Dri Healthcare Trust · TSX:DHT.U
Dri Healthcare Trust — Investor Presentation (March 2026)
45 slides from Dri Healthcare Trust's investor presentation, March 2026
Slide 1: Advancing Science in the Pharmaceutical and Biotechnology Sector
Advancing Science in the Pharmaceutical and Biotechnology Sector March 2026 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by DRI Healthcare Trust (“DRI Healthcare”). Established as an unincorporated open-ended trust in Ontario, Canada, and publicly trading since its 2021 IPO, DRI Healthcare is a global leader in providing financing to advance innovation in the life science
Slide 3: Executive Summary
Executive Summary DRI Healthcare is a pioneer in pharmaceutical royalty monetization DRI Healthcare excels at sourcing, analyzing and executing strategic royalty acquisitions of growing assets. We provide capital to parties along the biopharmaceutical value chain to help fund the future of innovatio
Slide 4: Pharmaceutical Royalty Model
Pharmaceutical Royalty Model DRI Healthcare sources deals from all parties along the drug development value chain TRADITIONAL ROYALTY SYNTHETIC ROYALTY acquisition opportunities acquisition opportunities Each constituent sells royalties for different reasons Inventors Academic institutions Drug deve
Slide 5: Our Competitive Advantages
Our Competitive Advantages 1 Seasoned team 2 Disciplined capital allocation 3 Proactive sourcing 4 Strong execution Specialized investment Robust investment criteria Proprietary database Fundamental professionals with life that have resulted in tracking royalties on more ground-up diligence science
Slide 6: Track Record of Delivering Growth and Value
Track Record of Delivering Growth and Value Transition from private equity funds to a public entity facilitates longer-term value creation NEW ROYALTIES SIGNIFICANT TRANSACTIONS DRI Healthcare Trust 16 & valued at 2021 - present Public entity 1 Loan $1.5B1 DRUG ROYALTY III valued at 2013 – 2018 15 P
Slide 7: Diversified, Risk-mitigated Portfolio
Diversified, Risk-mitigated Portfolio Provides large pharmaceutical company characteristics without traditional pharma risks and costs Lysosomal Storage 2021 16 Disorder 4% Neurology Initial public offering Royalty acquisitions 7% Ophthalmology $1.25B1 7,500+ 28 28% Capital deployed Royalty opportun
Slide 8: Focused on Closing Accretive Transactions
Focused on Closing Accretive Transactions Completed sixteen royalty transactions since IPO totaling up to $1.5 billion, with $1.251 billion deployed to date INVESTMENT THESIS TRANSACTION SIZE Pre-approval asset with long-dated cashflows, extending overall portfolio $55 million upfront payment Veligr
Slide 9: Attractive Market
DRIHEALTHCARE ™ Attractive
Slide 10: Long-term Drivers Support Royalty Financing Growth
Long-term Drivers Support Royalty Financing Growth Growing capital needs to develop novel drugs bolsters our pipeline Five Year Forward Projected Projected Worldwide Projected Worldwide Pipeline Value ($B)1 • Genomics Biopharma R&D Spend ($B)2 Medicine Spend ($B)3 • Molecular diagnostics • Data scie
Slide 11: Current State of the Biotech Market
Current State of the Biotech Market Lack of equity market funding makes royalty financing very attractive Biotech IPOs1 Biotech Equities Performance2 16 120 200 14 180 90% 100 12 160 Indexed Closing Value (%) 80 Total Proceeds ($B) 140 10 Number of IPOs 120 8 60 9% 100 6 40 80 4 -29% 60 20 2 40 Oct-
Slide 12: Biotech's Limited Cash Reserves Highlight Opportunities for Royalty Financing
Biotech's Limited Cash Reserves Highlight Opportunities for Royalty Financing1 60% of unprofitable NASDAQ-listed biotechs are estimated to have <2 years of cash Cash runway for unprofitable NASDAQ listed biotechs with market cap >$25 million Q4 2024 Q1 2025 estimate (months) (months) <12 <12 ≥ 24 ≥
Slide 13: Strong Execution
Strong Execution 13
Slide 14: Q1 2026 Financial Highlights
Q1 2026 Financial Highlights Total Cash Receipts1 Total income Adjusted EBITDA1 $58.4 million $50.6 million $52.8 million 6% over Q1 2025 15% over Q1 2025 2% over Q1 2025 Adjusted EBITDA Margin1 Adjusted Cash Earnings per Unit1 Declared Cash Distributions per Unit 90% $0.68 $0.11 1. Total Cash Recei
Slide 15: Robust Diversified Portfolio
Robust Diversified Portfolio Portfolio currently consists of 28 royalty streams on 22 products By therapeutic area1 By product1 Lysosomal No individual Storage Disorder Zejula Other Empaveli / Neurology 4% 2% Syfovre product 7% Xolair 3% 2% Orserdu accounts for Ophthalmology Xenpozyme 4% 21% more th
Slide 16: Portfolio Performance
Portfolio Performance Portfolio assets show continued growth Total Cash Royalty Receipts 1 Net Book Value 2 (millions of U.S. dollars) THERAPEUTIC AREA LTM 03/31/2026 03/31/2026 Hematology 5.0 53.9 Immunology 2.7 118.3 Hematology / Ophthalmology 5.0 18.7 Ophthalmology 5.7 4.3 Ophthalmology 34.8 147.
Slide 17: Veligrotug and Elegrobart royalty transaction
Veligrotug and Elegrobart royalty transaction Pre-approval asset with long-dated cashflows, extending overall portfolio duration TRANSACTION OVERVIEW STRONG GROWTH POTENTIAL Veligrotug Veligrotug granted Breakthrough Therapy TED is an autoimmune inflammatory disorder of & Designation by the FDA for
Slide 18: Ekterly Royalty Transaction
Ekterly Royalty Transaction First pre-approval royalty acquisition and PIPE investment highlight evolving investment strategy TRANSACTION OVERVIEW STRONG GROWTH POTENTIAL Approved by the FDA in July 2025 for the Potential $57 million sales-based treatment of acute attacks of hereditary milestone if
Slide 19: Casgevy Transaction
Casgevy Transaction Novel deal structure offers predictable annual cash flows plus potential additional payments TRANSACTION OVERVIEW STRONG GROWTH POTENTIAL Approved by the FDA in December 2023 for Potential additional annual sales- the treatment of sickle cell disease (“SCD”) based milestones in e
Slide 20: Strong Cash Generation
Strong Cash Generation Cash available to drive portfolio growth and maintain distributions to Unitholders Adjusted EBITDA1 for the Last Twelve Months Ended March 31, 2026 (millions) LTM Adjusted EBITDA Margin1 $205.1 ($0.3) ($1.7) ($2.5) ($1.0) 86% ($9.3) $1.2 $1.2 $192.8 ($21.9) -- -- ($2.7) ($2.2)
Slide 21: Positioned for Growth
Positioned for Growth 21
Slide 22: 2026 Guidance & Long-Term Growth Agenda
2026 Guidance & Long-Term Growth Agenda 2026 Guidance Multi-Year Aspiration through 20302 Capital Deployment Adjusted EBITDA Target Adjusted EBITDA ($) Growth Rates (%) Over 5 Years (2026 – 2030) $800 Million to Low Teens CAGR $157 to $162 Million1 $1 Billion 2026 to 20301 Reported 2025 Adjusted EBI
Slide 23: Proactive Sourcing Provides Competitive Advantage
Proactive Sourcing Provides Competitive Advantage Our strong relationships and proprietary processes generate exclusive deal flow • Proprietary database tracking over 7,500 royalties on over 2,500 drugs Identify INTELLECTUAL PROPERTY DRIVEN • Built on various data sources, including from Identify dr
Slide 24: Rigorous Due Diligence Process
Rigorous Due Diligence Process Appointment of internal multi-disciplinary deal team Individualized diligence plan and deal size considerations Deal Launch Proactive assessment of deal risks Strategic engagement of external consultants Commercial SciMed Review IP and LOE Legal Assessment • Mo
Slide 25: $3 Billion pipeline of potential opportunities
Address important unmet needs with life-changing therapies for patients Robust pipeline of over $3 Billion Marketed by leading biotech or biopharma companies in potential opportunities1 Provides strong intellectual property and regulatory protection 1. As of March 31, 2026. Represents the aggregate
Slide 26: Compounding Cash Flows Increase Growth Potential
Compounding Cash Flows Increase Growth Potential Enables future acquisitions and delivers value for Unitholders Virtuous cycle of growing Cumulative effect of compounding returns and reinvestment Annual CF without compounding Annual CF with compounding 1 New asset Total Cash acquisitions Receipts2 C
Slide 27: Growth Opportunities from Existing Assets
Growth Opportunities from Existing Assets1 Additional indications have potential to enhance royalty streams PHASE 1 PHASE 2 PHASE 3 Registration 2 NCT05329649: Treatment for pediatric patients with severe sickle cell disease Casgevy NCT05356195: Treatment for pediatric patients with transfusion-depe
Slide 28: Committed to ESG Practices
Committed to ESG Practices Striving to deliver value to our stakeholders, our community, and society as a whole Environmental Social Governance Building a platform Valuing diversity and Accountability and integrity for sustainability community support as core values • Review of our partners’ sustain
Slide 29: Key priorities
Efficient Execution & Disciplined Expense Management Key priorities Strengthening Asset Risk Framework Disciplined Capital Allocation Focus on long-term, sustainable growth generating strong Unitholder returns 29
Slide 30: DRI Healthcare Units are Undervalued Relative to Royalty Peers
DRI Healthcare Units are Undervalued Relative to Royalty Peers Valuation comparisons highlight underlying value1 PRICE / OPERATING PRICE / BOOK DIVIDEND YIELD CASH FLOW 2 ,3 1.5x 9.1x 3.4% 3.2x 10.6x 1.8% 4.3x NA NA 4.5x 36.2x NA 5.4x 25.6x 0.7% 6.1x 24.6x 0.6% 1. Information sourced from company fi
Slide 31: Investment Highlights
Investment Founded in 1989, DRI Healthcare is a pioneer and a global leader in healthcare royalty investing Highlights We believe we are well positioned to capitalize on generational industry growth delivering attractive uncorrelated cash flows Diversified portfolio of products by therapeutic area a
Slide 32: Contact us
Contact us Bill Zhang ir@drihealthcare.com 32
Slide 33: Appendix A Deal Summaries
DRIHEALTHCARE Appendix A Deal Summaries
Slide 34: Omidria Expansion Transaction
Omidria Expansion Transaction Accretive transaction with both near and long-term cash flow generation TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by FDA in May 2014 and by Replaces annual structured caps from the EMA in July 2015 for intracameral original Omidria transaction, giving use during ca
Slide 35: Orserdu Royalty Transactions
Orserdu Royalty Transactions Uncapped royalties on long-duration asset TRANSACTION OVERVIEW GROWTH POTENTIAL Orserdu I Approved by the FDA in January 2023 and $85 million upfront purchase price the EMA in September 2023 for advanced/metastatic breast cancer Mid-single digit tiered royalty on patient
Slide 36: Vonjo II Royalty Transaction
Vonjo II Royalty Transaction Second royalty on Vonjo increases exposure to long duration high-quality asset TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by the FDA in February 2022 First year of sales strongly exceeded as the only treatment for myelofibrosis analyst consensus estimates with severe
Slide 37: Tzield Royalty Transaction
Tzield Royalty Transaction Proceeds reinvested to generate compound effects for Unitholders ACQUISITION FROM MACROGENICS SALE TO SANOFI Approved by the FDA in November 2022 Sanofi announced agreement to acquire for the treatment of stage 2 Type 1 Provention Bio days after our acquisition diabetes of
Slide 38: Xenpozyme I Royalty Transaction
Xenpozyme I Royalty Transaction Long duration product with strong IP protection anticipated to generate high multiple on invested capital TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by the EMA in June 2022 $26 million in potential milestone and by the FDA in August 2022 for payments based on cumu
Slide 39: Xenpozyme II Royalty Transaction
Xenpozyme II Royalty Transaction Second royalty on long-term asset further increases portfolio duration TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by the EMA in June 2022 and by $32.5 million in potential milestone the FDA in August 2022 for the treatment of payments based on Xenpozyme ASMD achi
Slide 40: Zejula Royalty Transaction
Zejula Royalty Transaction Multiple indications in development represent a pipeline in a product TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by the FDA in March 2017 In development for metastatic castrate and by the EMA in November 2017 for sensitive and resistant prostate cancer, the treatment o
Slide 41: Empaveli Royalty Transaction
Empaveli Royalty Transaction Long-term horizon and attractive growth prospects TRANSACTION OVERVIEW GROWTH POTENTIAL Empaveli: Approved by the FDA in Represents a significant advancement in May 2021 and by the EMA in the standard of care for PNH December 2021 for the treatment of Paroxysmal Nocturna
Slide 42: Oracea Royalty Transaction
Oracea Royalty Transaction Strong cash flows generate immediate revenues TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by the FDA in 2006 for It has an established commercial track the treatment of Papulopustular record and brings immediate accretive Rosacea value with substantial royalty receipts
Slide 43: Deal Structure Case Study: CTI BioPharma / Vonjo
Deal Structure Case Study: CTI BioPharma / Vonjo Proven ability to provide flexibility in deal structuring while managing risk • Funding for Vonjo launch preparation Pre-approval $50 million secured loan • Secured loan provided downside protection if approval not granted • Funding for Vonjo launch •
Slide 44: Appendix B Industry Metrics
Appendix B Industry Metrics 44
Slide 45: Industry Metrics
Industry Metrics References in this presentation to a securities index or other benchmark are made for informational purposes only and an investment in DRI Healthcare is unlike an investment in an index of securities or the aggregate funds constituting such benchmark. The investment characteristics
DRI Healthcare Trust — Investor Presentation (March 2026) on 6ix