Diversified Energy (DEC) Investor presentation summary

Strategic positioning and business model

• Focuses on acquiring, operating, and optimizing established, cash-generating energy assets, providing stable cash returns and capital appreciation through disciplined, accretive growth.

• Unique model delivers uncorrelated growth across commodity cycles, supported by a technology-driven, vertically integrated platform.

• De-risked cash flow achieved through commodity diversification, hedged production, and low reinvestment rates.

• Robust return of capital via dividends and opportunistic share repurchases, underpinned by a proven leadership team and culture of accountability.

Operational performance and growth

• Achieved record EBITDA in 2025, with margin accretion from the Maverick acquisition and successful integration of Canvas Energy.

• Production exit rate reached 1,254 MMcfe/d in 2025, with a 37% year-over-year increase and a 103% rise in adjusted EBITDA.

• Over $5B in acquisitions since IPO, transforming the portfolio and driving a 66% CAGR in adjusted EBITDA.

• Portfolio optimization and non-operated programs generated significant cash flow and enhanced asset value.

Financial strength and capital allocation

• Improved leverage by 23% in 2025, reaching a net leverage ratio of 2.3x, within the target range.

• Majority of debt is non-recourse, investment-grade ABS, lowering cost of capital and refinancing risk.

• Systematic debt reduction, strategic share repurchases (~$100M), and sustainable fixed dividend (~$85M) prioritized.

• Generated $440M in adjusted free cash flow in 2025, with $577M liquidity as of February 2026.