Overview

• Germany oil and gas producer's Q1 net income surged on one-time Almonty stake sale

• Q1 revenue declined yr/yr due to lower investment, well workovers, and weaker early-year pricing

• Company confirmed 2026 revenue and EBITDA guidance

Outlook

• Company confirms 2026 revenue guidance of EUR 260-280 mln

• Company maintains 2026 EBITDA guidance of EUR 290-310 mln

Result Drivers

• ALMONTY STAKE SALE - Q1 net income boosted by approx. EUR 97 mln one-time gain from partial sale of Almonty Industries stake

• LOWER PRODUCTION & PRICES - Q1 revenue declined yr/yr due to reduced investment activity in 2025, workover operations on existing wells, and weaker pricing environment until end-February

Company press release: ID:nEQ61P58za

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		EUR 43.90 mln
Q1 Net Income		EUR 103.40 mln
Q1 EBITDA		EUR 126 mln
Q1 Operating Cash Flow		EUR 28.30 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the oil & gas exploration and production peer group is "strong buy."

• Wall Street's median 12-month price target for Deutsche Rohstoff AG is €91.00, about 7.4% below its May 11 closing price of €98.30

• The stock recently traded at 3 times the next 12-month earnings vs. a P/E of 13 three months ago

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