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https://www.international-petroleum.com/download/year-end-2025-financial-statement och

https://www.international-petroleum.com/download/year-end-2025-md-and-a

Management’s Discussion and Analysis

For the three months and year ended December 31, 2025

HIGHLIGHTS

2025 Business Highlights

• Average net production of approximately 45,600 boepd for the fourth quarter of 2025 was in line with the guidance range for the period (52% heavy crude oil, 15% light and medium crude oil and 33% natural gas).(1)

• Full year 2025 average net production was 44,900 boepd, at the high end of the 2025 annual guidance of 43,000 to 45,000 boepd.(1)

• Development activities on Phase 1 of the Blackrod project progressed in 2025 ahead of schedule and on budget, with first steam injection achieved in Q4 2025 and forecast first oil in Q3 2026.

• Completed the acquisition of lands adjacent to the Blackrod project, adding 64 MMboe of contingent resources (best estimate, unrisked).(1)(2)

• At Onion Lake Thermal, Canada, four production infill wells and the final Pad L sustaining well pair were brought online by Q3 2025.

• Successfully completed the drilling and workover program at the Bertam Field, Malaysia during Q3 2025.

• 7.7 million IPC common shares purchased and cancelled from December 2024 to early December 2025.

• In Q3 2025, published IPC’s sixth annual Sustainability Report. 2025 Financial Highlights

• Operating costs per boe of USD 18.4 for the fourth quarter of 2025 and USD 17.8 for the full year, below the low end of the 2025 guidance of USD 18.0 to 19.0 per boe.(3)

• Strong operating cash flow (OCF) generation for the fourth quarter and full year 2025 amounted to MUSD 63 and MUSD 259, respectively.(3)

• Capital and decommissioning expenditures of MUSD 63 for the fourth quarter and MUSD 344 for the full year 2025, in line with the latest full year guidance.

• Free cash flow (FCF) generation for the full year 2025 of negative MUSD 153, with negative MUSD 29 for the fourth quarter in line with expectations. FCF for the full year 2025, before 2025 Blackrod capital expenditure of MUSD 256, was MUSD 103.(3)

• Net debt of MUSD 484 as at December 31, 2025.(3)

• Net result of negative MUSD 5 for the fourth quarter of 2025 and positive MUSD 29 for the full year 2025.

• Amended and extended IPC’s MCAD 250 revolving credit facility in Q2 2025, extending the maturity to May 2027.

• Refinanced IPC’s MUSD 450 unsecured bonds in Q4 2025, extending the maturity to October 2030. Reserves and Resources

• Total 2P reserves as at December 31, 2025 of 521 MMboe, with a reserve life index (RLI) of 31 years and a reserves replacement ratio of 277%.(1)(2)

• Proved developed producing (PDP) reserves increase of 28% from year-end 2024 to year-end 2025 to 125 MMboe, primarily driven from Blackrod Phase 1.(1)(2)

• Contingent resources (best estimate, unrisked) as at December 31, 2025 of 1,224 MMboe.(1)(2) 2026 Annual Guidance

• Full year 2026 average net production forecast at 44,000 to 47,000 boepd.(1)

• Full year 2026 operating costs forecast at USD 18 to 20 per boe.(3)

• Full year 2026 OCF estimated at between MUSD 100 and 250 (assuming Brent USD 55 to 75 per barrel).(3)

• Full year 2026 capital and decommissioning expenditures guidance forecast at MUSD 122.

• Full year 2026 FCF forecast ranges from approximately negative MUSD 70 to positive MUSD 85 (assuming Brent USD 55 to 75 per barrel).(3) Current Business Plan FCF Forecasts

• Cumulative forecast FCF of approximately MUSD 1,000 to 2,000 over the period of 2026 to 2030 and approximately MUSD 700 to 1,600 over the period of 2031 to 2035 (assuming Brent USD 65 to 85 per barrel).(3)(7