Meren Energy Inc. · TSX:MER
Meren Energy — Q1 2026 Earnings Presentation
14 slides from Meren Energy's earnings presentation, May 13, 2026
Slide 1: Delivering Value Through Every Cycle
Meren Energy Inc. Delivering Value Through Every Cycle First Quarter 2026 Results 13 May 2026 www.mereninc.com www.mereninc.com
Slide 2: Speakers Agenda
Speakers Agenda Introduction Oliver Quinn CEO Business Highlights Q1 Financial and Operational Results Aldo Perracini Business Outlook CFO Q&A Shahin Amini Head of IR and Comms First Quarter 2026 Results Presentation | May 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: Q1 2026: Operational Stability and Financial Strength
Q1 2026: Operational Stability and Financial Strength 1 Capital Returns Dividends / Share Buybacks Increased financial flexibility via RBL refinancing $50m 2 Disciplined capital returns Balance Sheet Strength Net Debt to EBITDAX 0.5x 3 Core asset performance on track, achieving higher gas pricing Li
Slide 5: Quarterly Production Performance
Quarterly Production Performance Q1 2026 W.I. Production Average daily production (kboepd) 28.4 kboepd FY’26 Guidance: 23-28 kboepd Q1 2026 Entitlement 40,000 Production 35,000 31.0 kboepd FY’26 Guidance: 28-33 kboepd 30,000 25,000 Akpo and Egina performed in line 20,000 with expectations during the
Slide 6: Oil Sales
Oil Sales 1 February cargo sold at Premium Dated Brent Pricing $64/bbl Q1 Average Dated Brent: $81/bbl Conflict in the Middle East drove a sharp increase in Dated Brent Dated Brent for February 2026: 90 $71bbl 80 70 60 50 40 30 20 10 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Sales Price Dated Brent
Slide 7: Q1 Financial Highlights
Q1 Financial Highlights EBITDAX1 / CFFO1,2 / Capex / FCF2 ($ Million) FY’26 GUIDANCE FY’26 GUIDANCE FY’26 GUIDANCE $270-360 $185-255 $100-140 180 160 140 120 100 100 79 80 60 40 20 9 0 -20 -40 -36 EBITDAX CFFO2 CAPEX FCF Q1 2026 1) EBITDAX/CFFO/FCF are not generally accepted IFRS term. Refer to Read
Slide 8: Q1 Cash Movements
Q1 Cash Movements1 Cash Balances & Q1’26 Movements ($ Million) 200 40 180 175 -10 162 160 -6 140 -27 -9 120 100 80 60 40 20 0 in operating activities Q1’26 Cash Balance FY’25 Cash Balance Net cash generated Interest expense RBL modification and other items O&G properties RBL drawdown Investments in
Slide 9: Liquidity Management
Liquidity Management RBL Drawdown Q1’26 Debt, net debt and borrowing base Borrowing base redetermination and amounts (US$M) headroom (US$M) $40m 1200 1200 RBL Drawn Amount Q1’26 1000 1000 $370m 800 800 Net Debt Position Q1’26 Net Debt 600 600 US$204m $208m liquidity headroom (YE’25: $155m) 400 400 2
Slide 10: Portfolio Updates
Portfolio Updates Akpo/Egina: Rig mobilisation is expected in H2 2026, starting with Akpo Far East before moving to Akpo and Egina infill wells, with first production from these wells anticipated in 2027 Nigeria Agbami: Rig contracting is on schedule ahead of infill drilling commencing in Q4 2026, s
Slide 11: Meren's Capital Allocation Priorities
Meren’s Capital Allocation Priorities 2. O 3. Shareholder 4. Inorganic 1. Balance sheet strength rg returns growth Gro an w i th c S Nam o u th Africa Balance Sheet ib ia & i lli n g Strength Underpins Organic Growth ill Dr In f E G ev p el prai a d ri a s op sal me & Ni g e e nt nt opm D e ve l Pur
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 First Quarter 2026 Results Presentation | May 2026
Slide 14: Reader Advisory
Reader Advisory Non-IFRS Measures Oil and Gas Information References are made to “Earnings Before Interest, Tax, Depreciation, Amortization and Exploration Expenses (“EBITDAX”), cash flow from operations (“CFFO”) and free cash flow to firm (“FCF”). These are Aggregate oil equivalent production data