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Freehold Royalties (FRU) investor relations material
Freehold Royalties Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2025 production reached a record 16,584 boe/d, up 9% year-over-year, with 67% liquids weighting and strong U.S. and Canadian contributions.
U.S. expansion, especially in the Permian and Eagle Ford, drove oil growth, improved realized pricing, and delivered high productivity wells.
Canadian oil plays, including Mannville, Clearwater, and SE Saskatchewan, grew 10% year-over-year, supported by multilateral drilling and technology adoption.
The North American royalty portfolio covers 6.1 million gross acres in Canada and 1.2 million in the U.S., with exposure to major oil and shale basins.
Revenue reached $78 million in Q2 2025, with $44 million in dividends paid and $12 million invested in undeveloped U.S. mineral title lands.
Financial highlights
Funds from operations were $57 million in Q2 2025 ($0.35/share), up 40% from Q1 2021 at similar oil prices, but down from Q1 2025.
Netback was $42.68/boe in Q2 2025, with cash costs at $7.38/boe.
Dividend payout ratio was 78% in Q2 2025, with a monthly dividend of $0.09/share.
Net debt stood at $271 million, with a net debt to trailing funds from operations ratio of 1.1x.
Return on average capital employed averaged 12% since 2020, outperforming peers.
Outlook and guidance
2025 production guidance is 15,800–17,000 boe/d, representing 10% year-over-year growth and a 2% increase in liquids weighting.
Management expects continued focus on oil-weighted plays in Canada and high-productivity drilling in U.S. basins.
Each 2% increase in liquids weighting is expected to add 3% to FFO per share.
Dividend is sustainable at oil and gas prices materially below current levels, with breakeven WTI at $50/bbl.
Anticipates continued leasing and drilling activity on undeveloped U.S. acreage, with expected returns in the high teens to low 20% range.
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