- Encouraging start to the year with strong EBITDA performance
- Continued focus on cost discipline and optimisation as business pursues prudent growth
Singapore, 23 May 2025 – Puma Energy today announced its financial results for the three-month period ended 31 March 2025.
The company delivered a strong performance in Q1 2025 compared to both the previous quarter and the same period last year. Volumes increased by 9 percent versus the previous quarter, driven by retail and opportunistic volumes in the wholesale and supply segments in Africa and the supply segment in Latin America. Overall gross profit remained stable at USD 246 million, with a 6 percent increase in retail, a 13 percent decrease in commercial while aviation remained flat. The company’s unit margin was USD 66/m3, slightly lower due to the higher contribution of volumes in lower-margin segments.
The company’s EBITDA for Q1 2025 was USD 92 million, up 18 percent from the previous quarter, driven by higher gross profit, lower fixed costs due to deferred expenses, and strict cost discipline. To this end, the company reported a net profit of USD 20 million for the period. Cash flow from operations was USD 91 million in Q1 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 pleased to see a strong start to the year. The essential nature of transport fuels across our markets has helped keep our retail volumes strong, while our diversified geographic presence and product range positions us well to manage the current macroeconomic backdrop. Nevertheless, we remain vigilant and focused on actively managing the risks inherent to our markets – specifically access to hard currency and local currency devaluation.”
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
For the first quarter of 2025, our HSSE performance has remained stable. This is reflected by the Lost Time Injury Frequency Rate (LTIFR) showing consistency at 1.25. We continue to monitor our LTIFR trend as part of our efforts to improve our reporting and safety culture.
Core Segments
We saw a 6 percent increase in gross profit year over year in our retail business, driven by our continued focus to expand our non-fuel retail offering, including convenience stores and quick service restaurants. During the quarter we added 9 stations to our retail network,14 convenience stores and 3 quick service restaurants worldwide. In addition, in Q1 we solarized 35 retail sites across Latin America and Africa, bringing the total to 412 which represents 19 percent of our network.
Our commercial segment experienced a 13 percent decline due to reduced volumes in Mozambique to protect the business against limited FX availability and the reduction of volumes in Zambia as mines diversify their suppliers.
Gross profit of our aviation business decreased by 3 percent compared to prior quarter due to seasonality and airline route cancellations at our airports in Africa and government pricing adjustments in a select market in Africa.
Capital Structure and Rating
During the month of January 2025, we repurchased USD 3.9 million aggregate principal amount (USD 8.4 million notional) of our 5.00% senior notes due 2026 (the “2026 Notes”). The outstanding principal amount of the 2026 Notes (excluding any 2026 Notes held by the Company) decreased from USD 90.3 million to USD 86.3 million.
On 1 April 2025, Puma Energy launched the refinancing of its 1 year RCF and the 1 year extension of its 3 year RCF and 3 year Term Loan. Both processes are ongoing and closing is expected in Q2 2025.
On 4 April 2025, Fitch affirmed Puma Energy ratings at BB with a stable outlook.
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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.
