Alvopetro Energy Ltd. · TSXV:ALV
Alvopetro Energy — Q4 2025 Earnings Presentation
26 slides from Alvopetro Energy's earnings presentation, Mar 18, 2026
Slide 1: Corporate Presentation
a Corporate Presentation March 2026 TSXV: ALV OTCQX: ALVOF
Slide 2: Alvopetro - A Disciplined Capital Allocation Model
Alvopetro - A Disciplined Capital Allocation Model First Brazilian integrated onshore natural gas producer Strong operating and financial results well ahead of expectations Balanced reinvestment and stakeholder return model High rate of return opportunities in Brazil & Canada Proven team with succes
Slide 3: At a Glance – Value, Yield, Growth
At a Glance – Value, Yield, Growth Market Summary Reserves & Resources, NPV10 before tax (4)(7)(8)(9)(12) December 31, 2025 Shares outstanding(1) 36.7 million 1,000 800 Average daily trading volume(1) 79,299 US$ millions 600 Insider ownership(1) 9.5% 400 Current Enterprise Value Market cap/Enterpris
Slide 4: 2025 Year End Reserve Highlights
2025 Year End Reserve Highlights(4)(7)(9) December 31, 2025 Gross Reserve and Gross Resource Volumes • 1P production replacement ratio of 485%: 79% Total Proved Total Proved plus increase in 1P reserves to 8.1 Mmboe after 2025 Total Proved plus Probable Probable plus Possible production of 0.9MM boe
Slide 5: Focused on Delivering Shareholder Returns
Focused on Delivering Shareholder Returns 183-A3 +79% well results Record Q4 10.00 & Jan 2026 1P 197(1) well on Production Reserves production Dividend $20 million 9.00 -36% Credit Dividend Dividend +17% +20% +17% 2P reserves value Facility Emergency 8.00 (NPV10BT) 183-D4 Arbitration on production D
Slide 6: Brazil a Growing Market with Attractive Fundamentals
Brazil a Growing Market with Attractive Fundamentals Largest oil producer in S. America and 9th globally New natural gas market. 32% of supply is currently imported World’s 9th largest economy Brazil Attractive fiscal regime with 5.5-11% royalties & 15%-34% income tax Stable regulatory framework att
Slide 7: State of Bahia – Reconcavo Basin
State of Bahia – Reconcavo Basin • Oldest producing basin in Brazil: 23.9 Mbopd + 2.2 e6m3/d (77 MMcf/d) • Brazil's 4th largest city Salvador (pop 2.9 million) • Well developed industrialized region • Majority of natural gas consumed in Camacari industrial complex • Highly strategic infrastructure B
Slide 8: Caburé – Asset Overview
Caburé – Asset Overview – 56.2% ALV(12) • The Caburé field is a joint development of a conventional natural gas discovery Murucututu Project (100%) • Unitized area development - 12 wells & field production facility ALV 183-B1 • Gross Unit production capacity was increased by 33% to 21.2 MMcfpd (600
Slide 9: Midstream - Infrastructure & Marketing
Midstream - Infrastructure & Marketing (100% ALV) • 11-km transfer pipeline & Gas Plant (UPGN) with 18+ MMcfpd capacity Murucututu Project • Bahiagás 15-km Distribution pipeline & 70 MMcfpd citygate at our plant site (100%) • Updated GSA effective January 1, 2025, increasing firm sales volumes by 33
Slide 10: Strong Production Results
Strong Production Results Alvopetro - Daily sales volumes (boepd) 3,099 3,058 3,000 2,867 191 179 2,523 148 2,500 106 2,000 1,794 1,500 2,908 2,879 2,719 2,417 1,000 1,794 500 - 2024 2025 Q4 Jan 2026 Feb 2026* 2025 Brazil - boepd Canada - boepd Total Company - Avg daily boepd *field estimates | TSXV
Slide 11: Operating Netback – Q4 2025
Operating Netback – Q4 2025 Q4 2025 operating netback margin of 83% Operating Netback(9)- $/boe Operating netback as a % of realized sales price 87% 89% 89% 86% 87% 85% 83% Q4 2025 realized price of $59.75/boe Operating Netback Margin(9) (% of Sales Price) 80.00 75.94 80% 71.97 80% 2.02 1.94 66.46 6
Slide 12: Disciplined Capital Allocation
Disciplined Capital Allocation – Balancing Organic Growth & Returns Funds Flow From Operations(9) & Capital Allocation Allocation of Funds Flow from Operations 20,000 July 2020 to December 31, 2025 Share repurchases 16,000 1% 12,000 Dividends US$000's 32% Capex 8,000 52% Debt 4,000 (repayments + int
Slide 13: Brazilian Organic Growth Plan
Brazilian Organic Growth Plan Near-Term Productive Capacity Growth Plan – Facilities Focused • Optimize UPGN Caburé to process increasing % blend of Murucututu gas • 2026 expand Murucututu pipeline and field production facility capacity to 600 e3m3/d (21.2 Mcfpd) Murucututu Focused Development Drill
Slide 14: UPGN Optimization Plan
UPGN Optimization Plan Two-Phase Optimization to process increasing % blend of Murucututu gas • 2026 – optimize condensation stabilization and build further redundancy with target capacity up to 600 e3m3/d (21.2 Mcfpd) • Medium term plan to handle 100% Murucututu gas through additional fractionation
Slide 15: Murucututu Development Plan
Murucututu Development Plan (100% ALV) Caruaçu Subsea Murucututu Project (100%) Depth Structure 10m C.I. 183-D4 Caruaçu gas pay 61 metres TVD >50% Vshale & > normalized 4x Caruaçu Sand Trend background gas 183-1 ALV 183-A3 ALV 183-D4 183-A3 ALV 197-1 NDE Alvopetro Pipeline 183-D4 Caburé Field (56%)
Slide 16: Murucututu Caruaçu Cross Section
Murucututu Caruaçu Cross Section N 183-1 183-A3 183-D4 S 760m 540m PHIE LKG -2524m SS WUT -2750m SS • At 12/31/2025 GLJ assigned 36.9 Bcf of 2P reserves + 11.1 Bcf of risked best estimate prospective resource for Caruaçu reservoir • Planning an expanded Caruaçu focused development program following
Slide 17: Murucututu 2026 Capital Plan
Murucututu 2026 Capital Plan Existing Pipeline Existing PAD Existing Well Future Pipeline Future PAD Future Well Murucututu Murucututu Caburé • Pipeline looping to increase egress from Murucututu to 600e3m3/d (21.2 MMcfpd) • Expand Murucututu field production facility (HUB) to 600e3m3/d • Construct
Slide 18: Murucututu Multi-Year Development Plan
Murucututu Multi-Year Development Plan Existing Pipeline Multi-Year development builds on the 2026 program Existing PAD • Initial focus on the Caruaçu reservoir development in the Existing Well Future Pipeline southern portion of Murucututu field Future PAD • Longer-term development focused on Gomo
Slide 19: Western Canadian Growth Platform
Western Canadian Growth Platform - Mannville Stack Heavy Oil Fairway • Expanded focus area – Mannville Stack western Saskatchewan • Multi-zone with large amounts of OOIP • Partnered with an established operator with strong track record • Attractive economics through the application of multilateral d
Slide 20: Attractive Economics With Multilateral Drilling Technology
Attractive Economics With Multilateral Drilling Technology | TSXV: ALV, OTCQX: ALVOF 20
Slide 21: Western Canadian Focus Area Type Curves
Western Canadian Focus Area Type Curves (Gross 100% WI) Well Inventory (# of Gross Locations) Area GLJ 2P Undeveloped Tier 1 Neilburg (GP) 2 25 Salvador (GP) 4 30 Lashburn (Lloyd) 2 20 Others 0 40 Total 8 115 • The 2025/26 drilling program has validated our core areas as commercially robust • Over 1
Slide 22: Why Invest?
Why Invest? Results Growth Value Yield | TSXV: ALV, OTCQX: ALVOF 22
Slide 23: TSXV: ALV OTCQX: ALVOF
TSXV: ALV OTCQX: ALVOF Calgary, Canada: Alvopetro Energy Ltd. Suite 401, 255 – 17th Avenue SW Calgary, Alberta, Canada T2S 2T8 Tel: (587) 794-4224 Email: info@alvopetro.com Salvador, Brazil: Alvopetro S/A Extração de Petróleo e Gás Natural Rua Ewerton Visco, 290, Boulevard Side Empresarial, Sala 200
Slide 24: Cautionary Statements
Cautionary Statements • Forward Looking Statements. This presentation contains forward-looking statements including forecasted future earnings and sales volumes, forecasted natural gas prices under the Company’s long-term gas sales agreement, the anticipated timing of projects, forecasted royalty ra
Slide 25: Cautionary Statements
Cautionary Statements • Net Present Value and Reserves Disclosed. The net present value of future net revenue attributable to Alvopetro’s reserves is stated without provision for interest costs and general and administrative costs, but after providing for estimated royalties, production costs, devel
Slide 26: Endnotes
Endnotes 1. As of March 17, 2026. Average daily trading volume is based on average volumes traded on all Canadian exchanges (TSXV and other Canadian) and on the OTCQX in the six months commencing on September 18, 2025 and ending on March 17, 2026. 2. Enterprise value of $220.4 million is computed as