SCHEDULE: BlackRock Boosts Vermilion Energy Stake to 7.6%

BlackRock, Inc. has reported a 7.6% beneficial ownership stake in Vermilion Energy Inc. common stock as of December 31, 2025.

Summary

• BlackRock, Inc. reported beneficial ownership of 13,617,480 shares of Vermilion Energy Inc. common stock.
• This represents 7.6% of the total outstanding common stock of Vermilion Energy Inc.
• BlackRock holds sole voting power over 13,583,778 shares and sole dispositive power over 13,617,480 shares.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of Vermilion Energy Inc.
• BlackRock Asset Management Canada Limited is noted as beneficially owning 5% or greater of the outstanding shares of the security class.

Sentiment

Score: 7

Explanation: The filing indicates a significant, passive institutional investment by BlackRock, suggesting confidence in Vermilion Energy Inc. without any intent to influence control. This is generally a positive signal for the company's stability and investor interest.

Positives

• Increased institutional ownership by a major asset manager like BlackRock can signal confidence in Vermilion Energy Inc.'s long-term prospects.
• The acquisition is stated to be in the ordinary course of business, suggesting a passive investment strategy rather than an activist one.

Future Outlook

NA

Management Comments

• To the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities.

Industry Context

This filing indicates continued institutional interest in the energy sector, specifically in Vermilion Energy Inc., by a major global asset manager. Such disclosures are common for large investment firms managing diverse portfolios.

Comparison to Industry Standards

• BlackRock's 7.6% stake in Vermilion Energy Inc. is a significant passive institutional holding, typical for large asset managers in publicly traded companies.
• This level of ownership is common for index funds or large actively managed funds that track or invest in companies within the energy sector, similar to holdings seen in other mid-cap energy producers by major institutional investors like Vanguard or State Street.

Corporate Governance

Stakeholder Impact

• Shareholders: Increased institutional ownership by BlackRock may enhance market confidence and liquidity for Vermilion Energy Inc. shares.
• Management: The passive nature of BlackRock's investment suggests no immediate pressure for strategic or operational changes from this shareholder.

Next Steps

• BlackRock, Inc. will continue to monitor its investment in Vermilion Energy Inc.
• Further Schedule 13G/A amendments will be filed if there are material changes to BlackRock's beneficial ownership (e.g., crossing another 1% threshold up or down, or if the purpose of holding changes).

Key Dates

Recommendation

This filing is a routine disclosure of a passive institutional ownership stake by BlackRock, Inc. It does not contain new financial performance data, strategic shifts, or activist intentions that would warrant a change in investment recommendation. The 7.6% stake is significant but held in the ordinary course of business, suggesting a stable, long-term investment by a major asset manager. Investors should continue to hold based on their existing analysis of Vermilion Energy Inc.'s fundamentals and market conditions, as this filing provides no new information to alter that assessment.

Keywords

Vermilion Energy, BlackRock, Institutional Ownership, Common Stock, SEC Filing, Schedule 13G, Energy Sector, Investment