Vermilion Energy Inc. · TSX:VET
Vermilion Energy — Investor Presentation (May 2026)
32 slides from Vermilion Energy's investor presentation, May 2026
Slide 1: Vermilion Energy Germany Overview
VERMILION ENERGY GLOBAL GAS PRODUCER FREE CASH FLOW FOCUSED GERMANY OVERVIEW FINANCIAL DISCIPLINE MAY 2026 1
Slide 2: Underfunded Basin Provides Opportunity
UNDERFUNDED BASIN PROVIDES OPPORTUNITY German Gas Production by Year(1) Germany Production by Company(2) 2.5 Vermilion Others 5% 2% 2.0 Neptune 1.5 16% Bcf/d BEB + MEEG 1.0 47% Harbour 0.5 30% 0.0 1953 1957 1965 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020 2024 o Post-war Germany saw a surge of
Slide 3: Germany's Energy Mix
GERMANY'S ENERGY MIX Total Energy Supply, Germany 2024(1) o Germany's Energiewende phased out nuclear power in Renewables 2023, increasing reliance on renewables, oil, coal, and and hydro natural gas 9% Biofuels and o Coal and lignite power plants are mandated to be phased waste Oil and oil products
Slide 4: Vermilion in Germany
VERMILION IN GERMANY 4
Slide 5: Vermilion History in Germany
VERMILION HISTORY IN GERMANY Annual Production OSTH well WSSH well on stream on stream 7,000 Oil Mar. 31, 2025 Mid-2026 Gas Avg. Daily Production (boe/d)(1) 6,000 2026 reflects 5,000 partial year of asset acquisition, 4,000 two months of downtime on 3,000 non-operated gas assets 2,000 1,000 0 2014 2
Slide 6: Vermilion in Germany Today
VERMILION IN GERMANY TODAY Overview Key Statistics Production: 25 mmcf/d gas / 1,600 bbl/d oil (2025)(1) Financial metrics: FFO ~ $100MM (2025)(1) Acreage: >1 million net acres(2) Employees: 58 (56 permanent, 2 contract) – includes 25 operations staff Gas facilities: 11 operated, 1 under constructio
Slide 7: German Exploration Land Position
GERMAN EXPLORATION LAND POSITION NET ACREAGE Developed: 100,851 acres Undeveloped: >1MM acres LICENCES Production Operated: 24 Production Non-Operated: 3 Exploration Operated: 12 Exploration Non-Operated: 1 Over 1MM net acres of land with over 30 drilling locations identified to date 7
Slide 8: Permitting & Project Timelines
PERMITTING & PROJECT TIMELINES 8
Slide 9: Regulatory Structure
REGULATORY STRUCTURE European Law o One Stop Shop: The Mining Authority (LBEG) operates as a comprehensive, centralized regulator that oversees every phase of operations, ensuring a transparent and predictable regulatory environment National Law o Dual Advocacy and Oversight: Beyond regulation, the
Slide 10: Typical Permitting Timeline
TYPICAL PERMITTING TIMELINE ~ 6-7 months up-front Bird-counting/environmental field work in area of potential drill Minimal cost ~ 1-2 Months Prepare and submit UVP-VP (EIA screening) application ~ 4 Months UVP-VP review and decision process ~ 1-2 Months Prepare and submit application for site, dril
Slide 11: Project Execution Timeline
PROJECT EXECUTION TIMELINE Ongoing Teams continually identifying and evaluating prospects on land base Minimal cost ~ 4 Months Lease construction $1-4MM capex ~ 4 Months Drill, complete and test well $15-$25MM capex ~ 6-9 Months Complete additional facility and tie-in activity, bring well on-product
Slide 12: Operational Excellence
OPERATIONAL EXCELLENCE Lower Cost Follow-up Development $60 Reducing capital cost DCET ($000’s) $40 o Using high-performance drilling rig, drilling two wells back-to-back or in batch sequence, utilizing existing infrastructure $20 Discovery Additional Well Wells (Avg.) Accelerated Follow-up Developm
Slide 13: Environmental and EIA Requirements
ENVIRONMENTAL AND EIA REQUIREMENTS Pre-EIA (UVP-VP) to Facility/ Pipeline IF production is Drill Production EIA determine if EIA is needed Construction >500 E3m3/d gas o Full EIA’s are not typically required to drill, complete, equip or tie-in GBU Deep Gas Type Curve(1) 20 40 conventional gas wells
Slide 14: Gas Marketing Overview
GAS MARKETING OVERVIEW 14
Slide 15: Typical Gas Tie-In Process
TYPICAL GAS TIE-IN PROCESS o Process very similar to Canada – same technology, different regulations and standards o Wet gas not typically transported in Germany, processing (dehydration) done at the wellsite o Permitting done in parallel allowing tie-in work to begin right after the well test o Fac
Slide 16: Germany Infrastructure
GERMANY INFRASTRUCTURE What’s in place… … and what’s to come Currently Osterheide Facility and Pipeline Tie-In Wisselshorst Gas Processing Facility Under Fabrication On-Stream Under Wisselshorst Production Pipeline Wisselshorst Capacity Increases Permitting Construction Under Wisselshorst Metering S
Slide 17: Optimizing Osterheide Gas Production
OPTIMIZING OSTERHEIDE GAS PRODUCTION Stable production since first gas, rates much higher than ~8 mmcf/d o originally expected post-drill o Demand and blending capacity has exceeded expectations, First 12 Months Average working with third-party to maximize throughput Production from Osterheide o Rec
Slide 18: Gas Marketing
GAS MARKETING THE Premium to TTF THE-MA vs TTF-MA 3.00 THE-DA vs TTF-DA 2.50 o Natural Gas Sales Agreement (“NGSA”) typical duration of 1 to 2 years then re-tendered to ensure 2.00 maximum value €/MWh(1) o Price linked to THE benchmark which trades at a 1.50 slight premium to TTF 1.00 o Many potenti
Slide 19: Inventory & Long-Range Plan
INVENTORY & LONG-RANGE PLAN 19
Slide 20: Track Record of Execution in Europe
TRACK RECORD OF EXECUTION IN EUROPE Netherlands Organic Reserve Additions European Exploration Expertise 350 ~30 wells over 20 years, ~70% success rate 300 Netherlands Significant reserve additions, 180 Bcf since 2004(1) 2P Reserves / Production (Bcfe) 250 Pivoting back to larger pool development De
Slide 21: 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 22: Core Acreage Offsetting Large Discoveries
CORE ACREAGE OFFSETTING LARGE DISCOVERIES Rotliegend, Zechstein, and Carboniferous acreage in the core of the Permian North German Basin Source: Petroleum Geological Atlas of the Southern Permian Basin Areas (2010), LBEG - “Erdgastabellen 1949-2024”, ESRI Small “e” exploration – finding gas where ga
Slide 23: Wisselshorst Discovery
WISSELSHORST DISCOVERY NORTH GERMAN BASIN Z2 Z3 Z1a 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 t
Slide 24: A Step Change in Our Exploration Portfolio
A STEP CHANGE IN OUR EXPLORATION PORTFOLIO Prospects: Historic & Future Track Record of Exploration Success o Since 2004, 70% of Vermilion’s exploration wells have found gas Future Portfolio Improvements(2) o Larger German prospects provide follow-up 9 Bcf avg per well(1) drilling opportunities 9 De
Slide 25: Inventory for the Future
INVENTORY FOR THE FUTURE Laying the foundation… … for a decade-plus of development Resource Platform: Massive acreage and data platform > 1 million net acres(1), ~5000 mi2 3D seismic Growth Runway: > 10 years(3) of risked drilling inventory at two 10 structures identified (and counting) wells per ye
Slide 26: Impactful Germany Wells
IMPACTFUL GERMANY WELLS TWO (2.0 NET) GERMANY TWELVE DEEP BASIN DEEP GAS WELLS LIQUIDS-RICH GAS WELLS Germany Deep Basin (2.0 Net) (12.0 Net) DCET Cost ($MM)(1) $80 – 100 $60 – 90 EUR (mboe)(2) ~10,000 ~10,000 NPV10 ($MM)(3) $120 $70 – 100 Lifetime Payout(4) 4x 3x Our Germany drilling program is com
Slide 27: Germany Outlook: Organic Growth
GERMANY OUTLOOK: ORGANIC GROWTH DEEP GAS PROGRAM PRODUCTION TIMELINE(1) 80 Drilling and facility investment EFCF generation 70 Production Forecast 60 to Double by 2030 MMCFE/D (NET) Legacy Germany 50 Deep Gas Success To-Date (1.6 net) Additional Wells 2.9 Net Wells of 40 ~30 Gross Identified 30 Pros
Slide 28: Positioned for European Gas Growth
POSITIONED FOR EUROPEAN GAS GROWTH More than offset by Germany growth ~100 mmcf/d Wisselshorst exploration success replaces European Gas Production production and reserves in 2020 ~5,000 boe/d of organic growth (2026 - 2030) ~105 mmcf/d European Gas Production in 2025 Ireland – Moderating Decline Ma
Slide 29: Summary & Key Takeaways
SUMMARY & KEY TAKEAWAYS 29
Slide 30: Key Takeaways
KEY TAKEAWAYS Organic upside in Germany Up to 30 high-impact locations identified o With success, 20 locations (risked) provide 10+ years(1) of drilling inventory, targeting 30+ Bcf prospects Progressing Bommelsen development o Building out infrastructure to facilitate production from initial discov
Slide 31: Slide Notes
SLIDE NOTES 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 Disclaimer: Multi-year estimates to buy, securities of Vermilion Energy Inc. ("Vermilion", the "Company", "we", or "us").
Slide 32: Slide Notes
SLIDE NOTES Slide 20 Slide 26 (1) Reserve additions calculated as gross reserves as of December 31, 2024, as evaluated by McDaniel & Associates Consultants Ltd. ("McDaniel"), plus reported (1) Total cost to drill, complete, equip and tie-in (“DCET”) per well based on internal estimates as of Decembe