NORTH EUROPEAN OIL ROYALTY TRUST 10-Q

Financial Statements (unaudited)

Item 1. Financial Statements . STATEMENTS OF ASSETS, LIABILITIES AND TRUST CORPUS (NOTE 1) JULY 31, 2026 AND OCTOBER 31, 2025 (Unaudited) 2026 2025 ASSETS Current assets - - Cash and cash equivalents $ 4,363,404 $ 4,785,156 Producing gas and oil royalty rights, net of amortization (Notes 1 and 2) 1 1 Total Assets $ 4,363,405 $ 4,785,157 LIABILITIES AND TRUST CORPUS Current liabilities - - Distributions to be paid to unit owners $ 2,389,554 $ 2,849,083 Trust corpus (Notes 1 and 2) 1 1 Undistributed earnings 1,973,850 1,936,073 Total Liabilities and Trust Corpus $ 4,363,405 $ 4,785,157 The accompanying notes are an integral part of these financial statements. - 2 - STATEMENTS OF REVENUE COLLECTED AND EXPENSES PAID (NOTE 1) FOR THE THREE MONTHS ENDED JULY 31, 2026 AND 2025 (Unaudited) 2026 2025 Gas, sulfur, and oil royalties received $ 2,641,909 $ 2,617,231 Interest income 15,164 25,220 Trust Income 2,657,073 2,642,451 Operating expenses 182,713 180,178 Related party expenses (Note 3) - 3,166 Trust Expenses 182,713 183,344 Net Income $ 2,474,360 $ 2,459,107 Net income per unit $ 0.27 $ 0.27 Distributions per unit paid or to be paid to unit owners $ 0.26 $ 0.26 Units Outstanding at the end of the period 9,190,590 9,190,590 The accompanying notes are an integral part of these financial statements. - 3 - STATEMENTS OF REVENUE COLLECTED AND EXPENSES PAID (NOTE 1) FOR THE NINE MONTHS ENDED JULY 31, 2026 AND 2025 (Unaudited) 2026 2025 Gas, sulfur, and oil royalties received $ 7,237,569 $ 5,594,229 Interest income 48,954 58,180 Trust Income 7,286,523 5,652,409 Operating expenses 811,838 640,011 Related party expenses (Note 3) 3,495 6,817 Trust Expenses 815,333 646,828 Net Income $ 6,471,190 $ 5,005,581 Net income per unit $ 0.70 $ 0.54 Distributions per unit paid or to be paid to unit owners $ 0.70 $ 0.50 Units Outstanding at the end of the period 9,190,590 9,190,590 The accompanying notes are an integral part of these financial statements. - 4 - STATEMENTS OF UNDISTRIBUTED EARNINGS (NOTE 1) FOR THE NINE MONTHS ENDED JULY 31, 2026 AND 2025 (Unaudited) 2026 2025 Balance, beginning of period $ 1,936,073 $ 1,441,351 Net income 6,471,190 5,005,581 8,407,263 6,446,932 Less: Current year distributions paid or to be paid to unit owners 6,433,413 4,595,295 Balance, end of period $ 1,973,850 $ 1,851,637 The accompanying notes are an integral part of these financial statements.