Valeura Energy (VLE) investor relations material

Executive summary

• Achieved record operational and financial performance in Q3 2025, with all key metrics improving year-over-year and sequentially.

• Recognized as Canada’s top growing company in 2025, with three-year revenue growth of 20,064%.

• Major growth initiatives included a large-scale farm-in with PTTEP in Thailand, expanding gross acreage from 2,623 km² to 22,757 km², and a joint venture in Türkiye's Thrace basin.

• Production in November exceeded any previous 2025 quarterly average, driven by successful drilling at the Nong Yao and Jasmine fields.

• Emissions intensity reduced by up to 30% year-over-year since asset takeover.

Financial highlights

• Q3 2025 production averaged just under 23,000 barrels per day, up 3% year-over-year and 7% sequentially.

• Lifting volumes increased 14% sequentially and 22% year-over-year.

• Realized oil price was $72.1/bbl, up from $67.9 last quarter, with a $2.5/bbl premium to Brent.

• OPEX per barrel dropped to $24.8, reflecting ongoing cost control and a 6% year-over-year reduction.

• EBITDAX margin improved by over 400 basis points year-over-year, reaching 51% in Q3 2025.

• Adjusted cash flow from operations margin approached 50%, with adjusted CFO up 46% year-over-year.

• Net cash at $248 million and adjusted net working capital at $275 million, both up over 59% year-over-year.

Outlook and guidance

• 2025 production guidance reaffirmed at 23.0–25.5 mbbls/d, with current output trending at the higher end due to drilling success.

• First oil from Wassana redevelopment expected in Q2 2027, with project 35% complete and on/below budget.

• Free cash flow guidance for 2025 updated to $80–195 million.

• Near-term catalysts include government approvals, FID on new developments, and reserves updates.

• No cash tax payments related to Petroleum Income Tax are anticipated for the remainder of 2025.