Vermilion Energy Inc. · TSX:VET
Vermilion Energy — Investor Day (December 2025)
80 slides from Vermilion Energy's investor day presentation, December 2025
Slide 1: Vermilion Energy Investor Day 2025
VERMILION ENERGY GLOBAL GAS PRODUCER FREE CASH FLOW FOCUSED INVESTOR DAY 2025 FINANCIAL DISCIPLINE
Slide 2: Agenda
AGENDA 1 Introduction 2 Corporate Overview 3 Asset Quality & Duration 4 European Gas Assets – Germany & Netherlands 5 Liquids-Rich Gas Assets – Deep Basin & Montney 6 Portfolio Management 7 Outlook & Capital Allocation 8 Summary & Key Takeaways 2
Slide 3: Global Gas Producer: Free Cash Flow Focused
GLOBAL GAS PRODUCER: FREE CASH FLOW FOCUSED Deep Basin Montney Legacy Assets European Gas Liquids-Rich Gas Liquids-Rich Gas Excess Free Cash Flow • Large, established land and • Infrastructure build-out • New discoveries in Germany, • Ireland, France and Australia production base with nearly complet
Slide 4: Vermilion at a Glance
VERMILION AT A GLANCE Market Summary Commodity Price Forecast(3) VET Trading Price (Dec. 9, 2025) $12.46 (TSX), US$8.99 (NYSE) TTF ($/MMBtu) $13.00 Shares Outstanding (Nov. 30, 2025) 153.1 MM NBP ($/MMBtu) $13.00 Average Daily Trading Volume (shares) 0.8 MM (TSX), 1.3 MM (NYSE) AECO ($/GJ) $ 3.50 Qu
Slide 5: Presenting Executives
PRESENTING EXECUTIVES Dion Hatcher Geoff MacDonald President & Lars Glemser Vice President Chief Executive Officer Vice President & Geosciences Chief Financial Officer Darcy Kerwin Lara Conrad Vice President Vice President International & HSE Business Development Randy McQuaig Vice President North A
Slide 6: Corporate Overview
CORPORATE OVERVIEW
Slide 7: Executive Leadership: CEO
EXECUTIVE LEADERSHIP: CEO 30+ Years of Experience / 20 Years Vermilion Experience Vermilion o President o VP, North America o VP, Canada o Director, Alberta Deep Basin o Development Manager, Canada o Exploitation Manager, France Dion Hatcher President & Prior Experience Chief Executive Officer o Var
Slide 8: Outsized Excess Free Cash Flow Growth
OUTSIZED EXCESS FREE CASH FLOW GROWTH PRODUCTION / SHARE(1,2) EXCESS FCF / SHARE(1,3) 0.36 Large Resource $3.00 Depth of inventory with 0.34 repeatable economics $2.50 0.32 $2.00 Operational Excellence 0.30 0.28 Continuous improvement driving $1.50 0.26 increased profitability $1.00 0.24 0.22 Per Sh
Slide 9: What Vermilion Offers Investors
WHAT VERMILION OFFERS INVESTORS Repositioned Global Gas Portfolio o Profitable, long-life assets delivering top decile realized gas price Germany Production Growth o Positioned for organic growth with production from new discoveries, upside from additional prospects Dominant Deep Basin o Depth and q
Slide 10: 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 11: Direct Global Gas Production
DIRECT GLOBAL GAS PRODUCTION How they do it… … vs. how Vermilion does it ~100 mmcf/d of Premium-Priced Domestic European Gas Exposure(1) Liquefaction $15/MMBtu Realized Price(2) Exceeds North American Benchmarks Transport Lowest Cost to Market Attractive Development Cost Metrics Without LNG Cost Str
Slide 12: Repositioned Portfolio: Impact 2026
REPOSITIONED PORTFOLIO: IMPACT 2026 HIGHER PRODUCTION LOWER UNIT COSTS IMPROVED CAPITAL INTENSITY (MBOE/D) (OPEX + G&A/BOE) (CAPEX/FLOWING BOE) $21.41 120 $7,400 $14.65 $5,100 85 2024 2026e 2024 2026e 2024 2026e >40% increase in boe/d >30% decrease in cost structure >30% decrease in capex/flowing bo
Slide 13: Repositioned Portfolio: Impact 2028+
REPOSITIONED PORTFOLIO: IMPACT 2028+ Repositioning the portfolio… … to significantly grow Excess Free Cash Flow Deep Basin acreage and production Tripled Improved Capital Efficiency Deep Basin inventory quality and duration High-Graded Saskatchewan and USA oil assets Divested Moderating Base Decline
Slide 14: 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 15: Excess Free Cash Flow Growth
EXCESS FREE CASH FLOW GROWTH 2026-2028 EFCF OUTLOOK(1,3) $500 How Do We Get There?(2,3) Germany Deep Gas Drilling Program (2026-2028) $400 Structural Lift in EFCF Wisselshorst online (mid-2026) and debottleneck (2027-2028) EXCESS FREE CASH FLOW ($MM) Growing European gas and Montney/Deep Basin Addit
Slide 16: Asset Quality & Duration
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Slide 17: Executive Leadership: Geosciences
EXECUTIVE LEADERSHIP: GEOSCIENCES 20+ Years of Experience / 6 Years Vermilion Experience Vermilion o Chief Geoscientist, Canada Prior Experience o VP, Exploration – Velvet Energy o Various senior technical, business development, and leadership roles at Encana, Enerplus and EOG Resources Geoff MacDon
Slide 18: Better Wells Through Technical Rigor
BETTER WELLS THROUGH TECHNICAL RIGOR Geology o We work with the actual rock, every day Geophysics o We employ in-house and 3rd party expertise on every shoot Geomechanics o We build robust target and completion models for every well Vp/Vs IP (m/s*g/cc) Geochemistry, Hydrodynamics, Petrophysics o We
Slide 19: Vermilion's Canadian Position
VERMILION’S CANADIAN POSITION Vermilion has been a pioneer in developing liquids-rich gas zones in Canada since the ‘90s 19
Slide 20: Deep Basin Inventory Depth
DEEP BASIN INVENTORY DEPTH INVENTORY FAIRWAYS DEEP BASIN INVENTORY Upper Cretaceous 257 501 Spirit River 25+ Years . of Inventory(1) Jurassic/Lwr Cretaceous 704 For illustrative purposes only JURASSIC/LWR CRETACEOUS SPIRIT RIVER UPPER CRETACEOUS Inventory depth through areal extent and stacked zones
Slide 21: Mica Montney Inventory Depth
MICA MONTNEY INVENTORY DEPTH MIDDLE MONTNEY ATTRIBUTES MONTNEY INVENTORY 58 Thickness 20+ Years BC AB . of Inventory(1) Liquids 190 Distribution BC AB For illustrative purposes only D1 UPPER MONTNEY Lower well cost, higher liquids yield, enhanced deliverability – Mica is a Montney sweet spot 21
Slide 22: Germany & Netherlands Gas
GERMANY & NETHERLANDS GAS A significant position covered by 3D seismic – a massive resource with abundant inventory 22
Slide 23: 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 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 o Larger German prospects provide follow-up 9 Bcf avg per well(1) drilling opportunities 9 Devel
Slide 25: Inventory for the Future
INVENTORY FOR THE FUTURE DEEP BASIN MONTNEY GERMANY & NETHERLANDS GAS 7% 16% 20% 14% 29% ~1,450 . ~250 . ~31 . Locations(1) Locations Accumulations BOOKED LOCATIONS EVALUATION LOCATIONS UNBOOKED LOCATIONS Vermilion’s growth assets have decades of development ahead that is not reflected in our reserv
Slide 26: European Gas Assets
EUROPEAN GAS ASSETS GERMANY & NETHERLANDS
Slide 27: Executive Leadership: International
EXECUTIVE LEADERSHIP: INTERNATIONAL 25+ Years of Experience / 20 Years Vermilion Experience Vermilion o VP, Strategic Planning o Managing Director, Ireland o Managing Director, France o Facilities Engineering Manager, Canada o General Manager, Australia Darcy Kerwin Prior Experience Vice President o
Slide 28: European Gas Assets: Germany & Netherlands
EUROPEAN GAS ASSETS: GERMANY & NETHERLANDS Overview Key Statistics Gas Production: 46 mmcf/d (57% Germany / 43% Netherlands)(1) Acreage: 1.45 million acres (50% Germany / 50 % Netherlands)(2) History Proven track record of development with 30+ exploration wells at 70% success rate over 20 years Sign
Slide 29: 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 30: Size of the Prize
SIZE OF THE PRIZE NORTH GERMAN BASIN Discovery Well 2P Reserves 68 Bcf Property Gross(1) 44 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: Pathway to Organic Gas Growth
PATHWAY TO ORGANIC GAS GROWTH 2024 EUROPEAN GAS RESERVES Organic upside in Germany 350 300 Up to 30 locations identified 250 2P RESERVES (BCF)(1) 200 150 Targeting 30+ Bcf prospects 100 50 Progressing Bommelsen development - Germany Netherlands Ireland CEE Successful exploration and development in G
Slide 32: 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 33: Germany Gas: Operational Excellence
GERMANY GAS: OPERATIONAL EXCELLENCE LOWER COST FOLLOW-UP DEVELOPMENT $60 DCET ($000’S)(1) Reducing capital cost $40 o Using high-performance drilling rig, drilling two wells back-to-back, utilizing existing infrastructure $20 Discovery Additional Well Wells (Avg.) ACCELERATED FOLLOW-UP DEVELOPMENT 1
Slide 34: 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 35: 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 36: 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)(1) ~105 mmcf/d European Gas Production in 2025(1) Ireland – Moderating Decl
Slide 37: Liquids-Rich Gas Assets: Deep Basin
LIQUIDS-RICH GAS ASSETS DEEP BASIN
Slide 38: Executive Leadership: Canada
EXECUTIVE LEADERSHIP: CANADA 30+ Years of Experience / 12 Years Vermilion Experience Vermilion o Director, Canadian Assets o Manager, Saskatchewan o Business Development Prior Experience o Founding member and President & CEO of several Randy McQuaig successful junior oil and gas companies Vice Presi
Slide 39: Canadian Liquids-Rich Gas Focus
CANADIAN LIQUIDS-RICH GAS FOCUS 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 Kaybob
Slide 40: Deep Basin: Overview
DEEP BASIN: OVERVIEW Overview Key Statistics Production: 70,000 boe/d (Q3 2025)(1) Acreage: 1.1 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 41: Dominant Deep Basin Position
DOMINANT DEEP BASIN POSITION Vermilion’s Deep Basin Attributes Top five Deep Basin producer by volume Ellerslie Ellerslie IP30 650 boe/d IP30 870 boe/d (1) 49% liquids 55% liquids Top five Deep Basin producer by land base Notikewin IP30 1,570 boe/d Higher liquids weighting than peers 31% liquids Rec
Slide 42: Multi-Zone Deep Basin Inventory
MULTI-ZONE DEEP BASIN INVENTORY DEEP BASIN INVENTORY Decades of Inventory o Current inventory(1) supports 70,000 - 90,000 boe/d(2) production for 25+ years 18% Stacked Zone Optionality 34% o Utilizing existing surface infrastructure improves capital efficiency ~1,450 . Locations Identified Infrastru
Slide 43: 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 $1,000 Consistent three-rig drilling program 2023 2024 2025 DEEP BASIN PEERS VERMILION Culture of continuous i
Slide 44: Profitable Growth: Stronger Well Results
PROFITABLE GROWTH: STRONGER WELL RESULTS DEEP BASIN PRODUCTION BY DRILL YEAR 1,200 Vermilion’s H2/25 drilling program has produced some 1,000 of the best wells in Alberta 800 BOE/D(1) 600 400 200 0 0 6 12 18 24 30 PRODUCTION MONTH 2022-2025 AVG (39 TOTAL) 2026 BUDGET (43 TOTAL) POST-CLOSE 2025 IP30
Slide 45: Profitable Growth: Economic Inventory
PROFITABLE GROWTH: ECONOMIC INVENTORY Upper Spirit Jurassic/Lwr Cretaceous River Cretaceous Lateral Length (m) 2,800 2,900 2,800 Longer Laterals Improve Economics DCET Cost ($MM) $5.0 – 5.5 $6.0 – 6.5 $5.5 – 7.5 o ~30% longer wells than peers offset higher cost IP365 (boe/d)(1) 450 750 475 2P Reserv
Slide 46: Liquids-Rich Gas Assets: Montney
LIQUIDS-RICH GAS ASSETS MONTNEY
Slide 47: Montney: Overview
MONTNEY: OVERVIEW Overview Key Statistics Production: 16,000 boe/d (Q3 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 48: Infrastructure Nearing Completion
INFRASTRUCTURE NEARING COMPLETION… 8-33 Battery Water Handling 8-33 Battery Ph. 2 Expansion 8-33 Battery Ph. 3 Expansion Liquids handling battery Allows for up to 55% recycling of Adding compression and expanding Adding compression and liquids facilitating the first growth leg of water, reduces capi
Slide 49: Pivoting to Long-Term Excess Free Cash Flow
… PIVOTING TO LONG-TERM EXCESS FREE CASH FLOW Production Growth Plan in Place o Forecast ~40 wells to be drilled to achieve target production(1) Long-Duration Inventory o 20+ years of inventory(2) after reaching target production Long-Term Excess Free Cash Flow(3) o Strong cash flow generation with
Slide 50: Montney Operational Excellence
MONTNEY OPERATIONAL EXCELLENCE IMPROVED DRILLING SPEED… … LEADING TO LOWER COSTS 600 Optimized $800 Drilling fluid and drill bit METRES MD/DAY $/METRE 400 $600 Reduced 200 $400 2023 2024 2025 2023 2024 2025 Water used in completions IMPROVED FRAC EFFICIENCY… … LEADING TO LOWER COSTS 4,000 $1,000 TON
Slide 51: Montney Well Economics
MONTNEY WELL ECONOMICS BC Middle Montney Lateral Length (m) 3,000 DCET Cost ($MM) $8.5 Top Quartile DCET for Montney Oil IP365 (boe/d)(1) 950 Robust IP Rates 2P Reserves (mboe)(2) 1,500 Liquids % of Reserves(3) 38% High Liquids Rates, Predominantly Oil IRR(4) 120% Vermilion’s High-Return Montney Ass
Slide 52: Montney Pivot to EFCF
MONTNEY PIVOT TO EFCF 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 0 2022 2023 2024 2025 2026 2027 2028 2029 2030+ 2022-2025 Execution 2026-2028 Plan Pivot to Excess Free Cash Flow o
Slide 53: Portfolio Management
PORTFOLIO MANAGEMENT
Slide 54: Executive Leadership: Business Development
EXECUTIVE LEADERSHIP: BUSINESS DEVELOPMENT 25+ Years of Experience / Joined Vermilion Team in 2025 Vermilion o VP, Business Development Prior Experience o SVP, Chief Development Officer – ARC Resources o Responsible for Business Development, Development & Reservoir Engineering, Geosciences, Strategi
Slide 55: Operational Scale Supports Opportunistic A&D
OPERATIONAL SCALE SUPPORTS OPPORTUNISTIC A&D • Strong asset base will continue to grow through strategic investment and Acquisition and Divestiture (“A&D”) activity • Focus on assets with high netback margins that compete with organic development o Canada: Inventory duration and operational efficien
Slide 56: Building on the Vermilion Portfolio
BUILDING ON THE VERMILION PORTFOLIO Established in prolific liquid-rich gas plays Natural acquiror of cash flowing assets Harvesting EFCF(1) from legacy oil assets Depth of knowledge in conventional and unconventional development, onshore and offshore operations, all stages of lifecycle (exploration
Slide 57: Acquisition Strategy
ACQUISITION STRATEGY o In Canada, focused on Montney and Deep Basin Liquids-Rich Plays o 30 years of experience in efficient stacked zone development, track record of identifying and successfully integrating acquisitions o Experienced operator with jurisdictional expertise: operations in Europe sinc
Slide 58: Outlook & Capital Allocation
OUTLOOK & CAPITAL ALLOCATION
Slide 59: Executive Leadership: CFO
EXECUTIVE LEADERSHIP: CFO 20+ Years of Experience / 10 Years Vermilion Experience Vermilion o Director, Finance o Investor Relations o Operations Controller Prior Experience o Diverse roles in finance/treasury, corporate planning and Lars Glemser corporate development Vice President & Chief Financia
Slide 60: The Vermilion Opportunity
THE VERMILION OPPORTUNITY o Multi-commodity portfolio ensures resilience and upside potential Resilience o Debt per boe reduced ~50% from 2021 to YE 2026e(1), strengthening the balance sheet o Robust commodity marketing strategy enhances margins Sophistication o Effective hedging program o Positione
Slide 61: Resilience: Financial
RESILIENCE: FINANCIAL NET DEBT TO FFO(1) DEBT MATURITY PROFILE(2) 2.0x Committed to $600 Revolving Credit OUTSTANDING DEBT ($MM) returning to Facility ("RCF") 1.5x 1.0x leverage Sr. Notes $400 No near-term debt maturities… 1.0x $200 0.5x 0.0x $0 2021 2022 2023 2024 2025e 2026e 2026 2027 2028 2029 20
Slide 62: Resilience: Operational
RESILIENCE: OPERATIONAL TOTAL WELL COUNT(1) MONTNEY INFRASTRUCTURE INVESTMENT(2) 6,000 $60 Producing Wells WELL COUNT (NET) $50 Non-Producing Wells 4,000 $40 ($MM) $30 2,000 $20 $10 - $0 2022 2023 2024 2025e 2022-2025 (Avg.) 2026e 2027e-2030e (Avg.) PRODUCTION PER WELLBORE(3) PRODUCTION FROM GLOBAL
Slide 63: Sophistication: Marketing
SOPHISTICATION: MARKETING NATURAL GAS PRICE EXPOSURE(2) Direct Access to Global Gas Markets 7% o Actively monitor global hubs to optimize price 5% 7% Euro 33% Long-Duration Assets Complement Market Access Gas AECO o Multi-year basis hedges to manage exposure Exposure 8% 5% Direct Access to Multiple
Slide 64: Sophistication: Hedge Program
SOPHISTICATION: HEDGE PROGRAM Q3 2025 REALIZED NATURAL GAS PRICE(1) $6 Effective Financial Hedging Program $700 million of realized hedge gains over 2023-2025 (YTD)(2) $5 Currently have 43% of production hedged for 2026 REALIZED NATURAL GAS PRICE ($/MCF) $4 2026 PRODUCTION HEDGED(3) 100% 80% $3 AVER
Slide 65: Opportunity: Unique Portfolio
OPPORTUNITY: UNIQUE PORTFOLIO GAS PRODUCERS WITH INTERNATIONAL EXPOSURE Crude oil + (Q3 2025) Canada Gas European Gas Liquids 20% Production(2) Uniquely positioned as only mid-cap 57% 13% 30% % INTERNATIONAL EXPOSURE(1) 15% entity with meaningful global gas price exposure and long-duration internati
Slide 66: Lowest Cost of Gas to Global Market
LOWEST COST OF GAS TO GLOBAL MARKET INTERNATIONAL GAS SUPPLY ECONOMICS(1) $10.00 2026 Unhedged EFCF Gas Sensitivities(2) West Coast $8.00 Canada offers +/- C$1/MMBtu $28MM strong LNG economics $6.00 Vermilion’s domestic Euro Gas Price production: Lowest USD/MCF $4.00 cost to access global gas market
Slide 67: Adding Per Share Value
ADDING PER SHARE VALUE PRODUCTION / SHARE(1,2) EXCESS FCF / SHARE(1,3) 0.36 $3.00 0.34 $2.50 0.32 $2.00 0.30 0.28 $1.50 0.26 $1.00 0.24 $0.50 0.22 0.20 $0.00 2026E 2028E 2026E 2028E STRIP PRICING INVESTOR DAY PRICING Adding more Excess Free Cash Flow behind every share 67
Slide 68: 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 69: 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 70: Summary & Key Takeaways
SUMMARY & KEY TAKEAWAYS we
Slide 71: Summary & Key Takeaways
SUMMARY & KEY TAKEAWAYS 2026-2028 EFCF OUTLOOK(1,2) $500 Repositioned Global Gas Portfolio $400 Structural Lift in EFCF EXCESS FREE CASH FLOW ($MM) Growing European gas Germany Production Growth and Montney/Deep Basin liquids-rich gas $300 Dominant Deep Basin $200 $100 Montney Momentum $0 2026e EFCF
Slide 72: Appendix
APPENDIX
Slide 73: Pricing & FFO Sensitivity
PRICING & FFO SENSITIVITY Commodity Price Forecast(3) 2026 FFO SENSITIVITY (C$MM)(2) TTF ($/MMBtu) $13.00 FFO Impact FFO Impact Change NBP ($/MMBtu) $13.00 (Hedged) (Unhedged) AECO ($/GJ) $ 3.50 TTF & NBP $1.00/MMBtu $23MM $28MM Henry Hub (US$/MMBtu) $ 4.00 NA Gas Prices $0.25/MMBtu $23MM $34MM WTI
Slide 74: Analyst Coverage
ANALYST COVERAGE Firm Analyst ATB Capital Markets Amir Arif, CFA, CMT BMO Capital Markets Jeremy McCrea, CFA Canaccord Genuity Capital Markets Mike Mueller, P.Geo., CFA CIBC Capital Markets Dennis Fong, P.Eng. Desjardins Capital Markets Chris MacCulloch, CFA National Bank of Canada Capital Markets T
Slide 75: 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 delays or changes in plans with respect to exploration or development projects; Vermilion's ability to enter into or renew leases on acc
Slide 76: Slide Notes
SLIDE NOTES Disclaimer: Estimates of drilling locations (2) Production per share represents total annual production in barrels of oil equivalent (“boe”), with natural gas converted on the basis of one boe Drilling inventory reflects company estimates of future drilling locations and expected pace of
Slide 77: Slide Notes
SLIDE NOTES Slide 15 Slide 29 (1) Excess free cash flow (“EFCF”) is a non-GAAP financial measure, refer to footnote (2) on slide 3, above. EFCF presented based on company (1) Reserve additions calculated as gross reserves as of December 31, 2024, as evaluated by McDaniel & Associates Consultants Ltd
Slide 78: Slide Notes
SLIDE NOTES Slide 36 Slide 44 (1) 2025 based on company estimates as of December 9, 2025. Company 2026-2030 forecast as of December 9, 2025, refer to footnote (1) on slide 8, (1) Well results for 2022-2025 based on average actual well results, 2026 budget based on company estimates as of December 9,
Slide 79: Slide Notes
SLIDE NOTES Slide 51 (3) Reflects outstanding borrowings and available liquidity at September 30, 2025, refer to Vermilion’s financial statements for the three and nine (1) Production rates presented above are for a limited timeframe only and may not be indicative of future performance or the ultima
Slide 80: Slide Notes
SLIDE NOTES Slide 67 (1) Company 2026-2030 forecast as of December 9, 2025, refer to footnote (1) on slide 8, above. (2) Production per share represents total annual production in barrels of oil equivalent (“boe”), with natural gas converted on the basis of one boe for six mcf of natural gas, divide