North European Oil Royalty Trust (NRT) investor relations material

Executive summary

• Q3 FY2026 royalty income rose 0.9% YoY to $2.642M; net income increased 0.6% to $2.474M, while distributions were $0.26 per unit versus $0.27.

• First nine months: royalty income increased 29.4% to $7.238M and net income rose 29.3% to $6.471M; distributions reached $0.70 per unit versus $0.50.

Financial highlights

• Q3 FY2026 trust expenses were $182,713, down 0.3% YoY; interest income fell to $15,164 from $25,220.

• 9M FY2026 expenses increased 26.1% to $815,333, reflecting higher legal fees; interest income declined to $48,954 from $58,180.

• 9M net income per unit was $0.70 versus $0.54; distributions per unit were $0.70 versus $0.50.

• Cash and cash equivalents decreased $421,753 during the first nine months, ending at $4,363,403.

Outlook and guidance

• No new wells planned in 2026; operating priorities are facility maintenance, well workovers and small-scale stimulation to limit production decline and improve performance.

• Processing plant maintenance shutdown began August 1, 2026, and is expected to last ~50 days; gas production is expected to be affected.

• Higher GBIP prices following early-2026 market disruptions are expected to flow into future royalty receipts because payments lag current German gas prices.