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Ithaca Energy USD

At a glance: strengths & risks
✓Revenue growing (+9% y/y, Q2 2026)✓Profit growing (+45% y/y, Q2 2026)✓Margins improving (53%→64%, Q2 2026)✓Low leverage (0.7x EBITDA)✗Loss-making last FY

Sector: Oil & gas

COMM_ITH

Price chart

2.722 GBPDay -1.38%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
2.722 GBP · -1.38%
Market cap
5.9 bn USD

Growth

Δ revenue y/y
8.7%
Δ EBITDA y/y
22.1%

Multiples

P/E (LTM)
—
P/B (FY)
2.3x
P/E (ann.)
24.9x
EV/EBITDA (LTM)
3.7x
EV/EBITDA (ann.)
3.4x

Cash return

Dividend yield
9.7%
FCF yield (LTM)
14.5%

Value creation

to target market cap (spot commodity model)
Upside (potential)
-9.0%
↓ details

Liquidity

Daily turnover (listing)
0.4 mln GBP

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK811.1
y/y 8.7%
255.9
y/y 23.4%
261.3
y/y 20.8%
517.2
y/y 22.1%
59.7
y/y 45.3%
531.5-148.68816.8
y/y 6.4%
2414.1
y/y -10.8%
9.6%1026.7Yahoo Finance
2025-12-31Q4 2025 (3M)OK796.7
y/y —
269.6
y/y —
230.4
y/y —
500.0
y/y —
35.0
y/y —
465.7-268.38447.0
y/y 2.1%
2571.8
y/y -15.4%
-3.2%1251.7Yahoo Finance
2025-09-30Q3 2025 (3M)OK695.7
y/y —
187.1
y/y —
171.3
y/y —
358.4
y/y —
98.3
y/y —
266.6-249.98580.9
y/y —
2634.5
y/y —
4.9%1064.3Yahoo Finance
2025-06-30Q2 2025 (3M)OK746.4
y/y —
207.4
y/y —
216.3
y/y —
423.7
y/y —
41.1
y/y —
569.3-185.78286.6
y/y —
2707.7
y/y —
5.9%657.7Yahoo Finance
2025-03-31Q1 2025 (3M)OK707.6
y/y —
432.1
y/y —
222.6
y/y —
654.8
y/y —
-258.7
y/y —
435.3-178.68048.9
y/y —
2821.3
y/y —
-35.3%786.5Yahoo Finance
2024-12-31FY 2024 (12M)OK1981.8
y/y -14.6%
693.7
y/y -21.6%
600.2
y/y -18.9%
1293.9
y/y -20.4%
153.1
y/y -47.7%
853.3-464.18275.0
y/y 30.9%
3040.4
y/y 20.6%
5.5%859.8Yahoo Finance
2023-12-31FY 2023 (12M)OK2319.8
y/y —
884.4
y/y —
740.3
y/y —
1624.7
y/y —
292.6
y/y —
1290.8-478.86323.5
y/y —
2521.3
y/y —
—594.9Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)18
Long-term debt (incl. LT leases)1 580
− Cash & equivalents571
Net debt1 027

Net debt / LTM EBITDA: 0.5x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

05001 0001 5002 0002 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q2

Year-over-year change

-40%-20%0%20%2023 FY2024 FY2025 q12025 q22025 q32025 q42026 q2

Cash flow

FCF ($ mln)

-20002004006008002023 FY2024 FY2025 q12025 q22025 q32025 q42026 q2

Net debt / cash ($ mln)

05001 0001 5002023 FY2024 FY2025 q12025 q22025 q32025 q42026 H1

Profit and cash

Profit is cash-backed
In a typical year of 2022–2025 operating cash flow came to 4.41x of reported net profit; after capex, 2.54x. Loss years (2025) are left out of the ratio.
year2022202320242025
cash flow / profit1.67x4.41x5.57x—
accruals, % of assets-10.2%-15.8%-8.5%-21.7%
net debt / EBITDA 0.7x · capex 0.8x of depreciation · dividends 35% of free cash flow
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Research & reviews

Our earnings breakdowns and investment notes on this issuer.

All research →

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Oil & liquids share
%		Realized price
USD $/boe		Operating cost
USD $/boe
Q2 2026-06131 000———
H1 2026-06128 000
+3.2%		5283
+16.9%		18
+2.9%
FY 2025-12119 000
+48.8%		—70
−13.6%		18.90
−15.6%
H1 2025-06124 000—7117.50
FY 2024-1280 000—8122.40

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://investors.ithacaenergy.com/sites/ithaca-ir/files/2026-03/2025-year-end-financial-results.pdf; https://investors.ithacaenergy.com/sites/ithaca-ir/files/2026-04/2025-annual-report-interactive-pdf.pdf; https://investors.ithacaenergy.com/sites/ithaca-ir/files/2026-08/h1-2026-financial-results-and-trading-update.pdf; https://investors.ithacaenergy.com/sites/ithaca-ir/files/2026-08/h1-2026-financial-results-press-release.pdf

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
354 mln boe (2P)
2025
Reserve life (R/P)
8.2 yrs
reserves ÷ annual output
Annual production
43.44 mln boe
2025

Production, mln boe

29.20202443.442025

Proved reserves

YearReserves, mln boe (2P)
2025354

Production

YearProduction, mln boeper day, mln boe
202543.44
+48.8%		0.12
202429.200.08

Company reports: https://investors.ithacaenergy.com/sites/ithaca-ir/files/2026-03/2025-year-end-financial-results.pdf; https://investors.ithacaenergy.com/sites/ithaca-ir/files/2026-04/2025-annual-report-interactive-pdf.pdf; https://investors.ithacaenergy.com/sites/ithaca-ir/files/2026-08/h1-2026-financial-results-and-trading-update.pdf; https://investors.ithacaenergy.com/sites/ithaca-ir/files/2026-08/h1-2026-financial-results-press-release.pdf

Key-commodity price — Brent

Current 102spot vs LTM +34%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: -9.0% ▲ +4.1 pp 1d

Main driver: Brent +34% vs LTM; revenue ×1.44 vs costs ×1.04; EBITDA 1 709→2 417; at 4.1× EV/EBITDA → -9%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Brent (rev)+75%102.2976.5180.81+34%+6%
Nat. gas in Europe (Dutch TTF) (rev)+20%862.11443.18476.91+95%+8%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue3 050
LTM EBITDA1 709
LTM cash costs (revenue − EBITDA)1 341
2 · Revenue projection
Revenue multiplier — spot×1.442 (+44%)
= Spot revenue4 397
Revenue multiplier — 3y price×1.057 (+6%)
= 3-year-price revenue3 225
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs1 395
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs1 395
4 · EBITDA projection (revenue − costs)
= Spot EBITDA3 003
= 3-year-price EBITDA1 830
Conservative EBITDA = min(spot, avg)2 417
5 · Valuation → target market cap
Historical EV/EBITDA (75th pct, realized earnings)4.1x
Target EV = EV/EBITDA × conservative EBITDA9 956
Net debt1 027
Target market cap = EV − net debt9 179
Current market cap6 103

Upside = target market cap ÷ current − 1 = -9.0%

Life of mine: 8 yrs — before haircut +50.4%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY2 3201 921+20.7%1 1511 125+2.3%
2024 FY1 9822 193-9.6%1 039978+6.2%
2025 FY2 9461 801+63.6%1 809820+120.6%

Revenue growth & acceleration

Growth accelerating ▲
Last-year revenue growth +49% vs -15% the year before — a +63.2 pp move. 3-year CAGR +4%.
revenue growth by year: 2023 -11% · 2024 -15% · 2025 +49%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 6.9x · target 75th pct (3y) 5.2x · LTM avg 4.1x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Peer comparison

Group: Oil & gas. Each peer is shown as it trades and re-priced onto this company's market (global) by the ratio of our coverage medians.

CompanyMarketCap, $bnEV/EBITDAEV/EBITDA, adjusted
Aker BPglobal22.22.8x2.8x
LukoilRussia44.52.2x4.6x
Occidental Petroleumglobal54.55.1x5.1x
GazpromRussia32.32.8x5.8x
ConocoPhillipsglobal156.76.4x6.4x
RosneftRussia51.43.1x6.6x
Chevronglobal378.97.9x7.9x
SantosAustralia19.08.9x8.4x
TatneftRussia20.84.1x8.5x
Gazprom NeftRussia37.04.1x8.6x
Exxon Mobilglobal680.19.6x9.6x
NovatekRussia44.57.8x16.5x
Group median4.6x7.2x
Group average5.4x7.6x
This companyglobal6.03.7x3.7x

Group median 4.6x as traded, 7.2x adjusted; this company 3.7x — a 49% discount.

Group average 5.4x as traded, 7.6x adjusted; against the average this company is at a 52% discount.

At the adjusted group median the market cap would be +117% versus today.

The gap and the implied upside are measured against the median: one richly priced peer moves an average, not a median. The market adjustment uses our coverage medians (US 22.2x, Russia 3.8x, South Africa 5.1x, Kazakhstan 6.6x, India 18.5x, Indonesia 4.8x); it is about where a name is listed, not what it does. Peer multiples come from the nightly rebuild of 2026-10-01; the company's own is live.

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-09-0311.4146 GBPEx-dividend: 11.4146 GBP per sharePaidYahoo Finance (ex-div)
2026-03-269.0589 GBPEx-dividend: 9.0589 GBP per sharePaidYahoo Finance (ex-div)
2025-11-276.0757 GBPEx-dividend: 6.0757 GBP per sharePaidYahoo Finance (ex-div)
2025-09-047.461 GBPEx-dividend: 7.461 GBP per sharePaidYahoo Finance (ex-div)
2025-04-039.4232 GBPEx-dividend: 9.4232 GBP per sharePaidYahoo Finance (ex-div)
2024-11-289.5242 GBPEx-dividend: 9.5242 GBP per sharePaidYahoo Finance (ex-div)
2024-09-057.5428 GBPEx-dividend: 7.5428 GBP per sharePaidYahoo Finance (ex-div)
2024-03-2810.4814 GBPEx-dividend: 10.4814 GBP per sharePaidYahoo Finance (ex-div)
2023-08-3110.4667 GBPEx-dividend: 10.4667 GBP per sharePaidYahoo Finance (ex-div)
2023-02-2310.9776 GBPEx-dividend: 10.9776 GBP per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Ithaca Energy — from primary filings.

Frequently asked questions

What is Ithaca Energy's EV/EBITDA?
Ithaca Energy trades at 3.7x EV/EBITDA.
What is Ithaca Energy's P/B ratio?
Ithaca Energy trades at a P/B of 2.3x.
What is Ithaca Energy's dividend yield?
Ithaca Energy's trailing 12-month dividend yield is 9.7%.
What is Ithaca Energy's return on equity (ROE)?
Ithaca Energy's ROE is 9.6%.
What is Ithaca Energy's market capitalization?
Ithaca Energy's market cap is 5.9 bn USD.

See also: The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map