Earnings Report

Dana Gas

H1 26

1. Company Overview & Earnings Context

Dana Gas PJSC is the Middle East's first and largest private sector natural gas company, with operations across the UAE, Egypt and the Kurdistan Region of Iraq (KRI). The company operates across the natural gas value chain, from exploration and production to gas processing, transportation and marketing. During H1 2026, Dana Gas delivered a strong financial performance, driven by higher realized gas prices, increased production in Egypt and the recognition of additional gas sales revenue in Kurdistan. Despite temporary production disruptions at the Khor Mor field due to regional geopolitical developments, the Group maintained resilient operations, strengthened profitability and continued progressing its long-term growth projects.

2. Financial Performance Snapshot

Gross Revenue: AED 946 Million (+51.0% YoY)
Net Revenue: AED 821 Million (+54.3% YoY)
Gross Profit: AED 546 Million (+102.2% YoY)
EBITDA: AED 623 Million (+61.4% YoY)
Profit Before Tax: AED 422 Million (+41.1% YoY)
Net Profit: AED 393 Million (+45.6% YoY)

Compared with H1 2025:

Gross revenue increased 51.0% to AED 946 million.
Net revenue increased 54.3% to AED 821 million.
Gross profit increased 102.2% to AED 546 million.
EBITDA increased 61.4% to AED 623 million.
Profit before tax increased 41.1% to AED 422 million.
Net profit increased 45.6% to AED 393 million.

3. Operational Highlights & Key Metrics

Total Production: 52,900 boepd
Egypt Production: 13,300 boepd (+7% YoY)
Kurdistan Production: 39,600 boepd (-2% YoY)
Cash & Bank Balances: AED 843 Million
Total Collections: AED 616 Million
Collections from Kurdistan: AED 381 Million
Collections from Egypt: AED 235 Million
Khor Mor Receivables: AED 590 Million
Egypt Trade Receivables: AED 22 Million
Dana Gas Share of 2P Hydrocarbon Reserves: 1,087 MMboe

4. Key Performance Drivers

Dana Gas's H1 2026 performance was driven by stronger realized gas prices, increased production in Egypt and the recognition of an additional USD 48 million (AED 176 million) of gas sales revenue related to Pearl Petroleum. Excluding this one-off revenue, underlying revenue still increased by USD 39 million year-on-year. Although production at the Khor Mor field was temporarily suspended following regional geopolitical events, operations resumed during April 2026, demonstrating the resilience of the Group's operating platform. Higher revenues more than offset increased operating, depreciation and finance costs following the completion of the KM250 expansion project.

5. Outlook & Forward Guidance

Management remains focused on maximizing value from its producing assets while pursuing organic exploration opportunities and expanding its upstream and midstream businesses. The company continues advancing the KM250 expansion project, balancing capital expenditure with available cash resources and maintaining a strong liquidity position. Dana Gas also expects temporary production disruptions in Kurdistan to remain short-term as operations move toward higher capacity utilization over the longer term.

6. Investor Takeaway

Dana Gas delivered a strong first-half performance in 2026, reporting double-digit growth in revenue, EBITDA and net profit despite temporary production disruptions in Kurdistan. Supported by higher gas prices, resilient production, healthy cash collections and continued investment in expansion projects, the Group remains well positioned to benefit from growing regional energy demand and create long-term shareholder value.