North European Oil Royalty Trust (NRT) Q3 2025 earnings summary

Executive summary

• Q3 FY2025 royalty receipts rose 6.5% YoY to $2.62M; net income increased 6.1% to $2.46M, supported by higher gas prices and a stronger average exchange rate.

• Nine-month royalty receipts increased 9.4% to $5.59M and net income rose 10.5% to $5.01M; distributions reached $0.50 per unit.

Financial highlights

• Q3 FY2025 trust income was $2.64M vs. $2.48M YoY; trust expenses were $183,344 vs. $165,722.

• Q3 net income per unit was $0.27 vs. $0.25; distributions per unit were $0.26 vs. $0.21.

• 9M FY2025 trust income totaled $5.65M vs. $5.17M; trust expenses were $646,828 vs. $634,208.

• 9M net income per unit was $0.54 vs. $0.49; distributions per unit were $0.50 vs. $0.46.

Outlook and guidance

• No new gas well drilling was scheduled through 2025; the operators continued to limit information shared beyond legal requirements.

• The single remaining Grossenkneten processing unit is expected to handle sour gas throughput, with operating expenses expected to be somewhat lower; a future shutdown could materially affect royalties.