- Strong Q2 2025 performance driven by continued momentum across retail and supply segments
Singapore, 29 August 2025 – Puma Energy today announced its financial results for the three-month period ended 30 June 2025.
The company continued its momentum from a solid Q1 2025 to deliver another strong performance in Q2, outperforming both the previous quarter and the same period last year. Volumes increased by 7 percent versus the previous quarter, driven by our retail business and higher supply volumes. Overall gross profit increased by 8 percent to USD 266 million with an 8 percent increase in retail. The company’s unit margin remained stable at USD 67/m3.
The company’s EBITDA for Q2 2025 was USD 112 million, up 22 percent from the previous quarter, driven by higher gross profit and lower fixed costs from maintaining strict cost discipline. To this end, the company reported a net profit of USD 26 million for the period. Cash flow from operations was USD 90 million in Q2 2025, driven by solid business performance and temporary working capital inflow due to the timing of trade payable settlements in Africa, which were due after quarter end.
Chief Financial Officer Carlos Pons said: “We are encouraged by our strong second quarter performance, which builds on the positive start to the year. So far this year our performance has been driven by robust growth in retail demand and a very strong performance across our Latin America business. As we grow in our core markets, we remain focussed on mitigating key inherent risks of our business such as hard currency access and local currency volatility, where possible.”
Key Performance Indicators*
*NB All financial figures are presented excluding the impact of IFRS16
*Unadjusted for perimeter changes, unless otherwise indicated
Quarterly Highlights
Health and Safety
The main HSSE performance metrics remained stable for the quarter where the Lost Time Injury Frequency Rate (LTIFR) remained stable at 1.28. We continue our efforts to strengthen prevention, processes and reporting.
Core Segments
Our retail gross profit increased 12 percent year-over-year, driven by the expansion of non-fuel offerings such as convenience stores and quick-service restaurants. We added 19 new retail stations and ten convenience stores this quarter, further embedding these high-margin services into our network.
We experienced headwinds in our aviation segment in Africa, with an 11 percent decrease in gross profit compared to the prior quarter due to lower volumes in key airports.
Across our supply segment, the business captured opportunistic volumes to third-party oil marketing companies, contributing an additional USD 9 million in margin for the quarter.
Portfolio Management
In line with Puma Energy’s strategy to focus on its core downstream markets, the company divested its 50 percent share in the joint venture company High Heat Tankers on 22 April 2025 for USD 4.3 million.
Furthermore, Puma Energy acquired the remaining 95 percent stake in Rooftop Solar JV, LLC, effective 4 April 2025. The joint venture, established in 2021, has developed and constructed 78 solar PV sites across Puma Energy’s retail fuel station network in Puerto Rico.
Capital Structure
On 4 June 2025, the Company refinanced its 1yr RCF in the amount of USD 350 million and extended in full its USD 150 million 3yr RCF by one year, to June 2028.
Simultaneously, Puma Energy extended most of its 3yr Term Loan to June 2028 for USD 240 million and USD 35 million remain with the original maturity of June 2027.
Subsequent Events
On 28 July 2025, Puma Energy tapped its 2029 notes by issuing additional USD 80 million notes under Reg S. All proceeds were used on 11 August 2025 to redeem and cancel all the remaining outstanding 5.00% U.S. dollar-denominated senior notes due 2026 amounting to USD 90.3 million. The additional notes were issued on 4 August 2025 and will be comingled into existing notes after a 40-day period.
Puma Energy and Sonabhy (Société Nationale Burkinabè des Hydrocarbures) announced the signing of an asset purchase agreement for Puma Energy’s Tema Multi-Purpose Terminal (TMPT) in August. The transaction is subject to customary closing conditions, including regulatory approvals, for a purchase price of USD 60 million. Puma Energy will retain storage capacity and ensure uninterrupted supply to its downstream business.
The transaction builds on Puma Energy’s efforts over the past three years to divest its non-core marine infrastructure assets and to simplify its business.
Puma Energy improved its Sustainalytics rating, entering the Medium Risk category. The company also achieved a notable upgrade in the JP Morgan ESG Corporate Emerging Market Bond Index.
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Further information can be located at: Puma Energy: Investors: Overview
About Puma Energy
Puma Energy is a leading global downstream energy business, safely providing energy in more than 35 countries, primarily across central America and Sub-Saharan-Africa. Our downstream business segments include fuels, aviation, lubricants, LPG and bitumen. Our purpose is energising communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.
For further information visit: www.pumaenergy.com
Cautionary Statement
This announcement is not being made in and copies of it may not be distributed or sent into any jurisdiction where distribution would be unlawful.
Forward-looking statements
Some of the information included in this announcement contain forward-looking statements. You can identify these forward-looking statements by use of words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “will,” “estimates,” “intends,” “projects,” “goals,” “objectives,” “guidance,” “targets,” “forecasts” or “could”, the negative of such terms and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. Although Puma Energy believes that the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement.