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 significant infrastructure valued over $1 billion.

• Maintains a dominant infrastructure position, with the Progress Gas Plant on-stream by 2Q26 and no major infrastructure spending required in the next three years.

• Focuses on maximizing adjusted funds flow (AFF) per share growth while maintaining a strong balance sheet and disciplined capital allocation.

• Demonstrates leadership in carbon capture and storage (CCS), with Entropy Inc. and the Glacier Phase 2 CCS project advancing.

Financial performance and capital management

• Market capitalization stands at $1.8 billion, with net debt of $0.6 billion and enterprise value of $2.4 billion.

• Allocated $386 million to share repurchases since 2022, repurchasing about 20% of shares outstanding.

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

• Capital expenditures are projected at $270–$300 million in 2025, fully funded at low commodity prices.

• Net debt to AFF ratio targeted within a conservative range, supporting ongoing share buybacks and debt reduction.

Production growth and asset development

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

• 2025 guidance: 80,000–83,000 boe/d, with 84–85% natural gas and 11–12% crude oil and condensate.

• Three-year plan targets production growth up to 10% annually, with a focus on high-IRR drilling and optimized capital efficiency.

• Over 2,500 future drilling locations across commodities, with more than 20 years of Montney and 10 years of Charlie Lake Tier 1 inventory.

• Technology-driven well design and acquisitions have expanded Tier 1 inventory in key areas.