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GRANITE RIDGE INVESTOR PRESENTATION | AUGUST 2026 GRNT LISTED NYSE
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Investment Highlights A capital allocator partnering with proven operators to develop U.S. short-cycle oil and gas at >25% returns Operated Partnerships Non-Operated Underwritten at Strip, Through Cycles Short-cycle investments underwritten at strip to full- cycle IRRs with accelerated capital recovery Operated Partnerships: Control + Deal Flow Execution control, margin visibility, and captive Permian operated deal flow Scaled Platform with Proprietary Deal Flow Diversified platform sourcing opportunities across premier U.S. basins each year Transition to Sustainable Free Cash Flow Scale-building phase at its apex in 2026 before sustained free cash flow generation begins in 2027 2 GRANITE RIDGE ASSET PORTFOLIO TARGET IRR >25% 2026 CAPEX 90% ANNUAL DEALS ~700 FCF INFLECTION 2027
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Capital Allocation Platform at Scale 1. Defined as Net Debt / Trailing Twelve Month (“TTM”) Adjusted EBITDAX as of 6/30/2026; Net Debt and Adjusted EBITDAX are Non-GAAP financial measures, which are defined and reconciled in the Appendix. 2. Production growth is defined as the midpoint of guidance for 2026 over full year 2025 production. 3. As of 7/29/2026; based on last quarter annualized dividend payment of $0.44/share; future dividends are subject to approval by the Granite Ridge Board of Directors and credit agreement restrictions. 4. Consensus 2026 mean EBITDAX of $348 million per S&P Capital IQ and GRNT price as of 7/29/2026. 3 Q2 2026 Production 6 premier basins | 65 high-quality operators ~3,600 gross wells | 32,044 Boe/d in Q2 2026 Scaled cash flow base, conservative leverage, and a valuation gap at odds with the fundamentals INCOME STOCK 9.4% 2.8x Dividend Yield 3 EV / 2026E EBITDAX 4 PRODU CT ION GROWTH 9% 2026 Target Production Growth 2 VALUE M U LT I P L E BALANCE SHEET 1.4x Leverage Ratio 1 Permian 61% Eagle Ford Bakken Haynesville DJ Basin Utica Oil 51% Gas 49%
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Two Upstream Investment Strategies Complementary approaches targeting 25% full-cycle returns 4 Operated Partnerships • Asset-level partnerships with proven operators • Full control of development timing and capital allocation • Reversion structure aligns incentives; GRNT retains >90% of 10-year cash flow CONTROL Traditional Non-Op DIVERSIFICATION >25% Target full-cycle IRR • Six U.S. focus areas with proprietary deal flow • Capital-efficient participation in near- term development • Diversified across operators, commodities, and basins
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0 20 40 60 80 100 120 140 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0 $5 $10 $15 $20 $25 $30 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ($Bn) Capital Retreat Creates Structural Opportunity 5 Natural Resources PE Fundraising Natural Resources PE-Backed Teams ~70% Decline Granite Ridge fills the capital and execution gap through its Operated Partnerships model ~80% Decline Source: Preqin, Enverus Granite Ridge Advantage • Significantly less competition for short-cycle inventory • Capital scarcity creates pricing power; GRNT acquires inventory ~65% below Permian market averages • Granite Ridge provides capital and execution through Operated Partnerships
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6 6 Operated Partnerships – Control with Alignment We structure, control, and finance short-cycle development with incentive alignment baked into economics 1 Source Deals Proprietary opportunities sourced through partners and captive to GRNT 2 Structure Partnership No blind pool or DrillCo; GRNT controls capital deployment 3 Deploy Capital Defined development tranches underwritten to a >25% net IRR 4 Produce and Return GRNT earns a preferred return and captures majority economics pre-reversion 5 Revert and Retain Operator incentive reverts while the partnership retains its working interest target full-cycle IRR at strip pricing of 2026E capex allocated to Operated Partnerships >90% 10-year cash flow retained including reversion >25% Target full-cycle IRR at strip pricing >90% 2026E capex allocated to Operated Partnerships Designed to combine proprietary deal flow, capital control, and durable retained economics
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123.1 0 20 40 60 80 100 120 140 2023 2024 2025 Q1 2026 Q2 2026 Short -Cycle Underwriting Drives Operated Growth Approximately 88 net Operated Partnership locations support nearly $800 million of net development capital Cumulative Net Locations Acquired Net Production (Mboe/d) 7 Gross Operated Oil Production and Inventory Operated Partnerships Program Admiral Permian (Flagship Partnership) Inventory Growth Outpaces Development • Net inventory additions exceeding wells placed on production • Strip-underwritten lease- level acquisitions drive durable, repeatable returns • Operated partners deal flow is captive to Granite Ridge 0 50 100 150 200 250 300 350 - 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 Jul-23 Jan-24 Jul-24 Jan-25 Jul-25 Jan-26 Well Count Gross Operated Oil Production (BOPD) Producing Wells Inventory G. Op Oil Prod0 2 4 6 8 10 12 July-23 July-24 July-25 July-26
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8 Admiral Permian Partnership Overview & Results Delaware & Midland Basin 50+ transactions since 2023 50+ transactions | 2 Active Rigs | Nearly $400 million capital deployed in the Permian Basin All-Time Portfolio Performance 12 tranches | Actual realizations through Jan. 2026 LOCATIONS2 202 gross / 60.2 net PDP WELLS 96 gross / 40.1net ACTIVITY 2 rigs 24.3% at $70 oil x $3.50 gas 2.7x at $70 oil x $3.50 gas Portfolio IRR Portfolio MOIC1 • Cumulative FCF bottomed at YE2025. Production has scaled, curve is inflecting. • All tranche reversions combined impact forecasted production and cash flow by less than 2% • GRNT retains 92% of 10-year projected cash flow in typical reversion tranche High IRR, Durable Cash Flow -$300 -$200 -$100 $0 $100 $200 $300 $400 ($MM) Through the Trough – Inflecting Toward FCF3 1. Portfolio MOIC based on net contributed capital 2. Does not include locations converted to producing wells as of 6/30/2026. 3. Cumulative net cash flow to GRNT, inception through 2049, at $70 oil / $3.50 gas; reflects current inventory only. 2022 2049Q3 2026
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9 9 Gross Operated Locations1 238 ~88 net · 4 operators DC&F Cost ~$913/ft gross drill, complete and facilities cost2 Well Productivity ~56bbl/ft avg oil EUR2 Lateral Length ~10.7kft avg lateral2 PERMIAN ENTRY COST 3 VS. GRANITE RIDGE $MM per net location, GRNT enters at a fraction of recent transaction comps $4.0 2023 $3.7 2024 $5.6 2025 $6.5 DVN $8.0 MTDR $1.4 GRNT DEPTH & DURABILITY Operated Partnership inventory by oil-EUR tier High ≥60 bbl/ft 34% Core 45–59 bbl/ft 47% Value <45 bbl/ft 19% • 6 stacked target zones • Multi-year runway — development scheduled 2025 → 2029E • Delaware & Midland Basins 1. Includes projects that were in the process of closing as of 6/30/2026 2. Weighted average across four operated partnerships. 3. Entry cost per net location. 2023–2025 are Permian announced-transaction averages (Enverus); DVN and MTDR reflect publicly announced BLM lease sales Operated inventory developed at Permian-competitive productivity and drilling cost A Lower Entry Price – Not Lower -Quality Rock
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10 OPEC Price Collapse COVID-19 10 2014–20251 | Capex $MM 1. Data reflects Granite Ridge predecessor, Grey Rock Investment Partners, invested capital through the Grey Rock Natural Resources Funds from 2014 until Granite Ridge went public in 2022. 2014–20251 | Number of Deals (left) | Entry Cost $MM (right) Repeatable Model Maintains Attractive Entry Costs Investing through cycles with disciplined underwriting and capital allocation Invested Over $2 Billion in Last Decade Through Multiple Downturns Entry Costs Remain Disciplined as Volume Scales 2025 Avg. Entry Cost <$2MM $0 $2 $4 $6 $8 $10 0 10 20 30 40 50 60 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Deal Count Avg. Entry Cost $25 $401 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Acquisition Capex Development Capex
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Capital Efficiency Driving Production Growth Granite Ridge has maintained steady development costs while growing at 13% CAGR Production Outpacing Development Capex • 13% production CAGR with development capex under $85 million for 13 consecutive quarters • Typical 1:4 acquisition-to- development capex ratio reflects capital-light growth — most of the spending drives production, not just inventory 11 Granite Ridge Quarterly Capex and Production Q2 2023 – Q2 2026 | Capex $MM 32.0 $0 $20 $40 $60 $80 $100 $120 $140 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Development Capex ($MM) Acquisition Capex ($MM) Production (Mboe/d)
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High Returns, Organic Growth — Without the M&A Top-quartile capital returns and double-digit production growth — at only 16% acquisition intensity Peer 1 12% Granite Ridge 16% Peer 2 20% Peer 3 20% Peer 4 23% Peer 5 48% Peer 6 77% Peer 7 89% Peer 8 180% 1. Calculated from 12/31/2022 through 12/31/2025 2. Represents total acquisition considerations as a percentage of 12/31/2022 TEV 3. Acquisition considerations based on transaction values from Enverus. Source: FactSet, Enverus. CROIC is defined as (Funds from Operations – Interest Expense) / Avg. Gross Invested Capital. Acquisitions as % of TEV calculated 12/31/2022 – 12/31/2025. Selected peers include APA Corporation (APA), Magnolia Oil & Gas (MGY), Northern Oil & Gas (NOG), Permian Resources (PR), Riley Permian (REPX), Ring Energy (REI), SM Energy (SM), Vitesse Energy (VTS) 12 CROIC vs. Production Growth 3-Year Average, 2022-2025 0 5 10 15 20 25 30 0 5 10 15 20 25 30 3-Year Avg. CROIC1 Production Growth CAGR1 Acquisitions as % of TEV2,3 2022-2025
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2026: Disciplined Capital Allocation at Scale Capital aligned with cash flow for long-term durability Guidance Low High Net Production (Boe/d) 34,000 36,000 % Oil 50% 52% Development Capex ($MM) $300 $330 Acquisition Capex ($MM) $45 $55 Total Capital Expenditures ($MM) $345 $385 Lease Operating Expense / Boe $8.25 $9.25 Production Taxes (% of Revenue) 6% 7% Cash G&A ($MM) $25 $27 Non-Cash G&A ($MM) $2 $3 13 Predominantly Operated Partnership D&C Capital 2026E Moderated Growth: Free Cash Flow in 2027 Disciplined capital deployment underwritten at strip ~90% of D&C Capital to Operated Partnerships Enhances execution, margin visibility, and capital control 78% 9% 13% D&C Operated Partnerships D&C Non-Op Acquisitions
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14 For illustration purposes only. Not intended as guidance. Transitioning to Sustainable Free Cash Flow Increased capital efficiency at scale drives continued growth and free cash flow in 2027 >10% $70 oil and $3.50 gas >1.25x $70 oil and $3.50 gas 8-10% Y/Y Capital Allocation Framework Maintenance capital $250MM Full-cycle underwriting hurdle >25% Target leverage ~1.25x Annual dividend $0.44/share FCF Yield Dividend Coverage Production Growth • 2026 is the last outspend year • 2027 delivers double-digit FCF yield, a sustainable dividend, and continued production growth 2027: First Year of Sustainable Free Cash Flow Operating Cash Flow | Capital Expenditures FCF InflectionScale-building phase | Deliberate outspend 2023 2024 2025 2026 2027 Operating Cash Flow Capital Expenditures
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15 15 1. Capital IQ as of 8/3/2026 2. SMID Oil peers include: AMPY, CHRD, CRGY, MGY, MUR, NOG, SM, VTS; Permian peers include: FANG, HPK, MTDR, PR, REI, REPX 3. Based on FY2026E consensus EBITDA; net debt and shares outstanding as of 6/30/2026. Source: Capital IQ as of 8/3/2026. Legacy Factors Explain Discount. All Are Changing. GRNT trades at a 20-30% discount to SMID-Oil and Permian peers — a gap driven by timing and structure not asset quality Relative Valuation1,2 NTM EV / EBITDA Where We’ve Been The three knocks on Granite Ridge Traditional Non-Op GRNT was built as a passive non-op focused on minority working interests Ownership Overhang Private equity sponsor overhang constrains trading liquidity and institutional access Operated Provides Capital Control ~90% of 2026 D&C capex flows through Operated Partnerships. We control capex and timing decisions. Grey Rock Distribution 51% ownership drops to total insider ownership of ~10% by April 2027 after remaining fund distribution to LPs AT PEER-AVERAGE MULTIPLES3 $6.50 - $8.00 Implied per-share value 2.7x 3.4x 4.0x GRNT SMID-Oil Permian Outspend Raised Leverage We intentionally outspent cash flow to build scale. Leverage rose with it. Free Cash Flow in 2027 2026 is last outspend year. We expect leverage to fall from 2026 peak with FCF covering dividend. What’s Changing What to watch
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Consistent Insider Buying Demonstrates Conviction 9 insiders have consistently added to positions through open-market purchases 16 Insider Buying Quarterly Open Market Purchases Since Inception No open window $3.8MM Significant Personal Capital Invested • 9 insiders have invested $3.8 million in open- market purchases since 2023 • Average purchase price of $5.62 per share Source: GRNT Section 16 filings $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 $1,200,000 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
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APPENDIX
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Q2 2026 Financial & Operating Highlights 18 Strong operational quarter — 1% Y/Y production growth, declared dividend; maintained liquidity and leverage Production 32.0MBoe/d +1% Y/Y | 51% oil Adj. EBITDAX $79.6MM +12% Q/Q Adj. Net Income $11.1MM $0.09 Adj. EPS (non-GAAP) Total Capital Spending $95.2MM $78.5MM D&C + $16.7MM acq Liquidity $293.8MM Available at quarter-end Net Debt / Adj. EBITDAX 1.4x Maintained leverage Strong Production & Operating Performance • Daily production grew 1% Y/Y to 32.0 MBoe/d (51% oil), from 31.6 MBoe/d in Q2 2025 • Adj. EBITDAX of $79.6MM (+12% Q/Q) • Net income of $30.0MM ($0.23/share) • Adjusted Net Income of $11.1MM, or $0.09 Adjusted EPS (non-GAAP) Capital Discipline & Drilling Program • Invested $78.5MM in drilling and completions capex and $16.7MM in acquisition capital • Placed 7.2 net wells online Shareholder Returns • Declared Q2 dividend of $0.11 per share of common stock1 • 14 consecutive quarters of $0.11 per share dividend Balance Sheet & Liquidity • $293.8MM of liquidity • Maintained Net Debt to TTM Adjusted EBITDAX (non-GAAP) of 1.4x 1. Future dividend declarations subject to approval by the Board of Directors
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Current NYMEX Hedges Natural Gas1 Swaps Mcf 3,961,363 1,222,218 — 4,181,334 3,896,372 1,246,108 — Price $3.73 $3.73 — $3.60 $3.60 $3.60 — Collars Mcf 1,727,756 3,868,320 4,524,957 — — 1,902,983 2,211,640 Ceiling $4.00 $4.44 $5.06 — — $4.74 $4.73 Floor $3.25 $3.66 $3.99 — — $3.55 $3.60 Percent Hedged Current PDP 68% 70% 71% 72% 73% 65% 49% Basis Swaps (Waha) Mcf 2,712,563 2,300,200 1,966,185 1,738,443 1,233,958 739,358 111,100 Price $(4.74) $(1.60) $(1.28) $(1.45) $(1.26) $(1.66) $(1.60) 1. As of 8/6/2026. 19 2026 2027 2028 Oil1 3Q 4Q 1Q 2Q 3Q 4Q 1Q Swaps Bbl 73,484 53,974 452,936 — — — — Price $60.27 $60.24 $60.21 — — — — Collars Bbl 909,612 795,038 161,179 560,295 520,325 379,135 — Ceiling $69.93 $68.53 $79.76 $75.99 $77.20 $75.44 — Floor $60.53 $59.97 $58.81 $54.13 $54.57 $54.89 — Percent Hedged Current PDP 68% 72% 65% 65% 66% 53% 0% Basis Swaps (WTI/Brent CMA Diff) Bbl 368,627 318,367 — — — — — Price $(5.51) $(5.51) — — — — —
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Year End 2025 SEC Reserves Summary 1. Netherland, Sewell & Associates, Inc. reserves as of 12/31/2025 at SEC pricing. 2. Non-GAAP financial measure. Pease see the Appendix for a reconciliation to the nearest GAAP measure. Reserve Category Oil (MBbls) Gas (MMcf) Equivalent (MBoe) PV-10% ($M)2 PDP 21,141 155,327 47,029 $763,594 PDNP 357 834 496 14,389 PUD 9,075 34,482 14,822 118,902 Total Proved Reserves 30,573 190,643 62,347 $896,885 ~62 MMBoe ~$0.9BN Net Reserves by Hydrocarbon PV-10 by Region2 ~62 MMBoe ~$0.9BN Net Reserves by Category PV-10 by Category2 Proved PV-10 by Operator ($MM)1,2 20 ExxonMobil
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Non- GAAP Reconciliation: Adjusted EBITDAX $M 1Q ‘25 2Q ‘25 3Q ‘25 4Q ‘25 2025 1Q ‘26 2Q ‘26 Net income (loss) $9,812 $25,081 $14,523 $(25,063) $24,353 $(47,031) 29,996 Interest expense, net 5,015 5,914 6,069 8,502 25,500 10,319 11,074 Income tax expense (benefit) 2,880 7,777 4,769 (7,665) 7,761 (13,633) 8,873 Other, net (120) — — 185 65 267 45 Depletion and accretion expense 48,445 53,412 55,947 57,897 215,701 54,979 52,666 Non-cash stock-based compensation 653 395 1,339 1,369 3,756 1,398 1,250 Impairments of long-lived assets — — — 44,654 44,654 11,174 9,149 Unrealized (gain) loss on derivatives – commodity derivatives 14,744 (22,954) (3,456) (10,996) (22,662) 60,185 (35,725) (Gain) loss on equity investments 9,971 5,795 (548) 615 15,833 (6,675) 2,223 Adjusted EBITDAX $91,400 $75,420 $78,643 $69,498 $314,961 $70,983 $79,551 21
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Adjusted EBITDAX, $M 2018 2019 2020 2021 2022 2023 2024 2025 TTM Net income (loss) $24,477 $22,646 ($23,930) $108,459 $262,344 $81,099 $18,759 $24,353 $(27,575) Interest expense, net 1,498 2,691 1,841 2,385 1,989 5,315 18,470 25,500 35,964 Income tax expense (benefit) — — — — 12,850 24,483 6,207 7,761 (7,656) Other, net 387 (6,141) (648) (2,279) — 176 (241) 65 497 Depletion and accretion expense 31,372 67,909 79,947 94,661 105,752 160,662 176,529 215,701 221,489 Non-cash stock-based compensation — — — — — 2,162 2,298 3,756 5,356 Impairments of long-lived assets — — 5,725 — — 26,496 36,369 44,654 64,977 Warrant exchange transaction costs — — — — — 2,456 — — — Unrealized (gain) loss on derivatives – commodity derivatives (5,610) 5,419 (1,093) 7,170 (17,113) (2,649) 17,271 (22,662) 10,008 (Gain) loss on equity investments — — — — — (508) 15,183 15,833 (4,385) (Gain) loss on derivatives – common stock warrants — — — — (362) 5,742 — — — Adjusted EBITDAX $52,124 $92,524 $61,842 $210,396 $365,460 $305,434 $290,845 $314,961 $298,675 Net Debt, $M 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025 6/30/2026 Long-term debt, net $18,400 $56,500 $38,500 $1,100 — $110,000 $205,000 $367,832 $427,108 Current portion of long-term debt — — — 50,000 — — — 17,500 35,000 Less: Cash (13,182) (6,047) (8,208) (11,854) (50,833) (10,430) (9,419) (14,846) (44,092) Net Debt $5,218 $50,453 $30,292 $39,246 ($50,833) $99,570 $195,581 $370,486 $418,016 Net Debt to Adjusted EBITDAX, 0.0x 0.1x 0.5x 0.5x 0.2x (0.1)x 0.3x 0.7x 1.2x 1.4x Non -GAAP Reconciliation: Net Debt / Adjusted EBITDAX 22
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Non- GAAP Reconciliations Adjusted Net Income, $M Q2 Net income $29,996 Impairments of long-lived assets 9,149 Unrealized (gain) loss on derivatives – commodity derivatives (35,725) Loss on equity investments 2,223 Tax impact on above adjustments1 5,462 Adjusted Net Income $11,105 23 1. Estimated using statutory tax rate in effect for the period. Adjusted Earnings Per Share, $ per diluted share Q2 Earnings per diluted share – as reported $0.23 Impairments of long-lived assets 0.07 Unrealized (gain) loss on derivatives – commodity derivatives (0.27) Loss on equity investments 0.02 Tax impact on above adjustments1 0.04 Adjusted Earnings per Diluted Share $0.09
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Non- GAAP Reconciliations PV-10%, $M 12/31/2025 Pre-tax present value of estimated future net revenues (Pre-Tax PV10%) $896,885 Future income taxes, discounted at 10% (107,004) Standardized measure of discounted future net cash flows $789,881 24
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Disclaimer NON-GAAP MEASURES Adjusted EBITDAX: The Company defines Adjusted EBITDAX as net income before depletion and accretion expense, unrealized (gain) loss on derivatives – commodity derivatives, net interest expense, (gain) loss on derivatives – common stock warrants, non-cash stock-based compensation, warrant exchange transaction costs, income tax expense (benefit), impairment of long-lived assets, (gain) loss on equity investments and other, net. Adjusted EBITDAX is not a measure of net income or cash flows as determined by GAAP. The Company’s Adjusted EBITDAX measure provides additional information that may be used to better understand the Company’s operations. Adjusted EBITDAX is one of several metrics that the Company uses as a supplemental financial measurement in the evaluation of its business and should not be considered in isolation or as an alternative to, or more meaningful than, net income as an indicator of operating performance. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Adjusted EBITDAX, as used by the Company, may not be comparable to similarly titled measures reported by other companies. The Company believes that Adjusted EBITDAX is a widely followed measure of operating performance and is one of many metrics used by the Company’s management team and by other users of the Company’s consolidated financial statements. For example, Adjusted EBITDAX can be used to assess the Company’s operating performance and return on capital in comparison to other independent exploration and production companies without regard to financial or capital structure, and to assess the financial performance of the Company’s assets and the Company without regard to capital structure or historical cost basis. Net Debt: The Company defines Net Debt as Long-Term Debt plus current portion of long-term debt less cash. Leverage: The Company defines leverage as Net Debt divided by TTM Adjusted EBITDAX. PV-10: The Company defines PV-10 as the pre-tax present value of estimated future net revenues (Pre-Tax PV-10%) less future income taxes, discounted at 10%. The Company’s PV-10 provides a standardized measure of discounting future net cash flows. 25
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Disclaimer FORWARD-LOOKING STATEMENTS This investor presentation contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this presentation regarding, without limitation, Granite Ridge’s 2026 outlook, dividend plans and practices, financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this investor presentation, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations cash flows, and trends or operating results also constitute such forward- looking statements. Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Granite Ridge’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in Granite Ridge’s strategy, future operations, financial position, hedging positions, estimated revenues and losses, projected costs and cash flows, prospects and plans, changes in current or future commodity prices and interest rates, supply chain disruptions, infrastructure constraints and related factors affecting our properties, ability to acquire additional development opportunities and potential or pending acquisitions or transactions, as well as the effects of such acquisitions on our company’s cash position and level of indebtedness, changes in reserves estimates or the value thereof, operational risks including, but not limited to, the pace of drilling and completions activity on our properties, changes in the markets in which Granite Ridge competes, geopolitical risk and changes in applicable laws, legislation, or regulations, including those relating to environmental matters, cyber-related risks, the fact that reserve estimates depend on many assumptions that may turn out to be inaccurate and that any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of Granite Ridge’s reserves, the outcome of any known and unknown litigation and regulatory proceedings, legal and contractual limitations on the payment of dividends, limited liquidity and trading of Granite Ridge’s securities, acts of war, terrorism or uncertainty regarding the effects and duration of global hostilities, including the Israel- Hamas conflict, the Russia-Ukraine war, continued instability in the Middle East, and any associated armed conflicts or related sanctions which may disrupt commodity prices and create instability in the financial markets, and market conditions and global, regulatory, technical, and economic factors beyond Granite Ridge’s control, including the potential adverse effects of world health events, affecting capital markets, general economic conditions, global supply chains, uncertainties with respect to trade policies (including the imposition of tariffs) and Granite Ridge’s business and operations, increasing regulatory and investor emphasis on, and attention to, environmental, social and governance matters, our ability to establish and maintain effective internal control over financial reporting and the other risks described under the heading "Item 1A. Risk Factors" in Granite Ridge’s Annual Report on Form 10-K for the year ended December 31, 2025 and any subsequently filed Quarterly Reports on Form 10-Q. Any forward-looking statement speaks only as of the date on which such statement is made and Granite Ridge undertakes no obligation to correct or update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by applicable law. Granite Ridge has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Granite Ridge’s control. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect, our actual results may vary materially from those expected or projected. Granite Ridge does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws. 26
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Disclaimer INDUSTRY AND MARKET DATA The information, data and statistics contained herein are derived from various internal and external third- party sources. While Granite Ridge believes such third-party information is reliable, there can be no assurance as to the accuracy or completeness of the indicated information. Granite Ridge has not independently verified the accuracy or completeness of the information provided by third party sources. No representation is made by Granite Ridge’s management as to the reasonableness of the assumptions made within or the accuracy or completeness of any projections or modeling or any other information contained herein. Any information, data or statistics on past performance or modeling contained herein is not an indication as to the future performance. Granite Ridge assumes no obligation to update the information in this presentation. Some data is also based on our good faith estimates, which are derived from our review of internal sources as well as the third-party sources described above. The industry in which we operate is subject to a high degree of uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in these third-party publications. Additionally, descriptions herein of market conditions and opportunities are presented for informational purposes only; there can be no assurance that such conditions will occur. Please also see “Forward-Looking Statements” disclaimer above. RESERVE INFORMATION Reserve engineering is a process of estimating underground accumulations of natural gas and oil that cannot be measured in an exact manner. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data, and the price and cost assumptions made by reservoir engineers. In addition, the results of drilling, testing and production activities, or changes in commodity prices, may justify revisions of estimates that were made previously. If significant, such revisions would change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of natural gas and oil that are ultimately recovered. Estimated Ultimate Recoveries, or “EURs,” refer to estimates of the sum of total gross remaining proved reserves per well as of a given date and cumulative production prior to such given date for developed wells. These quantities do not necessarily constitute or represent reserves as defined by the Securities and Exchange Commission (“SEC”) and are not intended to be representative of all anticipated future well results. This presentation contains volumes and PV-10 values of our proved reserves and unproved reserves. The SEC strictly prohibits companies from aggregating proved, probable and possible reserves in filings with the SEC due to the different levels of certainty associated with each reserve category. The SEC also prohibits companies from including resources that are not proved, probable or possible reserves in filings with the SEC. Investors should be cautioned that estimates of volumes and PV-10 values of resources other than proved reserves are inherently more uncertain than comparable measures for proved reserves. Further, because estimated proved reserves and unproved resources have not been adjusted for risk due to this uncertainty of recovery, their summation may be of limited use. USE OF PROJECTIONS This investor presentation may contain projections for Granite Ridge, including with respect to its Adjusted EBITDAX, Net Debt to Adjusted EBITDAX ratio, capital expenditures, cash flow, and net revenues as well as its production volumes. Granite Ridge’s independent auditors have not audited, reviewed, compiled, or performed any procedures with respect to the projections for the purpose of their inclusion in this investor presentation, and accordingly, have not expressed an opinion or provided any other form of assurance with respect thereto for the purpose of this investor presentation. Any projections are for illustrative purposes only and should not be relied upon as being necessarily indicative of future results. In this investor presentation, certain of the above-mentioned projected information has been repeated (in each case, with an indication that the information is subject to the qualifications presented herein). 27