- Strong results driven by increased volumes, retail and refinery margins and cost discipline
- Solid cash and net income generation driven by performance, asset sales and active capital management
Singapore, 26 March 2026 – Puma Energy today announced its financial results for the three-month period and full year ended 31 December 2025.
Puma Energy delivered strong results for 2025, showcasing steady growth and resilience across its core regions and business segments. Overall volumes increased by 9 per cent compared to the prior year, with contributions from retail and commercial segments. Gross profit improved by 4 per cent, driven by higher volumes in retail, stronger retail and refinery margins, and increased storage income, partially offset by lower lubricants volumes and reduced unit margins in aviation and commercial, particularly in Africa.
The company delivered a 23 per cent year‑on‑year increase in EBITDA, reaching USD 415 million in 2025, supported by higher volumes, lower rental costs following the 2024 UK exit, and disciplined cost management, with a combined fixed‑cost reduction of 5 per cent. The company delivered a net profit of USD 151 million, an increase of USD 112 million compared to 2024, supported by higher EBITDA, lower interest expenses through disciplined capital management, and the sale of assets in Puerto Rico and Ghana. This marks the highest net income achieved since 2015, despite the company’s reduced perimeter. Equity rose to USD 690 million, supported by strong earnings and the appreciation of several emerging market currencies.
Cash flow from operations reached USD 317 million for the year, USD 178 million higher than 2024, supported by solid business performance and disciplined working‑capital management.
In terms of capital structure, gross debt stood just below USD 1 billion, and the company achieved a new milestone in net leverage at 1.2x, improving on the previous record of 1.3x in 2023.
Chief Executive Officer Mark Russell said: “Our 2025 performance demonstrates the strength, resilience and diversification of Puma Energy’s business. Operating across a broad range of markets continues to provide balance in a volatile global environment, with growth in some markets offsetting challenges in others—which is going to be crucial as we navigate current market pressures. Our performance was made possible by the dedication and professionalism of our people, whose focus on operational excellence and customer experience continues to strengthen our brand and market position.”
Chief Financial Officer Carlos Pons said: “We are pleased with the strong results achieved in 2025, reflecting solid growth across our core segments and markets. Our disciplined approach to cost management and capital allocation supported improved operational performance, with net leverage at a record low of 1.2x and operating cash flow reaching USD 317 million. While certain segments faced challenges, our financial resilience and continued focus on retail expansion underpinned overall performance. As we invest in and grow our core markets, we remain committed to mitigating risks related to FX exposure, hard‑currency access, local‑currency volatility and potential devaluation in select regions.”
Key Performance Indicators*
*NB All financial figures are presented excluding the impact of IFRS16
Operational Overview
Governance
Following the appointment of a new Chairman, Puma Energy added independent non-executive directors, who bring deep expertise in downstream retail leadership, portfolio management, joint venture governance and strategic partnerships across Africa and Asia.
As a post-closing event, independent director, Amr Adel as well as long-serving directors Pierre Lorinet and Patrick Burke were replaced by Trafigura’s Head of Energy Asia, Dmitri Croitor and Trafigura’s Head of Oil Assets, Tim Codrington. The appointment of the new directors reinforces the company’s governance framework and further strengthens strategic oversight.
Health and Safety
Puma Energy’s HSSE priorities remain central to its operations. The Lost Time Injury Frequency Rate (LTIFR) was stable at 1.32 for the year, reflecting sustained efforts to strengthen prevention measures, enhance reporting practices, and instil a culture of safety throughout the organisation. Puma Energy continues to advance its safety agenda, as it aims to maintain a reliable and secure working environment for employees and the communities it serves.
Segments Performance
Our retail business led the company’s growth in 2025, with margins increasing by 9 per cent year-on-year, supported by the retail network’s expansion and continued focus on non‑fuel offerings. During the year, Puma Energy added 95 new retail stations and 43 convenience stores, strengthening its presence across key markets. Both Africa and Latin America contributed meaningfully to this performance, delivering higher volumes and improved unit margins across regulated and unregulated markets.
We benefited from a stronger refinery margin environment, which contributed an additional USD 23 million in 2025, while the storage segment also performed well, delivering a USD 15 million increase across multiple geographies. This growth was supported by new storage agreements and improved utilisation across key terminals.
The commercial and lubricants segments faced a more challenging environment, due to macroeconomic pressures such as foreign exchange shortages in Mozambique. Aviation recorded a decline in performance for the year, driven by weaker volumes in Papua New Guinea and in Southern and West Africa where increased competition impacted our business. Despite these challenges, Latin America delivered strong growth, generating a USD 9.4 million improvement in gross profit year-on-year, supported by increased volumes and stronger unit margins in Central America and the Caribbean.
Portfolio Management
In 2025, Puma Energy continued to execute its strategy to streamline operations and focus on core downstream markets by divesting non-core assets, including the sale of the Puerto Rico LPG business and the Tema and Takoradi terminals. In September 2025, the company signed an asset purchase agreement to sell its Tema Storage Terminal in Ghana to Sonabhy Ltd.
In December 2025, the company signed an asset purchase agreement to sell its Takoradi Storage Terminal in Ghana to Fueltrade Ltd. for USD 22 million.
Both transactions are subject to regulatory approvals and customary closing conditions and are classified as Assets Held for Sale, resulting in a partial reversal of the 2021 impairment and a gain of USD 37 million and USD 12 million for Tema and Takoradi terminals, respectively.
Capital Structure
In June 2025, Puma Energy refinanced its USD 350 million 1-Year Revolving Credit Facility (RCF) and extended by 1 year its USD 150 million 3-Year RCF, to June 2028.
Simultaneously, the company extended USD 240 million of its 3-Year Term Loan by 1 year, to June 2028. The portion not extended (USD 35 million due in June 2027) was fully prepaid during the last quarter of the year.
During 2025, Puma Energy tapped its existing USD 500 million bond due 2029 with a USD 80 million issuance. Proceeds from the issuance were used to fully redeem the remaining USD 90.3 million 2026 bond.
Ratings
In 2025, both Fitch and S&P maintained Puma Energy’s ratings at BB with Stable outlooks, recognizing notably our growth trajectory, geographical and business diversification, and financial discipline.
– ENDS –
For investor queries, please contact:
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 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.
