Freehold Royalties Ltd. · TSX:FRU
Freehold Royalties — Shareholder Meeting (May 2026)
22 slides from Freehold Royalties's shareholder meeting presentation, May 13, 2026
Slide 1: Annual General Meeting and Corporate Presentation
UNIQUELY NORTH AMERICAN Annual General Meeting and Corporate Presentation May 13, 2026 FREEHOLDROYALTIES.COM | TSX FRU
Slide 2: 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 3: Freehold Royalties – 30 Years of Growth & Returns
Freehold Royalties – 30 Years of Growth & Returns Indexed Total Shareholder Return – 2016 to Date (Indexed performance) ▪ Freehold among the 350 leaders in Total 300 FRU +220% Shareholder Returns of TSX Capped North American peer 250 Energy royalty companies over 200 Index +163% past 10 years 150 ▪
Slide 4: Freehold Royalties
FREEHOLD ROYALTIES
Slide 5: 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 6: 2025 Results Overview
DEEP BASIN CLEARWATER Updated 2025 Results Overview MANNVILLE HEAVY OIL CARDIUM VIKING 16,294 boe/d total production SE SASKATCHEWAN ▪ 9% growth in total volumes over 2024 (1% per share) ▪ 45% of production & 53% of revenue from US portfolio N. DAKOTA BAKKEN 66% crude oil & NGL weighting ▪ 12% growt
Slide 7: 10 Years of Fine Tuning
10 Years of Fine Tuning Freehold Royalty Production per Share Freehold Proved & Probable Reserves (boe/d & bbl/d per million shares) (million bbls & million boe) (Total Production) (Liquids Production) 115 Liquids production per share 70 80 Heavy Oil Light & Medium Oil 110 60 NGLs 105 Natural Gas 60
Slide 8: U.S. Portfolio Overview – Targeted Growth
U.S. Portfolio Overview – Targeted Growth Bakken Freehold U.S. Asset Map Summary 2025 Oil Growth in Permian Oil Weighted Plays (boe/d) (boe/d) Gas Weighted Plays Midland 3,900 3,000 Eagle Ford 2,500 220% growth Marcellus Delaware 500 since 2022 Other 500 Permian Basin Denver-Julesburg Total ~7,400 (
Slide 9: Canadian Portfolio Overview – Well Established
Canadian Portfolio Overview – Well Established Freehold Canadian Asset Map Summary 2025 Heavy Oil Growth in Oil Weighted Plays (boe/d) Canada Gas Weighted Plays (boe/d) SE Sask 1,200 1600 ~80% Oil Viking 1,000 28% growth Clearwater Mannville Heavy Oil Mannville Heavy 1,000 Clearwater Cardium 1400 Cl
Slide 10: 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 11: Freehold Royalties – 30 Years of Growth & Returns
Freehold Royalties – 30 Years of Growth & Returns Total Production (boe/d) (boe/d) ▪ Consistent track record of production 18,000 growth and portfolio optimization 4% annual production 16,000 growth since 1996 ▪ Positioned to continue to build the 14,000 business through a combination of 12,000 orga
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: North American Access To Minerals & Royalties
North American Access To Minerals & Royalties Canadian & U.S. Royalty Mid-Market Deal Flow1 (C$ millions) ▪ Significantly larger pool of transactions in $2,500 U.S. compared to Canada ▪ U.S. mid-market deal space is three times $2,000 that of Canada in annual average deal flow $1,500 ▪ Mineral title
Slide 14: “Ground Game” Builds Bespoke Portfolio
“Ground Game” Builds Bespoke Portfolio Freehold Royalty Lands Freehold Ground-Game Adds ▪ Extensive mineral title acreage in the Permian allows Freehold to hunt ▪ Provides paced capital allocation toggle to add high quality inventory that has less-certain development timelines than permitted assets,
Slide 15: U.S. Investments Providing Significant Returns
U.S. Investments Providing Significant Returns Production and Revenue from U.S. Production from 2024 Acquisitions pre-2024 Acquisitions (boe/d) (C$ million) (boe/d) Expected level 6,000 ~C$533 million $600 3,000 5,000 $500 2,500 4,000 $400 2,000 3,000 $300 1,500 2,000 $200 1,000 1,000 $100 500 0 $0
Slide 16: High Margin Barrels – Best in the Business
High Margin Barrels – Best in the Business 2026E Cash Flow per boe1 Freehold Realized Pricing in 2025 ($/boe) $60 US US +19% premium $50 oil Canada Cdn. $40 $0 $20 $40 $60 $80 $100 $30 ($/bbl) $20 US US +34% premium boe Cdn. Canada $10 $0 $20 $40 $60 $80 $0 ($/boe) Peers1 FRU PNE TOU SDE KEL CNQ BNE
Slide 17: 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 18: 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 19: 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 dividend payout ratio is a useful supplementary financial measure for management and investors to analyze operating performance
Slide 20: Advisories
Advisories Advisory Relating to Forward-Looking Information This presentation offers and assessment of Freehold's future plans and operations as at May 13, 2026 and contains "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws legislations.
Slide 21: Advisories
Advisories Freehold cannot assure investors that actual results will be consistent with these forward-looking statements. Accordingly, investors should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. To the extent any guidance or forward-looking statem
Slide 22: Advisories
Advisories Initial Production Rates Advisory References in this presentation to initial production rates, other short-term production rates, productive capacity or initial performance measures relating to wells are useful in confirming the presence of hydrocarbons; however, such rates are not determ