Advantage Energy (AAV) Investor presentation summary

Investment highlights and strategy

• Focus on maximizing adjusted funds flow (AFF) per share growth and free cash flow (FCF) for shareholder returns, with a disciplined capital allocation framework targeting 5–10% annual production growth and fully funded programs at low commodity prices.

• Over $300 million planned to be returned to shareholders in the next 24 months, primarily through share buybacks, representing over 15% of current market capitalization.

• Strong balance sheet with $1.8 billion market capitalization, $0.6 billion net debt, and $2.4 billion enterprise value; significant share buybacks since 2022.

Asset base and operational performance

• Over 50 years of Montney inventory plus Charlie Lake liquids, with more than 2,400 future drilling locations across commodities.

• Tier 1 inventory growth in key areas: Glacier (+85%), Valhalla (+26%), Wembley (+69%) since 2020, driven by successful drilling and land acquisitions.

• Industry-leading well productivity, with top Alberta Montney gas wells in 2025 and strong performance in oil and liquids-rich plays.

Infrastructure and market diversification

• Strategic infrastructure valued at over $1 billion, including the Glacier and Progress gas plants, with no major new spending required in the next three years.

• Market diversification through multiple gas price exposures and increased capacity at Empress, Dawn, and other hubs, reducing reliance on AECO.

• Active commodity price risk management with hedging targeting 20–60% of production.