Vermilion Energy Inc. · TSX:VET
Vermilion Energy — Investor Presentation (April 2026)
51 slides from Vermilion Energy's investor presentation, April 2026
Slide 1: Vermilion Energy Investor Presentation
VERMILION ENERGY GLOBAL GAS PRODUCER FREE CASH FLOW FOCUSED INVESTOR PRESENTATION FINANCIAL DISCIPLINE APRIL 2026 1
Slide 2: What Vermilion Offers Investors
WHAT VERMILION OFFERS INVESTORS Repositioned Global Gas Portfolio o Profitable, long-life assets delivering top decile realized gas price Dominant Deep Basin o Depth and quality of inventory with infrastructure in place drives profitable growth Montney Momentum o Excess free cash flow(1) inflection
Slide 3: Vermilion at a Glance
VERMILION AT A GLANCE Market Summary VET Trading Price (March 31, 2026) $19.17 (TSX), US$13.78 (NYSE) Shares Outstanding (March 31, 2026) 152.6 MM Average Daily Trading Volume (shares) 1.0 MM (TSX), 1.6 MM (NYSE) Quarterly Dividend $0.135/share Capital Structure Market Capitalization $2.9 B Enterpri
Slide 4: Key Updates
KEY UPDATES Deep Basin Montney European Gas Corporate • Continued outperformance • Completed and brought • Continued strong production • Acquired assets in Germany, from recent drilling program, online four (4.0 net) wells in from the Osterheide well currently producing ~1,000 numerous wells ranked
Slide 5: Germany Asset Acquisition & Land Expansion
GERMANY ASSET ACQUISITION & LAND EXPANSION Gas-weighted, producing assets o Acquired ~1,000 boe/d (85% natural gas) of production and land adjacent to Osterheide well from Exxon affiliate Increased infrastructure control o Strategic value through increased control over gathering infrastructure surro
Slide 6: Maintain Strong Balance Sheet
MAINTAIN STRONG BALANCE SHEET NET DEBT Historic Debt Reduction $2,000 Closed Deep Basin acquisition for $1.1B, Q1 2025 funded primarily with balance sheet Announced divestment of non-core assets, $1,500 Q2 2025 reduced net debt by $650MM NET DEBT ($MM)(1) Organic deleveraging, improved cost Q3 2025
Slide 7: Repositioned Global Gas Portfolio
REPOSITIONED GLOBAL GAS PORTFOLIO 7
Slide 8: Repositioned Portfolio: More Efficient
REPOSITIONED PORTFOLIO: MORE EFFICIENT HIGHER PRODUCTION LOWER UNIT COSTS IMPROVED CAPITAL INTENSITY (MBOE/D)(1) (OPEX + G&A/BOE)(1) (CAPEX/FLOWING BOE)(1) $21.41 120 $7,400 $14.65 $5,100 85 2024 2026e 2024 2026e 2024 2026e >45% increase in production/share >30% decrease in cost structure >30% decre
Slide 9: Repositioned Portfolio: Key Growth Assets
REPOSITIONED PORTFOLIO: KEY GROWTH ASSETS High-return, multi-zone development Generating EFCF(2) 25+ Years Deep Basin with existing infrastructure to through efficient Drilling Inventory(1) support production growth development Lower capital and unit OPEX, Pivoting to EFCF Montney 20+ Years progress
Slide 10: Inventory for the Future
INVENTORY FOR THE FUTURE DEEP BASIN MONTNEY GERMANY & NETHERLANDS GAS 10% 20% 20% 37% ~1,450 . ~250 . ~31 . Locations(1) Locations Accumulations BOOKED LOCATIONS UNBOOKED LOCATIONS Vermilion’s growth assets have decades of development ahead that is not reflected in our reserves 10
Slide 11: Profitable Per Share Reserves Growth
PROFITABLE PER SHARE RESERVES GROWTH RESERVES GROWTH PER SHARE 4.50 Organic and inorganic reserves growth o 2P FD&A(2) of $7.71/boe drives recycle ratio of 3.5x(3) 4.00 o 2P reserves replacement of over 450%(4) 3.50 3.00 BOE/SHARE(1) 2.50 Significant upside to reserves bookings o 77% of Deep Basin a
Slide 12: Top Decile Realized Gas Price
TOP DECILE REALIZED GAS PRICE GAS PRODUCTION BY REGION(2) Q4 2025 REALIZED NATURAL GAS PRICE(1) $6 Europe 18% $5 REALIZED NATURAL GAS PRICE ($/MCF) $4 Canada AVERAGE (EXCL VET) = $3.44 82% $3 $2 NATURAL GAS PRICE EXPOSURE(3) Europe $1 18% Alliance AECO 5% 33% $0 Canadian Gas Hedges REALIZED GAS PRIC
Slide 13: Direct Exposure to European Gas Prices
DIRECT EXPOSURE TO EUROPEAN GAS PRICES HISTORICAL AND FORWARD PRICING OF EUROPEAN GAS $50 Euro Gas 2026 2027 $40 % Hedged 67% 46% TTF GAS PRICES (C$/MMBTU)(1) Average Floor $14 $13 $30 $20 $10 Since February 23, 2026(2): 2026 TTF strip up 60% 2027 TTF strip up 60% $0 2017 2018 2019 2020 2021 2022 20
Slide 14: Canada Liquids-Rich Gas Advantage
CANADA LIQUIDS-RICH GAS ADVANTAGE HALF-CYCLE PAYOUT PERIOD 1.8 Canadian Plays (Median 1.1 Years) U.S. Plays (Median 1.4 Years) 1.6 1.4 PAYOUT (YEARS)(1) 1.2 1.0 0.8 0.6 0.4 0.2 - Liquids Rich Montney Permian Haynesville Deep Basin Delaware Duvernay Midland Montney Oil Marcellus Permian Dry Gas Kaybo
Slide 15: 2026 Capital Allocation
2026 CAPITAL ALLOCATION E&D CAPITAL ALLOCATION(1) PRODUCTION WEIGHTING(1) 2026E FFO ALLOCATION(2) Unhedged DACF $1,500 of ~$8.50/basic 8% share 15% $1,250 14% $1,000 $600 – 630MM 118 – 122 mboe/d $MM 18% 67% Canada 70% Natural Gas $750 33% International 30% Liquids $500 67% 78% $250 $0 CANADA EUROPE
Slide 16: Five-Year Outlook: Growing EFCF
FIVE-YEAR OUTLOOK: GROWING EFCF 2026E PRODUCTION(1) 2030E PRODUCTION(2) 8% 5-7% 8-10% Annual production per share growth(2) 14% 14-16% $600-630 million ~130 mboe/d ~120 mboe/d Annual capex(2,3) ~40% increase in 13% production per share(5) 54-60% 65% 21-23% $1.7 billion Cumulative EFCF(2,4) Deep Basi
Slide 17: Five-Year Outlook: Capital Allocation
FIVE-YEAR OUTLOOK: CAPITAL ALLOCATION $1.7 Billion Cumulative EFCF(1,2) NET DEBT(1,3) CUMULATIVE DIVIDENDS PER SHARE(1) SHARE COUNT(1) Room to grow $1.4B $2.70/share 153MM at current $0.6-0.9B 100-125MM dividend 2025E 2030E 2026E-2030E 2025E 2030E Shifting enterprise value to shareholders Material E
Slide 18: Key Asset Overview
KEY ASSET OVERVIEW 18
Slide 19: Deep Basin: Overview
DEEP BASIN: OVERVIEW Overview Key Statistics Production: 75,000 boe/d (Q4 2025)(1) Acreage: 1.2 million net acres(2) Infrastructure: >100,000 boe/d nameplate capacity(3) History Vermilion has operated in the Deep Basin since 1995 and has grown to be one of the largest producers in this prolific basi
Slide 20: Profitable Growth: Operational Excellence
PROFITABLE GROWTH: OPERATIONAL EXCELLENCE DRILLING COST – VET VS. PEERS $3,000 Longer laterals at a lower per-metre cost $2,500 $ / HORIZONTAL METRE(1) $2,000 Shallower target depths $1,500 $1,000 Consistent three-rig drilling program 2023 2024 2025 DEEP BASIN PEERS VERMILION Culture of continuous i
Slide 21: Profitable Growth: Stronger Well Results
PROFITABLE GROWTH: STRONGER WELL RESULTS DEEP BASIN PRODUCTION BY DRILL YEAR 1,200 1,000 Vermilion’s H2/25 drilling program has produced some 800 of the best wells in Alberta BOE/D(1) 600 400 200 0 0 6 12 18 24 30 PRODUCTION MONTH 2022-2025 AVG (39 TOTAL) 2026 BUDGET (43 TOTAL) POST-CLOSE 2025 (19 T
Slide 22: Robust Deep Basin Economics
ROBUST DEEP BASIN ECONOMICS Upper Spirit Jurassic/Lwr Cretaceous Cretaceous River Cretaceous Upper Lateral Length (m) 2,800 2,900 2,800 DCET Cost ($MM) $5.0 – 5.5 $6.0 – 6.5 $5.5 – 7.5 Spirit River IP365 (boe/d)(1) 450 750 475 2P Reserves (mboe)(2) 770 1,050 610 Liquids % of Reserves(3) 32% 14% 47%
Slide 23: Montney: Overview
MONTNEY: OVERVIEW Overview Key Statistics Production: 16,000 boe/d (Q4 2025)(1) Acreage: 80,000 acres(2) Infrastructure: >30,000 boe/d nameplate capacity (H2/2027 Est.)(3) History Entered the Montney in 2022, grew production from ~4,000 boe/d to ~16,000 boe/d currently Reduced DCET capital by >30% s
Slide 24: Premium Montney Acreage
PREMIUM MONTNEY ACREAGE VET owns ~10% of CEI.V(1) (~$45 million) Source: Land information sourced from EVA A significant and contiguous premium acreage block in the oil window of the Montney 24
Slide 25: Montney Cost Optimization
MONTNEY COST OPTIMIZATION BC MONTNEY AVERAGE WELL COST $14 • DCET(1) cost reduced to $8.5MM (from $9.6MM) $12 o Improves project economics, represents ~$100 million (NPV10)(2) in future $10 PER WELL COST ($MM) development costs $8 o DCET cost savings are repeatable $6 • Water hub and disposal infras
Slide 26: Montney Well Economics
MONTNEY WELL ECONOMICS BC Middle Montney Lateral Length (m) 3,000 DCET Cost ($MM) $8.5 IP365 (boe/d)(1) 950 2P Reserves (mboe)(2) 1,500 Liquids % of Reserves(3) 38% IRR(4) 120% Payout (years)(5) 0.8 NPV10 ($MM)(6) $12.9 Leading DCET costs in the oil window of the Montney 26
Slide 27: Montney Pivots to EFCF in 2028
MONTNEY PIVOTS TO EFCF IN 2028 PRODUCTION TIMELINE(1) 35,000 30,000 Build infrastructure and reduce DCET costs Excess Free Cash Flow(2) generation 25,000 BOE/D (NET) 20,000 15,000 10,000 5,000 - 2022 2023 2024 2025 2026 2027 2028 2029 2030+ 2022-2025 Execution 2026-2028 Plan Pivot to Excess Free Cas
Slide 28: European Gas Assets: Germany & Netherlands
EUROPEAN GAS ASSETS: GERMANY & NETHERLANDS Overview Key Statistics Gas Production: 54 mmcf/d (53% Germany / 47% Netherlands)(1) Acreage: 2.1 million acres (67% Germany / 33% Netherlands)(2) History Proven track record of development with 30+ exploration wells at 70% success rate over 20 years Signif
Slide 29: Germany Exploration Potential
GERMANY EXPLORATION POTENTIAL Deep Gas Exploration Type Well (1.0 Net) Identified 9 structures to date and have drilled 3; potential for up to Vertical Depth (m) ~5,000 30 total locations with success DCET Cost ($MM) $40 – 50 2P Reserves (Bcf)(1) ~30 Gas % of Reserves(2) 100% IRR(3) 35% Payout (year
Slide 30: Size of the Prize
SIZE OF THE PRIZE NORTH GERMAN BASIN Discovery Well 2P Reserves 67 Bcf Property Gross(1) 43 Bcf Gross to Vermilion Source: Petroleum Geological Atlas of the Southern Permian Basin Areas (2010), LBEG - “Erdgastabellen 1949-2024”, ESRI Vermilion’s largest discovery in over a decade is the latest signi
Slide 31: Germany Outlook: Organic Growth
GERMANY OUTLOOK: ORGANIC GROWTH DEEP GAS PROGRAM PRODUCTION TIMELINE(1) 14,000 Drilling and facility investment Excess free cash flow generation 12,000 10,000 Legacy Germany BOE/D (NET) 8,000 Deep Gas Success To-Date (1.6 net) Additional Wells 6,000 4,000 2,000 - 2023 2024 2025 2026 2027 2028 2029 2
Slide 32: Capital Allocation
CAPITAL ALLOCATION 32
Slide 33: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES Target long-term Maintain Strong Maintain Robust Provide Compounding value-add acquisition Balance Sheet Asset Base Shareholder Returns opportunities o Targeting net debt to FFO o Repositioned global gas o 40% return of EFCF ratio(1) less than 1.0x portfolio o Focus on
Slide 34: Financial Liquidity
FINANCIAL LIQUIDITY HISTORICAL NET DEBT TO FFO CURRENT CREDIT CAPACITY(2) 2.0x $0.52B 1.5x NET DEBT TO FFO RATIO(1) Available Liquidity of $1.08B 1.0x $0.51B Committed to operating at 1.0x leverage 0.5x $0.27B Undrawn Capacity on Revolving Credit Facility Revolving Credit Facility 2029 Maturity 0.0x
Slide 35: Compounding Return of Capital
COMPOUNDING RETURN OF CAPITAL ANNUAL DIVIDEND PER SHARE SHARE COUNT $0.80 165 2026 dividend payout is <10% of FFO $0.60 160 DIVIDENDS PER SHARE SHARE COUNT (MM)(1) $0.40 155 $0.20 150 $0.00 145 2022 2023 2024 2025 2026 2022 2023 2024 2025 2026e Decreasing share count with ratable dividend increases
Slide 36: Additional Information
ADDITIONAL INFORMATION 36
Slide 37: Pricing & FFO Sensitivity
PRICING & FFO SENSITIVITY COMMODITY PRICES(1) 2026e 2026 FFO SENSITIVITY (C$MM)(2) FFO Impact FFO Impact Change TTF ($/mmbtu) $23.96 (Hedged) (Unhedged) NBP ($/mmbtu) $23.48 TTF & NBP $1.00/mmbtu $9MM $25MM AECO ($/mcf) $ 2.08 NA Gas Prices $0.25/mmbtu $20MM $34MM Henry Hub (US$/mmbtu) $ 3.83 WTI &
Slide 38: 2026 Guidance
2026 GUIDANCE CATEGORY 2026 GUIDANCE(1) Y/Y CHANGE Production (boe/d) 118,000 - 122,000 % Natural gas 70% E&D capital expenditures ($MM) $600 - 630 ↓ 3% Operating ($/boe) $12.25 - 13.25 ↓ 4% General and administration ($/boe)(2) $1.65 - 2.15 ↓ 24% Transportation ($/boe) $3.00 - 3.50 – Royalty rate (
Slide 39: Strong Hedge Position
STRONG HEDGE POSITION 2026 2027 PERCENTAGE OF PRODUCTION HEDGED (%)(1) PERCENTAGE OF PRODUCTION HEDGED (%)(1) 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% Crude Oil European N.A. Corporate Crude Oil European N.A. Corporate Natural Gas Natural Gas Total Natural Gas Natural Gas Total WTI Brent Euro
Slide 40: Global Gas Assets
GLOBAL GAS ASSETS Canada Liquid-Rich Gas Europe Premium-Priced Gas GERMANY IRELAND DEEP BASIN MONTNEY NETHERLANDS CROATIA • Q4 2025 production = 91,053 boe/d (28% liquids)(1) • Q4 2025 production = 20,211 boe/d (92% gas)(1) (Continuing operations) Global gas portfolio pairs long duration, liquids-ri
Slide 41: Canadian Gas Fundamentals
CANADIAN GAS FUNDAMENTALS West Coast Canadian LNG(1) North American Power Demand • Natural gas demand for Canadian LNG is expected to increase • Increased power associated with datacenter development is notably by end of decade (>6.0 bcf/d) underpinning long-term natural gas demand o Strong momentum
Slide 42: European Gas Fundamentals
EUROPEAN GAS FUNDAMENTALS EUROPEAN SUPPLY/DEMAND BALANCE HISTORY(2) • Europe(1) consumes ~40 Bcf/d per annum, with ~30 Bcf/d 80 Winter 2023 demand down ~10 Bcf/d swing between summer and winter due to 2nd warmest winter, government policy, and extremely high prices 60 • Russian supply has decreased
Slide 43: European Gas Inventories
EUROPEAN GAS INVENTORIES HISTORICAL NATURAL GAS INVENTORY 4,000 EU storage at lowest levels since Russia invasion of Ukraine 3,000 INVENTORY (BCF)(1) Reaching 80% storage by November requires 2 Tcf of gas 2,000 Europe has to fill >2Tcf of storage over Summer 2026 Legislation passed to not allow 1,00
Slide 44: Legacy Oil Assets
LEGACY OIL ASSETS FRANCE • #1 domestic oil producer with two-thirds of the domestic industry • Extensive inventory of workovers, recompletions, and infill drilling • Q4 2025 production = 6,985 boe/d (100% oil)(1) AUSTRALIA • Offshore oil field approximately 80 km N.W. off the coast of Australia (55m
Slide 45: Environment, Social & Governance
ENVIRONMENT, SOCIAL & GOVERNANCE EMISSIONS INTENSITY TREND Scope 1&2 tCO2e per BOE Vermilion’s Purpose: 0.030 To responsibly produce essential energy while 0.025 delivering long-term value to our people, 0.020 shareholders, customers, partners and communities 0.015 2019 2020 2021 2022 2023 2024 • Ac
Slide 46: Reduced Well Count
REDUCED WELL COUNT TOTAL WELL COUNT 6,000 • Total well count has been reduced by 50% 5,000 since 2022 through asset high-grading and asset retirement obligation expenditures WELL COUNT (NET)(1) 4,000 • Average production per well has more than 3,000 doubled since 2022 • Annual ARO spend of $50-55MM
Slide 47: Sustainability Projects
SUSTAINABILITY PROJECTS Advancing environmental projects in communities where we live and work PARENTIS SUSTAINABILITY PARTNERSHIP LA TESTE ECO-NEIGHBOURHOOD • Our oil operations provide 40 GWh of • Our oil operations provide 1.2 GWh of geothermal energy annually to a tomato geothermal energy to an
Slide 48: Advisory
ADVISORY This presentation is for information purposes only and is not intended to, and should not be construed to constitute, an offer to sell or the solicitation of an offer Vermilion; and other risks and uncertainties described elsewhere in this presentation or in Vermilion's other filings with C
Slide 49: Slide Notes
SLIDE NOTES Disclaimer: Estimates of drilling locations Slide 9 Drilling inventory reflects company estimates of future drilling locations and expected pace of future development, and includes locations evaluated by McDaniel (1) Drilling inventory reflects company estimates of future drilling locati
Slide 50: Slide Notes
SLIDE NOTES Slide 16 (4) Before tax IRR based on estimates provided by McDaniel and using flat US$70 WTI / $3.50 AECO pricing assumptions. IRRs shown represent weighted (1) Based on company estimates as of December 9, 2025. average by formation, based on the number of drilling locations assessed and
Slide 51: Slide Notes
SLIDE NOTES Slide 28 (1) Gas production for Q4 2025, for additional information refer to Vermilion’s MD&A for the three months and year ended December 31, 2025, available on Slide 37 SEDAR+ at www.sedarplus.ca. (1) Commodity price assumptions listed have been reflected throughout this presentation u
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