Freehold Royalties (FRU) AGM 2025 summary

Opening remarks and agenda

• Chairman welcomed attendees, outlined the agenda, and highlighted the company’s progress over the past five years, including key leadership appointments and strategic shifts.

• Introduced the executive team and board nominees, and explained the voting process for the meeting.

Financial performance review

• Production reached a record 16,250 barrels per day in Q1, up 10% year-over-year, with a balanced cash flow split between Canada and the U.S.

• Liquids weighting increased to 65% from 55% over five years, and U.S. assets deliver higher margins due to quality and proximity to markets.

• Nearly CAD 900 million invested in U.S. Permian and Eagle Ford assets since 2021, with strong returns and rapid payback expected by early 2026.

• Dividend yield remains high, with a 60% payout ratio target and 29 consecutive years of monthly dividends.

Board and executive committee updates

• CFO David Hendry will retire later this year, with a successor to be announced soon.

• Board nominees listed, with Rife nominating two directors as per governance agreement; a new agreement will reduce this to one nominee by year-end 2025.