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Freehold Royalties
Freehold Royalties (FRU) investor relations material
Freehold Royalties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Achieved Q3 2025 production of 16,054 boe/d, up 10% year-over-year, with 65% liquids weighting and 12% liquids volume growth, driven by U.S. expansion and Permian acquisitions.
U.S. production rose 33% to 7,374 boe/d, now representing 45–52% of production and 53% of revenue, while Canadian production declined 4% to 8,680 boe/d.
Net income for Q3 2025 was $34.2 million, up 37% year-over-year, with funds from operations at $58.9–$59 million ($0.36/share).
Maintained a sustainable monthly dividend of $0.09/share, with a payout ratio of 72–75% and a yield of 7.5%.
Portfolio spans 6.1 million gross acres in Canada and 1.2 million in the U.S., with over 380 royalty counterparties.
Financial highlights
Funds from operations reached $58.9–$59 million in Q3 2025, up from $55.7–$56 million in Q3 2024.
Netback per boe was $42.82 in Q3 2025, down from $47.78 in Q3 2024.
Dividend payout ratio was 75% in Q3 2025, with $44 million in dividends paid.
Net debt at quarter-end was $263.3 million, with a net debt to funds from operations ratio of 1.1x.
Royalty and other revenue for Q3 2025 was $74.4 million, up from $73.9 million in Q3 2024.
Outlook and guidance
2025 production guidance is 15,800–17,000 boe/d, with liquids weighting expected to rise to 66%.
Management expects continued strong cash flows, stable dividends, and robust drilling in the U.S. Permian and Canadian heavy oil plays.
Dividend remains sustainable at oil and gas prices materially below current levels.
Forward-looking statements caution on risks from commodity price volatility, geopolitical events, and regulatory changes.
Quantify Permian acquisition's production impact
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Credit facility increase: Immediate capital use?
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Next Freehold Royalties earnings date
Q4 202511 Mar, 2026
Freehold Royalties
Next Freehold Royalties earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
Freehold Royalties Ltd is an energy company that acquires and manages oil and natural gas royalties and mineral titles. It earns revenue from production on its land without operating the assets directly. The company is headquartered in Calgary, Canada, and its shares are listed on the TSX.
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