Vermilion Energy Inc. · TSX:VET
Vermilion Energy — Investor Presentation (November 2026)
55 slides from Vermilion Energy's investor presentation, November 2026
Slide 1: Vermilion Energy Investor Presentation
VERMILION ENERGY GLOBAL GAS PRODUCER FREE CASH FLOW FOCUSED INVESTOR PRESENTATION FINANCIAL DISCIPLINE NOVEMBER 2026 1
Slide 2: What Vermilion Offers Investors
WHAT VERMILION OFFERS INVESTORS Enhancing Profitability of our Unique Global Gas Portfolio o Stronger capital efficiency, lower corporate declines, lower cash costs and premium commodity exposure Dominant Deep Basin o Depth and quality of inventory with infrastructure in place drives profitable grow
Slide 3: Vermilion at a Glance
VERMILION AT A GLANCE Market Summary VET Trading Price (October 30, 2026) $19.13 (TSX), US$13.69 (NYSE) Shares Outstanding (October 31, 2026) 151.4 MM Average Daily Trading Volume (shares) 1.2 MM (TSX), 1.7 MM (NYSE) Quarterly Dividend $0.135/share Capital Structure Market Capitalization $2.9 B Ente
Slide 4: Key Updates
KEY UPDATES Deep Basin Montney European Gas Corporate • Continued outperformance from • Growing production within cash • Expect European gas production • Full-cycle profitability supported recent drilling program; added flow, 2027e production up ~10%(1) of ~100mmcf/d in Q4/26(1) by sustaining capita
Slide 5: 2027 Budget Highlights
2027 BUDGET HIGHLIGHTS • E&D capital budget of $675 – 725MM E&D CAPITAL ALLOCATION(1) PRODUCTION WEIGHTING(1) o Canada - $385 million Capital Benefitting 2028+ ($150MM) includes: 8% • Drill 41 (36.3 net) wells in Deep Basin, 13 (13.0 - Australia drill and CALM 7% net) wells in Montney buoy replaceme
Slide 6: Global Gas Portfolio
GLOBAL GAS PORTFOLIO 6
Slide 7: Five-Year Outlook: Growing EFCF per Share
FIVE-YEAR OUTLOOK: GROWING EFCF PER SHARE 2030E PRODUCTION(1) Five-Year Plan Drives 6% $1.9B 8-10% Annual production per share growth(1) 15% Cumulative EFCF(1,2) ~130 mboe/d ~40% increase in Up from $1.7B 22% production per share(4) 57% At 2025 Investor Day $600-630MM annual capex(1) Higher 2027 cap
Slide 8: 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 execution to hit 130 mboe/d by 2030 3-4% Ratable base dividend growth, with low current payout ratio Dividend Yield providing runway for future increases per ye
Slide 9: Capital Allocation
CAPITAL ALLOCATION FFO ALLOCATION(3) 2026 EFCF(1) Up >60% vs. Original Budget FFO of ~$1,000MM FFO of ~$1,150MM o Strong operational performance driving $1,600 Unhedged DACF(4) of Unhedged DACF of production 2% above original guidance, Canada ~$8.50/basic share ~$9.50/basic share $1,400 opex 10% low
Slide 10: Improvement: Capital Efficiency
IMPROVEMENT: 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-recurring in 2028
Slide 11: Improvement: Lower Base Decline
IMPROVEMENT: LOWER BASE DECLINE BASE PRODUCTION DECLINE VS. PEERS(1) 40 VET base decline has improved from ~30% in 2025 (post-acquisition) to ~24% in 2027 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
Slide 12: Improvement: Lower Unit Cost
IMPROVEMENT: LOWER UNIT COST LOWER UNIT COSTS Delivering Lower Unit Costs (OPEX + G&A + INTEREST/BOE)(1) • Lower unit operating expense from efficient growth assets: o Germany Deep Gas - ~$3/boe(1) $17.15 $16.90 o Deep Basin and Montney - ~$7/boe o Legacy business units with higher operating costs b
Slide 13: Structural Improvement: Profitability
STRUCTURAL IMPROVEMENT: PROFITABILTY Improving ~ $50MM/year With lower sustaining capital, from 2028 Vermilion has optionality to Capital Efficiency Capital Allocation allocate $50MM to profitable growth and/or shareholder returns Moderating 22% With moderating base decline from the current ~24%, Ve
Slide 14: Capital Allocation
CAPITAL ALLOCATION 14
Slide 15: 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 16: Balance Sheet: Accelerating Debt Reduction
BALANCE SHEET: ACCELERATING DEBT REDUCTION NET DEBT CURRENT CREDIT CAPACITY(2) UNDRAWN CAPACITY ON REVOLVING CREDIT FACILITY $0.53B $2,000 REVOLVING CREDIT FACILITY AVAILABLE 2030 MATURITY LIQUIDITY OF $1.1B SENIOR UNSECURED NOTES $0.49B 2030 MATURITY NET DEBT ($MM)(1) $1,500 SENIOR UNSECURED NOTES
Slide 17: Asset Base: Key Growth Assets
ASSET BASE: 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 progressing infrastr
Slide 18: 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 19: 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 19
Slide 20: 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 6% $5 7% REALIZED NATURAL GAS PRICE ($/MCF) 4% $4 Euro Gas AECO 40% 8% Exposure $3 AVERAGE (EXCL VET) = $2.53 5% $2 Diversification 4% 4% $1 22% $0 FINANCIAL HEDGES AECO BASIS PHYSICAL HE
Slide 21: 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% 39% $40 Average Floor $13 $13 TTF GAS PRICES (C$/MMBTU)(1) $30 $20 Demand fromFebruary Since Asian buyers has(2)elevated 23, 2026 : $10 JKM above 2026 European benchmarks,
Slide 22: Asset Base: Product & Revenue Resilience
ASSET BASE: PRODUCT & REVENUE RESILIENCE 2027E PRODUCTION BY PRODUCT(1) 2027E REVENUE BY PRODUCT(1) Canada Natural Gas 14% Liquids 29% Liquids 45% Natural Gas Europe 71% Natural Gas 41% Global Gas Producer with strong WTI and Brent-linked liquids contribution provides cash flow resilience 22
Slide 23: Shareholder Returns: Compounding Impact
SHAREHOLDER RETURNS: COMPOUNDING IMPACT ANNUAL DIVIDEND PER SHARE SHARE COUNT $0.80 165 2027 dividend payout is <10% 11% lower share of FFO count improves $0.60 155 per share metrics DIVIDENDS PER SHARE SHARE COUNT (MM)(1) $0.40 145 $0.20 135 $0.00 125 2022 2023 2024 2025 2026 2027 2022 2023 2024 20
Slide 24: 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 25: Per-Share Outperformance
PER-SHARE OUTPERFORMANCE PRODUCTION PER SHARE GROWTH VS. PEERS PRODUCTION PER SHARE GROWTH (VS. 2022)(1) 80% 60% Peer group comprised of oil- and gas-weighted companies, 40% including senior/integrated 20% 0% -20% Vermilion has grown production per share by >50% -40% from YE 2022 to Q2 2026 -60% VET
Slide 26: 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 27: Key Asset Overview
KEY ASSET OVERVIEW 27
Slide 28: Canada Liquids-Rich Gas Advantage
CANADA LIQUIDS-RICH GAS ADVANTAGE HALF-CYCLE PAYOUT PERIOD 1.8 Canadian Plays (Median 1.0 Years) U.S. Plays (Median 1.5 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 Midland Montney Oil Marcellus Duvernay Permian Dry Gas Montn
Slide 29: Deep Basin: Overview
DEEP BASIN: OVERVIEW Overview Key Statistics Production: 77,000 boe/d (27% liquids) (Q3 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 30: Deep Basin: Operational Excellence
DEEP BASIN: OPERATIONAL EXCELLENCE DRILLING COST – VET VS. PEERS $3,000 Longer Wells at Lower Per Metre Cost o Improved capital efficiency and flexibility, accessing more reservoir from a single surface location $2,500 $ / HORIZONTAL METRE(1) Shallower target depths $2,000 o Drilling less vertical d
Slide 31: Deep Basin: Robust Economics
DEEP BASIN: ROBUST ECONOMICS Upper Spirit Jurassic/Lwr Cretaceous Cretaceous River Cretaceous Upper Lateral Length (m) 2,800 2,900 2,800 DCET Cost ($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 32: Montney: Overview
MONTNEY: OVERVIEW Overview Key Statistics Production: 18,000 boe/d (23% liquids) (Q3 2026)(1) Acreage: 80,000 acres(2) Infrastructure: >30,000 boe/d nameplate capacity (2028 Est.)(3) History Entered the Montney in 2022, grew production from ~4,000 boe/d to >16,000 boe/d in 2026(4) Reduced DCET capit
Slide 33: Montney: Premium Acreage
MONTNEY: PREMIUM ACREAGE VET owns ~9% of CEI.V(1) (~$40 million) Source: Land information sourced from EVA A significant and contiguous premium acreage block in the oil window of the Montney 33
Slide 34: Montney: Cost Optimization
MONTNEY: COST OPTIMIZATION BC MONTNEY AVERAGE WELL COST • DCET(1) cost reduced to $8.2MM (from $8.5MM) o Improves project economics, total savings to-date $12 (right) represents >$100 million (NPV10)(2) in future development cost $10 o Piloted new completion approach to reduce sand PER WELL COST ($M
Slide 35: 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 35
Slide 36: Montney: Pivot to EFCF in 2029
MONTNEY: PIVOT TO EFCF IN 2029 PRODUCTION TIMELINE(1) 35,000 30,000 Build infrastructure and reduce DCET costs Growing within cash flow EFCF(2) generation 25,000 BOE/D (NET) 20,000 15,000 10,000 5,000 - 2022 2023 2024 2025 2026 2027 2028 2029 2030+ 2022-2026 Execution 2027-2028 Plan Pivot to Excess
Slide 37: European Gas Synergies: Germany & Netherlands
EUROPEAN GAS SYNERGIES: GERMANY & NETHERLANDS Overview Key Statistics Gas Production: 51 mmcf/d (60% Germany / 40% 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 38: 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 $65MM of Gas % of Reserves(2) 100% EFCF(7) since start-up IRR(3) 35% Burgm
Slide 39: Germany: Size of the Prize
GERMANY: SIZE OF THE PRIZE NORTH GERMAN BASIN Z2 Z3 Lease construction Q4 2026 Spud late-Q1/early-Q2 2027 Z1a Discovery Well 2P Reserves 67 Bcf Property Gross(1) 43 Bcf Gross to Vermilion Source: Petroleum Geological Atlas of the Southern Permian Basin Areas (2010), LBEG - “Erdgastabellen 1949-2024”
Slide 40: Germany: Outlook for Organic Growth
GERMANY: OUTLOOK FOR ORGANIC GROWTH DEEP GAS PROGRAM PRODUCTION TIMELINE(1) 100 Drilling and facility investment EFCF(2) generation 80 Production Forecast to Double by 2030 MMCFE/D (NET) Germany Base 60 Deep Gas Success To-Date (1.6 net) Additional Wells 2.9 Net Wells of ~30 Gross Identified 40 Pros
Slide 41: Additional Information
ADDITIONAL INFORMATION 41
Slide 42: Pricing & FFO Sensitivity
PRICING & FFO SENSITIVITY COMMODITY PRICES(1) 2026e 2027e 2027 FFO SENSITIVITY (C$MM)(2) FFO Impact FFO Impact Change TTF ($/mmbtu) $ 28.19 $ 35.85 (Hedged) (Unhedged) NBP ($/mmbtu) $ 27.69 $ 35.40 TTF & NBP $1.00/mmbtu $15MM $23MM AECO ($/mcf) $ 1.84 $ 2.02 NA Gas Prices $0.25/mmbtu $24MM $37MM Hen
Slide 43: Corporate Guidance
CORPORATE GUIDANCE CATEGORY 2026 GUIDANCE(1) 2027 GUIDANCE(1) Production (boe/d) 122,400 122,000 - 126,000 % Natural gas 71% 71% E&D capital expenditures ($MM) $620 $675 - 725 Operating ($/boe) $12.75 - 13.25 $12.50 - 13.50 General and administration ($/boe)(2) $1.65 - 2.15 $1.65 - 2.15 Transportati
Slide 44: 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 45: Global Gas Assets
GLOBAL GAS ASSETS Canada Liquid-Rich Gas Europe Premium-Priced Gas GERMANY IRELAND DEEP BASIN MONTNEY NETHERLANDS CROATIA Global gas portfolio pairs long duration, liquids-rich Canadian gas with premium-priced European production 45
Slide 46: 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 47: 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 48: 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 AUSTRALIA • Offshore oil field approximately 80 km N.W. off the coast of Australia (55m water depth) • Q3 2026 lifting sold for US$119/b
Slide 49: 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 50: 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 51: 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 52: 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 53: Slide Notes
SLIDE NOTES Disclaimer: Multi-year estimates Slide 9 Elements of the company’s 2026-2030 forecast are derived by utilizing, among other assumptions, historical Vermilion production performance and current cost assumptions, (1) Excess free cash flow (“EFCF”) is a non-GAAP financial measure, refer to
Slide 54: Slide Notes
SLIDE NOTES Slide 17 Slide 26 (1) Drilling inventory reflects company estimates of future drilling locations and expected pace of future development. Refer to Disclaimer: Estimates of drilling locations. (1) Excess free cash flow (“EFCF”) is a non-GAAP financial measure, refer to the "Non-GAAP and O
Slide 55: Slide Notes
SLIDE NOTES Slide 33 Slide 39 (1) Vermilion has ownership of, or control and direction over, approximately 9% of the issued and outstanding common shares of Coelacanth Energy Inc. (“CEI.V”). For (1) Total proved plus probable conventional natural gas reserves at December 31, 2025, as evaluated by Mc
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