Oando Powers Ahead: 59% Surge in Production Output, ₦210bn Profit in Nine Months

Lagos, Nigeria | 30 October 2025 - Oando PLC ("Oando" or the "Group"), Nigeria's leading indigenous energy group listed on both the Nigerian Exchange Ltd. and Johannesburg Stock Exchange, today announces its unaudited results for the nine months ended 30 September 2025.

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Commenting on the results,Wale Tinubu CON, Group Chief Executive, Oando PLC said:

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"In the first nine months of 2025, we consolidated the gains achieved following our acquisition of NAOC's assets last year. Our assumption of operatorship has been transformational, granting us the agility to act decisively and execute with precision in driving production growth and operational efficiency. Production uptime currently stands at 82%, translating to a 59% year-on-year increase in crude oil and gas production, which now averages 38,121boepd, clear evidence of the beginning of the dawn of unlocking the tremendous value our reserves possess.

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During the period, we made meaningful progress in integrating operations, strengthening security and community relations, as well as resolving legacy issues inherited at the point of operatorship. Most notably, we achieved a partial recovery of substantial receivables that had remained outstanding for several years and made significant headway in renegotiating long-standing legal matters that had previously been fully provisioned for. These milestones underscore the depth of our leadership and our unwavering commitment to unlocking value."

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Across our trading business, refined products volumes remained under pressure, largely due to the well-deserved and expected success of the Dangote refinery in meeting Nigeria's import needs. Consequently, our focus had shifted to expanding global crude exports and leveraging structured Pre-Export transactions, an area in which we have continued to record robust success.

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In addition, we also executed the first tranche of our share distribution programme, delivering a 5.33% dividend yield, with the second tranche scheduled for early next year. This is yet another tangible demonstration of our focus on creating and returning value to our shareholders.

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As we enter the final quarter of 2025, we remain focused on further strengthening our balance sheet, accelerating production growth, expanding our trading footprint, optimizing our cash flows, and sustaining long-term value creation."

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Nine-months 2025 performance highlights

Group highlights

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•Revenue declined by 20% year-on-year to ₦2.5 trillion (9M 2024: ₦3.2 trillion), primarily due to reduction in gasoline imports following the ramp-up of the Dangote Refinery, which has positively transformed Nigeria's refined-product supply landscape, partly offset by stronger upstream contributions.

•Gross profit decreased by 42% to ₦113 billion (9M 2024: ₦194 billion), in line with the topline contraction and changing segment mix.

•Profit after tax increased by 164% to N210bn (9M 2024: N76bn), driven by stronger production volumes and legacy recoveries.

•Capital expenditure rose to ₦74.9 billion (9M 2024: ₦26.9 billion), reflecting increased upstream and infrastructure investments.

•1.28 billion-share distribution underway - Tranche 1 (1-for-12) completed in August 2025; Tranche 2 to follow for shareholders on record as of 30 June 2025.

•Mrs. Folashade Ibidapo-Obe appointed as the Company's Chief Compliance Officer and Company Secretary Effective August 8, 2025.

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Exploration and Production

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‍•Group production averaged 38,121 boepd in 9M 2025, up 59% year-on-year and within guidance, supported by the consolidation of the NAOC JV interest and improved uptime

•Increased crude and NGL output following the successful revamp of the NGL processing plant, supported by 82% uptime across operated assets - enhancing recovery, reliability, and operational efficiency.

•Completed the Obiafu-44 gas-condensate well, brought onstream in October, and progressed surface-facility debottlenecking to enhance flow assurance and minimise downtime.

•Maintained zero LTIs, achieving 16.8 million LTI-free hours across operations.

•Awarded operatorship of Block KON 13 (Angola), expanding Oando's footprint to the Kwanza Basin.

•Upsized the RBL 2 facility to $375 million, enhancing financial flexibility to accelerate development of the Group's expanded 1 billion boe upstream portfolio.

•Successfully renegotiated other key facilities on more favourable terms, extending repayment periods to enhance liquidity and working capital for our drilling program.

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Trading

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‍•Traded 21 crude oil cargos (19.8 MMbbl) in 9M 2025, up from 15 cargos (16.7 MMbbl) in 9M 2024, driven by stronger offtake execution and stable supply chain performance.

•No PMS cargos traded during the period (9M 2024: 8 cargos), following a deliberate strategic pause as the Division rebalanced its portfolio towards higher-margin crude and gas trading opportunities.

•Advanced development of offtake-linked financing structures to unlock additional volumes and support margin expansion.

•Selected as preferred bidder for the Guaracara Refinery (Trinidad & Tobago), establishing a strategic downstream presence in the Caribbean market.

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Clean Energy

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‍•Continued increase in ridership and public confidence in electric mobility, with additional buses expected to join the fleet before year-end.

•Advanced development of a 1.2GW solar PV module assembly plant; land secured, and financial modelling completed to support fundraising efforts.

•Progressed PET recycling project, with land acquisition completed and construction planning underway for a 2,750 tons/month facility.

•Completed techno-economic study for a 6MW geothermal pilot project and continued engagements with key implementation partner.

•Published Nigeria's National Wind Resource Capacity Report, mapping state-level wind potential to inform future investments.

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Mining and Infrastructure

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•Signed Production Sharing Contract (PSC) with Kebbi State for joint lithium and gold development; positive lithium assays confirmed.

•Initiated exploration and partnership engagements on gold prospects across Northern Nigeria.

•Commenced technical evaluation and commercial review of tin prospects in Kwara, Plateau, and Kaduna States.

•Targeting Investment Decision on at least one mineral prospect by Q4 2025 to enable near-term production.

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2025 Outlook

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•Full-year production guidance narrowed to circa 40,000 boepd.

•Projected FY2025 capex of $120-130 million, revised downwards due to rig availability constraints, focused on drilling, infrastructure, and ESG projects.

•Trading guidance maintained at 25-35 MMbbl for crude oil; refined product trading guidance suspended pending market recovery.

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Responsibility for publication

This announcement has been authorised for publication on behalf of Oando PLC by:

Adeola Ogunsemi

Group Chief Financial Officer

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About Oando PLC

Oando PLC is Africa's leading indigenous energy solutions provider listed on the Nigerian Exchange (NGX) and the Johannesburg Stock Exchange(JSE). Oando operates across the entire energy value chain, encompassing upstream exploration and production, trading and renewable energy initiatives.

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Through its subsidiaries,Oando Energy Resources and Oando Trading, the Company holds interests in onshore and offshore oil and gas assets and maintains a significant presence in the global energy trading market. Oando is committed to driving Africa's energy transition and delivering innovative, sustainable and value-driven solutions that meet the continent's unique energy needs.

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For further information, please contact:

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Adeola Ogunsemi

Chief Financial Officer

The Wings Office Complex

17a Ozumba Mbadiwe Avenue

Victoria Island,

Lagos, Nigeria.

Tel: +234-201-4484700, Ext 6506

[email protected]

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Ayeesha Aliyu

Investor Relations Manager

The Wings Office Complex

17a Ozumba Mbadiwe Avenue

Victoria Island,

Lagos, Nigeria.

Tel: +234-201-4484700, Ext: 6012

[email protected]

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For: Oando PLC

Jubril Adewale Tinubu

Group Chief Executive

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