Vermilion Energy · Q1 2026 earnings

Briefing

Vermilion Q1 2026: CAD $513M sales, $232M FFO; net loss on derivatives masks operational momentum

Vermilion Energy's first-quarter 2026 report showed continued operational momentum despite a reported net loss driven by mark-to-market derivatives. Sales totaled CAD $513.3 million (US$44.96/boe realized), up from CAD $468.7 million a year earlier, while fund flows from operations were CAD $232.3 million ($1.52 per basic share) and free cash flow was CAD $97.7 million. The company posted a net loss of CAD $145.5 million ($0.95 per share), largely reflecting a CAD $286 million unrealized loss on derivative instruments tied to higher forward oil and European gas prices after geopolitical volatility. Production averaged 125,618 boe/d (+22% year over year), net debt fell CAD $50 million to CAD $1.29 billion, and management declared a CAD $0.135 quarterly dividend while guiding full-year production toward the top of its 118,000–122,000 boe/d range.

• Sales of CAD $513.3 million and FFO of CAD $232.3 million ($1.52/share) fully funded CAD $135 million of E&D capex.
• Production averaged 125,618 boe/d, up 22% year over year, with Q2 guidance of 123,000–125,000 boe/d.
• Net loss of CAD $145.5 million was driven by a CAD $286 million unrealized derivatives loss, not operating cash burn.
• Net debt declined CAD $50 million to CAD $1.29 billion; quarterly dividend maintained at CAD $0.135.
• Average realized natural gas price was $5.41/mcf, more than double the AECO benchmark.

Headline financials

Revenue & EPS history

Management expects Q2 2026 production of 123,000–125,000 boe/d and full-year production trending to the top of the 118,000–122,000 boe/d guidance range on E&D capital of CAD $600–630 million.