Advantage Energy (AAV) Investor Presentation summary

Strategic vision and operational focus

• Aims to convert energy to shareholder wealth through exceptional performance, high-quality assets, and prudent risk management.

• Holds a world-class resource base with 321 Montney and 258 Charlie Lake sections, supported by dominant infrastructure valued over $1 billion.

• No major infrastructure spending required in the next three years, with the Progress Gas Plant on-stream by 2Q26.

• Maintains a relentless cost focus, achieving industry-leading capital efficiency and reserve addition costs.

• Carbon capture and storage leadership through Entropy Inc., with significant investment and project pipeline.

Financial performance and capital allocation

• Market capitalization of $1.7bn, net debt of $0.6bn, and enterprise value of $2.3bn.

• Share buybacks of $384mm since 2022, reducing shares outstanding by ~20%.

• 2025 budget: $270–$300mm investing activities, 80,000–83,000 boe/d production, 84–85% natural gas.

• Free cash flow expected to exceed $500mm over three years, with disciplined reinvestment and strong AFF per share growth.

• Capital allocation prioritizes high-IRR investments, balance sheet optimization, and share buybacks.

Production growth and asset performance

• Total production increased 54% and liquids production 172% over three years.

• 2025–2027 plan targets up to 10% annual organic production growth, with a focus on maximizing AFF per share.

• Maintains deep drilling inventory: 803 Glacier, 456 Progress, 400 Valhalla, 239 Wembley, 272 Charlie Lake wells.

• Tier 1 inventory expanded significantly through technology and acquisitions.

• Delivered 7 of the top 10 Alberta Montney gas wells in 2024, with high well productivity and rapid payouts.