EarningsQ2 2026 Earnings Report
DE:A3P Q2 2026 EPS Results
Actual EPS€0.02
Consensus EPS€0.10
Beat/MissMissed by -€0.08
One Year Ago EPS-€0.09
DE:A3P Q2 2026 Revenue Results
Actual Revenue€585.36M
Expected Revenue€623.35M
Beat/MissMissed by -€37.98M
YoY Revenue Growth+114.07%
Earnings Announcement Details
QuarterQ2 2026
Date08/06/2026
TimeBefore Open
Conference CallThursday, August 6, 2026
DE:A3P Upcoming Earnings
Serica Energy's next earnings date is estimated for April 29, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
Overall the call conveyed a strongly positive operational and financial momentum: substantial production increases (notably at Triton), robust H1 cash generation ($280m post‑tax CFFO) and a strengthened liquidity and capital structure position the company for organic drilling and opportunistic M&A (including the Pharos recommended offer). The principal negatives are accounting and hedging effects that depress reported earnings and near‑term operational/seasonal constraints (Lancaster costs, Q3 maintenance, Triton gas export limits). Management has clear plans to capitalize on high‑return drilling opportunities and integration of Spirit/Pharos to lift production and cash generation.Company Guidance
Material Production Uplift
Average production in the period was just over 45,000 barrels of oil per day, Q2 averaged ~50,000 bpd, and the company maintains full-year production guidance of >40,000 bpd. Management expects to reach >65,000 bpd as Spirit assets are integrated and Q4 momentum builds.
Triton Reliability Recovery
Triton resumed production after a 24-day outage and delivered >95% uptime from 9 March to period end. Triton Q2 production averaged 20,300 bpd; Triton H1 production was ~70% higher than H2 2025 and over 800% higher than H1 2025, driving materially cash‑generative output.
Strong Cash Generation
Post-tax cash flow from operations (CFFO) in H1 was $280 million (nearly $40 per boe). Cash increased by just under $300 million in H1 and net debt turned into net cash of $26 million (from $200 million net debt at the start of the year).
Higher Realized Commodity Prices
Average realized oil price was $93/bbl (up 33% year‑on‑year) and realized gas prices were ~101p/therm (roughly +50% year‑on‑year). Post‑hedging realized oil was ~$73/bbl and gas ~97p/therm.
Refinancing and Strong Liquidity Position
Raised $300 million five‑year bond at an attractive fixed rate and refinanced RBL with a $750 million facility (initial borrowing base $458 million, fully undrawn). Combined with $326 million cash at 30 June, pro‑forma liquidity is approaching $800 million.
Accretive M&A and Portfolio Diversification
Completed non‑operated acquisitions (Catcher and Golden Eagle) and West of Shetland assets; recommended acquisition of Pharos Energy to re‑enter SE Asia, expected to increase 2P reserves by ~13% and resources by ~15% and to be cash‑generative and accretive on key metrics.
Clear Organic Growth Pipeline and Capable Team
High‑return drilling opportunity set includes multiple wells (Bruce, Kyla, Glendronach) with potential incremental ~30,000 bpd and expected returns >40%. Close to signing a 400‑day rig contract to start drilling (likely at Bruce) with drilling to begin in Q3 next year.
Distribution Policy and Interim Dividend
Declared interim dividend of 6p per share (same as 2025). New distribution policy targets 15%–30% of post‑tax CFFO; management notes a bias to dividends while retaining buyback optionality.
DE:A3P Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed