Slide 1: Freehold Royalties
Freehold Royalties Enercom – August 2025 UNIQUELY NORTH AMERICAN FREEHOLDROYALTIES.COM | TSX FRU
Slide 2: North American Royalty Portfolio
DEEP BASIN CLEARWATER Freehold’s Value Proposition North American Royalty Portfolio MANNVILLE HEAVY OIL CARDIUM VIKING SE SASKATCHEWAN ▪ Exposure to major oil and gas basins ▪ ~6.1 million gross acres in Canada, and ~1.2 million N. DAKOTA BAKKEN gross drilling acres in the United States ▪ Current di
Slide 3: Returns Continue to Grow as Freehold Grows
Freehold’s Value Proposition Returns Continue to Grow as Freehold Grows ▪ Freehold’s dividend has Cumulative dividends paid ($ millions) been a permanent feature through all $2,500 commodity price cycles Over $2.3 billion ▪ Current monthly dividend of $0.09/share $2,000 8.2% dividends paid since inc
Slide 4: High Margin Barrels – Best in the Business
Freehold’s Value Proposition High Margin Barrels – Best in the Business 2026E cashflow per boe1 Freehold realized pricing Q2-2025 ($/boe) $40 US U.S. +16% premium oil Canada Cdn. $30 $0 $20 $40 $60 $80 $100 ($/bbl) $20 U.S. US +31% premium $10 boe Cdn. Canada $0 $0 $20 $40 $60 $80 Peers1 FRU ($/boe)
Slide 5: Aligned With Quality Payors
Freehold’s Value Proposition Aligned With Quality Payors Top 5 U.S. Payors Top 5 Canadian Payors 5 Source | Company Reports
Slide 6: Decades of Inventory
Freehold’s Value Proposition Decades of Inventory Asset Book highlights Development inventory by region (years) 40 Canada United States 35 ~40 years ~18,000 ~24,000* 30 25 ~30 years development locations development locations 20 ~$10.3 billion ~$6.3 billion * 15 undiscounted value undiscounted value
Slide 7: Disciplined Investment Framework Drives Profitable Growth
Track Record of Capital Discipline Disciplined Investment Framework Drives Profitable Growth FRU’s Return on Average Capital Employed1 FRU vs. Peers – Return on 1Average Capital Employed 30% 30% 25% Average ROACE 12% 20% 20% 10% 15% ROACE 10% 0% 5% -10% 0% ROACE ROACE Avg -20% -5% 2020 2021 2022 202
Slide 8: Income Growth and Durable Returns, the Results
Freehold’s Value Proposition Income Growth and Durable Returns, the Results Creating Value Enhancing Value Delivering Value Production per million Funds from operations, and Total shareholder shares outstanding dividends per share return since 2019 (boe/d/mm shares) ($ per share) 2020 – 2024 per Sha
Slide 9: Return Of Capital Priorities
Freehold’s Value Proposition Return Of Capital Priorities Generating Significant Free Funds Flow1 ($, millions) Return Of Capital Priorities $300 Base Dividend ▪ Annual dividend of $1.08 per share fully funded $250 $100 at low commodity prices $200 $64 ▪ Target 60% long term payout ratio $25 Strateg
Slide 10: U.S. Portfolio Overview
Targeted Growth in Premier Basins U.S. Portfolio Overview Freehold US asset map Summary Q2 2025 Oil Growth in Permian (boe/d) (boe/d) 4,500 Midland 3,750 Eagle Ford 2,750 120% growth Delaware 500 Permian Basin (Midland and Other 480 Delaware) 3,500 Total ~7,480 Production Summary 2,500 (Q2 2025) 1,5
Slide 11: Positioned In Front of the Drill Bit
Targeted Growth in Premier Basins Positioned In Front of the Drill Bit Midland Basin activity heatmap1 ▪ 2024 acquisitions focused on building out Midland basin position; Midland now Freehold’s largest asset – 22% of production (up from ~11% in 2023) ▪ Market share has grown significantly – position
Slide 12: Canadian Portfolio Overview
Well Established Basin Position Canadian Portfolio Overview Freehold Canadian asset map Summary Q2 2025 Oil Growth in Canada (boe/d) (boe/d) 2,750 Viking 1,100 16% growth SE Sask 1,100 80% Oil SE Saskatchewan Heavy Oil Heavy Oil 1,000 2,500 Clearwater Clearwater 500 Cardium 925 2,250 80% Gas Deep Ba
Slide 13: Focus On Positioning In High Quality Oil Plays
More Oil, More Cash Flow Focus On Positioning In High Quality Oil Plays ▪ Oil growth far outpacing Relative oil growth since Q1-2022 broader Western Canadian Sedimentary Basin (WCSB) 40% Freehold Oil ▪ Permian and Eagle Ford 30% positioning outpaces overall U.S. oil growth 20% ▪ Oil growth has been
Slide 14: The Royalty Advantage
Minerals and Royalties Represent a Simple Asset Class The Royalty Advantage High Margin Return of Balance Sheet Model Capital Strength Operating Margin of 85% in H1-2025 Consistent, sustainable dividend Capacity to fund future growth with no operating or capital cost with >$36/share or ~$2.3 billion
Slide 15: Asset Profile
Asset Profile UNIQUELY NORTH AMERICAN FREEHOLDROYALTIES.COM | TSX FRU
Slide 16: Freehold Snapshot
Balanced North American Portfolio; Oil Weighted; Best-in-Class Operators Freehold Snapshot Freehold’s 3 key areas (boe/d) Production 55% 45% Midland 3,600 Q2 2025 46% of Total Eagle Ford 2,600 Heavy Oil 1 1,500 68% Oil Weighted Revenue 48% 52% Q2 2025 Plus ~34 MMcf/d of corporate gas exposure 67% 1
Slide 17: US Portfolio Overview
Targeted Growth in Premier Basins US Portfolio Overview Freehold US asset map Production summary Summary Q2 2025 (Q2 2025) (boe/d) Midland 3,750 Eagle Ford 2,750 Delaware 500 Other 480 0% 25% 50% 75% 100% Total ~7,480 Oil NGLs Gas Revenue summary US Portfolio Build (Q2 2025) ~$1 billion deployed sin
Slide 18: FRU’s Midland Basin Position
~$392 million in acquisitions in 2024 has reshaped FRU’s position FRU’s Midland Basin Position ▪ Market share has grown significantly – Midland Production (% of Corporate Production) positioned to capture 1 in 3 wells vs 1 in 12 in 2025E Doubled since 2023 2025E 2023 2023 2023 ▪ ~32% of development
Slide 19: US Drilling Activity Led by Top Operators
Targeted Growth in Premier Basins US Drilling Activity Led by Top Operators Net quarterly activity on Freehold’s US lands Freehold’s top US drillers (2024-2025 YTD)1 3.0 As at Q2 2025 60 other 2.5 2.4 net permits operators 2.2 net spuds/DUCs 23% 2.0 31% 1.5 5% 6% 1.0 10% 24% 0.5 0.0 1Q21 1Q22 1Q23 1
Slide 20: Concentrated Footprint in the Core of the Eagle Ford
Resource Expansion Concentrated Footprint in the Core of the Eagle Ford ▪ 20 years1 of prospective development inventory Lower Eagle Ford development since 2010 ▪ Freehold’s inventory locations are split evenly between the Lower Eagle Ford and upper zones ▪ Freehold acreage mostly in core Karnes Cou
Slide 21: Canadian Portfolio Overview
Well Established Basin Position Canadian Portfolio Overview Freehold Canadian asset map Production summary Summary Q2 2025 (Q2 2025) (boe/d) Viking 1,100 SE Sask 1,100 0% 25% 50% 75% 100% Heavy Oil 1,000 Oil NGLs Gas Clearwater 500 Revenue summary Cardium 925 (Q2 2025) Deep Basin 2,750 Mannville 825
Slide 22: Multilateral Adoption in Canada
What Freehold is Excited About Multilateral Adoption in Canada ▪ New technology continues to unlock substantial Multilateral Spuds on Freehold Lands resource that may have been marginal under 120 40% previous drilling techniques 100 30% Multilateral Spuds (#) ▪ Exposure via the Clearwater and Mannvi
Slide 23: Drilling Efficiencies Lead to Resilient Inventory, Growth
Clearwater and Mannville Heavy Oil Developments Drilling Efficiencies Lead to Resilient Inventory, Growth ▪ Improved drilling economics Multilaterals Fishbone Sweeper translate directly into improved inventory quality, duration, and better exploration returns across Freehold’s vast land portfolio ▪
Slide 24: Bespoke Heavy Oil Drilling
Canadian Resource Expansion Bespoke Heavy Oil Drilling ▪ Revitalization of Mannville stack revitalized multilateral development established production fairways through application of bespoke drilling and completions strategies unlocks value for Freehold with zero capital requirements Channel sweeper
Slide 25: Why Own Freehold
A Uniquely North American Energy Royalty Company Why Own Freehold Dividend Focused 8.0% Dividend Yield Coverage down to ~US$50/bbl WTI Target a payout ratio of ~60% Liquids Weighted ~11,050 bbls/d 16% CAGR on liquids production since 2020 Liquids1 ~97% of Revenue Improving natural gas outlook (~34 M
Slide 26: Supplemental Slides
Supplemental Slides 26
Slide 27: Second Quarter 2025 Results
Second Quarter 2025 Results Q2-2025 Q1-2025 Q2-2024 WTI crude oil US$/bbl $63.74 $71.42 $80.57 Production boe/d 16,584 16,248 15,221 Liquids Production bbls/d (% liquids) 11,047 (67%) 10,635 (65%) 9,801 (64%) Funds from operations C$ millions $57 $68 $60 Netback C$ per boe $42.68 $53.01 $49.44 Divid
Slide 28: Key Item Sensitivities & Guidance
2025E Range of 15,800 – 17,000 boe/d – Higher Liquids Drives FFO Improvement Key Item Sensitivities & Guidance $0.02/sh 2025E Range +/- US$1/bbl WTI $3.6mm 15,800 – 17,000 boe/d $0.02/sh +/- $0.01 FX $3.4mm ~10% YoY Production Growth $0.01/sh 2% increase in liquids weighting increases +/- 100 BOE/d
Slide 29: Net Debt to Funds From Operations
Strong Balance Sheet 5.0x 4.5x ▪ Freehold’s net debt to trailing funds from operations is ~1.1x 4.0x Net Debt to Funds From Operations ▪ At current commodity price levels 3.5x and dividend level, Freehold has capacity to pay down debt or pursue 3.0x acquisitions with free funds from 2.5x operations
Slide 30: Advisories
Advisories UNIQUELY NORTH AMERICAN FREEHOLDROYALTIES.COM | TSX FRU
Slide 31: Advisories
Advisories Non-GAAP Measures Within this presentation, references are made to terms commonly used as key performance indicators in the oil and gas industry. We believe that net revenue, cash costs, netback, dividend payout ratio, funds from operations per share and return on capital employed are use
Slide 32: Advisories
Advisories Third Party Information and Public Information This presentation contains information regarding lands and interests from which Freehold Royalties Ltd. ("Freehold", "FRU", the "Corporation", "us", "we" or "our") collects or may in the future collect royalties and associated revenues. It al
Slide 33: Advisories
Advisories Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Freehold to be materially different from any future results, performance or achievements expressed or implied by the forward-look
Slide 34: Advisories
Advisories Advisory relating to Development Locations and Associated Undiscounted Values In this presentation, Freehold has presented an analysis of the Freehold’s prospective drilling locations and associated undiscounted value of its royalty lands. The potential drilling locations and associated u