Vermilion Energy Inc. · TSX:VET
Vermilion Energy — Q3 2025 Earnings Presentation
41 slides from Vermilion Energy's earnings presentation, Nov 6, 2025
Slide 1: Vermilion Energy Investor Presentation
VERMILION ENERGY GLOBAL GAS PRODUCER FREE CASH FLOW FOCUSED INVESTOR PRESENTATION FINANCIAL DISCIPLINE NOVEMBER 2025
Slide 2: Why Invest in Vermilion?
WHY INVEST IN VERMILION? Repositioned Global Gas Portfolio o More efficient, long-life assets with direct exposure to premium-priced European gas Dominant Deep Basin o Unlocking significant operational synergies drives efficient development Montney Momentum o Free cash flow inflection following infr
Slide 3: Vermilion at a Glance
VERMILION AT A GLANCE Market Summary VET Trading Price (November 5, 2025) $10.35 (TSX), US$7.34 (NYSE) Shares Outstanding (October 31, 2025) 153.3 MM Average Daily Trading Volume (shares) 0.8 MM (TSX), 1.2 MM (NYSE) Quarterly Dividend $0.13/share Capital Structure Market Capitalization $1.6 B Enterp
Slide 4: 2026 Budget
2026 BUDGET • Announced 4% dividend increase E&D CAPITAL ALLOCATION(2) PRODUCTION WEIGHTING(2) effective Q1 2026(1) Chart Title Chart 8% Title • 30% improvement in 2026 capital 6 15% 6 intensity and unit operating costs 14% compared to 2024 5 5 • E&D capital investment in: 4 $600 – 630MM 4 118 – 122
Slide 5: Updated 2025 Guidance & 2026 Budget
UPDATED 2025 GUIDANCE & 2026 BUDGET CATEGORY 2025 CURRENT(1) 2026 CURRENT(1) Production (boe/d) 119,500 118,000 - 122,000 % Natural gas 65% 70% E&D capital expenditures ($MM) $630 - 640 $600 - 630 ↓ 3% Operating ($/boe) $13.00 - 13.50 $12.25 - 13.25 ↓ 4% General and administration ($/boe)(2) $2.25 -
Slide 6: Repositioned Global Gas Portfolio
REPOSITIONED GLOBAL GAS PORTFOLIO
Slide 7: Repositioned Portfolio: More Efficient
REPOSITIONED PORTFOLIO: MORE EFFICIENT Streamlining operating regions and increasing operational scale in our core areas to achieve: HIGHER PRODUCTION LOWER UNIT COSTS IMPROVED CAPITAL INTENSITY (MBOE/D) (OPEX + G&A/BOE) (CAPEX/FLOWING BOE) $21.41 120 $7,400 $14.65 $5,100 85 2024 2026e 2024 2026e 20
Slide 8: Repositioned Portfolio: Long-Life Assets
REPOSITIONED PORTFOLIO: LONG-LIFE ASSETS Deep Basin • 4th largest Alberta Deep Basin producer • 1.1 million net acres of land, >700 drilling locations (15+ years of inventory) • Inventory to grow production to 80,000 boe/d, maintain for 15+ years Montney • Contiguous 80,000 acres of land, only 14,00
Slide 9: Top Decile Realized Gas Price
TOP DECILE REALIZED GAS PRICE Q2 2025 REALIZED NATURAL GAS PRICE(1) GAS PRODUCTION BY REGION(2) $6 Europe 18% $5 Canada REALIZED NATURAL GAS PRICE ($/MCF) $4 82% $3 AVERAGE (EXCL VET) = $2.63 NATURAL GAS PRICE EXPOSURE(3) $2 Europe 18% Alliance 5% AECO 43% $1 Canadian Gas Hedges $0 34% VET Peer 1 Pe
Slide 10: Direct Exposure to European Gas Prices
DIRECT EXPOSURE TO EUROPEAN GAS PRICES HISTORICAL AND FORWARD PRICING OF EUROPEAN GAS $50 Euro Gas 2025 2026 TTF GAS PRICES (C$/MMBTU) $40 % Hedged 56% 49% Average Floor $17 $13 $30 $20 $10 $0 2017 2018 2019 2020 2021 2022 2023 2024 2025e* 2026e* European natural gas prices trade at a significant pr
Slide 11: Canada Liquids-Rich Gas Advantage
CANADA LIQUIDS-RICH GAS ADVANTAGE REALIZED PRICING (DEEP BASIN + MONTNEY) $10 Over the past decade, Vermilion’s Deep Basin $8 and Montney assets have realized pricing more than double the average AECO price REALIZED PRICE (C$/MCFE) $6 $4 $2 $0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025e*
Slide 12: Key Asset Overview
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Slide 13: Dominant Alberta Deep Basin Position
DOMINANT ALBERTA DEEP BASIN POSITION Prominent Deep Basin producer, over 1.1 million net acres of land with 15+ years of inventory Source: Land information sourced from XI Technologies Asset Book. 13
Slide 14: Robust Deep Basin Economics
ROBUST DEEP BASIN ECONOMICS Upper Cretaceous Upper Spirit Lower Cretaceous River Mannville Lateral Length (m) 2,800 2,900 2,800 DCET Cost ($MM) $5.0 – 5.5 $6.0 – 6.5 $5.5 – 7.5 Spirit River IP365 (boe/d)(1) 450 750 475 EUR (mboe)(2) 770 1,050 610 Liquids % of Reserves(3) 32% 14% 47% Lwr Mnvl/ Jurass
Slide 15: Deep Basin Synergies
DEEP BASIN SYNERGIES • Closed Westbrick acquisition in February 2025, integration progressing ahead of plan • Identified ~$200 million (NPV10)(1) of post-acquisition synergies to date, including: o Extending planned one-mile locations to two-miles o High-grading legacy Deep Basin inventory o Improve
Slide 16: Montney Overview
MONTNEY OVERVIEW • Contiguous 80,000 acres of land with only 14,000 acres developed to date • Multi-year development program based on long reach wells 8-33 Battery 4-3 Battery • Owned and operated oil infrastructure, utilize third-party gas infrastructure • Diversified gas transportation via Allianc
Slide 17: Premium Montney Acreage
PREMIUM MONTNEY ACREAGE VET owns ~21% of CEI.V* (~$90 million) A significant and contiguous premium acreage block in the oil window of the Montney Source: Land information sourced from EVA. * Vermilion has ownership of, or control and direction over, approximately 21% of the issued and outstanding c
Slide 18: Montney Cost Optimization
MONTNEY COST OPTIMIZATION BC MONTNEY AVERAGE WELL COST $14 • DCET(1) cost reduced to $8.5MM (from $12 $9.6MM) $10 o Improves project economics, represents Per Well Cost ($MM) ~$100 million (NPV10)(2) in future $8 development costs o DCET cost savings are repeatable $6 • Water hub and disposal infras
Slide 19: Montney Well Economics
MONTNEY WELL ECONOMICS BC Middle Montney Lateral Length (m) 3,000 DCET Cost ($MM) $8.5 IP365 (boe/d)(1) 950 EUR (mboe)(2) 1,500 Liquids % of Reserves(3) 38% IRR(4) 95% Payout (years) 1.1 NPV10 ($MM) $10.0 (1) Production rates presented above are for a limited timeframe only and may not be indicative
Slide 20: Montney Pivots to FCF in 2028
MONTNEY PIVOTS TO FCF IN 2028 PRODUCTION TIMELINE(1) 35,000 Third-party West Doe Achieve 28,000 boe/d gas plant construction target rate, transition 30,000 complete to sustaining capital Ph. 2 expansion, achieved DCET of Ph. 3 expansion BOE/D (NET) 25,000 $8.5MM/well Commissioned 8-33 20,000 battery
Slide 21: Germany Exploration Potential
GERMANY EXPLORATION POTENTIAL Identified 9 structures to date and Deep Gas Exploration have drilled 3; potential for up to Type Well (1.0 Net) 30 total locations with success Vertical Depth (m) ~5,000 DCET Cost ($MM) $40 – 50 EUR (Bcf)(1) ~30 Gas % of Reserves(2) 100% IRR(3) 40% Payout (years)(4) 1.
Slide 22: Germany 2024 Exploration Success
GERMANY 2024 EXPLORATION SUCCESS POTENTIAL PRODUCTION FROM CURRENT DISCOVERIES 6,000 • 2024 program resulted in NPV10 5,000 of $150MM(1), 60 Bcf (net) of 2P reserves discovered(2) BOE/D (NET)(3) 4,000 • Target production from 1.6 net 3,000 wells represents ~25% of current European gas production 2,0
Slide 23: Wisselshorst Exploration Upside
WISSELSHORST EXPLORATION UPSIDE • Wisselshorst (64% WI) is the largest structure Vermilion has discovered in Europe, estimated to contain 380 Bcf gas in place (240 Bcf net)(1) • Identified up to 6 follow-up Discovery well locations offsetting discovery well(2) 2P reserves 68 Bcf (44 Bcf net)(3) o Pl
Slide 24: Capital Allocation
CAPITAL ALLOCATION 24
Slide 25: Capital Allocation Priorities
CAPITAL ALLOCATION PRIORITIES Provide Target long-term Maintain Strong Maintain Robust Compounding value-add acquisition Balance Sheet Asset Base Shareholder Returns opportunities o Targeting net debt to o Repositioned global o 40% return of EFCF(1) o Focus on increased FFO ratio less than 1.0x gas
Slide 26: Financial Liquidity
FINANCIAL LIQUIDITY HISTORICAL NET DEBT TO FFO CURRENT CREDIT CAPACITY(2) 2.0x $0.56B 1.5x NET DEBT TO FFO RATIO(1) Available Liquidity of $1.12B 1.0x $0.53B Committed to returning to 1.0x leverage 0.5x $0.23B Undrawn Capacity on Revolving Credit Facility 0.0x Revolving Credit Facility 2029 Maturity
Slide 27: FFO & Capital Allocation
FFO & CAPITAL ALLOCATION FFO ALLOCATION(1) $1,400 140 $1,200 120 PRODUCTION (‘000 BOE/D) $1,000 100 $MM $800 80 $600 60 $400 40 $200 20 $0 0 2024 2025e 2026e Net Debt to Trailing FFO(1) 0.8x 1.4x 1.5x FFO ($/basic share) $ 7.63 ~$ 6.50 ~$ 5.70 Unhedged FFO ($/basic share) $ 5.61 ~$ 5.60 ~$ 5.60 WTI
Slide 28: Strong Hedge Position
STRONG HEDGE POSITION 2025 2026 PERCENTAGE OF PRODUCTION HEDGED (%)(1) PERCENTAGE OF PRODUCTION HEDGED (%)(1) 100% 100% 90% 90% 80% 80% 70% 70% 60% 60% 50% 50% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% Crude Oil European N.A. Corporate Crude Oil European N.A. Corporate Natural Gas Natural Gas Total Natu
Slide 29: Compounding Return of Capital
COMPOUNDING RETURN OF CAPITAL ANNUAL DIVIDEND PER SHARE SHARE COUNT $0.80 165 Announced 2026 dividend payout is <10% of FFO $0.60 160 DIVIDENDS PER SHARE(1) SHARE COUNT (MM)(2) $0.40 155 $0.20 150 $0.00 145 2022 2023 2024 2025 2026e 2022 2023 2024 2025e 2026e Decreasing share count with ratable divi
Slide 30: Additional Information
ADDITIONAL INFORMATION 30.8
Slide 31: Pricing & FFO Sensitivity
PRICING & FFO SENSITIVITY COMMODITY PRICES(1) 2025e 2026e 2026 FFO SENSITIVITY (C$MM)(2) FFO Impact FFO Impact Change TTF ($/mmbtu) $16.98 $14.66 (Hedged) (Unhedged) NBP ($/mmbtu) $16.68 $14.41 TTF & NBP $1.00/mmbtu $23MM $28MM AECO ($/mcf) $ 1.86 $ 3.26 NA Gas Prices $0.25/mmbtu $23MM $34MM Henry H
Slide 32: Canada
CANADA MONTNEY DEEP BASIN • Targeting liquids-rich gas in the • Targeting light oil and Peace River Arch straddling the condensate-rich natural gas AB and BC border • ~1.1 million net acres in West • ~80,000 net acres of Montney Pembina targeting the Upper rights in the Mica area in the Cretaceous,
Slide 33: Canadian Gas Fundamentals
CANADIAN GAS FUNDAMENTALS West Coast Canadian LNG(1) North American Power Demand • Natural gas demand for Canadian LNG is expected to • Increased power associated with datacenter development increase notably by end of decade (>6.0 bcf/d) is underpinning long-term natural gas demand o Strong momentum
Slide 34: European Gas
EUROPEAN GAS IRELAND GERMANY • 56.5% operated interest in the Corrib • ~700,000 net acres of undeveloped land Natural Gas Project • Q3 2025 production = 6,086 boe/d • Corrib represents 100% of Ireland’s (72% gas) domestic gas production • Q3 2025 production = 8,139 boe/d (100% gas) NETHERLANDS CROAT
Slide 35: European Gas Operating Netbacks
EUROPEAN GAS OPERATING NETBACKS VERMILION 2025E OPERATING NETBACK $100 $80 $60 $/ BOE(1) $40 $20 $0 Ireland Netherlands Germany European gas assets generate strong netbacks due to direct exposure to premium pricing (1) Based on company 2025 estimates and 2025 full year average reference prices as at
Slide 36: European Gas Fundamentals
EUROPEAN GAS FUNDAMENTALS EUROPEAN SUPPLY/DEMAND BALANCE HISTORY** • Europe* 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 ~12
Slide 37: 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 • Q3 2025 production = 6,811 boe/d (100% oil) AUSTRALIA • 100% operated interest in Wandoo, an offshore oil field approximately 80 km N.
Slide 38: Environment, Social and Governance
ENVIRONMENT, SOCIAL AND GOVERNANCE EMISSIONS INTENSITY TREND Vermilion’s Purpose: 0.030 Scope 1&2 tCO2e per BOE To responsibly produce essential energy while delivering long-term value to our 0.025 people, shareholders, customers, partners 0.020 and communities 0.015 2019 2020 2021 2022 2023 2024 •
Slide 39: Reduced Well Count
REDUCED WELL COUNT TOTAL WELL COUNT 6,000 5,000 • Total well count has been reduced by 50% since 2022 through asset high-grading and WELL COUNT (NET)(1) 4,000 asset retirement obligation expenditures • Average production per well has more than 3,000 doubled since 2022 2,000 • Annual ARO spend of $50
Slide 40: Sustainability Projects
SUSTAINABILITY PROJECTS Advancing environmental projects in communities where we live and work PARENTIS SUSTAINABILITY PARTNERSHIP LA TESTE ECO-NEIGHBOURHOOD • Our oil operations provide 40 GWh of • Our oil operations provide 1.2 GWh of geothermal energy annually to a tomato geothermal energy to an
Slide 41: 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 gas liquids, and natural gas prices, foreign currency exchange rates, interest rates and inflation; health, safety, and environmental risks; solicita
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