Ithaca Energy Well Positioned for UKCS Production

Goldman Sachs maintains a Neutral rating on Ithaca Energy following its 1Q26 results, noting solid production of 126 kboepd and a raised dividend outlook of >$500mn for FY26.

Key Takeaways

• 1.Ithaca reported solid 1Q26 production of 126 kboepd despite weather-related disruptions in January.
• 2.FY26 dividend guidance has been trending toward the upper end of the range, now anticipated to exceed $500 million.
• 3.The company trades at a premium valuation (3.6x 2026E EV/DACF) compared to European E&P peers (3.0x), justifying a Neutral rating.

Table of Contents

• Results
• Guidance
• Valuation: Ithaca has outperformed other EU E&Ps by 25% YTD and now trades at a premium vs peers
• 12-month price target of 260p
• Risks
• Disclosure Appendix

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