FRU FINANCIAL STATEMENTS

Freehold Royalties Ltd. — balance sheet, income statement and cash flow trends

FRUFreehold Royalties Ltd.

🇨🇦 Canada · TO · Energy · Oil & Gas E&P

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue300.2 M C$-8.0%

Gross Profit185.6 M C$-12.4%

Operating Income152.6 M C$-20.4%

EBITDA242.6 M C$-22.8%

Net Income89.6 M C$-41.3%

Peer Comparison· Oil & Gas E&P

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
FRU	-8.0%	61.8%	80.8%	29.8%
NOG	-6.8%	30.6%	7.7%	-30.3%
AKRBP	172.4%	63.8%	67.6%	9.4%
TALO	-15.4%	6.8%	22.1%	-42.7%
BPT	11.4%	25.6%	13.9%	-5.5%
CRGY	18.3%	70.3%	33.0%	-7.5%
Industry median	-1.0%	38.9%	51.0%	12.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
FRU	-8.0%	61.8%	80.8%	29.8%
IPCO	-18.6%	16.0%	32.5%	3.5%
HWX	-8.2%	50.6%	53.8%	24.1%
VET	-12.3%	35.9%	61.2%	-44.9%
KEL	12.8%	19.7%	55.5%	8.7%
AAV	8.7%	40.4%	66.3%	16.8%
Industry median	-1.0%	38.9%	51.0%	12.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity995.8 M C$71%
Current Liabilities35.7 M C$3%
Long-term Liabilities361.5 M C$26%

Key Figures

YoY change

Total Assets1.4 B C$-5.3%

Total Liabilities397.2 M C$+4.6%

Total Equity995.8 M C$-8.8%

Cash & ST Investments——

Total Debt303.2 M C$+2.5%

Net Debt303.2 M C$+2.5%

Peer Comparison· Oil & Gas E&P

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
FRU	1.73	30.4%	—	71.5%
NOG	0.53	143.0%	15.88	32.4%
AKRBP	1.25	—	—	24.9%
TALO	1.20	66.3%	2.23	35.6%
BPT	1.16	22.9%	1.68	58.5%
CRGY	0.57	114.8%	4.26	39.0%
Industry median	0.83	38.1%	1.03	52.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
FRU	1.73	30.4%	—	71.5%
IPCO	0.79	58.6%	2.18	44.1%
HWX	0.98	0.3%	-0.20	73.6%
VET	0.63	63.7%	1.16	36.9%
KEL	0.52	12.9%	0.52	69.0%
AAV	0.38	48.6%	1.83	53.4%
Industry median	0.83	38.1%	1.03	52.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow218.7 M C$-6.5%

Capital Expenditures50.3 M C$-83.5%

Free Cash Flow183.6 M C$—

Dividends Paid-177.1 M C$-206.5%

Peer Comparison· Oil & Gas E&P

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
FRU	72.8%	61.2%	16.7%	244.1%
NOG	69.0%	-36.4%	105.4%	-228.1%
AKRBP	89.5%	3.3%	85.4%	948.4%
TALO	48.4%	28.1%	29.1%	-113.3%
BPT	43.6%	13.5%	30.1%	-790.3%
CRGY	46.0%	9.8%	36.2%	-615.3%
Industry median	49.1%	15.4%	36.0%	195.0%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
FRU	72.8%	61.2%	16.7%	244.1%
IPCO	25.7%	-18.0%	43.7%	731.7%
HWX	46.8%	11.7%	35.1%	194.0%
VET	49.1%	16.6%	32.6%	-109.4%
KEL	52.1%	-13.8%	65.9%	596.5%
AAV	53.0%	-15.4%	68.5%	315.1%
Industry median	49.1%	15.4%	36.0%	195.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.