November 3, 2025/InvestmentOne Report

Seplat Energy Plc delivered a transformational performance in Q3:2025, anchored by the full consolidation of its offshore assets following the acquisition of MPNU (now SEPNU). For the nine-month period, revenue surged 213.33% YoY to NGN3.36trn (9M:2024 NGN1.07trn), driven by a 185% increase in working interest production to 135.6kboepd and stable export volumes.

Net profit rose 177.75% YoY to NGN146.6bn, supported by stronger operating leverage and disciplined cost control. The company declared a Q3 dividend of USD0.075 per share (split into base and special dividends), reflecting its commitment to enhanced shareholder returns under the new dividend policy. 

We expect Seplat to close FY:2025 with record revenues above NGN4.3trn and net income exceeding NGN200bn, supported by resilient production, YoY cost leverage, and the ramp-up of offshore volumes. The commissioning of the ANOH gas project will diversify cash flows and enhance midstream profitability. We also anticipate strong Q4:2025 FCF generation, supporting further dividend upside and accelerated deleveraging. Consequently, we place a STRONG BUY recommendation on Seplat Energy Plc.

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