Sabine Royalty Trust (SBR) investor relations material

Executive summary

• Royalty income for 2025 was $77.1 million, down 7% from 2024, mainly due to lower oil prices and production volumes, partially offset by higher natural gas prices and lower expenses and taxes.

• Distributable income for 2025 was $73.4 million, or $5.04 per unit, compared to $79.6 million ($5.46 per unit) in 2024.

• Oil volumes sold decreased to 786,192 barrels in 2025, while gas volumes decreased to 13.7 million Mcf; average oil price fell to $64.85/Bbl and gas price rose to $2.61/Mcf.

• The Trust's only assets are royalty interests in oil and gas properties across six states, with no operating or capital expenditures.

Financial highlights

• Royalty income: $77.1 million in 2025 (down from $82.6 million in 2024).

• Distributable income: $73.4 million in 2025 (down from $79.6 million in 2024).

• General and administrative expenses increased to $4.1 million in 2025 (from $3.5 million in 2024).

• Present value of future net revenue of proved developed reserves increased to $301.2 million at year-end 2025 (from $280.3 million at year-end 2024).

• Cash and short-term investments at year-end 2025 were $7.6 million.

Outlook and guidance

• The Trust is highly sensitive to oil and gas price fluctuations, with future distributions dependent on commodity prices and production volumes.

• Reserve estimates and future net revenues are subject to significant uncertainty due to market volatility and operational factors.

• No capital projects or borrowings are anticipated; distributions will continue monthly based on received royalty income.