WhiteHawk Minerals (WHK) investor relations material

Executive summary

• Achieved strong operational and financial performance in the inaugural public quarter, with record net production of 70 MMcfe/d, up 57% year-over-year and 9% sequentially.

• Completed nine acquisitions totaling $111.8 million in core Marcellus, Utica, and Haynesville Shale mineral and royalty interests since IPO, expected to add up to $18.5 million incremental cash flow in 2028.

• Entered into a definitive agreement to acquire mineral and royalty interests from Three Rivers Royalty II, LLC and Cypress Mineral Partners, LLC for $105 million, effective June 1, 2026, with closing scheduled for September 25, 2026.

• Initiated a quarterly dividend at $0.50 per share ($2.00 annualized), with a payout target of at least 75% of cash available for distribution.

• Proceeds from the IPO and greenshoe option raised over $220 million, used to repay significant debt and redeem preferred equity.

Financial highlights

• Net production reached 70 MMcfe/d; operating revenue was $25.7 million, GAAP revenue $29.1 million including $6.7 million in unrealized hedge gains.

• Adjusted EBITDA was $20.7 million, up 104% year-over-year; cash available for distribution was $17.4 million ($0.63/share diluted).

• Net loss of $39.2 million due to non-recurring IPO-related costs and debt extinguishment.

• Cash and cash equivalents stood at $13.2 million, with total debt of $68.7 million as of June 30, 2026.

• Net debt reduced to $55.5 million at quarter end; leverage ratio at 0.67x adjusted EBITDA.

Outlook and guidance

• Acquisitions expected to be immediately accretive to cash available for distribution per share.

• Anticipated incremental production of 16–17 MMcfe/d and $17.0–$18.5 million in cash flow from acquired assets in 2027 and 2028 at current strip pricing.

• Expects continued production and cash flow growth from recent and pending acquisitions, with further upside in 2028.

• Sees $3–$5 billion in strategic acquisition opportunities and over $30 billion in ground-game opportunities.

• Anticipates robust demand growth for natural gas driven by LNG exports and data center power needs, supporting higher prices over the next five years.