Freehold Royalties (FRU) investor relations material

Corporate profile and royalty model

• 164 million shares outstanding; $2.9 billion market capitalization; annual dividend of $1.08/share, representing a 6.1% yield based on the August 31, 2026 closing share price.

• 2026 production guidance of 15,500–16,300 boe/d; 2025 proved and probable reserves of 63 MMboe; net debt of $251 million and net debt to trailing FFO of 1.0x at June 30, 2026.

• Royalty model provides direct exposure to commodity prices and industry activity without operating or capital costs; ~90% of revenue converted into cash flow in the 2020–2025 presentation data.

Portfolio and operating activity

• Production base spans Canada and the U.S., with 54% of production from Canada and 46% from the U.S.; liquids weighting was 66%.

• Liquids generated ~93% of revenue based on six months ended June 30, 2026; production mix included 45% medium/light oil, 10% heavy oil, 17% NGLs and 38% natural gas.

• H1-2026 drilling activity on royalty lands increased 18% YoY across Canada and the U.S.

• Canadian portfolio has over 40 years of development inventory; U.S. portfolio has over 30 years, with exposure to the Permian, Eagle Ford, Bakken and other basins.

• Clearwater royalty production more than doubled since 2021; only 25% of the Clearwater position was under waterflood.

Strategy and growth opportunities

• Strategic priorities include growing core royalty assets, maximizing existing asset value, expanding the opportunity set and strengthening people, data, systems and culture.

• Growth avenues include proactive leasing, royalty financings, land funds, mineral-title acquisitions, targeted U.S. ground-game deals and selective support for new play concepts.

• Development opportunities include waterfloods, multilateral drilling, refracs, secondary recovery, production optimization and natural gas growth supported by improving egress.

• Historical changes included increasing liquids weighting from 58% to 66% between 2016 and 2025, reducing cash costs per boe 8% from 2018 to 2025 and increasing FFO/share 37% over that period.