Advantage Energy (AAV) Investor presentation summary

Strategic positioning and asset base

• Operates a concentrated, high-quality Montney and Charlie Lake asset base with over 50 years of inventory and peer-leading productivity and capital efficiencies.

• Holds 316 sections of Montney rights and 251 sections of Charlie Lake rights, with a dominant infrastructure position valued at over $1 billion.

• Maintains a premium land base across dry gas, liquids-rich, and oil windows, supporting high-quality development.

Financial performance and capital structure

• Market capitalization stands at $1.7 billion, with net debt of $0.6 billion and enterprise value of $2.3 billion.

• Share buybacks since 2022 total $389 million, representing 38.7 million shares repurchased.

• Capital program is fully funded at bottom-decile commodity prices, with annual production growth targeted between 5% and 10%.

Capital allocation and shareholder returns

• Free cash flow is prioritized for share buybacks, with over $300 million to be returned to shareholders in the next 24 months at strip pricing.

• At least 50% of FCF allocated to returns in 2026, rising to 100% by 2028, with buybacks as the main vehicle while shares trade below intrinsic value.