CKX Lands (CKX) investor relations material

Executive summary

• Q2 revenue rose 23.8% YoY to $168,314 as higher surface income more than offset lower oil and gas revenue; H1 revenue fell 30.0% to $338,974.

• Q2 net income was $122,235 versus $161,042 YoY; H1 net income was $177,479 versus $276,615.

• Results reflect lower oil and gas production and the November 2025 sale of producing lands, partly offset by increased surface lease income.

Financial highlights

• Q2 operating income was $23,051 versus $159,669 YoY; H1 operating loss was $51,788 versus operating income of $271,818.

• Interest income was $130,232 in Q2 and $264,609 in H1 2026, compared with $74,481 and $168,078, respectively, in 2025.

• H1 operating cash flow was $(464,225), versus $94,026 in 2025; ending cash and cash equivalents were $15.30 million, down from $18.01 million at year-end 2025.

• June 30 current assets were $17.64 million and current liabilities were $141,583; total assets were $21.87 million.

• Q2 and H1 2025 included a $189,210 gain on land sales; no land-sale gain was recorded in the comparable 2026 periods.

Outlook and guidance

• Management considers cash adequate for projected operations and possible land acquisitions; strategic alternatives include acquisitions, combinations, asset dispositions and reinvestment.

• The strategic review continues with interested parties; no assurance exists of a definitive transaction or successful negotiated partition of co-owned land.