Vermilion Energy (VET) investor relations material

Strategic repositioning and portfolio highlights

• Focus on global gas production with a disciplined approach to free cash flow and capital allocation.

• Portfolio repositioned for higher efficiency, with >45% increase in production/share and >30% decrease in cost structure by 2026.

• Streamlined operations in core areas, emphasizing Deep Basin, Montney, and European gas assets.

• Decades of drilling inventory in key assets, supporting long-term growth.

• Enhanced profitability through long-life assets and improved capital efficiency.

Financial performance and capital discipline

• Market capitalization of $2.9B and enterprise value of $4.0B as of March 2026.

• Net debt reduced by $1B, targeting YE2026 net debt of $1.1B and net debt-to-FFO ratio of 1.0x.

• 2026 production guidance: 118,000–122,000 boe/d, with $600–630MM E&D capital expenditures.

• 85% of capital allocated to global gas assets, with 70% production weighting to natural gas.

• Five-year outlook projects $1.7B cumulative excess free cash flow and 8–10% annual production/share growth.

Operational excellence and asset performance

• Deep Basin: 75,000 boe/d Q4 2025 production, >25 years of drilling inventory, and industry-leading drilling cost improvements.

• Montney: Production grown from 4,000 to 16,000 boe/d since 2022, targeting 28,000 boe/d by 2028 with significant cost reductions.

• Germany: Acquired assets producing ~1,000 boe/d, expanded land base, and advancing deep gas exploration with strong IRR.

• European gas assets deliver premium pricing, with realized gas prices in the top decile among peers.

• Legacy oil assets in France and Australia provide stable cash flow and exposure to Brent pricing.