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Highlights

  • Adjusted EBITDAX increased 109.6 percent year on year to USD 1,117 million in H1 FY2025
  • Profit before tax rose to USD 513.4 million compared with USD 189.4 million in H1 FY2024
  • The company reported a net loss of USD 217.5 million due to a deferred tax charge

Ithaca Energy PLC (LSE: ITH) is an FTSE 250 index-listed oil and gas producer. The company is focused on the United Kingdom Continental Shelf (UKCS). Its operations centre on the exploration and production of hydrocarbons in the UK North Sea.

In the first half of FY2025, the company reported higher financial and operational results, supported by increased production capacity and lower unit operating costs of USD 17.5 per boe. Adjusted EBITDAX rose to USD 1,117 million from USD 533 million in the prior year, reflecting expanded output and improved cost efficiency. Profit before tax increased to USD 513.4 million compared with USD 189.4 million in H1 FY2024. However, the company posted a net loss of USD 217.5 million for the period, mainly due to a one-off, non-cash deferred tax charge of USD 327.6 million linked to the extension of the Energy Profits Levy.

Business Update
On 2 September 2025, Ithaca Energy announced the completion of a placing of 49.6 million ordinary shares by its major shareholders, Delek and Eni UK, through an accelerated bookbuild. The shares were priced at GBX 213.75 each, raising gross proceeds of approximately GBP 106 million. The transaction represented around 3% of Ithaca Energy’s issued share capital. Following the sale, Delek retains 834.6 million shares (50.5%), while Eni holds 594.0 million shares (35.9%), with both shareholders maintaining significant controlling stakes in the company.

Company Outlook
For FY2025, the company has raised its production guidance to 119–125 kboe/d, up from 109–119 kboe/d, with an expected year-end exit rate of around 140 kboe/d, which would establish it as the largest producer on the UK Continental Shelf. Net operating expenditure is now forecast at USD 790–840 million, equating to USD 17–19 per boe, reflecting continued cost control despite foreign exchange headwinds. Capital expenditure on producing assets has been revised upward to USD 630–670 million, primarily to support high-return drilling in the J Area. In addition, the anticipated projected spend on the Rosebank project has increased to USD 230–270 million, mainly due to FPSO modifications and the impact of currency movements.

Top 10 Shareholders
The top ten shareholders of ITH collectively account for approximately 93.17% of the company’s total shareholding. DKL Energy Ltd holds around 52.20%, while Eni SpA holds about 37.20%.

Stock Information 
As of the closing price on 3 September 2025, ITH closed at GBX 198.8. Over the past three months, the stock has gained 39.14% approximately, and around 47.25% over the last six months. It is currently trading between the 52-week high of GBX 238.00 (1 September 2025) and the 52-week low of GBX 86.90 (13 November 2024).

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: The reference data for all price data, currency, technical indicators, support, and resistance levels Is 3 September 2025. The reference data in this report has been partly sourced from EODHD/Others.

Technical Indicators Defined

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.