Meren Energy Inc. · TSX:MER
Meren Energy — Q2 2026 Earnings Presentation
14 slides from Meren Energy's earnings presentation, Aug 12, 2026
Slide 1: Delivering Value Through Every Cycle
Meren Energy Inc. Delivering Value Through Every Cycle Second Quarter 2026 Results 12th August 2026 www.mereninc.com www.mereninc.com
Slide 2: Speakers Agenda
Speakers Agenda Introduction Oliver Quinn CEO Business Highlights Q2 Financial and Operational Results Aldo Perracini Business Outlook CFO Q&A Shahin Amini Head of IR and Comms Second Quarter 2026 Results Presentation | August 2026 2
Slide 3: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain statements and information that constitute “forward-looking information” within the meaning of applicable Canadian securities laws. All statements other than statements of historical fact are forward-looking statements. Forward-looking st
Slide 4: Q2 2026: Highlights
Q2 2026: Highlights Capital Returns Low-cost base underpins the next growth phase – FY 2026 guidance raised Dividends YTD 1 Resilient low-cost base: H1 delivery on plan, poised to start well workovers and the drilling of infill wells to sustain production $75m Since Prime amalgamation in Mar’25 $175
Slide 5: Quarterly Production Performance
Quarterly Production Performance Q2’26 W.I. Production Average daily production (kboepd) 27.1 kboepd FY’26 Guidance: 24.0-27.0 kboepd Q2’26 Entitlement Production 40,000 30.1 kboepd 35,000 FY’26 Guidance: 28.5-32.5 kboepd 30,000 Akpo and Egina performed 25,000 in line with expectations 20,000 Agbami
Slide 6: Oil Sales
Oil Sales H1 2026: period of transition as the legacy trigger price sales contracts rolled off Average Q2’26 Sales Price $92.8/bbl Q2 Average Dated Brent: $103.8/bbl Realised sales price below market levels as legacy trigger-price mechanisms roll off 110 100 Q2 Agbami Spot Cargo 90 ~$122/bbl 80 Sign
Slide 7: Q2 Financial Highlights
Q2 Financial Highlights EBITDAX1 / CFFO1,2 / Capex / FCF2 ($ Million) FY’26 GUIDANCE FY’26 GUIDANCE FY’26 GUIDANCE $390-430m $235-260m $90-120m 220 220 220 200 200 180 180 160 160 139 140 140 120 108 120 100 100 80 80 60 53 60 60 40 40 24 18 20 15 20 0 0 EBITDAX CFFO CAPEX FCF EBITDAX3 CFFO CAPEX FC
Slide 8: Q2 Cash Movements
Q2 Cash Movements1 Cash Balances & Q2’26 Movements ($ Million) 250 67.3 -14.7 200 161.6 150 -80 100 -50.2 77.7 -6.3 50 0 Net cash Investments in Dividends paid to Interest expense Q1’26 Cash Balance RBL repayment Q2’26 Cash Balance generated in O&G properties shareholders and other items operating a
Slide 9: Liquidity Management
Liquidity Management Q2’26 RBL Repayment Debt, net debt and borrowing base Borrowing base redetermination and amounts (US$M) headroom (US$M) $80m 1200 1200 End Q2’26 Liquidity Position 1000 1000 $319m 800 800 End Q2’26 Net Debt Position $212m 600 600 (YE’25: $155m) US$241m 400 400 RBL headroom End Q
Slide 10: Full-Year 2026 Management Guidance
Full-Year 2026 Management Guidance Robust H1 delivery and a constructive outlook support raised EBITDAX and cash flow from operations guidance, with narrower and higher-confidence production ranges Higher guidance reflects stronger H1 delivery and a higher full-year Date Brent assumption Original 20
Slide 11: The Next 12 Months: Building Momentum
The Next 12 Months: Building Momentum Multiple work streams to support production and de-risk future growth H2 2026 2027 NIGERIA NIGERIA Akpo and Egina well workovers Infill wells Low-cost program to enhance production performance – 3 wells by end of 2026 potential for 1,500 Production start-up from
Slide 12: Differentiated Independent E&P Investment Case
Differentiated Independent E&P Investment Case High netback Funded organic Robust balance Demonstrated production from core growth opportunities sheet with low debt track record of producing assets underpin long-term and material liquidity shareholder returns production outlook headroom Positioned t
Slide 13: Q&A
Q&A Second Quarter 2026 Results Presentation | August 2026
Slide 14: Reader Advisory
Reader Advisory Non-GAAP and Other Financial Measures Oil and Gas Information References are made to “Earnings Before Interest, Tax, Depreciation, Amortization and Exploration Expenses (“EBITDAX”), cash flow from operations (“CFFO”) before working capital and interest costs and Aggregate oil equival