Freehold Royalties (FRU) AGM 2025 summary

Opening remarks and agenda

• Welcomed attendees, introduced board and executive team, and outlined the meeting structure, including a business update and formal voting.

• Highlighted the company's progress over the past five years, including leadership changes and strategic milestones.

Board and executive committee updates

• Announced CFO David Hendry's upcoming retirement and ongoing search for a successor.

• Introduced the executive team and new leadership additions.

• Directors standing for election were introduced and subsequently elected.

Financial performance review

• Production reached a record 16,250 barrels/day, up 10% year-over-year.

• Liquids weighting increased to 65% from 55% over five years, with higher-margin U.S. barrels.

• U.S. investments since 2021 totaled nearly CAD 900 million, focusing on Permian and Eagle Ford assets.

• Achieved a balanced cash flow split between Canada and the U.S., enhancing tariff resilience.

• Return on capital employed in the mid to upper teens, above royalty peer average.