Record EBITDA driven by strong volumes and margins across core regions
Singapore, 27 May 2026 – Puma Energy today announced its financial results for the three-month period ended 31 March 2026.
Puma Energy delivered a strong start to 2026, reflecting continued growth and resilience across its core business amid heightened market volatility and ongoing geopolitical tensions impacting global energy markets. Overall year-on-year volumes increased by five percent driven by Retail, Commercial and Aviation segments. This performance demonstrates the strength of Puma Energy’s diversified portfolio and the continued focus on execution against its strategic priorities.
Gross profit rose to USD 307 million, up 10 per cent quarter-on-quarter and 25 per cent year-on-year. This increase was supported by higher volumes and stronger unit margins, largely driven by Aviation, Refining and Bitumen.
Puma Energy achieved an EBITDA of USD 149 million, its highest-ever quarterly result with the current perimeter, representing an increase of 62 per cent year-on-year and 34 per cent quarter-on-quarter. This milestone reflects the continued delivery of the Group’s strategy, supported by strong margin performance and a stable cost structure.
Net profit increased to USD 59 million, compared with USD 26 million in Q4 2025, further strengthening the Group’s equity base.
The Group recorded operating cash flow of USD 27 million in Q1 2026, impacted by a working capital outflow of USD 101 million. This was driven by margin calls and increased working capital requirements linked to elevated fuel prices.
Puma Energy closed the quarter with net leverage of 1x.
Chief Financial Officer Carlos Pons said: “It was a strong quarter for Puma Energy, with record results reflecting the underlying strength of the business and the continued effectiveness of our strategy. Despite one of the most volatile macroeconomic environments in recent years, our core segments continued to grow, fixed costs remained stable, and our balance sheet strengthened further. Puma Energy remains well equipped to perform throughout the current market volatility.”
Key Performance Indicators*
Operational Overview
Health and Safety
Puma Energy’s HSSE continues to be a fundamental to our operating model and central to how we manage risk and performance. The Lost Time Injury Frequency Rate (LTIFR) rose to 1.87 in Q1 2026 from 1.32 in December 2025. This rise reflects enhanced incident reporting discipline and more consistent classification practices, rather than an underlying deterioration in safety performance. The outcome demonstrates improved safety governance, driven by stronger reporting discipline and consistent incident classification, enhancing data transparency and supporting long‑term risk reduction.
Segments Performance
Retail was the Group’s largest contributor in Q1 2026, driven by the expansion of the retail network and continued focus on non-fuel offerings. During the quarter, Puma Energy added five new retail stations and 10 new convenience stores, strengthening its presence across key markets. Year-on-year growth was fuelled by a 10 per cent increase in volumes and a 16 per cent improvement in overall margins. Latin America remained a strong performer, with volumes up 12 per cent, supported by network expansion and increased market share.
Our Bitumen segment continued to improve and show consistent growth following the strategy changes implemented in 2025 and entry into new markets in Latin America. The margin more than doubled compared with the prior year and increased 35 per cent versus prior quarter.
The Aviation segment delivered strong performance, supported by higher volumes and improved unit margins. We recorded strong spot volumes in Puerto Rico and captured additional business in Africa where certain markets faced supply constraints. During the period, geopolitical tensions in the Middle East caused jet fuel shortages at airports outside our network, enabling us to assist several airlines by providing reliable supply. Both volumes and margins increased year-on-year, with volumes up 10 per cent and overall margins up 25 per cent.
Capital Structure
In April 2026, Puma Energy exercised the first extension option for its one-year RCF, extending the facility by one year to June 2027. Furthermore, Puma Energy also exercised the second and final extension option for its USD 150 million three-year RCF, extending the facility by an additional year to June 2029.
Additionally, in April 2026 the Company triggered the accordion option, increasing the size of its one-year RCF by USD 135 million to USD 435 million.
As of the end of Q1 2026, the Company had a total committed unused liquidity of USD 459.8 million. This amount consisted of USD 284.8 million under a one-year revolving credit facility (RCF), USD 150 million under a three-year RCF, and USD 25 million under an Opco RCF.
Credit Ratings
In May 2026, Fitch Ratings upgraded Puma Energy to ‘BB+’ from ‘BB’, with a Stable Outlook. The upgrade reflects Puma Energy’s improved earnings profile, strengthened credit metrics, adequate liquidity headroom and limited oil price risk. Fitch also upgraded Puma International Financing S.A.’s senior unsecured instrument ratings to ‘BB+’. The ratings further reflect Puma Energy’s geographic and business diversification, as well as its exposure to structurally growing fuel demand in emerging markets.
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Further information can be found here: Puma Energy: Investors: Overview
About Puma Energy
Puma Energy is a leading global downstream energy business, safely providing energy in more than 34 countries, primarily across Central America and Sub-Saharan Africa. Our downstream business segments include fuels, aviation, lubricants 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
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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.