Meren Energy Inc. · TSX:MER
Meren Energy — Q4 2025 Earnings Presentation
18 slides from Meren Energy's earnings presentation, Feb 25, 2026
Slide 1: Delivering Value Through Every Cycle
Meren Energy Inc. Delivering Value Through Every Cycle Q4/full-year 2025 Results and Business Outlook 25 February 2026 www.mereninc.com www.mereninc.com
Slide 2: Speakers and Agenda
Speakers Agenda Introduction Oliver Quinn CEO Business Highlights Financial and Operational Results Aldo Perracini Business Outlook CFO Q&A Mussannah Chowdhury Investor Relations Full Year 2025 Results Presentation | February 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: 2025: Year of Strong Delivery
2025: Year of Strong Delivery 1 Closed the Prime amalgamation, doubling reserves and production Capital Returns Dividends / Share Buybacks $108.5m 2 Distributed four quarterly distributions under the new dividend policy Debt Management RBL Repayment (FY’25) 3 $420.0m Disciplined balance sheet manage
Slide 5: Full-Year 2025 Performance
Full-Year 2025 Performance Average daily production (kboepd) CAPEX ($ million) 40 140 FY’25 GUIDANCE FY’25 GUIDANCE FY’25 GUIDANCE 30.0-33.0 kboepd 34.5-37.5 kboepd $100.0-$140.0m 35 120 Full-year 2025 W.I. and entitlement production 30 in line with guidance 100 25 CAPEX at lower end of 80 guidance
Slide 6: Oil Sales
Oil Sales Average Q4’25 Sales Price Premium Brent Pricing $64.4/bbl Sales Price Dated Brent Average Dated Brent: $63.7/bbl 90 Average 12M sales price of $72.2/bbl 80 70 Average Dated Brent: $69.1/bbl 60 50 40 30 20 10 0 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Full Year 2025 Results Presentation | February 2
Slide 7: Financial Highlights
Financial Highlights1 EBITDAX2 / CFFO2,3 / Capex / FCF2 ($ Million) FY’25 GUIDANCE FY’25 GUIDANCE FY’25 GUIDANCE $450-500 $260-310 $100-140 450 440.7 400 350 300 288.64 261.8 250 200 150 100.2 100 50 0 EBITDAX CFFO3 CAPEX FCF FY 2025 1) Highlights are reported on a constructed financial information
Slide 8: Cash Movements
Cash Movements1 Cash Balances & FY’25 Movements on a constructed financial basis ($ Million) 900 347.6 800 31.6 700 -100.2 600 500 460.9 400 300 -420.0 200 -108.5 174.7 -36.7 100 0 in operating activities Net cash generated Base dividends and 2024 Cash Balance share repurchases Distributions from In
Slide 9: Liquidity Management
Liquidity Management RBL Repayment FY’25 Debt, net debt and borrowing base amounts Borrowing base redetermination and headroom (US$M) (US$M) $420.0m 1200 1200 RBL Drawn Amount YE’25 1000 1000 $330.0m 800 800 Net Debt Position YE’25 Net Debt 600 600 $155.3m 400 US$138.4m (YE’24: $289.1m) 400 liquidit
Slide 10: 2026 Management Guidance
2026 Management Guidance 2026 Guidance 2025 Actuals W.I. production (kboepd) (1) 23.0 – 28.0 30.8 Entitlement production (kboepd) (2) 28.0 – 33.0 35.1 EBITDAX ($ million) (3) 270.0 – 360.0 440.7 Cash flow from operations ($ million) (3) 185.0 – 255.0 261.8 Capital investments ($ million) 100.0 – 140
Slide 11: Nigeria: Investor-Friendly Jurisdiction
Nigeria: Investor-Friendly Jurisdiction Competitive oil and gas climate supported by Nigeria USD Credit Spreads Signal Improving a motivated government Confidence1 1,229.6bps Petroleum Industry Act (“PIA”) Presidential Executive Orders Headline tax rate reduced to Key directives to enhance 790.4bps
Slide 12: Nigeria: Growth Opportunities
Nigeria: Growth Opportunities Preowei Undeveloped discoveries ▪ Preowei, Egina South and Ikija – aggregate (2P+2C) resources of 42 MMboe1,2 Meren net entitlement (270 MMboe1,2 gross field) within 20-30km of the existing production hubs with spare capacity Near-field exploration opportunities Egina S
Slide 13: Orange Basin Leading Independent Position
Orange Basin Leading Independent Position Namibia – Blocks 2912/2913B (3.8% effective interest ) ▪ Nation-defining project: Venus is a priority for Namibia ▪ Long-life production: 160 kbopd1 peak capacity, 20-year life ▪ Funded to first oil with no upfront capex and fully-carried follow on explorati
Slide 14: Equatorial Guinea: Development & Exploration
Equatorial Guinea: EG-31 (80% operated interest)1 Shallow-water gas discovery and exploration prospects close to Development & Exploration existing infrastructure, including Punta Europa LNG terminal. ▪ Gardenia discovery – greater than 200 bcfe (33 MMboe)2,3 • Short-cycle investment opportunity wit
Slide 15: 2026-2027 Activities and Organic Growth Catalysts
2026-2027 Activities and Organic Growth Catalysts Nigeria Equatorial Guinea Orange Basin Sustaining high-margin cash flow De-risking future potential Capturing growth and high –impact exploration Akpo Far East - near-field exploration well Blocks EG-31 / EG-18 Farm-Downs - Venus FID - sanction for m
Slide 16: 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 17: Q&A
Q&A Full Year 2025 Results Presentation | February 2026 17
Slide 18: 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