Vermilion Energy (VET) Investor presentation summary

Strategic repositioning and portfolio overview

• Focused on a global gas portfolio with long-life, profitable assets and top decile realized gas prices.

• Deep Basin and Montney assets in Canada provide decades of drilling inventory and infrastructure for growth.

• European gas assets in Germany and the Netherlands offer organic growth and premium pricing exposure.

• Legacy oil assets in France and Australia generate stable free cash flow.

• Portfolio streamlining has increased production by over 40% and reduced unit costs by more than 30% since 2024.

Financial performance and capital allocation

• 2026 capital budget of $600–630MM, with 85% allocated to global gas assets and 67% to Canada.

• Announced 4% dividend increase for Q1 2026; annual dividend payout remains under 10% of FFO.

• Net debt at year-end 2025 estimated at $1.4B, with a net debt-to-FFO ratio of 1.4x.

• 60% of excess free cash flow targeted for debt repayment, 40% for shareholder returns.

• Five consecutive years of dividend increases and 20 million shares repurchased since Q2 2022.

Operational efficiency and cost structure

• 2026 guidance targets 118,000–122,000 boe/d production, 70% natural gas, 30% liquids.

• Capital intensity and unit operating costs improved by 30% compared to 2024.

• Operating costs per boe expected to decrease to $12.25–13.25 in 2026.

• General and administration costs per boe reduced by 24% year-over-year.

• Asset retirement obligations and well count reduced, doubling average production per well since 2022.