Kistos Shares Rise on Strong Full-Year Results and Bold Growth Outlook

Kistos Holdings (LON: KIST) jumped 3.3% to 237.5p on Friday after the AIM-listed independent energy company released its audited full-year results for the year ended 31 December 2025, highlighting record production levels, a transformational Norwegian project milestone, and an ambitious push into the Middle East.

The company reported adjusted EBITDA of $97 million for the period, broadly flat year-on-year against $95 million in 2024, despite average realised sales prices slipping from $69 to $65 per barrel of oil equivalent. Revenue came in at $212.9 million, while average daily production rose to 8,940 boepd — at the top end of guidance and ahead of the 8,050 boepd achieved in 2024.

A landmark moment came with the start-up of the Jotun FPSO in June 2025, marking the completion of the long-awaited Balder Future project in Norway. Meanwhile, Kistos expanded into the MENA region, acquiring interests in Oman Blocks 3 & 4 and Block 9, adding a proforma 25.6 mmboe of 2P reserves net to the company.

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Looking ahead, Kistos maintained its FY26 proforma production guidance of 19,000–21,000 boepd and confirmed the final investment decision on Balder Next in June 2026 — a seven-well programme targeting 86 mmboe gross, with first production expected in Q4 2027. The company also successfully priced a $300 million senior secured bond at 9.875%, which was oversubscribed by institutional investors.

Executive Chairman Andrew Austin said the company remains “actively focused on pursuing further value-accretive M&A opportunities” to grow scale and enhance shareholder value.