Vermilion Energy (VET) Investor presentation summary

Strategic positioning and portfolio overview

• Operates as a global gas producer with over 30 years in Europe and Canada, focusing on free cash flow and financial discipline.

• Portfolio is diversified across low-decline conventional assets and long-life growth assets in Deep Basin, Montney, and Germany.

• Maintains a strong balance sheet and prioritizes increasing return of capital.

• Emphasizes ESG and sustainability, with significant emissions reductions and community projects.

Financial performance and guidance

• 2025 production guidance is 117,000–122,000 boe/d, with 65% natural gas weighting.

• 2025 capital expenditures are guided at $630–660MM, with a net debt target of $1.3B and a net debt-to-FFO ratio of 1.3x by year-end.

• Market capitalization stands at $1.7B, enterprise value at $3.0B, and annual FFO is projected at $1.3B.

• Quarterly dividend increased by 8% in 2025, with a 40% excess FCF payout target, rising to 50% as leverage decreases.

Asset and operational highlights

• Deep Basin: Integration of Westbrick acquisition exceeded expectations, with $200MM NPV10 synergies and 15+ years of inventory.

• Montney: DCET costs reduced to $8.5MM/well, targeting 28,000 boe/d by 2028, with 15+ years of inventory.

• Germany: Wisselshorst discovery estimated at 380 Bcf GIIP, with 2024 exploration adding $150MM NPV10 and 60 Bcf net reserves.

• Divestments in Saskatchewan and the US reduced net debt by $0.8B.