Nostrum Oil & Gas (LSE:NOG) generated EBITDA of over $27 million in the six months ended 30 June, up approximately 14% on the same period in 2025.
The London-listed group, which operates gas processing infrastructure and an export hub in north-west Kazakhstan, said the improvement reflected higher export volumes, stronger product prices and a 5.2% rise in average daily processed volumes to 25,898 barrels of oil equivalent per day (boepd).
Revenue is estimated at approximately $72 million, up from $64.1 million in H1 2025, helped by an average Brent crude price of $92.2 per barrel against $71.9 a year earlier.
Free cash flow reached over $11 million after coupon payments, with net operating cash flow of approximately $22 million.
Unrestricted cash stood at over $154 million at 30 June, up from $143.3 million at the end of December.
In June, Nostrum paid $25.2 million in interest, partly funded from its debt service reserve account.
"We have taken further steps on the implementation of the extension of the maturity date of our bonds to 31 December 2030, and we are pleased to confirm that the majority bondholders supported the long-term standstill", chief executive Viktor Gladun said.
The consent solicitation launched in June secured the necessary approvals in July, with a related tender offer launched on 24 July.
Nostrum plans to release its H1 2026 interim financial report on or around 11 August.
News Intelligence what this means for the company
Nostrum Oil & Gas reported H1 2026 EBITDA of $27 million, up 14% year-on-year, driven by higher processed volumes (5.2% increase to 25,898 boepd) and stronger commodity prices—Brent averaged $92.2/bbl versus $71.9 a year earlier. The company generated $11 million in free cash flow after debt service and ended the period with $154 million in unrestricted cash. Critically, majority bondholders approved a long-term standstill allowing maturity extension of its bonds to December 2030, with a tender offer launched 24 July, addressing near-term refinancing risk.
The EBITDA and cash flow gains are largely commodity-driven rather than operational—Brent's 28% year-on-year rise accounts for most of the revenue uplift. The bond maturity extension to 2030 removes acute refinancing pressure, but the company's $154 million cash position against $25.2 million in monthly interest payments leaves limited margin for commodity downside or operational disruption.
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