Reported Earnings • May 27
First quarter 2026 earnings released: EPS: US$0.016 (vs US$0.032 in 1Q 2025) First quarter 2026 results: EPS: US$0.016 (down from US$0.032 in 1Q 2025). Revenue: US$45.1m (down 43% from 1Q 2025). Net income: US$17.8m (down 50% from 1Q 2025). Profit margin: 40% (down from 46% in 1Q 2025). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. New Risk • Mar 30
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 104% Cash payout ratio: 104% Dividend yield: 8.4% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Cash payout ratio: 104% Minor Risk High level of debt (82% net debt to equity). Reported Earnings • Mar 25
Full year 2025 earnings released: EPS: US$0.11 (vs US$0.12 in FY 2024) Full year 2025 results: EPS: US$0.11 (down from US$0.12 in FY 2024). Revenue: US$276.7m (down 11% from FY 2024). Net income: US$125.3m (down 10% from FY 2024). Profit margin: 45% (in line with FY 2024). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 08
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₪5.20, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 17x in the Oil and Gas industry in Israel. Total returns to shareholders of 213% over the past three years. Reported Earnings • Nov 26
Third quarter 2025 earnings released: EPS: US$0.031 (vs US$0.034 in 3Q 2024) Third quarter 2025 results: EPS: US$0.031 (down from US$0.034 in 3Q 2024). Revenue: US$76.3m (down 11% from 3Q 2024). Net income: US$34.7m (down 9.2% from 3Q 2024). Profit margin: 46% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Announcement • Nov 23
Ratio Energies - Limited Partnership to Report Q3, 2025 Results on Nov 25, 2025 Ratio Energies - Limited Partnership announced that they will report Q3, 2025 results on Nov 25, 2025 Announcement • Oct 17
Ratio Energies - Limited Partnership, Annual General Meeting, Nov 11, 2025 Ratio Energies - Limited Partnership, Annual General Meeting, Nov 11, 2025. Location: co. offices, Israel Reported Earnings • Aug 23
Second quarter 2025 earnings released: EPS: US$0.021 (vs US$0.031 in 2Q 2024) Second quarter 2025 results: EPS: US$0.021 (down from US$0.031 in 2Q 2024). Revenue: US$52.4m (down 35% from 2Q 2024). Net income: US$23.2m (down 34% from 2Q 2024). Profit margin: 44% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 12
Ratio Energies - Limited Partnership to Report Q2, 2025 Results on Aug 20, 2025 Ratio Energies - Limited Partnership announced that they will report Q2, 2025 results on Aug 20, 2025 Reported Earnings • May 30
First quarter 2025 earnings released: EPS: US$0.032 (vs US$0.028 in 1Q 2024) First quarter 2025 results: EPS: US$0.032 (up from US$0.028 in 1Q 2024). Revenue: US$78.4m (up 8.1% from 1Q 2024). Net income: US$35.7m (up 14% from 1Q 2024). Profit margin: 46% (up from 43% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 26
Ratio Energies - Limited Partnership to Report Q1, 2025 Results on May 29, 2025 Ratio Energies - Limited Partnership announced that they will report Q1, 2025 results on May 29, 2025 Reported Earnings • Mar 22
Full year 2024 earnings released: EPS: US$0.12 (vs US$0.11 in FY 2023) Full year 2024 results: EPS: US$0.12 (up from US$0.11 in FY 2023). Revenue: US$310.9m (up 1.9% from FY 2023). Net income: US$139.4m (up 10.0% from FY 2023). Profit margin: 45% (up from 42% in FY 2023). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 22% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 11
Ratio Energies - Limited Partnership to Report Fiscal Year 2024 Results on Mar 20, 2025 Ratio Energies - Limited Partnership announced that they will report fiscal year 2024 results on Mar 20, 2025 Buy Or Sell Opportunity • Jan 27
Now 21% undervalued Over the last 90 days, the stock has risen 19% to ₪3.69. The fair value is estimated to be ₪4.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has grown by 20%. Reported Earnings • Dec 03
Third quarter 2024 earnings released: EPS: US$0.034 (vs US$0.03 in 3Q 2023) Third quarter 2024 results: EPS: US$0.034 (up from US$0.03 in 3Q 2023). Revenue: US$85.4m (up 7.5% from 3Q 2023). Net income: US$38.2m (up 13% from 3Q 2023). Profit margin: 45% (up from 43% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Dec 01
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₪3.60. The fair value is estimated to be ₪2.95, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 26%. Announcement • Nov 25
Ratio Energies - Limited Partnership to Report Q3, 2024 Results on Nov 27, 2024 Ratio Energies - Limited Partnership announced that they will report Q3, 2024 results on Nov 27, 2024 Upcoming Dividend • Aug 25
Upcoming dividend of US$0.027 per share Eligible shareholders must have bought the stock before 01 September 2024. Payment date: 24 September 2024. Payout ratio is a comfortable 23% and this is well supported by cash flows. Trailing yield: 7.1%. Within top quartile of Israeli dividend payers (7.1%). Lower than average of industry peers (9.9%). Reported Earnings • Aug 22
Second quarter 2024 earnings released: EPS: US$0.031 (vs US$0.028 in 2Q 2023) Second quarter 2024 results: EPS: US$0.031 (up from US$0.028 in 2Q 2023). Revenue: US$80.6m (up 14% from 2Q 2023). Net income: US$35.4m (up 12% from 2Q 2023). Profit margin: 44% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 26% per year whereas the company’s share price has increased by 30% per year. Announcement • Aug 15
Ratio Energies - Limited Partnership to Report Q2, 2024 Results on Aug 21, 2024 Ratio Energies - Limited Partnership announced that they will report Q2, 2024 results on Aug 21, 2024 Announcement • Jul 16
Ratio Energies - Limited Partnership, Annual General Meeting, Aug 19, 2024 Ratio Energies - Limited Partnership, Annual General Meeting, Aug 19, 2024. Location: co. offices, Israel Reported Earnings • May 29
First quarter 2024 earnings released: EPS: US$0.028 (vs US$0.029 in 1Q 2023) First quarter 2024 results: EPS: US$0.028 (down from US$0.029 in 1Q 2023). Revenue: US$72.5m (down 7.2% from 1Q 2023). Net income: US$31.3m (down 5.0% from 1Q 2023). Profit margin: 43% (up from 42% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Dec 02
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: US$79.5m (down 10.0% from 3Q 2022). Net income: US$33.8m (down 24% from 3Q 2022). Profit margin: 43% (down from 50% in 3Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 67% per year but the company’s share price has only increased by 29% per year, which means it is significantly lagging earnings growth. Announcement • Nov 22
Ratio Energies - Limited Partnership, Annual General Meeting, Dec 12, 2023 Ratio Energies - Limited Partnership, Annual General Meeting, Dec 12, 2023, at 14:00 Israel Standard Time. Reported Earnings • May 27
First quarter 2023 earnings released First quarter 2023 results: Revenue: US$78.2m (up 14% from 1Q 2022). Net income: US$33.0m (up 16% from 1Q 2022). Profit margin: 42% (in line with 1Q 2022). Revenue is forecast to grow 8.8% p.a. on average during the next 3 years, compared to a 3.1% decline forecast for the Oil and Gas industry in Asia. Upcoming Dividend • Apr 03
Upcoming dividend of US$0.031 per share at 6.1% yield Eligible shareholders must have bought the stock before 10 April 2023. Payment date: 24 April 2023. Payout ratio is a comfortable 29% and this is well supported by cash flows. Trailing yield: 6.1%. Lower than top quartile of Israeli dividend payers (7.9%). In line with average of industry peers (5.9%). Reported Earnings • Mar 30
Full year 2022 earnings released Full year 2022 results: Revenue: US$322.0m (up 32% from FY 2021). Net income: US$149.5m (up 93% from FY 2021). Profit margin: 46% (up from 32% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 6.7% decline forecast for the Oil and Gas industry in Asia. Valuation Update With 7 Day Price Move • Mar 28
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₪2.47, the stock trades at a trailing P/E ratio of 5.8x. Average forward P/E is 6x in the Oil and Gas industry in Israel. Total returns to shareholders of 162% over the past three years. Reported Earnings • Dec 02
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: US$88.3m (up 31% from 3Q 2021). Net income: US$44.4m (up 436% from 3Q 2021). Profit margin: 50% (up from 12% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Price Target Changed • Nov 16
Price target increased to ₪2.60 Up from ₪2.25, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of ₪2.53. Stock is up 64% over the past year. The company posted earnings per share of US$0.069 last year. Board Change • Nov 16
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. 1 independent director (5 non-independent directors). Independent External Director Tamar Ciechanover was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Price Target Changed • Apr 27
Price target increased to ₪2.25 Up from ₪1.74, the current price target is provided by 1 analyst. New target price is 10% below last closing price of ₪2.50. Stock is up 100% over the past year. The company posted earnings per share of US$0.069 last year. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 6 highly experienced directors. 2 independent directors (5 non-independent directors). Independent External Director Tamar Ciechanover was the last independent director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 03
Full year 2021 earnings released Full year 2021 results: Revenue: US$244.5m (up 50% from FY 2020). Net income: US$77.4m (up US$70.5m from FY 2020). Profit margin: 32% (up from 4.3% in FY 2020). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 31%, compared to a 33% growth forecast for the oil industry in Israel. Price Target Changed • Jan 11
Price target increased to ₪1.74 Up from ₪1.55, the current price target is provided by 1 analyst. New target price is 10% below last closing price of ₪1.94. Stock is up 60% over the past year. The company posted earnings per share of US$0.0062 last year. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 17% share price gain to ₪1.96, the stock trades at a trailing P/E ratio of 17.8x. Average forward P/E is 8x in the Oil and Gas industry in Israel. Total loss to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 18% share price gain to ₪1.70, the stock trades at a trailing P/E ratio of 15x. Average forward P/E is 8x in the Oil and Gas industry in Israel. Total loss to shareholders of 38% over the past three years. Reported Earnings • Nov 27
Third quarter 2021 earnings: Revenues in line with analyst expectations Third quarter 2021 results: Revenue: US$67.4m (up 36% from 3Q 2020). Net income: US$8.29m (down 66% from 3Q 2020). Profit margin: 12% (down from 49% in 3Q 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 34%, compared to a 18% growth forecast for the industry in Israel. Over the last 3 years on average, earnings per share has increased by 107% per year but the company’s share price has fallen by 20% per year, which means it is significantly lagging earnings. Announcement • Sep 15
Ratio Oil Explorations (1992) – Limited Partnership(TASE:RATI.L) dropped from TA-125 Index Ratio Oil Explorations (1992) – Limited Partnership has been removed from TA-125 Index. Is New 90 Day High Low • Feb 09
New 90-day high: ₪1.38 The company is up 14% from its price of ₪1.21 on 11 November 2020. The Israeli market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: ₪1.27 The company is up 12% from its price of ₪1.13 on 20 August 2020. The Israeli market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 1.0% over the same period. Announcement • Sep 22
Unibin Capital Israel Ltd., agreed to acquire 10% stake in License 399 Roy in Israel from Ratio Oil Exploration (1992) Limited Partnership (TASE:RATI.L). Unibin Capital Israel Ltd., agreed to acquire 10% stake in License 399 Roy in Israel from Ratio Oil Exploration (1992) Limited Partnership (TASE:RATI.L) on June 17, 2019. Pursuant to the terms of the acquisition, Unibin Capital Israel Ltd., in exchange for the rights will pay Ratio Oil Exploration (1992) Limited Partnership, $1.6 million (ILS 5.77 million)in respect of past expenses incurred by Ratio Oil Exploration (1992) Limited Partnership, up May 1, 2019 in relation to the rights, being half the said sum to be paid on completion of the deal, and the other half within 14 days of the date of the discovery (If any) in the license area. In addition, on the closing date of the transaction, Unibin Capital Israel Ltd., will pay Ratio Oil Exploration (1992) Limited Partnership a refund in respect of expenses incurred by Ratio Oil Exploration (1992) Limited Partnership with respect to the rights acquired in the period after May 1, 2019 until the date of completion of the transaction. The deal is subject to the receipt of customary approvals. 
