FRONTERA ANNOUNCES THIRD QUARTER 2026 RESULTS

Recorded Net Income for the Period of $11.7 Million

Adjusted EBITDA Increased 16% year over year to $34.8 million

Frontera Improves Performance and Unlocks Growth Across its Infrastructure Portfolio

LNG Project Start-Up on Track for February 2027

LPG Phase II Sanctioned as LPG Volumes More Than Triple Quarter over Quarter

CALGARY, AB, Nov. 11, 2026 — Frontera Energy Corporation (TSX: FEC) (OTCQX: FECCF) ("Frontera" or the "Company") today reported financial and operational results for the third quarter ended September 30, 2026. All financial amounts in this news release and in the Company's financial disclosures are in United States dollars, unless otherwise stated.

Gabriel de Alba, Chairman of the Board of Directors, commented:

"Frontera's results show an infrastructure platform that is delivering improved financial performance and higher cash flow as value is unlocked from its very valuable high growth assets. The third quarter shows the strength of Frontera's infrastructure model, with an Adjusted EBITDA growth of 16% year over year. ODL continues to provide a stable stream of cash distributions, and Puerto Bahia is consolidating its position as a strategic energy and logistics hub on Colombia's Caribbean coast. Frontera has significant opportunities for growth and long-term value creation.

Looking at near-term value catalysts, the LNG project, underpinned by a take-or-pay agreement with Ecopetrol, is on track to start operations in February 2027. It positions the Company to help address Colombia's growing natural gas supply deficit and opens the door to incremental third-party demand.

The Company also sanctioned the Phase II of the LPG project, with operations targeted to start in 2028. As these near-term projects advance, the Company is also assessing additional opportunities, including the dry cargo segment, where further growth beyond the current capacity is expected, and gas-fired power generation anchored by the LNG project. The Company continues to evaluate organic growth opportunities to realize the terminal's upside. Together, all these initiatives give Frontera a clear path to increase EBITDA and grow cash flows, all while investing in a high value asset base with long term contracts while preserving a conservative balance sheet."

Orlando Cabrales Segovia, Chief Executive Officer (CEO), Frontera, commented:

"We delivered a solid third quarter, with Adjusted EBITDA of $34.8 million, a 16% increase over the same quarter last year, and net income of $11.7 million. At Puerto Bahia, revenues reached $15.6 million, led by our general cargo terminal, where RoRo units handled grew 37% and break bulk volumes grew 62% year over year. We also signed new take-or-pay agreements to handle higher diesel and fuel oil imports. At ODL, volumes increased to approximately 242,000 barrels per day, contributing $17.2 million of equity income during the quarter.

On the LNG project, we continue to execute according to plan, and the project is now 71% complete. During the quarter we advanced the jetty modifications, the civil works for the connection to the gas pipeline system and the acquisition of the mooring systems. We are focused on executing safely and on schedule for Ecopetrol. Additionally, we will soon launch an open process to identify incremental third-party LNG volumes.

As we move forward, Frontera infrastructure continues to execute in its significant growth opportunities expected to enhance asset value and cash flow generation."

Third Quarter of 2026 Operational and Financial Summary*:

					Nine months ended September 30
		Q3 2026	Q2 2026	Q3 2025		2026	2025
Financial Results

Total Revenues and Other Income	($M)	32,960	31,260	27,924		91,053	78,524
Port revenues	($M)	15,789	14,647	12,067		43,090	33,434
Operating costs	($M)	9,130	8,779	7,038		25,011	18,407
Share of Income from ODL Pipeline Investment (equity method)	($M)	17,171	16,613	15,857		47,963	45,090
General and administrative	($M)	4,002	2,384	2,355		9,425	9,242
Operating income (loss) from continuing operations	($M)	16,908	6,106	13,918		36,502	(399,514)
Cash provided (used) by operating activities from continuing operations	($M)	21,498	25,951	20,597		42,488	37,921
ODL dividends, net of taxes	($M)	25,614	26,813	18,512		52,427	44,684
Total debt and lease liabilities	($M)	191,091	170,472	211,158		191,091	211,158

Net income (loss) for the period from continuing operations ⁽¹⁾	($M)	11,705	(4,039)	17,600		20,721	(409,858)
Net income (loss) for the period from discontinued operations ⁽¹⁾	($M)	—	33,010	7,817		4,551	7,587
Net income (loss) for the period ⁽¹⁾	($M)	11,705	28,971	25,417		25,272	(402,271)

Per share – diluted from continuing operations	($)	0.17	(0.06)	0.24		0.29	(5.42)
Per share – diluted from discontinued operations	($)	—	0.47	0.10		0.06	0.10

Non-IFRS Results**
Adjusted Revenue ⁽²⁾	($M)	56,168	48,675	45,592		149,881	129,497
Adjusted EBITDA ⁽²⁾	($M)	34,845	30,485	30,144		93,807	83,682
Adjusted EBITDA Margin ⁽³⁾	%	62 %	63 %	66 %		63 %	65 %
LTM Infrastructure Distributable cash flow ⁽²⁾⁽⁴⁾	($M)	86,977	78,752	77,944		86,977	77,944
Net Debt ⁽²⁾	($M)	107,174	114,193	159,827		107,174	159,827
Net Debt to Adjusted EBITDA LTM ⁽³⁾	x times	0.88x	0.98x	1.43x		0.88x	1.43x

Operational Results

Puerto Bahia Port Facility
Volume throughput at liquids terminal	(bbl/d)	32,724	39,889	39,560		36,501	48,096
RoRo Volumes handled at general cargo terminal	(Units)	49,575	48,074	36,303		135,716	82,809
Break Bulk Volumes	(Tons/m3)	15,303	11,199	9,426		51,718	58,162
Containers	(TEUs)	2,576	3,277	6,205		9,704	11,454
Liquefied Petroleum Gas	(Tons)	13,792	4,000	—		18,992	—

Investments in ODL Pipeline
Volumes transported at oil pipeline facility	(bbl/d)	242,078	239,333	241,958		238,459	238,070
Average transportation tariff per barrel	($/bbl)	4.90	4.59	4.83		4.73	4.76

* Figures from 2025 reporting periods were changed due to the re-presentation of continuing operations. Refer to the "Discontinued Operations" section on page 10 of the Company's Management Discussion & Analysis for the three and nine months ended September 30, 2026 (the "MD&A") for further details.
** As a result of the plan of arrangement involving Parex Resources Inc., these adjusted figures have been re-presented to exclude certain assets sold, namely Agrocascada and Proagrollanos.
⁽¹⁾ income (loss) attributable to equity holders of the Company.
⁽²⁾Non-IFRS financial measure (equivalent to a "non-GAAP financial measure", as defined in NI 52-112). Refer to the "Non-IFRS and Other Financial Measures" section on page 14 of the MD&A for further details.
⁽³⁾ Non-IFRS ratio is equivalent to a "non-GAAP ratio", as defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112"). Refer to the "Non-IFRS and Other Financial Measures'' section on page 14 of the MD&A for further details.
⁽⁴⁾Distributable cash flow is calculated on a last‑twelve‑months ("LTM") basis as of the end of the period.

Third Quarter of 2026 Financial Results:

Total revenues and other income for the third quarter were $33.0 million, compared with $31.3 million in the prior quarter and $27.9 million in the third quarter of 2025. Revenues during the quarter were $15.8 million, driven by stable operations at Puerto Bahia, compared to $14.6 million in the second quarter 2026, while operations at ODL remained strong during the quarter with Share of Income from ODL Pipeline Investment (equity method) of $17.2 million compared to $16.6 million in the previous quarter.
Adjusted EBITDA in the third quarter of 2026 was $34.8 million, compared with $30.5 million in the prior quarter and $30.1 million in the third quarter of 2025 representing 16% increase in a year over year basis. Adjusted EBITDA was driven by a strong performance from the dry port at Puerto Bahia and higher volumes handled at ODL.
The Company recorded a net income, attributable to equity holders of the Company, from continuing operations of $11.7 million ($0.17/share) in the third quarter of 2026, compared with a net loss, attributable to equity holders of the Company, from continuing operations of $4.0 million, ($(0.06)/share) in the prior quarter, and a net income, attributable to equity holders of the Company, from continuing operations of $17.6 million ($0.24/share) in the third quarter of 2025.
Capital Expenditures were $19.5 million for the third quarter 2026, compared with $7.8 million in the prior quarter, and $3.9 million in the third quarter of 2025. During the quarter, investment in Puerto Bahia included: (i) $17.7 million in the LNG project, mainly related to modifications to the jetty, including civil works required for its connection to the gas pipeline system, access platforms and other equipment to support the operations of the FSRU as well as the acquisition of mooring and balcony systems, and (ii) $1.8 million in other Puerto Bahia investments, including toward the LPG project, cargo terminal facilities and software licenses.
Last twelve-months infrastructure distributable cash flow ended September 30, 2026, was $87.0 million, compared with $78.8 million for the period ended June 30, 2026 and $77.9 million for the period ended September 30, 2025. These differences are driven by the increase of $1.3 million in EBITDA from Puerto Bahia in the last 12 months and the timing of ODL distribution payments between periods, which impacts LTM calculations, rather than by changes in underlying operating performance.
At September 30, 2026, Frontera had cash and cash equivalents of $83.9 million, total debt and lease liabilities of $191.1 million and net debt of $107.2 million.

Infrastructure Business

ODL Pipeline Investment (35% equity ownership)

Frontera owns a 35% equity investment in the ODL pipeline, which connects Rubiales, Quifa, Caño Sur, Llanos-34, and other blocks to the Monterrey and Cusiana Stations in the department of Casanare, Colombia. Frontera receives a stable inflow of dividends and cash distributions from its 35% investment. Since 2024, Frontera received the following cash distributions from the ODL pipeline:

($MM)		Cash Distributions
2024		60.4
2025		61.5
Last 12 Months		69.6
2026		69.9

ODL is a key midstream infrastructure asset in Colombia, transporting approximately 30% of the country's oil production and serving the Llanos basin, which holds roughly 70% of Colombia's proven crude oil reserves. Supported by its strategic location, established operating track record and strong cash flow profile, ODL represents a very high-quality infrastructure asset with a strong market position and the potential to capture additional revenue opportunities within its area of influence.

Puerto Bahia (99.97% equity ownership)

Frontera owns a 99.97% equity interest in Sociedad Portuaria Puerto Bahía S.A. ("Puerto Bahia"), a strategically located multi-purpose maritime and logistics terminal in Cartagena, Colombia, adjacent to the Bocachica access channel in Cartagena Bay.

Puerto Bahia consists of two terminals: a liquid bulk terminal for handling clean products and crude oil, storage and dispatch and a general cargo terminal for dry cargo storage including containers, RoRo and high and heavy cargo, livestock, metals and steel. Existing facilities at the liquid bulk terminal and dry cargo terminal offer deep-water capability with a natural depth of approximately 20.5 metres, which makes Puerto Bahia the only multi-purpose terminal in Colombia capable of receiving Panamax ships (large cargo vessels) and Suezmax tankers (liquid purpose vessels) simultaneously.

The liquid bulk terminal has an operational capacity of 2.4 MMbbl, distributed amongst eight storage tanks with blending functionalities, each of which has a nominal capacity of 334,000 barrels. Four of the eight tanks have the ability to store heavy fuel oil, crude oil and have heating capabilities between 30ºC to 60ºC, and the remaining four tanks store crude oil and crude oil products.

The terminal includes:

- a barge platform with four berths;
- a tanker truck station, connected to the storage tanks, with eight loading and unloading stations; and
- a liquid jetty with two docking positions for vessels of up to 1.2 million barrels.

The terminal can add two more tanks, which would raise nominal capacity above 600,000 barrels.

The general cargo terminal has a 290 metres long and 44 metres wide berthing platform with the possibility to expand up to 515mts supported on mooring dolphins. The general cargo facilities covers 24 hectares (59 acres) with covered and uncovered storage capacity and cargo-handling equipment. Puerto Bahía plays a leading role in the Caribbean Roll-on/ Roll Off ("RoRo") market, after having consolidated the operation and positioned the Port Facility as a market leader, taking over 95% of the Caribbean RoRo market.

Container traffic is one of the largest growth opportunities for Puerto Bahía's general cargo terminal, whose existing infrastructure can already handle approximately 42,000 TEUs per year. The port is well placed to expand its container and general cargo capacity as demand rises. Its strategic location in Cartagena Bay and its freehold land give it the flexibility to develop further.

Puerto Bahia also benefits from several near-term growth projects expected to enhance asset value and cash flow generation, including through liquefied petroleum gas ("LPG") import facilities and the liquefied natural gas ("LNG") project.

LNG Project Update

Puerto Bahía entered into a take-or-pay agreement with Ecopetrol S.A. ("Ecopetrol"), pursuant to which Puerto Bahía will provide integrated logistics and LNG regasification services in Cartagena, Colombia. The agreement is to be developed in two phases, with initial regasification of 126 MMcfd starting in February 2027, increasing to 300 MMcfd after the first two years.

In order to fulfill the contract and satisfy additional demand needs, Puerto Bahía entered into a contract with Excelerate Energy ("Excelerate"), one of the world's largest Floating Storage and Regasification Unit ("FSRU") providers and operators, for the lease of a FSRU and the provision of related operations and maintenance ("O&M") services. The agreement provides Puerto Bahía with access to an FSRU with LNG regasification capacity of ~500 MMcfd in February 2027 for an initial term of seven years, extendable for an additional five to eight years. The agreement contemplates the redeployment of the FSRU Express. In response to the ongoing conflict in the Arabian Gulf, Excelerate expects to utilize other FSRU in its portfolio to serve the terminal in the near term. This approach assures the project enters in time in 2027.

The estimated cost of the project is between $80 and $100 million, The Company continues to advance in the execution of the project, which is currently 71% complete. Operations are expected to begin in February 2027. The take-or-pay agreement with Ecopetrol represents a committed, offtake volume intended to underwrite the FSRU lease contract.

The LNG Project is expected to benefit from Puerto Bahía's existing port infrastructure and operating platform, including repurposing the Reficar connection for natural gas, which support an accelerated development timeline and faster time to market.

In connection with the LNG project, the Company will launch an open process to identify incremental third-party volumes, capitalizing on Colombia's growing natural gas supply deficit, weather-related supply pressures associated with El Niño conditions, and the additional regasification capacity of the FSRU.

LPG Project Volumes Tripled Advancing to Phase II

In the third quarter, LPG volumes more than triple quarter over quarter with 13,792 tons of throughput during the period. The Company continues to make meaningful progress on the project, including the successful start of operations in March 2026, which provides handling capacity of up to 10,000 tons per month. The Company advances to Phase II and awarded the engineering, procurement and construction ("EPC") contract for a 29,500 tons Refrigerated LPG Storage facility, with the objective of starting operations in 2028.

Business Expansion Opportunities:

General Cargo Terminal: The Company continues to evaluate organic growth opportunities to realize the terminal's upside potential and strengthen its position in the dry cargo segment, including containerized and non-containerized cargo.

Gas-Fired Power Project: Frontera is evaluating an entry into power generation anchored by the LNG project, including the potential development of a 150-300 MW thermal power plant. Supported by available expansion land, the project is in evaluation phase and remains subject to securing firm energy obligations, required regulatory approvals (including from the Unidad de Planeación Minero Energética (UPME)), environmental permits, and sufficient long-term commercial arrangements, including take-or-pay commitments, to support a final investment decision.

ODL Pipeline Investment (35% equity interest)

During the third quarter of 2026, ODL recognized $17.2 million of net income (net to Frontera) The result was driven by higher pipeline transportation revenues and variances in mark to market of risk management contracts.

In March 2026, ODL declared net dividends to Frontera Pipeline Investments Ltda ("FPI") of $64.7 million, additionally in June 2026 ODL declared a return of capital of $5.2 million. Year to date, the Company has received cash dividends of $52.4 million.

The income statement and key balance sheet information for 100% of ODL is as follows:

	Three months ended September 30	Three months ended June 30	Three months ended September 30
($M)	2026	2026	2025
Revenue	115,368	97,223	95,786
Pipeline transportation services	94,223	85,766	87,476
Other revenues	21,145	11,457	8,310
Operating costs	(17,219)	(14,974)	(13,017)
General administrative expenses	(6,184)	(5,103)	(4,284)
Depreciation and amortization	(10,414)	(9,434)	(8,268)
Other non-operating expense	(5,795)	2,468	(933)
Income tax	(26,695)	(22,715)	(23,981)
ODL Net Income	49,061	47,465	45,303
Ownership Interest	—		—
ODL EBITDA	91,965	77,146	78,485

Ownership Interest	35 %	35 %	35 %
Share of income from ODL Pipeline Investment	17,171	16,613	15,856

The following table shows the volumes pumped per injection point:

	Three months ended September 30	Three months ended June 30	Three months ended September 30
(bbl/d)	2026	2026	2025
At Rubiales Station	139,388	136,739	131,536
At Caño Sur Station	46,074	56,259	50,484
At Jagüey and Palmeras Stations	56,616	46,335	59,938
Total	242,078	239,333	241,958

Puerto Bahia

Puerto Bahia revenues were $15.6 million in the third quarter of 2026, compared with $14.6 million in the prior quarter and $12.0 million in the third quarter of 2025. The general cargo presented an over 21% increase quarter over quarter, driven mainly by growth in the RoRo and break bulk segments. The decline volume throughput at the liquids terminal quarter over quarter was mainly due to lower throughput volumes, partially offset by volumes from LPG services.

During the quarter, the Company entered into new short-term take-or-pay agreements with Primax, Unocorp, Trafigura and Petromil for the handling approximately 10,000 bbls/d of increased volumes of diesel and fuel oil imported into Colombia to address demand associated with higher thermal power generation requirements resulting from the impacts of El Niño. Additionally, signed four tanks in take-or-pay, initially for fuel oil and other fuels.

	Three months ended September 30	Three months ended June 30	Three months ended September 30
($M)	2026	2026	2025

Colombia
Liquids terminal	5,751	6,477	5,791
General cargo terminal	9,841	8,110	6,170
Colombia port revenues	15,592	14,587	11,961

Guyana
Other port revenues	197	60	106
Total revenue	15,789	14,647	12,067

The following table shows the RoRo units, their dwell times, the containers and break bulk volumes, for the general cargo terminal at Puerto Bahia:

		Three months ended September 30	Three months ended June 30	Three months ended September 30
		2026	2026	2025
RoRo	Units ⁽¹⁾	49,575	48,074	36,303
RoRo	Dwell time in days ⁽²⁾	34	27	27
Containers	TEUs	2,576	3,277	6,205
Break Bulk Volumes	Tons/m³ ⁽³⁾	15,303	11,199	9,426

The following table shows throughput for the liquids terminal at Puerto Bahia:

		Three months ended September 30	Three months ended June 30	Three months ended September 30
		2026	2026	2025
Oil Liquids	(bbl/d)	32,724	39,889	39,560
Liquefied Petroleum Gas	Tons	13,792	4,000	—

Third Quarter 2026 Financial Results Conference Call Details

A conference call for investors and analysts will be held on Thursday, November 12th, 2026, at 11:00 a.m. Eastern Time. Participants will include Gabriel de Alba, Chairman of the Board of Directors, Orlando Cabrales Segovia, Chief Executive Officer, Andrés Sarmiento Grisales, Chief Financial Officer, and other members of the senior management team.

Analysts and investors are invited to participate using the following dial-in numbers:

RapidConnect URL: https://link.meetingpanel.com/?id=93214

Participant Number (Toll Free North America):	1-888-510-2154
Participant Number (Toll Free Colombia):	+57-601-489-8375
Participant Number (International):	1-437-900-0527
Conference ID:	93214
Webcast URL:	https://app.webinar.net/yw75Dp6W18n

A replay of the conference call will be available until 11:59 p.m. Eastern Time on November 19th, 2026.

Encore Toll free Dial-in Number:	1-888-660-6345
International Dial-in Number:	1-289-819-1450
Encore ID:	93214

Social Media

Follow Frontera Energy social media channels at the following links:

Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp.

Advisories:

Cautionary Note Concerning Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical facts, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future are forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", "proposed" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are often, but not always, identified by such words. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward looking statements with respect to: the Company's ability to grow and diversify cash flows and enhance asset value through its infrastructure initiatives; the development of the LNG project, the estimated costs of its completion, and estimated commencement of operations in 2027; the continued advancement of the LPG project and estimated commencement of operations, the growth and expansion opportunities associated with containerized and non-containerized cargo; the planned launch of an open process to identify incremental third-party LNG volumes; the potential development of a 150–300 MW thermal power plant; the ability to maintain liquidity and reduce long-term debt; and the expectation of stable inflow of dividends and cash distribution from the ODL Pipeline Investment.

These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: volatility in market prices for oil and natural gas; the U.S. trade tariffs affecting numerous countries including Colombia; the impact of the Russia-Ukraine conflict and the conflict in the Middle East and its related impact on the commercial routes and transit through the Strait of Hormuz, and economic sanctions related thereto; the risk that Excelerate may not deliver the FSRU within the anticipated timelines or that the FSRU provided in the near term may not meet the appropriate technical specification; operational disruptions or additional costs which could delay the commencement of commercial operations, and/or impair Puerto Bahía's ability to meet its obligations under the take-or-pay agreement with Ecopetrol; actions of the Organization of Petroleum Exporting Countries; actions by other third parties including customers, suppliers, industry partners or relevant governmental or regulatory authorities; uncertainty of estimates of capital and operating costs, estimated economic return; increases or changes to transportation costs; expectations regarding the Company's ability to raise capital; the ability of the Company to advance key initiatives, including the LNG regasification project in the Puerto Bahia facilities; the Company's ability to complete strategic initiatives or transactions to enhance the value of its common shares and the timing thereof; the Company's ability to access additional financing; the ability of the Company to meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; political developments in the countries where the Company operates; timing of receipt of government approvals; measures the Company may take in response to pandemics or similar events; fluctuations in foreign exchange or interest rates stock market volatility; and the other factors disclosed under the heading "Risk Factors" and elsewhere in the Company's annual information form dated March 17, 2026 filed on SEDAR+ at www.sedarplus.ca.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

This news release contains future oriented financial information and financial outlook information (collectively, "FOFI"). Such FOFI is subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company's activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's reasonable estimates and judgments. However, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.

Non-IFRS Financial Measures

This document contains various "non-IFRS financial measures" (equivalent to "non-GAAP financial measures", as such term is defined in NI 52-112), "non-IFRS ratios" (equivalent to "non-GAAP ratios", as such term is defined in NI 52-112), and "capital management measures" (as such term is defined in NI 52-112), which are described in further detail below. Such measures do not have standardized IFRS definitions. The Company's determination of these non-IFRS financial measures may differ from other reporting issuers and they are therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these financial measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These financial measures do not replace or supersede any standardized measure under IFRS. Other companies in the Company's industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.

The Company discloses these financial measures, together with measures prepared in accordance with IFRS, because management believes they provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. These financial measures highlight trends in the Company's core business that may not otherwise be apparent when relying solely on IFRS financial measures. Further, management also uses non-IFRS measures to exclude the impact of certain expenses and income that management does not believe reflect the Company's underlying operating performance. The Company's management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets and as a measure of the Company's ability to finance its ongoing operations and obligations.

Set forth below is a description of the non-IFRS financial measures, non-IFRS ratios, supplementary financial measures and capital management measures used herein.

ODL (100%) Income Statement Summary

	Three months ended September 30
($M)	2026	2025
Revenue	115,368	95,786
Pipeline transportation services	94,223	87,476
Other revenues	21,145	8,310
Operating costs	(17,219)	(13,017)
General administrative expenses	(6,184)	(4,284)
Depreciation and amortization	(10,414)	(8,268)
Other non-operating expense	(5,795)	(933)
Income tax	(26,695)	(23,981)
ODL Net Income	49,061	45,303

ODL EBITDA	91,965	78,485

Puerto Bahia Income Statement Summary

	Three months ended September 30
($M)	2026	2025
Revenue	15,592	11,961
Costs	(9,130)	(6,999)
General and administrative expenses	(1,580)	(1,203)
Depletion, depreciation and amortization	(2,408)	(1,725)
Impairment expense, exploration expenses and other	—	—
Restructuring, severance and other costs	—	(472)
Puerto Bahia Operating (loss) Income	2,474	1,562

Puerto Bahia EBITDA	4,882	3,759

Adjusted Revenue, Adjusted Operating Cost and Adjusted General and Administrative Calculations

Each Adjusted Revenue, Adjusted Operating Costs and Adjusted General and Administrative, represents a non-IFRS financial measure that management uses to evaluate the performance of continuing operations. Adjusted Revenue consists of port revenues and ODL's revenues attributable to the Company's direct participation interest. Adjusted Operating Cost consists of port operating cost and ODL's operating cost attributable to the Company's direct participation interest. Adjusted General and Administrative consists of General and Administrative expenses and ODL's General and Administrative expenses attributable to the Company's direct participation interest.

A reconciliation of each of Adjusted Revenue, Adjusted Operating Costs and Adjusted General and Administrative is provided below:

	Three months ended September 30
($M) ⁽¹⁾	2026	2025
Port revenues	15,789	12,067
Revenue from ODL	115,368	95,786
Direct participation interest in ODL	35 %	35 %
Equity adjustment participation of ODL ⁽¹⁾	40,379	33,525
Adjusted Revenues	56,168	45,592

Port operating cost	(9,130)	(7,038)
Operating Cost from ODL	(17,219)	(13,017)
Direct participation interest in ODL	35 %	35 %
Equity adjustment participation of ODL ⁽¹⁾	(6,027)	(4,556)
Adjusted Operating Costs	(15,157)	(11,594)

General and administrative (Port, Corporate and Other)	(4,002)	(2,355)
General and administrative from ODL	(6,184)	(4,284)
Direct participation interest in ODL	35 %	35 %
Equity adjustment participation of ODL ⁽¹⁾	(2,164)	(1,499)
Adjusted General and Administrative	(6,166)	(3,854)

(1)	Revenues and expenses related to ODL are accounted for using the equity method, as described in Note 13 of the Interim Financial Statements.

Adjusted EBITDA
The Adjusted EBITDA is a non-IFRS financial measure used to assist in measuring the continuing operation results of the business, including ODL's EBITDA attributable to the Company's direct participation interest.
The table below provides a reconciliation of operating income from continuing operations to Adjusted EBITDA:

	Three months ended September 30
($M)	2026	2025
Adjusted Revenue	56,168	45,592
Adjusted Operating Costs	(15,157)	(11,594)
Adjusted General and Administrative	(6,166)	(3,854)
Adjusted EBITDA	34,845	30,144

⁽¹⁾ Corresponds to the Company's 35% equity participation in ODL's revenue, operating costs, and general and administrative expenses.

LTM Infrastructure Distributable Cash Flow
Distributable cash flow is a non‑IFRS financial measure that reflects the cash available to the Company from its infrastructure investments to service its debt, Capex investments and provide returns to shareholders, after fulfilling ongoing operational requirements. This measure incorporates the Company's port revenue, port operating cost and port general and administrative, and ODL capital distributions, net of taxes, for the last twelve‑month period ended at the reporting date.

	Twelve months ended September 30
($M)	2026	2025
LTM Puerto Bahia EBITDA	17,679	16,381
LTM ODL dividends, net of taxes	64,681	59,443
LTM ODL return of capital, net of taxes	4,617	2,120
LTM Infrastructure Distributable Cash Flow	86,977	77,944

Capital Expenditures
Capital expenditures is a non-IFRS financial measure that reflects the cash and non-cash items used by the Company to invest in capital assets. This financial measure considers, plant and equipment, infrastructure expenditures which are items reconciled to the Company's Statements of Cash Flows for the period.

	Three months ended September 30		Nine months ended September 30
($M)	2026	2025	2026	2025
Additions to properties, plant and equipment from Consolidated Statements of Cash Flows	9,159	4,316	11,665	10,173
Advance payment related to the LNG Project.	10,055	—	16,333
Non-cash adjustments ⁽¹⁾	263	(413)	261	644
Total Capital Expenditures from Continuing Operations	19,477	3,903	28,259	10,817

(1)	Related to capitalized non-cash items, particularly in 2025 due to capitalized interest and other adjustments.

Net Debt
Net debt is a non‑IFRS financial measure that reflects the Company's total indebtedness after deducting available cash and cash equivalents and is used by management to assess financial leverage and debt‑repayment capacity.

	September 30	December 31
($M)	2026	2025
Short-term and Long-term debt	188,925	167,183
Leasing ⁽¹⁾	2,166	1,555
Total debt and lease liabilities ⁽²⁾	191,091	168,738
(-) Cash and cash equivalents ⁽¹⁾	83,917	45,073
Net Debt	107,174	123,665

⁽¹⁾For the 2025 comparative periods, the information includes only balances related to continuing operations, as the balances in the Interim Condensed Consolidated Statements of Financial Position as of December 31, 2025 were not re-presented to separately reflect discontinued operations. Cash and cash equivalents totaled $230.5 million, including $185.4 million attributable to discontinued operations. Leasing balances totaled $19.9 million, including $18.3 million attributable to discontinued operations.

⁽²⁾ Supplementary financial measure.

Non-IFRS Ratios

Adjusted EBITDA Margin
Adjusted EBITDA Margin is a non‑IFRS ratio calculated by dividing Adjusted EBITDA, a non‑IFRS financial measure, by Adjusted Revenue, also a non‑IFRS financial measure.

	Three months ended September 30		Nine months ended September 30
%	2026	2025	2026	2025
Adjusted EBITDA	34,845	30,144	93,807	83,682
Adjusted Revenue	56,168	45,592	149,881	129,497
Adjusted EBITDA Margin	62 %	66 %	63 %	65 %

Net Debt to Adjusted EBITDA LTM
Net Debt to Adjusted EBITDA LTM represents a non‑IFRS ratio calculated by dividing Net Debt by Adjusted EBITDA for the last twelve‑month period ended at the reporting date, both of which are non‑IFRS financial measures.

	Three months ended September 30
x times	2026	2025
Net Debt	107,174	159,827
Adjusted EBITDA LTM	121,507	111,971
Net Debt to Adjusted EBITDA LTM	0.88x	1.43x

Capital Management Measures

Total debt and lease liabilities

Total debt is a capital management measure to describe the total financial liabilities of the Company and is comprised of the short-term and long-term debt and liabilities from leases of various properties, power generation supply, vehicles and other assets.

Total cash
Total cash is a capital management measure to describe the total cash and cash equivalents restricted and unrestricted cash available and is comprised of the cash and cash equivalents and the restricted short and long-term cash.

Abbreviations

bbl	Oil barrels	m3	Cubic metre
bbl/d	Barrels of oil per day	Tons	Tonnes
USD	United States dollars	TEU	Twenty-foot Equivalent Unit
FX	Foreign exchange	$	U.S. dollars
LPG	Liquefied Petroleum Gas	$M	Thousands of U.S. dollars
LNG	Liquefied Natural Gas	$MM	Million of U.S. dollars

SOURCE Frontera Energy Corporation