Valeura Energy (VLE) investor relations material

Executive summary

• Achieved record operational and financial performance in Q2 2026, driven by higher oil sales volumes and realised prices, with production, cash flow, and project execution exceeding or meeting targets.

• Oil production averaged 22,309 bbls/d, with oil sales of 2.454 million bbls and revenue of US$259.8 million.

• Adjusted EBITDAX reached US$162.8 million, adjusted cash flow from operations US$154.1 million, and free cash flow US$104.7 million.

• Ended the quarter with net cash of US$316.5 million and no debt.

• Major projects such as Wassana Redevelopment and Nong Yao slot expansion are ahead of schedule and under budget.

Financial highlights

• Net revenue reached US$260 million, up 101% quarter-over-quarter, driven by higher sales volumes and realised prices.

• Oil production increased 4% year-over-year to 2.03 million bbls in Q2 2026.

• Average realised price rose 56% year-over-year to US$105.8/bbl.

• Net income surged 875% year-over-year to US$53.1 million.

• Sold 2.45 million barrels at an average realised price of US$105.8/bbl, with adjusted opex at US$28.9/bbl.

Outlook and guidance

• 2026 production guidance narrowed to 20,000–22,000 bbls/d after six months of on-plan performance.

• Capex guidance for 2026 is US$195–215 million, with adjusted opex expected at US$190–220 million, likely at the upper end due to higher diesel costs.

• Long-term production target of 20,000–25,000 bbls/d into the 2030s from core fields.

• All capital projects remain on budget; potential acceleration of Wassana CPP could increase 2026 capex.

• No further PITA or SRB cash tax payments anticipated in 2026.