# EDGAR Filing Document

**Accession Number:** 0001293135
**File Stem:** 0001279569-25-000858
**Filing Date:** 2025-8
**Character Count:** 293098
**Document Hash:** e392fc275310c0f4b39ef93a1eb80325
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001279569-25-000858.hdr.sgml**: 20250808

**ACCESSION NUMBER**: 0001279569-25-000858

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250808

**DATE AS OF CHANGE**: 20250808

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** VERMILION ENERGY INC.
- **CENTRAL INDEX KEY:** 0001293135
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A0
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35829
- **FILM NUMBER:** 251196488

**BUSINESS ADDRESS:**
- **STREET 1:** 3500, 520 - 3RD AVENUE S.W.
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 0R3
- **BUSINESS PHONE:** 403-269-4884

**MAIL ADDRESS:**
- **STREET 1:** 3500, 520 - 3RD AVENUE S.W.
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 0R3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VERMILION ENERGY TRUST
- **DATE OF NAME CHANGE:** 20040607

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**Pursuant to Rule 13a-16 or 15d-16**

**Under the Securities Exchange Act of 1934**

**For the month of August 2025**

Commission File Number: 001-35829

**Vermilion Energy Inc.**

(Exact name of registrant as specified in its charter)

**3500, 520 – 3<sup>rd</sup> Avenue S.W., Calgary, Alberta T2P 0R3**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

**Exhibit**

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| | |
|:---|:---|
| Exhibit | Description |
| [99.1](ex991.htm) | [Second Quater Report](ex991.htm) |
| [99.2](ex992.htm) | [CEO Certificate](ex992.htm) |
| [99.3](ex993.htm) | [CFO Certificate](ex993.htm) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

VERMILION ENERGY INC.

---

| | |
|:---|:---|
| | |
| By: | /s/ Lars Glemser |
| Title: | Lars Glemser, VP and Chief Financial Officer |

---

<br> Date: August 8, 2025

## Exhibit 99.1

**Exhibit 99.1**

![](ex991_cover.jpg)

Disclaimer

Certain statements included or incorporated by reference in this document may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking statements or information in this document may include, but are not limited to: capital expenditures, including Vermilion's 2025 guidance, and Vermilion's ability to fund such expenditures; the flexibility of Vermilion's capital program and operations; business strategies and objectives; operational and financial performance; wells expected to be drilled and the timing thereof; exploration and development plans and the timing thereof; future drilling prospects; the ability of our asset base to deliver modest production growth; the evaluation of international acquisition opportunities; statements regarding the return of capital; our asset petroleum and natural gas sales; future production levels and the timing thereof, including Vermilion's 2025 guidance, and rates of average annual production growth; the effect of changes in crude oil and natural gas prices, changes in exchange and inflation rates; the payment and amount of future dividends; the effect of possible changes in critical accounting estimates; the Company's review of the impact of potential changes to financial reporting standards; the potential financial impact of climate-related risks; Vermilion's goals regarding its debt levels, including maintenance of a ratio of net debt to four quarter trailing fund flows from operations; statements regarding Vermilion's hedging program and the stability of our cash flows; operating and other expenses; royalty and income tax rates and Vermilion's expectations regarding future taxes and taxability and the timing of regulatory proceedings and approvals.

Such forward-looking statements or information are based on a number of assumptions, all or any of which may prove to be incorrect. In addition to any other assumptions identified in this document, assumptions have been made regarding, among other things: the ability of Vermilion to obtain equipment, services and supplies in a timely manner to carry out its activities in Canada and internationally; the ability of Vermilion to market crude oil, natural gas liquids, and natural gas successfully to current and new customers; the timing and costs of pipeline and storage facility construction and expansion and the ability to secure adequate product transportation; the timely receipt of required regulatory approvals; the ability of Vermilion to obtain financing on acceptable terms; foreign currency exchange rates and interest rates; future crude oil, natural gas liquids, and natural gas prices; management's expectations relating to the timing and results of exploration and development activities; the impact of Vermilion's dividend policy on its future cash flows; credit ratings; hedging program; expected earnings/(loss) and adjusted earnings/(loss); expected earnings/(loss) or adjusted earnings/(loss) per share; expected future cash flows and free cash flow and expected future cash flow and free cash flow per share; estimated future dividends; financial strength and flexibility; debt and equity market conditions; general economic and competitive conditions; ability of management to execute key priorities; and the effectiveness of various actions resulting from the Vermilion's strategic priorities.

Although Vermilion believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Vermilion can give no assurance that such expectations will prove to be correct. Financial outlooks are provided for the purpose of understanding Vermilion's financial position and business objectives, and the information may not be appropriate for other purposes. Forward-looking statements or information are based on current expectations, estimates, and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Vermilion and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to: the ability of management to execute its business plan; the risks of the oil and gas industry, both domestically and internationally, such as operational risks in exploring for, developing and producing crude oil, natural gas liquids, and natural gas; risks and uncertainties involving geology of crude oil, natural gas liquids, and natural gas deposits; risks inherent in Vermilion's marketing operations, including credit risk; the uncertainty of reserves estimates and reserves life and estimates of resources and associated expenditures; the uncertainty of estimates and projections relating to production and associated expenditures; potential delays or changes in plans with respect to exploration or development projects; Vermilion's ability to enter into or renew leases on acceptable terms; fluctuations in crude oil, natural gas liquids, and natural gas prices, foreign currency exchange rates, interest rates and inflation; health, safety, and environmental risks; uncertainties as to the availability and cost of financing; the ability of Vermilion to add production and reserves through exploration and development activities; the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; uncertainty in amounts and timing of royalty payments; risks associated with existing and potential future law suits and regulatory actions against or involving Vermilion; and other risks and uncertainties described elsewhere in this document or in Vermilion's other filings with Canadian securities regulatory authorities. References to Vermilion or the Company in this document include Westbrick Energy Ltd. ("Westbrick" or "Westbrick Energy") which was acquired by Vermilion Energy Inc. on February 26, 2025.

The forward-looking statements or information contained in this document are made as of the date hereof and Vermilion undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events, or otherwise, unless required by applicable securities laws.

This document discloses certain oil and gas metrics, including DCET costs, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included in this MD&A to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the Company's future performance and future performance may not compare to the Company's performance in previous periods and therefore such metrics should not be unduly relied upon. DCET costs includes all capital spent to drill, complete, equip and tie-in a well. Additional oil and gas metrics in this document may include, but are not limited to:

Vermilion Energy Inc. ■ Page 1 ■ 2025 Second Quarter Report

Boe Equivalency: Per barrel of oil equivalent amounts have been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil equivalent (6:1). Barrel of oil equivalents (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, as the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Estimates of Drilling Locations: Unbooked drilling locations are the internal estimates of Vermilion based on Vermilion's prospective acreage and an assumption as to the number of wells that can be drilled per section based on industry practice and internal review. Unbooked locations do not have attributed reserves or resources (including contingent and prospective). Unbooked locations have been identified by Vermilion's management as an estimation of Vermilion's multi-year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that Vermilion will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and natural gas reserves, resources or production. The drilling locations on which Vermilion will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information that is obtained and other factors. While a certain number of the unbooked drilling locations have been de-risked by Vermilion drilling existing wells in relative close proximity to such unbooked drilling locations, the majority of other unbooked drilling locations are farther away from existing wells where management of Vermilion has less information about the characteristics of the reservoir and therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.

Financial data contained within this document are reported in Canadian dollars, unless otherwise stated.

Vermilion Energy Inc. ■ Page 2 ■ 2025 Second Quarter Report

Abbreviations

---

| | |
|:---|:---|
| $M | thousand dollars |
| $MM | million dollars |
| AECO | the daily average benchmark price for natural gas at the AECO 'C' hub in Alberta |
| bbl(s) | barrel(s) |
| bbl(s)/d | barrels per day |
| boe | barrel of oil equivalent, including: crude oil, condensate, natural gas liquids, and natural gas (converted on the basis of one boe for six mcf of natural gas) |
| boe/d | barrel of oil equivalent per day |
| CO2 | carbon dioxide |
| CO2e | carbon dioxide equivalent |
| GHG | greenhouse gas |
| GJ | gigajoules |
| LSB | light sour blend crude oil reference price |
| mbbls | thousand barrels |
| mmboe | thousand barrels of oil equivalent |
| mmbtu | million British Thermal Units |
| mcf | thousand cubic feet |
| mmcf/d | million cubic feet per day |
| MD | measured depth |
| NBP | the reference price paid for natural gas in the United Kingdom at the National Balancing Point Virtual Trading Point |
| NCIB | normal course issuer bid |
| NGLs | natural gas liquids, which includes butane, propane, and ethane |
| PRRT | Petroleum Resource Rent Tax, a profit-based tax levied on petroleum projects in Australia |
| psi | pounds per square inch |
| tCO2e | tonne of carbon dioxide equivalent |
| THE | the price for natural gas in Germany, quoted in megawatt hours of natural gas, at the Trading Hub Europe |
| TTF | the price for natural gas in the Netherlands, quoted in megawatt hours of natural gas, at the Title Transfer Facility Virtual Trading Point |
| US | the United States of America |
| WTI | West Texas Intermediate, the reference price paid for crude oil of standard grade in US dollars at Cushing, Oklahoma |

---

Vermilion Energy Inc. ■ Page 3 ■ 2025 Second Quarter Report

Highlights

**Q2 2025 Results**

&nbsp;&nbsp;&nbsp;&nbsp;• Generated $260 million ($1.68/basic share)<sup>(2)</sup>
of fund flows from operations ("FFO")<sup>(1)</sup>, compared to $256 million ($1.66/basic share) in Q1 2025. Exploration and
development ("E&D") capital expenditures<sup>(3)</sup> were $115 million, resulting in free cash flow ("FCF")<sup>(5)</sup>
of $144 million, compared to $74 million in the prior quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Reported net loss of $233 million ($1.51/basic
share), which consisted of net earnings of $74 million ($0.48/basic share) from continuing operations and net loss of $308 million ($1.99/basic
share) from discontinued operations, reflecting a non-cash adjustment to the book value of the Saskatchewan and United States assets held
for sale.

&nbsp;&nbsp;&nbsp;&nbsp;• Vermilion's corporate average realized
natural gas price in Q2 2025 was $4.88/mcf, approximately triple the AECO 5A benchmark of $1.69/mcf.

&nbsp;&nbsp;&nbsp;&nbsp;• Net debt<sup>(6)</sup> decreased from $2.1
billion at March 31, 2025 to $1.4 billion at June 30, 2025, with a net debt to four quarter trailing FFO<sup>(7)</sup> of 1.4 times. Net
debt at June 30, 2025 includes the net working capital impact of assets held for sale, which represents the estimated cash proceeds received
from the Saskatchewan and United States dispositions that closed subsequent to the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Vermilion returned $26 million to shareholders
through dividends and share buybacks, comprising $20 million in dividends and $6 million of share buybacks. During the quarter, the Company
repurchased and cancelled 0.7 million shares through the NCIB, and announced the renewal of the NCIB for the period of July 12, 2025 to
July 11, 2026, subsequent to the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;• Production averaged 136,002 boe/d<sup>(9)
</sup>(63% natural gas and 37% crude oil and liquids), comprising 106,379 boe/d<sup>(9)</sup> from the North American assets and 29,623
boe/d<sup>(9)</sup> from the International assets. Included in production from the North American assets is 15,453 boe/d<sup>(9)</sup>
from the Saskatchewan and the United States assets, which are presented as assets held for sale.

&nbsp;&nbsp;&nbsp;&nbsp;• Production from the Montney averaged approximately
15,000 boe/d in Q2 2025, an increase of approximately 2,500 boe/d from Q1 2025 due to production from new wells brought online in the
quarter and increased takeaway capacity from the operated infrastructure expansion completed earlier this year. Our operational teams
achieved a new benchmark for Vermilion with an average DCET cost of $8.5 million per well for the two most recent pads, while maintaining
initial production results in-line with expectations. We believe the $8.5 million is repeatable and is now our go-forward cost estimate
for an extended-reach Mica well, which reduces our future development cost by an incremental $50 million on a NPV10<sup>(12)</sup> basis.

&nbsp;&nbsp;&nbsp;&nbsp;• Production from the Deep Basin assets averaged
76,000 boe/d, reflecting a full quarter of production from the integrated Westbrick assets. The integration continues to exceed our initial
expectations as we identified additional synergies in Q2 2025, bringing our total post-acquisition synergies to over $200 million (NPV10)<sup>(12)</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;• Production from Germany averaged 6,000
boe/d, including a full quarter contribution from the Osterheide well, which continues to produce above expectations due to stronger than
anticipated seasonal demand.

&nbsp;&nbsp;&nbsp;&nbsp;• With Vermilion's 2024 Scope 1 emissions
intensity decreasing 16% from 2019, we are retiring our 2025 target of a 15 to 20% reduction relative to 2019, and are focusing on our
2030 target of a 25 to 30% Scope 1 + Scope 2 emissions intensity reduction relative to 2019. The full Sustainability Report is available
at https://www.vermilionenergy.com/sustainability.

**Outlook**

&nbsp;&nbsp;&nbsp;&nbsp;• Subsequent to the second quarter, Vermilion
closed the previously announced Saskatchewan and United States asset divestments for total gross proceeds of $535 million. The net proceeds
were used to reduce debt, positioning us to exit the year with net debt<sup>(6)</sup> of approximately $1.3 billion<sup>(13)</sup>.

&nbsp;&nbsp;&nbsp;&nbsp;• The 2025 capital budget and guidance remains
unchanged from the updated guidance provided on June 5, 2025, as we continue to prioritize free cash flow and debt reduction, while returning
capital to shareholders through the dividend and share buybacks.

&nbsp;&nbsp;&nbsp;&nbsp;• Vermilion expects Q3 2025 production to
average between 117,000 to 120,000 boe/d (67% natural gas)<sup>(13)</sup>, reflecting the respective July 2025 closing dates of the Saskatchewan
and United States asset divestments, planned seasonal turnarounds, and shut-in gas due to low summer AECO prices.

&nbsp;&nbsp;&nbsp;&nbsp;• Declared a quarterly cash dividend of $0.13
per common share, payable on October 15, 2025, to shareholders of record on September 29, 2025.

Vermilion Energy Inc. ■ Page 4 ■ 2025 Second Quarter Report

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **($M except as indicated)**<br>**Financial** | **Q2 2025** | **Q1 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Fund flows from operations <sup>(1)</sup> | **259678** | 256029 | 236703 | **515707** | 668061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund flows from operations ($/basic share) <sup>(2)</sup> | **1.68** | 1.66 | 1.48 | **3.35** | 4.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund flows from operations ($/diluted share) <sup>(2)</sup> | **1.67** | 1.65 | 1.47 | **3.35** | 4.11 |
| Net earnings (loss) |  |  |  |  |  |
| &nbsp;&nbsp;Net earnings (loss) from continuing operations | **74385** | 3703 | (108807) | **78088** | (117438) |
| &nbsp;&nbsp;Net (loss) earnings from discontinued operations | **(307843)** | 10307 | 26382 | **(296593)** | 37318 |
| &nbsp;&nbsp;Net (loss) earnings | **(233458)** | 14953 | (82425) | **(218505)** | (80120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings (loss) from continuing operations ($/basic share) | **0.48** | 0.02 | (0.68) | **0.51** | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) earnings from discontinued operations ($/basic share) | **(1.99)** | 0.07 | 0.17 | **(1.92)** | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (loss) earnings ($/basic share) | **(1.51)** | 0.10 | (0.52) | **(1.42)** | (0.50) |
| Cash flows from operating activities | **140467** | 280384 | 266322 | **420851** | 620617 |
| Cash flows used in investing activities | **198989** | 1255746 | 153025 | **1454735** | 334368 |
| Capital expenditures <sup>(3)</sup> | **115489** | 182119 | 110610 | **297608** | 301052 |
| Acquisitions <sup>(4)</sup> | **1591** | 1120998 | 5450 | **1122589** | 15202 |
| Repurchase of shares | **6323** | 16576 | 46555 | **22899** | 82964 |
| Cash dividends ($/share) | **0.13** | 0.13 | 0.12 | **0.26** | 0.24 |
| Dividends declared | **20022** | 20043 | 18981 | **40065** | 38164 |
| Free cash flow <sup>(5)</sup> | **144189** | 73910 | 126093 | **218099** | 367009 |
| Long-term debt | **1951250** | 1874033 | 915364 | **1951250** | 915364 |
| Net debt <sup>(6)</sup> | **1413321** | 2062805 | 906715 | **1413321** | 906715 |
| Net debt to four quarter trailing fund flows from operations <sup>(7)</sup> | **1.4** | 1.7 | 0.7 | **1.4** | 0.7 |
| Shares outstanding - basic ('000s) | **154019** | 154177 | 158174 | **154019** | 158174 |
| Weighted average shares outstanding - diluted ('000s) <sup>(8)</sup> | **155778** | 155609 | 161069 | **154258** | 162022 |
| **Operational** |  |  |  |  |  |
| Production <sup>(9)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crude oil and condensate (bbls/d) | **37449** | 32386 | 32879 | **34933** | 32787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGLs (bbls/d) | **12656** | 9167 | 7196 | **10921** | 7121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas (mmcf/d) | **515.38** | 369.36 | 269.39 | **442.78** | 271.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total (boe/d) | **136002** | 103115 | 84974 | **119649** | 85240 |
| Average realized prices |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crude oil and condensate ($/bbl) | **85.07** | 99.36 | 108.93 | **91.75** | 106.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NGLs ($/bbl) | **24.68** | 31.56 | 31.61 | **27.55** | 32.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Natural gas ($/mcf) | **4.88** | 7.80 | 5.69 | **6.09** | 5.90 |
| &nbsp;&nbsp;Average realized price ($/boe) | **43.71** | 61.71 | 62.46 | **51.45** | 62.97 |
| Production mix (% of production) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% priced with reference to AECO | **50%** | 43% | 33% | **46%** | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% priced with reference to TTF and NBP | **13%** | 17% | 20% | **15%** | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% priced with reference to WTI | **28%** | 28% | 32% | **29%** | 32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;% priced with reference to Dated Brent | **9%** | 12% | 15% | **10%** | 15% |
| Netbacks |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating netback ($/boe) <sup>(10)</sup> | **28.60** | 38.48 | 40.32 | **32.85** | 51.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund flows from operations ($/boe) <sup>(11)</sup> | **21.25** | 27.77 | 30.87 | **24.03** | 42.61 |

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<sup>(1)</sup> Fund flows from operations (FFO) is a total of segments and non-GAAP financial measure most directly comparable to net earnings (loss) and is calculated as sales less royalties, transportation expense, operating expense, G&A expense, corporate income tax expense (recovery), PRRT expense, interest expense, equity based compensation settled in cash, realized (gain) loss on derivatives, realized foreign exchange (gain) loss, and realized other (income) expense. The measure is used by management to assess the contribution of each business unit to Vermilion's ability to generate income necessary to pay dividends, repay debt, fund asset retirement obligations, and make capital investments. FFO does not have a standardized meaning under IFRS® Accounting Standards and therefore may not be comparable to similar measures provided by other issuers. More information and a reconciliation to net earnings (loss), the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. Fund flows from continuing operations and fund flows from discontinued operations are calculated in the same manner as FFO and are most directly comparable to net earnings (loss) from continuing operations and net earnings (loss) discontinued operations, respectively.

 

Vermilion Energy Inc. ■ Page 5 ■ 2025 Second Quarter Report

<sup>(2)</sup> Fund flows from operations per basic share and diluted share is calculated by dividing fund flows from operations (total of segments and non-GAAP financial measure) by the basic weighted average shares outstanding as defined under IFRS Accounting Standards. Fund flows from operations per diluted share is calculated by dividing fund flows from operations by the sum of basic weighted average shares outstanding and incremental shares issuable under the equity based compensation plans as determined using the treasury stock method. Management assesses fund flows from operations on a per share basis as we believe this provides a measure of our operating performance after taking into account the issuance and potential future issuance of Vermilion common shares. More information and a reconciliation to cash flows used in investing activities, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. Capital expenditures is also referred to as E&D capital expenditures. Fund flows from continuing operations per basic and diluted share and fund flows from discontinued operations per basic and diluted share are calculated in the same manner as FFO per basic and diluted share.

 

<sup>(3)</sup> Capital expenditures is a non-GAAP financial measure most directly comparable to cash flows used in investing activities and is calculated as the sum of drilling and development costs and exploration and evaluation costs. Management considers capital expenditures to be a useful measure of our investment in our existing asset base. Capital expenditures does not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other issuers. More information and a reconciliation to cash flows used in investing activities, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. Capital expenditures is also referred to as E&D capital expenditures.

 

<sup>(4)</sup> Acquisitions is a non-GAAP financial measure and is not a standardized financial measure under IFRS Accounting Standards and therefore may not be comparable to similar measures disclosed by other issuers. Acquisitions is calculated as the sum of acquisitions, net of cash acquired, acquisitions of securities and net acquired working capital (deficit). Management believes that including these components provides a useful measure of the economic investment associated with our acquisition activity and is most directly comparable to cash flows used in investing activities. More information and a reconciliation to acquisitions, net of cash acquired and acquisition of securities, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document.

 

<sup>(5)</sup> Free cash flow (FCF) and excess free cash flow (EFCF) are non-GAAP financial measures most directly comparable to cash flows from operating activities. FCF is calculated as FFO less drilling and development costs and exploration and evaluation costs and EFCF is calculated as FCF less payments on lease obligations and asset retirement obligations settled. FCF is used by management to determine the funding available for investing and financing activities including payment of dividends, repayment of long-term debt, reallocation into existing business units and deployment into new ventures. EFCF is used by management to determine the funding available to return to shareholders after costs attributable to normal business operations. FCF and EFCF do not have standardized meanings under IFRS Accounting Standards and therefore may not be comparable to similar measures provided by other issuers. More information and a reconciliation to cash flows from operating activities, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. 

<sup>(6)</sup> Net debt is a capital management measure in accordance with IAS 1 "Presentation of Financial Statements" that is most directly comparable to long-term debt and is calculated as long-term debt (excluding unrealized foreign exchange on swapped USD borrowings) plus adjusted working deficit (capital), a non-GAAP financial measure described in the "Non-GAAP and Other Specified Financial Measures" section of this document. Management considers this a helpful representation of Vermilion's net financing obligations after adjusting for the timing of working capital fluctuations. More information and a reconciliation to long-term debt, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document.

 

<sup>(7)</sup> Net debt to four quarter trailing fund flows from operations is a non-GAAP ratio and is not a standardized financial measure under IFRS Accounting Standards and therefore may not be comparable to similar measures disclosed by other issuers. Net debt to four quarter FFO is calculated as net debt divided by FFO from the preceding four quarters. Management uses this measure to assess the Company's ability to repay debt. More information can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document.

Subsequent to February 26, 2025, net debt to four quarter trailing fund flows from operations is calculated inclusive of Westbrick Energy's pre-acquisition four quarter trailing fund flows from operations, as if the acquisition of Westbrick Energy occurred at the beginning of the four-quarter trailing period, and exclusive of the four quarter trailing fund flows from discontinued operations from assets held for sale to reflect the Company's ability to repay debt on a pro forma basis.

 

<sup>(8)</sup> Diluted shares outstanding represents the sum of shares outstanding at the period end plus outstanding awards under the Long-term Incentive Plan, based on current estimates of future performance factors and forfeiture rates.

 

<sup>(9)</sup> Please refer to Supplemental Table 4 "Production" of the accompanying Management's Discussion and Analysis for disclosure by product type.

 

<sup>(10)</sup> Operating netback is a non-GAAP financial measure that is not standardized under IFRS Accounting Standards and may not be comparable to similar measures disclosed by other issuers. Operating netback is most directly comparable to net (loss) earnings and is calculated as sales less royalties, operating expense, transportation expense, PRRT expense, and realized hedging (gain) loss, and when presented on a per unit basis is a non-GAAP ratio. Management assesses operating netback as a measure of the profitability and efficiency of our field operations. More information and a reconciliation to net (loss) earnings, the most directly comparable primary financial statement measure, can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document.

Vermilion Energy Inc. ■ Page 6 ■ 2025 Second Quarter Report

<sup>(11)</sup> Fund flows from operations per boe is a non-GAAP ratio that is not standardized under IFRS Accounting Standards and may not be comparable to similar measures disclosed by other issuers. FFO per boe is calculated as FFO divided by boe production. FFO per boe is used by management to assess the profitability of Vermilion's business units and Vermilion as a whole. More information can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. Fund flows from continuing operations per boe and fund flows from discontinued operations per boe are calculated in the same manner as FFO per boe.

 

<sup>(12)</sup> Net present value ("NPV10") is a supplementary financial measure which represents the total present value of future cash flows, discounted back to their present value using a 10% discount rate. Management uses this measure to determine the current value of long-term cash flow, considering the time value of money over the period assessed.

 

<sup>(13)</sup> Based on Company estimates as at July 21, 2025. Year-end 2025 net debt reflects 2025 full year average reference prices as follows: WTI US$66.21/bbl, AECO $1.90/mcf, TTF $17.34/mmbtu, USD/CAD 1.39.

 

Vermilion Energy Inc. ■ Page 7 ■ 2025 Second Quarter Report

Message to Shareholders

Vermilion significantly advanced its North American high-grading initiative in Q2 2025, announcing the divestment of its Saskatchewan and United States assets. These divestments were a key component of Vermilion's broader strategic transition into a global gas producer, enabling us to enhance operational scale in long-duration assets and better position the company for sustainable, profitable growth. Both divestments were subsequently closed in July 2025 and the proceeds used to reduce our outstanding debt balance. On a go-forward basis, Vermilion has a production base of approximately 120,000 boe/d (70% natural gas) with over 90% of production coming from our global gas assets in Canada and Europe and over 80% of capital directed toward these assets.

Following the divestments and continued integration of the Westbrick Energy Ltd. ("Westbrick") acquisition, which closed earlier in the year, we have taken additional steps to further streamline the business by reorganizing our Canadian business unit. This has resulted in dedicated technical and corporate teams concentrating exclusively on our Deep Basin and Montney liquids-rich gas assets. We continue to identify upside as we fully integrate Westbrick, including proving up additional locations with our successful first half drilling program, reducing service costs with the larger development program and renegotiating processing fees on favourable terms. To date, we have identified over $200 million (NPV10)<sup>(2)</sup> of synergies post-acquisition, which demonstrates the benefits of our dominant Deep Basin position and our continued focus on enhancing profitability.

In Germany, the Osterheide deep gas well produced above expectations during its first quarter on production, while the Wisselshorst deep gas well remains on schedule to come online in the first half of 2026. These wells provide Vermilion with organic European gas growth, and we will continue to allocate capital to the Germany deep gas program given strong project economics. In addition, we will continue to evaluate opportunities in our core European operations, specifically pursuing European gas acquisition opportunities that complement our existing portfolio and enhance value for our shareholders.

Through these high-grading initiatives, Vermilion has a focused and resilient asset base, underpinned by high-return development opportunities, unique exposure to premium-priced European gas and a lower cost structure that we believe will drive significant shareholder value over the long term. As we look out over the next few years, our efforts will be primarily focused on building out the final phase of our Mica Montney infrastructure in British Columbia to support our target production rate of 28,000 boe/d, optimizing development of our larger Deep Basin assets, and progressing our deep gas exploration program in Germany, where we expect to grow production to over 10,000 boe/d in the coming years. While progressing these core growth initiatives over the next few years, we will continue to prioritize free cash flow generation and debt reduction to further enhance the resiliency of the business.

*Q2 2025 Review*

Vermilion generated $260 million of fund flows from operations ("FFO") in Q2 2025, which included a full quarter of contribution from the acquired Westbrick assets as well as the FFO contribution from the Saskatchewan and United States assets that were classified as held for sale at June 30, 2025. E&D capital expenditures of $115 million decreased quarter-over-quarter due to seasonality of drilling activity in Western Canada and the deferral of some E&D capital associated with assets held for sale, resulting in increased free cash flow ("FCF") of $144 million.

Production for Q2 2025 averaged 136,002 boe/d (63% gas)<sup>(1)</sup>, representing a 32% increase over the prior quarter primarily due to a full quarter contribution from the Westbrick assets. Production from Vermilion's North American operations averaged 106,379 boe/d<sup>(1)</sup> in Q2 2025, an increase of 44% from the previous quarter primarily due to the Westbrick assets and new production brought online in the Montney. Production from Vermilion's International operations averaged 29,623 boe/d<sup>(1)</sup> in Q2 2025, an increase of 1% from the previous quarter due to new production in Germany and Croatia, partially offset by natural declines.

Capital activity during Q2 2025 remained focused on our global gas assets in the Mica Montney, Alberta Deep Basin and Germany. At Mica, Vermilion completed five (5.0 net) and brought on production eleven (11.0 net) Montney liquids-rich shale gas wells. Production in the Montney averaged approximately 15,000 boe/d in Q2 2025, with production from the new wells and increased takeaway capacity from the operated infrastructure expansion completed earlier this year. Our operational teams achieved a new benchmark for Vermilion with an average DCET cost of $8.5 million per well for the two most recent pads, while maintaining initial production results in-line with expectations. We believe the $8.5 million is repeatable and is now our go-forward cost estimate for an extended reach Mica well, which reduces our future development cost by an incremental $50 million on a NPV10<sup>(2)</sup> basis. In the Deep Basin, the Company executed a one-rig program and drilled four (3.4 net), completed three (2.4 net), and brought on production three (2.4 net) liquids-rich conventional natural gas wells. We plan to add two rigs and execute a three-rig program during the second half of 2025.

In Germany, Vermilion drilled, completed and brought on production two (2.0 net) light and medium crude oil wells. Facility and tie-in activity on the Osterheide well (1.0 net) was completed during Q1 2025 and the well produced approximately 1,100 boe/d in Q2 2025, which is above original constrained expectations. Production from the well remains above expectations due to stronger than anticipated seasonal demand.

Vermilion Energy Inc. ■ Page 8 ■ 2025 Second Quarter Report

In Croatia, the Company drilled, completed and brought on production one (1.0 net) conventional natural gas well on the SA-10 block, which began producing through the existing facility in May 2025.

*Outlook and Guidance Update*

Vermilion expects Q3 2025 production to average between 117,000 to 120,000 boe/d (67% natural gas)<sup>(3)</sup> factoring in the divestment of the Saskatchewan and United States assets in July 2025, the impact of planned turnaround activity, and shut-in gas due to low summer AECO prices. The 2025 capital budget and guidance remain unchanged as we continue to prioritize free cash flow and debt reduction, while continuing to return capital to shareholders through the dividend and share buybacks. Our capital program will continue to be focused on our global gas assets with continued investment in the Montney, Deep Basin and Germany gas program.

*Sustainability*

At year-end 2024, Vermilion had achieved an approximately 16% reduction in Scope 1 emissions intensity compared to 2019 (0.016 tCO2e/boe from 0.019 tCO2e/boe), which was good progress toward our target of 15 to 20% by year-end 2025. Given the structural changes to the business, we have decided to retire our 2025 target and focus now on evaluating the emission profile of our new assets, looking ahead to the 2030 target that we announced last year - a goal of reducing Scope 1 plus Scope 2 emissions by 25 to 30% versus 2019. While we are no longer referencing net zero in the aspirations we have for the future, we remain committed to our Climate Strategy, which comprises four pillars to support our management of climate risks and opportunities from now through 2050: emission reduction, calibration of our portfolio, adaptation to new technologies, and offsets. More information can be found in our Sustainability Report, available at https://www.vermilionenergy.com/sustainability.

*Commodity Hedging*

Vermilion hedges to manage commodity price exposures and increase the stability of our cash flows. In aggregate, we have 56% of our expected net-of-royalty production hedged for the remainder of 2025. With respect to individual commodity products, we have hedged 53% of our European natural gas production, 57% of our crude oil production, and 55% of our North American natural gas volumes, respectively. Please refer to the Hedging section of our website under Invest With Us for further details using the following link:

https://www.vermilionenergy.com/invest-with-us/hedging.

*Board of Directors*

Vermilion is pleased to announce the appointment of Mr. Corey Bieber to its Board of Directors, effective August 8, 2025. Mr. Bieber brings over 40 years of financial, strategic and operational leadership across the energy sector, with deep expertise in capital markets, corporate governance, investor relations and enterprise risk management. He served in multiple executive roles at Canadian Natural Resources Limited ("CNRL"), including Chief Financial Officer and Executive Advisor where he was a member of CNRL's Management Committee for over a decade. Prior to CNRL, Mr. Bieber was engaged in various financial and leadership roles at Enbridge Inc., Nexen Inc. and KPMG where he developed extensive financial and reporting skills as well as significant experience in financial oversight and systems of internal control.

Mr. Bieber currently serves on the board of Trans Mountain Corporation, and previously served on the Board of Veren Inc. Mr. Bieber's community efforts include active involvement of various industry initiatives and with charitable activities such as the United Way and as a Member of the Heart & Stroke Alberta Board.

---

| |
|:---|
| *(Signed "Dion Hatcher")* |
| Dion Hatcher |
| President & Chief Executive Officer |
| August 7, 2025 |

---

 

 

 

<sup>(1)</sup> Please refer to Supplemental Table 4 "Production" of the accompanying Management's Discussion and Analysis for disclosure by product type.

 

<sup>(2)</sup> Net present value ("NPV10") is a supplementary financial measure which represents the total present value of future cash flows, discounted back to their present value using a 10% discount rate. Management uses this measure to determine the current value of long-term cash flow, considering the time value of money over the period assessed.

 

<sup>(3)</sup> Based on Company estimates as at July 21, 2025.

Vermilion Energy Inc. ■ Page 9 ■ 2025 Second Quarter Report

Non-GAAP and Other Specified Financial Measures

This report and other materials released by Vermilion includes financial measures that are not standardized, specified, defined, or determined under IFRS Accounting Standards and are therefore considered non-GAAP or other specified financial measures and may not be comparable to similar measures presented by other issuers. These financial measures include:

**Total of Segments Measures**

**Fund flows from operations (FFO):** Most directly comparable to net loss, FFO is a non-GAAP financial measure and total of segments measure comprised of sales less royalties, transportation, operating, G&A, corporate income tax, PRRT, interest expense, equity based compensation settled in cash, realized gain (loss) on derivatives, realized foreign exchange gain (loss), and realized other income (expense). The measure is used by management to assess the contribution of each business unit to Vermilion's ability to generate income necessary to pay dividends, repay debt, fund asset retirement obligations and make capital investments. Reconciliation to the most directly comparable primary financial statement measures can be found below. Fund flows from continuing operations and fund flows from discontinued operations are calculated in the same manner as FFO and is most directly comparable to net earnings (loss) from continuing operations and net earnings (loss) discontinued operations, respectively.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** |
| Sales | **443834** | **41.04** | 352637 | 57.62 | **912527** | **48.76** | 748304 | 59.57 |
| Royalties | **(29268)** | **(2.71)** | (21724) | (3.55) | **(59359)** | **(3.17)** | (47510) | (3.78) |
| Transportation | **(33612)** | **(3.11)** | (21820) | (3.57) | **(61853)** | **(3.31)** | (41486) | (3.30) |
| Operating | **(123006)** | **(11.37)** | (112165) | (18.33) | **(236904)** | **(12.66)** | (226606) | (18.04) |
| General and administration | **(23937)** | **(2.21)** | (20262) | (3.31) | **(53725)** | **(2.87)** | (37700) | (3.00) |
| Corporate income tax expense | **(11116)** | **(1.03)** | (12080) | (1.97) | **(30175)** | **(1.61)** | (37719) | (3.00) |
| Petroleum resource rent tax | **(755)** | **(0.07)** | (3638) | (0.59) | **(3773)** | **(0.20)** | (14421) | (1.15) |
| Interest expense | **(37691)** | **(3.49)** | (21062) | (3.44) | **(70670)** | **(3.78)** | (39454) | (3.14) |
| Equity based compensation | **(5692)** | **(0.53)** | (14361) | (2.35) | **(5692)** | **(0.30)** | (14361) | (1.14) |
| Realized gain on derivatives | **47699** | **4.41** | 46017 | 7.52 | **58818** | **3.14** | 266632 | 21.23 |
| Realized foreign exchange (loss) gain | **(487)** | **(0.05)** | 2267 | 0.37 | **2012** | **0.11** | 4138 | 0.33 |
| Realized other expense | **(653)** | **(0.06)** | (655) | (0.11) | **(15119)** | **(0.81)** | (472) | (0.04) |
| **Fund flows from continuing operations** | **225316** | **20.82** | 173154 | 28.29 | **436087** | **23.30** | 559345 | 44.54 |
| Equity based compensation | **(1286)** |  | 3860 |  | **(7217)** |  | (1658) |  |
| Unrealized gain (loss) on derivative instruments <sup>(1)</sup> | **70569** |  | (125789) |  | **56894** |  | (314533) |  |
| Unrealized foreign exchange gain (loss) <sup>(1)</sup> | **6002** |  | 2344 |  | **(30012)** |  | (18863) |  |
| Accretion | **(17716)** |  | (16146) |  | **(33517)** |  | (32050) |  |
| Depletion and depreciation | **(165761)** |  | (131826) |  | **(314044)** |  | (280003) |  |
| Deferred tax expense | **(41345)** |  | (14196) |  | **(28390)** |  | (29331) |  |
| Unrealized other expense <sup>(1)</sup> | **(1394)** |  | (208) |  | **(1713)** |  | (345) |  |
| **Net earnings (loss) from continuing operations** | **74385** |  | (108807) |  | **78088** |  | (117438) |  |

---

Vermilion Energy Inc. ■ Page 10 ■ 2025 Second Quarter Report

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** |
| Sales | **90314** | **64.23** | 126288 | 81.63 | **190467** | **69.89** | 238656 | 76.67 |
| Royalties | **(16800)** | **(11.95)** | (24886) | (16.09) | **(35999)** | **(13.21)** | (47653) | (15.31) |
| Transportation | **(2999)** | **(2.13)** | (3497) | (2.26) | **(5944)** | **(2.18)** | (6793) | (2.18) |
| Operating | **(25819)** | **(18.36)** | (28065) | (18.14) | **(53698)** | **(19.70)** | (62935) | (20.22) |
| General and administration | **(10334)** | **(7.35)** | (6275) | (4.06) | **(15206)** | **(5.58)** | (12540) | (4.03) |
| Corporate income tax expense | **-** | **-** | (16) | (0.01) | **-** | **-** | (19) | (0.01) |
| **Fund flows from discontinued operations** | **34362** | **24.44** | 63549 | 41.07 | **79620** | **29.22** | 108716 | 34.92 |
| Unrealized loss on derivative instruments <sup>(1)</sup> | **(11047)** |  |  |  | **(11047)** |  |  |  |
| Unrealized foreign exchange (loss) gain <sup>(1)</sup> | **(552)** |  | 725 |  | **(437)** |  | 291 |  |
| Accretion | **(2156)** |  | (2063) |  | **(4235)** |  | (4093) |  |
| Depletion and depreciation | **(18406)** |  | (29358) |  | **(46511)** |  | (59615) |  |
| Deferred tax recovery (expense) | **62342** |  | (6471) |  | **58403** |  | (7981) |  |
| Impairment expense | **(372386)** |  | - |  | **(372386)** |  | - |  |
| **Net (loss) earnings from discontinued operations** | **(307843)** |  | 26382 |  | **(296593)** |  | 37318 |  |
| **Fund flows from operations** | **259678** | **21.25** | 236703 | 30.87 | **515707** | **24.03** | 668061 | 42.61 |
| **Net loss** | **(233458)** |  | (82425) |  | **(218505)** |  | (80120) |  |

---

**<sup>(1)</sup>** Unrealized gain (loss) on derivative instruments, Unrealized foreign exchange gain (loss), and Unrealized other expense are line items from the respective Consolidated Statements of Cash Flows.

 

**Non-GAAP Financial Measures and Non-GAAP Ratios**

 

**Fund flows from operations per basic and diluted share:** FFO per basic share and diluted share are non-GAAP ratios. Management assesses fund flows from operations on a per share basis as we believe this provides a measure of our operating performance after taking into account the issuance and potential future issuance of Vermilion common shares. Fund flows from operations per basic share is calculated by dividing fund flows from operations (total of segments measure) by the basic weighted average shares outstanding as defined under IFRS Accounting Standards. Fund flows from operations per diluted share is calculated by dividing fund flows from operations by the sum of basic weighted average shares outstanding and incremental shares issuable under the equity based compensation plans as determined using the treasury stock method. Fund flows from continuing operations per basic and diluted share and fund flows from discontinued operations per basic and diluted share are calculated in the same manner as FFO per basic and diluted share.

 

**Fund flows from operations per boe:** Management uses fund flows from operations per boe to assess the profitability of our business units and Vermilion as a whole. Fund flows from operations per boe is calculated by dividing fund flows from operations (total of segments measure) by boe production. Fund flows from continuing operations per boe and fund flows from discontinued operations per boe are calculated in the same manner as FFO per boe.

 

**Free cash flow (FCF) and excess free cash flow (EFCF):** Most directly comparable to cash flows from operating activities, FCF is a non-GAAP financial measure calculated as fund flows from operations less drilling and development costs and exploration and evaluation costs and EFCF is comprised of FCF less payments on lease obligations and asset retirement obligations settled. FCF is used by management to determine the funding available for investing and financing activities including payment of dividends, repayment of long-term debt, reallocation into existing business units and deployment into new ventures. EFCF is used by management to determine the funding available to return to shareholders after costs attributable to normal business operations. Reconciliation to the primary financial statement measures can be found in the following table.

Vermilion Energy Inc. ■ Page 11 ■ 2025 Second Quarter Report

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($M)** | **Q2 2025** | **Q2 2024** | **2025** | **2024** |
| Cash flows from operating activities | **140467** | 266322 | **420851** | 620617 |
| Changes in non-cash operating working capital | **110825** | (41364) | **77123** | 30724 |
| Asset retirement obligations settled | **8386** | 11745 | **17733** | 16720 |
| **Fund flows from operations** | **259678** | 236703 | **515707** | 668061 |
| Drilling and development | **(111238)** | (109350) | **(278702)** | (291648) |
| Exploration and evaluation | **(4251)** | (1260) | **(18906)** | (9404) |
| **Free cash flow** | **144189** | 126093 | **218099** | 367009 |
| Payments on lease obligations | **(3852)** | (7830) | **(7681)** | (11932) |
| Asset retirement obligations settled | **(8386)** | (11745) | **(17733)** | (16720) |
| **Excess free cash flow** | **131951** | 106518 | **192685** | 338357 |

---

**Capital expenditures:** Most directly comparable to cash flows used in investing activities, capital expenditures is a non-GAAP financial measure calculated as the sum of drilling and development costs and exploration and evaluation costs as derived from the Consolidated Statements of Cash Flows. We consider capital expenditures to be a useful measure of our investment in our existing asset base. Capital expenditures are also referred to as E&D capital. Reconciliation to the primary financial statement measures can be found below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($M)** | **Q2 2025** | **Q2 2024** | **2025** | **2024** |
| Drilling and development | **111238** | 109350 | **278702** | 291648 |
| Exploration and evaluation | **4251** | 1260 | **18906** | 9404 |
| **Capital expenditures** | **115489** | 110610 | **297608** | 301052 |

---

**Payout and payout % of FFO:** Payout and payout % of FFO are, respectively, a non-GAAP financial measure and non-GAAP ratio. Payout is most directly comparable to dividends declared. Payout is comprised of dividends declared plus drilling and development costs, exploration and evaluation costs, and asset retirement obligations settled, and payout % of FFO is calculated as payout divided by FFO. The measure is used by management to assess the amount of cash distributed back to shareholders and reinvested in the business for maintaining production and organic growth. Payout as a percentage of FFO is also referred to as the payout ratio or sustainability ratio. The reconciliation of the measure to the primary financial statement measure can be found below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($M)** | **Q2 2025** | **Q2 2024** | **2025** | **2024** |
| Dividends declared | **20022** | 18981 | **40065** | 38164 |
| Drilling and development | **111238** | 109350 | **278702** | 291648 |
| Exploration and evaluation | **4251** | 1260 | **18906** | 9404 |
| Asset retirement obligations settled | **8386** | 11745 | **17733** | 16720 |
| **Payout** | **143897** | 141336 | **355406** | 355936 |
| **% of fund flows from operations** | **55%** | 60% | **69%** | 53% |

---

**Return on capital employed (ROCE):** A non-GAAP ratio**,** ROCE is a measure that management uses to analyze our profitability and the efficiency of our capital allocation process; the comparable primary financial statement measure is earnings before income taxes. ROCE is calculated by dividing net loss before interest and taxes ("EBIT") by average capital employed over the preceding twelve months. Capital employed is calculated as total assets less current liabilities while average capital employed is calculated using the balance sheets at the beginning and end of the twelve-month period.

---

| | | |
|:---|:---|:---|
|  | **Twelve Months Ended** | **Twelve Months Ended** |
| **($M)** | **Jun 30, 2025** | **Jun 30, 2024** |
| Net loss | **(185124)** | (825947) |
| Taxes | **(45383)** | (11691) |
| Interest expense | **115822** | 82581 |
| **EBIT** | **(114685)** | (755057) |
| Average capital employed | **5803980** | 5906288 |
| **Return on capital employed** | **(2) %** | (13) % |

---

**Adjusted working capital (deficit):** Adjusted working capital (deficit) is a non-GAAP financial measure calculated as current assets less current liabilities, excluding current derivatives and current lease liabilities. The measure is used by management to calculate net debt, a capital management measure disclosed below.

Vermilion Energy Inc. ■ Page 12 ■ 2025 Second Quarter Report

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| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| **($M)** | **Jun 30, 2025** | **Dec 31, 2024** |
| Current assets | **1171777** | 582326 |
| Current liabilities | **(603527)** | (610590) |
| Current derivative asset | **(76558)** | (40312) |
| Current lease liability <sup>(1)</sup> | **12348** | 12206 |
| Current derivative liability <sup>(1)</sup> | **36462** | 52944 |
| **Adjusted working capital** | **540502** | (3426) |

---

<sup>(1)</sup> Current lease liability includes the lease liability associated with assets held for sale. Current derivative liability includes the derivative liability associated with assets held for sale. See Note 4 - "Discontinued Operations" for more information.

**Acquisitions:** Acquisitions is a non-GAAP financial measure and is calculated as the sum of acquisitions, net of cash acquired and acquisitions of securities from the Consolidated Statements of Cash Flows, Vermilion common shares issued as consideration, the estimated value of contingent consideration, the amount of acquiree's outstanding long-term debt assumed, and net acquired working capital deficit or surplus. Management believes that including these components provides a useful measure of the economic investment associated with our acquisition activity and is most directly comparable to cash flows used in investing activities. A reconciliation to the acquisitions line items in the Consolidated Statements of Cash Flows can be found below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($M)** | **Q2 2025** | **Q2 2024** | **2025** | **2024** |
| Acquisitions, net of cash acquired | **1591** | 5450 | **1086047** | 5829 |
| Shares issued for acquisition | **-** |  | **13363** |  |
| Acquisition of securities | **-** |  | **-** | 9373 |
| Acquired working capital deficit | **-** | - | **23179** | - |
| **Acquisitions** | **1591** | 5450 | **1122589** | 15202 |

---

**Operating netback:** Operating netback is non-GAAP financial measure and is calculated as sales less royalties, operating expense, transportation costs, PRRT, and realized hedging gains and losses, and when presented on a per unit basis is a non-GAAP ratio. Operating netback is most directly comparable to net loss. Management assesses operating netback as a measure of the profitability and efficiency of our field operations.

**Net debt to four quarter trailing fund flows from operations:** Management uses net debt (a capital management measure, as defined below) to four quarter trailing fund flows from operations to assess the Company's ability to repay debt. Net debt to four quarter trailing fund flows from operations is a non-GAAP ratio calculated as net debt (capital management measure) divided by fund flows from operations (total of segments measure) from the preceding four quarters.

**Capital Management Measure**

**Net debt:** Net debt is a capital management measure in accordance with IAS 1 "Presentation of Financial Statements" that is most directly comparable to long-term debt. Net debt is comprised of long-term debt (excluding unrealized foreign exchange on swapped USD borrowings) plus adjusted working capital (defined as current assets less current liabilities, excluding current derivatives and current lease liabilities), and represents Vermilion's net financing obligations after adjusting for the timing of working capital fluctuations.

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| **($M)** | **Jun 30, 2025** | **Dec 31, 2024** |
| Long-term debt | **1951250** | 963456 |
| Adjusted working capital <sup>(1)</sup> | **(540502)** | 3426 |
| Unrealized FX on swapped USD borrowings | **2573** | - |
| **Net debt** | **1413321** | 966882 |
| **Ratio of net debt to four quarter trailing fund flows from operations <sup>(1)</sup>** | **1.4** | 0.8 |

---

<sup>(1)</sup> Adjusted working capital is defined as current assets (excluding current derivatives), less current liabilities (excluding current derivatives and current lease liabilities). These figures include amounts for assets held for sale and liabilities associated with assets held for sale which represent the estimated cash proceeds from dispositions that closed subsequent to June 30, 2025.

<sup>(2)</sup> Subsequent to February 26, 2025, net debt to four quarter trailing fund flows from operations is calculated inclusive of Westbrick Energy's pre-acquisition four quarter trailing fund flows from operations, as if the acquisition of Westbrick Energy occurred at the beginning of the four-quarter trailing period, and exclusive of the four quarter trailing fund flows from discontinued operations from assets held for sale to reflect the Company's ability to repay debt on a pro forma basis.

 

Vermilion Energy Inc. ■ Page 13 ■ 2025 Second Quarter Report

**Supplementary Financial Measures**

**Diluted shares outstanding:** The sum of shares outstanding at the period end plus outstanding awards under the Long-term Incentive Plan ("LTIP"), based on current estimates of future performance factors and forfeiture rates.

---

| | | |
|:---|:---|:---|
| **('000s of shares)** | **Q2 2025** | **Q2 2024** |
| Shares outstanding | **154,019** | 158174 |
| Potential shares issuable pursuant to the LTIP | **4,737** | 3,498 |
| **Diluted shares outstanding** | **158,756** | 161,672 |

---

**Production per share growth:** Calculated as the change in production determined on a per weighted average shares outstanding basis over a predefined period of time, expressed as a compounded, annualized return percentage. Measuring production growth per share better reflects the interests of our existing shareholders by reflecting the dilutive impact of equity issuances.

**F&D (finding and development) and FD&A (finding, development and acquisition) costs**: used as a measure of capital efficiency, calculated by dividing the applicable capital expenditures for the period, including the change in undiscounted FDC (future development capital), by the change in the reserves, incorporating revisions and production, for the same period.

**Operating Recycle Ratio**: A non-GAAP ratio that is calculated by dividing the Operating Netback, excluding realized gain (loss) on derivatives and petroleum resource rent tax, by the cost of adding reserves (F&D and FD&A cost). Management assesses operating recycle ratio as a measure of the reinvestment of earnings.

Vermilion Energy Inc. ■ Page 14 ■ 2025 Second Quarter Report

Management's Discussion and Analysis

<br> The following is Management's Discussion and Analysis ("MD&A"), dated August 7, 2025, of Vermilion Energy Inc.'s ("Vermilion", "we", "our", "us" or the "Company") operating and financial results as at and for the three and six months ended June 30, 2025 compared with the corresponding period in the prior year.

This discussion should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2025 and the audited consolidated financial statements for the years ended December 31, 2024 and 2023, together with the accompanying notes. Additional information relating to Vermilion, including its Annual Information Form, is available on SEDAR+ at www.sedarplus.ca or on Vermilion's website at www.vermilionenergy.com.

The unaudited condensed consolidated interim financial statements for the three and six months ended June 30, 2025 and comparative information have been prepared in Canadian dollars, except where another currency has been indicated, and in accordance with IAS 34, "Interim Financial Reporting", as issued by the International Accounting Standards Board ("IASB").

The operating results attributable to the Company's Saskatchewan and United States operations have been classified and presented as discontinued operations, with all other operating results presented as continuing operations. The prior period results have been presented to conform with current period presentation. See Note 4 - "Discontinued Operations" of the condensed consolidated interim financial statements for the three and six months ended June 30, 2025 for additional information.

This MD&A includes references to certain financial measures which are not specified, defined, or determined under IFRS® Accounting Standards and are therefore considered non-GAAP and other specified financial measures. These financial measures are unlikely to be comparable to similar financial measures presented by other issuers. For a full description of these non-GAAP and other specified financial measures and a reconciliation of these measures to their most directly comparable GAAP measures, please refer to "Non-GAAP and Other Specified Financial Measures".

Product Type Disclosure

Under National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities", disclosure of production volumes should include segmentation by product type as defined in the instrument. In this report, references to "crude oil" and "light and medium crude oil" mean "light crude oil and medium crude oil" and references to "natural gas" mean "conventional natural gas".

In addition, in Supplemental Table 4 "Production", Vermilion provides a reconciliation from total production volumes to product type and also a reconciliation of "crude oil and condensate" and "NGLs" to the product types "light crude oil and medium crude oil" and "natural gas liquids".

Production volumes reported are based on quantities as measured at the first point of sale.

Vermilion Energy Inc. ■ Page 15 ■ 2025 Second Quarter Report

Guidance

On December 19, 2024, Vermilion released the 2025 capital budget and associated production guidance. On March 5, 2025, the Company updated the 2025 capital budget and associated production guidance following the close of the acquisition of Westbrick Energy Ltd. ("Westbrick"), with incremental capital expenditures and production from the acquired assets reflected in guidance for the remainder of the year. On June 5, 2025, the Company provided updated guidance reflecting the removal of all remaining E&D capital associated with the Saskatchewan and United States assets following the announcement of the sale of these assets. Current capital and production guidance incorporates the July 2025 close of these sales transactions. The Company's guidance for 2025 is as follows:

---

| | | |
|:---|:---|:---|
| **Category** | **2025 Prior<sup>(1)</sup>** | **2025 Current<sup>(1)</sup>** |
| Production (boe/d) | 125000 - 130000 | 117000 - 122000 |
| E&D capital expenditures ($MM) | $730 - 760 | $630 - 660 |
| Royalty rate (% of sales) | 9 - 11% | 8 - 10% |
| Operating ($/boe) | $13.50 - 14.50 | $13.00 - 14.00 |
| Transportation ($/boe) | $3.00 - 3.50 | $3.00 - 3.50 |
| General and administration ($/boe)<sup>(2)</sup> | $2.25 - 2.75 | $2.25 - 2.75 |
| Cash taxes (% of pre-tax FFO) | 6 - 10% | 4 - 8% |
| Asset retirement obligations settled ($MM) | $60 | $60 |
| Payments on lease obligations ($MM) | $20 | $15 |

---

<sup>(1)</sup> Current 2025 guidance reflects foreign exchange assumptions of CAD/USD 1.40, CAD/EUR 1.56, and CAD/AUD 0.89. Prior 2025 guidance reflects foreign exchange assumptions of CAD/USD 1.43, CAD/EUR 1.51, and CAD/AUD 0.90.

 

<sup>(2)</sup> General and administration expense inclusive of expected cash-settled equity based compensation.

Vermilion Energy Inc. ■ Page 16 ■ 2025 Second Quarter Report

Consolidated Results Overview

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2024** | **Q2/25 vs. Q2/24** | **YTD 2025** | **YTD 2024** | **2025 vs. 2024** |
| **Production <sup>(1)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;Crude oil and condensate (bbls/d) | **37449** | 32879 | 14% | **34933** | 32787 | 7% |
| &nbsp;&nbsp;NGLs (bbls/d) | **12656** | 7196 | 76% | **10921** | 7121 | 53% |
| &nbsp;&nbsp;Natural gas (mmcf/d) | **515.38** | 269.39 | 91% | **442.78** | 271.99 | 63% |
| &nbsp;&nbsp;**Total (boe/d)** | **136002** | 84974 | 60% | **119649** | 85240 | 40% |
| &nbsp;&nbsp;Build (draw) in inventory (mbbls) | **156** | 66 |  | **219** | (161) |  |
| **Financial metrics** |  |  |  |  |  |  |
| &nbsp;&nbsp;Fund flows from continuing operations ($M) <sup>(2)</sup> | **225316** | 173154 | 30% | **436087** | 559345 | (22)% |
| &nbsp;&nbsp;Fund flows from discontinued operations ($M) <sup>(2)(7)</sup> | **34362** | 63549 | (46)% | **79620** | 108716 | (27)% |
| &nbsp;&nbsp;Fund flows from operations ($M) <sup>(2)</sup> | **259678** | 236703 | 10% | **515707** | 668061 | (23)% |
| &nbsp;&nbsp;Fund flows from operations per share | **1.68** | 1.48 | 14% | **3.35** | 4.16 | (20)% |
| &nbsp;&nbsp;Net earnings (loss) from continuing operations | **74385** | (108807) | N/A | **78088** | (117438) | N/A |
| &nbsp;&nbsp;Net (loss) earnings from discontinued operations <sup>(7)</sup> | **(307843)** | 26382 | N/A | **(296593)** | 37318 | N/A |
| &nbsp;&nbsp;Net loss ($M) | **(233458)** | (82425) | 183% | **(218505)** | (80120) | 173% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net earnings (loss) per share - continuing operations | **0.48** | (0.68) | N/A | **0.51** | (0.73) | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) earnings per share - discontinued operations <sup>(7)</sup> | **(1.99)** | 0.17 | N/A | **(1.92)** | 0.23 | N/A |
| &nbsp;&nbsp; Net loss per share | **(1.51)** | (0.52) | 190% | **(1.42)** | (0.50) | 184% |
| &nbsp;&nbsp;Cash flows from operating activities ($M) | **140467** | 266322 | (47)% | **420851** | 620617 | (32)% |
| &nbsp;&nbsp;Free cash flow ($M) <sup>(3)</sup> | **144189** | 126093 | 14% | **218099** | 367009 | (41)% |
| &nbsp;&nbsp;Long-term debt ($M) | **1951250** | 915364 | 113% | **1951250** | 915364 | 113% |
| &nbsp;&nbsp;Net debt ($M) <sup>(4)</sup> | **1413321** | 906715 | 56% | **1413321** | 906715 | 56% |
| &nbsp;&nbsp;Cash dividends ($/share) | **0.13** | 0.12 | 8% | **0.26** | 0.24 | 8% |
| **Activity** |  |  |  |  |  |  |
| &nbsp;&nbsp;Capital expenditures ($M) <sup>(5)</sup> | **115489** | 110610 | 4% | **297608** | 301052 | (1)% |
| &nbsp;&nbsp;Acquisitions ($M) <sup>(6)</sup> | **1591** | 5450 | (71)% | **1122589** | 15202 | 7,285% |

---

<sup>(1)</sup> Please refer to Supplemental Table 4 "Production" for disclosure by product type.

<sup>(2)</sup> Fund flows from operations (FFO) and FFO per share are a total of segments measure and supplementary financial measure most directly comparable to net loss and net loss per share, respectively. The measures do not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. FFO is comprised of sales less royalties, transportation, operating, general and administrative (G&A), corporate income tax, PRRT, interest expense, equity based compensation settled in cash, realized gain (loss) on derivatives, plus realized gain (loss) on foreign exchange and realized other income (expense). The measure is used to assess the contribution of each business unit to Vermilion's ability to generate income necessary to pay dividends, repay debt, fund asset retirement obligations and make capital investments. A reconciliation to the primary financial statement measures can be found within the "Non-GAAP and Other Specified Financial Measures" section of this MD&A. Fund flows from continuing operations and fund flows from discontinued operations are calculated in the same manner as FFO and are most directly comparable to net earnings (loss) from continuing operations and net earnings (loss) discontinued operations, respectively.

<sup>(3)</sup> Free cash flow (FCF) is a non-GAAP financial measure most directly comparable to cash flows from operating activities; it does not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. FCF is comprised of fund flows from operations less drilling and development costs and exploration and evaluation costs. The measure is used to determine the funding available for investing and financing activities including payment of dividends, repayment of long-term debt, reallocation into existing business units and deployment into new ventures. A reconciliation to primary financial statement measures can be found within the "Non-GAAP and Other Specified Financial Measures" section of this MD&A.

<sup>(4)</sup> Net debt is a capital management measure in accordance with IAS 1 "Presentation of Financial Statements" and is most directly comparable to long-term debt. Net debt is comprised of long-term debt (excluding unrealized foreign exchange on swapped USD borrowings) plus adjusted working capital (defined as current assets less current liabilities, excluding current derivatives and current lease liabilities), and represents Vermilion's net financing obligations after adjusting for the timing of working capital fluctuations. Net debt excludes lease obligations which are secured by a corresponding right-of-use asset. A reconciliation to the primary financial statement measures can be found within the "Financial Position Review" section of this MD&A.

<sup>(5)</sup> Capital expenditures is a non-GAAP financial measure that does not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. The measure is calculated as the sum of drilling and development costs and exploration and evaluation costs from the Consolidated Statements of Cash Flows. We consider capital expenditures to be a useful measure of our investment in our existing asset base. Capital expenditures are also referred to as E&D capital. A reconciliation to the primary financial statement measures can be found within the "Non-GAAP and Other Specified Financial Measures" section of this MD&A.

<sup>(6)</sup> Acquisitions is a non-GAAP financial measure that does not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. The measure is calculated as the sum of acquisitions, net of cash and acquisitions of securities from the Consolidated Statements of Cash Flows, Vermilion common shares issued as consideration, the estimated value of contingent consideration, the amount of acquiree's outstanding long-term debt assumed, and net acquired working capital deficit or surplus. We believe that including these components provides a useful measure of the economic investment associated with our acquisition activity. A reconciliation to the acquisitions line item in the Consolidated Statements of Cash Flows can be found in "Supplemental Table 3: Capital Expenditures and Acquisitions" section of this MD&A.

<sup>(7)</sup> Refer to the "North America" section of this MD&A for additional information on discontinued operations as a result of assets held for sale as at June 30, 2025.

Vermilion Energy Inc. ■ Page 17 ■ 2025 Second Quarter Report

**Financial performance review**

*Q2 2025 vs. Q2 2024* 

 

&nbsp;&nbsp;&nbsp;&nbsp;• We recorded a net loss of $233.5 million
($1.51/basic share) for Q2 2025 compared to $82.4 million ($0.52/basic share) in Q2 2024. The change in net loss was primarily due to
impairment of $372.4 million recorded on the United States and Saskatchewan assets held for sale, after agreements were reached to divest
in the assets in Q2 2025 and closed in July 2025. This was partially offset by favourable changes in our mark-to-market derivative position
primarily on our European natural gas contracts and increased FFO on higher production from the Westbrick assets acquired in Q1 2025.

![](ex991_p18b.jpg)

Vermilion Energy Inc. ■ Page 18 ■ 2025 Second Quarter Report

&nbsp;&nbsp;&nbsp;&nbsp;• Cash flows from operating activities were
$140.5 million in Q2 2025 compared to $266.3 million in Q2 2024, while fund flows from operations increased to $259.7 million in Q2 2025
from $236.7 million in Q2 2024. The increase in FFO was primarily driven by higher net operating income from the Westbrick acquisition
and new wells coming on production. The increase was partially offset by higher interest attributable to the Westbrick acquisition as
proceeds from dispositions will not impact interest expense until Q3 2025. The decrease in fund flows from discontinued operations was
mainly driven by lower liquids pricing and lower sales volumes. Variances between cash flows from operating activities and fund flows
from operations are primarily driven by working capital timing differences, including lower tax liabilities at the end of Q2 2025.

*Q2 2025 YTD vs. Q2 2024 YTD*

 

&nbsp;&nbsp;&nbsp;&nbsp;• For the six months ended June 30,
2025, we recorded a net loss of $218.5 million compared to $80.1 million for the comparable period in 2024. The increase in net loss was
primarily attributable to impairment taken on assets held for sale and lower fund flows from operations driven by lower realized gains
on derivative contracts. The increase was partially offset by favourable changes in our mark-to-market derivative position, primarily
on our European natural gas contracts.

Vermilion Energy Inc. ■ Page 19 ■ 2025 Second Quarter Report

![](ex991_p20.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;• For the six months ended June 30,
2025 as compared to the same period in 2024, cash flows from operating activities decreased by $199.8 million to $420.9 million and FFO
decreased by $152.4 million to $515.7 million. The decrease in FFO was primarily driven by lower realized gains on derivative contracts
of $207.8 million, and higher interest expense on Q1 refinancing activities. This was partially offset by increased net operating income
from Westbrick, and higher realized pricing on legacy natural gas assets. Variances between cash flows from operating activities and fund
flows from operations are primarily driven by working capital timing differences.

**Production review**

*Q2 2025 vs. Q2 2024*

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated average production increased
to 136,002 boe/d in Q2 2025 compared to Q2 2024 production of 84,974 boe/d. Production increased as a result of the Westbrick acquisition
which closed at the end of February 2025, combined with increased production in Germany and Central and Eastern Europe. The increases
were partially offset by natural well decline in Ireland and the United States.

 

**Activity review**

For the three months ended June 30, 2025, capital expenditures were $115.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;• In our North America core region, we invested
capital expenditures of $58.0 million, comprised of $50.6 million of capital expenditure in Canada and $7.5 million in the United
States:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vermilion completed five (5.0 net) and
brought on production eleven (11.0 net) Montney liquids-rich shale gas wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the Deep Basin, the Company drilled
four (3.4 net), completed three (2.4 net), and brought on production three (2.4 net) liquids-rich conventional natural gas wells;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the United States, four (1.4 net) non-operated
light and medium crude oil wells were brought on production;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Vermilion did not have an active operated
drilling program in Saskatchewan or the United States as these assets were marketed for sale, and definitive agreements to sell both assets
were announced in Q2 2025.

&nbsp;&nbsp;&nbsp;&nbsp;• In our International core region, capital
expenditures of $57.5 million were invested:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Germany, we invested $18.1 million
as we continued to invest in our deep gas drilling program, drilled, completed and brought on production two (2.0 net) light and medium
crude oil wells, and invested in our surface facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the Netherlands, we invested $13.9 million
on the strategic gas field interconnector project and workovers;

Vermilion Energy Inc. ■ Page 20 ■ 2025 Second Quarter Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In France, we invested $10.2 million
primarily on subsurface maintenance in the Aquitaine and Paris basins, as well as tank and pipeline inspections and workovers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Australia, $8.8 million was invested
primarily on facilities activities and workovers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Central and Eastern Europe, $5.7 million
was invested as we drilled, completed and brought on production one (1.0 net) conventional natural gas well on the SA-10 block;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Ireland, $0.8 million was invested
on facilities.

**Financial sustainability review**

*Free cash flow*

&nbsp;&nbsp;&nbsp;&nbsp;• Free cash flow decreased by $148.9 million
to $218.1 million for the six months ended June 30, 2025 compared to the prior year period primarily due to lower fund flows
from operations driven by lower realized gains on derivative contracts and higher interest expense, partially offset by higher sales impacted
by the acquisition of Westbrick.

*Long-term debt and net debt*

&nbsp;&nbsp;&nbsp;&nbsp;• Long-term debt increased to $2.0 billion
as at June 30, 2025 (December 31, 2024 - $1.0 billion) due to the Westbrick acquisition, including the issuance of the
$563.0 million (US $400.0 million) 2033 senior unsecured notes, the issuance of the $450.0 million term loan, and draws on the revolving
credit facility. The increase was partially offset by the repayment of the $399.5 million (US $300.0 million) 2025 senior unsecured
notes, a $200.0 million repayment of the term loan in Q2 2025, and the foreign exchange impact of the US dollar weakening against the
Canadian dollar on our US denominated senior unsecured notes. Subsequent to June 30, 2025, proceeds from dispositions were used to repay
debt, including extinguishing the remaining balance of the term loan.

&nbsp;&nbsp;&nbsp;&nbsp;• As at June 30, 2025, net debt was
$1.4 billion, or $0.4 billion higher compared to December 31, 2024 due to the financing of the Westbrick acquisition in Q1 2025.
Net debt decreased from $2.1 billion at March 31, 2025 as a result of strong free cash flow generation from higher sales volumes and expected
proceeds from dispositions on assets held for sale, partially driven by the Westbrick acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;• The ratio of net debt to four quarter trailing
fund flows from operations<sup>(1)</sup> increased to 1.4 as at June 30, 2025 (December 31, 2024 - 0.8) primarily due to higher
net debt as a result of the Westbrick acquisition, partially offset by the inclusion of Westbrick's four quarter trailing fund flows from
operations.

<sup>(1)</sup> Net debt to four quarter trailing fund flows from operations is a supplementary financial measure that does not have a standardized meaning under IFRS Accounting Standards and therefore may not be comparable to similar measures presented by other issuers. It is calculated as net debt (capital measure) over the FFO from the preceding four quarters (total of segments measure). The measure is used to assess our ability to repay debt. Subsequent to February 26, 2025, net debt to four quarter trailing fund flows from operations is calculated inclusive of Westbrick Energy's pre-acquisition four quarter trailing fund flows from operations, as if the acquisition of Westbrick Energy occurred at the beginning of the four-quarter trailing period, and exclusive of the four quarter trailing fund flows from discontinued operations from assets held for sale to reflect the Company's ability to repay debt on a pro forma basis.

 

 

Vermilion Energy Inc. ■ Page 21 ■ 2025 Second Quarter Report

Benchmark Commodity Prices

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2024** | **Q2/25 vs. Q2/24** | **YTD 2025** | **YTD 2024** | **2025 vs. 2024** |
| **Natural gas** |  |  |  |  |  |  |
| &nbsp;&nbsp;**North America** |  |  |  |  |  |  |
| &nbsp;&nbsp;AECO 5A ($/mcf) | **1.69** | 1.18 | 43% | **1.93** | 1.84 | 5% |
| &nbsp;&nbsp;AECO 7A ($/mcf) | **2.07** | 1.44 | 44% | **2.05** | 1.74 | 18% |
| &nbsp;&nbsp;Henry Hub ($/mcf) | **4.76** | 2.59 | 84% | **5.00** | 2.81 | 78% |
| &nbsp;&nbsp;Henry Hub (US $/mcf) | **3.44** | 1.89 | 82% | **3.55** | 2.07 | 71% |
| &nbsp;&nbsp;**Europe<sup>(1)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;NBP Day Ahead ($/mmbtu) | **15.59** | 13.16 | 18% | **18.39** | 12.47 | 47% |
| &nbsp;&nbsp;NBP Month Ahead ($/mmbtu) | **16.68** | 12.50 | 33% | **19.08** | 12.74 | 50% |
| &nbsp;&nbsp;NBP Day Ahead (#eu#/mmbtu) | **9.93** | 8.93 | 11% | **11.93** | 8.49 | 41% |
| &nbsp;&nbsp;NBP Month Ahead (#eu#/mmbtu) | **10.63** | 8.48 | 25% | **12.38** | 8.67 | 43% |
| &nbsp;&nbsp;TTF Day Ahead ($/mmbtu) | **16.27** | 13.62 | 19% | **18.59** | 12.69 | 46% |
| &nbsp;&nbsp;TTF Month Ahead ($/mmbtu) | **17.14** | 12.61 | 36% | **19.20** | 12.85 | 49% |
| &nbsp;&nbsp;TTF Day Ahead (#eu#/mmbtu) | **10.36** | 9.24 | 12% | **12.07** | 8.64 | 40% |
| &nbsp;&nbsp;TTF Month Ahead (#eu#/mmbtu) | **10.92** | 8.56 | 28% | **12.46** | 8.75 | 42% |
| **Crude oil** |  |  |  |  |  |  |
| &nbsp;&nbsp;WTI ($/bbl) | **88.22** | 110.25 | (20)% | **95.25** | 107.00 | (11)% |
| &nbsp;&nbsp;WTI (US $/bbl) | **63.74** | 80.57 | (21)% | **67.58** | 78.76 | (14)% |
| &nbsp;&nbsp;Edmonton Sweet index ($/bbl) | **84.29** | 105.28 | (20)% | **89.74** | 98.66 | (9)% |
| &nbsp;&nbsp;Edmonton Sweet index (US $/bbl) | **60.90** | 76.94 | (21)% | **63.67** | 72.62 | (12)% |
| &nbsp;&nbsp;Saskatchewan LSB index ($/bbl) | **82.91** | 104.29 | (21)% | **88.19** | 96.88 | (9)% |
| &nbsp;&nbsp;Saskatchewan LSB index (US $/bbl) | **59.90** | 76.21 | (21)% | **62.57** | 71.31 | (12)% |
| &nbsp;&nbsp;Canadian C5+ Condensate index ($/bbl) | **87.82** | 105.56 | (17)% | **93.96** | 101.84 | (8)% |
| &nbsp;&nbsp;Canadian C5+ Condensate index (US $/bbl) | **63.45** | 77.14 | (18)% | **66.67** | 74.96 | (11)% |
| &nbsp;&nbsp;Dated Brent ($/bbl) | **93.87** | 116.23 | (19)% | **101.11** | 114.24 | (11)% |
| &nbsp;&nbsp;Dated Brent (US $/bbl) | **67.82** | 84.94 | (20)% | **71.74** | 84.09 | (15)% |
| **Average exchange rates** |  |  |  |  |  |  |
| &nbsp;&nbsp;CDN $/US $| **1.38** | 1.37 | 1% | **1.41** | 1.36 | 4% |
| &nbsp;&nbsp;CDN $/Euro | **1.57** | 1.47 | 7% | **1.54** | 1.47 | 5% |
| **Realized prices** |  |  |  |  |  |  |
| &nbsp;&nbsp;Crude oil and condensate ($/bbl) | **85.07** | 108.93 | (22)% | **91.75** | 106.49 | (14)% |
| &nbsp;&nbsp;NGLs ($/bbl) | **24.68** | 31.61 | (22)% | **27.55** | 32.87 | (16)% |
| &nbsp;&nbsp;Natural gas ($/mcf) | **4.88** | 5.69 | (14)% | **6.09** | 5.90 | 3% |
| **Total ($/boe)** | **43.71** | 62.46 | (30)% | **51.45** | 62.97 | (18)% |

---

<sup>(1)</sup> NBP and TTF pricing can occur on a day-ahead ("DA") or month-ahead ("MA") basis. DA prices in a period reflect the average current day settled price on the next days' delivery and MA prices in a period represent daily one month futures contract prices which are determined at the end of each month. In a rising price environment, the DA price will tend to be greater than the MA price and vice versa. Natural gas in the Netherlands and Germany is benchmarked to the TTF and production is generally equally split between DA and MA contracts. Natural gas in Ireland is benchmarked to the NBP and is sold on DA contracts.

 

As an internationally diversified producer, we are exposed to a range of commodity prices. In our North America core region, our crude oil is sold at benchmarks linked to WTI (including the Edmonton Sweet index, the Saskatchewan LSB index, and the Canadian C5+ index) and our natural gas is sold at benchmarks linked to the AECO index (in Canada) or the Henry Hub ("HH") index (in the United States). In our International core region, our crude oil is sold with reference to Dated Brent and our natural gas is sold with reference to NBP, TTF, or indices highly correlated to TTF.

Vermilion Energy Inc. ■ Page 22 ■ 2025 Second Quarter Report

![](ex991_p23a.jpg)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Crude oil prices
decreased in Q2 2025 relative to Q2 2024 on heightened macroeconomic uncertainty from tariff announcements and risk to global GDP growth.
Canadian dollar WTI decreased by 20% and Dated Brent decreased by 19% in Q2 2025 relative to Q2 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Canadian dollar
terms, year-over-year, the Edmonton Sweet differential tightened by $1.02/bbl to a discount of $4.97/bbl against WTI, and the Saskatchewan
LSB differential tightened by $0.63/bbl to a discount of $5.33/bbl against WTI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Approximately
30% of Vermilion's Q2 2025 crude oil and condensate production was priced at the Dated Brent index, which averaged a premium to
WTI of US$4.08/bbl, while the remainder of our crude oil and condensate production was priced at the Saskatchewan LSB, Canadian C5+, Edmonton
Sweet, and WTI indices.

![](ex991_p23b.jpg)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In Canadian dollar
terms, year-over-year, prices for European natural gas at NBP and TTF increased by 18% and 19% respectively on a day ahead basis. On a
month ahead basis, NBP and TTF increased by 33% and 36% respectively. Prices increased in response to higher demand coming from the global
LNG market, termination of Russian gas exports to Europe through Ukraine as of January 1, 2025, and below average storage levels due to
a colder winter leading to high withdrawals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Year-over-year
natural gas prices in Canadian dollar terms at NYMEX HH increased by 84% and AECO 7A increased by 44%. AECO prices increased due to strong
withdrawals in the Q1 2025 winter timeframe, whereas NYMEX HH performed relatively better due to stronger US natural gas demand and LNG
demand growth starting in the first half of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Q2 2025, average
European natural gas prices represented a $14.73/mcf premium to AECO 5A. Approximately 21% of our natural gas production in Q2 2025 benefited
from this premium European pricing (Q2 2025 - 38%). The change in price exposure resulted in a decrease to our realized natural gas price
in Q2 2025 compared to the same period in 2024.

Vermilion Energy Inc. ■ Page 23 ■ 2025 Second Quarter Report

North America

During the second quarter of 2025, Vermilion entered into agreements to dispose of the Company's non-core assets in Saskatchewan and the United States. As a result of these agreements, the operating results for these assets held for sale have been presented as discontinued operations throughout this MD&A in accordance with IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations". Please refer to Note 4 "Discontinued operations" and Note 14 "Subsequent events" of the condensed consolidated interim financial statements for the three and six months ended June 30, 2025 for additional information. As a result, the North America continuing operations consists of our Deep Basin and Mica Montney assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| **Production <sup>(1)</sup>** |  |  |  |  |
| Crude oil and condensate (bbls/d) | **14178** | 7883 | **12054** | 7475 |
| NGLs (bbls/d) | **11072** | 5374 | **9393** | 5287 |
| Natural gas (mmcf/d) | **394.07** | 148.37 | **321.94** | 144.65 |
| **Production from continuing operations (boe/d)** | **90926** | 37987 | **75103** | 36870 |
| Production from discontinued operations (boe/d) | **15453** | 17000 | **15057** | 17103 |
| **Total production volume (boe/d)** | **106379** | 54987 | **90160** | 53973 |

---

<sup>(1)</sup> Please refer to Supplemental Table 4 "Production" for disclosure by product type.

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** |
| Sales | **212369** | **25.67** | 105762 | 30.60 | **378633** | **27.85** | 206650 | 30.80 |
| Royalties | **(16322)** | **(1.97)** | (9767) | (2.83) | **(34979)** | **(2.57)** | (20880) | (3.11) |
| Transportation | **(22899)** | **(2.77)** | (10627) | (3.07) | **(39194)** | **(2.88)** | (18664) | (2.78) |
| Operating | **(62460)** | **(7.55)** | (41421) | (11.98) | **(105401)** | **(7.75)** | (75223) | (11.21) |
| General and administration <sup>(1)</sup> | **(11709)** | **(1.42)** | (6414) | (1.86) | **(29397)** | **(2.16)** | (8351) | (1.24) |
| Corporate income tax recovery (expense) <sup>(1)</sup> | **(2325)** | **(0.28)** | 4105 | 1.19 | **(2760)** | **(0.20)** | 966 | 0.14 |
| **Fund flows from continuing operations** | **96654** | **11.68** | 41638 | 12.05 | **166902** | **12.29** | 84498 | 12.60 |
| Drilling and development | **(45211)** |  | (43594) |  | **(165363)** |  | (161447) |  |
| **Free cash flow from continuing operations** | **51443** |  | (1956) |  | **1539** |  | (76949) |  |

---

<sup>(1)</sup> General and administration includes amounts from our Corporate segment. Corporate income tax expense primarily relates to income taxes on Corporate segment activities.

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** |
| Sales | **90314** | **64.23** | 126288 | 81.63 | **190467** | **69.89** | 238656 | 76.67 |
| Royalties | **(16800)** | **(11.95)** | (24886) | (16.09) | **(35999)** | **(13.21)** | (47653) | (15.31) |
| Transportation | **(2999)** | **(2.13)** | (3497) | (2.26) | **(5944)** | **(2.18)** | (6793) | (2.18) |
| Operating | **(25819)** | **(18.36)** | (28065) | (18.14) | **(53698)** | **(19.70)** | (62935) | (20.22) |
| General and administration | **(10334)** | **(7.35)** | (6275) | (4.06) | **(15206)** | **(5.58)** | (12540) | (4.03) |
| Corporate income taxes | **-** | **-** | (16) | (0.01) | **-** | **-** | (19) | (0.01) |
| **Fund flows from discontinued operations** | **34362** | **24.44** | 63549 | 41.07 | **79620** | **29.22** | 108716 | 34.92 |
| Drilling and development | **(12830)** |  | (17926) |  | **(23488)** |  | (36582) |  |
| **Free cash flow from discontinued operations** | **21532** |  | 45623 |  | **56132** |  | 72134 |  |

---

Production from Vermilion's North American operations averaged 106,379 boe/d in Q2 2025, an increase of 44% from the previous quarter primarily due to a full quarter of contribution from the acquired Westbrick assets following the close of the transaction in February 2025, as well as new production brought online in the Montney in the quarter.

In Q2 2025, Vermilion completed five (5.0 net) and brought on production eleven (11.0 net) Montney liquids-rich shale gas wells. In the Deep Basin, the Company drilled four (3.4 net), completed three (2.4 net), and brought on production three (2.4 net) liquids-rich conventional natural gas wells. Vermilion did not have an active drilling program in Saskatchewan or the United States as these assets were marketed for sale, and definitive agreements to sell both assets were announced in Q2 2025. In the United States, four (1.4 net) non-operated light and medium crude oil wells were brought on production.

Vermilion Energy Inc. ■ Page 24 ■ 2025 Second Quarter Report

**Sales**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** |
| Canada | **212369** | **25.67** | 105762 | 30.60 | **378633** | **27.85** | 206650 | 30.80 |
| Discontinued operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Canada | **64766** | **66.51** | 83873 | 84.12 | **138901** | **72.00** | 158030 | 78.22 |
| &nbsp;&nbsp;United States | **25548** | **59.07** | 42415 | 77.12 | **51566** | **64.78** | 80626 | 73.80 |
| Total discontinued operations | **90314** | **64.23** | 126288 | 81.63 | **190467** | **69.89** | 238656 | 76.67 |
| **North America** | **302683** | **31.27** | 232050 | 46.37 | **569100** | **34.87** | 445306 | 45.33 |

---

Sales in North America increased for the three and six months ended June 30, 2025 compared to the prior year primarily due to increased production in Alberta from the Westbrick acquisition, and in British Columbia with fifteen Mica Montney wells brought online in 2024 and twelve in the first six months of 2025, partially offset by decreased production in the United States due to lower capital allocation. Sales decreased on a per boe basis for the three months ended June 30, 2025 primarily on decreased North American crude pricing. Sales decreased for the six months ended June 30, 2025 primarily on lower United States sales volumes coupled with decreased North American crude pricing.

**Royalties**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$boe** | **$M** | **$boe** |
| Canada | **(16322)** | **(1.97)** | (9767) | (2.77) | **(34979)** | **(2.57)** | (20880) | (3.07) |
| Discontinued operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Canada | **(9664)** | **(9.92)** | (12399) | (12.44) | **(21596)** | **(11.19)** | (23841) | (11.80) |
| &nbsp;&nbsp;United States | **(7136)** | **(16.50)** | (12487) | (22.70) | **(14403)** | **(18.09)** | (23812) | (21.79) |
| Total discontinued operations | **(16800)** | **(11.95)** | (24886) | (16.09) | **(35999)** | **(13.21)** | (47653) | (15.31) |
| **North America** | **(33122)** | **(3.42)** | (34653) | (6.93) | **(70978)** | **(4.35)** | (68533) | (6.98) |
| Royalty rate (% of sales) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Canada | **7.7%** |  | 9.2% |  | **9.2%** |  | 10.1% |  |
| &nbsp;&nbsp;Discontinued operations | **18.6%** |  | 19.7% |  | **18.9%** |  | 20.0% |  |

---

Royalties in North America remained fairly flat on a dollar basis for the three and six months ended June 30, 2025 compared to the same periods in the prior year primarily due to decreased United States crude production and lower realized liquids pricing. The decrease was partially offset by royalties on production from the Westbrick acquisition in Q1 2025 and sliding scale price decreases. Royalties decreased on a per unit basis for the three and six months ended June 30, 2025 primarily due to lower realized crude prices and the higher gas weighting in our production mix following the Westbrick acquisition, subject to lower royalty rates relative to liquids.

**Transportation**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$boe** | **$M** | **$boe** |
| Canada | **(22899)** | **(2.77)** | (10627) | (3.02) | **(39194)** | **(2.88)** | (18664) | (2.74) |
| Discontinued operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Canada | **(2805)** | **(2.88)** | (2946) | (2.95) | **(5625)** | **(2.92)** | (5863) | (2.90) |
| &nbsp;&nbsp;United States | **(194)** | **(0.45)** | (551) | (1.00) | **(319)** | **(0.40)** | (930) | (0.85) |
| Total discontinued operations | **(2999)** | **(2.13)** | (3497) | (2.26) | **(5944)** | **(2.18)** | (6793) | (2.18) |
| **North America** | **(25898)** | **(2.68)** | (14124) | (2.82) | **(45138)** | **(2.77)** | (25457) | (2.59) |

---

Transportation expense in North America increased on a dollar basis for the three and six months ended June 30, 2025 compared to the prior year comparable periods primarily due to transportation costs on acquired Westbrick assets. On a per boe basis, transportation expense decreased for the three months ended June 30, 2025, primarily due to lower per unit costs on acquired production and increased for the six months ended June 30, 2025 primarily due to higher pipeline fees in British Columbia.

Vermilion Energy Inc. ■ Page 25 ■ 2025 Second Quarter Report

**Operating expense**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** |
| Canada | **(62460)** | **(7.55)** | (41421) | (11.77) | **(105401)** | **(7.75)** | (75223) | (11.06) |
| Discontinued operations: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Canada | **(19254)** | **(19.77)** | (21719) | (21.78) | **(40191)** | **(20.83)** | (48375) | (23.95) |
| &nbsp;&nbsp;United States | **(6565)** | **(15.18)** | (6346) | (11.54) | **(13507)** | **(16.97)** | (14560) | (13.33) |
| Total discontinued operations | **(25819)** | **(18.36)** | (28065) | (18.14) | **(53698)** | **(19.70)** | (62935) | (20.22) |
| **North America** | **(88279)** | **(9.12)** | (69486) | (13.89) | **(159099)** | **(9.75)** | (138158) | (14.06) |

---

Operating expense in North America increased on a dollar basis for the three and six months ended June 30, 2025 compared to the prior year comparable period primarily due to the Westbrick acquisition, partially offset by lower downhole maintenance, lower trucking costs in British Columbia and lower wages and facility maintenance in Saskatchewan. Operating expense decreased on a per boe basis for the three and six months ended June 30, 2025, primarily due to lower per unit operating costs on increased production impacted by the Westbrick acquisition and new wells coming on stream.

Vermilion Energy Inc. ■ Page 26 ■ 2025 Second Quarter Report

International

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| **Production <sup>(1)</sup>** |  |  |  |  |
| Crude oil and condensate (bbls/d) | **12055** | 12714 | **11945** | 13087 |
| Natural gas (mmcf/d) | **105.39** | 103.64 | **105.26** | 109.08 |
| **Total production volume (boe/d)** | **29623** | 29987 | **29489** | 31267 |
| Total sales volume (boe/d) | **27911** | 29271 | **28286** | 32149 |

---

<sup>(1)</sup> Please refer to Supplemental Table 4 "Production" for disclosure by product type.

 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$boe** | **$M** | **$boe** |
| Sales | **231465** | **91.13** | 246875 | 92.68 | **533894** | **104.28** | 541654 | 92.57 |
| Royalties | **(12946)** | **(5.10)** | (11957) | (4.49) | **(24380)** | **(4.76)** | (26630) | (4.55) |
| Transportation | **(10713)** | **(4.22)** | (11193) | (4.20) | **(22659)** | **(4.43)** | (22822) | (3.90) |
| Operating | **(60546)** | **(23.84)** | (70744) | (26.56) | **(131503)** | **(25.69)** | (151383) | (25.87) |
| General and administration | **(12228)** | **(4.81)** | (13848) | (5.20) | **(24328)** | **(4.75)** | (29349) | (5.02) |
| Corporate income tax expense | **(8791)** | **(3.46)** | (16185) | (6.08) | **(27415)** | **(5.35)** | (38685) | (6.61) |
| PRRT | **(755)** | **(0.30)** | (3638) | (1.37) | **(3773)** | **(0.74)** | (14421) | (2.46) |
| **Fund flows from operations** | **125486** | **49.40** | 119310 | 44.78 | **299836** | **58.56** | 258364 | 44.16 |
| Drilling and development | **(53197)** |  | (47830) |  | **(89851)** |  | (93619) |  |
| Exploration and evaluation | **(4251)** |  | (1260) |  | **(18906)** |  | (9404) |  |
| **Free cash flow** | **68038** |  | 70220 |  | **191079** |  | 155341 |  |

---

Production from Vermilion's International operations averaged 29,623 boe/d in Q2 2025, an increase of 1% from the previous quarter due to new production in Germany and Croatia, partially offset by natural declines.

In Germany, Vermilion drilled, completed and brought on production two (2.0 net) light and medium crude oil wells. The Osterheide well (1.0 net) that was brought on production at the end of Q1 2025 produced approximately 1,100 boe/d in Q2 2025, driven by strong local demand. In Croatia, the Company drilled, completed and brought on production one (1.0 net) conventional natural gas well on the SA-10 block, which began producing through the existing facility in May 2025.

**Sales**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$boe** | **$M** | **$boe** |
| Australia | **20853** | **108.85** | 32787 | 131.06 | **51685** | **117.62** | 107613 | 131.08 |
| France | **54481** | **85.94** | 83656 | 112.22 | **115543** | **94.53** | 172652 | 112.75 |
| Netherlands | **28188** | **82.74** | 30541 | 74.19 | **71074** | **101.18** | 65507 | 73.01 |
| Germany | **44804** | **89.80** | 29157 | 78.76 | **98139** | **100.31** | 60341 | 75.83 |
| Ireland | **67794** | **93.60** | 69793 | 79.76 | **168780** | **111.18** | 134257 | 74.99 |
| Central and Eastern Europe | **15345** | **101.95** | 941 | 85.04 | **28673** | **110.59** | 1284 | 83.42 |
| **International** | **231465** | **91.13** | 246875 | 92.68 | **533894** | **104.28** | 541654 | 92.57 |

---

As a result of changes in inventory levels, our sales volumes for crude oil in Australia, France, and Germany may differ from our production volumes in those business units. The following table provides the crude oil sales volumes (consisting entirely of "light crude oil and medium crude oil") for those jurisdictions.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Crude oil sales volumes (bbls/d)** | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Australia | **2105** | 2749 | **2428** | 4511 |
| France | **6966** | 8192 | **6753** | 8414 |
| Germany | **1235** | 1000 | **1526** | 932 |
| **International** | **10306** | 11941 | **10707** | 13857 |

---

Vermilion Energy Inc. ■ Page 27 ■ 2025 Second Quarter Report

Sales decreased on a dollar and per boe basis for the three months ended June 30, 2025 compared to the prior year primarily due to the timing of inventory combined with slightly lower realized oil prices. For the six months ended June 30, 2025, sales decreased on a dollar basis and increased on a per boe basis compared to the prior year primarily due to the timing of inventory and downtime partially offset by higher realized sales prices on our European natural gas.

**Royalties**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$boe** | **$M** | **$boe** |
| France | **(8858)** | **(13.97)** | (10283) | (13.79) | **(16324)** | **(13.35)** | (23335) | (15.24) |
| Netherlands | **-** | **-** |  |  | **(10)** | **(0.01)** | (217) | (0.24) |
| Germany | **(1991)** | **(3.99)** | (1435) | (3.88) | **(4329)** | **(4.42)** | (2790) | (3.51) |
| Central and Eastern Europe | **(2097)** | **(13.93)** | (239) | (21.60) | **(3717)** | **(14.34)** | (288) | (18.71) |
| **International** | **(12946)** | **(5.10)** | (11957) | (4.49) | **(24380)** | **(4.76)** | (26630) | (4.55) |
| Royalty rate (% of sales) | **5.6%** |  | 4.8% |  | **4.6%** |  | 4.9% |  |

---

Royalties in our International core region are primarily incurred in France, Germany, the Netherlands and Croatia, where royalties, depending on jurisdiction, include charges based on a percentage of sales and fixed per boe charges. Our production in Australia and Ireland is not subject to royalties.

Royalties on a per boe basis increased for the three months and six months ended June 30, 2025, primarily due to higher sales volumes in Croatia, which carried higher associated royalty rates. Royalties increased on a dollar basis for the three months ended June 30, 2025 primarily due to higher production volumes in Croatia, partially offset by lower sales volumes in France. For the six months ended June 30, 2025, royalties decreased on a dollar basis primarily due to lower sales volumes in France, partially offset by higher sales volumes in Croatia and Germany.

**Transportation**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$boe** | **$M** | **$boe** |
| France | **(5982)** | **(9.44)** | (6401) | (8.59) | **(11460)** | **(9.38)** | (11764) | (7.68) |
| Germany | **(2440)** | **(4.89)** | (2386) | (6.45) | **(6709)** | **(6.86)** | (5578) | (7.01) |
| Ireland | **(2291)** | **(3.16)** | (2406) | (2.75) | **(4490)** | **(2.96)** | (5480) | (3.06) |
| **International** | **(10713)** | **(4.22)** | (11193) | (4.20) | **(22659)** | **(4.43)** | (22822) | (3.90) |

---

Transportation expense for the three and six months ended June 30, 2025 remained relatively flat on a dollar basis compared to the prior year. On a per boe basis, transportation expense increased for the six months ended June 30, 2025 compared to the prior year primarily due to higher vessel costs in France.

Our production in Australia, Netherlands and Central and Eastern Europe is not subject to transportation expense.

**Operating expense**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$boe** | **$M** | **$boe** |
| Australia | **(10208)** | **(53.29)** | (14174) | (56.66) | **(25193)** | **(57.33)** | (40960) | (49.89) |
| France | **(17091)** | **(26.96)** | (14606) | (19.59) | **(33134)** | **(27.11)** | (36046) | (23.54) |
| Netherlands | **(7927)** | **(23.27)** | (10709) | (26.01) | **(17535)** | **(24.96)** | (21319) | (23.76) |
| Germany | **(10609)** | **(21.26)** | (14430) | (38.98) | **(25786)** | **(26.36)** | (25191) | (31.66) |
| Ireland | **(13576)** | **(18.74)** | (16453) | (18.80) | **(27818)** | **(18.32)** | (27057) | (15.11) |
| Central and Eastern Europe | **(1135)** | **(7.54)** | (372) | (33.62) | **(2037)** | **(7.86)** | (810) | (52.62) |
| **International** | **(60546)** | **(23.84)** | (70744) | (26.56) | **(131503)** | **(25.69)** | (151383) | (25.87) |

---

Operating expenses decreased on a dollar and per unit basis for the three months ended June 30, 2025, primarily due to a prior period gas processing fee recovery in Germany and lower sales volumes in Australia which has higher per unit costs. For the six months ended June 30, 2025, operating expenses decreased primarily due to lower sales volumes in Australia, higher gas gathering in the Netherlands and the timing of sales in France. On a per boe basis, operating expenses remained relatively flat for the six months ended June 30, 2025 compared to the prior year due to lower sales volumes in Australia and France, partially offset by fixed charges in Central and Eastern Europe and Germany.

Vermilion Energy Inc. ■ Page 28 ■ 2025 Second Quarter Report

Consolidated Financial Performance Review

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** |
| Sales | **443834** | **41.04** | 352637 | 57.62 | **912527** | **48.76** | 748304 | 59.57 |
| Royalties | **(29268)** | **(2.71)** | (21724) | (3.55) | **(59359)** | **(3.17)** | (47510) | (3.78) |
| Transportation | **(33612)** | **(3.11)** | (21820) | (3.57) | **(61853)** | **(3.31)** | (41486) | (3.30) |
| Operating | **(123006)** | **(11.37)** | (112165) | (18.33) | **(236904)** | **(12.66)** | (226606) | (18.04) |
| General and administration | **(23937)** | **(2.21)** | (20262) | (3.31) | **(53725)** | **(2.87)** | (37700) | (3.00) |
| Corporate income tax expense | **(11116)** | **(1.03)** | (12080) | (1.97) | **(30175)** | **(1.61)** | (37719) | (3.00) |
| Petroleum resource rent tax | **(755)** | **(0.07)** | (3638) | (0.59) | **(3773)** | **(0.20)** | (14421) | (1.15) |
| Interest expense | **(37691)** | **(3.49)** | (21062) | (3.44) | **(70670)** | **(3.78)** | (39454) | (3.14) |
| Equity based compensation | **(5692)** | **(0.53)** | (14361) | (2.35) | **(5692)** | **(0.30)** | (14361) | (1.14) |
| Realized gain on derivatives | **47699** | **4.41** | 46017 | 7.52 | **58818** | **3.14** | 266632 | 21.23 |
| Realized foreign exchange (loss) gain | **(487)** | **(0.05)** | 2267 | 0.37 | **2012** | **0.11** | 4138 | 0.33 |
| Realized other expense | **(653)** | **(0.06)** | (655) | (0.11) | **(15119)** | **(0.81)** | (472) | (0.04) |
| **Fund flows from continuing operations** | **225316** | **20.82** | 173154 | 28.29 | **436087** | **23.30** | 559345 | 44.54 |
| Equity based compensation | **(1286)** |  | 3860 |  | **(7217)** |  | (1658) |  |
| Unrealized gain (loss) on derivative instruments <sup>(1)</sup> | **70569** |  | (125789) |  | **56894** |  | (314533) |  |
| Unrealized foreign exchange gain (loss) <sup>(1)</sup> | **6002** |  | 2344 |  | **(30012)** |  | (18863) |  |
| Accretion | **(17716)** |  | (16146) |  | **(33517)** |  | (32050) |  |
| Depletion and depreciation | **(165761)** |  | (131826) |  | **(314044)** |  | (280003) |  |
| Deferred tax expense | **(41345)** |  | (14196) |  | **(28390)** |  | (29331) |  |
| Unrealized other expense <sup>(1)</sup> | **(1394)** |  | (208) |  | **(1713)** |  | (345) |  |
| **Net earnings (loss) from continuing operations** | **74385** |  | (108807) |  | **78088** |  | (117438) |  |
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** |
| Sales | **90314** | **64.23** | 126288 | 81.63 | **190467** | **69.89** | 238656 | 76.67 |
| Royalties | **(16800)** | **(11.95)** | (24886) | (16.09) | **(35999)** | **(13.21)** | (47653) | (15.31) |
| Transportation | **(2999)** | **(2.13)** | (3497) | (2.26) | **(5944)** | **(2.18)** | (6793) | (2.18) |
| Operating | **(25819)** | **(18.36)** | (28065) | (18.14) | **(53698)** | **(19.70)** | (62935) | (20.22) |
| General and administration | **(10334)** | **(7.35)** | (6275) | (4.06) | **(15206)** | **(5.58)** | (12540) | (4.03) |
| Corporate income tax expense | **-** | **-** | (16) | (0.01) | **-** | **-** | (19) | (0.01) |
| **Fund flows from discontinued operations** | **34362** | **24.44** | 63549 | 41.07 | **79620** | **29.22** | 108716 | 34.92 |
| Unrealized loss on derivative instruments <sup>(1)</sup> | **(11047)** |  |  |  | **(11047)** |  |  |  |
| Unrealized foreign exchange (loss) gain <sup>(1)</sup> | **(552)** |  | 725 |  | **(437)** |  | 291 |  |
| Accretion | **(2156)** |  | (2063) |  | **(4235)** |  | (4093) |  |
| Depletion and depreciation | **(18406)** |  | (29358) |  | **(46511)** |  | (59615) |  |
| Deferred tax recovery (expense) | **62342** |  | (6471) |  | **58403** |  | (7981) |  |
| Impairment expense | **(372386)** |  | - |  | **(372386)** |  | - |  |
| **Net (loss) earnings from discontinued operations** | **(307843)** |  | 26382 |  | **(296593)** |  | 37318 |  |
| **Fund flows from operations** | **259678** | **21.25** | 236703 | 30.87 | **515707** | **24.03** | 668061 | 42.61 |
| **Net loss** | **(233458)** |  | (82425) |  | **(218505)** |  | (80120) |  |

---

<sup>(1)</sup> Unrealized gain (loss) on derivative instruments, Unrealized foreign exchange gain (loss), and Unrealized other expense are line items from the respective Consolidated Statements of Cash Flows.

Fluctuations in fund flows from operations, including fund flows from continuing operations and fund flows from discontinued operations may occur as a result of changes in production levels, commodity prices, and costs to produce petroleum and natural gas. In addition, fund flows from operations may be affected by the timing of crude oil shipments in Australia and France. When crude oil inventory is built up, the related operating expense, royalties, and depletion expense are deferred and carried as inventory on the consolidated balance sheet. When the crude oil inventory is subsequently drawn down, the related expenses are recognized within profit or loss.

Vermilion Energy Inc. ■ Page 29 ■ 2025 Second Quarter Report

*General and administration*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the three months ended June 30, 2025,
general and administration expense increased compared to the same period in the prior year due to restructuring costs incurred in Canada
and higher short-term incentive plan payments. General and administration expense increased for the six months ended June 30, 2025
compared to the comparable period in 2024 primarily due to transaction costs related to the Westbrick acquisition and restructuring costs
in Canada.

*Equity based compensation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Equity based compensation included within
funds flow from operations primarily relates to the settlement of withholding taxes on long-term incentives granted to directors, officers,
and employees under security-based arrangements via cash, which were previously settled through the issuance and sale of shares from Treasury.
Equity based compensation settled in cash decreased for the three and six months ended June 30, 2025 compared to the same periods in the
prior year primarily due to the higher value of LTIP in the prior year.

*PRRT and corporate income taxes*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PRRT for the three and six months ended
June 30, 2025 declined compared to the same periods in the prior year due to lower sales in Australia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Corporate income taxes for the three and
six months ended June 30, 2025 decreased compared to the prior year comparable periods due to lower revenues from the European business
unit.

*Interest expense*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest expense
for the three and six months ended June 30, 2025 increased due to higher debt levels driven by the issuance of the 2033 senior notes
for US $400.0 million, the $450.0 million term loan, and draws on revolving credit facility. The increase was partially offset by the
repayment of the US $300.0 million 2025 senior notes and the partial repayment of the term loan of $200.0 million.

*Realized gain or loss on derivatives*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For the three and six months ended June 30,
2025, we recorded realized gains on our natural gas and crude oil hedges due to lower commodity pricing compared to the strike prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A listing of derivative positions as at
June 30, 2025 is included in "Supplemental Table 2" of this MD&A.

 

*Realized other income or expense*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Realized other expense for the three months
ended June 30, 2025 remained relatively flat compared to the prior year. For the six months ended June 30, 2025, realized other
expense increased primarily related to an estimated provision recognized to satisfy work commitments.

**Net earnings (loss)**

Fluctuations in net earnings (loss) from period-to-period are caused by changes in both cash and non-cash based income and charges. Cash based items are reflected in fund flows from operations. Non-cash items include: equity based compensation expense, unrealized gains and losses on derivative instruments, unrealized foreign exchange gains and losses, accretion, depletion and depreciation expense, and deferred taxes. In addition, non-cash items may also include gains or losses resulting from acquisition or disposition activity or charges resulting from impairment or impairment reversals.

*Equity based compensation*

Equity based compensation expense relates included within net earnings (loss) and excluded from funds flow from operations relates to non-cash compensation expense attributable to long-term incentives granted to directors, officers, and employees under security-based arrangements. Equity based compensation expense decreased for the three and six months ended June 30, 2025 versus the prior year primarily due to the cash settlement of previously share-based settled expenses at a higher value of LTIP in the prior year, and the lower value of LTIP awards outstanding in the current year.

*Unrealized gain or loss on derivative instruments*

Unrealized gain or loss on derivative instruments arises as a result of changes in forecasts for future prices and rates. As Vermilion uses derivative instruments to manage the commodity price exposure of our future crude oil and natural gas production, we will normally recognize unrealized gains on derivative instruments when future commodity price forecasts decline and vice-versa. As derivative instruments are settled, the unrealized gain or loss previously recognized is reversed, and the settlement results in a realized gain or loss on derivative instruments.

USD-to-CAD cross currency interest rate swaps and foreign exchange swaps may be entered into to manage the foreign exchange movements on USD borrowings on our revolving credit facility. As such, unrealized gains and losses on our cross currency interest swaps are offset by unrealized losses and gains on foreign exchange relating to the underlying USD borrowings from our revolving credit facility.

Vermilion Energy Inc. ■ Page 30 ■ 2025 Second Quarter Report

For the three months ended June 30, 2025, we recognized a net unrealized gain on derivative instruments of $59.5 million. This consists of unrealized gains of $42.0 million on our European natural gas commodity derivative instruments, $34.4 million on our North American gas commodity derivative instruments and $4.6 million on our USD-to-CAD foreign exchange swaps, partially offset by losses of $14.5 million on our Cross Currency Interest Rate Swaps, $6.4 million on our equity swaps, and $0.6 million on our crude oil and liquids commodity derivative instruments.

For the six months ended June 30, 2025, we recognized a net unrealized gain on derivative instruments of $56.9 million. This consists of unrealized gains of $92.4 million on our European natural gas commodity derivative instruments and $6.1 million on our USD-to-CAD foreign exchange swaps, partially offset by an unrealized loss of $19.3 million on our North American gas commodity derivative instruments, $15.6 million on our Cross Currency Interest Rate Swaps, $13.4 million on our equity swaps and $4.4 million on our crude oil and liquids commodity derivative instruments.

A net unrealized loss on derivative instruments of $11.0 million was recorded for the three and six months ended June 30, 2025 relating to WTI swaps entered into by Vermilion on behalf of the purchaser of the Saskatchewan assets held for sale and were novated upon closing. These contracts are presented as liabilities held for sale at their fair value within discontinued operations and began maturing after June 30, 2025. The swaps have an average strike price of CAD $80/bbl with daily volume of 3,175 to 4,540 from Q3 2025 to Q2 2028.

*Unrealized foreign exchange gains or losses*

As a result of Vermilion's international operations, Vermilion has monetary assets and liabilities denominated in currencies other than the Canadian dollar. These monetary assets and liabilities include cash, receivables, payables, long-term debt, derivative instruments and intercompany loans. Unrealized foreign exchange gains and losses result from translating these monetary assets and liabilities from their underlying currency to the Canadian dollar.

In 2025, unrealized foreign exchange gains and losses primarily resulted from:

&nbsp;&nbsp;&nbsp;&nbsp;• The translation of Euro and US dollar denominated
intercompany loans to and from our international subsidiaries to Vermilion Energy Inc. An appreciation in the Euro and/or the US dollar
against the Canadian dollar will result in an unrealized foreign exchange loss (and vice-versa). Under IFRS Accounting Standards, the
offsetting foreign exchange loss or gain is recorded as a currency translation adjustment within other comprehensive income. As a result,
consolidated comprehensive income reflects the offsetting of these translation adjustments while net loss reflects only the parent company's
side of the translation.

&nbsp;&nbsp;&nbsp;&nbsp;• The translation of our USD denominated
2030 senior unsecured notes and USD denominated 2033 senior unsecured notes.

&nbsp;&nbsp;&nbsp;&nbsp;• The translation of USD borrowings on our
revolving credit facility. The unrealized foreign exchange gains or losses on these borrowings are offset by unrealized derivative gains
or losses on associated USD-to-CAD cross currency interest rate swaps.

For the three months ended June 30, 2025, we recognized a net unrealized foreign exchange gain of $5.5 million, primarily driven by the effects of the US dollar weakening 5.1% against the Canadian dollar on our US denominated debt, partially offset by the effects of the Euro strengthening 3.2% against the Canadian dollar on our Euro denominated loans. For the six months ended June 30, 2025, we recognized a net unrealized foreign exchange loss of $30.0 million, primarily driven by the effects of the Euro strengthening 7.3% against the Canadian dollar on our Euro denominated loans, partially offset by the impact of the US dollar weakening 5.2% against the Canadian dollar on our US denominated debt.

*Accretion*

Accretion expense is recognized to update the present value of the asset retirement obligation balance. For the three and six months ended June 30, 2025, accretion remained relatively flat compared to the prior year comparable periods.

 

*Depletion and depreciation*

Depletion and depreciation expense is recognized to allocate the cost of capital assets over the useful life of the respective assets. Depletion and depreciation expense per unit of production is determined for each depletion unit (which are groups of assets within a specific production area that have similar economic lives) by dividing the sum of the net book value of capital assets and future development costs by total proved plus probable reserves.

Fluctuations in depletion and depreciation expense are primarily the result of changes in produced crude oil and natural gas volumes, and changes in depletion and depreciation per unit. Fluctuations in depletion and depreciation per unit are the result of changes in reserves, depletable base (net book value of capital assets and future development costs), and relative production mix.

Depletion and depreciation on a per boe basis for the three and six months ended June 30, 2025 of $15.07 and $16.82 decreased from $21.02 and $21.67 in the same periods of the prior year primarily due to the increase in reserves acquired from the Westbrick assets. The decrease was partially offset by related increases to future development costs and the strengthening of the Euro against the Canadian dollar.

*Deferred tax*

Deferred tax assets arise when the tax basis of an asset exceeds its accounting basis (known as a deductible temporary difference). Conversely, deferred tax liabilities arise when the tax basis of an asset is less than its accounting basis (known as a taxable temporary difference). Deferred tax assets are recognized only to the extent that it is probable that there are future taxable profits against which the deductible temporary difference can be utilized. Deferred tax assets and liabilities are measured at the enacted or substantively enacted tax rate that is expected to apply when the asset is realized, or the liability is settled.

Vermilion Energy Inc. ■ Page 31 ■ 2025 Second Quarter Report

As such, fluctuations in deferred tax expenses and recoveries primarily arise as a result of: changes in the accounting basis of an asset or liability without a corresponding tax basis change (e.g. when derivative assets and liabilities are marked-to-market or when accounting depletion differs from tax depletion), changes in available tax losses (e.g. if they are utilized to offset taxable income), changes in estimated future taxable profits resulting in a derecognition or recognition of deferred tax assets, and changes in enacted or substantively enacted tax rates.

For the three and six months ended June 30, 2025, the Company recorded a net deferred tax recovery on continuing and discontinued operations compared to deferred tax expense in the same periods of 2024. The net deferred tax recovery in the current year was driven by the impairment recorded in Canada attributable to discontinued operations, and was partially offset by loss utilization on taxable income in Canada and Ireland. The deferred tax expense in the prior year was primarily driven by the derecognition of the deferred tax assets in Ireland.

Financial Position Review

**Balance sheet strategy**

We regularly review whether our forecast of fund flows from operations is sufficient to finance planned capital expenditures, dividends, share buy-backs, and abandonment and reclamation expenditures. To the extent that fund flows from operations forecasts are not expected to be sufficient to fulfill such expenditures, we will evaluate our ability to finance any shortfall by reducing some or all categories of expenditures, with issuances of equity, and/or with debt (including borrowing using the unutilized capacity of our existing revolving credit facility). We have a long-term goal of maintaining a ratio of net debt to four quarter trailing fund flows from operations of approximately 1.0.

As at June 30, 2025, we have a ratio of net debt to four quarter trailing fund flows from operations of 1.4.

**Net debt**

Net debt is reconciled to long-term debt, as follows:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| **($M)** | **Jun 30, 2025** | **Dec 31, 2024** |
| Long-term debt | **1951250** | 963456 |
| Adjusted working capital <sup>(1)</sup> | **(540502)** | 3426 |
| Unrealized FX on swapped USD borrowings | **2573** | - |
| **Net debt** | **1413321** | 966882 |
| **Ratio of net debt to four quarter trailing fund flows from operations <sup>(2)</sup>** | **1.4** | 0.8 |

---

<sup>(1)</sup> Adjusted working capital is a non-GAAP financial measure that is not standardized under IFRS Accounting Standards and may not be comparable to similar measures disclosed by other issuers. It is defined as current assets less current liabilities, excluding current derivatives and current lease liabilities. The measure is used to calculate net debt, a capital measure disclosed above. Reconciliation to the primary financial statement measures can be found in the "Non-GAAP and Other Specified Financial Measures" section of this document. These figures include amounts for assets held for sale and liabilities associated with assets held for sale which represent the estimated cash proceeds from dispositions that closed subsequent to June 30, 2025.

<sup>(2)</sup> Subsequent to February 26, 2025, net debt to four quarter trailing fund flows from operations is calculated inclusive of Westbrick Energy's pre-acquisition four quarter trailing fund flows from operations, as if the acquisition of Westbrick Energy occurred at the beginning of the four-quarter trailing period, and exclusive of the four quarter trailing fund flows from discontinued operations from assets held for sale to reflect the Company's ability to repay debt on a pro forma basis. 

As at June 30, 2025, net debt increased to $1.4 billion (December 31, 2024 - $1.0 billion) due to the financing of the Westbrick acquisition in Q1 2025, which was partially offset by the disposition of the Saskatchewan and United States assets held for sale at June 30, 2025 and strong free cash flow generation from higher sales volumes, partially driven by the Westbrick acquisition and new wells brought on stream.

The ratio of net debt to four quarter trailing fund flows from operations as at June 30, 2025 increased to 1.4 (December 31, 2024 - 0.8) primarily due to higher net debt as a result of the Westbrick acquisition, partially offset by the inclusion of Westbrick's four quarter trailing fund flows from operations and strong free cash flow generation.

Vermilion Energy Inc. ■ Page 32 ■ 2025 Second Quarter Report

**Long-term debt**

The balances recognized on our balance sheet are as follows:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **Jun 30, 2025** | **Dec 31, 2024** |
| Revolving credit facility | **632341** |  |
| Term loan | **245756** |  |
| 2025 senior unsecured notes | **-** | 398275 |
| 2030 senior unsecured notes | **536642** | 565181 |
| 2033 senior unsecured notes | **536511** | - |
| **Long-term debt** | **1951250** | 963456 |

---

 

*Revolving credit facility*

As at June 30, 2025, Vermilion had in place a bank revolving credit facility maturing May 25, 2029 with terms and outstanding positions as follows:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| **($M)** | **Jun 30, 2025** | **Dec 31, 2024** |
| Total facility amount | **1350000** | 1350000 |
| Amount drawn | **(632341)** |  |
| Letters of credit outstanding | **(32173)** | (22731) |
| **Unutilized capacity** | **685486** | 1327269 |

---

The facility is secured by various fixed and floating charges against the subsidiaries of Vermilion. As at June 30, 2025, $632.3 million of the revolving credit facility was drawn.

On June 9, 2025, the maturity date of the syndicate facility was extended to May 25, 2029 (previously May 26, 2028). The total facility amount of $1.35 billion and aggregate amount available under the facility of $1.8 billion remain unchanged.

As at June 30, 2025, the revolving credit facility was subject to the following financial covenants:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As at** | **As at** |
| **Financial covenant** | **Limit** | **Jun 30, 2025** | **Dec 31, 2024** |
| Consolidated total debt to consolidated EBITDA | Less than 4.0 | **1.45** | 0.72 |
| Consolidated total senior debt to consolidated EBITDA | Less than 3.5 | **0.65** |  |
| Consolidated EBITDA to consolidated interest expense | Greater than 2.5 | **11.57** | 16.59 |

---

Our financial covenants include financial measures defined within our revolving credit facility agreement that are not defined under IFRS Accounting Standards. These financial measures are defined by our revolving credit facility agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated total debt: Includes all amounts
classified as "Long-term debt", "Current portion of long-term debt", and "Lease obligations" (including
the current portion included within "Accounts payable and accrued liabilities" but excluding operating leases as defined under
IAS 17) on our consolidated balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated total senior debt: Consolidated
total debt excluding unsecured and subordinated debt.

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated EBITDA: Consolidated net loss
before interest, income taxes, depreciation, accretion and certain other non-cash items, adjusted for the impact of the acquisition of
a material subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;• Total interest expense: Includes all amounts
classified as "Interest expense", but excludes interest on operating leases as defined under IAS 17.

As at June 30, 2025 and December 31, 2024, Vermilion was in compliance with the above covenants.

*Term Loan*

Concurrent with the completion of the Westbrick acquisition on February 26, 2025, Vermilion's credit facility agreement was amended to incorporate a new $450.0 million term loan (the "Term Loan") which was immediately drawn. The Term Loan does not require principal repayments prior to its May 26, 2028 maturity, is non-revolving, and is subject to the same financial covenants as Vermilion's revolving credit facility. The Term Loan bears interest based on a reference rate plus an applicable margin.

Vermilion Energy Inc. ■ Page 33 ■ 2025 Second Quarter Report

During the second quarter of 2025, $200.0 million of the term loan was repaid. Subsequent to June 30, 2025, the term loan was repaid in full using proceeds from the sale of the Saskatchewan assets.

*2025 senior unsecured notes* 

On March 13, 2017, Vermilion issued US $300.0 million of senior unsecured notes at par. The notes bore interest at a rate of 5.625% per annum and were paid semi-annually on March 15 and September 15. The notes matured on March 15, 2025 and the balance was repaid in full.

*2030 senior unsecured notes*

On April 26, 2022, Vermilion closed a private offering of US $400.0 million of senior unsecured notes, priced at 99.241% of par. The notes bear interest at a rate of 6.875% per annum, to be paid semi-annually on May 1 and November 1. The notes mature on May 1, 2030. As direct senior unsecured obligations of Vermilion, the notes rank equally with existing and future senior unsecured indebtedness of the Company.

The senior unsecured notes were recognized at amortized cost and include the transaction costs directly related to the issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On or after May 1, 2025, Vermilion may
redeem some or all of the senior unsecured notes at the redemption prices set forth below, together with accrued and unpaid interest.

---

| | |
|:---|:---|
| **Year** | **Redemption price** |
| 2025 | 103.438% |
| 2026 | 102.292% |
| 2027 | 101.146% |
| 2028 and thereafter | 100.000% |

---

 

*2033 senior unsecured notes*

On February 11, 2025 Vermilion closed a private offering of US $400.0 million of senior unsecured notes at par. The notes bear interest at a rate of 7.250% per annum, to be paid semi-annually on February 15 and August 15. The notes mature on February 15, 2033. As direct senior unsecured obligations of Vermilion, the notes rank equally with existing and future senior unsecured indebtedness of the Company.

The senior unsecured notes were recognized at amortized cost and include the transaction costs directly related to the issuance.

Vermilion may, at its option, redeem the notes prior to maturity as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to February 15, 2028, Vermilion may
redeem up to 40% of the original principal amount of the notes with an amount of cash not greater than the net cash proceeds of certain
equity offerings at a redemption price of 107.250% of the principal amount of the notes, together with accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to February 15, 2028, Vermilion may
also redeem some or all of the notes at a price equal to 100% of the principal amount of the notes, plus a "make-whole premium,"
together with applicable premium, accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On or after February 15, 2028, Vermilion
may redeem some or all of the senior unsecured notes at the redemption prices set forth below, together with accrued and unpaid interest.

---

| | |
|:---|:---|
| **Year** | **Redemption price** |
| 2028 | 103.625% |
| 2029 | 101.813% |
| 2030 and thereafter | 100.000% |

---

Vermilion Energy Inc. ■ Page 34 ■ 2025 Second Quarter Report

**Shareholders' capital**

The following table outlines our dividend payment history:

---

| | | |
|:---|:---|:---|
| **Date** | **Frequency** | **Dividend per unit or share** |
| April 2022 to July 2022 | Quarterly | $0.06 |
| August 2022 to March 2023 | Quarterly | $0.08 |
| April 2023 to March 2024 | Quarterly | $0.10 |
| April 2024 onwards | Quarterly | $0.12 |
| April 2025 onwards | Quarterly | $0.13 |

---

The following table reconciles the change in shareholders' capital:

---

| | | |
|:---|:---|:---|
| **Shareholders' Capital** | **Shares ('000s)** | **Amount ($M)** |
| **Balance at January 1** | **154344** | **3918898** |
| Shares issued for acquisition | **1104** | **13363** |
| Vesting of equity based awards | **439** | **16091** |
| Share-settled dividends on vested equity based awards | **66** | **599** |
| Repurchase of shares | **(1934)** | **(49451)** |
| **Balance at June 30** | **154019** | **3899500** |

---

As at June 30, 2025, there were approximately 3.9 million equity based compensation awards outstanding. As at August 7, 2025, there were approximately 153.8 million common shares issued and outstanding.

On July 9, 2025, the Toronto Stock Exchange approved the Company's notice of intention to renew its normal course issuer bid ("the NCIB"). The NCIB renewal allows Vermilion to purchase up to 15,259,187 common shares (representing approximately 10% of outstanding common shares) beginning July 12, 2025 and ending July 11, 2026. Common shares purchased under the NCIB will be cancelled.

In the second quarter of 2025, Vermilion purchased 0.7 million common shares under the NCIB for total consideration of $6.3 million. The common shares purchased under the NCIB were cancelled.

Subsequent to June 30, 2025, Vermilion purchased and cancelled 0.2 million shares under the NCIB for total consideration of $2.6 million.

Contractual Obligations and Commitments

As at June 30, 2025, Vermilion had the following contractual obligations and commitments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **($M)** | **Less than 1 year** | **1 - 3 years** | **3 - 5 years** | **After 5 years** | **Total** |
| Long-term debt <sup>(1) (2)</sup> | 123377 | 492214 | 1359824 | 664414 | 2639829 |
| Lease obligations <sup>(3)</sup> | 27113 | 35000 | 30611 | 44680 | 137404 |
| Processing and transportation agreements | 85902 | 112874 | 148358 | 814891 | 1162025 |
| Purchase obligations | 31032 | 10691 | 332 | 368 | 42423 |
| Drilling and service agreements | 34150 | 24012 | - | - | 58162 |
| **Total contractual obligations and commitments** | **301574** | **674791** | **1539125** | **1524353** | **4039843** |

---

<sup>(1)</sup> Includes interest on senior unsecured notes.

<sup>(2)</sup> Includes the term loan, which was repaid subsequent to June 30, 2025.

<sup>(3)</sup> Includes undiscounted IFRS 16 - *Leases* obligations of $83.8 million as at June 30, 2025, net of office subleases, surface lease rental commitments of $51.9 million and other of $1.7 million that are not considered leases under IFRS 16 and are not represented on the balance sheet.

<sup>(4)</sup> Commitments denominated in foreign currencies have been translated using the related spot rates on June 30, 2025.

 

 

Vermilion Energy Inc. ■ Page 35 ■ 2025 Second Quarter Report

Asset Retirement Obligations

<br> As at June 30, 2025, asset retirement obligations were $0.9 billion compared to $1.2 billion as at December 31, 2024. The decrease in asset retirement obligations is primarily attributable to changes in rates combined with the reclassification of liabilities associated with the United States and Saskatchewan dispositions, partially offset by the acquisition of Westbrick asset retirement obligations and the foreign exchange impact of the Euro strengthening against the Canadian dollar. The credit spread increased to 4.4% at June 30, 2025 compared to 2.6% at December 31, 2024 primarily due to a higher expected cost of borrowing.

The present value of the obligation is calculated using a credit-adjusted risk-free rate, calculated using a credit spread added to risk-free rates based on long-term, risk-free government bonds. Vermilion's credit spread is determined using the Company's expected cost of borrowing at the end of the reporting period.

The risk-free rates and credit spread used as inputs to discount the obligations were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Jun 30, 2025** | **Dec 31, 2024** | **Change** |
| Credit spread added to below noted risk-free rates | **4.4%** | 2.6% | 1.8% |
| **Country specific risk-free rate** |  |  |  |
| &nbsp;&nbsp;Canada | **3.6%** | 3.2% | 0.4% |
| &nbsp;&nbsp;United States | **4.9%** | 4.8% | 0.1% |
| &nbsp;&nbsp;France | **4.0%** | 3.7% | 0.3% |
| &nbsp;&nbsp;Netherlands | **3.0%** | 2.7% | 0.3% |
| &nbsp;&nbsp;Germany | **3.0%** | 2.6% | 0.4% |
| &nbsp;&nbsp;Ireland | **3.1%** | 2.8% | 0.3% |
| &nbsp;&nbsp;Australia | **4.4%** | 4.6% | (0.2) % |
| &nbsp;&nbsp;Central and Eastern Europe | **4.8%** | 4.7% | 0.1% |

---

Current cost estimates are inflated to the estimated time of abandonment using inflation rates of between 1.5% and 3.6% (as at December 31, 2024 - between 1.5% and 3.6%).

Risks and Uncertainties

Vermilion is exposed to various market and operational risks. For a discussion of these risks, please see Vermilion's MD&A and Annual Information Form, each for the year ended December 31, 2024 available on SEDAR+ at www.sedarplus.ca or on Vermilion's website at www.vermilionenergy.com.

Critical Accounting Estimates

The preparation of consolidated financial statements in accordance with IFRS Accounting Standards requires management to make estimates, judgments and assumptions that affect reported assets, liabilities, revenues and expenses, gains and losses, and disclosures of any possible contingencies. These estimates and assumptions are developed based on the best available information which management believed to be reasonable at the time such estimates and assumptions were made. As such, these assumptions are uncertain at the time estimates are made and could change, resulting in a material impact on Vermilion's consolidated financial statements. Estimates are reviewed by management on an ongoing basis and as a result may change from period to period due to the availability of new information or changes in circumstances. Additionally, as a result of the unique circumstances of each jurisdiction that Vermilion operates in, the critical accounting estimates may affect one or more jurisdictions. There have been no material changes to our critical accounting estimates used in applying accounting policies for the six months ended June 30, 2025. Further information, including a discussion of critical accounting estimates, can be found in the notes to the Consolidated Financial Statements and annual MD&A for the year ended December 31, 2024, available on SEDAR+ at www.sedarplus.ca or on Vermilion's website at www.vermilionenergy.com.

Off Balance Sheet Arrangements

We have not entered into any guarantee or off balance sheet arrangements that would materially impact our financial position or results of operations.

Vermilion Energy Inc. ■ Page 36 ■ 2025 Second Quarter Report

Internal Control Over Financial Reporting

There has been no change in Vermilion's internal control over financial reporting ("ICFR") during the period covered by this MD&A that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

Vermilion has limited the scope of design controls and procedures ("DC&P") and internal controls over financial reporting to exclude controls, policies

and procedures of Westbrick Energy Ltd., which was acquired on February 26, 2025. The scope limitation is in accordance with section 3.3(1)(b) of NI 52-109 which allows an issuer to limit the design of DC&P and ICFR to exclude controls, policies, and procedures of a business that the issuer acquired not more than 365 days before the end of the fiscal period.

The table below presents the summary financial information of Westbrick Energy Ltd. included in Vermilion's financial statements as at and for the three and six months ended June 30, 2025:

---

| | |
|:---|:---|
| **($M)** | **Balance at June 30, 2025** |
| Non-current assets | 1252737 |
| Non-current liabilities | (190427) |
| Net assets | 1062310 |

---

---

| | | |
|:---|:---|:---|
| **($M)** | **Q2 2025** | **YTD 2025** |
| Revenue | 92878 | 131369 |
| Net earnings | 6141 | 12647 |

---

Recently Adopted Accounting Pronouncements

Vermilion did not adopt any new accounting pronouncements as at June 30, 2025 that would have a material impact on the Consolidated Interim Financial Statements.

Regulatory Pronouncements Not Yet Adopted

*Issuance of IFRS Sustainability Standards - IFRS S1 "General Requirements for Disclosure of Sustainability-related Financial Information" and IFRS S2 "Climate-related Disclosures"*

In June 2023, the International Sustainability Standards Board (ISSB) issued its inaugural standards - IFRS S1 and IFRS S2.

The Canadian Sustainability Standards Board has released Canada-specific version of IFRS S1 and S2 as Canadian Sustainability Disclosure Standards 1 and 2. While Canadian securities regulators have not mandated these standards, they have referenced them as a useful voluntary disclosure framework for sustainability and climate-related disclosure, and noted that securities legislation already requires issuers to disclose material climate-related risks. Australia has mandated the Australian version of IFRS S2 as Australian Sustainability Reporting Standards 2 with mandatory disclosure anticipated for Vermilion in 2027. Vermilion is continuing to review the impact of the standards on its financial reporting.

*IFRS 18 "Presentation and Disclosure in Financial Statements issued"*

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements issued which will replace IAS 1 Presentation of Financial Statements. Retrospective application of the standard is mandatory for annual reporting periods starting from January 1, 2027 onwards with earlier application is permitted. Vermilion is assessing the impacts of the standard on its financial reporting.

Disclosure Controls and Procedures

Our officers have established and maintained disclosure controls and procedures and evaluated the effectiveness of these controls in conjunction with our filings. As of June 30, 2025, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, the Chief Executive Officer and the Chief Financial Officer have concluded and certified that our disclosure controls and procedures are effective.

Vermilion Energy Inc. ■ Page 37 ■ 2025 Second Quarter Report

Supplemental Table 1: Operating Netbacks<br>The following table includes financial statement information on a per unit basis by business unit. Liquids includes crude oil, condensate, and NGLs. Natural gas sales volumes have been converted on a basis of six thousand cubic feet of natural gas to one barrel of oil equivalent.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2025** | **YTD 2025** | **YTD 2025** | **YTD 2025** | **Q2 2024** | **YTD 2024** |
|  | **Liquids** | **Natural Gas** | **Total** | **Liquids** | **Natural Gas** | **Total** | **Total** | **Total** |
|  | **$/bbl** | **$/mcf** | **$/boe** | **$/bbl** | **$/mcf** | **$/boe** | **$/boe** | **$/boe** |
| ***Continuing Operations*** |  |  |  |  |  |  |  |  |
| **Canada** |  |  |  |  |  |  |  |  |
| Sales | 57.34 | 2.25 | **25.67** | 60.77 | 2.45 | **27.85** | 30.60 | 30.80 |
| Royalties | (6.12) | (0.06) | **(1.97)** | (6.87) | (0.14) | **(2.57)** | (2.83) | (3.11) |
| Transportation | (4.90) | (0.32) | **(2.77)** | (5.19) | (0.32) | **(2.88)** | (3.07) | (2.78) |
| Operating | (16.85) | (0.66) | **(7.55)** | (16.83) | (0.69) | **(7.75)** | (11.98) | (11.21) |
| **Operating netback** | 29.47 | 1.21 | **13.38** | 31.88 | 1.30 | **14.65** | 12.72 | 13.70 |
| General and administration |  |  | **(1.42)** |  |  | **(2.16)** | (1.86) | (1.24) |
| Corporate income taxes ($/boe) |  |  | **(0.28)** |  |  | **(0.20)** | 1.19 | 0.14 |
| **Fund flows from operations ($/boe)** |  |  | **11.68** |  |  | **12.29** | 12.05 | 12.60 |
| **France** |  |  |  |  |  |  |  |  |
| Sales | 85.94 |  | **85.94** | 94.53 |  | **94.53** | 112.22 | 112.75 |
| Royalties | (13.97) |  | **(13.97)** | (13.35) |  | **(13.35)** | (13.79) | (15.24) |
| Transportation | (9.44) |  | **(9.44)** | (9.38) |  | **(9.38)** | (8.59) | (7.68) |
| Operating | (26.96) | - | **(26.96)** | (27.11) | - | **(27.11)** | (19.59) | (23.54) |
| **Operating netback** | 35.57 |  | **35.57** | 44.69 |  | **44.69** | 70.25 | 66.29 |
| General and administration |  |  | **(4.57)** |  |  | **(5.32)** | (5.11) | (5.87) |
| Current income taxes |  |  | **0.64** |  |  | **(0.06)** | (7.99) | (7.69) |
| **Fund flows from operations ($/boe)** |  |  | **31.64** |  |  | **39.31** | 57.15 | 52.73 |
| **Netherlands** |  |  |  |  |  |  |  |  |
| Sales | 60.99 | 13.82 | **82.74** | 83.84 | 16.89 | **101.18** | 74.19 | 73.01 |
| Royalties |  |  | **-** |  |  | **(0.01)** |  | (0.24) |
| Operating | (25.10) | (3.88) | **(23.27)** | (28.11) | (4.16) | **(24.96)** | (26.01) | (23.76) |
| **Operating netback** | 35.89 | 9.94 | **59.47** | 55.73 | 12.73 | **76.21** | 48.18 | 49.01 |
| General and administration |  |  | **(4.49)** |  |  | **(4.06)** | (4.31) | (4.14) |
| Current income taxes |  |  | **(7.31)** |  |  | **(19.68)** | (19.09) | (21.03) |
| **Fund flows from operations ($/boe)** |  |  | **47.67** |  |  | **52.47** | 24.78 | 23.84 |
| **Germany** |  |  |  |  |  |  |  |  |
| Sales | 88.45 | 15.03 | **89.80** | 97.64 | 16.89 | **100.31** | 78.76 | 75.83 |
| Royalties | (3.26) | (0.70) | **(3.99)** | (2.86) | (0.84) | **(4.42)** | (3.88) | (3.51) |
| Transportation | (11.82) | (0.48) | **(4.89)** | (15.22) | (0.59) | **(6.86)** | (6.45) | (7.01) |
| Operating | (20.77) | (3.57) | **(21.26)** | (25.21) | (4.47) | **(26.36)** | (38.98) | (31.66) |
| **Operating netback** | 52.60 | 10.28 | **59.66** | 54.35 | 10.99 | **62.67** | 29.45 | 33.65 |
| General and administration |  |  | **(7.42)** |  |  | **(6.93)** | (8.27) | (7.08) |
| Current income taxes |  |  | **(8.28)** |  |  | **(10.49)** | (4.60) | (7.64) |
| **Fund flows from operations ($/boe)** |  |  | **43.96** |  |  | **45.25** | 16.58 | 18.93 |
| **Ireland** |  |  |  |  |  |  |  |  |
| Sales |  | 15.60 | **93.60** |  | 18.52 | **111.18** | 79.76 | 74.99 |
| Transportation |  | (0.53) | **(3.16)** |  | (0.49) | **(2.96)** | (2.75) | (3.06) |
| Operating | - | (3.12) | **(18.74)** | - | (3.05) | **(18.32)** | (18.80) | (15.11) |
| **Operating netback** |  | 11.95 | **71.70** |  | 14.98 | **89.90** | 58.21 | 56.82 |
| General and administration |  |  | **(1.75)** |  |  | **(1.94)** | (1.67) | (2.03) |
| Current income taxes |  |  | **(0.43)** |  |  | **(0.33)** | (0.36) | (0.43) |
| **Fund flows from operations ($/boe)** |  |  | **69.52** |  |  | **87.63** | 56.18 | 54.36 |

---

Vermilion Energy Inc. ■ Page 38 ■ 2025 Second Quarter Report

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2025** | **YTD 2025** | **YTD 2025** | **YTD 2025** | | |
|  | **Liquids** | **Natural Gas** | **Total** | **Liquids** | **Natural Gas** | **Total** | | |
| | **$/bbl** | **$/mcf** | **$/boe** | **$/bbl** | **$/mcf** | **$/boe** | **Q2 2024**<br>**Total**<br>**$/boe** | **YTD 2024**<br>**Total**<br>**$/boe** |
| **Australia** |  |  |  |  |  |  |  |  |
| Sales | 108.85 |  | **108.85** | 117.62 |  | **117.62** | 131.06 | 131.08 |
| Operating | (53.29) |  | **(53.29)** | (57.33) |  | **(57.33)** | (56.66) | (49.89) |
| PRRT <sup>(1)</sup> | (3.94) | - | **(3.94)** | (8.59) | - | **(8.59)** | (14.54) | (17.57) |
| **Operating netback** | 51.62 |  | **51.62** | 51.70 |  | **51.70** | 59.86 | 63.62 |
| General and administration |  |  | **(8.75)** |  |  | **(6.52)** | (8.01) | (4.56) |
| Current income taxes |  |  | **(2.16)** |  |  | **(1.27)** | (1.40) | (1.45) |
| **Fund flows from operations ($/boe)** |  |  | **40.71** |  |  | **43.91** | 50.45 | 57.61 |
| **Central and Eastern Europe** |  |  |  |  |  |  |  |  |
| Sales | 46.82 | 17.01 | **101.95** | 63.74 | 18.45 | **110.59** | 85.04 | 83.42 |
| Royalties | (3.34) | (2.33) | **(13.93)** | (2.20) | (2.39) | **(14.34)** | (21.60) | (18.71) |
| Operating | - | (1.26) | **(7.54)** | - | (1.31) | **(7.86)** | (33.62) | (52.62) |
| **Operating netback** | 43.48 | 13.42 | **80.48** | 61.54 | 14.75 | **88.39** | 29.82 | 12.09 |
| General and administration |  |  | **(7.65)** |  |  | **(9.15)** | (156.98) | (235.90) |
| Current income taxes |  |  | **(12.30)** |  |  | **(8.46)** | - | - |
| **Fund flows from operations ($/boe)** |  |  | **60.53** |  |  | **70.78** | (127.16) | (223.81) |
| ***Discontinued Operations*** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;**United States** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sales | 71.40 | 1.85 | **59.07** | 77.83 | 3.09 | **64.78** | 77.12 | 73.80 |
| &nbsp;&nbsp;Royalties | (19.92) | (0.54) | **(16.50)** | (21.73) | (0.87) | **(18.09)** | (22.70) | (21.79) |
| &nbsp;&nbsp;Transportation | (0.56) |  | **(0.45)** | (0.51) |  | **(0.40)** | (1.00) | (0.85) |
| &nbsp;&nbsp;Operating | (18.32) | (0.50) | **(15.18)** | (20.45) | (0.77) | **(16.97)** | (11.54) | (13.33) |
| &nbsp;&nbsp;**Operating netback** | 32.60 | 0.81 | **26.94** | 35.14 | 1.45 | **29.32** | 41.88 | 37.83 |
| &nbsp;&nbsp;General and administration |  |  | **(5.36)** |  |  | **(5.27)** | (5.95) | (5.99) |
| &nbsp;&nbsp;**Fund flows from operations ($/boe)** |  |  | **21.58** |  |  | **24.05** | 35.93 | 31.84 |
| &nbsp;&nbsp;**Canada - Saskatchewan** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Sales | 77.11 | 1.62 | **66.51** | 82.93 | 1.89 | **72.00** | 84.12 | 78.22 |
| &nbsp;&nbsp;Royalties | (11.48) | (0.27) | **(9.92)** | (14.50) | 1.19 | **(11.19)** | (12.44) | (11.80) |
| &nbsp;&nbsp;Transportation | (3.12) | (0.26) | **(2.88)** | (3.15) | (0.27) | **(2.92)** | (2.95) | (2.90) |
| &nbsp;&nbsp;Operating | (22.99) | (0.42) | **(19.77)** | (24.10) | (0.45) | **(20.83)** | (21.78) | (23.95) |
| &nbsp;&nbsp;**Operating netback** | 39.52 | 0.67 | **33.94** | 41.18 | 2.36 | **37.06** | 46.95 | 39.57 |
| &nbsp;&nbsp;General and administration |  |  | **(8.23)** |  |  | **(5.71)** | (3.01) | (2.97) |
| &nbsp;&nbsp;**Fund flows from operations ($/boe)** |  |  | **25.71** |  |  | **31.35** | 43.94 | 36.60 |
| **Total Company** |  |  |  |  |  |  |  |  |
| Sales | 69.28 | 4.88 | **43.71** | 76.05 | 6.09 | **51.45** | 62.46 | 62.97 |
| Realized hedging gain | 5.08 | 0.54 | **3.90** | 2.96 | 0.44 | **2.74** | 6.00 | 17.01 |
| Royalties | (8.97) | (0.14) | **(3.77)** | (10.02) | (0.18) | **(4.45)** | (6.08) | (6.07) |
| Transportation | (4.91) | (0.32) | **(3.00)** | (5.17) | (0.33) | **(3.16)** | (3.30) | (3.08) |
| Operating | (19.26) | (1.36) | **(12.18)** | (20.14) | (1.60) | **(13.55)** | (18.29) | (18.47) |
| PRRT <sup>(2)</sup> | (0.17) | - | **(0.06)** | (0.47) | - | **(0.18)** | (0.47) | (0.92) |
| **Operating netback** | 41.05 | 3.60 | **28.60** | 43.21 | 4.42 | **32.85** | 40.32 | 51.44 |
| General and administration |  |  | **(2.80)** |  |  | **(3.22)** | (3.46) | (3.21) |
| Interest expense |  |  | **(3.08)** |  |  | **(3.30)** | (2.75) | (2.52) |
| Equity based compensation |  |  | **(0.47)** |  |  | **(0.27)** | (1.87) | (0.92) |
| Realized foreign exchange (loss) gain |  |  | **(0.04)** |  |  | **0.09** | 0.30 | 0.26 |
| Other expense |  |  | **(0.05)** |  |  | **(0.71)** | (0.09) | (0.03) |
| Corporate income taxes |  |  | **(0.91)** |  |  | **(1.41)** | (1.58) | (2.41) |
| **Fund flows from operations ($/boe)** |  |  | **21.25** |  |  | **24.03** | 30.87 | 42.61 |

---

<sup>(1)</sup> Vermilion considers Australian PRRT to be an operating item and, accordingly, has included PRRT in the calculation of operating netbacks. Current income taxes presented above excludes PRRT.

 

Vermilion Energy Inc. ■ Page 39 ■ 2025 Second Quarter Report

Supplemental Table 2: Hedges

The prices in these tables may represent the weighted averages for several contracts with foreign currency amounts translated to the disclosure currency using forward rates as at the month-end date. The weighted average price for the portfolio of options listed below may not have the same payoff profile as the individual contracts. As such, the presentation of the weighted average prices is purely for indicative purposes.

The following tables outline Vermilion's outstanding risk management positions as at June 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Currency** | **Daily Bought Put Volume** | **Weighted Average Bought Put Price** | **Daily Sold Call Volume** | **Weighted Average Sold Call Price** | **Daily Sold Put Volume** | **Weighted Average Sold Put Price** | **Daily Sold Swap Volume** | **Weighted Average Sold Swap Price** | **Daily Bought Swap Volume** | **Weighted Average Bought Swap Price** |
| **AECO** | **AECO** | **AECO** | **AECO** | **AECO** | **AECO** | **AECO** | **AECO** | **AECO** | **AECO** |  |  |
| Q3 2025 mcf | CAD | 42652 | 2.04 | 42652 | 3.09 |  |  | 127955 | 2.77 |  |  |
| Q4 2025 mcf | CAD | 44223 | 2.64 | 44223 | 3.72 |  |  | 98104 | 3.17 |  |  |
| Q1 2026 mcf | CAD | 45021 | 2.93 | 45021 | 4.02 |  |  | 120847 | 3.38 |  |  |
| Q2 2026 mcf | CAD | 4739 | 3.17 | 4739 | 4.22 |  |  | 132694 | 3.30 |  |  |
| Q3 2026 mcf | CAD | 4739 | 3.17 | 4739 | 4.22 |  |  | 132694 | 3.30 |  |  |
| Q4 2026 mcf | CAD | 4739 | 3.17 | 4739 | 4.22 |  |  | 107557 | 3.33 |  |  |
| Q1 2027 mcf | CAD |  |  |  |  |  |  | 99521 | 3.16 |  |  |
| Q2 2027 mcf | CAD |  |  |  |  |  |  | 90043 | 3.13 |  |  |
| Q3 2027 mcf | CAD |  |  |  |  |  |  | 90043 | 3.13 |  |  |
| Q4 2027 mcf | CAD |  |  |  |  |  |  | 90043 | 3.13 |  |  |
| **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** | **AECO Basis (AECO less NYMEX Henry Hub)** |
| Q3 2025 mcf | USD |  |  |  |  |  |  | 10000 | (1.15) |  |  |
| Q4 2025 mcf | USD |  |  |  |  |  |  | 10000 | (1.15) |  |  |
| **NYMEX Henry Hub** | **NYMEX Henry Hub** | **NYMEX Henry Hub** | **NYMEX Henry Hub** | **NYMEX Henry Hub** | **NYMEX Henry Hub** | **NYMEX Henry Hub** | **NYMEX Henry Hub** | **NYMEX Henry Hub** | **NYMEX Henry Hub** | **NYMEX Henry Hub** | **NYMEX Henry Hub** |
| Q3 2025 mcf | USD | 24000 | 3.50 | 24000 | 4.49 |  |  | 10000 | 3.19 |  |  |
| Q4 2025 mcf | USD | 24000 | 3.50 | 24000 | 4.49 |  |  | 10000 | 3.19 |  |  |
| Q1 2026 mcf | USD | 24000 | 3.50 | 24000 | 4.49 |  |  |  |  |  |  |
| Q2 2026 mcf | USD | 24000 | 3.50 | 24000 | 4.49 |  |  |  |  |  |  |
| Q3 2026 mcf | USD | 24000 | 3.50 | 24000 | 4.49 |  |  |  |  |  |  |
| Q4 2026 mcf | USD | 24000 | 3.50 | 24000 | 4.49 |  |  |  |  |  |  |
| Q1 2027 mcf | USD |  |  |  |  |  |  | 24000 | 3.76 |  |  |
| Q2 2027 mcf | USD |  |  |  |  |  |  | 24000 | 3.76 |  |  |
| Q3 2027 mcf | USD |  |  |  |  |  |  | 24000 | 3.76 |  |  |
| Q4 2027 mcf | USD |  |  |  |  |  |  | 24000 | 3.76 |  |  |
| Q1 2028 mcf | USD |  |  | 9538 | 6.50 |  |  | 6813 | 6.00 |  |  |
| Q2 2028 mcf | USD |  |  | 14000 | 6.50 |  |  | 10000 | 6.00 |  |  |
| Q3 2028 mcf | USD |  |  | 14000 | 6.50 |  |  | 10000 | 6.00 |  |  |
| Q4 2028 mcf | USD |  |  | 14000 | 6.50 |  |  | 10000 | 6.00 |  |  |
| **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** |
| Q3 2025 mcf | EUR | 22111 | 8.31 | 22111 | 12.88 | 22111 | 4.01 | 27024 | 12.81 |  |  |
| Q4 2025 mcf | EUR | 31938 | 8.05 | 31938 | 12.50 | 31938 | 3.67 | 23339 | 11.78 |  |  |
| Q1 2026 mcf | EUR | 24567 | 7.39 | 24567 | 11.66 | 24567 | 3.02 | 23339 | 11.78 |  |  |
| Q2 2026 mcf | EUR | 24567 | 7.39 | 24567 | 11.66 | 24567 | 3.02 | 20882 | 9.77 |  |  |
| Q3 2026 mcf | EUR | 24567 | 7.39 | 24567 | 11.66 | 24567 | 3.02 | 20882 | 9.77 |  |  |
| Q4 2026 mcf | EUR | 28253 | 7.43 | 28253 | 11.66 | 28253 | 2.93 | 7370 | 9.35 |  |  |
| Q1 2027 mcf | EUR | 28253 | 7.43 | 28253 | 11.66 | 28253 | 2.93 | 9827 | 9.87 |  |  |
| Q2 2027 mcf | EUR |  |  |  |  |  |  | 2457 | 11.43 |  |  |
| Q3 2027 mcf | EUR |  |  |  |  |  |  | 2457 | 11.43 |  |  |
| Q4 2027 mcf | EUR |  |  |  |  |  |  | 2457 | 11.43 |  |  |
| **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** | **Buy TTF, Sell NBP Basis** |
| Q3 2025 mcf | EUR |  |  |  |  |  |  | 23885 | (0.47) |  |  |
| **THE** | **THE** | **THE** | **THE** | **THE** | **THE** | **THE** | **THE** | **THE** | **THE** | **THE** | **THE** |
| Q3 2025 mcf | EUR | - | - | - | - | - | - | 2457 | 14.95 | - | - |

---

Vermilion Energy Inc. ■ Page 40 ■ 2025 Second Quarter Report

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Currency** | **Daily Bought Put Volume** | **Weighted Average Bought Put Price** | **Daily Sold Call Volume** | **Weighted Average Sold Call Price** | **Daily Sold Put Volume** | **Weighted Average Sold Put Price** | **Daily Sold Swap Volume** | **Weighted Average Sold Swap Price** | **Daily Bought Swap Volume** | **Weighted Average Bought Swap Price** |
| **Dated Brent** | **Dated Brent** | **Dated Brent** | **Dated Brent** | **Dated Brent** | **Dated Brent** | **Dated Brent** | **Dated Brent** | **Dated Brent** | **Dated Brent** | **Dated Brent** | **Dated Brent** |
| Q3 2025 bbl | USD |  |  |  |  |  |  | 2500 | 74.34 |  |  |
| **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** |
| Q3 2025 bbl | USD | 8750 | 63.02 | 8750 | 68.14 | 8750 | 55.02 | 5500 | 70.49 | 256 | 57.98 |
| Q4 2025 bbl | USD | 15000 | 60.41 | 15000 | 68.30 | 15000 | 49.83 |  |  | 256 | 57.98 |
| Q1 2026 bbl | USD | 10000 | 60.10 | 10000 | 68.02 | 10000 | 48.05 |  |  | 500 | 62.27 |
| Q2 2026 bbl | USD | 7500 | 62.97 | 7500 | 70.92 | 7500 | 50.00 |  |  | 500 | 62.27 |
| Q3 2026 bbl | USD | 7500 | 62.97 | 7500 | 70.92 | 7500 | 50.00 |  |  |  |  |
| Q4 2026 bbl | USD | 7500 | 62.97 | 7500 | 70.92 | 7500 | 50.00 |  |  |  |  |
| **MSW-WTI Differential** | **MSW-WTI Differential** | **MSW-WTI Differential** | **MSW-WTI Differential** | **MSW-WTI Differential** | **MSW-WTI Differential** | **MSW-WTI Differential** | **MSW-WTI Differential** | **MSW-WTI Differential** | **MSW-WTI Differential** | **MSW-WTI Differential** | **MSW-WTI Differential** |
| Q3 2025 bbl | USD |  |  |  |  |  |  | 1000 | (3.45) |  |  |
| **C5-WTI Differential** |  |  |  |  |  |  |  |  |  |  |  |
| Q3 2025 bbl | USD |  |  |  |  |  |  | 2000 | (0.60) |  |  |
| **Conway** | **Conway** | **Conway** | **Conway** | **Conway** | **Conway** | **Conway** | **Conway** | **Conway** | **Conway** | **Conway** | **Conway** |
| Q3 2025 bbl | USD |  |  |  |  |  |  | 2500 | 32.23 |  |  |
| Q4 2025 bbl | USD |  |  |  |  |  |  | 2000 | 32.42 |  |  |
| Q1 2026 bbl | USD |  |  |  |  |  |  | 1000 | 31.13 |  |  |
| Q2 2026 bbl | USD | - | - | - | - | - | - | 1000 | 31.13 | - | - |

---

<sup>(1)</sup> This table is exclusive of WTI swaps entered into by Vermilion on behalf of the purchaser of the Saskatchewan assets held for sale and were novated upon closing. These contracts are presented as liabilities held for sale at their fair value within discontinued operations and began maturing after June 30, 2025. The swaps have an average strike price of CAD $80/bbl with daily volume of 3,175 to 4,540 from Q3 2025 to Q2 2028.

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **VET Equity Swaps** | **VET Equity Swaps** | **Initial Share Price** | **Initial Share Price** | **Share Volume** |
| Swap | Jan 2020 - Apr 2027 | 20.9788 | CAD | 2250000 |
| Swap | Jan 2020 - Jul 2027 | 22.4587 | CAD | 1,500,000 |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Foreign Exchange** |  | **Period** | **Monthly Bought Put Amount** | **Monthly Bought Put Amount** | **Weighted Average Bought Put Price** | **Monthly Sold Call Amount** | **Monthly Sold Call Amount** | **Weighted Average Sold Call Price** | **Monthly Sold Swap Amount** | **Weighted Average Sold Swap Price** |
| Collar | Sell USD, Buy CAD | Jul 2025 - Dec 2025 | 12500000 | USD | 1.3637 | 12500000 | USD | 1.4133 | - | - |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Cross Currency Interest Rate** | **Cross Currency Interest Rate** | **Receive Notional Amount** | **Receive Notional Amount** | **Receive Rate** | **Pay Notional Amount** | **Pay Rate** |
| Swap | Feb 2033 | 250000000 | USD | 7.250% | 357870000 CAD | 6.099% |
| Swap | June 2025 - July 2025 | 438447400 | USD | SOFR + 2.350% | 600000000 CAD | CORRA + 2.218 |

---

The following sold option instruments allow the counterparties, at the specified date, to enter into a derivative instrument contract with Vermilion at the detailed terms:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Period if Option Exercised** | **Currency** | **Option Expiration Date** | **Daily Bought Put Volume** | **Weighted Average Bought Put Price** | **Daily Sold Call Volume** | **Weighted Average Sold Call Price** | **Daily Sold Put Volume** | **Weighted Average Sold Put Price** | **Daily Sold Swap Volume** | **Weighted Average Sold Swap Price** |
| **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** | **WTI** |
| Oct 2025 - Dec 2025 bbl | USD | 30-Sep-2025 |  |  |  |  |  |  | 3000 | 65.00 |
| Jan 2026 - Jun 2026 bbl | USD | 31-Dec-2025 |  |  |  |  |  |  | 2000 | 65.00 |
| Jan 2026 - Dec 2026 bbl | USD | 31-Dec-2025 |  |  |  |  |  |  | 1000 | 65.00 |
| Jul 2026 - Dec 2026 bbl | USD | 30-Jun-2026 |  |  |  |  |  |  | 1000 | 70.00 |
| **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** | **TTF** |
| Jan 2026 - Dec 2026 mcf | EUR | 31-Dec-2025 |  |  |  |  |  |  | 4913 | 13.19 |
| Jan 2027 - Dec 2027 mcf | EUR | 30-Jun-2026 |  |  |  |  |  |  | 2457 | 10.26 |
| Jan 2027 - Dec 2027 mcf | EUR | 31-Dec-2026 | - | - | - | - | - | - | 4913 | 10.26 |

---

Vermilion Energy Inc. ■ Page 41 ■ 2025 Second Quarter Report

Supplemental Table 3: Capital Expenditures and Acquisitions

---

| | | | | |
|:---|:---|:---|:---|:---|
| **By classification ($M)** | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Drilling and development | **111238** | 109350 | **278702** | 291648 |
| Exploration and evaluation | **4251** | 1260 | **18906** | 9404 |
| **Capital expenditures** | **115489** | 110610 | **297608** | 301052 |
| **Acquisitions ($M)** | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Acquisitions, net of cash acquired | **1591** | 5450 | **1086047** | 5829 |
| Shares issued for acquisition | **-** |  | **13363** |  |
| Acquisition of securities | **-** |  | **-** | 9373 |
| Acquired working capital deficit | **-** | - | **23179** | - |
| **Acquisitions** | **1591** | 5450 | **1122589** | 15202 |
| **By category ($M)** | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Drilling, completion, new well equip and tie-in, workovers and recompletions | **74185** | 39436 | **191881** | 177497 |
| Production equipment and facilities | **37960** | 62648 | **93260** | 111129 |
| Seismic, studies, land and other | **3344** | 8526 | **12467** | 12426 |
| Capital expenditures | **115489** | 110610 | **297608** | 301052 |
| Acquisitions | **1591** | 5450 | **1122589** | 15202 |
| **Total capital expenditures and acquisitions** | **117080** | 116060 | **1420197** | 316254 |
| **Capital expenditures by country ($M)** | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Canada | **45211** | 43594 | **165363** | 161447 |
| France | **10246** | 11389 | **17002** | 22404 |
| Netherlands | **13873** | 4033 | **21620** | 8631 |
| Germany | **18087** | 21897 | **43322** | 45925 |
| Ireland | **817** | 356 | **1145** | 3449 |
| Australia | **8755** | 8809 | **18457** | 14980 |
| Central and Eastern Europe | **5670** | 2606 | **7211** | 7634 |
| Capital expenditures on continuing operations | **102659** | 92684 | **274120** | 264470 |
| Canada | **5374** | 15613 | **10865** | 22042 |
| United States | **7456** | 2313 | **12623** | 14540 |
| Capital expenditures on discontinued operations | **12830** | 17926 | **23488** | 36582 |
| **Capital expenditures** | **115489** | 110610 | **297608** | 301052 |
| **Acquisitions by country ($M)** | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Canada | **1591** | 5450 | **1122589** | 15202 |
| **Acquisitions** | **1591** | 5450 | **1122589** | 15202 |

---

Vermilion Energy Inc. ■ Page 42 ■ 2025 Second Quarter Report

Supplemental Table 4: Production

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Q2/25** | **Q1/25** | **Q4/24** | **Q3/24** | **Q2/24** | **Q1/24** | **Q4/23** | **Q3/23** | **Q2/23** | **Q1/23** | **Q4/22** | **Q3/22** |
| ***Continuing Operations*** |  |  |  |  |  |  |  |  |  |  |  |  |
| **Canada** |  |  |  |  |  |  |  |  |  |  |  |  |
| Light and medium crude oil (bbls/d) | **5812** | 4136 | 4102 | 4844 | 4288 | 3252 | 3294 | 3572 | 869 | 2768 | 3201 | 2821 |
| Condensate <sup>(1)</sup> (bbls/d) | **8366** | 5768 | 3546 | 3338 | 3595 | 3815 | 3696 | 4046 | 3194 | 4459 | 4087 | 3847 |
| Other NGLs <sup>(1)</sup> (bbls/d) | **11072** | 7695 | 4980 | 5715 | 5374 | 5200 | 5390 | 5333 | 4215 | 5871 | 5190 | 5786 |
| **NGLs (bbls/d)** | **19438** | 13463 | 8526 | 9053 | 8969 | 9015 | 9086 | 9379 | 7409 | 10330 | 9277 | 9633 |
| Conventional natural gas (mmcf/d) | **394.06** | 249.02 | 151.64 | 148.37 | 148.37 | 140.93 | 148.20 | 150.97 | 141.80 | 148.30 | 133.77 | 130.57 |
| **Total (boe/d)** | **90926** | 59104 | 37898 | 38625 | 37987 | 35753 | 37081 | 38113 | 31912 | 37813 | 34772 | 34212 |
| **France** |  |  |  |  |  |  |  |  |  |  |  |  |
| Light and medium crude oil (bbls/d) | **6827** | 6810 | 7083 | 7115 | 7246 | 7308 | 7395 | 7578 | 7788 | 7578 | 7247 | 6818 |
| **Total (boe/d)** | **6827** | 6810 | 7083 | 7115 | 7246 | 7308 | 7395 | 7578 | 7788 | 7578 | 7247 | 6818 |
| **Netherlands** |  |  |  |  |  |  |  |  |  |  |  |  |
| Condensate <sup>(1)</sup> (bbls/d) | **35** | 34 | 44 | 39 | 51 | 165 | 119 | 39 | 61 | 66 | 49 | 74 |
| **NGLs (bbls/d)** | **35** | 34 | 44 | 39 | 51 | 165 | 119 | 39 | 61 | 66 | 49 | 74 |
| Conventional natural gas (mmcf/d) | **22.25** | 23.91 | 24.20 | 25.06 | 26.84 | 31.02 | 32.06 | 24.32 | 27.28 | 29.07 | 27.41 | 29.15 |
| **Total (boe/d)** | **3744** | 4020 | 4078 | 4216 | 4524 | 5336 | 5462 | 4091 | 4607 | 4910 | 4617 | 4933 |
| **Germany** |  |  |  |  |  |  |  |  |  |  |  |  |
| Light and medium crude oil (bbls/d) | **1731** | 1512 | 1596 | 1598 | 1698 | 1722 | 1775 | 1713 | 1715 | 1410 | 1481 | 1764 |
| Conventional natural gas (mmcf/d) | **25.49** | 21.05 | 21.71 | 21.41 | 18.41 | 22.87 | 19.62 | 20.29 | 22.05 | 25.85 | 25.86 | 26.54 |
| **Total (boe/d)** | **5979** | 5020 | 5215 | 5167 | 4766 | 5533 | 5046 | 5095 | 5391 | 5717 | 5791 | 6187 |
| **Ireland** |  |  |  |  |  |  |  |  |  |  |  |  |
| Conventional natural gas (mmcf/d) | **47.75** | 52.92 | 55.32 | 59.06 | 57.70 | 60.34 | 64.04 | 47.96 | 67.51 | 24.58 | 26.04 | 25.74 |
| **Total (boe/d)** | **7959** | 8820 | 9220 | 9844 | 9616 | 10057 | 10673 | 7993 | 11251 | 4096 | 4340 | 4290 |
| **Australia** |  |  |  |  |  |  |  |  |  |  |  |  |
| Light and medium crude oil (bbls/d) | **3460** | 3477 | 3778 | 2040 | 3713 | 4264 | 4715 | 1204 | - | - | 4847 | 4763 |
| **Total (boe/d)** | **3460** | 3477 | 3778 | 2040 | 3713 | 4264 | 4715 | 1204 | - | - | 4847 | 4763 |
| **Central and Eastern Europe** |  |  |  |  |  |  |  |  |  |  |  |  |
| Conventional natural gas (mmcf/d) | **9.90** | 7.24 | 11.21 | 11.13 | 0.69 | 0.29 | 0.54 | 0.05 | 0.30 | 0.64 | 0.67 | 0.63 |
| **Total (boe/d)** | **1654** | 1208 | 1869 | 1855 | 122 | 48 | 90 | 8 | 50 | 107 | 111 | 104 |

---

Vermilion Energy Inc. ■ Page 43 ■ 2025 Second Quarter Report

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2/25** | **Q1/25** | **Q4/24** | **Q3/24** | **Q2/24** | **Q1/24** | **Q4/23** | **Q3/23** | **Q2/23** | **Q1/23** | **Q4/22** | **Q3/22** |
| ***Discontinued Operations*** |  |  |  |  |  |  |  |  |  |  |  |  |
| **United States** |  |  |  |  |  |  |  |  |  |  |  |  |
| Light and medium crude oil (bbls/d) | **2977** | 2261 | 2449 | 2909 | 3817 | 3483 | 3187 | 4404 | 3349 | 2824 | 3282 | 2824 |
| Condensate <sup>(1)</sup> (bbls/d) | **12** | 19 | 34 | 12 | 27 | 29 | 27 | 15 | 22 | 20 | 36 | 35 |
| Other NGLs <sup>(1)</sup> (bbls/d) | **792** | 795 | 848 | 1064 | 988 | 1078 | 1131 | 1124 | 1025 | 1020 | 1218 | 1031 |
| **NGLs (bbls/d)** | **804** | 814 | 882 | 1076 | 1015 | 1107 | 1158 | 1139 | 1047 | 1040 | 1254 | 1066 |
| Conventional natural gas (mmcf/d) | **5.83** | 5.78 | 5.88 | 7.08 | 7.27 | 8.23 | 7.49 | 7.25 | 7.23 | 7.14 | 7.45 | 7.03 |
| **Total (boe/d)** | **4752** | 4039 | 4311 | 5164 | 6044 | 5962 | 5593 | 6751 | 5601 | 5055 | 5779 | 5062 |
| **Canada - Saskatchewan** |  |  |  |  |  |  |  |  |  |  |  |  |
| Light and medium crude oil (bbls/d) | **7961** | 8039 | 7512 | 7682 | 8180 | 8397 | 8320 | 8482 | 12032 | 13906 | 14247 | 14014 |
| Condensate <sup>(1)</sup> (bbls/d) | **266** | 328 | 182 | 260 | 258 | 260 | 338 | 364 | 312 | 260 | 438 | 357 |
| Other NGLs <sup>(1)</sup> (bbls/d) | **792** | 677 | 784 | 768 | 834 | 768 | 891 | 887 | 1298 | 1004 | 1089 | 1084 |
| **NGLs (bbls/d)** | **1058** | 1005 | 966 | 1028 | 1092 | 1028 | 1229 | 1251 | 1610 | 1264 | 1527 | 1441 |
| Conventional natural gas (mmcf/d) | **10.09** | 9.44 | 9.63 | 8.62 | 10.11 | 10.91 | 11.96 | 12.97 | 17.46 | 12.04 | 13.04 | 14.47 |
| **Total (boe/d)** | **10701** | 10617 | 10084 | 10147 | 10956 | 11244 | 11542 | 11894 | 16552 | 17178 | 17948 | 17868 |
| **Consolidated** |  |  |  |  |  |  |  |  |  |  |  |  |
| Light and medium crude oil (bbls/d) | **28768** | 26235 | 26521 | 26188 | 28948 | 28426 | 28685 | 26952 | 25753 | 28485 | 34305 | 33003 |
| Condensate <sup>(1)</sup> (bbls/d) | **8681** | 6151 | 3806 | 3649 | 3931 | 4269 | 4180 | 4463 | 3589 | 4805 | 4610 | 4312 |
| Other NGLs <sup>(1)</sup> (bbls/d) | **12656** | 9167 | 6612 | 7547 | 7196 | 7046 | 7412 | 7344 | 6538 | 7896 | 7497 | 7901 |
| **NGLs (bbls/d)** | **21337** | 15318 | 10418 | 11196 | 11127 | 11315 | 11592 | 11807 | 10127 | 12701 | 12107 | 12213 |
| Conventional natural gas (mmcf/d) | **515.38** | 369.36 | 279.59 | 280.73 | 269.39 | 274.59 | 283.91 | 263.80 | 283.63 | 247.61 | 234.23 | 234.12 |
| **Total (boe/d)** | **136002** | 103115 | 83536 | 84173 | 84974 | 85505 | 87597 | 82727 | 83152 | 82455 | 85450 | 84237 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **YTD 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| ***Continuing Operations*** |  |  |  |  |  |  |
| **Canada** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbls/d) | **4979** | 4124 | 558 | 2713 | 2136 | 2809 |
| &nbsp;&nbsp;&nbsp;Condensate <sup>(1)</sup> (bbls/d) | **7075** | 3573 | 3761 | 4280 | 4475 | 4515 |
| &nbsp;&nbsp;&nbsp;Other NGLs <sup>(1)</sup> (bbls/d) | **9393** | 5317 | 4981 | 5772 | 5857 | 6150 |
| &nbsp;&nbsp;&nbsp;**NGLs (bbls/d)** | **16468** | 8890 | 8742 | 10052 | 10332 | 10665 |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mmcf/d) | **321.94** | 147.35 | 144.26 | 130.44 | 122.90 | 131.22 |
| &nbsp;&nbsp;&nbsp;**Total (boe/d)** | **75103** | 37570 | 33344 | 34505 | 32951 | 35345 |
| **France** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbls/d) | **6819** | 7188 | 7584 | 7639 | 8799 | 8903 |
| &nbsp;&nbsp;&nbsp;**Total (boe/d)** | **6819** | 7188 | 7584 | 7639 | 8799 | 8903 |
| **Netherlands** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbls/d) | **-** |  |  |  | 3 | 1 |
| &nbsp;&nbsp;&nbsp;Condensate <sup>(1)</sup> (bbls/d) | **34** | 75 | 71 | 66 | 97 | 88 |
| &nbsp;&nbsp;&nbsp;**NGLs (bbls/d)** | **34** | 75 | 71 | 66 | 97 | 88 |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mmcf/d) | **23.08** | 26.77 | 28.18 | 32.66 | 43.40 | 46.16 |
| &nbsp;&nbsp;&nbsp;**Total (boe/d)** | **3881** | 4536 | 4768 | 5510 | 7334 | 7782 |
| **Germany** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbls/d) | **1622** | 1653 | 1654 | 1435 | 1044 | 968 |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mmcf/d) | **23.28** | 21.10 | 21.93 | 26.18 | 15.81 | 12.65 |
| &nbsp;&nbsp;&nbsp;**Total (boe/d)** | **5502** | 5170 | 5310 | 5798 | 3679 | 3076 |
| **Ireland** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mmcf/d) | **50.32** | 58.10 | 51.12 | 27.48 | 29.25 | 37.44 |
| &nbsp;&nbsp;&nbsp;**Total (boe/d)** | **8387** | 9683 | 8520 | 4579 | 4875 | 6240 |

---

Vermilion Energy Inc. ■ Page 44 ■ 2025 Second Quarter Report

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **YTD 2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Australia** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbls/d) | **3468** | 3446 | 1492 | 3995 | 3810 | 4416 |
| &nbsp;&nbsp;&nbsp;**Total (boe/d)** | **3468** | 3446 | 1492 | 3995 | 3810 | 4416 |
| **Central and Eastern Europe** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mmcf/d) | **8.58** | 5.86 | 0.38 | 0.57 | 0.31 | 1.90 |
| &nbsp;&nbsp;&nbsp;**Total (boe/d)** | **1432** | 978 | 63 | 95 | 51 | 317 |
| ***Discontinued Operations*** |  |  |  |  |  |  |
| **United States** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbls/d) | **2621** | 3162 | 3445 | 2908 | 2597 | 3046 |
| &nbsp;&nbsp;&nbsp;Condensate <sup>(1)</sup> (bbls/d) | **15** | 25 | 21 | 34 | 8 | 5 |
| &nbsp;&nbsp;&nbsp;Other NGLs <sup>(1)</sup> (bbls/d) | **794** | 994 | 1076 | 1066 | 1146 | 1218 |
| &nbsp;&nbsp;&nbsp;**NGLs (bbls/d)** | **809** | 1019 | 1097 | 1100 | 1154 | 1223 |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mmcf/d) | **5.81** | 7.11 | 7.28 | 7.20 | 6.84 | 7.47 |
| &nbsp;&nbsp;&nbsp;**Total (boe/d)** | **4398** | 5367 | 5754 | 5207 | 4890 | 5514 |
| **Canada - Saskatchewan** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbls/d) | **8000** | 7941 | 12735 | 14117 | 14818 | 18297 |
| &nbsp;&nbsp;&nbsp;Condensate <sup>(1)</sup> (bbls/d) | **298** | 240 | 405 | 341 | 356 | 371 |
| &nbsp;&nbsp;&nbsp;Other NGLs <sup>(1)</sup> (bbls/d) | **734** | 789 | 1239 | 1123 | 1322 | 1569 |
| &nbsp;&nbsp;&nbsp;**NGLs (bbls/d)** | **1032** | 1029 | 1644 | 1464 | 1678 | 1940 |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mmcf/d) | **9.77** | 9.81 | 16.68 | 13.66 | 15.13 | 20.16 |
| &nbsp;&nbsp;&nbsp;**Total (boe/d)** | **10659** | 10605 | 17159 | 17859 | 19017 | 23597 |
| **Consolidated** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Light and medium crude oil (bbls/d) | **27509** | 27514 | 27469 | 32809 | 33208 | 38441 |
| &nbsp;&nbsp;&nbsp;Condensate <sup>(1)</sup> (bbls/d) | **7424** | 3913 | 4258 | 4721 | 4936 | 4980 |
| &nbsp;&nbsp;&nbsp;Other NGLs <sup>(1)</sup> (bbls/d) | **10921** | 7100 | 7296 | 7961 | 8325 | 8937 |
| &nbsp;&nbsp;&nbsp;**NGLs (bbls/d)** | **18345** | 11013 | 11554 | 12682 | 13261 | 13917 |
| &nbsp;&nbsp;&nbsp;Conventional natural gas (mmcf/d) | **442.78** | 276.10 | 269.83 | 238.18 | 233.64 | 256.99 |
| &nbsp;&nbsp;&nbsp;**Total (boe/d)** | **119649** | 84543 | 83994 | 85187 | 85408 | 95190 |

---

Under National Instrument 51-101 "Standards of Disclosure for Oil and Gas Activities", disclosure of production volumes should include segmentation by product type as defined in the instrument. This table provides a reconciliation from "crude oil and condensate", "NGLs" and "natural gas" to the product types. In this report, references to "crude oil" and "light and medium crude oil" mean "light crude oil and medium crude oil" and references to "natural gas" mean "conventional natural gas". Production volumes reported are based on quantities as measured at the first point of sale.

Vermilion Energy Inc. ■ Page 45 ■ 2025 Second Quarter Report

Supplemental Table 5: Operational and Financial Data by Core Region**<br>Production volumes <sup>(1)</sup>**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2/25** | **Q1/25** | **Q4/24** | **Q3/24** | **Q2/24** | **Q1/24** | **Q4/23** | **Q3/23** | **Q2/23** | **Q1/23** | **Q4/22** | **Q3/22** |
| ***Continuing operations:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| **North America** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate (bbls/d) | **14178** | 9904 | 7648 | 8182 | 7883 | 7067 | 6990 | 7618 | 4063 | 7227 | 7288 | 6668 |
| NGLs (bbls/d) | **11072** | 7695 | 4980 | 5715 | 5374 | 5200 | 5390 | 5333 | 4215 | 5871 | 5190 | 5786 |
| Natural gas (mmcf/d) | **394.06** | 249.02 | 151.64 | 148.37 | 148.37 | 140.93 | 148.20 | 150.97 | 141.80 | 148.30 | 133.77 | 130.57 |
| **Total (boe/d)** | **90926** | 59104 | 37898 | 38625 | 37987 | 35753 | 37081 | 38113 | 31912 | 37813 | 34772 | 34212 |
| **International** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate (bbls/d) | **12055** | 11835 | 12502 | 10792 | 12714 | 13459 | 14004 | 10534 | 9564 | 9054 | 13624 | 13419 |
| Natural gas (mmcf/d) | **105.39** | 105.12 | 112.44 | 116.66 | 103.64 | 114.52 | 116.27 | 92.61 | 117.14 | 80.13 | 79.97 | 82.05 |
| **Total (boe/d)** | **29623** | 29355 | 31243 | 30237 | 29987 | 32546 | 33381 | 25969 | 29087 | 22408 | 26953 | 27095 |
| ***Discontinued operations:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| **North America** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate (bbls/d) | **11216** | 10647 | 10177 | 10863 | 12282 | 12169 | 11872 | 13265 | 15715 | 17010 | 18003 | 17230 |
| NGLs (bbls/d) | **1584** | 1472 | 1632 | 1832 | 1822 | 1846 | 2022 | 2011 | 2323 | 2024 | 2307 | 2115 |
| Natural gas (mmcf/d) | **15.93** | 15.22 | 15.51 | 15.70 | 17.38 | 19.14 | 19.45 | 20.22 | 24.69 | 19.18 | 20.49 | 21.50 |
| **Total (boe/d)** | **15452** | 14656 | 14395 | 15311 | 17000 | 17206 | 17135 | 18645 | 22153 | 22233 | 23727 | 22930 |
| **Consolidated** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate (bbls/d) | **37449** | 32386 | 30327 | 29837 | 32879 | 32695 | 32866 | 31416 | 29341 | 33290 | 38915 | 37315 |
| NGLs (bbls/d) | **12656** | 9167 | 6612 | 7547 | 7196 | 7046 | 7412 | 7344 | 6538 | 7896 | 7497 | 7901 |
| Natural gas (mmcf/d) | **515.38** | 369.36 | 279.59 | 280.73 | 269.39 | 274.59 | 283.92 | 263.80 | 283.63 | 247.61 | 234.23 | 234.12 |
| **Total (boe/d)** | **136002** | 103115 | 83536 | 84173 | 84974 | 85505 | 87597 | 82727 | 83152 | 82455 | 85450 | 84237 |

---

<sup>(1)</sup> Please refer to Supplemental Table 4 "Production" for disclosure by product type.

 

**Sales volumes**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2/25** | **Q1/25** | **Q4/24** | **Q3/24** | **Q2/24** | **Q1/24** | **Q4/23** | **Q3/23** | **Q2/23** | **Q1/23** | **Q4/22** | **Q3/22** |
| ***Continuing operations:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| **North America** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate (bbls/d) | **14178** | 9904 | 7648 | 8182 | 7883 | 7067 | 6990 | 7618 | 4063 | 7227 | 7288 | 6668 |
| NGLs (bbls/d) | **11072** | 7695 | 4980 | 5715 | 5374 | 5200 | 5390 | 5333 | 4215 | 5871 | 5190 | 5786 |
| Natural gas (mmcf/d) | **394.06** | 249.02 | 151.64 | 148.37 | 148.37 | 140.93 | 148.20 | 150.97 | 141.80 | 148.30 | 133.77 | 130.57 |
| **Total (boe/d)** | **90926** | 59104 | 37898 | 38625 | 37987 | 35753 | 37081 | 38113 | 31912 | 37813 | 34772 | 34212 |
| **International** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate (bbls/d) | **10344** | 11145 | 11360 | 12580 | 11998 | 15938 | 9221 | 9950 | 10302 | 8087 | 16257 | 11493 |
| Natural gas (mmcf/d) | **105.39** | 105.12 | 112.44 | 116.66 | 103.64 | 114.52 | 116.27 | 92.61 | 117.14 | 80.13 | 79.97 | 82.05 |
| **Total (boe/d)** | **27911** | 28668 | 30101 | 32024 | 29271 | 35026 | 28598 | 25386 | 29824 | 21442 | 29585 | 25169 |
| ***Discontinued operations:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| **North America** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate (bbls/d) | **11216** | 10647 | 10177 | 10863 | 12282 | 12169 | 11872 | 13265 | 15715 | 17010 | 18003 | 17230 |
| NGLs (bbls/d) | **1584** | 1472 | 1632 | 1832 | 1822 | 1846 | 2022 | 2011 | 2323 | 2024 | 2307 | 2115 |
| Natural gas (mmcf/d) | **15.93** | 15.22 | 15.51 | 15.70 | 17.38 | 19.14 | 19.45 | 20.22 | 24.69 | 19.18 | 20.49 | 21.50 |
| **Total (boe/d)** | **15452** | 14656 | 14395 | 15311 | 17000 | 17206 | 17135 | 18645 | 22153 | 22233 | 23727 | 22930 |
| **Consolidated** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate (bbls/d) | **35738** | 31698 | 29185 | 31624 | 32163 | 35174 | 28083 | 30833 | 30080 | 32324 | 41547 | 35391 |
| NGLs (bbls/d) | **12656** | 9167 | 6612 | 7547 | 7196 | 7046 | 7412 | 7344 | 6538 | 7896 | 7497 | 7901 |
| Natural gas (mmcf/d) | **515.38** | 369.36 | 279.59 | 280.73 | 269.39 | 274.59 | 283.92 | 263.80 | 283.63 | 247.61 | 234.23 | 234.12 |
| **Total (boe/d)** | **134290** | 102427 | 82394 | 85960 | 84258 | 87985 | 82814 | 82144 | 83889 | 81489 | 88083 | 82312 |

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Vermilion Energy Inc. ■ Page 46 ■ 2025 Second Quarter Report

**Financial results**

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2/25** | **Q1/25** | **Q4/24** | **Q3/24** | **Q2/24** | **Q1/24** | **Q4/23** | **Q3/23** | **Q2/23** | **Q1/23** | **Q4/22** | **Q3/22** |
| ***Continuing operations:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| **North America** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate sales ($/bbl) | **83.86** | 91.67 | 93.49 | 94.81 | 101.35 | 89.71 | 99.69 | 94.82 | 156.65 | 98.34 | 103.03 | 112.73 |
| NGL sales ($/bbl) | **23.37** | 29.75 | 27.76 | 25.96 | 27.93 | 31.21 | 30.77 | 27.34 | 26.83 | 34.06 | 38.29 | 44.03 |
| Natural gas sales ($/mcf) | **2.25** | 2.77 | 1.99 | 0.97 | 1.31 | 2.11 | 2.64 | 2.47 | 2.33 | 4.17 | 5.95 | 6.34 |
| Sales ($/boe) | **25.67** | 31.26 | 30.81 | 28.11 | 30.60 | 31.01 | 34.46 | 33.20 | 35.09 | 40.89 | 51.00 | 54.32 |
| Royalties ($/boe) | **(1.97)** | (3.51) | (1.96) | (3.22) | (2.83) | (3.42) | (3.98) | (3.39) | (2.31) | (4.96) | (5.20) | (9.96) |
| Transportation ($/boe) | **(2.77)** | (3.06) | (3.42) | (3.46) | (3.07) | (2.47) | (2.56) | (2.04) | (1.43) | (2.56) | (2.55) | (2.06) |
| Operating ($/boe) | **(7.55)** | (8.07) | (11.10) | (8.88) | (11.98) | (10.39) | (9.47) | (11.12) | (7.80) | (9.08) | (7.82) | (7.91) |
| General and administration ($/boe) | **(1.42)** | (3.33) | (2.01) | (0.81) | (1.86) | (1.71) | 1.49 | (0.12) | 0.34 | (1.31) | 0.36 | (2.28) |
| Corporate income taxes ($/boe) | **(0.28)** | (0.08) | 0.60 | (0.47) | 1.19 | (0.97) | 0.34 | (0.01) | (0.17) | (0.19) | (0.22) | (0.05) |
| **Fund flows from operations ($/boe)** | **11.68** | 13.21 | 12.92 | 11.27 | 12.05 | 12.05 | 20.28 | 16.52 | 23.72 | 22.79 | 35.57 | 32.06 |
| Fund flows from operations | **96654** | 70248 | 45006 | 40046 | 41638 | 39214 | 69202 | 57957 | 68895 | 77559 | 113783 | 100895 |
| Drilling and development | **(45211)** | (121851) | (85682) | (54522) | (43594) | (110864) | (40674) | (39245) | (53352) | (86886) | (84677) | (48957) |
| **Free cash flow** | **51443** | (51603) | (40676) | (14476) | (1956) | (71650) | 28528 | 18712 | 15543 | (9327) | 29106 | 51938 |
| **International** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate sales ($/bbl) | **90.82** | 108.97 | 110.31 | 114.16 | 116.24 | 119.68 | 123.77 | 114.26 | 100.23 | 107.57 | 128.02 | 140.09 |
| Natural gas sales ($/mcf) | **15.22** | 20.41 | 18.11 | 14.55 | 12.72 | 11.63 | 16.92 | 13.34 | 14.58 | 24.69 | 39.54 | 58.55 |
| Sales ($/boe) | **91.13** | 117.22 | 109.27 | 97.85 | 92.68 | 92.48 | 108.70 | 93.46 | 91.89 | 132.84 | 177.23 | 254.86 |
| Royalties ($/boe) | **(5.10)** | (4.43) | (5.38) | (4.16) | (4.49) | (4.60) | (3.41) | 3.55 | (7.43) | (13.39) | (6.38) | (7.21) |
| Transportation ($/boe) | **(4.22)** | (4.63) | (3.37) | (3.81) | (4.20) | (3.65) | (3.91) | (4.53) | (5.23) | (5.11) | (3.29) | (3.51) |
| Operating ($/boe) | **(23.84)** | (27.50) | (25.08) | (27.11) | (26.56) | (25.30) | (22.64) | (25.58) | (28.24) | (31.41) | (23.35) | (22.63) |
| General and administration ($/boe) | **(4.81)** | (4.69) | (6.21) | (5.56) | (5.20) | (4.86) | (9.18) | (7.37) | (7.58) | (7.52) | (5.09) | (3.34) |
| Corporate income taxes ($/boe) | **(3.46)** | (7.22) | (6.53) | (3.74) | (6.08) | (7.06) | (7.81) | (13.42) | (6.79) | (11.20) | (15.15) | (21.97) |
| PRRT ($/boe) | **(0.30)** | (1.17) | 1.16 | (0.17) | (1.37) | (3.38) | 7.93 | - | - | - | (1.85) | (1.96) |
| **Fund flows from operations ($/boe)** | **49.40** | 67.58 | 63.86 | 53.30 | 44.78 | 43.63 | 69.68 | 46.11 | 36.62 | 64.21 | 122.12 | 194.24 |
| Fund flows from operations | **125486** | 174350 | 176883 | 157048 | 119310 | 139054 | 183353 | 107704 | 99377 | 123893 | 332377 | 449771 |
| Drilling and development | **(53197)** | (36654) | (42341) | (40638) | (47830) | (45789) | (73604) | (49701) | (28347) | (37258) | (43957) | (65640) |
| Exploration and evaluation | **(4251)** | (14655) | (24154) | (2460) | (1260) | (8144) | (10579) | (6235) | (2775) | (1492) | (11456) | (6137) |
| **Free cash flow** | **68038** | 123041 | 110388 | 113950 | 70220 | 85121 | 99170 | 51768 | 68255 | 85143 | 276964 | 377994 |
| ***Discontinued operations:*** |  |  |  |  |  |  |  |  |  |  |  |  |
| **North America** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate sales ($/bbl) | **81.28** | 93.64 | 91.88 | 95.57 | 104.51 | 90.61 | 97.61 | 105.81 | 75.66 | 92.98 | 105.62 | 113.29 |
| NGL sales ($/bbl) | **33.83** | 47.63 | 37.41 | 35.94 | 46.43 | 46.90 | 45.49 | 33.84 | 34.03 | 46.92 | 50.88 | 53.73 |
| Natural gas sales ($/mcf) | **1.71** | 3.01 | 1.89 | 0.24 | 1.13 | 2.38 | 2.42 | 2.93 | 2.08 | 3.65 | 6.05 | 6.83 |
| Sales ($/boe) | **64.23** | 75.93 | 71.23 | 72.36 | 81.63 | 71.77 | 75.74 | 82.11 | 59.56 | 78.56 | 90.31 | 96.49 |
| Royalties ($/boe) | **(11.95)** | (14.56) | (13.83) | (13.53) | (16.09) | (14.54) | (14.35) | (16.68) | (9.97) | (12.31) | (15.71) | (16.49) |
| Transportation ($/boe) | **(2.13)** | (2.23) | (2.04) | (2.26) | (2.26) | (2.11) | (2.18) | (2.18) | (1.76) | (2.24) | (2.23) | (2.32) |
| Operating ($/boe) | **(18.36)** | (21.14) | (23.72) | (19.44) | (18.14) | (22.27) | (15.89) | (14.08) | (18.59) | (22.65) | (21.84) | (23.08) |
| General and administration ($/boe) | **(7.35)** | (3.69) | (2.44) | (1.81) | (4.06) | (1.68) | (0.47) | (1.94) | (0.24) | (0.45) | (0.29) | 0.23 |
| **Fund flows from operations ($/boe)** | **24.44** | 34.31 | 29.20 | 35.32 | 41.07 | 31.17 | 42.85 | 47.23 | 29.00 | 40.91 | 50.24 | 54.83 |
| Fund flows from operations | **34362** | 45258 | 38656 | 49747 | 63549 | 48813 | 67564 | 81003 | 58451 | 81876 | 109660 | 115684 |
| Drilling and development | **(12830)** | (8959) | (48482) | (23649) | (17926) | (25645) | (18030) | (30458) | (82371) | (29184) | (29215) | (63281) |
| **Free cash flow** | **21532** | 36299 | (9826) | 26098 | 45623 | 23168 | 49534 | 50545 | (23920) | 52692 | 80445 | 52403 |

---

Vermilion Energy Inc. ■ Page 47 ■ 2025 Second Quarter Report

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2/25** | **Q1/25** | **Q4/24** | **Q3/24** | **Q2/24** | **Q1/24** | **Q4/23** | **Q3/23** | **Q2/23** | **Q1/23** | **Q4/22** | **Q3/22** |
| **Consolidated** |  |  |  |  |  |  |  |  |  |  |  |  |
| Crude oil and condensate sales ($/bbl) | **85.07** | 99.36 | 100.06 | 103.55 | 108.93 | 104.26 | 107.91 | 106.94 | 96.64 | 98.62 | 115.02 | 123.02 |
| NGL sales ($/bbl) | **24.68** | 31.56 | 29.38 | 27.49 | 31.61 | 34.16 | 33.38 | 27.77 | 28.11 | 36.23 | 39.93 | 44.64 |
| Natural gas sales ($/mcf) | **4.88** | 7.80 | 8.47 | 6.57 | 5.69 | 6.10 | 8.48 | 6.32 | 7.37 | 10.77 | 17.43 | 24.68 |
| Sales ($/boe) | **43.71** | 61.71 | 66.54 | 61.97 | 62.46 | 63.45 | 68.64 | 62.92 | 61.74 | 75.36 | 103.99 | 127.39 |
| Royalties ($/boe) | **(3.77)** | (5.35) | (5.28) | (5.40) | (6.08) | (6.06) | (5.93) | (4.26) | (6.16) | (9.18) | (8.43) | (10.94) |
| Transportation ($/boe) | **(3.00)** | (3.38) | (3.16) | (3.38) | (3.30) | (2.87) | (2.95) | (2.84) | (2.87) | (3.14) | (2.71) | (2.57) |
| Operating ($/boe) | **(12.18)** | (15.38) | (18.41) | (17.55) | (18.29) | (18.65) | (15.35) | (16.26) | (17.91) | (18.66) | (16.81) | (16.64) |
| General and administration ($/boe) | **(2.80)** | (3.76) | (3.62) | (2.76) | (3.46) | (2.96) | (2.60) | (2.77) | (2.63) | (2.71) | (1.65) | (1.90) |
| Corporate income taxes ($/boe) | **(0.91)** | (2.07) | (2.11) | (1.61) | (1.58) | (3.20) | (2.57) | (7.05) | (7.04) | (5.96) | (32.68) | (6.74) |
| PRRT ($/boe) | **(0.06)** | (0.33) | 0.43 | (0.06) | (0.47) | (1.35) | 2.74 |  |  |  | (0.62) | (0.60) |
| Interest ($/boe) | **(3.08)** | (3.58) | (3.16) | (2.68) | (2.75) | (2.30) | (3.01) | (2.68) | (2.65) | (2.98) | (2.78) | (3.23) |
| Equity based compensation ($/boe) | **(0.47)** |  |  |  | (1.87) |  |  |  |  |  |  |  |
| Realized derivatives ($/boe) | **3.90** | 1.21 | 3.80 | 6.31 | 6.00 | 27.55 | 10.33 | 9.74 | 8.86 | 1.95 | (5.42) | (18.22) |
| Realized foreign exchange ($/boe) | **(0.04)** | 0.27 | 0.32 | 0.15 | 0.30 | 0.23 | (0.73) | 0.28 | 0.48 | (0.65) | 2.33 | (0.28) |
| Realized other ($/boe) | **(0.05)** | (1.57) | (0.68) | (0.21) | (0.09) | 0.02 | 0.26 | (1.32) | 0.53 | 0.49 | (0.14) | 0.80 |
| **Fund flows from operations ($/boe)** | **21.25** | 27.77 | 34.67 | 34.78 | 30.87 | 53.86 | 48.83 | 35.76 | 32.35 | 34.52 | 35.08 | 67.07 |
| Fund flows from operations | **259678** | 256029 | 262698 | 275024 | 236703 | 431358 | 372117 | 270218 | 247109 | 253167 | 284220 | 507876 |
| Drilling and development | **(111238)** | (167464) | (176505) | (118809) | (109350) | (182298) | (132308) | (119404) | (164070) | (153328) | (157849) | (177878) |
| Exploration and evaluation | **(4251)** | (14655) | (24154) | (2460) | (1260) | (8144) | (10579) | (6235) | (2775) | (1492) | (11456) | (6137) |
| **Free cash flow** | **144189** | 73910 | 62039 | 153755 | 126093 | 240916 | 229230 | 144579 | 80264 | 98347 | 114915 | 323861 |

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Vermilion Energy Inc. ■ Page 48 ■ 2025 Second Quarter Report

Non-GAAP and Other Specified Financial Measures

This MD&A includes references to certain financial measures which do not have standardized meanings and may not be comparable to similar measures presented by other issuers. These financial measures include fund flows from operations, a total of segments measure of profit or loss in accordance with IFRS 8 "Operating Segments" (please see Segmented Information in the Notes to the condensed Consolidated Interim Financial Statements) and net debt, a capital management measure in accordance with IAS 1 "Presentation of Financial Statements" (please see Capital Disclosures in the Notes to the condensed Consolidated Interim Financial Statements).

In addition, this MD&A includes financial measures which are not specified, defined, or determined under IFRS Accounting Standards and are therefore considered non-GAAP financial measures and may not be comparable to similar measures presented by other issuers. These non-GAAP financial measures include:

**Total of Segments Measure**

**Fund flows from operations (FFO):** Most directly comparable to net loss, FFO is a non-GAAP financial measure and total of segments measure comprised of sales less royalties, transportation, operating, G&A, corporate income tax, PRRT, interest expense, equity based compensation settled in cash, realized gain (loss) on derivatives, realized foreign exchange gain (loss), and realized other income (expense). The measure is used by management to assess the contribution of each business unit to Vermilion's ability to generate income necessary to pay dividends, repay debt, fund asset retirement obligations and make capital investments. Reconciliation to the most directly comparable primary financial statement measures can be found below. Fund flows from continuing operations and fund flows from discontinued operations are calculated in the same manner as FFO and are most directly comparable to net earnings (loss) from continuing operations and net earnings (loss) discontinued operations, respectively.

**** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** |
| Sales | **443834** | **41.04** | 352637 | 57.62 | **912527** | **48.76** | 748304 | 59.57 |
| Royalties | **(29268)** | **(2.71)** | (21724) | (3.55) | **(59359)** | **(3.17)** | (47510) | (3.78) |
| Transportation | **(33612)** | **(3.11)** | (21820) | (3.57) | **(61853)** | **(3.31)** | (41486) | (3.30) |
| Operating | **(123006)** | **(11.37)** | (112165) | (18.33) | **(236904)** | **(12.66)** | (226606) | (18.04) |
| General and administration | **(23937)** | **(2.21)** | (20262) | (3.31) | **(53725)** | **(2.87)** | (37700) | (3.00) |
| Corporate income tax expense | **(11116)** | **(1.03)** | (12080) | (1.97) | **(30175)** | **(1.61)** | (37719) | (3.00) |
| Petroleum resource rent tax | **(755)** | **(0.07)** | (3638) | (0.59) | **(3773)** | **(0.20)** | (14421) | (1.15) |
| Interest expense | **(37691)** | **(3.49)** | (21062) | (3.44) | **(70670)** | **(3.78)** | (39454) | (3.14) |
| Equity based compensation | **(5692)** | **(0.53)** | (14361) | (2.35) | **(5692)** | **(0.30)** | (14361) | (1.14) |
| Realized gain on derivatives | **47699** | **4.41** | 46017 | 7.52 | **58818** | **3.14** | 266632 | 21.23 |
| Realized foreign exchange (loss) gain | **(487)** | **(0.05)** | 2267 | 0.37 | **2012** | **0.11** | 4138 | 0.33 |
| Realized other expense | **(653)** | **(0.06)** | (655) | (0.11) | **(15119)** | **(0.81)** | (472) | (0.04) |
| **Fund flows from continuing operations** | **225316** | **20.82** | 173154 | 28.29 | **436087** | **23.30** | 559345 | 44.54 |
| Equity based compensation | **(1286)** |  | 3860 |  | **(7217)** |  | (1658) |  |
| Unrealized gain (loss) on derivative instruments <sup>(1)</sup> | **70569** |  | (125789) |  | **56894** |  | (314533) |  |
| Unrealized foreign exchange gain (loss) <sup>(1)</sup> | **6002** |  | 2344 |  | **(30012)** |  | (18863) |  |
| Accretion | **(17716)** |  | (16146) |  | **(33517)** |  | (32050) |  |
| Depletion and depreciation | **(165761)** |  | (131826) |  | **(314044)** |  | (280003) |  |
| Deferred tax expense | **(41345)** |  | (14196) |  | **(28390)** |  | (29331) |  |
| Unrealized other expense <sup>(1)</sup> | **(1394)** |  | (208) |  | **(1713)** |  | (345) |  |
| **Net earnings (loss) from continuing operations** | **74385** |  | (108807) |  | **78088** |  | (117438) |  |

---

Vermilion Energy Inc. ■ Page 49 ■ 2025 Second Quarter Report

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Q2 2025** | **Q2 2025** | **Q2 2024** | **Q2 2024** | **YTD 2025** | **YTD 2025** | **YTD 2024** | **YTD 2024** |
|  | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** | **$M** | **$/boe** |
| Sales | **90314** | **64.23** | 126288 | 81.63 | **190467** | **69.89** | 238656 | 76.67 |
| Royalties | **(16800)** | **(11.95)** | (24886) | (16.09) | **(35999)** | **(13.21)** | (47653) | (15.31) |
| Transportation | **(2999)** | **(2.13)** | (3497) | (2.26) | **(5944)** | **(2.18)** | (6793) | (2.18) |
| Operating | **(25819)** | **(18.36)** | (28065) | (18.14) | **(53698)** | **(19.70)** | (62935) | (20.22) |
| General and administration | **(10334)** | **(7.35)** | (6275) | (4.06) | **(15206)** | **(5.58)** | (12540) | (4.03) |
| Corporate income tax expense | **-** | **-** | (16) | (0.01) | **-** | **-** | (19) | (0.01) |
| **Fund flows from discontinued operations** | **34362** | **24.44** | 63549 | 41.07 | **79620** | **29.22** | 108716 | 34.92 |
| Unrealized loss on derivative instruments <sup>(1)</sup> | **(11047)** |  |  |  | **(11047)** |  |  |  |
| Unrealized foreign exchange (loss) gain <sup>(1)</sup> | **(552)** |  | 725 |  | **(437)** |  | 291 |  |
| Accretion | **(2156)** |  | (2063) |  | **(4235)** |  | (4093) |  |
| Depletion and depreciation | **(18406)** |  | (29358) |  | **(46511)** |  | (59615) |  |
| Deferred tax recovery (expense) | **62342** |  | (6471) |  | **58403** |  | (7981) |  |
| Impairment expense | **(372386)** |  | - |  | **(372386)** |  | - |  |
| **Net (loss) earnings from discontinued operations** | **(307843)** |  | 26382 |  | **(296593)** |  | 37318 |  |
| **Fund flows from operations** | **259678** | **21.25** | 236703 | 30.87 | **515707** | **24.03** | 668061 | 42.61 |
| **Net loss** | **(233458)** |  | (82425) |  | **(218505)** |  | (80120) |  |

---

**<sup>(1)</sup>** Unrealized gain (loss) on derivative instruments, Unrealized foreign exchange gain (loss), and Unrealized other expense are line items from the respective Consolidated Statements of Cash Flows.

 

**Non-GAAP Financial Measures and Non-GAAP Ratios**

**Fund flows from operations per basic and diluted share:** FFO per share and diluted share are non-GAAP ratios. Management assesses fund flows from operations on a per share basis as we believe this provides a measure of our operating performance after taking into account the issuance and potential future issuance of Vermilion common shares. Fund flows from operations per basic share is calculated by dividing fund flows from operations (total of segments measure) by the basic weighted average shares outstanding as defined under IFRS Accounting Standards. Fund flows from operations per diluted share is calculated by dividing fund flows from operations by the sum of basic weighted average shares outstanding and incremental shares issuable under the equity based compensation plans as determined using the treasury stock method. Fund flows from continuing operations per basic and diluted share and fund flows from discontinued operations per basic and diluted share are calculated in the same manner as FFO per basic and diluted share.

**Fund flows from operations per boe:** Management uses fund flows from operations per boe to assess the profitability of our business units and Vermilion as a whole. Fund flows from operations per boe is calculated by dividing fund flows from operations (total of segments measure) by boe production. Fund flows from continuing operations per boe and fund flows from discontinued operations per boe are calculated in the same manner as FFO per boe.

**Free cash flow (FCF):** Most directly comparable to cash flows from operating activities, FCF is a non-GAAP financial measure calculated as fund flows from operations less drilling and development costs and exploration and evaluation costs. FCF is used by management to determine the funding available for investing and financing activities including payment of dividends, repayment of long-term debt, reallocation into existing business units and deployment into new ventures. Reconciliation to the primary financial statement measures can be found in the following table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($M)** | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Cash flows from operating activities | **140467** | 266322 | **420851** | 620617 |
| Changes in non-cash operating working capital | **110825** | (41364) | **77123** | 30724 |
| Asset retirement obligations settled | **8386** | 11745 | **17733** | 16720 |
| **Fund flows from operations** | **259678** | 236703 | **515707** | 668061 |
| Drilling and development | **(111238)** | (109350) | **(278702)** | (291648) |
| Exploration and evaluation | **(4251)** | (1260) | **(18906)** | (9404) |
| **Free cash flow** | **144189** | 126093 | **218099** | 367009 |

---

**Capital expenditures:** Most directly comparable to cash flows used in investing activities, capital expenditures is a non-GAAP financial measure calculated as the sum of drilling and development costs and exploration and evaluation costs as derived from the Consolidated Statements of Cash Flows. We consider capital expenditures to be a useful measure of our investment in our existing asset base. Capital expenditures are also referred to as E&D capital. Reconciliation to the primary financial statement measures can be found below.

Vermilion Energy Inc. ■ Page 50 ■ 2025 Second Quarter Report

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($M)** | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Drilling and development | **111238** | 109350 | **278702** | 291648 |
| Exploration and evaluation | **4251** | 1260 | **18906** | 9404 |
| **Capital expenditures** | **115489** | 110610 | **297608** | 301052 |

---

**Payout and payout % of FFO:** Payout and payout % of FFO are, respectively, a non-GAAP financial measure and non-GAAP ratio. Payout is most directly comparable to dividends declared. Payout is comprised of dividends declared plus drilling and development costs, exploration and evaluation costs, and asset retirement obligations settled, and payout % of FFO is calculated as payout divided by FFO. The measure is used by management to assess the amount of cash distributed back to shareholders and reinvested in the business for maintaining production and organic growth. Payout as a percentage of FFO is also referred to as the payout ratio or sustainability ratio. The reconciliation of the measure to the primary financial statement measure can be found below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($M)** | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Dividends declared | **20022** | 18981 | **40065** | 38164 |
| Drilling and development | **111238** | 109350 | **278702** | 291648 |
| Exploration and evaluation | **4251** | 1260 | **18906** | 9404 |
| Asset retirement obligations settled | **8386** | 11745 | **17733** | 16720 |
| **Payout** | **143897** | 141336 | **355406** | 355936 |
| **% of fund flows from operations** | **55%** | 60% | **69%** | 53% |

---

**Return on capital employed (ROCE):** A non-GAAP ratio**,** ROCE is a measure that management uses to analyze our profitability and the efficiency of our capital allocation process; the comparable primary financial statement measure is earnings before income taxes. ROCE is calculated by dividing net loss before interest and taxes ("EBIT") by average capital employed over the preceding twelve months. Capital employed is calculated as total assets less current liabilities while average capital employed is calculated using the balance sheets at the beginning and end of the twelve-month period.

---

| | | |
|:---|:---|:---|
|  | **Twelve Months Ended** | **Twelve Months Ended** |
| **($M)** | **Jun 30, 2025** | **Jun 30, 2024** |
| Net loss | **(185124)** | (825947) |
| Taxes | **(45383)** | (11691) |
| Interest expense | **115822** | 82581 |
| **EBIT** | **(114685)** | (755057) |
| Average capital employed | **5803980** | 5906288 |
| **Return on capital employed** | **(2) %** | (13) % |

---

**Adjusted working capital (deficit):** Adjusted working capital (deficit) is a non-GAAP financial measure calculated as current assets less current liabilities, excluding current derivatives and current lease liabilities. The measure is used by management to calculate net debt, a capital management measure disclosed below.

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| **($M)** | **Jun 30, 2025** | **Dec 31, 2024** |
| Current assets | **1171777** | 582326 |
| Current liabilities | **(603527)** | (610590) |
| Current derivative asset | **(76558)** | (40312) |
| Current lease liability <sup>(1)</sup> | **12348** | 12206 |
| Current derivative liability <sup>(1)</sup> | **36462** | 52944 |
| **Adjusted working capital** | **540502** | (3426) |

---

<sup>(1)</sup> Current lease liability includes the lease liability associated with assets held for sale. Current derivative liability includes the derivative liability associated with assets held for sale. See Note 4 - "Discontinued Operations" for more information.

**Acquisitions:** Acquisitions is a non-GAAP financial measure and is calculated as the sum of acquisitions, net of cash acquired and acquisitions of securities from the Consolidated Statements of Cash Flows, Vermilion common shares issued as consideration, the estimated value of contingent consideration, the amount of acquiree's outstanding long-term debt assumed, and net acquired working capital deficit or surplus. Management believes that including these components provides a useful measure of the economic investment associated with our acquisition activity and is most directly comparable to cash flows used in investing activities. A reconciliation to the acquisitions line items in the Consolidated Statements of Cash Flows can be found below.

Vermilion Energy Inc. ■ Page 51 ■ 2025 Second Quarter Report

---

| | | | | |
|:---|:---|:---|:---|:---|
| **($M)** | **Q2 2025** | **Q2 2024** | **YTD 2025** | **YTD 2024** |
| Acquisitions, net of cash acquired | **1591** | 5450 | **1086047** | 5829 |
| Shares issued for acquisition | **-** |  | **13363** |  |
| Acquisition of securities | **-** |  | **-** | 9373 |
| Acquired working capital deficit | **-** | - | **23179** | - |
| **Acquisitions** | **1591** | 5450 | **1122589** | 15202 |

---

**Operating netback:** Operating netback is non-GAAP financial measure and is calculated as sales less royalties, operating expense, transportation costs, PRRT, and realized hedging gains and losses, and when presented on a per unit basis, is a non-GAAP ratio. Operating netback is most directly comparable to net loss. Management assesses operating netback as a measure of the profitability and efficiency of our field operations.

**Net debt to four quarter trailing fund flows from operations:** Management uses net debt (a capital management measure, as defined below) to four quarter trailing fund flows from operations to assess the Company's ability to repay debt. Net debt to four quarter trailing fund flows from operations is a non-GAAP ratio and is calculated as net debt (capital management measure) divided by fund flows from operations (total of segments measure) from the preceding four quarters.

**Capital Management Measure**

**Net debt:** Net debt is a capital management measure in accordance with IAS 1 "Presentation of Financial Statements" that is most directly comparable to long-term debt. Net debt is comprised of long-term debt (excluding unrealized foreign exchange on swapped USD borrowings) plus adjusted working capital (defined as current assets less current liabilities, excluding current derivatives and current lease liabilities), and represents Vermilion's net financing obligations after adjusting for the timing of working capital fluctuations.

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
| **($M)** | **Jun 30, 2025** | **Dec 31, 2024** |
| Long-term debt | **1951250** | 963456 |
| Adjusted working capital <sup>(1)</sup> | **(540502)** | 3426 |
| Unrealized FX on swapped USD borrowings | **2573** | - |
| **Net debt** | **1413321** | 966882 |
| **Ratio of net debt to four quarter trailing fund flows from operations <sup>(2)</sup>** | **1.4** | 0.8 |

---

<sup>(1)</sup> Adjusted working capital is defined as current assets (excluding current derivatives), less current liabilities (excluding current derivatives and current lease liabilities). These figures include amounts for assets held for sale and liabilities associated with assets held for sale which represent the estimated cash proceeds from dispositions that closed subsequent to June 30, 2025.

<sup>(2)</sup> Subsequent to February 26, 2025, net debt to four quarter trailing fund flows from operations is calculated inclusive of Westbrick Energy's pre-acquisition four quarter trailing fund flows from operations, as if the acquisition of Westbrick Energy occurred at the beginning of the four-quarter trailing period, and exclusive of the four quarter trailing fund flows from discontinued operations from assets held for sale to reflect the Company's ability to repay debt on a pro forma basis.

 

**Supplementary Financial Measures**

 

**Diluted shares outstanding:** The sum of shares outstanding at the period end plus outstanding awards under the Long-term Incentive Plan ("LTIP"), based on current estimates of future performance factors and forfeiture rates.

---

| | | |
|:---|:---|:---|
| **('000s of shares)** | **Q2 2025** | **Q2 2024** |
| Shares outstanding | **154,019** | 158174 |
| Potential shares issuable pursuant to the LTIP | **4,737** | 3,498 |
| **Diluted shares outstanding** | **158,756** | 161,672 |

---

 

Vermilion Energy Inc. ■ Page 52 ■ 2025 Second Quarter Report

Consolidated Interim Financial Statements

Consolidated Balance Sheet

thousands of Canadian dollars, unaudited

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **June 30, 2025** | **December 31, 2024** |
| **Assets** |  |  |  |
| ***Current*** |  |  |  |
| Cash and cash equivalents | 13 | **69187** | 131730 |
| Accounts receivable |  | **279469** | 298493 |
| Income taxes receivable |  | **20137** |  |
| Crude oil inventory |  | **62898** | 40694 |
| Derivative instruments |  | **76558** | 40312 |
| Prepaid expenses |  | **65093** | 71097 |
| Assets held for sale | 4 | **598435** | - |
| **Total current assets** |  | **1171777** | 582326 |
| Derivative instruments |  | **15062** | 13927 |
| Investments | 5 | **77137** | 78862 |
| Deferred taxes |  | **84653** | 197714 |
| Exploration and evaluation assets | 7 | **322388** | 224286 |
| Capital assets | 6 | **5037123** | 5018461 |
| **Total assets** |  | **6708140** | 6115576 |
| **Liabilities** |  |  |  |
| ***Current*** |  |  |  |
| Accounts payable and accrued liabilities |  | **403525** | 425410 |
| Dividends payable | 11 | **20022** | 18521 |
| Derivative instruments |  | **25415** | 52944 |
| Income taxes payable |  | **30042** | 113715 |
| Liabilities associated with assets held for sale | 4 | **124523** | - |
| **Total current liabilities** |  | **603527** | 610590 |
| Derivative instruments |  | **80677** | 86036 |
| Long-term debt | 10 | **1951250** | 963456 |
| Lease obligations |  | **52776** | 54991 |
| Asset retirement obligations | 8 | **940682** | 1224718 |
| Deferred taxes |  | **385603** | 364796 |
| **Total liabilities** |  | **4014515** | 3304587 |
| **Shareholders' Equity** |  |  |  |
| Shareholders' capital | 11 | **3899500** | 3918898 |
| Contributed surplus |  | **36351** | 45225 |
| Accumulated other comprehensive income |  | **279372** | 135847 |
| Deficit |  | **(1521598)** | (1288981) |
| **Total shareholders' equity** |  | **2693625** | 2810989 |
| **Total liabilities and shareholders' equity** |  | **6708140** | 6115576 |

---

**Approved by the Board**

*(Signed "Manjit Sharma")* *(Signed "Dion Hatcher")* <br>Manjit Sharma, Director Dion Hatcher, Director

Vermilion Energy Inc. ■ Page 53 ■ 2025 Second Quarter Report

Consolidated Statements of Net Loss and Comprehensive Loss

thousands of Canadian dollars, except share and per share amounts, unaudited

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Note** | **Jun 30, 2025** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| **Revenue** |  |  |  |  |  |
| Petroleum and natural gas sales |  | **443834** | 352637 | **912527** | 748304 |
| Royalties |  | **(29268)** | (21724) | **(59359)** | (47510) |
| Sales of purchased commodities |  | **28472** | 28651 | **44747** | 67021 |
| **Petroleum and natural gas revenue** |  | **443038** | 359564 | **897915** | 767815 |
| **Expenses** |  |  |  |  |  |
| Purchased commodities |  | **28472** | 28651 | **44747** | 67021 |
| Operating | 13 | **123006** | 112165 | **236904** | 226606 |
| Transportation |  | **33612** | 21820 | **61853** | 41486 |
| Equity based compensation |  | **6978** | 10501 | **12909** | 16019 |
| (Gain) loss on derivative instruments |  | **(118268)** | 79772 | **(115712)** | 47901 |
| Interest expense |  | **37691** | 21062 | **70670** | 39454 |
| General and administration | 13 | **23937** | 20262 | **53725** | 37700 |
| Foreign exchange (gain) loss |  | **(5515)** | (4611) | **28000** | 14725 |
| Other expense |  | **2047** | 863 | **16832** | 817 |
| Accretion | 8 | **17716** | 16146 | **33517** | 32050 |
| Depletion and depreciation | 6, 7 | **165761** | 131826 | **314044** | 280003 |
|  |  | **315437** | 438457 | **757489** | 803782 |
| **Earnings (loss) from continuing operations before income taxes** |  | **127601** | (78893) | **140426** | (35967) |
| **Income tax expense** |  |  |  |  |  |
| Deferred |  | **41345** | 14196 | **28390** | 29331 |
| Current |  | **11871** | 15718 | **33948** | 52140 |
|  |  | **53216** | 29914 | **62338** | 81471 |
| **Net earnings (loss) from continuing operations** |  | **74385** | (108807) | **78088** | (117438) |
| **Net (loss) earnings from discontinued operations** | 4 | **(307843)** | 26382 | **(296593)** | 37318 |
| **Net loss** |  | **(233458)** | (82425) | **(218505)** | (80120) |
| **Other comprehensive loss** |  |  |  |  |  |
| Currency translation adjustments |  | **70854** | (1406) | **141893** | (2491) |
| Hedge accounting reserve, net of tax |  | **-** | 1631 | **1632** | 3263 |
| Fair value adjustment on investment in securities, net of tax |  | **-** | - | **-** | (2203) |
| **Comprehensive loss** |  | **(162604)** | (82200) | **(74980)** | (81551) |
| **Net earnings (loss) per share** |  |  |  |  |  |
| Continuing operations - basic |  | **0.48** | (0.68) | **0.51** | (0.73) |
| Discontinued operations - basic |  | **(1.99)** | 0.17 | **(1.92)** | 0.23 |
| Net loss per share - basic |  | **(1.51)** | (0.52) | **(1.42)** | (0.50) |
| Continuing operations - diluted |  | **0.48** | (0.68) | **0.51** | (0.73) |
| Discontinued operations - diluted |  | **(1.99)** | 0.16 | **(1.92)** | 0.23 |
| Net loss per share - diluted |  | **(1.51)** | (0.52) | **(1.42)** | (0.50) |
| **Weighted average shares outstanding ('000s)** |  |  |  |  |  |
| Basic |  | **154342** | 159525 | **154258** | 160373 |
| Diluted |  | **155778** | 161069 | **154258** | 162022 |

---

Vermilion Energy Inc. ■ Page 54 ■ 2025 Second Quarter Report

Consolidated Statements of Cash Flows

thousands of Canadian dollars, unaudited

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Note** | **Jun 30, 2025** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| **Operating** |  |  |  |  |  |
| Net loss |  | **(233458)** | (82425) | **(218505)** | (80120) |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;Accretion | 8 | **19872** | 18209 | **37752** | 36143 |
| &nbsp;&nbsp;Depletion and depreciation | 6, 7 | **184167** | 161184 | **360555** | 339618 |
| &nbsp;&nbsp;Impairment expense | 6 | **372386** |  | **372386** |  |
| &nbsp;&nbsp;Unrealized (gain) loss on derivative instruments |  | **(59522)** | 125789 | **(45847)** | 314533 |
| &nbsp;&nbsp;Equity based compensation |  | **1286** | (3860) | **7217** | 1658 |
| &nbsp;&nbsp;Unrealized foreign exchange (gain) loss |  | **(5450)** | (3069) | **30449** | 18572 |
| &nbsp;&nbsp;Unrealized other expense |  | **1394** | 208 | **1713** | 345 |
| &nbsp;&nbsp;Deferred tax expense |  | **(20997)** | 20667 | **(30013)** | 37312 |
| Asset retirement obligations settled | 8 | **(8386)** | (11745) | **(17733)** | (16720) |
| Changes in non-cash operating working capital |  | **(110825)** | 41364 | **(77123)** | (30724) |
| **Cash flows from operating activities** |  | **140467** | 266322 | **420851** | 620617 |
| **Investing** |  |  |  |  |  |
| Drilling and development | 6 | **(111238)** | (109350) | **(278702)** | (291648) |
| Exploration and evaluation | 7 | **(4251)** | (1260) | **(18906)** | (9404) |
| Acquisitions, net of cash acquired | 3, 5 | **(1591)** | (5450) | **(1086047)** | (5829) |
| Acquisition of securities | 5 | **-** |  | **-** | (9373) |
| Changes in non-cash investing working capital |  | **(81909)** | (36965) | **(71080)** | (18114) |
| **Cash flows used in investing activities** |  | **(198989)** | (153025) | **(1454735)** | (334368) |
| **Financing** |  |  |  |  |  |
| Net draw on the revolving credit facility | 10 | **333892** |  | **632341** |  |
| Repayment of 2025 senior unsecured notes | 10 | **-** | (27592) | **(399467)** | (31561) |
| Issuance of 2033 senior unsecured notes | 10 | **-** |  | **562968** |  |
| Issuance of term loan | 10 | **-** |  | **445392** |  |
| Repayment of term loan | 10 | **(199636)** |  | **(199636)** |  |
| Payments on lease obligations |  | **(3852)** | (7830) | **(7681)** | (11932) |
| Repurchase of shares | 11 | **(6323)** | (46555) | **(22899)** | (82964) |
| Cash dividends | 11 | **(20043)** | (19183) | **(38564)** | (35410) |
| Changes in non-cash financing working capital |  | **124** | 1627 | **(2306)** | 1627 |
| **Cash flows from (used in) financing activities** |  | **104162** | (99533) | **970148** | (160240) |
| Foreign exchange gain (loss) on cash held in foreign currencies |  | **19** | (743) | **1193** | 207 |
| Net change in cash and cash equivalents |  | **45659** | 13021 | **(62543)** | 126216 |
| Cash and cash equivalents, beginning of period |  | **23528** | 254651 | **131730** | 141456 |
| **Cash and cash equivalents, end of period** | 13 | **69187** | 267672 | **69187** | 267672 |
| Supplementary information for cash flows from operating activities |  |  |  |  |  |
| &nbsp;&nbsp; Interest paid |  | **51792** | 28330 | **73201** | 41982 |
| &nbsp;&nbsp; Income taxes paid |  | **92687** | 64849 | **122576** | 67827 |

---

Vermilion Energy Inc. ■ Page 55 ■ 2025 Second Quarter Report

Consolidated Statements of Changes in Shareholders' Equity

thousands of Canadian dollars, unaudited

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Six Months Ended** | **Six Months Ended** |
|  | **Note** | **June 30, 2025** | **June 30, 2024** |
| **Shareholders' capital** | 11 |  |  |
| &nbsp;&nbsp;Balance, beginning of period |  | **3918898** | 4142566 |
| &nbsp;&nbsp;Shares issued for acquisition | 3 | **13363** |  |
| &nbsp;&nbsp;Vesting of equity based awards |  | **16091** | 9998 |
| &nbsp;&nbsp;Share-settled dividends on vested equity based awards |  | **599** | 1257 |
| &nbsp;&nbsp;Repurchase of shares |  | **(49451)** | (133552) |
| &nbsp;&nbsp;**Balance, end of period** |  | **3899500** | 4020269 |
| **Contributed surplus** | 11 |  |  |
| &nbsp;&nbsp;Balance, beginning of period |  | **45225** | 43348 |
| &nbsp;&nbsp;Equity based compensation |  | **7217** | 1658 |
| &nbsp;&nbsp;Vesting of equity based awards |  | **(16091)** | (9998) |
| &nbsp;&nbsp;**Balance, end of period** |  | **36351** | 35008 |
| **Accumulated other comprehensive income** |  |  |  |
| &nbsp;&nbsp;Balance, beginning of period |  | **135847** | 109302 |
| &nbsp;&nbsp;Currency translation adjustments |  | **141893** | (2491) |
| &nbsp;&nbsp;Hedge accounting reserve |  | **1632** | 3263 |
| &nbsp;&nbsp;Fair value adjustment on investment in securities, net of tax | 5 | **-** | (2203) |
| &nbsp;&nbsp;**Balance, end of period** |  | **279372** | 107871 |
| **Deficit** |  |  |  |
| &nbsp;&nbsp;Balance, beginning of period |  | **(1288981)** | (1263568) |
| &nbsp;&nbsp;Net loss |  | **(218505)** | (80120) |
| &nbsp;&nbsp;Dividends declared |  | **(40065)** | (38164) |
| &nbsp;&nbsp;Share-settled dividends on vested equity based awards |  | **(599)** | (1257) |
| &nbsp;&nbsp;Repurchase of shares | 11 | **26552** | 50588 |
| &nbsp;&nbsp;**Balance, end of period** |  | **(1521598)** | (1332521) |
| **Total shareholders' equity** |  | **2693625** | 2830627 |

---

Vermilion Energy Inc. ■ Page 56 ■ 2025 Second Quarter Report

**Description of equity reserves**

*Shareholders' capital*

Represents the recognized amount for common shares issued (net of equity issuance costs and deferred taxes) less the weighted-average carrying value of shares repurchased. The price paid to repurchase common shares is compared to the carrying value of the shares and the difference is recorded against deficit.

*Contributed surplus*

Represents the recognized value of unvested equity based awards that will be settled in shares. Once vested, the value of the awards are transferred to shareholders' capital.

*Accumulated other comprehensive income*

Represents currency translation adjustments, hedge accounting reserve and fair value adjustments on investments.

Currency translation adjustments result from translating the balance sheets of subsidiaries with a foreign functional currency to Canadian dollars at period-end rates. These amounts may be reclassified to net loss if there is a disposal or partial disposal of a subsidiary.

The hedge accounting reserve represents the effective portion of the change in fair value related to cash flow and net investment hedges recognized in other comprehensive income, net of tax and reclassified to the consolidated statement of net loss in the same period in which the transaction associated with the hedged item occurs.

Fair value adjustment on investment in securities, net of tax, are a result of changes in the fair value of investments that have been elected to be subsequently measured at fair value through other comprehensive income.

*Deficit*

Represents the cumulative net loss less distributed earnings and surplus of the price paid to repurchase common shares of Vermilion Energy Inc. over the weighted-average carrying value of the shares repurchased.

Vermilion Energy Inc. ■ Page 57 ■ 2025 Second Quarter Report

Notes to the Condensed Consolidated Interim Financial Statements for the three and six months ended June 30, 2025 and 2024

tabular amounts in thousands of Canadian dollars, except share and per share amounts, unaudited

**1. Basis of presentation**

Vermilion Energy Inc. (the "Company" or "Vermilion") is a corporation governed by the laws of the Province of Alberta and is actively engaged in the business of crude oil and natural gas exploration, development, acquisition, and production.

These condensed consolidated interim financial statements are in compliance with International Accounting Standard ("IAS") 34, "Interim Financial Reporting". These condensed consolidated interim financial statements have been prepared using the same accounting policies and methods of computation as Vermilion's consolidated financial statements for the year ended December 31, 2024.

The operating results attributable to the Company's Saskatchewan and United States operations have been classified and presented as discontinued operations, with all other operating results presented as continuing operations. The prior period results have been presented to conform with current period presentation. See Note 4 - "Discontinued Operations" for additional information.

These condensed consolidated interim financial statements should be read in conjunction with Vermilion's consolidated financial statements for the year ended December 31, 2024, which are contained within Vermilion's Annual Report for the year ended December 31, 2024 and are available on SEDAR+ at <u>www.sedarplus.ca</u> or on Vermilion's website at <u>www.vermilionenergy.com.</u>

These condensed consolidated interim financial statements were approved and authorized for issuance by the Board of Directors of Vermilion on August 7, 2025.

Vermilion Energy Inc. ■ Page 58 ■ 2025 Second Quarter Report

**2. Segmented information**

The following tables present capital expenditures and reconcile fund flows from operations for our continuing and discontinued operations:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
|  | **Canada** | **France** | **Netherlands** | **Germany** | **Ireland** | **Australia** | **CEE** | **Corporate** | **Continuing operations** | **Discontinued** <br> **operations <sup>(2)</sup>** | **Total** |
| Drilling and development | 45211 | 10246 | 13873 | 15458 | 817 | 8755 | 4048 |  | 98408 | 12830 | 111238 |
| Exploration and evaluation | - | - | - | 2629 | - | - | 1622 | - | 4251 | - | 4251 |
| Crude oil and condensate sales | 108201 | 54481 | 192 | 9940 | 10 | 20853 | 14 |  | 193691 | 82964 | 276655 |
| NGL sales | 23545 |  |  |  |  |  |  |  | 23545 | 4877 | 28422 |
| Natural gas sales | 80623 |  | 27996 | 34864 | 67784 |  | 15331 |  | 226598 | 2473 | 229071 |
| Sales of purchased commodities |  |  |  |  |  |  |  | 28472 | 28472 |  | 28472 |
| Royalties | (16322) | (8858) | - | (1991) | - | - | (2097) | - | (29268) | (16800) | (46068) |
| Revenue from external customers | 196047 | 45623 | 28188 | 42813 | 67794 | 20853 | 13248 | 28472 | 443038 | 73514 | 516552 |
| Purchased commodities |  |  |  |  |  |  |  | (28472) | (28472) |  | (28472) |
| Transportation | (22899) | (5982) |  | (2440) | (2291) |  |  |  | (33612) | (2999) | (36611) |
| Operating | (62460) | (17091) | (7927) | (10609) | (13576) | (10208) | (1135) |  | (123006) | (25819) | (148825) |
| General and administration | (2028) | (2898) | (1528) | (3704) | (1270) | (1677) | (1151) | (9681) | (23937) | (10334) | (34271) |
| Petroleum resource rent tax |  |  |  |  |  | (755) |  |  | (755) |  | (755) |
| Corporate income tax expense | 1 | 403 | (2490) | (4131) | (308) | (413) | (1852) | (2326) | (11116) |  | (11116) |
| Interest expense |  |  |  |  |  |  |  | (37691) | (37691) |  | (37691) |
| Equity based compensation |  |  |  |  |  |  |  | (5692) | (5692) |  | (5692) |
| Realized gain on derivative instruments |  |  |  |  |  |  |  | 47699 | 47699 |  | 47699 |
| Realized foreign exchange loss |  |  |  |  |  |  |  | (487) | (487) |  | (487) |
| Realized other expense | - | - | - | - | - | - | - | (653) | (653) | - | (653) |
| **Fund flows from operations** | **108661** | **20055** | **16243** | **21929** | **50349** | **7800** | **9110** | **(8831)** | **225316** | **34362** | **259678** |
|  | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
|  | **Canada** | **France** | **Netherlands** | **Germany** | **Ireland** | **Australia** | **CEE** | **Corporate <sup>(1)</sup>** | **Continuing operations** | **Discontinued** <br> **operations <sup>(2)</sup>** | **Total** |
| Drilling and development | 43594 | 11389 | 4033 | 20637 | 356 | 8809 | 2606 |  | 91424 | 17926 | 109350 |
| Exploration and evaluation | - | - | - | 1260 | - | - | - | - | 1260 | - | 1260 |
| Crude oil and condensate sales | 75090 | 83656 | 481 | 9954 |  | 32787 | 34 |  | 202002 | 116810 | 318812 |
| NGL sales | 13002 |  |  |  |  |  |  |  | 13002 | 7698 | 20700 |
| Natural gas sales | 17670 |  | 30060 | 19203 | 69793 |  | 907 |  | 137633 | 1780 | 139413 |
| Sales of purchased commodities |  |  |  |  |  |  |  | 28651 | 28651 |  | 28651 |
| Royalties | (9767) | (10283) | - | (1435) | - | - | (239) | - | (21724) | (24886) | (46610) |
| Revenue from external customers | 95995 | 73373 | 30541 | 27722 | 69793 | 32787 | 702 | 28651 | 359564 | 101402 | 460966 |
| Purchased commodities |  |  |  |  |  |  |  | (28651) | (28651) |  | (28651) |
| Transportation | (10627) | (6401) |  | (2386) | (2406) |  |  |  | (21820) | (3497) | (25317) |
| Operating | (41421) | (14606) | (10709) | (14430) | (16453) | (14174) | (372) |  | (112165) | (28065) | (140230) |
| General and administration | (2450) | (3807) | (1775) | (3062) | (1462) | (2005) | (1737) | (3964) | (20262) | (6275) | (26537) |
| Petroleum resource rent tax |  |  |  |  |  | (3638) |  |  | (3638) |  | (3638) |
| Corporate income tax expense | 15 | (5956) | (7858) | (1704) | (318) | (349) |  | 4090 | (12080) | (16) | (12096) |
| Interest expense |  |  |  |  |  |  |  | (21062) | (21062) |  | (21062) |
| Equity based compensation |  |  |  |  |  |  |  | (14361) | (14361) |  | (14361) |
| Realized gain on derivative instruments |  |  |  |  |  |  |  | 46017 | 46017 |  | 46017 |
| Realized foreign exchange gain |  |  |  |  |  |  |  | 2267 | 2267 |  | 2267 |
| Realized other expense | - | - | - | - | - | - | - | (655) | (655) | - | (655) |
| **Fund flows from operations** | **41512** | **42603** | **10199** | **6140** | **49154** | **12621** | **(1407)** | **12332** | **173154** | **63549** | **236703** |

---

<sup>(1)</sup> Central and Eastern Europe and Corporate have been presented separately in the prior year for comparability with current year presentation.

<sup>(2)</sup> Fund flows from discontinued operations is comprised of the fund flows from operations from the United States and Saskatchewan assets, which were held for sale at June 30, 2025. The prior period results have been presented to conform with current period presentation. Refer to Note 4 - "Discontinued operations" for additional information.

<sup></sup> 

Vermilion Energy Inc. ■ Page 59 ■ 2025 Second Quarter Report

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |  |  |
|  | **Canada** | **France** | **Netherlands** | **Germany** | **Ireland** | **Australia** | **CEE** | **Corporate** | **Continuing operations** | **Discontinued operations <sup>(2)</sup>** | **Total** |
| Drilling and development | 165363 | 17002 | 21620 | 26418 | 1145 | 18457 | 5209 |  | 255214 | 23488 | 278702 |
| Exploration and evaluation | - | - | - | 16904 | - | - | 2002 | - | 18906 | - | 18906 |
| Crude oil and condensate sales | 192637 | 115543 | 522 | 26961 | 53 | 51685 | 29 |  | 387430 | 172690 | 560120 |
| NGL sales | 43272 |  |  |  |  |  |  |  | 43272 | 11187 | 54459 |
| Natural gas sales | 142724 |  | 70552 | 71178 | 168727 |  | 28644 |  | 481825 | 6590 | 488415 |
| Sales of purchased commodities |  |  |  |  |  |  |  | 44747 | 44747 |  | 44747 |
| Royalties | (34979) | (16324) | (10) | (4329) | - | - | (3717) | - | (59359) | (35999) | (95358) |
| Revenue from external customers | 343654 | 99219 | 71064 | 93810 | 168780 | 51685 | 24956 | 44747 | 897915 | 154468 | 1052383 |
| Purchased commodities |  |  |  |  |  |  |  | (44747) | (44747) |  | (44747) |
| Transportation | (39194) | (11460) |  | (6709) | (4490) |  |  |  | (61853) | (5944) | (67797) |
| Operating | (105401) | (33134) | (17535) | (25786) | (27818) | (25193) | (2037) |  | (236904) | (53698) | (290602) |
| General and administration | (7564) | (6507) | (2852) | (6785) | (2945) | (2867) | (2372) | (21833) | (53725) | (15206) | (68931) |
| Petroleum resource rent tax |  |  |  |  |  | (3773) |  |  | (3773) |  | (3773) |
| Corporate income tax (expense) recovery | 1 | (75) | (13827) | (10263) | (497) | (560) | (2193) | (2761) | (30175) |  | (30175) |
| Interest expense |  |  |  |  |  |  |  | (70670) | (70670) |  | (70670) |
| Equity based compensation |  |  |  |  |  |  |  | (5692) | (5692) |  | (5692) |
| Realized gain on derivative instruments |  |  |  |  |  |  |  | 58818 | 58818 |  | 58818 |
| Realized foreign exchange gain |  |  |  |  |  |  |  | 2012 | 2012 |  | 2012 |
| Realized other expense | - | - | - | - | - | - | - | (15119) | (15119) | - | (15119) |
| **Fund flows from operations** | **191496** | **48043** | **36850** | **44267** | **133030** | **19292** | **18354** | **(55245)** | **436087** | **79620** | **515707** |
|  | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |  |  |
|  | **Canada** | **France** | **Netherlands** | **Germany** | **Ireland** | **Australia** | **CEE** | **Corporate<sup>(1)</sup>** | **Continuing operations** | **Discontinued operations <sup>(2)</sup>** | **Total** |
| Drilling and development | 161447 | 22404 | 8631 | 41047 | 3449 | 14980 | 3108 |  | 255066 | 36582 | 291648 |
| Exploration and evaluation | - | - | - | 4878 | - | - | 4526 | - | 9404 | - | 9404 |
| Crude oil and condensate sales | 134899 | 172652 | 1755 | 18431 |  | 107613 | 34 |  | 435384 | 217155 | 652539 |
| NGL sales | 27027 |  |  |  |  |  |  |  | 27027 | 15576 | 42603 |
| Natural gas sales | 44724 |  | 63752 | 41910 | 134257 |  | 1250 |  | 285893 | 5925 | 291818 |
| Sales of purchased commodities |  |  |  |  |  |  |  | 67021 | 67021 |  | 67021 |
| Royalties | (20880) | (23335) | (217) | (2790) | - | - | (288) | - | (47510) | (47653) | (95163) |
| Revenue from external customers | 185770 | 149317 | 65290 | 57551 | 134257 | 107613 | 996 | 67021 | 767815 | 191003 | 958818 |
| Purchased commodities |  |  |  |  |  |  |  | (67021) | (67021) |  | (67021) |
| Transportation | (18664) | (11764) |  | (5578) | (5480) |  |  |  | (41486) | (6793) | (48279) |
| Operating | (75223) | (36046) | (21319) | (25191) | (27057) | (40960) | (810) |  | (226606) | (62935) | (289541) |
| General and administration | (12448) | (8996) | (3713) | (5634) | (3632) | (3743) | (3631) | 4097 | (37700) | (12540) | (50240) |
| Petroleum resource rent tax |  |  |  |  |  | (14421) |  |  | (14421) |  | (14421) |
| Corporate income tax expense | 17 | (11781) | (18869) | (6076) | (769) | (1190) |  | 949 | (37719) | (19) | (37738) |
| Interest expense |  |  |  |  |  |  |  | (39454) | (39454) |  | (39454) |
| Equity based compensation |  |  |  |  |  |  |  | (14361) | (14361) |  | (14361) |
| Realized gain on derivative instruments |  |  |  |  |  |  |  | 266632 | 266632 |  | 266632 |
| Realized foreign exchange gain |  |  |  |  |  |  |  | 4138 | 4138 |  | 4138 |
| Realized other expense | - | - | - | - | - | - | - | (472) | (472) | - | (472) |
| **Fund flows from operations** | **79452** | **80730** | **21389** | **15072** | **97319** | **47299** | **(3445)** | **221529** | **559345** | **108716** | **668061** |

---

<sup>(1)</sup> Central and Eastern Europe and Corporate have been presented separately in the prior year for comparability with current year presentation.

<sup>(2)</sup> Fund flows from discontinued operations is comprised of the fund flows from operations from the United States and Saskatchewan assets, which were held for sale at June 30, 2025. The prior period results have been presented to conform with current period presentation. Refer to Note 4 - "Discontinued operations" for additional information.

Vermilion Energy Inc. ■ Page 60 ■ 2025 Second Quarter Report

*Reconciliation of fund flows from continuing operations to net earnings (loss) from continuing operations:*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **Jun 30, 2025** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| Fund flows from continuing operations | **225316** | 173154 | **436087** | 559345 |
| Equity based compensation | **(1286)** | 3860 | **(7217)** | (1658) |
| Unrealized gain (loss) on derivative instruments | **70569** | (125789) | **56894** | (314533) |
| Unrealized foreign exchange gain (loss) | **6002** | 2344 | **(30012)** | (18863) |
| Accretion | **(17716)** | (16146) | **(33517)** | (32050) |
| Depletion and depreciation | **(165761)** | (131826) | **(314044)** | (280003) |
| Deferred tax expense | **(41345)** | (14196) | **(28390)** | (29331) |
| Unrealized other expense | **(1394)** | (208) | **(1713)** | (345) |
| **Net earnings (loss) from continuing operations** | **74385** | (108807) | **78088** | (117438) |

---

**3. Business combination**

*Westbrick Energy Ltd*

On February 26, 2025, Vermilion purchased 100% of the shares outstanding of Westbrick Energy Ltd. ("Westbrick" or "Westbrick Energy") a private company with assets located adjacent to Vermilion's existing Alberta assets for total consideration of $1.1 billion, including 1,104,357 shares of Vermilion valued at $12.10 per share for an aggregate $13.4 million in fair value share consideration upon closing, with the balance paid in cash. Total transaction costs included in Vermilion's general and administrative expenses for the six months ended June 30, 2025 related to the acquisition are approximately $8.3 million ($0.8 million in the year ended December 31, 2024).

The total consideration paid and the fair value of the assets acquired and liabilities assumed at the date of acquisition are detailed in the table below:

---

| | |
|:---|:---|
|  | **Consideration** |
| Cash consideration paid | 1089805 |
| Share consideration | 13363 |
| **Total consideration paid** | **1103168** |
|  | **Allocation of consideration** |
| Cash acquired | 6159 |
| Capital assets | 1185212 |
| Exploration and evaluation assets | 129578 |
| Acquired working capital deficit | (36555) |
| Derivative asset | 13376 |
| Lease liability | (3434) |
| Asset retirement obligations | (46190) |
| Deferred tax liability | (144978) |
| **Net assets acquired** | **1103168** |

---

The results of operations from the assets acquired and liabilities assumed have been included in Vermilion's condensed consolidated interim financial statements beginning February 26, 2025 and have contributed revenues net of royalties of $131.4 million and net earnings of $12.6 million. Had the acquisition occurred on January 1, 2025, consolidated petroleum and natural gas revenue net of royalties would have been $912.1 million and consolidated net loss would have been $202.9 million for the six months ended June 30, 2025.

Vermilion acquired contractual obligations and commitments as part of the Westbrick acquisition completed on February 26, 2025. Please refer to Note 13 "Supplemental Information" for a summary of the Company's contractual obligations and commitments as at June 30, 2025.

Vermilion Energy Inc. ■ Page 61 ■ 2025 Second Quarter Report

**4. Discontinued operations**

*Adoption of accounting policy - Assets held for sale and discontinued operations*

The Company classifies capital assets and exploration and evaluation assets as held for sale if it is highly probable their carrying amounts will be recovered through a disposition rather than through future operating cash flows. This condition is met when the sale is highly probable, the asset is available for immediate sale in its present condition and the sale is expected to be completed within one year from the date of classification. Assets held for sale are measured at the lower of the carrying amount and recoverable amount, with impairments or impairment reversals recognized in the consolidated statements of net earnings and comprehensive income.

Assets held for sale are classified as current assets and are not subject to depletion and depreciation. Decommissioning, lease and derivative liabilities associated with assets held for sale are classified as current liabilities.

Upon classification, the Company assesses whether the assets held for sale represent a major component of the business. If this criteria is met, the operating results attributable to the assets held for sale are presented as discontinued operations, with prior periods reclassified to conform with current period presentation.

 

*Saskatchewan and Manitoba* 

On May 23, 2025, Vermilion announced it had entered into an agreement for the sale of the Saskatchewan and Manitoba assets for cash proceeds of $415.0 million, before closing adjustments. At June 30, 2025, the sale was considered to be highly probable and therefore the assets and liabilities associated with the disposal group were reclassified to held for sale and measured at the lower of their carrying amount and fair value less costs to sell with resulting impairment of $230.9 million. On July 10, 2025 Vermilion announced the closing of the sale. Refer to Note 14 "Subsequent events" for additional information.

 

*United States*

On June 5, 2025, Vermilion announced it had entered into an agreement for the sale of the United States assets for cash proceeds of US $80.5 million, before an additional US $7.0 million of contingent payments and closing adjustments. The sale is considered to be highly probable and therefore the assets and liabilities associated with the disposal group have been reclassified to held for sale and measured at the lower of their carrying amount and fair value less costs to sell with resulting impairment of $141.5 million. On July 31, 2025 Vermilion closed the sale. Refer to Note 14 "Subsequent events" for additional information.

The following table reconciles the assets held for sale and liabilities associated with assets held for sale as at June 30, 2025:

---

| | |
|:---|:---|
|  | **June 30, 2025** |
| Exploration and evaluation assets | **63528** |
| Capital assets | **534967** |
| Foreign exchange | **(60)** |
| **Assets held for sale** | **598435** |
| Asset retirement obligation | **111364** |
| Lease liabilities | **2172** |
| Derivative liabilities | **11047** |
| Foreign exchange | **(60)** |
| **Liabilities associated with assets held for sale** | **124523** |

---

Vermilion Energy Inc. ■ Page 62 ■ 2025 Second Quarter Report

The following table summarizes the Company's financial results from discontinued operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Jun 30, 2025** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| **Revenue** |  |  |  |  |
| Petroleum and natural gas sales | **90314** | 126288 | **190467** | 238656 |
| Royalties | **(16800)** | (24886) | **(35999)** | (47653) |
| **Petroleum and natural gas revenue** | **73514** | 101402 | **154468** | 191003 |
| **Expenses** |  |  |  |  |
| Operating | **25819** | 28065 | **53698** | 62935 |
| Transportation | **2999** | 3497 | **5944** | 6793 |
| Unrealized loss on derivative instruments | **11047** |  | **11047** |  |
| General and administration | **10334** | 6275 | **15206** | 12540 |
| Foreign exchange loss (gain) | **552** | (725) | **437** | (291) |
| Accretion | **2156** | 2063 | **4235** | 4093 |
| Depletion and depreciation | **18406** | 29358 | **46511** | 59615 |
| Impairment expense | **372386** | - | **372386** | - |
|  | **443699** | 68533 | **509464** | 145685 |
| **(Loss) earnings from discontinued operations before income taxes** | **(370185)** | 32869 | **(354996)** | 45318 |
| **Income tax (recovery) expense** |  |  |  |  |
| Deferred | **(62342)** | 6471 | **(58403)** | 7981 |
| Current | **-** | 16 | **-** | 19 |
|  | **(62342)** | 6487 | **(58403)** | 8000 |
| **Net (loss) earnings from discontinued operations** | **(307843)** | 26382 | **(296593)** | 37318 |

---

The following table summarizes cash flows from discontinued operations reported in the consolidated statements of cash flows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
|  | **Jun 30, 2025** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| Cash flows from operating activities | **18072** | 58608 | **58014** | 95348 |
| Cash flows used in investing activities | **(20456)** | (21691) | **(45744)** | (49415) |
| **Cash flows from discontinued operations** | **(2384)** | 36917 | **12270** | 45933 |

---

Vermilion Energy Inc. ■ Page 63 ■ 2025 Second Quarter Report

**5. Investments**

Investments are comprised of Vermilion's ownership interest in Coelacanth Energy Inc. ("CEI"), an oil and natural gas company, actively engaged in the acquisition, development, exploration, and production of oil and natural gas reserves in northeastern British Columbia, Canada.

The following table reconciles the change in Vermilion's investments:

---

| | |
|:---|:---|
|  | **2025** |
| **Balance at January 1** | **78862** |
| Vermilion's share of net loss <sup>(1)</sup> | **(1725)** |
| **Balance at June 30** | **77137** |

---

<sup>(1)</sup> Investment losses are recognized within other expense (income) on the consolidated statements of net earnings and comprehensive income.

The following table summarizes the net assets of CEI based on their most recent and publicly available financial statements as at March 31, 2025, and Vermilion's respective share:

---

| | |
|:---|:---|
| Current assets | **3431** |
| Non-current assets | **226566** |
| Current liabilities | **(36009)** |
| Non-current liabilities | **(28226)** |
| Net assets | **165762** |
| Vermilion's ownership | **20.7%** |
| **Vermilion's share of net assets** | **34313** |

---

In February 2024, Vermilion acquired additional securities, increasing its ownership to approximately 21% of the issued and outstanding common shares of CEI. As such, Vermilion concluded it had acquired significant influence over the entity and should prospectively be accounted for using the equity method of accounting subsequently, recording Vermilion's share of CEI's profit or loss. Prior to acquiring significant influence, this investment was accounted for under IFRS 9 as an investment in securities using the fair value method of accounting. The transaction was treated as a disposal of the original investment at fair value and an acquisition of an investment in associate, with no resulting gain or loss recognized in the consolidated statement of net earnings.

For the six months ended June 30, 2025 and the four months ended June 30, 2024 after acquiring significant influence over the entity, Vermilion adjusted the value of the investment for its share of CEI's profit or loss. The following table summarizes CEI's estimated revenue and net loss and Vermilion's respective share, based on CEI's most recent and publicly available financial statements and other market factors, including but not limited to, relevant market prices:

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended** | **Four Months Ended** |
|  | **Jun 30, 2025** | **Jun 30, 2024** |
| Total revenue | **4687** | **5089** |
| Net loss | **(8333)** | **(1446)** |
| Vermilion's ownership | **20.7%** | **20.8%** |
| **Vermilion's share of net loss** | **(1725)** | **(302)** |

---

At June 30, 2025, the fair value of Vermilion's investment in CEI is $92.6 million or $0.84/share (December 31, 2024 - $88.1 million or $0.80/share).

Vermilion Energy Inc. ■ Page 64 ■ 2025 Second Quarter Report

**6. Capital assets**

The following table reconciles the change in Vermilion's capital assets:

---

| | |
|:---|:---|
| | **2025** |
| <br>**Balance at January 1** | **5018461** |
| Acquisitions | **1182598** |
| Additions | **278702** |
| Increase in right-of-use assets | **6066** |
| Reclassified to asset held for sale<sup>(1)</sup> | **(534967)** |
| Impairment expense on assets held for sale <sup>(1)</sup> | **(372386)** |
| Depletion and depreciation | **(366443)** |
| Changes in asset retirement obligations | **(300478)** |
| Foreign exchange | **125570** |
| **Balance at June 30** | **5037123** |

---

<sup>(1)</sup> Refer to Note 4 "Discontinued Operations" for additional information.

 **7. Exploration and evaluation assets**<br>

The following table reconciles the change in Vermilion's exploration and evaluation assets:

---

| | |
|:---|:---|
| | **2025** |
| **Balance at January 1** | **224286** |
| Acquisitions | **129578** |
| Additions | **18906** |
| Changes in asset retirement obligations | **3075** |
| Reclassified to assets held for sale<sup>(1)</sup> | **(63528)** |
| Depreciation | **(161)** |
| Foreign exchange | **10232** |
| **Balance at June 30** | **322388** |

---

<sup>(1)</sup> Refer to Note 4 "Discontinued Operations" for additional information.

**8. Asset retirement obligations**

The following table reconciles the change in Vermilion's asset retirement obligations:

---

| | |
|:---|:---|
| | **2025** |
| **Balance at January 1** | **1224718** |
| Additional obligations recognized | **49742** |
| Obligations settled | **(17733)** |
| Accretion | **37752** |
| Changes in rates | **(300955)** |
| Reclassified to liabilities associated with assets held for sale <sup>(1)</sup> | **(111364)** |
| Foreign exchange | **58522** |
| **Balance at June 30** | **940682** |

---

<sup>(1)</sup> Refer to Note 4 "Discontinued Operations" for additional information.

Vermilion calculated the present value of the obligations using a credit-adjusted risk-free rate, calculated using a credit spread of 4.4% as at June 30, 2025 (December 31, 2024 - 2.6%) added to risk-free rates based on long-term, risk-free government bonds. Vermilion's credit spread is determined using the Company's expected cost of borrowing at the end of the reporting period.

Vermilion Energy Inc. ■ Page 65 ■ 2025 Second Quarter Report

The country-specific risk-free rates used as inputs to discount the obligations were as follows:

---

| | | |
|:---|:---|:---|
|  | **Jun 30, 2025** | **Dec 31, 2024** |
| Canada | **3.6%** | 3.2% |
| United States | **4.9%** | 4.8% |
| France | **4.0%** | 3.7% |
| Netherlands | **3.0%** | 2.7% |
| Germany | **3.0%** | 2.6% |
| Ireland | **3.1%** | 2.8% |
| Australia | **4.4%** | 4.6% |
| Central and Eastern Europe | **4.8%** | 4.7% |

---

**9. Capital disclosures**

Vermilion defines capital as net debt and shareholders' capital. Net debt consists of long-term debt (excluding unrealized foreign exchange on swapped USD borrowings) plus adjusted working capital (defined as current assets less current liabilities, excluding current derivatives and current lease liabilities). In managing capital, Vermilion reviews whether fund flows from operations is sufficient to fund capital expenditures, dividends, share buybacks, and asset retirement obligations.

The following table calculates Vermilion's ratio of net debt to four quarter trailing fund flows from operations:

---

| | | |
|:---|:---|:---|
|  | **Jun 30, 2025** | **Dec 31, 2024** |
| Long-term debt | **1951250** | 963456 |
| Adjusted working capital <sup>(1)</sup> | **(540502)** | 3426 |
| Unrealized FX on swapped USD borrowings | **2573** | - |
| **Net debt** | **1413321** | 966882 |
| **Ratio of net debt to four quarter trailing fund flows from operations <sup>(2)</sup>** | **1.4** | 0.8 |

---

<sup>(1)</sup> Adjusted working capital is defined as current assets (excluding current derivatives), less current liabilities (excluding current derivatives and current lease liabilities). These figures include amounts for assets held for sale and liabilities associated with assets held for sale which represent the estimated cash proceeds from dispositions that closed subsequent to June 30, 2025.

<sup>(2)</sup> Subsequent to February 26, 2025, net debt to four quarter trailing fund flows from operations is calculated inclusive of Westbrick Energy's pre-acquisition four quarter trailing fund flows from operations, as if the acquisition of Westbrick Energy occurred at the beginning of the four-quarter trailing period, and exclusive of the four quarter trailing fund flows from discontinued operations from assets held for sale to reflect the Company's ability to repay debt on a pro forma basis.

 

**10. Long-term debt**

The following table summarizes Vermilion's outstanding long-term debt:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **Jun 30, 2025** | **Dec 31, 2024** |
| Revolving credit facility | **632341** |  |
| Term loan | **245756** |  |
| 2025 senior unsecured notes | **-** | 398275 |
| 2030 senior unsecured notes | **536642** | 565181 |
| 2033 senior unsecured notes | **536511** | - |
| **Long-term debt** | **1951250** | 963456 |

---

The fair value of the 2030 senior unsecured notes as at June 30, 2025 was $527.7 million (December 31, 2024 - $571.2 million). The fair value of the 2033 senior notes as at June 30, 2025 was $512.6 million.

Vermilion Energy Inc. ■ Page 66 ■ 2025 Second Quarter Report

The following table reconciles the change in Vermilion's long-term debt:

---

| | |
|:---|:---|
| | **2025** |
| **Balance at January 1** | **963456** |
| Net borrowings on the revolving credit facility | **632341** |
| Repayment of 2025 senior unsecured notes | **(399467)** |
| Issuance of 2033 senior unsecured notes | **562968** |
| Issuance of term loan | **445392** |
| Repayment of term loan | **(199636)** |
| Amortization of transaction costs | **1342** |
| Foreign exchange | **(55146)** |
| **Balance at June 30** | **1951250** |

---

*Revolving credit facility*

As at June 30, 2025, Vermilion had in place a bank revolving credit facility maturing May 25, 2029 with the following terms:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **Jun 30, 2025** | **Dec 31, 2024** |
| Total facility amount | **1350000** | 1350000 |
| Amount drawn | **(632341)** |  |
| Letters of credit outstanding | **(32173)** | (22731) |
| **Unutilized capacity** | **685486** | 1327269 |

---

The facility can be extended from time to time at the option of the lenders and upon notice from Vermilion. If no extension is granted by the lenders, the amounts owing pursuant to the facility are due at the maturity date. The facility is secured by various fixed and floating charges against the subsidiaries of Vermilion. The facility bears interest at a rate applicable to demand loans plus applicable margins.

On June 9, 2025, the maturity date of the syndicate facility was extended to May 25, 2029 (previously May 26, 2028). The total facility amount of $1.35 billion and aggregate amount available under the facility of $1.8 billion remain unchanged.

As at June 30, 2025, the revolving credit facility was subject to the following financial covenants:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **As at** | **As at** |
| **Financial covenant** | **Limit** | **Jun 30, 2025** | **Dec 31, 2024** |
| Consolidated total debt to consolidated EBITDA | Less than 4.0 | **1.45** | 0.72 |
| Consolidated total senior debt to consolidated EBITDA | Less than 3.5 | **0.65** |  |
| Consolidated EBITDA to consolidated interest expense | Greater than 2.5 | **11.57** | 16.59 |

---

The financial covenants include financial measures defined within the revolving credit facility agreement that are not defined under IFRS® Accounting Standards. These financial measures are defined by the revolving credit facility agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated total debt: Includes all amounts
classified as "Long-term debt" and "Lease obligations" (including the current portion included within "Accounts
payable and accrued liabilities" but excluding operating leases as defined under IAS 17) on the consolidated balance sheet.

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated total senior debt: Consolidated
total debt excluding unsecured and subordinated debt.

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated EBITDA: Consolidated net loss
before interest, income taxes, depreciation, accretion and certain other non-cash items, adjusted for the impact of the acquisition of
a material subsidiary.

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated total interest expense: Includes
all amounts classified as "Interest expense", but excludes interest on operating leases as defined under IAS 17.

As at June 30, 2025 and December 31, 2024, Vermilion was in compliance with the above covenants.

*Term loan*

Concurrent with the completion of the Westbrick acquisition on February 26, 2025, Vermilion's credit facility agreement was amended to incorporate a new $450.0 million term loan (the "Term Loan") which was immediately drawn. The Term Loan does not require principal repayments prior to its May 26, 2028 maturity, is non-revolving, and is subject to the same financial covenants as Vermilion's revolving credit facility. The Term Loan bears interest based on a reference rate plus an applicable margin.

Vermilion Energy Inc. ■ Page 67 ■ 2025 Second Quarter Report

During the second quarter of 2025, $200.0 million of the term loan was repaid. Subsequent to the June 30, 2025, the term loan was repaid in full using proceeds from the sale of the Saskatchewan assets.

*2025 senior unsecured notes* 

On March 13, 2017, Vermilion issued US $300.0 million of senior unsecured notes at par. The notes bore interest at a rate of 5.625% per annum paid semi-annually on March 15 and September 15. The notes matured on March 15, 2025 and the balance was repaid in full.

*2030 senior unsecured notes*

On April 26, 2022, Vermilion closed a private offering of US $400.0 million of senior unsecured notes, priced at 99.241% of par. The notes bear interest at a rate of 6.875% per annum, to be paid semi-annually on May 1 and November 1. The notes mature on May 1, 2030. As direct senior unsecured obligations of Vermilion, the notes rank equally with existing and future senior unsecured indebtedness of the Company.

The senior unsecured notes were recognized at amortized cost and include the transaction costs directly related to the issuance.

On or after May 1, 2025, Vermilion may redeem some or all of the senior unsecured notes at the redemption prices set forth below, together with accrued and unpaid interest.

---

| | |
|:---|:---|
| **Year** | **Redemption price** |
| 2025 | 103.438% |
| 2026 | 102.292% |
| 2027 | 101.146% |
| 2028 and thereafter | 100.000% |

---

 

*2033 senior unsecured notes*

On February 11, 2025 Vermilion closed a private offering of US $400.0 million of senior unsecured notes at par. The notes bear interest at a rate of 7.250% per annum, to be paid semi-annually on February 15 and August 15. The notes mature on February 15, 2033. As direct senior unsecured obligations of Vermilion, the notes rank equally with existing and future senior unsecured indebtedness of the Company.

The senior unsecured notes were recognized at amortized cost and include the transaction costs directly related to the issuance.

Vermilion may, at its option, redeem the notes prior to maturity as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to February 15, 2028, Vermilion may
redeem up to 40% of the original principal amount of the notes with an amount of cash not greater than the net cash proceeds of certain
equity offerings at a redemption price of 107.250% of the principal amount of the notes, together with accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prior to February 15, 2028, Vermilion may
also redeem some or all of the notes at a price equal to 100% of the principal amount of the notes, plus a "make-whole premium,"
together with applicable premium, accrued and unpaid interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On or after February 15, 2028, Vermilion
may redeem some or all of the senior unsecured notes at the redemption prices set forth below, together with accrued and unpaid interest.

---

| | |
|:---|:---|
| **Year** | **Redemption price** |
| 2028 | 103.625% |
| 2029 | 101.813% |
| 2030 and thereafter | 100.000% |

---

Vermilion Energy Inc. ■ Page 68 ■ 2025 Second Quarter Report

**11. Shareholders' capital**

The following table reconciles the change in Vermilion's shareholders' capital:

---

| | | |
|:---|:---|:---|
| | **2025** | **2025** |
| <br>**Shareholders' Capital** | **Shares ('000s)** | **Amount** |
| **Balance at January 1** | **154344** | **3918898** |
| Shares issued for acquisition | **1104** | **13363** |
| Vesting of equity based awards | **439** | **16091** |
| Share-settled dividends on vested equity based awards | **66** | **599** |
| Repurchase of shares | **(1934)** | **(49451)** |
| **Balance at June 30** | **154019** | **3899500** |

---

Dividends are approved by the Board of Directors and are paid quarterly. Dividends declared to shareholders for the six months ended June 30, 2025 were $40.1 million or $0.26 per common share (June 30, 2024 - $38.2 million or $0.24 per common share).

On July 9, 2025, the Toronto Stock Exchange approved the Company's notice of intention to renew its normal course issuer bid ("the NCIB"). The NCIB renewal allows Vermilion to purchase up to 15,259,187 common shares (representing approximately 10% of outstanding common shares) beginning July 12, 2025 and ending July 11, 2026. Common shares purchased under the NCIB will be cancelled.

In the second quarter of 2025, Vermilion purchased 0.7 million common shares under the NCIB for total consideration of $6.3 million. The common shares purchased under the NCIB were cancelled.

Subsequent to June 30, 2025, Vermilion purchased and cancelled 0.2 million shares under the NCIB for total consideration of $2.6 million.

**12. Financial instruments**

The following table summarizes the increase (positive values) or decrease (negative values) to net loss before tax due to a change in the value of Vermilion's financial instruments as a result of a change in the relevant market risk variable. This analysis does not attempt to reflect any interdependencies between the relevant risk variables.

---

| | |
|:---|:---|
|  | **Jun 30, 2025** |
| **Currency risk - Euro to Canadian dollar** |  |
| $0.01 increase in strength of the Canadian dollar against the Euro | **5136** |
| $0.01 decrease in strength of the Canadian dollar against the Euro | **(5136)** |
| **Currency risk - US dollar to Canadian dollar** |  |
| $0.01 increase in strength of the Canadian dollar against the US $| **9703** |
| $0.01 decrease in strength of the Canadian dollar against the US $| **(9703)** |
| **Commodity price risk - North American natural gas** |  |
| $0.25/GJ increase in North American natural gas price used to determine the fair value of derivatives | **(28171)** |
| $0.25/GJ decrease in North American natural gas price used to determine the fair value of derivatives | **30838** |
| **Commodity price risk - European natural gas** |  |
| #eu#1.0/GJ increase in European natural gas price used to determine the fair value of derivatives | **(8739)** |
| #eu#1.0/GJ decrease in European natural gas price used to determine the fair value of derivatives | **16245** |
| **Commodity price risk - Crude oil** |  |
| US $5.00/bbl increase in crude oil price used to determine the fair value of derivatives | **(5219)** |
| US $5.00/bbl decrease in crude oil price used to determine the fair value of derivatives | **19603** |
| **Share price risk - Equity swaps** |  |
| $1.00 increase from initial share price of the equity swap | **3750** |
| $1.00 decrease from initial share price of the equity swap | **(3750)** |

---

Vermilion Energy Inc. ■ Page 69 ■ 2025 Second Quarter Report

**13. Supplemental information**

Cash and cash equivalents was comprised of the following:

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **Jun 30, 2025** | **Dec 31, 2024** |
| Cash on deposit with financial institutions | **68,812** | 124938 |
| Guaranteed investment certificates | **375** | 6,792 |
| **Cash and cash equivalents** | **69,187** | 131,730 |

---

As at June 30, 2025, Vermilion had the following contractual obligations and commitments:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **($M)** | **Less than 1 year** | **1 - 3 years** | **3 - 5 years** | **After 5 years** | **Total** |
| Long-term debt <sup>(1) (2)</sup> | 123377 | 492214 | 1359824 | 664414 | 2639829 |
| Lease obligations <sup>(3)</sup> | 27113 | 35000 | 30611 | 44680 | 137404 |
| Processing and transportation agreements | 85902 | 112874 | 148358 | 814891 | 1162025 |
| Purchase obligations | 31032 | 10691 | 332 | 368 | 42423 |
| Drilling and service agreements | 34150 | 24012 | - | - | 58162 |
| **Total contractual obligations and commitments** | **301574** | **674791** | **1539125** | **1524353** | **4039843** |

---

<sup>(1)</sup> Includes interest on senior unsecured notes.

<sup>(2)</sup> Includes the term loan, which was repaid subsequent to June 30, 2025.

<sup>(3)</sup> Includes undiscounted IFRS 16 - *Leases* obligations of $83.8 million as at June 30, 2025, net of office subleases, surface lease rental commitments of $51.9 million and other of $1.7 million that are not considered leases under IFRS 16 and are not represented on the balance sheet.

<sup>(4)</sup> Commitments denominated in foreign currencies have been translated using the related spot rates on June 30, 2025.

 

**14. Subsequent events**

 

On July 10, 2025 Vermilion announced the closing of the sale of Saskatchewan assets for proceeds of $415.0 million before closing adjustments. The assets are comprised of approximately 10,500 boe/d (86% oil and liquids) of non-core light oil production in Saskatchewan and Manitoba.

On July 31, 2025 Vermilion closed the sale of United States assets for proceeds of US $80.5 million, before an additional US $7.0 million of contingent payments and closing adjustments. The assets consist of approximately 5,500 boe/d (81% oil and liquids) of production.

 

Subsequent to the June 30, 2025, proceeds from dispositions were used to repay debt, including extinguishing the remaining balance of the term loan.

Vermilion Energy Inc. ■ Page 70 ■ 2025 Second Quarter Report

---

| | | |
|:---|:---|:---|
|  **DIRECTORS**<br>Myron Stadnyk <sup>1</sup> Calgary, Alberta<br>Dion Hatcher<br> Calgary, Alberta<br>James J. Kleckner Jr. <sup>5, 8</sup><br> Edwards, Colorado<br>Carin Knickel <sup>3, 9</sup><br> Golden, Colorado<br>Stephen P. Larke <sup>3, 4</sup><br> Calgary, Alberta<br>William Roby <sup>6, 9</sup><br> Katy, Texas<br>Manjit Sharma <sup>2, 5</sup><br> Toronto, Ontario<br>Judy Steele <sup>3, 7</sup><br> Halifax, Nova Scotia<br><sup>1</sup> Chairman (Independent)<br> <sup>2</sup> Audit Committee Chair (Independent)<br> <sup>3</sup> Audit Committee Member (Independent)<br> <sup>4</sup> Governance and Human Resources Committee Chair (Independent)<br> <sup>5</sup> Governance and Human Resources Committee Member (Independent)<br> <sup>6</sup> Safety & Sustainability Committee Chair (Independent)<br> <sup>7</sup> Safety & Sustainability Committee Member (Independent)<br> <sup>8</sup> Technical Committee Chair (Independent)<br> <sup>9</sup> Technical Committee Member (Independent)<br>| **OFFICERS / CORPORATE SECRETARY**<br> ****<br> Dion Hatcher<br> President & Chief Executive Officer<br>Lars Glemser<br> Vice President & Chief Financial Officer<br>Lara Conrad<br> Vice President Business Development<br>Tamar Epstein<br> General Counsel & Corporate Secretary<br>Terry Hergott<br> Vice President Marketing<br>Yvonne Jeffery<br> Vice President Sustainability<br>Darcy Kerwin<br> Vice President International & HSE<br>Geoff MacDonald<br> Vice President Geosciences<br>Randy McQuaig<br> Vice President North America<br>Kyle Preston<br> Vice President Investor Relations<br>Averyl Schraven<br> Vice President People & Culture<br>Gerard Schut<br> Vice President European Operations<br>| **AUDITORS**<br>Deloitte LLP<br> Calgary, Alberta<br>**BANKERS**<br>The Toronto-Dominion Bank<br>The Bank of Nova Scotia<br>Canadian Imperial Bank of Commerce<br>National Bank of Canada<br>Royal Bank of Canada<br>Wells Fargo Bank N.A., Canadian Branch<br>ATB Financial<br>Bank of America N.A., Canada Branch<br>Export Development Canada<br>Fédération des caisses Desjardins du Québec<br>Citibank, N.A., Canadian Branch<br>JPMorgan Chase Bank, N.A., Toronto Branch<br>Goldman Sachs Lending Partners LLC<br>**EVALUATION ENGINEERS**<br>McDaniel & Associates<br> Calgary, Alberta<br>**LEGAL COUNSEL**<br>Norton Rose Fulbright Canada LLP<br> Calgary, Alberta<br>**TRANSFER AGENT**<br>Odyssey Trust Company<br>**STOCK EXCHANGE LISTINGS**<br>The Toronto Stock Exchange ("VET")<br> The New York Stock Exchange ("VET")<br>**INVESTOR RELATIONS**<br> Kyle Preston<br> Vice President Investor Relations<br> 403-476-8431 TEL<br> 403-476-8100 FAX<br> 1-866-895-8101 IR TOLL FREE<br> <u>investor_relations@vermilionenergy.com</u><br>|

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Vermilion Energy Inc. ■ Page 71 ■ 2025 Second Quarter Report

## Exhibit 99.2

**Exhibit 99.2**

**F** **ORM 52-109F2<br> CERTIFICATION OF INTERIM FILINGS - FULL CERTIFICATE**

I, Dion Hatcher*, President and Chief Executive Officer, of Vermilion Energy Inc.*, certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***R ev iew:*** I h a v e re v i e w e d
the int e rim fin a n c ial r e p o rt a nd in t e rim
MD & A (t o g e t h e r,
the " in t e rim
fil i n g s ")
of Vermilion Energy Inc. (the "issuer") for the interim period ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***No m is r e pres e n ta t i o n s:*** B a s e d
on m y know l e d g e ,
h a ving e x e r c ised r e a so n a ble
dil i g e n c e ,
the inte r im f i l in g s
do not c ontain a n y
untrue sta t e ment of a mat e ri a l
f a c t or om i t t o st a te a mat e ri a l
f a c t r e qui r e d
to be st a ted or that is n e c e s s a r y
to m a ke a s t a tem e nt
not m is l ea ding
in l i g ht of the c i r c ums t a n ce s
und e r whi c h it w a s m a d e ,
with r e s p ec t
to t he p e riod c ov e r e d b y the inte r im f i l i n g s.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  ***Fair p r e s e n ta t io n :*** B a s e d
on m y knowl e d g e ,
h a vi n g e x e r c i s e d
re a sona b le d i l i g e n c e ,
the in t e rim fin a n c ial
r e p o rt to g e t h e r w i t h the oth e r
fin a n c ial info r mation i n c lu d e d
in t he in t e rim
fil i n g s f a ir l y
p r e s e nt i n a ll mat e ri a l
r e s p ec t s
the f inan c ial c ondi t ion,
fin a n c ial p e r f o r ma n c e a nd ca sh flo w s
of the is s u e r, a s o f the d a te of a nd
for the p e ri o ds pr e s e nted
in t he in t e rim
fil i n g s.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  ***R e spo n sib i l i ty:*** The is s u e r ' s
oth e r c e rti f y i n g
of f i c e r a nd I a r e re spons i ble for e s t a bl i shing a nd maintai n ing disclosure c ontrols a nd p r o ce du r e s
(D C & P)
and in t e rn a l c ontrol ov e r f ina n c ial r e p o r t i ng (I C F R), a s tho s e t e rms a re d e fin e d
in N a t i o n a l I nstru m e nt
52 - 109 *C e rt i f i c at i on of D isclosure in Issu e rs' An n ual and Int e rim Fi l ings,* for the issue r .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  ***D e sig n :*** S ubje c t t o
the li m i t a t i ons
d e s c ri b e d
in pa r a g ra phs
5.2 a nd 5.3, the is s u e r ' s
oth e r c e rti f y i n g
o f fi ce r a nd I h a v e , a s a t t he e nd of the p e riod c o v e r e d b y the in t e rim
fil i n g s

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) d e si g n e d
DC & P , or ca u s e d
it to be d e si g n e d
und e r our sup e rvision, t o
pr o v ide r e a sona b l e a ssur a n c e
that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) d e si g n e d I C F R, or ca us e d
it to be d e si g n e d
un d e r our sup e rvision, t o pr o vide r e a sona b l e a ssur a n c e
reg a rding t h e re l i a bi l i t y o f f i n a n c ial
r e p o rting a nd
the p re p a r a t i on
of f ina n c ial
st a tem e nts for e x te r n a l
p u rpos e s in a cc o rd a n c e
wi t h the is s u e r ' s
G A AP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1  ***Co n t r ol fr a m e work:*** T h e c ontrol f r a me w o r k
t h e is s u e r ' s
oth e r ce rti f y i n g o f f ic e r a nd I used to desi g n the issu e r ' s I C F R
is the Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2  ***I C FR – m aterial w e ak n e ss relati n g to desig n :*** N\A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3  ***Lim i ta t i o n on sco p e of d e sig n :*** The issuer has disclosed in its interim MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fact that the issuer's other certifying officer and I have limited the
scope of our design of DC&P and ICFR to exclude controls, policies and procedures of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a proportionately consolidated entity in which the issuer has an interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a special purpose entity in which the issuer has an interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) summary financial information about the businesses that the issuer acquired
 that has been consolidated in the issuer's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  ***R e porti n g c h a n g e s in I C FR:*** The is s u e r
h a s dis c l osed
in i ts i nte r im
MD & A a n y c h a n ge
in t he is s u e r ' s I C F R that o cc u r r e d
du r i n g the p e ri o d
b e g inn i n g
on April 1, 2025 and ended on June 30, 2025 that h a s mate r ial l y a f f e c t e d, o r is r e a sona b l y
l i k e l y
to m a t e ri a l l y a f f e c t, t he is s u e r ' s I C F R.

Dated: August 7, 2025

 *(Signed: "Dion Hatcher")* 

Dion Hatcher, President and Chief Executive Officer

## Exhibit 99.3

**Exhibit 99.3**

**F** **ORM 52-109F2<br> CERTIFICATION OF INTERIM FILINGS - FULL CERTIFICATE**

I, Lars Glemser*, Vice President and Chief Financial Officer, of Vermilion Energy Inc.*, certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***R ev iew:*** I h a v e re v i e w e d
the int e rim fin a n c ial r e p o rt a nd in t e rim
MD & A (t o g e t h e r,
the " in t e rim
fil i n g s ")
of Vermilion Energy Inc. (the "issuer") for the interim period ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.  ***No m is r e pres e n ta t i o n s:*** B a s e d
on m y know l e d g e ,
h a ving e x e r c ised r e a so n a ble
dil i g e n c e ,
the inte r im f i l in g s
do not c ontain a n y
untrue sta t e ment of a mat e ri a l
f a c t or om i t t o st a te a mat e ri a l
f a c t r e qui r e d
to be st a ted or that is n e c e s s a r y
to m a ke a s t a tem e nt
not m is l ea ding
in l i g ht of the c i r c ums t a n ce s
und e r whi c h it w a s m a d e ,
with r e s p ec t
to t he p e riod c ov e r e d b y the inte r im f i l i n g s.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.  ***Fair p r e s e n ta t io n :*** B a s e d
on m y knowl e d g e ,
h a vi n g e x e r c i s e d
re a sona b le d i l i g e n c e ,
the in t e rim fin a n c ial
r e p o rt to g e t h e r w i t h the oth e r
fin a n c ial info r mation i n c lu d e d
in t he in t e rim
fil i n g s f a ir l y
p r e s e nt i n a ll mat e ri a l
r e s p ec t s
the f inan c ial c ondi t ion,
fin a n c ial p e r f o r ma n c e a nd ca sh flo w s
of the is s u e r, a s o f the d a te of a nd
for the p e ri o ds pr e s e nted
in t he in t e rim
fil i n g s.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.  ***R e spo n sib i l i ty:*** The is s u e r ' s
oth e r c e rti f y i n g
of f i c e r a nd I a r e re spons i ble for e s t a bl i shing a nd maintai n ing disclosure c ontrols a nd p r o ce du r e s
(D C & P)
and in t e rn a l c ontrol ov e r f ina n c ial r e p o r t i ng (I C F R), a s tho s e t e rms a re d e fin e d
in N a t i o n a l I nstru m e nt
52 - 109 *C e rt i f i c at i on of D isclosure in Issu e rs' An n ual and Int e rim Fi l ings,* for the issue r .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.  ***D e sig n :*** S ubje c t t o
the li m i t a t i ons
d e s c ri b e d
in pa r a g ra phs
5.2 a nd 5.3, the is s u e r ' s
oth e r c e rti f y i n g
o f fi ce r a nd I h a v e , a s a t t he e nd of the p e riod c o v e r e d b y the in t e rim
fil i n g s

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) d e si g n e d
DC & P , or ca u s e d
it to be d e si g n e d
und e r our sup e rvision, t o
pr o v ide r e a sona b l e a ssur a n c e
that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) material information relating to the issuer is made known to us by others, particularly during the period in which the interim filings are being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) d e si g n e d I C F R, or ca us e d
it to be d e si g n e d
un d e r our sup e rvision, t o pr o vide r e a sona b l e a ssur a n c e
reg a rding t h e re l i a bi l i t y o f f i n a n c ial
r e p o rting a nd
the p re p a r a t i on
of f ina n c ial
st a tem e nts for e x te r n a l
p u rpos e s in a cc o rd a n c e
wi t h the is s u e r ' s
G A AP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1  ***Co n t r ol fr a m e work:*** T h e c ontrol f r a me w o r k
t h e is s u e r ' s
oth e r ce rti f y i n g o f f ic e r a nd I used to desi g n the issu e r ' s I C F R
is the Integrated Framework (2013 Framework) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2  ***I C FR – m aterial w e ak n e ss relati n g to desig n :*** N\A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3  ***Lim i ta t i o n on sco p e of d e sig n :*** The issuer has disclosed in its interim MD&A

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fact that the issuer's other certifying officer and I have limited the
scope of our design of DC&P and ICFR to exclude controls, policies and procedures of

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a proportionately consolidated entity in which the issuer has an interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a special purpose entity in which the issuer has an interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a business that the issuer acquired not more than 365 days before the last day of the period covered by the interim filings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) summary financial information about the businesses that the issuer acquired
 that has been consolidated in the issuer's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.  ***R e porti n g c h a n g e s in I C FR:*** The is s u e r
h a s dis c l osed
in i ts i nte r im
MD & A a n y c h a n ge
in t he is s u e r ' s I C F R that o cc u r r e d
du r i n g the p e ri o d
b e g inn i n g
on April 1, 2025 and ended on June 30, 2025 that h a s mate r ial l y a f f e c t e d, o r is r e a sona b l y
l i k e l y
to m a t e ri a l l y a f f e c t, t he is s u e r ' s I C F R.

Dated: August 7, 2025

 *(Signed: "Lars Glemser")* 

Lars Glemser, Vice President and Chief Financial Officer