Arctic Credit FLASH: IPC - Blackrod Phase 1 first oil achieved ahead of guidance

Research evidence excerpt

Arctic Credit FLASH: IPC - Blackrod Phase 1 first oil achieved ahead of guidance

IPC

IPCO SS | E&P | Credit Company Flash | 16 June 2026 | 09:05

Blackrod Phase 1 first oil achieved ahead of guidance Financials and outstanding bonds

● First oil was achieved 31 May, ahead of guidance (Q3) Key Figures Credit (USDm) Dec-24 Dec-25 Dec-26e Dec-27e Dec-28e Outstanding bonds

● Plateau of 30 kbopd guided towards late-2027, a level expected to be maintained for 25 Revenue 798.0 685.9 996.3 1,106.2 1,441.2 Ticker IPCOSS 7 ½ 10/10/30 Corp

years Adj. EBITDA 331.7 240.2 503.7 490.0 652.8 Size USD 450,000,000

● Capex ended at USD 855m vs budget USD 850m Net interest (59.8) (69.6) (50.5) (22.9) (9.0) Coupon 7.5

● Sustaining capex is guided below USD 5/bbl Adj. net profit 101.8 28.8 237.2 209.0 311.7 MaturitySpread/Price 10/10/2030253

● Improved FCF ahead, driving de-leveraging and increased shareholder return potential Total equity 939.8 927.0 1,051.5 1,106.4 1,247.1 Recommendation Market Perform

Total assets 1,953.8 1,977.6 2,254.0 2,306.3 2,585.2

Blackrod Phase 1 first oil achieved ahead of guidance Gross debt 443.2 446.2 446.7 371.7 458.0 Credit strengths

Blackrod Phase 1 achieved first oil on 31 May 2026, more than a full quarter ahead of the schedule Cash and cash equivalents 246.6 7.0 242.1 375.3 709.1 ● Significant reserve base and stable

production profile

established at project sanction in 2023. Total project capex was delivered essentially on budget, Net interest bearing debt 196.6 439.2 204.6 (3.6) (251.1) ● High commitment to conservative leverage

marking the largest greenfield thermal oil sands development brought online in Alberta in over a Cash flow from operations 240.2 193.5 435.9 458.2 574.5 targets

● Strong track record

decade.