optionality in DEC’s portfolio to monetize Central Region acreage via non-op drilling or leasehold divestitures Oklahoma midstream transaction provides a no-fee whole-owned pipeline, compression efficiencies, emissions improvement and numerous production optimization projectsEast Texas portfolio optimization yields incremental cash flow via gathering and processing dedication fees, with potential to increase Black Bear facility throughput to current full capacity of 120 MMcf per dayRevenue of ~$6.6 million through June 2025 from Coal Mine Methane (CMM) associated environmental attribute credits Remain on track to grow environmental credit cash flow by 300% from YE 2024 levels Next LVL Energy and Regulatory Updates In the first half of 2025, the Company permanently retired 213 wells, including 170 Diversified wellsSince establishment of Next Level in 2022, Diversified has retired 1,112 wells Rusty Hutson, Jr., CEO of Diversified, commented: “Diversified continues to deliver consistent returns on our assets, along with the expansion of our asset portfolio, reinforcing our position as the U.S. PDP Champion. Our strong first-half performance reflects the resilience of our business model, the quality of our assets, and the dedication of our talented teams. With the successful integration of Maverick progressing on schedule, we are already realizing meaningful synergies and operational efficiencies that enhance our ability to optimize cash flow in our expanded portfolio and drive long-term value from our investments. The strategic partnership with The Carlyle Group marks a transformational milestone for Diversified. This $2 billion commitment underscores confidence in our platform and provides significant capital flexibility to capitalize on the ongoing consolidation of mature producing assets. It also strengthens our ability to scale responsibly, in a non-dilutive manner, while preserving our disciplined approach to capital allocation. We remain focused on unlocking value across our portfolio through asset optimization, which resulted in approximately $70 million of additional cash flow, high return projects with our targeted capital investments, and the continuation of portfolio optimization through Smarter Asset Management (SAM) programs. Our NextLVL team’s industry-leading pace of asset retirements and regulatory advancements in West Virginia highlights our commitment to collaborating across our organization and with key stakeholders to solidify our commitment to sustainable operations. As we look ahead, the mega trends of electrification, AI power demand, and US LNG Export growth only strengthen the fundamental outlook for our business. The acceleration of natural gas generation for data center demand in Appalachia creates a line of sight to meaningful in-basin demand, pointing to tighter basis spreads near our footprint in the coming years. While our expansive central region operations are well-positioned to support US Energy dominance in the Gulf Coast, including as a strategic supplier to LNG export terminals. Given Diversified's continued operational excellence, fundamental market tailwinds, and strategic actions to optimize our portfolio of assets, we remain confident in our ability to continue delivering consistent and resilient free cash flow, maintaining a strong balance sheet, and returning meaningful capital to shareholders. Diversified is well-positioned to thrive as a proven portfolio manager of energy assets in today’s evolving energy landscape, and we are proud to be the Right Company at the Right Time, delivering essential energy while creating long-term value for all stakeholders.” Operations and Finance Update Production The Company recorded exit rate production in June 2025 of 1,135 MMcfepd (189 Mboepd)(a) and delivered 2Q25 average net daily production of 1,149 MMcfepd (192 Mboepd). The Company's production volume mix was approximately 73% natural gas, 13% natural gas liquids ("NGL's"), and 14% oil, with approximately 64% of production volumes from the Central region and 36% from Appalachia for the second quarter. Net daily production for the quarter continued to benefit from Diversified’s peer-leading, shallow decline profile. Margin and Total Cash Expenses per Unit Diversified delivered 2Q25 per unit revenues of $4.88/Mcfe(d) ($29.28/Boe) and Adjusted EBITDA Margin(b) of 63% (65% unhedged). Notably, these per unit metrics reflect an increase in both revenues and expenses from the incorporation of greater liquids-related production of Maverick. The Company’s per unit expenses are anticipated to improve as the Company implements its playbook to achieve long-term, sustainable synergies and cost savings. For example, General and Administrative expenses compared to prior period levels, despite the higher per unit costs of Maverick, supporting our progress on cost savings and synergy capture. 1Q252Q25 1H251H24 $/Mcfe$/Boe$/Mcfe$/Boe $/Mcfe$/Boe$/Mcfe$/BoeAverage Realized Price$3.57 $21.42$4.05 $24.30 $3.84 $23.04$3.05 $18.30Other Revenue$0.19 $1.14$0.19 $1.14 $0.19 $1.14$0.18 $1.08Total Revenue + Divestitures(d)$3.78 $22.68$4.88 $29.28 $4.41 $26.46$3.30 $19.80 Lease Operating Expense$0.91 $5.49$1.21 $7.26 $1.08 $6.48$0.66 $3.96Production taxes$0.21 $1.26$0.23 $1.38 $0.22 $1.32$0.15 $0.90Midstream operating expense$0.23 $1.38$0.18 $1.08 $0.20 $1.20$0.26 $1.56Transportation expense$0.35 $2.10$0.36 $2.16 $0.35 $2.10$0.31 $1.86Total Operating Expense$1.70 $10.23$1.98 $11.88 $1.85 $11.10$1.38 $8.28Employees, Administrative Costs and Professional Fees(g)$0.30 $1.80$0.23 $1.38 $0.26 $1.56$0.30 $1.80Adjusted Operating Cost per Unit(e)$2.00 $12.03$2.21 $13.26 $2.11 $12.66$1.68 $10.08Adjusted EBITDA Margin(b) 47% 63% 56% 49% Share Repurchase Program At the 2025 Annual General Meeting, the Company's share repurchase authority was approved for a maximum of 8,099,015 shares representing 10% of the Company's issued share capital (the "2025 Authorization"). The Company announced details regarding the parameters of a Share Buyback Program (the "Program") on 20 March 2025, pursuant to which the maximum number of shares repurchased shall not exceed 4,756,842 Shares under the Program. Following the 2025 Authorization, the Company announces that the maximum number of shares repurchased under the Program shall be increased to, and shall not exceed, 8,099,015 shares. Year to date, the company has repurchased 3,273,466 shares, representing approximately 4% of the shares outstanding. Combined Company 2025 Outlook The Company is reiterating its previously announced Full Year 2025 guidance. Following the recently completed acquisition of Maverick, Diversified expects to realize significant operational synergies associated with a larger, consolidated position in Oklahoma and the ability to improve the overall cost structure of the Maverick assets while continuing to prioritize returns and Free Cash Flow generation. The following outlook incorporates a nine-month contribution from the recently acquired Maverick assets. 2025 GuidanceTotal Production (Mmcfe/d)1,050 to 1,100% Liquids~25%% Natural Gas~75%Total Capital Expenditures (millions)$165 to $185Adj. EBITDA(1) (millions)$825 to $875Adj. Free Cash Flow(1) (millions)~$420Leverage Target2.0x to 2.5xCombined Company Synergies (millions)~$60 (1) Includes the value of anticipated cash proceeds for 2025 asset optimization. Conference Call Details The Company will host a conference call today, Monday, August 11, 2025, at 1:00 PM GMT (8:00 AM EDT) to discuss the 1H25 Interim Results and will make an audio replay of the event available shortly thereafter. US (toll-free)+1 877-836-0271/+1201-689-7805UK (toll-free)+44 (0)800 756 3429Web Audiohttps://www.div.energy/news-events/ir-calendareventsReplay Informationhttps://ir.div.energy/financial-info Footnotes: (a)Exit rate includes full month of June 2025 production.(b)Adjusted EBITDA represents earnings before interest, taxes, depletion, and amortization, and includes adjustments for items that are not comparable period-over-period; Adjusted EBITDA Margin represents Adjusted EBITDA as a percent of Total Revenue, Inclusive of Settled Hedges.(c)Adjusted Free Cash Flow represents net cash provided by operating activities less expenditures on natural gas and oil properties and equipment and cash paid for interest, and includes proceeds from divestitures; For more information, please refer to the Non-IFRS reconciliations as set out below.(d)Includes the impact of derivatives settled in cash and proceeds from divestitures; For purposes of comparability, excludes Other Revenue of $3 million in 1Q25, $3 million in 2Q25, $6 million in 1H25, and $8 million in 1H24, and Lease Operating Expense of $3 million in 1Q25, $4 million in 2Q25, $7 million in 1H25, and $9 million in 1H24 associated with Diversified’s wholly owned plugging subsidiary, Next LVL Energy.(e)Adjusted Operating Cost represent total lease operating costs plus recurring administrative costs. Total lease operating costs include base lease operating expense, owned gathering and compression (midstream) expense, third-party gathering and transportation expense, and production taxes. Recurring administrative expenses (Adjusted G&A) is a Non-IFRS financial measure defined as total administrative expenses excluding non-recurring acquisition & integration costs and non-cash equity compensation; For purposes of comparability, excludes certain amounts related to Diversified’s wholly owned plugging subsidiary, Next LVL Energy.(f)Includes the total value of dividends paid and declared, and share repurchases (including Employee Benefit Trust) year-to-date, through August 11, 2025.(g)As used herein, employees, administrative costs and professional services represent total administrative expenses excluding cost associated with acquisitions, other adjusting costs and non-cash expenses. We use employees, administrative costs and professional services because this measure excludes items that affect the comparability of results or that are not indicative of trends in the ongoing business. For Company-specific items, refer also to the Glossary of Terms and/or Alternative Performance Measures found in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024 filed with the United States Securities and Exchange Commission and available on the Company’s website. For further information, please contact: Diversified Energy Company PLC+1 973 856 2757Doug Krisdkris@dgoc.comSenior Vice President, Investor Relations & Corporate Communicationswww.div.energy FTI Consultingdec@fticonsulting.comU.S. & UK Financial Public Relations About Diversified Energy Company PLC Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value. Forward-Looking Statements This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations, business and outlook of the Company and its wholly owned subsidiaries (the “Group”). All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. These forward-looking statements, which contain the words “anticipate”, “believe”, “intend”, “estimate”, “expect”, “may”, “will”, “seek”, “continue”, “aim”, “target”, “projected”, “plan”, “goal”, “achieve”, “guidance” and words of similar meaning, reflect the Company’s beliefs and expectations and are based on numerous assumptions regarding the Company’s present and future business strategies and the environment the Company and the Group will operate in and are subject to risks and uncertainties that may cause actual results to differ materially. No representation is made that any of these statements or forecasts will come to pass or that any forecast results will be achieved. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of the Company or the Group to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond the Company’s or the Group’s ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behavior of other market participants, the actions of regulators and other factors such as the Company’s or the Group’s ability to continue to obtain financing to meet its liquidity needs, the Company’s ability to successfully integrate acquisitions, including the acquired Maverick assets, changes in the political, social and regulatory framework, including inflation and changes resulting from actual or anticipated tariffs and trade policies, in which the Company or the Group operate or in economic or technological trends or conditions. The list above is not exhaustive and there are other factors that may cause the Company’s or the Group’s actual results to differ materially from the forward-looking statements contained in this announcement, Including the risk factors described in the “Risk Factors” section in the Company’s Annual Report and Form 20-F for the year ended December 31, 2024, filed with the United States Securities and Exchange Commission. Forward-looking statements speak only as of their date and neither the Company nor the Group nor any of its respective directors, officers, employees, agents, affiliates or advisers expressly disclaim any obligation to supplement, amend, update or revise any of the forward-looking statements made herein, except where it would be required to do so under applicable law. In light of these risks, uncertainties and assumptions, the events described in the forward-looking statements in this announcement, may not occur. As a result, you are cautioned not to place undue reliance on such forward-looking statements. Past performance of the Company cannot be relied on as a guide to future performance. No statement in this announcement is intended as a profit forecast or a profit estimate and no statement in this announcement should be interpreted to mean that the financial performance of the Company for the current or future financial years would necessarily match or exceed the historical published for the Company. Use of Non-IFRS Measures Certain key operating metrics that are not defined under IFRS (alternative performance measures) are included in this announcement. These non-IFRS measures are used by us to monitor the underlying business performance of the Company from period to period and to facilitate comparison with our peers. Since not all companies calculate these or other non-IFRS metrics in the same way, the manner in which we have chosen to calculate the non-IFRS metrics presented herein may not be compatible with similarly defined terms used by other companies. The non-IFRS metrics should not be considered in isolation of, or viewed as substitutes for, the financial information prepared in accordance with IFRS. Certain of the key operating metrics are based on information derived from our regularly maintained records and accounting and operating systems. Adjusted EBITDA & Pro Forma TTM Adjusted EBITDA As used herein, EBITDA represents earnings before interest, taxes, depletion, depreciation and amortization. Adjusted EBITDA includes adjusting for items that are not comparable period-over-period, namely, finance costs, accretion of asset retirement obligation, other (income) expense, (gain) loss on fair value adjustments of unsettled financial instruments, (gain) loss on natural gas and oil property and equipment, (gain) loss on sale of equity interest, unrealized (gain) loss on investment, costs associated with acquisitions, other adjusting costs, loss on early retirement of debt, non-cash equity compensation, (gain) loss on interest rate swaps, and items of a similar nature. Pro forma TTM adjusted EBITDA extends adjusted EBITDA by adjusting for acquisitions or other significant changes that impacted EBITDA over the last twelve months. Adjusted EBITDA and pro form TTM adjusted EBITDA should not be considered in isolation or as a substitute for operating profit or loss, net income or loss, or cash flows provided by operating, investing and financing activities. However, we believe such measure is useful to an investor in evaluating our financial performance because it (1) is widely used by investors in the natural gas and oil industry as an indicator of underlying business performance; (2) helps investors to more meaningfully evaluate and compare the results of our operations from period to period by removing the often-volatile revenue impact of changes in the fair value of derivative instruments prior to settlement; (3) is used in the calculation of a key metric in one of our Credit Facility financial covenants; and (4) is used by us as a performance measure in determining executive compensation. When evaluating this measure, we believe investors also commonly find it useful to evaluate this metric as a percentage of our total revenue, inclusive of settled hedges, producing what we refer to as our adjusted EBITDA margin. The following table presents a reconciliation of the IFRS Financial measure of Net Income (Loss) to Adjusted EBITDA for each of the periods listed: Three Months Ended Six Months Ended(In thousands)March 31, 2025June 30, 2025 June 30, 2025June 30, 2024December 31, 2024Net income (loss)$(337,391)$303,465 $(33,926)$15,745 $(102,746)Finance costs 42,820 55,349 98,169 60,581 77,062 Accretion of asset retirement obligations 10,353 13,777 24,130 14,667 16,201 Other (income) expense(1) (644) 179 (465) (755) (502)Income tax (benefit) expense 66,790 (60,330) 6,460 (97,997) (38,954)Depreciation, depletion and amortization 70,807 93,398 164,205 119,220 137,264 (Gain) loss on fair value adjustments of unsettled financial instruments 235,070 (157,440) 77,630 80,117 108,913 (Gain) loss on natural gas and oil property and equipment(2) 236 5,316 5,552 249 15,059 (Gain) loss on sale of equity interest — — — — 7,375 Unrealized (gain) loss on investment — (6,355) (6,355) (2,433) 6,446 Costs associated with acquisitions 2,885 25,081 27,966 3,724 7,849 Other adjusting costs(3) 5,963 4,856 10,819 10,451 11,924 Loss on early retirement of debt 39,485 — 39,485 10,649 4,104 Non-cash equity compensation 1,825 2,552 4,377 3,669 4,617 (Gain) loss on interest rate swap (35) (35) (70) (100) (90)Total adjustments$475,555 $(23,652) $451,903 $202,042 $357,268 Adjusted EBITDA$138,164 $279,813 $417,977 $217,787 $254,522 Pro forma TTM adjusted EBITDA(4)$952,216 $964,028 $964,028 $584,261 $548,570 (1)Excludes $0.2 million, $0.4 million, $0.6 million, $0.5 million, and $0.6 million in dividend distributions received for our investment in DP Lion Equity Holdco during the three months ended March 31 and June 30, 2025, and the six months ended June 30, 2025, June 30, 2024, and December 31, 2024,respectively. (2)Excludes $2 million, $68 million, $70 million, $7 million and $34 million in cash proceeds received for leasehold sales during the three months ended March 31 and June 30, 2025, and the six months ended June 30, 2025, June 30, 2024 and December 31, 2024, respectively, less $6 million, $6 million and $14 million for the three months ended June 30, 2025, and the six months ended June 30, 2025 and December 31, 2024, respectively. (3)Other adjusting costs for the three months ended March 31 and June 30, 2025, and the six months ended June 30, 2025 were primarily associated with one-time personnel-related expenses and legal fees from certain litigation. Other adjusting costs for the six months ended June 30, 2024 were primarily associated with expenses associated with unused firm transportation agreements and legal and professional fees. Other adjusting costs for the six months ended December 31, 2024 were primarily associated with legal fees from certain litigation. (4)Includes adjustments for the trailing twelve months ended March 31, 2025 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma results for a full twelve months of operations. Similar adjustments were made for the trailing twelve months ended June 30, 2025 for the Maverick, Summit, Crescent Pass, and East Texas II acquisitions as well as for the trailing twelve months ended June 30, 2024 for the Oaktree acquisition and for the trailing twelve months ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions. Net Debt, Net Debt-to-Adjusted EBITDA & Net Debt-to-Pro Forma TTM Adjusted EBITDA As used herein, net debt represents total debt as recognized on the balance sheet less cash and restricted cash. Total debt includes our borrowings under the Credit Facility, borrowings under or issuances of, as applicable, our subsidiaries’ securitization facilities, and other borrowings. We believe net debt is a useful indicator of our leverage and capital structure. As used herein, net debt-to-adjusted EBITDA, net debt-to-pro forma TTM adjusted EBITDA, or “leverage” or “leverage ratio,” is measured as net debt divided by adjusted EBITDA or pro forma TTM adjusted EBITDA. We believe that this metric is a key measure of our financial liquidity and flexibility and is used in the calculation of a key metric in one of our Credit Facility financial covenants. The following table presents a reconciliation of the IFRS Financial measure of Total Non-Current Borrowings to the Non-IFRS measure of Net Debt and a calculation of Net Debt-to-Adjusted EBITDA and Net Debt-to-Pro Forma Adjusted EBITDA for each of the periods listed: As of(In thousands)March 31, 2025June 30, 2025June 30, 2024December 31, 2024Total debt$2,701,190$2,676,910$1,654,560$1,693,242LESS: Cash and cash equivalents 32,641 23,743 3,483 5,990LESS: Restricted cash(1)(2) 106,011 103,158 54,976 46,269Net debt$2,562,538$2,550,009$1,596,101$1,640,983Pro forma TTM adjusted EBITDA(3)$952,216$964,028$584,261$548,570Net debt-to-pro forma TTM adjusted EBITDA(4)2.7x2.6x2.7x3.0x (1)Includes adjustments for deferred financing costs and original issue discounts, consistent with presentation on the Statement of Financial Position. (2)The increase of restricted cash as of March 31 and June 30, 2025, is due to the addition of $19 million and $31 million in restricted cash for the ABS X Notes and ABS Maverick Notes, respectively, offset by $4 million for the retirement of the ABS I & II notes. (3)Includes adjustments for the trailing twelve months ended March 31, 2025 for the Oaktree, Crescent Pass, and East Texas II acquisitions to pro forma results for a full twelve months of operations. Similar adjustments were made for the trailing twelve months ended June 30, 2025 for the Maverick, Summit, Crescent Pass, and East Texas II acquisitions as well as for the trailing twelve months ended June 30, 2024 for the Oaktree acquisition and for the trailing twelve months ended December 31, 2024 for the Oaktree, Crescent Pass, and East Texas II acquisitions. (4)Does not include adjustments for working capital which are often customary in the market. Free Cash Flow As used herein, free cash flow represents net cash provided by operating activities, less expenditures on natural gas and oil properties and equipment, and cash paid for interest. We believe that free cash flow is a useful indicator of our ability to generate cash that is available for activities beyond capital expenditures. The Directors believe that free cash flow provides investors with an important perspective on the cash available to service debt obligations, make strategic acquisitions and investments, and pay dividends. The following table presents a reconciliation of the IFRS Financial measure of Net Cash from Operating Activities to the Non-IFRS measure of Free Cash Flow for each of the periods listed: Three Months Ended Six Months Ended(In thousands)March 31, 2025June 30, 2025 June 30, 2025June 30, 2024December 31, 2024Net cash provided by operating activities$131,539 $132,596 $264,135 $160,810 $184,853 LESS: Expenditures on natural gas and oil properties and equipment (28,031) (61,238) (89,269) (20,848) (31,252)LESS: Cash paid for interest (41,574) (50,680) (92,254) (47,632) (75,509)Free cash flow$61,934 $20,678 $82,612 $92,330 $78,092 ADD: Proceeds from divestitures 1,970 67,655 69,625 9,933 59,048 Adjusted free cash flow$63,904 $88,333 $152,237 $102,263 $229,470 Free cash flow yield(1) 31% (1) Annualized second quarter 2025 free cash flow of $88 million and Market Cap of $1.1 billion as of August 8, 2025. Total Revenue, Inclusive of Settled Hedges and Adjusted EBITDA Margin As used herein, total revenue, inclusive of settled hedges, accounts for the impact of derivatives settled in cash. We believe that total revenue, inclusive of settled hedges, is useful because it enables investors to discern our realized revenue after adjusting for the settlement of derivative contracts. As used herein, adjusted EBITDA margin is measured as adjusted EBITDA, as a percentage of total revenue, inclusive of settled hedges. Adjusted EBITDA margin encompasses the direct operating costs and the portion of general and administrative costs required to produce each Mcfe. This metric includes operating expense, employee costs, administrative costs and professional services, and recurring allowance for credit losses, which cover both fixed and variable cost components. We believe that adjusted EBITDA margin is a useful measure of our profitability and efficiency, as well as our earnings quality, because it evaluates the Group on a more comparable basis period-over-period, especially given our frequent involvement in transactions that are not comparable between periods. The following table presents a reconciliation of the IFRS Financial measure of Total Revenue to the Non-IFRS measure of Total Revenue, Inclusive of Settled Hedges and a calculation of Adjusted EBITDA Margin for each of the periods listed: Three Months Ended Six Months Ended(In thousands)March 31, 2025June 30, 2025 June 30, 2025June 30, 2024December 31, 2024Total revenue$346,903 $431,162 $778,065 $368,674 $426,167 Net gain (loss) on commodity derivative instruments(1) (52,271) 14,617 (37,654) 77,749 73,540 Total revenue, inclusive of settled hedges 294,632 445,779 740,411 446,423 499,707 Adjusted EBITDA$138,164 $279,813 $417,977 $217,787 $254,522 Adjusted EBITDA margin 47 % 63 % 56 % 49 % 51 % (1) Net gain (loss) on commodity derivative settlements represents cash paid or received on commodity derivative contracts. This excludes settlements on foreign currency and interest rate derivatives, as well as the gain (loss) on fair value adjustments for unsettled financial instruments for each of the periods presented.
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