North European Oil Royalty Trust (NRT) Q2 2026 earnings summary

Executive summary

• Q2 FY26 royalty receipts fell 3.6% YoY to $2.383M and net income fell 9.3% to $2.052M; H1 royalty receipts rose 54.4% to $4.596M and net income rose 57.0% to $3.997M.

• Q2 distribution was $0.22 per unit, up from $0.20; H1 distributions totaled $0.44 per unit versus $0.24 a year earlier.

Financial highlights

• Q2 trust income was $2.398M versus $2.491M YoY; expenses were $346,682 versus $229,519, reflecting higher legal and regulatory fees.

• H1 trust income reached $4.629M versus $3.010M; trust expenses rose to $632,619 from $463,484, primarily due to higher legal fees.

• Cash and cash equivalents were $3.911M at Apr. 30, 2026, down from $4.785M at Oct. 31, 2025; distributions payable were $2.022M.

Outlook and guidance

• No new wells are planned for 2026; EMPG is prioritizing facility maintenance, well workovers, and small-scale stimulation to limit production declines and improve performance.

• A processing-plant maintenance shutdown is scheduled to start Aug. 1, 2026 and last ~50 days; gas production is expected to be affected during the shutdown.

• GBIP increases following early-March 2026 market shocks are expected to flow into future royalty quarters because payments lag current German gas prices.