Deutsche Rohstoff AG: EBITDA rises to EUR 205 million in the first half of 2026

EBITDA rises to EUR 205 million in the first half of 2026
 

• Average production reached 14,803 BOEPD in the second quarter
• Revenue increased by 7.5% to EUR 110.0 million (previous year: EUR 102.3 million)
• Gain of EUR 128 million from partial sale of Almonty holdings
• EBITDA increased to EUR 205.2 million (previous year: EUR 70.5 million)
• Consolidated net income reached EUR 134.7 million (previous year: EUR 15.5 million), equivalent to earnings per share of EUR 28.42 (previous year: EUR 3.20)
• Positive free cash flow of EUR 42.5 million despite investments of EUR 143 million
• Cash and cash equivalents, including securities, increased to EUR 133.2 million
• Equity increased to more than EUR 352 million; equity ratio of approximately 45%
• Production expected to increase by more than 70% to approximately 25,000 BOEPD in the second half of the year
• Revenue of EUR 190 million to EUR 210 million expected in the second half of the year, based on an oil price of USD 75 per barrel

Mannheim. Deutsche Rohstoff AG significantly increased revenue, EBITDA and net income in the first half of 2026. The main drivers were the partial disposal of its investment in Almonty Industries (see press releases dated 1 April 2026 and 22 July 2026), higher oil prices and the increased scale of the drilling program in Wyoming.

“For the full year, we expect EBITDA of up to EUR 400 million. In the first half of the year, we established an excellent foundation for continued positive development. With our capital program of more than EUR 300 million in 2026, we expect production volumes to rise sharply to approximately 25,000 BOE per day in the second half of the year. Together with our strong liquidity position and robust operating performance, this increase provides the basis for further growth and sustained high profitability,” says Jan-Philipp Weitz, CEO of Deutsche Rohstoff AG.


Financial performance

The Group generated revenue of EUR 110.0 million in the first half of 2026 (previous year: EUR 102.3 million). The average realized oil price increased by 18% to USD 78.4 per barrel. The higher share of oil in total production, which rose to 66% (previous year: 64%), had a positive impact. This was partly offset by the weaker US-Dollar (-7%) and losses of approximately EUR 5 million from oil price hedging transactions, most of which had been entered into before the sharp increase in crude oil prices that began in early March.

As of 30 June 2026, Deutsche Rohstoff had realized a pre-tax gain of approximately EUR 128 million from partial disposals of 11.6 million Almonty shares. A total of 14.3 million Almonty shares were sold in 2026, of which 2.7 million were sold after 30 June 2026. EBITDA increased to EUR 205.2 million (previous year: EUR 70.5 million), while consolidated net income rose to EUR 134.7 million (previous year: EUR 15.5 million). The result was impacted by impairment losses of approximately EUR 15 million on older wells in Colorado. Excluding the earnings contribution from the metals business and impairment losses, net income from the oil and gas business increased by 47% to EUR 23.2 million.

Operating cash flow amounted to EUR 70.0 million. Investments in new wells and infrastructure totalled approximately EUR 126 million, while a further EUR 17 million was invested in acreage acquisitions. Free cash flow was clearly positive at EUR 42.5 million. Cash and cash equivalents, including securities, increased to EUR 133.2 million (31 December 2025: EUR 69.3 million).

Equity increased to EUR 352.2 million (31 December 2025: EUR 220.4 million), while the equity ratio rose from 38.1% to 44.7%. The leverage ratio, measured as financial net debt divided by EBITDA for the last twelve months, was 0.4.

The cost of materials increased to EUR 22.7 million (previous year: EUR 19.3 million), partly due to higher workover costs for older wells in Colorado. Operating costs per barrel were slightly higher than in the full year 2025 at USD 10.83/BOE (previous year: USD 9.90/BOE). Regular depreciation of oil and gas production assets decreased to USD 16.21/BOE (previous year: USD 17.01/BOE).


Operational performance

The US subsidiaries produced an average of 13,501 BOEPD in the first half of the year, broadly in line with the prior-year figure of 13,659 BOEPD. Total production amounted to 2.44 million BOE (previous year: 2.47 million BOE), of which 1,622,719 barrels were crude oil (previous year: 1,575,509 barrels), with the remainder comprising natural gas and condensates. All production figures represent the Group’s net share. As at the reporting date, the Group was producing from 236 wells.

The expansion of the drilling program was increasingly reflected in production over the course of the year. Following average daily production of 12,322 BOEPD in the first quarter, production increased to 14,803 BOEPD in the second quarter. Six wells from the new drilling program commenced production in May and therefore contributed to total production on a pro rata basis.

The new wells are producing significantly above expectations, confirming the effectiveness of the enhanced completion design. Just three weeks after production commenced, the first four Niobrara wells on the Dillon/Billings Pad achieved combined production of approximately 6,000 barrels of oil per day. Further wells commenced production before the financial statements were prepared, with their production volumes confirming the positive trend. For the second half of the year, the Management Board expects average daily production of between 24,000 and 26,000 BOEPD.

In light of the positive production performance and the continued favorable oil price environment, Deutsche Rohstoff AG expanded its drilling program by six wells to a total of 32 gross wells at the beginning of August. Under its base-case scenario, the Management expects revenue of EUR 300 million to EUR 320 million and EBITDA of EUR 380 million to EUR 400 million for 2026. The guidance also provides for average annual production of 18,500 to 20,000 BOEPD and investments of EUR 310 million to EUR 330 million. As of 31 July 2026, Deutsche Rohstoff AG had also hedged more than 1.9 million barrels of oil at a minimum price of USD 72.30 per barrel and 1.4 million MMBtu of natural gas at a price of USD 3.80 per MMBtu.

The half-year report of Deutsche Rohstoff AG is now available on the company’s website at www.rohstoff.de.

For the definition of the term EBITDA, please refer to the Deutsche Rohstoff AG website at https://rohstoff.de/en/apm.


Mannheim, 19 August 2026