Advantage Energy (AAV) Investor presentation summary

Financial position and capital structure

• Market capitalization stands at $1.7 billion, with net debt of $0.6 billion and enterprise value of $2.3 billion.

• Credit facility has $650 million capacity, with $227 million available; $143.7 million in convertible debentures mature in 2029.

• 166.9 million shares outstanding, with $387 million spent on share buybacks since 2022.

Operational performance and asset base

• Holds 316 sections of Montney rights and 251 sections of Charlie Lake rights, with a premium land base across dry gas, liquids-rich, and oil windows.

• Operates major facilities including Glacier and Progress gas plants, with over $1 billion in strategic infrastructure value.

• 2026 production guidance: 81,000–85,000 boe/d, with 84–86% natural gas, 10–12% crude oil/condensate, and ~4% NGLs.

Strategic plan and capital allocation

• Annual organic production growth capped at 10% to maintain balance sheet strength and maximize AFF per share growth.

• Capital allocation prioritizes high-IRR investments, modest infrastructure spend, and share buybacks once net debt targets are met.

• 2026 capital budget reduced to $280–$310 million, fully funded even at low commodity prices due to low costs and hedging.