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Topaz Energy (TPZ) investor relations material
Topaz Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with 15% royalty production growth, record Clearwater volumes, and robust infrastructure revenue, supported by high-margin Canadian energy royalties and fixed infrastructure assets in the WCSB.
Completed a significant NEBC Montney royalty acquisition for CAD 71.7 million, expanding future drilling opportunities and aligning with growth projects.
Demonstrated disciplined capital allocation, progressive dividend policy with 70% growth since IPO, and embedded organic growth through operator-funded development.
Financial highlights
Q3 2025 royalty production reached 21,600 BOE/day, up 15% year-over-year, with total revenue of CAD 76.4 million; 49% from crude/heavy oil royalties, 20% from natural gas/NGL, and 31% from infrastructure.
Q3 2025 cash flow was CAD 74.8 million (CAD 0.49/share), free cash flow was CAD 73 million (CAD 0.47/share), both up 7% per share year-over-year.
Free cash flow margin improved to 95% from 88% last year.
Q3 2025 dividend paid was CAD 0.34/share (70% payout ratio), with a 5.3%–5.4% trailing annualized yield.
Net debt at Q3 2025 was CAD 535.4 million (1.6x net debt/annualized EBITDA), with over CAD 0.4 billion in available credit facility capacity.
Outlook and guidance
2025 guidance reconfirmed: average annual royalty production of 21,000–23,000 boe/d, processing revenue/other income of CAD 88–92 million, and dividend guidance of CAD 1.35/share with a 66% payout ratio.
Expected 2025 exit net debt between CAD 500–510 million (net debt/EBITDA 1.5x), before further acquisitions.
27–31 active drilling rigs expected on royalty acreage in Q4 2025.
Sensitivity: +/- CAD 1.00/mcf AECO impacts cash flow by +/-8%; +/- CAD 5.00/bbl WTI impacts by +/-4%.
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Next Topaz Energy earnings date
Q4 202523 Feb, 2026
Next Topaz Energy earnings date
Q4 202523 Feb, 2026
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Frequently asked questions
Topaz Energy Corp. is a Canadian energy company focused on providing royalty and infrastructure solutions to the oil and gas industry. The company acquires and manages royalty interests and owns infrastructure assets that support hydrocarbon production. Topaz Energy serves energy producers by offering capital-efficient partnerships and long-term value creation opportunities. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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