Cue Energy Resources Limited Directors' report 30 June 2026 11 Financial performance Production revenue FY 2026 Production revenue FY 2025 Gross margin FY 2026 Gross margin FY 2025 $'000 $'000 % % Mahato 23,822 23,554 50% 53% Onshore Australia 13,157 12,491 54% 50% Maari 9,274 12,403 46% 35% Sampang 3,992 6,393 (12%) 36% 50,245 54,841 EBITDAX FY 2026 FY 2025 $'000 $'000 Profit before tax 7,293 19,658 Depreciation and amortisation 9,751 8,936 Finance costs 389 494 EBITDA* 17,433 29,088 Business development expenses 26 16 Share based payments 369 140 Exploration, evaluation and development activities written off^ 4,287 1,066 Impairment of production assets ^ 4,405 - Takeover defence cost ^ 1,935 - EBITDAX** 28,455 30,310 *EBITDA is a financial measure which is not prescribed by Australian Accounting Standards (‘AAS’) and represents the profit under AAS adjusted for depreciation, amortisation, finance costs and tax. **EBITDAX is EBITDA adjusted to exclude business development costs, exploration and evaluation expenses, share based payments and one-off expenses. EBITDAX is used as a measure of financial performance as it is a commonly used indicator of performance of the Consolidated Entity's peers and therefore facilitates relative comparison of performance. ^ Exploration, evaluation and development activities written off included Paus Biru capitalised costs due to withdrawal from permit extension. Impairment relates to production assets in Maari and Sampang. Takeover defence costs relate to Horizon Oil Limited (Horizon) takeover. EBITDAX information has not been audited, however it has been extracted from the audited financial statements. Financial position The consolidated cash and cash equivalents increased in FY 2026 by $4.88 million to $15.71 million (FY 2025: $10.83 million). The net assets of the Consolidated Entity remained largely consistent at $57.10 million in FY 2026 (FY 2025: $58.05 million). FY 2026 FY 2025 $'000 $'000 Net cashflows from operating activities 19,842 23,834 Net cashflows from investing activities (9,467) (15,396) Net cashflows from financing activities (5,219) (14,052) Net cashflows for the year ended 30 June 5,156 (5,614) 24 Cue Energy Resources Limited Annual Report 2026
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