Management Meeting Takeaways – 2028 EFCF Inflection Coming Into Focus

研报英文原文证据摘录

Management Meeting Takeaways – 2028 EFCF Inflection Coming Into Focus

TD Cowen Vermilion Energy Inc.

Global Research June 9, 2026

This report is distributed in Singapore by The Toronto-Dominion Bank, Singapore Branch or Toronto Dominion (South East Asia) Limited, and recipients in Singapore of

this report are to contact the entity from which they received this report in respect of any matters arising from, or in connection with, this report. The Toronto-Dominion

Bank, Singapore Branch and Toronto Dominion (South East Asia) Limited are regulated by the Monetary Authority of Singapore. It is only intended for distribution to a

person who is an accredited investor, institutional investor or expert investor as defined in the Singapore Securities and Futures Act.

United Kingdom and Europe

TD Securities’ principal trading area and investing businesses may make investment decisions that are inconsistent with recommendations or views expressed in our

research. TD Securities maintains physical, electronic and procedural information barriers to address the flow of information between and among departments within

TD Securities, as well as its affiliates. Additionally, the persons who are not involved with the production of the recommendation but are reasonably expected to have

access to the recommendation prior to its completion are subject to policies and procedures preventing them to trade related to expected recommendation. Research

department related policies are designed to prevent, monitor, surveil and avoid appearance of conflicts of interest with respect to the persons or associated persons

involved in the production of the recommendation. This research report is to be communicated only to persons of a kind described in Articles 19 and 49 of the Financial