Deutsche Rohstoff AG: Third quarter - Revenue of EUR 150 million after nine months

• Production of 13,680 BOEPD (barrel of oil equivalent per day)
• Revenue of EUR 150.1 million (previous year: EUR 171.6 million)
• EBITDA of EUR 101.7 million (previous year: EUR 122.2 million)
• Consolidated net income of EUR 22.0 million (previous year: EUR 36.2 million)
• Revenue and EBITDA for 2025 expected at the upper end of the forecast range
• Positive free cash flow of EUR 26.5 million
• Oil production slightly above previous year at 2,398,961 barrels (2,367,264 BO)
• New Chinook wells showing very strong production since the end of June
• Six additional wells currently being brought into production

Jan-Philipp Weitz, CEO, said: "Deutsche Rohstoff AG can look back on a strong third quarter and a successful nine months in 2025. With very good results from the 2025 drilling program to date and stable production volumes from over 220 wells, we are successfully following our growth path. The recently placed EUR 50 million bond provides us with additional flexibility, reduces our credit lines in the U.S. and positions us well to benefit from potential opportunities. For the current year, we expect revenue and EBITDA to be at the upper end of our forecast range of EUR 170 to 190 million for revenue and EUR 115 to 135 million for EBITDA."


Financial development

The Group generated revenue of EUR 150.1 million in the first nine months (previous year: EUR 171.6 million), performing very well in the current environment of lower oil prices and a weaker US Dollar. Although only four new wells were brought into production by the end of September 2025 (previous year: 18 new wells, of which 8 were operated wells and 10 non-operated ("non-op")), the volume of oil produced was slightly above the previous year's level, resulting from the large base of 220 wells and strong production from the most recent wells on the Chinook pad, which have been producing since the end of June. The 12.5% decline in revenue compared to the previous year is primarily due to the lower realized oil price (-10.8%) and the weaker exchange rate (-3.2%). The decline was partially offset by higher oil volumes and the increased share of oil in production (+5 percentage points) and a higher realized gas price (+58%).

EBITDA after nine months was EUR 101.7 million (previous year: EUR 122.2 million) and was impacted by around EUR 6 million, primarily due to exchange rate effects, up-front costs for the drilling program in the western areas of the Powder River Basin, and the ongoing works on the largest well pad in Colorado. Consolidated net income amounted to EUR 22.0 million (previous year: EUR 36.2 million).

Operating cash flow amounted to EUR 118.8 million, which was on par with the previous year (EUR 119.1 million), while cash flow from investing activities declined to EUR 92.3 million (previous year: EUR 153.6 million), of which around EUR 80 million was attributable to investments in new wells.
Free cash flow was significantly positive at EUR 26.5 million. Equity amounted to EUR 213.3 million (previous year: EUR 209.7 million). Net debt fell by over 8% from EUR 157 million as of 31 December 2024, to around EUR 144 million. Despite the weaker US Dollar, the record dividend paid in June, and the share buyback program completed in the reporting quarter, the equity ratio remained essentially unchanged at 40.6% (previous year: 41.4%).

The cost of materials decreased to EUR 31.1 million (previous year: EUR 33.2 million). Per barrel, operating costs were slightly higher than for the full year 2024 at USD 9.30/BOE (31 December 2024: USD 9.00/BOE). Depreciation and amortization for oil and gas production facilities rose slightly to USD 16.69/BOE (31 December 2024: USD 16.46/BOE).


Operational development

The positive development of the operations in the U.S. continued in the third quarter. The four most recent wells drilled on the Chinook pad produced 100,000 barrels per well in the first four months after the start of production, significantly exceeding expectations. The wells from the previous year's 2024 drilling program also continued to produce strongly and above the base case.

The first drilling program on the western acreage of the Powder River Basin, launched in April after extensive preparatory work and comprising a total of six wells, three each in the Niobrara and Mowry formations, has now been completed. Four of the six wells have recently commenced production, with the final two to follow in the coming days.

The four subsidiaries in the US produced an average of 13,680 BOE per day in the first half of the year (previous year: 14,702 BOE per day), corresponding to a total production of 3.7 million BOE (previous year: 4.0 million BOE). Of this, 2,398,962 barrels were attributable to crude oil (previous year: 2,367,264 barrels), with the remainder attributable to natural gas and condensates. All volumes correspond to the Group's net share.

The quarterly report of Deutsche Rohstoff AG is now available on the company's website at www.rohstoff.de.

Mannheim, 14 November 2025