Prairiesky Royalty (PSK) Corporate presentation summary

Financial performance and shareholder returns

• Annual dividend of $1.06 per share, paid quarterly, with $2.5 billion returned to shareholders since IPO through dividends and buybacks.

• Enterprise value of $7.7 billion and a strong balance sheet with 0.6x net debt to EBITDA as of March 31, 2026.

• Funds from operations in 2025 totaled $353 million, primarily used for dividends and share buybacks.

• Royalty operating margin at 99% and overall operating margin at 85% for Q1 2026, reflecting a high-margin, inflation-insulated business model.

• Quarterly dividend of $0.265 per share, with a low payout ratio supporting future growth.

Asset base and production growth

• Holds 18.6 million acres of royalty lands, including 9.9 million acres of fee simple mineral title and 8.7 million acres of GORR lands.

• Oil and liquids accounted for 92% of Q1 2026 royalty production revenue.

• Royalty oil production grew 6% in 2025, with multilateral wells representing 40% of drilling activity in 2025.

• Clearwater, Mannville Stack, and Duvernay plays showed strong growth, with Clearwater oil production up 21% year-over-year and Duvernay volumes up 95% year-over-year in Q1 2026.

• Production per share has grown at a 6% CAGR since Q1 2022, outpacing the Western Canadian Sedimentary Basin.

Business model and risk profile

• No maintenance capital, operating costs, or environmental liabilities, resulting in low sensitivity to inflation and high cash flow conversion.

• Revenue is generated through leasing fee lands and GORR interests, with compliance recoveries totaling nearly $100 million since IPO.

• Diversified exposure to over 335 lessees and more than 30 geologic horizons, with 51% of product revenue from the top 10 payors.

• Active management of land base, including seismic data and recycling of leases for long-term optionality.

• Countercyclical capital deployment, acquiring assets and repurchasing shares during commodity price lows.