- Performance driven by strong retail momentum, aviation recovery, and wholesale growth
- Company strengthens governance with two independent directors
Singapore, 20 November 2025 – Puma Energy today announced its financial results for the three-month period ended 30 September 2025.
The company demonstrated steady performance in Q3 2025. Overall volumes increased by 3 percent compared to the prior quarter, driven by a 4 percent growth in retail and a substantial 26 percent increase in wholesale volumes. The quarter also experienced favourable refinery margins and improved performance in the aviation segment. Despite these positive developments, group results were impacted by weaker performance in the Bitumen segment, which led to a 2 percent decline in overall gross profit to USD 262 million and a reduction in the unit margin to USD 64/m3.
The company reported an EBITDA of USD 100 million for Q3 2025, reflecting an 11 percent decrease from the exceptional results delivered in Q2. Despite this quarterly decline, EBITDA grew by 14 percent year-over-year, highlighting the company’s diversified portfolio, resilience, and ability to sustain growth.
Net profit for the period was USD 80 million, supported by solid EBITDA performance and lower interest cost as we continue to manage our balance sheet. The result includes a USD 43.6 million impairment reversal associated with the transfer of the Ghana Tema terminal to assets held for sale.
Cash flow from operations was USD 49 million for the quarter and included a working capital outflow of USD 29 million. This outflow was primarily due to the settlement of additional payables in Africa during the period as well as higher receivables resulting from increased sales volumes.
The company equity stands at USD 646 million up from USD 517 million period last year.
Chief Financial Officer Carlos Pons said: “We are optimistic about our results for the quarter, which reflect continuous improvement and steady progress across the business. Performance was primarily driven by retail demand, improved aviation performance, increased wholesale volumes and cost discipline. As we continue to invest and grow in our core markets, we remain focused on mitigating risks related to hard currency access, local currency volatility, and potential currency devaluation in select regions.”
Key Performance Indicators*
*NB All financial figures are presented excluding the impact of IFRS16
*Unadjusted for perimeter changes, unless otherwise indicated
Quarterly Highlights
Governance
On 16 September 2025, Puma Energy announced the appointment of two new independent non-executive directors, Amr Adel, former Senior Vice President, Global Mobility Asia and Middle East for Shell, and Frédéric Baudry, former President of BP Australia and Senior Vice President of BP Mobility and Convenience for Asia Pacific and South Africa.
The appointment of two independent directors will strengthen the company’s governance, providing further accountability, transparency, and strategic oversight. Both Amr and Frédéric bring deep expertise in downstream retail leadership, portfolio management, joint venture governance and strategic partnerships.
Health and Safety
The main HSSE performance metrics remained stable for the quarter where the Lost Time Injury Frequency Rate (LTIFR) remained stable at 1.30. We continue our efforts to strengthen prevention, processes and reporting.
Segments Performance
Our retail gross profit increased 9 percent year-over-year, driven by the expansion of non-fuel offerings such as convenience stores and quick-service restaurants. We added 20 new retail stations, and 12 new convenience stores this quarter, further embedding these high-margin services into our network.
Following a 11 percent reduction in gross profit in Q2 2025 due to lower airport activity in Africa, aviation performance improved in Q3 with a 32 percent increase in volumes and a 28 percent margin improvement, driven by seasonal demand and higher tourism-related flights.
The Bitumen segment reported a 53 percent profit decrease due to lower demand and vessel deliveries moving into Q4.
Portfolio Management
Ghana Tema Terminal
As reported in Q2 2025, Puma Energy signed an asset purchase agreement for the sale of its Tema Multi-Purpose Terminal (TMPT) to Sonabhy (Société Nationale Burkinabè des Hydrocarbures) for a purchase price of USD 60 million. As part of the agreement, Puma Energy will retain storage capacity to ensure uninterrupted supply to its downstream operations.
In Q3 2025, the Tema terminal was classified as Assets Held for Sale (AHFS), resulting in a partial reversal of the 2021 impairment and a gain of USD 43.6 million from the impairment reversal. The transaction remains subject to regulatory approvals and customary closing conditions, with closing anticipated in 2026.
Puerto Rico LPG Assets
On 29 September 2025, Puma Energy successfully completed the divestment of its Puerto Rico LPG assets to Empire Gas for USD 18 million.
These transactions reflect Puma Energy’s commitment to divesting non-core infrastructure assets and focusing on simplifying its business.
Capital Structure
Puma Energy continues to actively strengthen its capital structure through proactive management of its debt profile.
On 11th August 2025, the company successfully tapped its 2029 senior unsecured notes with a USD 80 million issuance, to reach US$580m total. Proceeds were used to redeem all remaining outstanding 2026 notes, increasing the average debt maturity to three years.
Subsequent Events
On 10 October 2025, Puma Energy repaid USD 20 million of its term loan, reducing it from USD 275 million to USD 255 million, of which USD 15 million maturing in June 2027 and USD 240 million in June 2028.
– ENDS –
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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.
