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Vermilion Energy
Vermilion Energy (VET) investor relations material
Vermilion Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Mar, 2026
Executive summary
Achieved record annual production in 2025, up 46% per share year-over-year, driven by strategic M&A and a focus on gas-weighted assets in Canada and Europe.
Repositioned as a global gas producer with top decile realized gas prices, significant organic and inorganic reserves growth, and a long-duration asset base.
Realized strong fund flows from operations (FFO) of $1,010 million and free cash flow (FCF) of $375 million, fully funding $635 million in E&D capital expenditures.
Returned $116 million to shareholders via dividends and share buybacks, and reduced net debt by over $700 million since Q1 2025.
Reported a net loss of $654 million for 2025, primarily due to non-cash impairments and discontinued operations, with no impact on FFO or ongoing operations.
Financial highlights
Q4 2025 FFO was $241 million, with FCF of $49 million on $192 million in E&D capital expenditures.
Q4 2025 production averaged 121,308–124,000 boe/d, with 69–70% natural gas weighting.
Average realized natural gas price in 2025 was $6.01/mcf after hedging, over three times the AECO benchmark.
Net debt ended 2025 at $1.34 billion, with a net debt to trailing FFO ratio of 1.4x.
Operating netback for 2025 was $25.62–29.91/boe, and FFO per boe was $23.10.
Outlook and guidance
Q1 2026 production guidance is 122,000–124,000 boe/d (70% natural gas); full-year 2026 guidance unchanged at 118,000–122,000 boe/d on $600–$630 million E&D capital.
Declared a quarterly dividend of $0.135/share, a 4% increase and the fifth consecutive annual increase.
48% of 2026 expected net-of-royalty production hedged, including 50% of European gas, 53% crude oil, and 45% North American gas.
Portfolio repositioning delivers over 40% production growth and over 30% reduction in unit costs and capital intensity from 2024 to 2026.
Montney asset to pivot to excess free cash flow in 2028 after infrastructure build-out, targeting 28,000 boe/d.
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Next Vermilion Energy earnings date
Q1 20266 May, 2026
Vermilion Energy
Next Vermilion Energy earnings date
Q1 20266 May, 2026
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Frequently asked questions
Vermilion Energy Inc is engaged in the acquisition, exploration, development, and production of oil and natural gas properties. The company's operations are geographically diversified across North America, Europe, and Australia, serving energy markets with both conventional and unconventional resource production. Vermilion Energy is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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