Rex International Holding Ltd slipped deeper into the red for the 12 months ended Dec 31 2025, posting a loss after tax of US$152.7 million, more than triple the US$50.2 million loss a year earlier, as rising operating expenses and sizeable non-cash charges more than offset higher topline sales.
Earnings per share came in at a negative 10.23 US cents (13.37 Singapore cents), compared with a negative 3.15 US cents (4.21 Singapore cents) the previous year. No dividend was declared.
Revenue rose 7 per cent year-on-year (YoY) to US$318.8 million, buoyed by larger liftings from the Brage Field in Norway and the newly consolidated Lime Resources Germany, although this was partly eroded by lower average crude prices and declining volumes from Oman’s Yumna Field. Adjusted EBITDA fell 43 per cent YoY to US$91.1 million.
Gross profit deteriorated to US$31.99 million from US$99.13 million, while production and operating expenses climbed on the back of field development work in Norway and Germany and higher depletion charges. Impairment losses on oil-and-gas properties, together with depletion of producing assets, contributed materially to the wider net loss.
During FY2025, group production stayed above 10,000 barrels of oil equivalent per day. Two discoveries in Norway’s Brage Field were brought onstream, the Bestla tie-back was completed ahead of Christmas-tree installation scheduled for the third quarter of 2026, and Germany’s Steig Field secured a Main Operating Plan valid until May 2027. In Oman, Rex raised US$25 million for a three-well drilling campaign slated for the first quarter of 2026 to bolster Yumna output.
The company also spun off its commercial-drone subsidiary on Sweden’s Spotlight Stock Market, retaining a 50.4 per cent stake while removing the unit’s funding needs from its balance sheet. In addition, Rex arranged a placement of new and treasury shares with free detachable warrants to reinforce liquidity; cash and quoted investments totalled US$56.3 million at year-end, down from US$130.2 million a year earlier.
Executive chairman John d’Abo said the revenue uptick came from higher liftings in Norway and Germany, though this was offset by softer oil prices and lower Oman volumes. He noted that gross profit fell sharply because of higher production costs and impairment provisions. Looking ahead, d’Abo indicated the group will focus on ramping up production from existing fields, completing the Bestla development, pursuing the three-well programme in Oman and working with advisers and bondholders on options to strengthen subsidiary Lime Petroleum Holding’s capital structure after cost overruns at Benin’s Sèmè Field.