★★REPLAY★★ Q&A with the Best-Performing International E&P stock in our coverage

Research evidence excerpt

★★REPLAY★★ Q&A with the Best-Performing International E&P stock in our coverage

UK | Oil & Gas Exploration & Production

Ithaca Energy EquityJulyResearch17, 2026

ESTIMATE CHANGE**REPLAY** Q&A with the Best-Performing

RATING BUYInternational E&P stock in our coverage

PRICE 232.20p^

Ithaca Energy is the best-performing International E&P stock in our

PRICE TARGET | % TO PT 350.00p | +51%

coverage in the 2yr+ period since announcing the "transformational

52W HIGH-LOW 291p - 150p

combination with substantially all of Eni's UK upstream assets". We hosted

FLOAT (%) | ADV MM (USD) 13.6% | 3.03

Executive Chairman Yaniv Friedman & CFO Iain Lewis to discuss the

MARKET CAP £3.8B | $5.2B

strategy which has delivered this performance from a 100% UK North Sea

TICKER ITH LN

portfolio. International expansion remains a future option but only if it; ^Prior trading day's closing price unless otherwise

"meets all of our investment criteria". noted.

Full transcript inside the note. Replay link HERE FY (Dec) CHANGE TO JEFe JEF vs CONS

What sets Ithaca Energy apart from peers? Mr Friedman explained how the merger created 2026 2027 2026 2027

"a really a unique platform...an injection of the Eni U.K. assets debt-free. So really an equity injection REV -3% -1% NM +10%

into the business. High-quality assets, long-life assets. And I think what it gives us is a very unique EPS -8% -4% +85% +141%

platform on different levels. Obviously production and scale...[which]...gives you a lot of flexibility, a

lot of optionality...But it's also a platform for growing through acquisitions, and we've done a couple 2026 ($) Q1 Q2 Q3 Q4 FY

since we've closed the Eni transaction. And so I think the combination of Eni as a partner with the EPS -- -- -- -- 0.37