Kistos Holdings (AIM:KIST), an independent oil and gas company with assets in Norway, the UK and Oman, reported a statutory loss after tax of $2 million for the year ended 31 December 2025, a dramatic improvement on the $52 million loss recorded in 2024.
Adjusted EBITDA held broadly flat at $97 million, compared with $95 million the prior year, as average daily production of 8,940 barrels of oil equivalent per day (boepd) came in at the top of guidance and above the 8,050 boepd delivered in 2024.
The headline operational event of the year was the start-up of the Jotun FPSO in June 2025, completing the long-running Balder Future project in Norway, with first oil from two Balder Phase V wells following in December 2025.
Cash capital expenditure fell to $122 million from $144 million, while adjusted net debt widened to $76 million from $52 million.
Post-period, Kistos priced a $300 million senior secured bond at a coupon of 9.875%, using the proceeds to retire its existing KENO01 and KENO02 bonds, and reported approximately $268 million of near-cash as at 31 May.
"2025 was transformational for Kistos, marked not only by first oil from the Balder Future project, but also by the Company's expansion into the MENA region, generating immediate cash flow and significantly enhancing the Company's 2P reserve base," said Executive Chairman Andrew Austin.
Full-year 2026 production guidance is maintained at 19,000 to 21,000 boepd, with the Balder Next final investment decision taken in June 2026 targeting first production in the fourth quarter of 2027.
