Continued underlying growth and profitability across the business
Integrated supply capabilities supported reliable supply and captured additional opportunities
Singapore, 26 August 2026 – Puma Energy today released its financial results for the three-month period ending 30 June 2026.
Puma Energy delivered a strong financial performance amid a demanding market environment, with geopolitical tensions in the Middle East disrupting shipping routes and global product flows. Its integrated supply and logistics capabilities enabled the company to maintain reliable supply to customers, respond quickly to changing market conditions and capture additional commercial opportunities.
These conditions added incremental, non-recurring margin, primarily across the Supply and Bitumen segments. Excluding this benefit, the underlying business continued to deliver growth, supported by higher volumes, solid unit margins and increased cash generation.
Volumes grew by 3 per cent year-on-year and gross profit rose 52 per cent to USD 417 million on a pro forma basis, supported by higher volumes and unit margins across all core segments. Unregulated businesses, namely Supply, Bitumen and Aviation, made a significant contribution to the improvement in unit margin.
EBITDA reached USD 242 million, up 109 per cent year-on-year. Net profit rose to USD 144 million from USD 27 million in Q2 2025.
The Group generated USD 337 million of operating cash flow in Q2 2026, supported by strong operating performance and a USD 160 million working capital inflow. This reflected an inventory release following the build-up in Q1 2026 and an inflow from higher payables, partly offset by an outflow from higher receivables as activity increased. A portion of the payable inflow is expected to reverse in July 2026 as part of normal payment cycles.
Puma Energy closed the quarter with net leverage of 0.4x.
Chief Financial Officer Carlos Pons said: “We delivered a solid performance this quarter, with our integrated supply capabilities enabling us to respond effectively to changing market conditions while maintaining reliable supply to customers. Our underlying businesses continued to grow, supported by higher volumes and increased cash generation. We remain focused on disciplined execution, maintaining a well-controlled cost base and strong balance sheet, and delivering sustainable growth across the portfolio.”
Key Performance Indicators*
*All financial figures are presented excluding the impact of IFRS16
Key Performance Indicators Pro forma*
*All financial figures are presented excluding the impact of IFRS16
*Prior‑quarter figures restated on a pro forma basis to include consolidation of Tanzania for full comparability
Overview
Health and Safety
Safety performance continued to improve through Q2, with LTIFR declining to 1.68 in June. Controlling major risks and reducing injuries remains a key priority for 2026, supported by ongoing efforts to strengthen contractor management, risk management and asset integrity programmes.
Segments Performance
The Retail business remained the Group’s largest contributor to gross profit, with continued year-on-year volume growth and solid margins. The network expanded by 124 service stations and 52 convenience stores compared with June 2025, reaching a total of 2,258 and 926 respectively. Puma PRIS, the Group’s customer loyalty programme, expanded to Botswana and Tanzania during the quarter.
The Commercial business delivered a strong contribution for the quarter, driven largely by exceptional volumes to wholesale and power generation customers. In Southern Africa, the Group captured additional volumes from mining, wholesale-distribution and transport customers amid regional supply reliability challenges. In Latin America, drier El Niño conditions reduced hydropower generation and increased fuel demand from power generation customers. Papua New Guinea also delivered a strong quarter, reflecting continued progress in rebuilding the business as improved foreign exchange conditions supported increased activity and stronger unit margins.
Aviation delivered higher volumes and unit margins during the quarter, led by Africa. The Group responded to regional supply reliability challenges by providing spot supply to several airlines outside its existing airport network. The business also secured new contracts with international and regional carriers across five African markets.
Bitumen gross profit increased materially compared with prior quarters, with margins up 65 per cent quarter‑on‑quarter. Growth was driven by higher volumes in Australia and Far East markets, supported by a favourable pricing environment. The business also continued to build its presence in Guatemala following its recent market entry.
Portfolio Update
Effective 1 May 2026, Puma Energy reconsolidated the Tanzania business under IFRS 10, after previously accounting for it as an equity‑method investment in accordance with IAS 28.
In June 2026, the Company signed a share purchase agreement to divest its downstream business in the Republic of Congo. The transaction is subject to customary closing conditions, including regulatory approvals. As a result, the related assets and liabilities were classified as held for sale as of 30 June 2026.
Capital Structure
As at the end of Q2 2026, Puma Energy reported USD 620 million in unused committed liquidity, comprising USD 420 million under its one‑year revolving credit facility, USD 150 million under its three‑year revolving credit facility, and USD 50 million available under its Opco RCF.
Subsequent to the quarter‑end, Puma Energy repaid USD 40 million of the term‑loan tranche maturing in June 2028. This included a USD 25 million repayment on 6 July 2026, followed by an additional USD 15 million on 4 August 2026.
– ENDS –
For investor queries, please contact:
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
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.