Dri Healthcare Trust · TSX:DHT.U
Dri Healthcare Trust — Q3 2025 Earnings Presentation
14 slides from Dri Healthcare Trust's earnings presentation, Nov 6, 2025
Slide 1: Advancing Science in the Pharmaceutical and Biotechnology Sector
Advancing Science in the Pharmaceutical and Biotechnology Sector Q3 2025 Earnings Call | November 6, 2025 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: Ali Hedayat, Chief Executive Officer
Ali Hedayat Chief Executive Officer 3
Slide 4: Agenda
Agenda Ali Hedayat CEO Recent Highlights Navin Jacob Portfolio Update All Q&A CIO Zaheed Mawani CFO Financial Update 4
Slide 5: Recent Highlights
Recent Highlights Focus on asset strength, corporate structure and unitholder returns Portfolio Performance Unitholder Value Royalty Transaction Strong Portfolio Performance Continued NCIB program Synthetic royalty on veligrotug and VRDN-0031 • Delivering growth across all key financial • Nine month
Slide 6: Navin Jacob
Navin Jacob Executive Vice President, Investments & Chief Investment Officer 6
Slide 7: Portfolio performance
Portfolio performance Portfolio assets show continued growth ($ millions) Q3 2025 Q3 2024 % Change1 Q2 2025 % Change1 TOTAL CASH RECEIPTS2 $43.6 $38.9 12% $40.2 9% - - n/a - n/a - - n/a - n/a 1.7 1.7 0 0.1 1067 1.5 1.8 (14) 1.4 8 0.4 0.4 (12) 0.2 73 8.3 9.5 (13) 9.0 (8) 1.2 1.4 (20) 1.0 12 16.9 11.2
Slide 8: Veligrotug and VRDN-003 royalty transaction
Veligrotug and VRDN-003 royalty transaction Third synthetic royalty transaction & second pre-approval transaction for DRI Product Summary Transaction Terms Product(s) Veligrotug (VRDN-001) & VRDN-003 US Sales ($m) Royalty Rates • Royalty rates apply to annual U.S net sales of both products Marketer
Slide 9: $3 billion robust pipeline of 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 September 30, 2025. Represents the aggreg
Slide 10: Zaheed Mawani
Zaheed Mawani Chief Financial Officer 10
Slide 11: Q3 2025 financial highlights
Q3 2025 financial highlights Total Cash Receipts1 Total Income Adjusted EBITDA1 $43.6 million $48.7 million $36.7 million 12% over Q3 2024 17% over Q3 2024 17% over Q3 2024 Adjusted EBITDA Margin1 Adjusted Cash Earnings per Unit1 Declared Cash Distributions per Unit 84% $0.55 $0.10 1. Total Cash Rec
Slide 12: Strong cash generation
Strong cash generation Cash available to drive portfolio growth and maintain distributions to unitholders Adjusted EBITDA for the Last Twelve Months Ended September 30, 2025 ($M)1 LTM Adjusted EBITDA Margin1 82% $192.7 $198.4 $190.4 $3.4 $1.1 $1.2 ($8.5) ($1.1) $1.6 ($22.8) ($11.9) $155.7 -- LTM Adj
Slide 13: Well capitalized for growth
Well capitalized for growth Significant capacity for Cash and cash equivalents Royalties receivable Credit facility availability further $35.6 $52.9 $265.4 growth million1 million1 million1 1. As at September 30, 2025. 13
Slide 14: Key priorities
Rebuild trust with a focus on strong governance and tone from the top Key Invest in our people and build the priorities industry leading royalty investment team Execute on strong pipeline and operate at peak performance Focus on long-term, sustainable growth generating strong unitholder returns 14