ANNA · AleAnna, Inc.

AleAnna, Inc. delivered strong Q1 2026 results, marking the fourth consecutive quarter of positive Adjusted EBITDA and net income, primarily driven by $8.9 million in revenue from its share of Longanesi field production following a successful 2025 ramp-up that exceeded expectations in timing and volume. GAAP revenues reached $9.3 million, up significantly from $0.6 million in Q1 2025, with operating income of $3.7 million versus a prior-year loss, reflecting controlled operating expenses including cost of revenues at $1.6 million and lease operating expenses at $1.3 million. Net income attributable to Class A Common stockholders was $2.1 million after noncontrolling interests. The $4.3 million Adjusted EBITDA, reconciled from GAAP net income by adding back depreciation, taxes, interest, and adjustments like asset retirement obligation remeasurement, underscores robust core operations. Balance sheet remains solid with $31.1 million in cash and equivalents, minimal change from year-end, funding ongoing development. Reserves grew substantially per DeGolyer and MacNaughton year-end 2025 report: total proved reserves up 47% versus 2024 (adjusted for production), with Longanesi up 37%, Gradizza 75%, first-time Proved Developed Producing at Longanesi, and Total Proved at Trava. CEO Marco Brun highlighted Longanesi's strong $4.3 million Adjusted EBITDA contribution, positioning AleAnna with positive cash flow and growing assets to create shareholder value amid Italy's energy security needs through domestic gas production. No forward guidance provided, but management expressed confidence in exceeding Longanesi expectations.