AleAnna, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue increased more than double to $20.5 million in Q3 2026 compared to $10.2 million in Q2 2026 and $11.2 million in Q3 2025.
• Net income rose substantially to $6.2 million in Q3 2026, compared to $3.8 million in Q2 2026 and $5.3 million in Q3 2025.
• Operating income increased nearly fivefold to $9.4 million in Q3 2026 from $1.9 million in Q2 2026 and $5.7 million in Q3 2025.
• Adjusted EBITDA nearly tripled to $12.2 million in Q3 2026 from $4.1 million in Q2 2026 and $6.3 million in Q3 2025.
• Net income margin was 30% in Q3 2026, compared to 37% in Q2 2026 and 47% in Q3 2025.
• Adjusted EBITDA margin was 59% in Q3 2026, compared to 41% in Q2 2026 and 56% in Q3 2025.
• Average daily working interest production increased to 273.9 kSmc/d in Q3 2026 from 189.9 kSmc/d in Q2 2026 and 276.0 kSmc/d in Q3 2025.
• Working interest production totaled 25.2 MMSmc in Q3 2026, up from 17.3 MMSmc in Q2 2026 and 25.4 MMSmc in Q3 2025.
• Realized weighted average gas price was $0.79/Smc in Q3 2026, up from $0.55/Smc in Q2 2026 and $0.42/Smc in Q3 2025.
• For the nine months ended September 30, 2026, revenue was $40.1 million and net income was $13.4 million.
• Cash and cash equivalents were $25.5 million as of September 30, 2026, down from $31.8 million as of December 31, 2025.
• Total assets were $112.6 million as of September 30, 2026, up from $101.3 million as of December 31, 2025.
• Total liabilities were $40.0 million as of September 30, 2026, down from $42.6 million as of December 31, 2025.

Business Segments and Product Lines:

• Longanesi was the principal contributor to quarterly growth, with average gross production exceeding 800 kSmc/d and strong plant uptime.
• Development of permanent production facilities at Longanesi continued with the joint venture partner and operator.
• Construction progressed at Gradizza, AleAnna's first wholly owned and operated producing asset, including baseline environmental monitoring.
• Ten strings at Longanesi were brought on line throughout the quarter, supported by targeted well optimization.
• Preparatory activities for Fornace included rig identification and tender documentation for civil works and drilling, with environmental compliance work completed in October 2026.
• Permit applications progressed for several other projects within the wider Italian portfolio.

Management Commentary and Tone:

• CEO Marco Brun stated the company delivered excellent results with substantially higher net income, revenue more than doubling, and Adjusted EBITDA nearly tripling compared to the second quarter of 2026.
• Management attributed the earnings improvement to robust production growth and stronger gas prices, highlighting the strength of the producing asset and the benefits of targeted well optimization.
• The company expressed a clear ambition to expand production, realize the potential of its Italian gas portfolio, and create long-term shareholder value through disciplined investment and focused execution.
• Glen Cayley, a seasoned upstream energy executive, joined the Board of Directors to assist with the company's growth program.

Other Key Points:

• Net income of $6.2 million in Q3 2026 exceeded the average of $3.4 million for the last four quarters.
• The company reported a twelve-month revenue of $49.2 million and net income of $13.7 million for the period ended September 30, 2026.
• The press release includes forward-looking statements regarding expected production levels, completion of permanent facilities at Longanesi, and development of Gradizza and Fornace.
• The company is technology-driven and focused on growing gas production in Italy.