Sitio Royalties (STR) Investor Presentation summary

Value proposition and business model

• Focused on returns-driven acquisitions, active asset management, and robust capital structure for long-term stability.

• 2024 enterprise value at $4.1B, with 4Q24 annualized adjusted EBITDA of $565M and production of 40.9 MBoe/d (47% oil).

• 74% of net royalty acres are in the Permian Basin, with a total yield of 10.1%.

• Minerals are operated by large, well-capitalized companies; top 10 operators account for nearly 70% of 4Q24 production.

Financial performance and capital allocation

• 4Q24 production averaged 40.9 MBoe/d, a 14% YoY increase, with adjusted EBITDA of $141M and a 91% margin.

• $843M cumulative return of capital since 2022, with $334M in 2024; $0.49/share returned in 4Q24 via dividends and buybacks.

• Committed to returning at least 65% of discretionary cash flow to shareholders; $200M buyback program with $82M remaining at year-end.

• Record low cash G&A at $1.90/Boe in 4Q24, down 5% YoY.

Acquisition and growth strategy

• Closed 16 acquisitions in 2024 for $350M, adding over 20,000 net royalty acres, mainly in the Permian and DJ Basins.

• Acquisitions exceeded underwriting thresholds with average IRR >15% and NTM FCF yield >25%.

• Sitio is positioned to consolidate a fragmented minerals market, with significant opportunity for further growth.