Advantage Energy (AAV) Investor presentation summary

Strategic positioning and asset base

• Holds over 50 years of Montney inventory plus Charlie Lake liquids, with a premium land base and tier 1 inventory across dry gas, liquids-rich, and oil windows.

• Controls 316 sections of Montney rights and 251 sections of Charlie Lake rights, with significant infrastructure valued at over $1 billion.

• Major infrastructure, including the Glacier and Progress gas plants, supports high-quality development and production growth.

Financial performance and capital allocation

• Market capitalization stands at $1.8 billion, with net debt of $0.6 billion and enterprise value of $2.4 billion.

• Share buybacks since 2022 total $390 million, representing 38.8 million shares repurchased.

• Capital program is fully funded at low commodity prices, targeting annual production growth of 5–10% and maximizing AFF per share.

• At least 50% of FCF to be returned to shareholders in 2026, rising to 100% by 2028, with share buybacks as the main vehicle.

Operational excellence and productivity

• Delivers peer-leading productivity and capital efficiencies, with top Alberta Montney gas wells in 2025.

• Tier 1 well inventory has increased significantly across Glacier (+85%), Valhalla (+26%), and Wembley (+69%) since 2020.

• Maintains low operating costs and strong hedging, ensuring capital programs are fully funded even at bottom-decile commodity prices.