Deutsche Rohstoff Ag · XETR:DR0
Deutsche Rohstoff — Shareholder Meeting (June 2026)
49 slides from Deutsche Rohstoff's shareholder meeting presentation, Jun 23, 2026
Slide 1: Annual General Meeting 2026
23 June 2026 Annual General Meeting 2026
Slide 2: Disclaimer
Disclaimer This documentis an abridgedpresentationof importantfactsof DeutscheRohstoffAG, Mannheim(DRAG; Company). The documenthas been preparedand published in its entiretyby DRAG. This presentationis not to be construedas investmentadvice by the Company. This presentationdoes not constitutean offe
Slide 3: Deutsche Rohstoff: Well-Positioned for 2026
Deutsche Rohstoff: Well- Positioned for 2026 Share price & Financials Oil & Gas Metals 3 drilling rigs in operation– 5% 5% Metals Portfolio on 800% accelerated development 5% the rise 600% CAPEX ~€225m in 2026 AlmontyIndustries 400% reaches $5bn Oil reserves at record level market capitalization 200
Slide 4: First 3-mile wells in group history drilled in Wyoming
First 3-mile wells in group history drilled inWyoming 3 Miles This corresponds to the distance from Mannheim caslteto the SAP Arena From a single drilling pad, the entire area of Mannheim's Quadrate up to the arena could be developed SAP Arena 3 miles– 4,8 km Disclaimer: Illustrative example 4
Slide 5: Strong Production Growth with More Than 20,000 BOEPD in Second Half of 2026
Strong Production Growth with More Than 20,000 BOEPD in the Second Half of 2026 CAPEX BOEPD Historical production and possible scenarios Growth: ~€200m − CAPEX of ~€200m p.a. 25.000 A CAPEX p.a. is the basis for reaching annual production of Flat: ~€125m around 25,000 BOEPD B 20.000 CAPEX p.a. withi
Slide 6: Five Years of Strong Growth lay the Foundation for Future Success
Five Years of Strong Growth lay the Foundation for FutureSuccess Income statement in€m 2021 2022 2023 2024 2025 2026e1 2027e1 Revenue 73 165 197 235 195 ~270 ~290 − Revenue nearly tripled since EBITDA 66 139 158 168 132 ~300 ~220 2021 Net income after minorities 25 61 65 50 29 − EBITDA consistently
Slide 7: More Than €1bn in potential asset value with low leverage
More Than€1bn in potential asset value with low leverage Present value of proved reserves at $80 WTI + cash and cash equivalents + market value Almontystake of exceeds€1bn €1,300m +5.0x €1,200m ~1,150 €1,100m €1,000m @ $80 WTI Present value €900m of “proved” Almonty2 €800m reserves3 €700m ~230 Cash
Slide 8: Deutsche Rohstoff AG Better Positioned Than Ever Before
Deutsche Rohstoff AG Better Positioned Than Ever Before First milestones 2026 February April April Juni Oil and gas reserves reached a Disposal of 9 million Guidance increase: The first well pads are coming online new all- time high at year-end Almontyshares; 26 wells planned, with record production
Slide 9: Share. Bond. Investor Relations.
Share. Bond. Investor Relations.
Slide 10: Strong Share Price Performance and Rising Dividends
Strong Share Price Performance and Rising Dividends ~€18m dividends1 & share buybacks in 2026 700% IPO +570% 500% 2010 300% DJ Oil & Gas2 +160% Dividends since 100% DAX IPO +138% -100% ~€53m Share buybacks € 1.57 € 0.70 € 0.60 € 0.80 € 0.82 ~€23m € 1.75 € 2.00 € 2.25 € 0.10 € 1.30 2019 2020 2021 202
Slide 11: Peer Group Comparison (ex. Almonty): Other Oil & Gas Companies Trade at Higher Valuations
Peer Group Comparison (ex.Almonty): Other Oil & Gas Companies Trade at Higher Valuations +80 480 Market EV/ MBOEPD EV / 1P EV/ 1 400 Cap EBITDA2 (2026e)3 Reserve4 BOEPD 250 ~$650m 4.6 ~17 1.7 ~46,500 in €m -230 ~$900m 3.5 ~43 1.0 ~46,800 HighPeak Market Net EV Almonty EV ex Cap debt Almonty EV / EBI
Slide 12: Award-Winning Bond Issuer with a Strong Track Record in the German Capital Market
Award-Winning Bond Issuer with a Strong Track Record in the German Capital Market Issuance History €143m Total volume of all issuances since 2013 €100m €422m 5 successful bond issuances €67m 7.5% €62m €50m 5.25% − Multiple recipient of the "Bond of the Year" award − Bonds 23/28 and 25/30 significant
Slide 13: More Shareholders. More Liquidity. More Visibility.
More Shareholders. More Liquidity. More Visibility. Trading volume for the stock has risen sharply + 176% + 23% Shares Traded Per Day* 1 ~11,000 to ~13,500 | 2024 Number of shareholders -2026 ~35,000 + 70% 2 Analyst upside to price target Current price: ~€ 84; analyst price target: ~€ 140 ~17,000 ~1
Slide 14: Oil Demand Continues to Grow – Road, Petrochemicals and Aviation Are Key Drivers
Oil Demand Continues to Grow–Road, Petrochemicals and Aviation Are the Key Drivers Oil demand has increased in 23 of the last 25 years Sector-Specific Oil Demand 2024 -2050 Financial Covid Crisis Crisis +18% 120 120 9% ~105 9% Million Barrels per Day Other 9% 11% Aviation 90 90 7% Residential, 11% 1
Slide 15: U.S. Rig Count +4% Since the Hormuz Crisis — DRAG Mobilized While Market Was Catching Up
U.S. Rig Count +4% Since the Hormuz Crisis — DRAG Mobilized While the Market Was Still Catching Up DRAG deployed 3 drilling rigs in 4 weeks; the market takes -3 2months U.S. RIG COUNT 120$ Liberation 600 Hormuz 544 100$ Day Crisis June 2025 +4% 550 + 1% 80$ 550 U.S. Rig Count 531 WTI Price 550 60$ 5
Slide 16: U.S. Oil & Gas Business 2026
AA Deutsche Rohstoff U.S. Oil & Gas Business 2026
Slide 17: High Competitiveness in a Diversified Multi-Basin Portfolio
High Competitiveness in a Basin overview Diversified Multi-Basin Portfolio Powder River Denver-Julesburg Appalachian / Utica Production in WY/CO and Basin Basin Basin Wyoming (PRB) Colorado (DJ) Ohio strategic land position in Ohio MMBOEPD MMBOEPD MMBOEPD ~0.3 (~80% oil share) ~1.0(~50%oil share) ~6
Slide 18: High Oil Prices and agile setup: Operational shift in 2026
High Oil Prices and agile setup: Operational shift in 2026 Strategy 2025 (WTI $60) Strategy 2026 (WTI $75) Value & Discipline Growth & Momentum − Maintain stable Production − Target Production Growth − Drive Efficiency Gains − Scale Operations − Strict Capital Discipline − Expand Production Base − M
Slide 19: Powder River Basin – Core of Our Operations
Powder River Basin– Core of Our Operations Drilling Rigs WachstumsregionmitstarkemProduktionspotenzial 2026 wells illustrative Horizontal wells since January 2010 Drilling program 2026 − €220m CAPEX (net) − 26 wells, 180 km of drilling − 3 rigs operating in parallel – high logistical effort Operator
Slide 20: 26 Operated Wells to Come Online by Year-End
26 Operated Wells to Come Online by Year-End CAPEX for wells of up to€235m in 2026 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Pad 1 Drilling Completion 4 wells Estimate based on Pad 2 current planning 3 wells Pad3 3 wells Pad 4 2 wells Pad 5 2 wells Pad 6 4 wells Pad 7 6 wells Pad 8 2 wells Pad 9- Opti
Slide 21: Drilling Program – Cost Control & Speed Are Top Priorities
Drilling Program– Cost Control & Speed Are Top Priorities Drilling Days vs. Well Depth Drilling Cost vs. Well Depth − 9 wells spud in the eastern Powder River Basin by end of May − Drilling time partially below 10 days– ahead of plan − Costs well below budget − "Problem wells" can cause elevated cos
Slide 22: Wells in the Powder River Basin After One Year Still Above the Typecurve
Wells in the Powder River Basin After Year 1 Still Above the Typecurve Production volumes of all “Powder” wells through month 12 200 2024 Mowry (1 well) 2025 Nio East 180 (4)* − Drilling programs 2023 -2025 still above “500k MBO” after 160 Non-Op JV (24) 12 monthstypecurve 2024 Nio East (10)* 140 20
Slide 23: 2026 Wells with Extremely Strong Start
2026 Wells with Extremely Strong Start Production after 150 days Production after 60 days 120 60 100 50 − Two pads have already started production in 2026 1,000 barrels of oil 80 40 − Extremely strong results after ~30 days 60 30 − Pad 1 still above 1,300 BOPD gross per well on average 40 20 − Optim
Slide 24: Targeting High Well Returns Through Improved Completion Design
Targeting High Well Returns Through Improved Completion Design Higher investmentmay lead to higher production and IRR The first 12 months matter most for returns Target Case Target Case Base Case1 2-mile well 3-mile well − Optimized completion design planned WTI price $ WTI price $ WTI price $ for n
Slide 25: Portfolio Expansion Ohio – Land Acquisition in the Utica Shale
Portfolio Expansion Ohio– Land Acquisition in the Utica Shale 2 Utica/Point Pleasant Formation Market entry after cautious exploration since early 2025 Black Oil Bright Rock– Land acquisition Ohio ~300 km Volatile Oil ~ 5,000 acres PENNSYLVANIA Wet Gas Target formation Utica / Point Pleasant Dry Gas
Slide 26: Utica Shale, Ohio — Attractive Acreage Among Well-Known Oil and Gas Companies
Utica Shale, Ohio— Attractive Acreage Among Well- Known Oil and Gas Companies ~150 km Operator Utica Shale, Ohio Estimated Market Operator acreage capitalization position* EOG ~$70bn ~1,000k ~100km Resources Ascent ~$4bn ~350k Resources EQT ~$32bn ~57k Gulfport ~$3bn ~100k ~50 km Expand ~$21bn ~60k
Slide 27: Metals
AA Deutsche Rohstoff Metals
Slide 28: Deutsche Rohstoff AG — More than Just Oil and Gas
Deutsche Rohstoff AG— More than Just Oil and Gas Metals Portfolio– Growing Exposure to Metals +322% a diversified and experienced global ~€27m ~€27m tungsten producer from conflict -free Book value of current metals regions holdings ~€18m − DRAG has been a shareholder since 2014 − ~€100m income real
Slide 29: Almonty: €330m value of share position and realized gains
Almonty: €330m value of share position and realized gains I. Tungsten market II. Almonty III. Almonty'sSangdong Mine Global primary production: ~85,000 t WO ₃ APT price &Almontyshare price Sangdong Mine, (as % of total production) since January 2024 South Korea 4000% 4.000 13% 3000% 3.000 Conflict-f
Slide 30: Portfolio with Exposure to: Gold, Lithium, Copper
Portfolio with Exposure to: Gold, Lithium, Copper As of Q1 2026 − Since 2017, DRAG has held a portfolio of “Junior Mining Investments” − Stakes below 10% in mostly listed companies (Australia/Canada) €27m Invested − The aim is to generate profits and identify potential strategic targets − Portfolio
Slide 31: Value Creation in Mining – Lassonde Curve
Value Creation in Mining– “Lassonde Curve” Ideal lifecycleof a mining project Ramp-up phase High Orphan period Mining begins— initial performance valuation Pre-Construction uncertainty, then high Cash Flows. Valuations During the slow, steady “de -risking” phase— Deposit size and economics when tech
Slide 32: ESG
AA Deutsche Rohstoff ESG
Slide 33: ESG – Safety and Sustainability in focus
ESG – Safety and Sustainability in focus Water recycling Workplace safety − Use of additional tanks for reusing − Workplace accidents in 2025 0.0 Accident frequency rate used water since 2023 − 2026: Investment in two large multi - − Metric measures accidents per 100 (prior year: 0.0) purpose basins
Slide 34: Fuel Substitution: Natural Gas (CNG) Replaces Diesel
Fuel Substitution: Natural Gas (CNG) Replaces Diesel 2024 Electric pumps with CNG operation in use − First operation of a drilling rig with natural gas -called (so “dual fuel approach”) 2025 − First test operation of the Completion fleet with natural gas − Use of electric high-pressure pumps for hyd
Slide 35: Water Infrastructure: Recycling and Circular Economy
Water Infrastructure: Recycling and Circular Economy Construction of two multi -purpose tanks Construction of two water recycling tanks − Around 160 million liters of water capacity (2 x 500,000 barrels) in Wyoming − Introduction of additional recycling phases − Build-out of a water pipeline system
Slide 36: Financials 2025 & Q1 2026
AA Deutsche Rohstoff Financials 2025 & Q1 2026
Slide 37: Review through 2025
Review through 2025 Revenue in€m EBITDA in€m Operating Cash Flow in€m +166% +100% +151% 235 197 195 158 168 143 139 144 165 139 132 130 73 66 52 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Net debt in€m Net debt / EBITDA Equity in€m +56% -21% +175% 157 1.4x 237 220 146
Slide 38: Stable Oil Production Despite Significantly Lower CAPEX
Stable Oil Production Despite Significantly Lower CAPEX 2024 2025 Volume by product in thousands Commodity prices in USD Exchange rate (USD/EUR) -8% -14% +4% +14% 5,388 72.32 $ 1.175 4,941 -1% 1.082 1.130 1.035 3,246 3,200 62.40 $ +57% 1.88 2.95 BOE BO Oil Gas Average Closing rate − Oil volume nearl
Slide 39: Consolidated Income Statement
Consolidated Income Statement In €m 2025 ↑ in % 2024 2023 2022 2021 Revenue 195.1 -17% 235.4 196.7 165.4 73.3 Other operating income 7.9 23% 6.4 20.6 25.9 23.0 Cost of materials 43.3 -4% 44.9 34.3 30.4 18.1 Personnel expenses 12.2 7% 11.4 10.3 6.5 5.1 Other operating expenses 15.5 -13% 17.9 14.4 15.
Slide 40: Consolidated Balance Sheet
Consolidated Balance Sheet In €m 2025 ↑ in % 2024 2023 2022 2021 Total assets 578.1 5% 552.5 493.8 350.3 265.0 Intangible assets 30.6 22% 25.1 23.5 33.9 29.8 Property, plant & equipment 420.0 -2% 426.4 317.6 192.6 149.1 Financial assets 24.9 -22% 32.1 30.6 33.9 33.0 Receivables & other assets 29.2 -
Slide 41: Consolidated Liquidity
Consolidated Liquidity In €m 2025 ↑ in % 2024 2023 2022 2021 Cash Flow from operating activities 130.0 -9% 143.6 139.3 142.7 51.8 Cash Flow from investing activities -110.8 -39% -180.5 -149.4 -72.2 -29.3 Cash Flow from financing activities 18.2 -185% -21.5 39.6 -34.7 -19.7 FreeCash Flow 1 23.9 n/a -
Slide 42: 2025: IFRS Reconciliation Reveals Hidden Reserves in Metal Holdings
2025: IFRS Reconciliation Reveals Hidden Reserves in Metal Holdings Revenue in€m EBITDA in€m Group net income in€m +8% +115% +521% 15.9 211.0 151.4 283.4 150.4 179.2 195.1 132.0 28.9 HGB Reconciliation IFRS HGB Reconciliation IFRS HGB Reconciliation IFRS Gross presentation of Fair value accounting o
Slide 43: Annual Financial Statements of Deutsche Rohstoff AG (Standalone)
Annual Financial Statements of Deutsche Rohstoff AG (Standalone) In €m 2025 ↑ in % 2024 2023 2022 2021 Revenue & other operating income 7.5 6% 7.1 11.4 18.9 21.4 Personnel & other related expenses 12.8 4% 12.3 11.6 8.7 5.3 Gains & losses from the investment business 15.4 16% 13.3 -1.0 -0.9 -3.0 Inte
Slide 44: Stock Options, Conditional & Authorized Capital and Share Buyback Programs
Stock Options, Conditional & Authorized Capital and Share Buyback Programs Stock option programs Conditional & authorized capital Share buyback 1 Conditional capital 2018 3 Conditional capital 2023 Authorization from the 2022 AGM to 5 buy back up to 10% of own shares until − 200,000 options (2018-20
Slide 45: Q1 2026 Highlights
Q1 2026 Highlights Earnings per share in€ Equity in€m Equity ratio in % +258% +51% +25% 21.59 332 48% 38% 10% 220 112 15.56 6.03 FY25 26Q1 25Q4 26Q1 25Q4 26Q1 Cash & cash equivalents in €m Net debt in€m Leverage ratio (Net debt/EBITDA) +115% -45% -66% 149 146 1.1x -66 80 79 0.7x 69 0.4x 25Q4 26Q1 25
Slide 46: Guidance
AA Deutsche Rohstoff Guidance
Slide 47: Guidance Quality: Guidance Ranges Consistently Met or Exceeded Since 2021
GuidanceQuality: GuidanceRanges Consistently Met or Exceeded Since 2021 Revenuein €m EBITDA in €m Guidance Revenue Revenue Target EBITDA EBITDA Target Year raises guidance actual achievement guidance actual achievement 2021 ↑↑ 68–73 73 Upper end 64–67 66 Upper end 2022 ↑↑↑ 163–168 165 Midpoint 138–1
Slide 48: Guidance 2026 and Outlook 2027
Guidance2026 and Outlook 2027 Drilling program2026 Quarterlyguidance2026* – 3 rigs in operation since early April 140 +60% 28.000 – Planned gross wells: 26 (18 net), of which 5 three -mile wells 126,0 120 24.000 – A further 9 “non- op” wells under a joint venture > 20.000 BOEPD – Daily production of
Slide 49: Q7, 24 68161 Mannheim info@rohstoff.de
Q7, 24 68161 Mannheim +49 621 490 817 0 info@rohstoff.de 49