North European Oil Royalty Trust (NRT) Q4 2025 earnings summary

Executive summary

• Passive royalty trust distributes substantially all net funds quarterly; royalties arise primarily from German natural gas sales.

• Fiscal 2025 royalty income and distributions rose, while gas sales declined and operators reported no new wells planned for calendar 2026.

Financial highlights

• FY2025 royalty income increased 49.5% to $8.650 million from $5.785 million; interest income was $84,474.

• FY2025 net income was $7.939 million, or $0.86 per unit, versus $5.058 million, or $0.55, in FY2024.

• Q4 FY2025 royalties were $3.056 million, net income was $2.933 million, and net income per unit was $0.32.

• Trust expenses were $795,648 in FY2025 versus $797,872 in FY2024; FY2025 distributions totaled $0.81 per unit versus $0.48.

Outlook and guidance

• No new wells planned for calendar 2026 and no major exploration work initiated; maintenance, well cleanups and foam jobs are expected to continue.

• A negative Q4 adjustment of €266,306, or $308,168 at the October 31 exchange rate, is expected to reduce Q1 FY2026 royalty income.

• Without renewed drilling, normal well-pressure decline is expected to continue reducing gas production.