Vermilion Energy Inc. · TSX:VET
Vermilion Energy — Investor Presentation (October 2026)
53 slides from Vermilion Energy's investor presentation, October 2026
Slide 1: Vermilion Energy Investor Presentation
VERMILION ENERGY GLOBAL GAS PRODUCER FREE CASH FLOW FOCUSED INVESTOR PRESENTATION FINANCIAL DISCIPLINE OCTOBER 2026 1
Slide 2: What Vermilion Offers Investors
WHAT VERMILION OFFERS INVESTORS Repositioned Global Gas Portfolio o Improved margins through lower corporate declines, stronger capital efficiency and premium commodity exposure Dominant Deep Basin o Depth and quality of inventory with infrastructure in place drives profitable growth Montney Momentu
Slide 3: Vermilion at a Glance
VERMILION AT A GLANCE Market Summary VET Trading Price (September 30, 2026) $16.19 (TSX), US$11.39 (NYSE) Shares Outstanding (September 30, 2026) 151.8 MM Average Daily Trading Volume (shares) 1.1 MM (TSX), 1.7 MM (NYSE) Quarterly Dividend $0.135/share Capital Structure Market Capitalization $2.5 B
Slide 4: Key Updates
KEY UPDATES Deep Basin Montney European Gas Corporate • Continued outperformance from • Record quarterly production • Osterheide well maintaining • Increased return of capital target recent drilling program; IP90 driven by 8-35 pad, six wells stable production profile with to 40-60% (from 40% previo
Slide 5: Repositioned Global Gas Portfolio
REPOSITIONED GLOBAL GAS PORTFOLIO 5
Slide 6: 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% ~122 mboe/d $600-630MM annual capex(2,3) ~130 mboe/d Up from 120 mboe/d at ~40% increase in Target capital: Australia drill year ($700MM) 13% December 2025 Investor
Slide 7: Total Return: Compounding Value
TOTAL RETURN: COMPOUNDING VALUE 2-3% Infrastructure and organization in place to produce 150 mboe/d, Production Growth per year focusing on half-cycle execution to hit 130 mboe/d by 2030 Ratable base dividend growth, with low current payout ratio Dividend Yield 3-4% providing runway for future incre
Slide 8: 2026 Capital Allocation
2026 CAPITAL ALLOCATION E&D CAPITAL ALLOCATION(1) PRODUCTION WEIGHTING(1) 2026E FFO ALLOCATION(2) FFO of ~$950MM 7% Unhedged DACF of 15% $1,200 ~$7.30/basic share 14% $1,000 $800 $600 – 630MM 121 – 123 mboe/d $MM 18% 67% Canada 70% Natural Gas $600 33% International 30% Liquids $400 67% 79% $200 $0
Slide 9: Repositioned Portfolio: More Efficient
REPOSITIONED PORTFOLIO: MORE EFFICIENT HIGHER PRODUCTION LOWER UNIT COSTS IMPROVED CAPITAL INTENSITY (MBOE/D)(1) (OPEX + G&A + INTEREST/BOE)(1) (CAPEX/FLOWING BOE/D)(1) 122 $24.12 $7,400 $16.90 $5,000 85 2024 2026e 2024 2026e 2024 2026e ~50% increase in production/share ~30% decrease in cost structu
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: Repositioned Portfolio: Capital Efficiency
REPOSITIONED PORTFOLIO: CAPITAL EFFICIENCY E&D CAPITAL ALLOCATION(2) Delivering Production Growth on Flat Capex $700 • Five-year average E&D capital of $630MM (2026-2030)(1) includes one-time Australia drill program and other Australia drilling planned for 2027, non-recurring capital $650 non-recurr
Slide 12: Repositioned Portfolio: Lower Base Decline
REPOSITIONED PORTFOLIO: LOWER BASE DECLINE BASE PRODUCTION DECLINE VS. PEERS(1) 40 AVERAGE = 30% 30 2027 BASE DECLINE RATE (%) 20 10 0 VET 2027 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7 Peer 8 Peer 9 Peer 10 AVERAGE (EXCL VET) Low base decline supports lower stay-flat capital and improves ful
Slide 13: Capital Allocation
CAPITAL ALLOCATION 13
Slide 14: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES Strong Robust Compounding Strategic Balance Sheet Asset Base Shareholder Returns Portfolio Management o Allocating at least 40% of o Long-life, high-return o Targeting 40-60% return o Increase operational scale EFCF(1) to debt repayment inventory of EFCF to shareholders
Slide 15: Balance Sheet: Accelerating Debt Reduction
BALANCE SHEET: ACCELERATING DEBT REDUCTION NET DEBT Debt Reduction Progress $2,000 Closed Deep Basin acquisition for $1.1B, funded Q1 2025 primarily with balance sheet NET DEBT ($MM)(1) $1,500 Announced divestment of non-core assets, Q2 2025 reduced net debt by $650MM $1,000 Organic deleveraging, im
Slide 16: Balance Sheet: Available Liquidity
BALANCE SHEET: AVAILABLE LIQUIDITY HISTORICAL NET DEBT TO FFO CURRENT CREDIT CAPACITY(2) 2.0x $0.53B 1.5x NET DEBT TO FFO RATIO(1) Available Liquidity of $1.0B Committed to 1.0x operating at 1.0x leverage $0.49B 0.5x $0.35B Undrawn Capacity on Revolving Credit Facility Revolving Credit Facility 2030
Slide 17: Asset Base: Profitable Reserves Growth
ASSET BASE: PROFITABLE RESERVES GROWTH RESERVES GROWTH PER SHARE 4.50 Organic and inorganic reserves growth o 2P FD&A(2) of $7.71/boe drives recycle ratio of 3.5x(3) 4.00 o 2P reserves replacement of over 450%(4) 3.50 3.00 BOE/SHARE(1) 2.50 Significant upside to reserves bookings o 77% of Deep Basin
Slide 18: Asset Base: Inventory for the Future
ASSET BASE: INVENTORY FOR THE FUTURE DEEP BASIN MONTNEY GERMANY & NETHERLANDS GAS 10% 20% 20% 37% ~1,450 . ~250 . ~31 . Locations(1) Locations Accumulations BOOKED LOCATIONS UNBOOKED LOCATIONS Vermilion’s growth assets have decades of development ahead that is not reflected in our reserves 18
Slide 19: Asset Base: Top-Decile Realized Gas Price
ASSET BASE: TOP-DECILE REALIZED GAS PRICE Q2 2026 REALIZED NATURAL GAS PRICE(1) NATURAL GAS PRICE EXPOSURE(2) $6 7% $5 6% REALIZED NATURAL GAS PRICE ($/MCF) 5% 30% $4 Euro Gas AECO 8% Exposure $3 AVERAGE (EXCL VET) = $2.53 6% $2 Diversification 5% $1 2% 31% $0 FINANCIAL HEDGES AECO BASIS PHYSICAL HE
Slide 20: Asset Base: Exposure to European Gas Prices
ASSET BASE: EXPOSURE TO EUROPEAN GAS PRICES HISTORICAL AND FORWARD PRICING OF GLOBAL GAS $50 Euro Gas H2/2026 2027 % Hedged 56% 31% $40 Average Floor $14 $13 TTF GAS PRICES (C$/MMBTU)(1) $30 $20 Demand fromFebruary Since Asian buyers has(2)elevated 23, 2026 : $10 JKM above 2026 European benchmarks,
Slide 21: Asset Base: Product & Revenue Resilience
ASSET BASE: PRODUCT & REVENUE RESILIENCE 2026E PRODUCTION BY PRODUCT(1) 2026E REVENUE BY PRODUCT(1) Canada Natural Gas 17% Liquids 30% Liquids 52% Natural Gas Europe 70% Natural Gas 31% Global Gas Producer with strong WTI and Brent-linked liquids contribution provides cash flow resilience 21
Slide 22: Shareholder Returns: Compounding Impact
SHAREHOLDER RETURNS: COMPOUNDING IMPACT ANNUAL DIVIDEND PER SHARE SHARE COUNT $0.80 165 2026 dividend payout is <10% of FFO $0.60 160 DIVIDENDS PER SHARE SHARE COUNT (MM)(1) 8% lower share $0.40 155 count improves per share metrics $0.20 150 $0.00 145 2022 2023 2024 2025 2026 2022 2023 2024 2025 202
Slide 23: Shareholder Returns: Dividend Payout
SHAREHOLDER RETURNS: DIVIDEND PAYOUT 2027 DIVIDEND PAYOUT VS. YIELD 50% 10.0% 40% 8.0% DIVIDEND PAYOUT (% OF FFO)(1) DIVIDEND YIELD (%)(1) Vermilion offers a dividend 30% yield in-line with peers while 6.0% only paying out <10% of FFO 20% 4.0% 10% 2.0% 0% 0.0% Peer VET Peer Peer Peer Peer Peer Peer
Slide 24: Portfolio Management: Principles
PORTFOLIO MANAGEMENT: PRINCIPLES Vermilion Approach Portfolio Repositioning Focus on Key Global Gas assets Operational Scale in Core Areas o Exited five regions, growth across core assets Extensive Resource with Inventory Upside Leverage Technical Expertise o 1.3MM acres in Canada, >2MM acres in Eur
Slide 25: Key Asset Overview
KEY ASSET OVERVIEW 25
Slide 26: Canada Liquids-Rich Gas Advantage
CANADA LIQUIDS-RICH GAS ADVANTAGE 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 Kaybo
Slide 27: Deep Basin: Overview
DEEP BASIN: OVERVIEW Overview Key Statistics Production: 81,000 boe/d (26% liquids) (Q2 2026)(1) Acreage: 1.2 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
Slide 28: Deep Basin: Operational Excellence
DEEP BASIN: 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 $1,000 Consistent three-rig drilling program 2023 2024 2025 DEEP BASIN PEERS VERMILION Culture of continuous improvem
Slide 29: Deep Basin: Robust Economics
DEEP BASIN: ROBUST ECONOMICS Upper Spirit Jurassic/Lwr Cretaceous Cretaceous River Cretaceous Upper Lateral Length (m) 2,800 2,900 2,800 DCET Cost ($MM) $5.0 – 5.5 $6.0 – 6.5 $5.5 – 7.5 Spirit River IP365 (boe/d)(1) 450 750 475 2P Reserves (mboe)(2) 770 1,050 610 Liquids % of Reserves(3) 32% 14% 47%
Slide 30: Montney: Overview
MONTNEY: OVERVIEW Overview Key Statistics Production: 18,000 boe/d (27% liquids) (Q2 2026)(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 cap
Slide 31: Montney: Premium Acreage
MONTNEY: PREMIUM ACREAGE VET owns ~9% of CEI.V(1) (~$45 million) Source: Land information sourced from EVA A significant and contiguous premium acreage block in the oil window of the Montney 31
Slide 32: Montney: Cost Optimization
MONTNEY: COST OPTIMIZATION BC MONTNEY AVERAGE WELL COST • DCET(1) cost reduced to $8.2MM (from $12 $8.5MM) o Improves project economics, represents $10 >$100 million (NPV10)(2) in future PER WELL COST ($MM) development cost savings to-date $8 o DCET cost savings are repeatable $6 • Water hub and dis
Slide 33: Montney: Well Economics
MONTNEY: WELL ECONOMICS BC Middle Montney Lateral Length (m) 3,000 DCET Cost ($MM) $8.5 IP365 (boe/d)(1) 950 2P Reserves (mboe)(2) 1,500 Liquids % of Reserves(3) 38% IRR(4) 120% Payout (years)(5) 0.8 NPV10 ($MM)(6) $12.9 Leading DCET costs in the oil window of the Montney 33
Slide 34: Montney: Pivot to EFCF in 2028
MONTNEY: PIVOT TO EFCF IN 2028 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 - 2022 2023 2024 2025 2026 2027 2028 2029 2030+ 2022-2025 Execution 2026-2028 Plan Pivot to Excess Free Cas
Slide 35: European Gas Synergies: Germany & Netherlands
EUROPEAN GAS SYNERGIES: GERMANY & NETHERLANDS Overview Key Statistics Gas Production: 47 mmcf/d (55% Germany / 45% Netherlands)(1) ~300 km Acreage: 2.1 million acres (67% Germany / 33% Netherlands)(2) History Proven track record of development with 30+ exploration wells at 70% success rate over 20 y
Slide 36: Germany: Exploration Potential
GERMANY: EXPLORATION POTENTIAL Deep Gas Exploration Type Well (1.0 Net) @ C$13/MMBTu Vertical Depth (m) ~5,000 Wisselshorst first DCET Cost ($MM) $40 – 50 production July 2026 2P Reserves (Bcf)(1) ~30 Osterheide has generated $57MM of Gas % of Reserves(2) 100% EFCF(7) since start-up IRR(3) 35% Burgm
Slide 37: Germany: Size of the Prize
GERMANY: SIZE OF THE PRIZE NORTH GERMAN BASIN Z2 Z3 Z1a Discovery Well 2P Reserves 67 Bcf Property Gross(1) 43 Bcf Gross to Vermilion Source: Petroleum Geological Atlas of the Southern Permian Basin Areas (2010), LBEG - “Erdgastabellen 1949-2024”, ESRI Vermilion’s largest discovery in over a decade
Slide 38: Germany: Outlook for Organic Growth
GERMANY: OUTLOOK FOR ORGANIC GROWTH DEEP GAS PROGRAM PRODUCTION TIMELINE(1) 80 Drilling and facility investment EFCF(2) generation 70 Production Forecast 60 to Double by 2030 MMCFE/D (NET) Legacy Germany 50 Deep Gas Success To-Date (1.6 net) Additional Wells 2.9 Net Wells of 40 ~30 Gross Identified
Slide 39: Additional Information
ADDITIONAL INFORMATION 39
Slide 40: Pricing & FFO Sensitivity
PRICING & FFO SENSITIVITY COMMODITY PRICES(1) 2026e 2027e H2/2026 FFO SENSITIVITY (C$MM)(2) FFO Impact FFO Impact Change TTF ($/mmbtu) $20.33 $16.46 (Hedged) (Unhedged) NBP ($/mmbtu) $20.02 $16.23 TTF & NBP $1.00/mmbtu $6MM $13MM AECO ($/mcf) $ 1.95 $ 2.38 NA Gas Prices $0.25/mmbtu $9MM $16MM Henry
Slide 41: 2026 Guidance
2026 GUIDANCE CATEGORY 2026 GUIDANCE(1) Y/Y CHANGE Production (boe/d) 121,000 - 123,000 % Natural gas 70% E&D capital expenditures E&D capital expenditures ($MM) $600 - 630 ↓ 3% and operating expense weighted to 2H/26 Operating ($/boe) $12.25 - 13.25 ↓ 4% E&D capital = ~$370MM General and administra
Slide 42: Hedge Position
HEDGE POSITION H2/2026 2027 PERCENTAGE OF PRODUCTION HEDGED (%)(1) PERCENTAGE OF PRODUCTION HEDGED (%)(1) 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% Crude Oil European N.A. Corporate Crude Oil European N.A. Corporate Natural Gas Natural Gas Total Natural Gas Natural Gas Total WTI Brent Euro Gas
Slide 43: Global Gas Assets
GLOBAL GAS ASSETS Canada Liquid-Rich Gas Europe Premium-Priced Gas GERMANY IRELAND DEEP BASIN MONTNEY NETHERLANDS CROATIA • Q2 2026 production = 99,605 boe/d (26% liquids)(1) • Q2 2026 production = 17,255 boe/d (91% gas)(1) Global gas portfolio pairs long duration, liquids-rich Canadian gas with pre
Slide 44: European Gas Inventories
EUROPEAN GAS INVENTORIES HISTORICAL NATURAL GAS INVENTORY 4,000 EU storage at lowest levels since Russia invasion of Ukraine 3,000 INVENTORY (BCF)(1) Reaching 80% storage by November requires 2 Tcf of gas 2,000 Europe is set to enter the winter heating season with the lowest gas storage levels in at
Slide 45: European Gas Fundamentals
EUROPEAN GAS FUNDAMENTALS EUROPEAN SUPPLY/DEMAND BALANCE HISTORY(2) • Europe(1) consumes ~40 Bcf/d per annum, with ~30 Bcf/d 80 Winter 2023 demand down ~10 Bcf/d due to 2nd warmest winter, government swing between summer and winter policy, and extremely high prices 60 • Russian supply has decreased
Slide 46: Legacy Oil Assets
LEGACY OIL ASSETS FRANCE • #1 domestic oil producer with two-thirds of the domestic industry • Extensive inventory of workovers, recompletions, and infill drilling • Q2 2026 production = 6,684 boe/d (100% oil)(1) AUSTRALIA • Offshore oil field approximately 80 km N.W. off the coast of Australia (55m
Slide 47: Environment, Social & Governance
ENVIRONMENT, SOCIAL & GOVERNANCE EMISSIONS INTENSITY TREND Scope 1+2 tCO2e per BOE Vermilion’s Purpose: 0.030 To responsibly produce essential energy, operating 0.025 internationally to create long-term value for our 0.020 shareholders, people and communities 0.015 2019 2020 2021 2022 2023 2024 2025
Slide 48: Reduced Well Count
REDUCED WELL COUNT TOTAL WELL COUNT 6,000 • Total well count has been reduced by 50% 5,000 since 2022 through asset high-grading and asset retirement obligation expenditures WELL COUNT (NET)(1) 4,000 • Average production per well has more than 3,000 doubled since 2022 • Annual ARO spend of $50-55MM
Slide 49: Sustainability Projects
SUSTAINABILITY PROJECTS Advancing environmental projects in communities where we live and work PARENTIS SUSTAINABILITY PARTNERSHIP LA TESTE ECO-NEIGHBOURHOOD • Our oil operations provided 50 GWh of • Our oil operations provided 0.8 GWh of geothermal energy in 2025 to a nearby geothermal energy in 20
Slide 50: 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 of an offer to buy, ESG Data securities of Vermilion Energy Inc. ("Vermilion", the "Company", "we", or "us"). This presentation and its
Slide 51: Slide Notes
SLIDE NOTES Disclaimer: Multi-year estimates Slide 8 Elements of company 2026-2030 forecast derived by utilizing, among other assumptions, historical Vermilion production performance and current cost assumptions, (1) Based on company estimates as at July 2, 2026. adjusted annually after 2026. 2027 a
Slide 52: Slide Notes
SLIDE NOTES Slide 17 Slide 27 (1) Reserves per share represents estimated gross proved, developed and producing, total proved, and total proved plus probable reserves as evaluated by McDaniel & (1) Production for Q2 2026, for additional information refer to Vermilion’s MD&A for the three and six mon
Slide 53: Slide Notes
SLIDE NOTES Slide 32 Slide 38 (1) Total cost to drill, complete, equip and tie-in (“DCET”) per well. (1) 2022-2025 reflects actual production. Company 2026-2030 forecast as of December 9, 2025, refer to Disclaimer: Multi-year estimates. (2) Net present value (“NPV10”) is a supplementary financial me
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