Financials Santos Limited

Equities

STO

AU000000STO6

Integrated Oil & Gas

Market Closed - Australian S.E. Other stock markets 02:10:23 2025-06-20 EDT			5-day change	1st Jan Change
7.700 ^AUD	-0.52%		+10.63%	+15.27%

09:18pm	Shares of Woodside Energy, Santos Rise as Crude Oil Futures Jump Amid Middle East Conflict	MT
09:09pm	Australian shares set for first weekly drop in six as Middle East conflict weighs	RE

Projected Income Statement: Santos Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	3,387	4,713	7,790	5,889	5,381	5,216	6,117	6,569
Change	-	39.15%	65.29%	-24.4%	-8.63%	-3.06%	17.27%	7.39%
EBITDA ¹	1,839	2,679	5,498	3,997	3,637	3,529	4,173	4,477
Change	-	45.68%	105.23%	-27.3%	-9.01%	-2.98%	18.27%	7.27%
EBIT ¹	824	1,436	3,751	2,075	2,013	1,775	2,214	2,580
Change	-	74.27%	161.21%	-44.68%	-2.99%	-11.84%	24.78%	16.51%
Interest Paid ¹	-234	-217	-254	-227	-169	-259.4	-290.4	-379.3
Earnings before Tax (EBT) ¹	-306	1,205	2,948	1,819	1,749	1,628	1,995	2,318
Change	-	493.79%	144.65%	-38.3%	-3.85%	-6.93%	22.57%	16.19%
Net income ¹	-357	658	2,112	1,416	1,224	1,073	1,309	1,593
Change	-	284.31%	220.97%	-32.95%	-13.56%	-12.3%	21.92%	21.69%
Announcement Date	2/17/21	2/15/22	2/21/23	2/20/24	2/18/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q1	2020 Q2	2020 Q4	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	834	834	922	1,850	2,150	1,874	1,631	1,336	1,436	1,486	1,398	1,313	1,269	1,401	1,294	1,232	1,369	1,341	1,390	1,372	1,602	1,595
Change	-	0%	10.55%	100.65%	16.22%	-12.84%	-12.97%	-18.09%	7.49%	3.48%	-5.92%	-6.08%	-3.35%	10.4%	-7.64%	-4.81%	11.13%	-2.05%	3.69%	-1.3%	16.75%	-0.42%
EBITDA	-	454	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	554.1	513.7	562.5	552.9	562.6	550.7	699.8	699.3
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7.29%	9.5%	-1.71%	1.75%	-2.12%	27.07%	-0.07%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	659	-	-	-	-	-	-	-	-	-	461.2	425.9	471.3	460.2	467.7	454.6	600.3	599.4
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7.65%	10.66%	-2.36%	1.63%	-2.8%	32.05%	-0.15%
Net income ¹	-	-144.5	-	-	472.5	-	-	-	-	-	-	-	-	-	322.8	298.1	329.9	322.2	327.4	318.2	420.2	419.6
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7.65%	10.67%	-2.33%	1.61%	-2.81%	32.06%	-0.14%
Announcement Date	5/5/20	8/19/20	2/17/21	8/16/22	10/19/22	2/21/23	5/22/23	8/22/23	10/18/23	2/20/24	4/17/24	7/17/24	11/18/24	2/18/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 S2	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2
Net sales ¹	1,719	2,112	2,601	-	4,024	2,967	2,922	2,711	2,670	2,551	2,663	2,975	3,367
Change	-	22.86%	23.15%	-	-	-26.27%	-1.52%	-7.22%	-1.51%	-4.47%	4.39%	11.75%	13.15%
EBITDA	-	1,190	-	-	-	2,063	-	1,813	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	596	840	1,750	1,976	1,112	945	968	1,039	932.7	937.1	1,137	1,410
Change	-	-	40.94%	108.33%	12.91%	-43.72%	-15.02%	2.43%	7.33%	-10.23%	0.47%	21.37%	23.94%
Charge d'intérêts	-	-	-108	-120	-134	-130	-97	-70	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-	-	976	843	879	870	887.1	931.5	922.3	1,200
Change	-	-	-	-	-	-	-13.63%	4.27%	-1.02%	1.97%	5.01%	-0.99%	30.08%
Net income ¹	-	354	304	1,167	945	790	626	636	588	620.9	652.1	645.6	839.8
Change	-	-	-14.12%	283.88%	-19.02%	-16.4%	-20.76%	1.6%	-7.55%	5.6%	5.02%	-1%	30.08%
Announcement Date	2/17/21	8/16/21	2/15/22	8/16/22	2/21/23	8/22/23	2/20/24	7/17/24	2/18/25	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Santos Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	3,651	5,073	3,450	4,264	4,891	4,840	4,392	3,989
Change	-	38.95%	-31.99%	23.59%	14.7%	-1.04%	-9.26%	-9.18%
Announcement Date	2/17/21	2/15/22	2/21/23	2/20/24	2/18/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Santos Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	770	1,103	1,707	2,625	2,401	2,359	1,947	1,913
Change	-	43.25%	54.76%	53.78%	-8.53%	-1.75%	-17.44%	-1.79%
Free Cash Flow (FCF) ¹	740	1,169	2,851	2,128	449	487.6	1,268	1,557
Change	-	57.97%	143.88%	-25.36%	-78.9%	8.6%	160.13%	22.75%
Announcement Date	2/17/21	2/15/22	2/21/23	2/20/24	2/18/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Santos Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	54.3%	56.84%	70.58%	67.87%	67.59%	67.65%	68.23%	68.15%
EBIT Margin (%)	24.33%	30.47%	48.15%	35.24%	37.41%	34.02%	36.2%	39.27%
EBT Margin (%)	-9.03%	25.57%	37.84%	30.89%	32.5%	31.21%	32.62%	35.29%
Net margin (%)	-10.54%	13.96%	27.11%	24.04%	22.75%	20.58%	21.4%	24.24%
FCF margin (%)	21.85%	24.8%	36.6%	36.14%	8.34%	9.35%	20.74%	23.7%
FCF / Net Income (%)	-207.28%	177.66%	134.99%	150.28%	36.68%	45.42%	96.92%	97.76%
Profitability
ROA	1.68%	3.97%	8.36%	4.86%	4.04%	4.53%	5.48%	5.92%
ROE	3.85%	9.08%	17.3%	9.45%	7.8%	7.18%	7.71%	8.15%
Financial Health
Leverage (Debt/EBITDA)	1.99x	1.89x	0.63x	1.07x	1.34x	1.37x	1.05x	0.89x
Debt / Free cash flow	4.93x	4.34x	1.21x	2x	10.89x	9.93x	3.46x	2.56x
Capital Intensity
CAPEX / Current Assets (%)	22.73%	23.4%	21.91%	44.57%	44.62%	45.22%	31.84%	29.11%
CAPEX / EBITDA (%)	41.87%	41.17%	31.05%	65.67%	66.02%	66.85%	46.66%	42.72%
CAPEX / FCF (%)	104.05%	94.35%	59.87%	123.36%	534.74%	483.78%	153.54%	122.84%
Items per share
Cash flow per share ¹	0.7086	1.056	1.355	0.9945	0.876	0.8221	1.005	1.079
Change	-	49.1%	28.24%	-26.6%	-11.92%	-6.15%	22.29%	7.28%
Dividend per Share ¹	0.071	0.14	0.151	0.262	0.233	0.1673	0.236	0.295
Change	-	97.18%	7.86%	73.51%	-11.07%	-28.21%	41.08%	25.01%
Book Value Per Share ¹	3.48	4.03	4.48	4.703	4.776	4.854	5.074	5.214
Change	-	15.79%	11.17%	4.99%	1.54%	1.64%	4.53%	2.75%
EPS ¹	-0.171	0.306	0.628	0.432	0.376	0.3191	0.4247	0.501
Change	-	278.95%	105.23%	-31.21%	-12.96%	-15.13%	33.09%	17.97%
Nbr of stocks (in thousands)	2,083,077	3,379,649	3,303,215	3,238,575	3,239,501	3,240,185	3,240,185	3,240,185
Announcement Date	2/17/21	2/15/22	2/21/23	2/20/24	2/18/25	-	-	-