North European Oil Royalty Trust (NRT) Q2 2025 earnings summary

Executive summary

• Passive royalty trust received income from German gas, sulfur and oil rights; Q2 FY2025 royalty receipts rose 10.7% YoY and net income rose 11.2%.

• Distributions are made quarterly from funds remaining after anticipated expenses; no capital expenditures or investments are required to continue receiving royalty revenue.

Financial highlights

• Q2 FY2025 royalty receipts were $2,471,301 versus $2,232,767 YoY; net income was $2,261,006 versus $2,033,899.

• Q2 trust expenses were $229,519, up 6.7% YoY; interest income was $19,224 versus $16,333.

• H1 FY2025 royalty receipts were $2,976,998 versus $2,657,677; net income was $2,546,474 versus $2,212,984.

• H1 FY2025 trust expenses were $463,484 versus $468,486; interest income rose to $32,960 from $23,793.

Outlook and guidance

• EMPG indicated it will not drill wells during 2025; workovers, installation maintenance and small stimulations are planned to limit production decline and support output.

• One remaining processing unit has capacity for ~200 million cubic feet of raw gas; it is expected to handle sour-gas throughput, with future operating expenses somewhat reduced.

• No new gas-well drilling is scheduled through 2025; operating plans may change without notice to the Trust.