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Advantage Energy (AAV) USD

At a glance: strengths & risks
✓Revenue growing (+24% y/y, Q2 2026)✗Profit falling (-38% y/y, Q2 2026)✗Margins compressing (102%→63%, Q2 2026)

Sector: Natural gas

COMM_AAV

Price chart

9.85 CADDay 1.55%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
9.85 CAD · 1.55%
Market cap
1.2 bn USD

Growth

Δ revenue y/y
23.5%
Δ EBITDA y/y
26.3%

Multiples

P/E (LTM)
64.8x
3y avg: 41.2x
P/B (FY)
0.9x
P/E (ann.)
9.0x
EV/EBITDA (LTM)
7.1x
3y avg: 7.8x
EV/EBITDA (ann.)
6.5x

Cash return

Dividend yield
—
FCF yield (LTM)
-11.3%

Value creation

to target market cap (spot commodity model)
Upside (potential)
+13.6%
↓ details

Liquidity

Daily turnover (listing)
8 mln CAD

Shares: connector/market_inputs

Financial results

Monetary columns are in M USD, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM USDOperating profitM USDD&AM USDEBITDAM USDNet profitM USDOperating CFM USDCapex + M&AM USDAssetsM USDEquityM USDROE (annualized)Net debtM USDSource
2026-06-30Q2 2026 (3M)OK147.0
y/y 23.5%
28.8
y/y 118.6%
39.1
y/y -3.7%
67.9
y/y 26.3%
32.4
y/y -38.1%
75.3-94.22333.1
y/y 5.3%
1241.8
y/y 1.2%
10.5%592.9Yahoo Finance
2026-03-31Q1 2026 (3M)OK150.4
y/y -2.4%
34.0
y/y —
43.1
y/y 3.0%
77.1
y/y 184.2%
21.5
y/y —
85.1-97.62319.4
y/y 12.4%
1238.3
y/y 10.8%
6.9%578.6Yahoo Finance
2025-12-31Q4 2025 (3M)OK131.1
y/y —
20.5
y/y —
40.4
y/y —
60.9
y/y —
6.9
y/y —
53.4-83.72242.9
y/y 9.5%
1235.7
y/y 8.7%
3.1%567.4Yahoo Finance
2025-06-30Q2 2025 (3M)OK119.0
y/y —
13.2
y/y —
40.5
y/y —
53.7
y/y —
52.4
y/y —
57.9-68.92216.1
y/y —
1227.4
y/y —
17.9%507.4Yahoo Finance
2025-03-31Q1 2025 (3M)OK154.2
y/y —
-14.7
y/y —
41.9
y/y —
27.1
y/y —
-20.2
y/y —
85.5-75.02062.7
y/y —
1118.1
y/y —
-7.2%466.6Yahoo Finance
2024-12-31FY 2024 (12M)OK400.4
y/y -2.1%
25.0
y/y -77.7%
145.2
y/y 31.6%
170.2
y/y -23.4%
15.8
y/y -79.0%
158.3-507.92047.5
y/y 18.0%
1136.8
y/y -3.2%
1.4%471.1Yahoo Finance
2023-12-31FY 2023 (12M)OK408.9
y/y —
111.8
y/y —
110.3
y/y —
222.2
y/y —
75.3
y/y —
239.6-209.51735.0
y/y —
1174.5
y/y —
—181.0Yahoo Finance

Net debt structure (leases included, IFRS 16) 2026-06-30

Short-term debt (incl. ST leases)258
Long-term debt (incl. LT leases)370
− Cash & equivalents35
Net debt593

Net debt / LTM EBITDA: 2.4x

Revenue & EBITDA

RevenueEBITDA

Quarterly values ($ mln)

01002003004002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Year-over-year change

-100%0%100%200%2023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Cash flow

FCF ($ mln)

-400-300-200-10002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Net debt / cash ($ mln)

02004006002023 FY2024 FY2025 q12025 q22025 q42026 q12026 q2

Operating statistics

Production indicators — supplementary, not part of the financial statements

PeriodProduction
boe/d		Oil & liquids share
%		Realized price
CAD $/boe		Operating netback
CAD $/boe		Operating cost
CAD $/boe
Q2 2026-0670 611
−9.6%		18
+20.0%		30.50
+31.7%		16.78
+10.2%		5.78
+20.2%
H1 2026-0675 964
−6.1%		16
+0.0%		29.30
+11.1%		18.08
+5.9%		5.65
+20.0%
Q4 2025-1279 823
+4.0%		15
+0.0%		24.76
+7.0%		15.99
+8.0%		5.93
+14.3%
FY 2025-1278 267
+10.4%		16
+14.3%		24.47
+16.9%		15.99
+28.5%		5.34
+12.4%
Q2 2025-0678 1081523.1615.234.81
H1 2025-0680 9251626.3817.084.71
Q4 2024-1276 7741523.1414.805.19
FY 2024-1270 9181420.9312.444.75

Company reports (PLR coverage review 2026-10-01), extracted with DeepSeek and every number checked against the document text: https://advantageog.mediaroom.com/2026-02-12-Advantage-Announces-Operations-Update,-Conclusion-of-Strategic-Review-and-2025-Reserves; https://advantageog.mediaroom.com/2026-03-05-Advantage-Announces-Record-2025-Year-End-Results; https://advantageog.mediaroom.com/2026-07-30-Advantage-Announces-Second-Quarter-2026-Results; https://www.advantageog.com/wp-content/uploads/2025-Consolidated-Management-Discussion-and-Analysis.pdf; https://www.advantageog.com/wp-content/uploads/Q2-2026-Report.pdf

Production & Reserves

Physical operating metrics — supplementary, not part of the financial statements

Proved reserves
689.20 mln boe (2P)
2025
Reserve life (R/P)
24.1 yrs
reserves ÷ annual output
Annual production
28.57 mln boe
2025

Production, mln boe

25.89202428.572025

Proved reserves

YearReserves, mln boe (2P)
2025689.20

Production

YearProduction, mln boeper day, mln boe
202528.57
+10.4%		0.08
202425.890.07

Company reports: https://advantageog.mediaroom.com/2026-02-12-Advantage-Announces-Operations-Update,-Conclusion-of-Strategic-Review-and-2025-Reserves; https://advantageog.mediaroom.com/2026-03-05-Advantage-Announces-Record-2025-Year-End-Results; https://advantageog.mediaroom.com/2026-07-30-Advantage-Announces-Second-Quarter-2026-Results; https://www.advantageog.com/wp-content/uploads/2025-Consolidated-Management-Discussion-and-Analysis.pdf; https://www.advantageog.com/wp-content/uploads/Q2-2026-Report.pdf

Key-commodity price — Henry Hub Gas

Current 3spot vs LTM -11%

Commodity-player potential

Target market cap from conservative EBITDA and the historical EV/EBITDA

Upside: +13.6% ▼ -1.2 pp 1d

Main driver: Henry Hub Gas -11% vs LTM; revenue ×1.04 vs costs ×1.04; EBITDA 357→358; at 5.5× EV/EBITDA → +14%.

Product prices — moves vs the LTM average

CommodityShareSpotLTM3-yrvs LTM, $3y vs LTM
Henry Hub Gas (rev)+65%3.013.383.12-11%-8%
WTI Crude Oil (rev)+15%93.9371.9676.52+31%+6%
Propane (NGL) (rev)+10%0.890.690.77+29%+11%

How it is calculated — revenue → costs → EBITDA → target market cap

1 · Reported baseline (LTM)
LTM revenue548
LTM EBITDA357
LTM cash costs (revenue − EBITDA)191
2 · Revenue projection
Revenue multiplier — spot×1.038 (+4%)
= Spot revenue568
Revenue multiplier — 3y price×0.995 (-1%)
= 3-year-price revenue545
3 · Costs projection
Cost multiplier — spot×1.040 (+4%)
= Spot cash costs199
Cost multiplier — 3y price×1.040 (+4%)
= 3-year-price cash costs199
4 · EBITDA projection (revenue − costs)
= Spot EBITDA370
= 3-year-price EBITDA346
Conservative EBITDA = min(spot, avg)358
5 · Valuation → target market cap
Historical EV/projected-EBITDA (75th pct)5.5x
Target EV = EV/EBITDA × conservative EBITDA1 955
Net debt593
Target market cap = EV − net debt1 342
Current market cap1 182

Upside = target market cap ÷ current − 1 = +13.6%

Spot model vs reported — what the spot model projected (trailing-LTM base brought to the period × the period's commodity-price move) against the actual report, per reported period (quarter, half-year or full year — per the filer's calendar); amounts in USD mln. green = reported above projection, pink = below.

PeriodAct. revModel revΔ revAct. EBITDAModel EBITDAΔ EBITDA
2023 FY409520-21.4%233227+2.9%
2024 FY400397+0.9%205214-4.3%
2025 FY505450+12.2%258247+4.4%

EV/EBITDA — LTM vs projected

Projected EV/EBITDA 5.4x · target 75th pct (3y) 5.5x · LTM avg 8.2x

EV/EBITDA (LTM)EV/EBITDA (projected)target 75th pct (projected, 3y)

Dividends

No dividend rows found for this issuer (checked: Yahoo Finance (ex-div)).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Advantage Energy (AAV) — from primary filings.

Frequently asked questions

What is Advantage Energy (AAV)'s P/E ratio?
Advantage Energy (AAV) trades at a P/E of 64.8x (price to trailing 12-month earnings).
What is Advantage Energy (AAV)'s EV/EBITDA?
Advantage Energy (AAV) trades at 7.1x EV/EBITDA.
What is Advantage Energy (AAV)'s P/B ratio?
Advantage Energy (AAV) trades at a P/B of 0.9x.
What is Advantage Energy (AAV)'s return on equity (ROE)?
Advantage Energy (AAV)'s ROE is 10.5%.
What is Advantage Energy (AAV)'s market capitalization?
Advantage Energy (AAV)'s market cap is 1.2 bn USD.

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