Vermilion Energy (VET) Investor presentation summary

Strategic repositioning and portfolio overview

• Shifted focus to a global gas portfolio with long-life, profitable assets and top decile realized gas prices.

• Streamlined operations led to over 40% production growth and a 30%+ reduction in unit costs and capital intensity from 2024 to 2026.

• Core growth assets include Deep Basin, Montney, and Germany, each with over a decade of drilling inventory and infrastructure in place.

• 77% of Deep Basin and Montney locations remain unbooked, providing significant future upside.

• Portfolio delivers premium pricing through direct exposure to European gas markets and strong Canadian gas fundamentals.

Operational and financial performance

• Q4 2025 production reached 122,000–124,000 boe/d, with 70% natural gas weighting.

• Achieved record Montney production and exceptional Deep Basin well results, with drilling costs reduced by over 30%.

• Added 201 mmboe of 2P reserves at a cost of $7.71/boe, resulting in a 3.5x recycle ratio.

• Net debt reduced by over $700MM year-over-year, with a year-end 2026 net debt-to-FFO ratio of 1.3x.

• 2026 capital expenditures guided at $600–630MM, with 85% allocated to global gas assets.

Asset highlights and growth plans

• Deep Basin: 1.2 million net acres, >25 years of inventory, and consistent operational improvements.

• Montney: Production grew from 4,000 to 16,000 boe/d since 2022, targeting 28,000 boe/d by 2028 with a pivot to excess free cash flow.

• Germany/Netherlands: 1.4 million acres, 54 mmcf/d gas production, and a robust exploration program with recent discoveries.

• Legacy oil assets in France and Australia continue to generate free cash flow with low decline rates.

• Canadian and European gas assets benefit from strong market fundamentals and premium pricing.