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Freehold Royalties (FRU) investor relations material
Freehold Royalties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved Q3 2025 production of 16,054 BOE/day, up 10% year-over-year, with 65% liquids weighting and 12% liquids volume growth, driven by Permian Basin acquisition and ongoing drilling activity.
U.S. production now accounts for 45%–52% of total output and 52%–53% of revenue for the first nine months of 2025, up from 36% and a lower revenue share in 2024.
Funds from operations reached CAD 59 million in Q3 2025, with a netback of CAD 42.82/boe and net income of $34.2 million ($0.21/share).
Maintains a sustainable monthly dividend of $0.09/share, yielding 7.5%, with a payout ratio of 72%–75% for the first nine months of 2025.
Portfolio spans 6.1 million gross acres in Canada and 1.2 million in the U.S., with over 380 royalty counterparties.
Financial highlights
Generated CAD 59 million in funds from operations in Q3 2025, up from CAD 56 million in Q3 2024.
Paid CAD 44 million in dividends and reduced long-term debt by CAD 7.3–9 million during the quarter.
Invested CAD 5.8 million in acquisitions, mainly undeveloped Permian and select Canadian lands.
Net debt at quarter-end was CAD 263 million, with a net debt to trailing funds from operations ratio of 1.1x.
Netback per boe was CAD 42.82 in Q3 2025, compared to CAD 47.78 in Q3 2024.
Outlook and guidance
2025 production guidance is 15,800–17,000 boe/d, with a continued increase in liquids weighting to 66%.
Anticipates increased Canadian gas drilling as prices strengthen heading into winter.
U.S. Permian Basin activity expected to remain robust, with ExxonMobil planning significant production growth by 2030, potentially increasing Permian output by 20%.
U.S. gas production positioned to benefit from LNG export growth and data center demand.
Management expects continued improvement in well productivity and stable dividend payments, supported by ongoing drilling and leasing activity.
Quantify Permian acquisition's production impact
What is the strategy for the increased credit facility
Outlook for sustained well productivity improvements
U.S. Permian growth strategy beyond ExxonMobil?
Credit facility increase: Immediate capital use?
Canadian gas production outlook with price recovery?
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Next Freehold Royalties earnings date
Q4 202525 Feb, 2026
Next Freehold Royalties earnings date
Q4 202525 Feb, 2026
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Frequently asked questions
Freehold Royalties Ltd is an energy company that acquires and manages oil and natural gas royalties and mineral titles. It earns revenue from production on its land without operating the assets directly. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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