Sabine Royalty Trust (SBR) investor relations material

Executive summary

• Distributable income for Q2 2026 was $20.85 million ($1.43 per unit), up from $17.79 million ($1.22 per unit) in Q2 2025, driven by higher oil and gas prices and increased production volumes.

• Royalty income rose 17% year-over-year to $21.69 million, with oil and gas prices and production both contributing to the increase.

• Distributions per unit for Q2 2026 were $0.324970, $0.497900, and $0.502990 for April, May, and June record dates, respectively.

Financial highlights

• Royalty income for Q2 2026: $21.69 million, up $3.11 million (17%) from Q2 2025.

• Six-month royalty income ended June 30, 2026: $35.88 million, down 6% year-over-year due to lower production and a one-time receipt in 2025.

• General and administrative expenses for Q2 2026: $945,309, up $31,000 from Q2 2025, mainly due to higher legal and professional fees.

• Cash and short-term investments at June 30, 2026: $9.68 million, up from $7.57 million at year-end 2025.

• Distributable income per unit for six months ended June 30, 2026: $2.32, compared to $2.46 in 2025.

Outlook and guidance

• Commodity prices remained strong but volatile in Q2 2026, supported by geopolitical tensions and supply concerns.

• Future distributions are expected to remain sensitive to oil and gas price fluctuations and production volumes.