Freehold Royalties Ltd. · TSX:FRU
Freehold Royalties — Investor Presentation (July 2026)
30 slides from Freehold Royalties's investor presentation, July 2026
Slide 1: Corporate Presentation July 2026
UNIQUELY NORTH AMERICAN Corporate Presentation July 2026 FREEHOLDROYALTIES.COM | TSX FRU
Slide 2: The Freehold Advantage
The Freehold Advantage Low-Risk Differentiated Consistently Exposure to Oil & North American Strong Capital Gas Industry Portfolio Allocation Pure play royalty Growing oil TSX leading ~6% company weighted portfolio dividend yield1 No capital costs Positioned in premier $0.09 per share monthly No ope
Slide 3: Freehold Royalties – 30 Years of Growth & Returns
Freehold Royalties – 30 Years of Growth & Returns Total Production (boe/d) Funds from Operations & Dividends Paid ($ millions) (boe/d) ($millions) 18,000 $250 4% annual production 16,000 growth since 1996 14,000 $200 12,000 $150 10,000 8,000 $100 6,000 4,000 $50 2,000 0 $0 1996 2006 2016 2025 1996 2
Slide 4: Q1 2026 Results Overview
DEEP BASIN CLEARWATER Updated Q1 2026 Results Overview MANNVILLE HEAVY OIL CARDIUM VIKING 15,533 boe/d total production SE SASKATCHEWAN ▪ 10,136 boe/d of crude oil & NGL production in the quarter ▪ 45% of production & 51% of revenue from US portfolio N. DAKOTA BAKKEN 65% crude oil & NGL weighting ▪
Slide 5: North American Portfolio
North American Portfolio 18,000 100.0 Expanding U.S. production base 16,000 • Zero presence in 2020 to 51% of 14,000 revenue today Production per Million Shares 95.0 U.S. Production • Most valuable barrels - 31% pricing 12,000 Production (boe/d) premium compared to Canada 10,000 90.0 Focused on high
Slide 6: Aligned With Quality Payors
Aligned With Quality Payors ~75% of Freehold’s revenue comes from the largest, most sophisticated, and highest quality operators in North America ▪ 32% of revenue from global supermajors Integrated & 32% ▪ Production less impacted by oil prices, Global Scale adding portfolio resilience across cycles
Slide 7: U.S. Portfolio Overview – Targeted Growth
U.S. Portfolio Overview – Targeted Growth Bakken Freehold U.S. Asset Map Summary Q1 2026 Oil Growth in Permian Oil Weighted Plays (boe/d) (boe/d) Gas Weighted Plays Midland 3,800 3,000 Eagle Ford 2,000 220% growth Marcellus Delaware 500 since 2022 Other 700 Permian Basin Denver-Julesburg Total ~7,00
Slide 8: Positioned in the Permian - A World Class Basin
Positioned in the Permian - A World Class Basin Global Oil Production Size and Scale is Unmatched (million barrels per day, MMbbls/d) 12 ▪ If the Permian were a country, it would be the 4th largest oil producer and 3rd largest natural 10 gas producer in the world 8 Key Attributes 6.6 MMbbls/d 5.9 MM
Slide 9: Growing The Midland Basin
Growing The Midland Basin ▪ ExxonMobil is Freehold’s largest Midland producer; Freehold Acreage in Midland Basin applying unmatched technical capabilities and experience to develop our largest asset ▪ ~32% of drilling inventory is concentrated in undeveloped lands ▪ Ongoing advancements in technolog
Slide 10: “Ground Game” Builds Bespoke Portfolio
“Ground Game” Builds Bespoke Portfolio Freehold Royalty Lands Freehold Ground-Game Adds ▪ Extensive mineral title acreage in the Permian allows Freehold to hunt ▪ Provides ability to pace capital allocation to add high quality inventory that delivers high relative returns on capital ▪ Through organi
Slide 11: Canadian Portfolio Overview – Well Established
Canadian Portfolio Overview – Well Established Freehold Canadian Asset Map Summary Q1 2026 Heavy Oil Growth in Oil Weighted Plays (boe/d) Canada Gas Weighted Plays (boe/d) SE Sask 1,200 1600 ~80% Oil Mannville H. Oil 1,000 21% growth Clearwater Mannville Heavy Oil Viking 900 Clearwater Cardium 1400
Slide 12: Exceptionally Positioned
Exceptionally Positioned Relentless industry innovation continues to deepen our portfolio Secondary Recovery Projects ▪ Water & polymer flooding deployment across Clearwater & Mannville heavy oil ▪ Unconventional light oil secondary recovery trials in the Permian & Eagle Ford Exploration & Delineati
Slide 13: Improved Recovery Techniques in the Permian are a Catalyst
Improved Recovery Techniques in the Permian are a Catalyst in U.S. Portfolio Lightweight Proppants Surfactants Enhanced Oil Recovery Fracture Oil CO2 ExxonMobil’s lightweight Chevron has developed chemical Occidental’s unconventional CO2 proppant has improved surfactant treatments that have EOR pilo
Slide 14: Growth Led by Heavy Oil
Growth Led by Heavy Oil Sustainable Growth Supported by Enhanced Oil Recovery Established waterflood in West Cyclic gas injection and waterflood Nipisi conversion in (Freeholds’ heavy oil production, boe/d) Figure Lake 1,900 1,700 1,500 1,300 Waterflood Development pad conversion pilot in using line
Slide 15: Emerging Opportunities in the Clearwater Fairway
Emerging Opportunities in the Clearwater Fairway Bluesky Testing in Seal Wabiskaw in Pelican Lake 1 3 Headwater drilled a Bluesky test Headwater drilled a multilateral well (04/13-06-083-15W5) in well (04/04-19-079-22W4) at Peace River 2024, offsetting Freehold acreage. Pelican Lake that has produce
Slide 16: High Margin Barrels – Best in the Business
High Margin Barrels – Best in the Business 2026E Cash Flow per boe1 ($/boe) $60 US US +17% premium $50 oil Canada Cdn. $40 $0 $20 $40 $60 $80 $100 $30 ($/bbl) $20 US US +31% premium boe Cdn. Canada $10 $0 $20 $40 $60 $80 $0 ($/boe) Peers1 FRU TOU PNE BIR SDE CNQ LCX SCR BNE GFR YGR ARX CJ OBE PXT SG
Slide 17: Lower Risk, High Margin Business
Lower Risk, High Margin Business $0 Capital Costs (FY 2025) 2025 Revenue $177 Returned To Shareholders (FY 2025) • Dividend of $0.09 per share per month $313 million million $80 Cash Costs1,2 + Taxes (FY 2025) • Taxes, interest on debt, people & office costs million $56 Reinvestment & Debt Repayment
Slide 18: Capital Allocation Priorities
Capital Allocation Priorities Generating Significant Funds from Operations1 Capital Allocation Priorities ($ millions) Base Dividend $400 ▪ Annual dividend of $1.08 per share fully funded at $350 low commodity prices $300 ▪ Target 60% long term payout ratio $250 $160 Strategic Acquisitions $125 $90
Slide 19: Freehold Provides Compelling Dividend Income
Freehold Provides Compelling Dividend Income TSX Composite Index - Dividend Yields 10% ▪ ~6% dividend yield in an established, high margin business 8% ▪ Payable down to US$50/bbl WTI oil price 6% 168 dividend paying companies ▪ Backstopped by multi in the TSX Composite Index decade drilling inventor
Slide 20: The Freehold Advantage
The Freehold Advantage Low-Risk Differentiated Consistently Exposure to Oil & North American Strong Capital Gas Industry Portfolio Allocation Pure play royalty Growing oil TSX leading ~6% company weighted portfolio dividend yield1 No capital costs Positioned in premier $0.09 per share monthly No ope
Slide 21: Supplemental Slides
AY, ~~ Supplemental Slides
Slide 22: Corporate Profile
Corporate Profile Capitalization1 Total Shareholder Return 2025-26 YTD 160 Common Shares Outstanding (MM) 164 150 Indexed Total Return Market Capitalization ($MM) $2,900 140 130 Net Debt ($MM) $275 120 110 Enterprise Value ($MM) $3,175 100 Net Debt to Trailing FFO (times) 1.2x 90 80 2P Reserve Life
Slide 23: Comps Table
Comps Table As of May 19, 2026 YE Net Enterprise Dividend Liquids EV/DACF1 DAFCF Yield1 Debt/CF1 Company Market Cap Value Yield Weighting 2027E 2027E 2027E (C$Billion) (C$Billion) (%) (%) (x) (%) (x) PrairieSky $8.1 $8.3 3.0% 64% 17.7x 6.0% 0.0x Topaz $5.7 $5.7 4.1% 30% 15.9x 6.0% 0.8x Whitecap $20.
Slide 24: Presenter - Freehold Royalties
Presenter - Freehold Royalties David Spyker, President and CEO • Appointed President and Chief Executive Officer in January 2021 • Joined Freehold Royalties Ltd. in November 2016 as Vice- President, Production and was appointed Chief Operating Officer in March 2019 • Prior to he held various roles a
Slide 25: 2026 Sensitivities and Guidance Range
2026 Sensitivities and Guidance Range Sensitivities of Annualized Funds from Operations $0.02/sh US$1/bbl WTI $3.7mm 2026E Range 0.01 FX $0.02/sh $3.0mm 15,500 – 16,300 boe/d $0.01/sh 100 boe/d US Prod $2.0mm Pricing Assumptions $0.01/sh 0.5% Liquids Weighting $1.8mm • US$65.00/bbl WTI • C$2.00/mcf
Slide 26: ExxonMobil Spotlight – Our Top Permian Operator
ExxonMobil Spotlight – Our Top Permian Operator Freehold Well Positioned on ExxonMobil Acreage FRU/ExxonMobil Overlap Due to its deep technology pipeline and ExxonMobil Land Freehold Land 40% of Midland Outline efficiency gains, the company expects to double ExxonMobil’s Core production in the Permi
Slide 27: 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 and payout ratios are useful non-GAAP financial measures or non-GAAP ratios for management and i
Slide 28: Advisories
Advisories Advisory Relating to Forward-Looking Information This presentation offers and assessment of Freehold's future plans and operations as at May 28, 2026 and contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws legislations.
Slide 29: Advisories
Advisories The statements contained in this presentation are based upon assumptions management believes to be reasonable, including, without limitation: the ongoing operation of the properties in which Freehold holds a royalty interest by the owners or operators of such properties in a manner consis
Slide 30: 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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