Freehold Royalties Ltd. · TSX:FRU
Freehold Royalties — Investor Presentation (October 2026)
36 slides from Freehold Royalties's investor presentation, October 2026
Slide 1: Corporate Presentation Fall 2026
UNIQUELY NORTH AMERICAN Corporate Presentation Fall 2026 FREEHOLDROYALTIES.COM | TSX FRU
Slide 2: Corporate Overview
DEEP BASIN CLEARWATER Corporate Overview MANNVILLE HEAVY OIL CARDIUM VIKING SE SASKATCHEWAN Market Overview Ticker Symbol TSX: FRU N. DAKOTA BAKKEN Shares Outstanding 164 million Market Capitalization $2.9 billion DENVER-JULESBURG Annual Dividend (Yield1) $1.08/share (6.1%) Operational & Financial O
Slide 3: Freehold's Value Proposition
Freehold’s Value Proposition High-Margin Business Model Direct exposure to commodity price & industry activity with no operating or capital costs Constructive Energy Fundamentals Energy demand & energy security in the spotlight Differentiated Oil & Gas Portfolio North American platform with capital
Slide 4: Low-Risk Oil & Gas Exposure
Low-Risk Oil & Gas Exposure High-Margin Business Model Cash Flow Conversion Rates1 ($ millions) ~90% of revenue No Capital or Operating Costs $450 converted into High margins drive exceptional cash flow conversion1 $400 cash flows $350 Significant Opportunity Set $300 Participate in industry growth
Slide 5: North American Energy: Safe & Secure Supply
North American Energy: Safe & Secure Supply Constructive Energy Fundamentals North American Oil Supply1 (Mbbl/d) 25,000 Growing Energy Investment 7% growth from 2025 to 2030 Recognition that the world needs energy; oil & gas at the forefront 20,000 Canada Canada High-Quality Resources 15,000 Long re
Slide 6: Freehold has a Unique Royalty Platform
Freehold has a Unique Royalty Platform Differentiated Oil & Gas Portfolio 2026E Free Cash Flow per boe1 Highest Free Cash Flow per boe1 ($/boe) $50 Oil focused, direct to market pricing, low costs; 93% of revenue from liquids production2 $40 Exposure to Premier North American Basins $30 Ability to i
Slide 7: Strong Track Record of Results and Returns
Strong Track Record of Results and Returns Strengthened our value proposition Production & Cumulative Dividends Simplified the Portfolio Divested working interest production (boe/d) ($ millions) Terminated historical management agreement $2.5 billion 18,000 dividends paid since inception $2,500
Slide 8: Strategic Pillars
Strategic Pillars Responsibly Growing & Optimizing High-Quality Royalty Assets Grow the Core Maximize Existing Expand the Sharpen the Edge Portfolio Asset Value Opportunity Set Compete for quality Proactive leasing Create future growth Strength in People, assets in core areas program optionality Dat
Slide 9: Disciplined Capital Allocation Priorities
Disciplined Capital Allocation Priorities Sustainable income & per share growth Indicative Funds from Operations1 ($ millions) $400 Preserve Balance Sheet Flexibility $350 Low leverage under conservative pricing assumptions $300 Maintain Base Dividend $250 $160 Fund through cash flow; sustainable in
Slide 10: Portfolio Summary
Portfolio Summary
Slide 11: Portfolio Summary – Balanced & Diversified
Portfolio Summary – Balanced & Diversified Diversified Production Base 66% Liquids Weighting ▪ Positioned in premier operating ▪ Direct torque to oil prices drives high margins areas in Canada and the U.S. ▪ Accounts for 93% of revenue Production by Play1 Production by Commodity1 Canada 54% Heavy Oi
Slide 12: Aligned With Quality Payors
Aligned With Quality Payors Established operators with distinct development strategies ▪ 32% of revenue from global supermajors Integrated & 32% ▪ Production less impacted by oil prices, Global Scale adding portfolio resilience across cycles ▪ 8% of revenue from senior E&Ps North American 8% ▪ All c
Slide 13: Industry Innovation Driving Value
Industry Innovation Driving Value Secondary Recovery Projects ▪ Water & polymer flooding deployment across Clearwater & Mannville heavy oil ▪ Unconventional light oil secondary recovery trials in the Permian & Eagle Ford Exploration & Delineation ▪ Excellent results from the Barnett, Woodford, and D
Slide 14: Activity Increasing on Freehold Lands
Activity Increasing on Freehold Lands Rebound in drilling activity across Canada and the U.S. Net Spuds AB SK +18% Y/Y 8.0 U.S. 6.0 Canada Canada 4.0 United TX States 2.0 0.0 H1-2025 H2-2025 H1-2026 H1-2026 Spuds 14
Slide 15: Canadian Portfolio
Canadian Portfolio —
Slide 16: Canadian Portfolio Overview
Canadian Portfolio Overview Over 40 years of development inventory Summary H1-2026 Production Oil Weighted Plays (boe/d) Gas Weighted Plays SE Saskatchewan Deep Basin 1,200 Clearwater 2,200 Mannville Heavy Oil Cardium 1,000 Mannville Heavy Oil Mannville Other 900 1,000 Deep Basin Viking Viking South
Slide 17: Diverse Canadian Operators
Diverse Canadian Operators In-flight strategies to drive value Top Canadian Payors Asset Optimization Program Maximize asset value and promote development drilling Canadian Ground Game Strategy Inv Expand GORR and mineral title footprint ics es bl tm Pu ent Competitive Royalty Structures Grade Align
Slide 18: Long History in Canada; Excited about the Future
Long History in Canada; Excited about the Future Historical Context Canadian Royalty Interest Production (boe/d) Position built over time since 1996 12,000 Recent AECO pricing has slowed drilling pace; natural gas option value remains 10,000 Capital shifting away from the Viking into new 8,000 plays
Slide 19: Spotlight: Growth in Clearwater
Spotlight: Growth in Clearwater Enhanced Oil Recovery Upside; only 25% of FRU’s Clearwater is under waterflood Clearwater Royalty Production (boe/d) Production has more than 600 Peace River doubled since 2021 500 Peavine Nipisi 400 Marten Hills 300 200 West Marten Figure Lake 100 Greater Jarvie Clea
Slide 20: U.S. Portfolio
U.S. Portfolio
Slide 21: U.S. Portfolio Overview
U.S. Portfolio Overview Over 30 years of development inventory in U.S. Bakken Oil Weighted Plays Summary H1-2026 Production Gas Weighted Plays (boe/d) U.S. Other 700 Eagle Ford Delaware Marcellus 600 1,900 Denver-Julesburg Scoop/Stack Permian Midland Haynesville 3,900 Delaware Midland Eagle Ford 21
Slide 22: Exposure to Leading U.S. Operators
Exposure to Leading U.S. Operators In-flight strategies to drive value Top U.S. Payors Ground Game Strategy Tuck-in deals with dedicated Houston-based buy team cs Compete in Public Processes s Publi e In at Custom build portfolio in targeted operating areas iv ve Pr stm ent G rade Position in Emergi
Slide 23: U.S. Royalty Market Provides Unique Growth Opportunity
U.S. Royalty Market Provides Unique Growth Opportunity Resource Rich & Accessible Private Ownership Millions of acres of mineral rights owned by individuals, families, trusts and corporations Fragmented Market Ability to pace capital deployment; mineral titles Midland available from $100,000 to $10
Slide 24: U.S. Portfolio Has Grown Significantly Since 2021
U.S. Portfolio Has Grown Significantly Since 2021 Historical Context U.S. Royalty Interest Production (boe/d) Position built through M&A since late 2020 8,000 Permian Permian lands have seen continued development 7,000 Eagle Ford US Other Select operators slowed Eagle Ford until recently 6,000 5,000
Slide 25: Spotlight: Growing the Midland Basin
Spotlight: Growing the Midland Basin 2022 Midland Footprint Current Footprint Midland Production (boe/d) 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 Freehold Lands 0 Midland Outline 15 miles 2021 2022 2023 2024 2025 H1-2026 H1- 2026 25
Slide 26: Financial Overview
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Slide 27: Strong Balance Sheet Provides Financial Flexibility
Strong Balance Sheet Provides Financial Flexibility Lowering Net Debt Net Debt to Trailing FFO1 & Payout Ratio3 Reduced net debt1 by over 10% since Q4-2024 Net Debt to Trailing FFO1 Payout ratio3 More than $300 million of credit facility capacity2 1.5x 100% Conservative Leverage 80% Use conservative
Slide 28: Free Cash Flow Provides Capital Allocation Flexibility
Free Cash Flow Provides Capital Allocation Flexibility $0 Capital Costs H1-2026 Revenue $89 Returned To Shareholders Dividend of $0.09 per share per month $178 million million $43 Cash Costs1,2 + Taxes Taxes, interest on debt, people & office costs million $46 Reinvestment & Debt Repayment $29 milli
Slide 29: Appendix
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Slide 30: 2026 Sensitivities and Guidance Range
2026 Sensitivities and Guidance Range Sensitivities of Annualized Funds from Operations 2026E Range US$1/bbl WTI $0.02/sh 15,500 – 16,300 boe/d $3.7mm $0.02/sh 0.01 FX $3.0mm Pricing Assumptions $0.01/sh 100 boe/d US Prod US$65.00/bbl WTI $2.0mm C$2.00/mcf AECO 0.5% Liquids Weighting $0.01/sh $1.8mm
Slide 31: Q2-2026 Results Overview
DEEP BASIN CLEARWATER Q2-2026 Results Overview MANNVILLE HEAVY OIL CARDIUM VIKING 15,622 boe/d total production SE SASKATCHEWAN ▪ 10,277 boe/d of crude oil & NGL production ▪ 46% of production & 49% of revenue from U.S. portfolio N. DAKOTA BAKKEN 66% crude oil & NGL weighting DENVER-JULESBURG ▪ Liqu
Slide 32: Slide Notes
Slide Notes Slide 2 1. Dividend yield is a supplementary financial measure based on current monthly dividend of C$0.09 per share and FRU closing share price of C$17.60 on August 31, 2026. 2. Net debt and net debt to trailing funds from operations (or net debt to trailing FFO) are capital management
Slide 33: Advisories
Advisories Non-GAAP and Other Financial Measures Within this presentation, references are made to terms commonly used as key performance indicators in the oil and gas industry. We believe that cash costs, payout ratios, cash flow conversion and available FFO are useful non- GAAP financial measures o
Slide 34: Advisories
Advisories General Disclaimer and Cautionary Statement Monetary references in this presentation are in Canadian dollars unless otherwise noted. This presentation has not been prepared in connection with the sale of securities and is not an offering memorandum and should not be relied upon as such. T
Slide 35: Advisories
Advisories The statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the operation of the properties in which Freehold holds a royalty interest by the owners or operators of such properties in a manner consistent wit
Slide 36: Advisories
Advisories Advisory Related to Analogous Information Certain information in this presentation may constitute "analogous information" as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101") with respect to the certain drilling results, number of wel
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