UNITED STATES ~~SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549~~

~~FORM~~ SECURITIES ~~10-Q~~AND EXCHANGE COMMISSION

~~(Mark~~ Washington, ~~One)~~D.C. 20549

~~[X]~~ ~~QUARTERLY~~FORM ~~REPORT PURSUANT~~10-Q ~~TO SECTION 13 OR 15(d) OF THE~~

~~SECURITIES~~ (Mark ~~EXCHANGE ACT OF 1934~~One)

~~For~~ ~~the~~☒ ~~quarterly period ended July 31, 2025 or~~

~~[ ] TRANSITION~~ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~SECURITIES~~ ~~EXCHANGE~~For ~~ACT~~the OFquarterly ~~1934~~period ended January 31, 2026 or

~~For~~ ~~the~~☐ ~~transition period from to .~~

~~Commission~~ ~~File Number 1-8245~~ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

~~NORTH~~For the ~~EUROPEAN~~transition ~~OIL~~period ~~ROYALTY TRUST~~from to .

~~Delaware 22~~Commission File Number 1-~~2084119~~ 8245

~~State or~~ ~~Other~~NORTH ~~Jurisdiction~~EUROPEAN ~~of I.R.S.~~OIL ~~Employer~~ROYALTY ~~Identification~~TRUST ~~No.~~

(Exact Name of ~~Incorporation or~~Registrant ~~Organization~~ as Specified in its Charter)

5 N. Lincoln Street, Keene, N.H. 03431


Delaware		22-2084119
State or Other Jurisdiction of Incorporation or Organization		I.R.S. Employer Identification No.

Address of Principal Executive Offices Zip Code


PO Box 107 East Schodack, NY		12063
Address of Principal Executive Offices		Zip Code

(732) 741-4008 (Registrant's Telephone Number, Including Area Code)

~~Title~~ Securities ofregistered ~~each class Trading~~pursuant ~~Symbol~~to Section 12(sb) ~~Name~~ of ~~each~~the ~~exchange on which registered~~Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered Units of Beneficial Interest NRT New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X ☒ No ~~___~~ ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (~~Section~~ §232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes X ☒ No ~~___~~ ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "“large accelerated filer,"” "“accelerated filer,"” "“smaller reporting company,"” and "“emerging growth company"” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ Non-accelerated filer X☒ Smaller reporting company X☒ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act . ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ~~___~~ ☐ No X ☒

9,190,590 Units of Beneficial Interest Outstanding as of ~~July~~January 31, ~~2025~~2026

	2025	2024
ASSETS
Current assets -- Cash and cash equivalents	$4,241,370	$1,625,343
Producing gas and oil royalty rights, net of amortization (Notes 1 and 2)	1	1
Total Assets	$4,241,371	$1,625,344
LIABILITIES AND TRUST CORPUS
Current liabilities -- Distributions to be paid to unit owners	$2,389,553	$183,812
Trust corpus (Notes 1 and 2)	1	1
Undistributed earnings	1,851,817	1,441,531
Total Liabilities and Trust Corpus	$4,241,371	$1,625,344

PART I -- FINANCIAL INFORMATION

~~The accompanying notes are an integral part~~ Item ~~of these financial statements~~1.

~~2025~~ Financial ~~2024~~Statements.

~~The~~ STATEMENTS ~~accompanying~~OF ~~notes~~ASSETS, ~~are~~LIABILITIES anAND ~~integral~~TRUST ~~part~~ CORPUS of(NOTE ~~these financial statements.~~1)

	2025	2024
Gas, sulfur and oil royalties received	$5,594,229	$5,115,099
Interest income	58,180	50,187
Trust Income	$5,652,409	$5,165,286
Operating expenses	(640,011)	(629,235)
Related party expenses (Note 3)	(6,817)	(4,973)
Trust Expenses	(646,828)	(634,208)
Net Income	$5,005,581	$4,531,078
Net income per unit	$0.54	$0.49
Distributions per unit paid or to be paid to unit owners	$0.50	$0.46
Units outstanding at end of period	9,190,590	9,190,590

JANUARY 31, 2026 AND OCTOBER 31, 2025

~~The accompanying notes are an integral part~~ ~~of these financial statements.~~ (Unaudited)

	2025	2024
		2026		2025
Balance, beginning of period	$1,441,531	$795,201
ASSETS
Net income	5,005,581	4,531,078
Current assets -- Cash and cash equivalents		$	3,881,094	$	4,785,156
	6,447,112	5,326,279
Producing gas and oil royalty rights,net of amortization (Notes 1 and 2)			1		1
Less:
Total Assets		$	3,881,095	$	4,785,157
Current year distributions paid or to be paid to unit owners	4,595,295	4,227,671
LIABILITIES AND TRUST CORPUS
Balance, end of period	$1,851,817	$1,098,608
Current liabilities - - Distributions to be paid to unit owners		$	2,021,930	$	2,849,083
Trust corpus (Notes 1 and 2)			1		1
Undistributed earnings			1,859,164		1,936,073
Total Liabilities and Trust Corpus		$	3,881,095	$	4,785,157

The accompanying notes are an integral part of these financial statements.

	2025	2024
Sources of Cash and Cash Equivalents:
Gas, sulfur and oil royalties received	$5,594,229	$5,115,099
Interest income	58,180	50,187
	5,652,409	5,165,286
Uses of Cash and Cash Equivalents:
Payment of Trust expenses	646,828	634,208
Distributions paid	2,389,554	2,297,647
	3,036,382	2,931,855
Net increase (decrease) in cash and cash equivalents during the period	2,616,027	2,233,431
Cash and cash equivalents, beginning of period	1,625,343	795,201
Cash and cash equivalents, end of period	$4,241,370	$3,028,632

~~The~~ STATEMENTS ~~accompanying~~OF ~~notes~~REVENUE ~~are~~COLLECTED anAND ~~integral~~EXPENSES ~~part~~ PAID of(NOTE ~~these financial statements.~~1)

~~(1) Summary~~ FOR ofTHE ~~significant~~THREE ~~accounting policies:~~MONTHS ENDED JANUARY 31, 2026 AND 2025

~~Basis of accounting -~~ (Unaudited)

The accompanying financial statements of North European Oil Royalty Trust (the "Trust") are prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Financial statement balances and financial results are presented on a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States ("GAAP basis"). In the opinion of management, all adjustments that are considered necessary for a fair presentation of these financial statements, including adjustments of a normal, recurring nature, have been included.


	2026			2025

Gas, sulfur, and oil royalties received	$	2,212,286		$	505,697

Interest income		18,672			13,736

Trust Income		2,230,958			519,433

Operating Expenses		(282,442	)		(232,012	)

Related party expenses (Note 3)		(3,495	)		(1,953	)

Trust Expenses		(285,937	)		(233,965	)

Net Income	$	1,945,021		$	285,468

Net income per unit	$	0.21		$	0.03

Distributions per unit paid or to be paid to unit owners	$	0.22		$	0.04

~~On a modified cash basis,~~ ~~revenue~~ The isaccompanying ~~earned~~notes ~~when cash is received and expenses~~ are ~~incurred when~~an ~~cash~~integral ispart ~~paid. GAAP~~of ~~basis~~these financial statements ~~disclose revenue as earned and expenses as incurred, without regard to receipts or payments~~. ~~The modified cash basis of accounting is utilized~~ ~~to permit the accrual for distributions to be paid to unit owners (those distributions approved by the Trustees for the Trust).~~ The Trust's distributable income represents royalty income received by the Trust during the period plus interest income less any expenses incurred by the Trust, all on a cash basis. In the opinion of the Trustees, the use of the modified cash basis of accounting provides a more meaningful presentation to unit owners of the results of operations of the Trust.

The results of any interim period are not necessarily indicative of the results to be expected for the fiscal year. These financial statements should be read in conjunction with the financial statements that were included in the Trust's Annual Report on Form 10-K for the year ended October 31, 2024 (the "2024 Form 10-K"). The Statements of Assets, Liabilities and Trust Corpus included herein contain information from the Trust's 2024 Form 10-K.3

~~Producing~~ STATEMENTS ~~gas~~OF ~~and~~UNDISTRIBUTED ~~oil~~EARNINGS ~~royalty rights~~(NOTE -1)

~~The rights to certain gas and~~ ~~oil~~ FOR ~~royalties~~THE inTHREE ~~Germany~~MONTHS ~~were~~ENDED ~~transferred~~JANUARY to31, ~~the~~2026 ~~Trust~~AND at their net book value by North European Oil Company (the "Company") (see Note 2). The net book value of the royalty rights has been reduced to one dollar ($1) in view of the fact that the remaining net book value of royalty rights is de minimis relative to annual royalties received and distributed by the Trust and does not bear any meaningful relationship to the fair value of such rights or the actual amount of proved producing reserves. 2025

~~Federal and state~~ ~~income taxes -~~ (Unaudited)

The Trust, as a grantor trust, is exempt from federal income taxes under a private letter ruling issued by the Internal Revenue Service. The Trust has no state income tax obligations.


	2026		2025

Balance, beginning of period	$	1,936,073	$	1,441,531

Net income		1,945,021		285,468

		3,881,094		1,726,999
Less:

Current year distributions paid or to be paid to unit owners		2,021,930		367,624

Balance, end of period	$	1,859,164	$	1,359,375

~~Cash~~ The ~~and~~accompanying ~~cash~~notes ~~equivalents~~are - an integral part of these financial statements.

Cash and cash equivalents are defined as amounts deposited in bank accounts and amounts invested in certificates of deposit and U. S. Treasury bills with original maturities generally of three months or less from the date of purchase. The investment options available to the Trust are limited in accordance with specific provisions of the Trust Agreement. In addition, the Trust held Euros 15,000, the equivalent of $17,143, in its German bank account at July 31, 2025.4

~~Net~~ STATEMENTS ~~income~~OF ~~per~~CHANGES ~~unit~~IN -CASH AND CASH EQUIVALENTS (NOTE 1)

~~Net income per unit is based~~ ~~upon~~ FOR ~~the~~THE ~~number~~THREE ofMONTHS ~~units~~ENDED ~~outstanding~~JANUARY ~~at the end of the period. As of both July~~ 31, ~~2025~~2026 ~~and~~AND ~~2024, there were 9,190,590 units of beneficial interest outstanding.~~2025

~~New accounting~~ ~~pronouncements -~~ (Unaudited)

The Trust is not aware of any recently issued, but not yet effective, accounting standards that would be expected to have a significant impact on the Trust's financial position or results of operations.


	2026			2025

Sources of Cash and Cash Equivalents:

Gas, sulfur, and oil royalties received	$	2,212,286		$	505,697

Interest income		18,672			13,736

		2,230,958			519,433

Uses of Cash and Cash Equivalents:

Payment of Trust expenses		285,937			233,965

Distributions paid		2,849,083			183,812

		3,135,020			417,777

Net (decrease) increase in cash and cash equivalents during the period		(904,062	)		101,656

Cash and cash equivalents, beginning of period		4,785,156			1,625,343

Cash and cash equivalents, end of period	$	3,881,094		$	1,726,999

~~(2) Formation~~ The accompanying notes are an integral part of ~~the~~these ~~Trust:~~financial statements.

The Trust was formed on September 10, 1975. As of September 30, 1975, the Company was liquidated and the remaining assets and liabilities of the Company, including its royalty rights, were transferred to the Trust. The Trust, on behalf of the owners of beneficial interest in the Trust, holds overriding royalty rights covering gas and oil production in certain concessions or leases in the Federal Republic of Germany. These rights are held under contracts with local German exploration and development subsidiaries of ExxonMobil Corporation and the Royal Dutch/Shell Group of Companies. Under these contracts, the Trust receives various percentage royalties on the proceeds of the sales of certain products from the areas involved. At the present time, royalties are received for sales of gas well gas, oil well gas, crude oil, condensate and sulfur.5

~~(3) Related~~ NORTH ~~party~~EUROPEAN ~~transactions:~~OIL ROYALTY TRUST

~~John R. Van Kirk, the~~ ~~Managing~~ NOTES ~~Director~~TO ofFINANCIAL the Trust, is reimbursed by the Trust for office expenses at cost. For such expenses, the Trust reimbursed the Managing Director $3,166 and $1,499 in the third quarter of fiscal 2025 and 2024, respectively, and $6,817 and $4,973 in the first nine months of fiscal 2025 and 2024, respectively.STATEMENTS

(4Unaudited) ~~Employee benefit plan:~~

~~The Trust has established a~~ ~~savings incentive match plan for employees~~ (~~SIMPLE IRA~~1) ~~that~~Summary ~~is available to both employees~~ of ~~the~~significant ~~Trust,~~accounting ~~one of whom is the Managing~~policies: ~~Director.~~ The Trustees have authorized the Trust to make contributions to the accounts of the employees, on a matching basis, of up to 3% of cash compensation paid to each employee for the 2025 and 2024 calendar years.

~~Item~~ ~~2. Management's~~Basis ~~Discussion and Analysis~~ of ~~Financial~~ ~~Condition~~accounting ~~and Results~~- ~~of Operations.~~

~~Executive~~ The ~~Summary~~accompanying financial statements of North European Oil Royalty Trust (the “Trust”) are prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Financial statement balances and financial results are presented on a modified cash basis of accounting, which is a comprehensive basis of accounting other than accounting principles generally accepted in the United States (“GAAP basis”). In the opinion of management, all adjustments that are considered necessary for a fair presentation of these financial statements, including adjustments of a normal, recurring nature, have been included.

~~The~~ On ~~Trust~~a modified cash basis, revenue is aearned ~~passive~~when ~~fixed investment~~cash ~~trust~~is ~~which~~received ~~holds~~and ~~overriding~~expenses ~~royalty~~are ~~rights,~~incurred ~~receives~~when ~~income under~~cash ~~those~~is ~~rights~~paid. ~~from~~GAAP ~~certain~~basis ~~operating~~financial ~~companies,~~statements ~~pays~~disclose ~~its expenses~~revenue as earned and ~~distributes~~expenses as incurred, without regard to receipts or payments. The modified cash basis of accounting is utilized to permit the ~~remaining~~accrual ~~net~~for ~~funds~~distributions to ~~its~~be paid to unit owners (those distributions approved by the Trustees for the Trust). As ~~mandated~~The Trust’s distributable income represents royalty income received by the Trust ~~Agreement,~~during ~~distributions~~the ofperiod plus interest income ~~are~~less ~~made~~any expenses incurred by the Trust, all on a ~~quarterly~~cash basis. ~~These~~ ~~distributions,~~In asthe ~~determined~~opinion byof the Trustees, ~~constitute~~ ~~substantially~~the ~~all~~use of the ~~funds~~modified oncash ~~hand~~basis ~~after~~of ~~provision~~accounting ~~is made~~provides ~~for~~a ~~anticipated~~more ~~Trust~~meaningful ~~expenses~~presentation to unit owners of the results of operations of the Trust.

The ~~Trust~~results ~~does~~of ~~not~~any ~~engage in~~interim ~~any~~period ~~business~~are ornot ~~extractive~~necessarily ~~operations~~indicative of ~~any~~the ~~kind~~results into ~~the~~be ~~areas~~expected ~~over which~~for itthe ~~holds~~fiscal ~~royalty~~year. ~~rights~~These ~~and~~financial isstatements ~~precluded~~should ~~from~~be ~~engaging~~read in ~~such activities~~conjunction bywith the ~~Trust~~financial ~~Agreement. There~~statements ~~are~~that nowere ~~requirements, therefore,~~included ~~for~~in ~~capital~~the ~~resources~~Trust’s ~~with~~Annual ~~which~~Report toon ~~make~~Form ~~capital expenditures~~10-K orfor ~~investments~~the inyear ~~order~~ended toOctober ~~continue~~31, 2025 (the ~~receipt~~“2025 Form 10-K”). The Statements of ~~royalty revenues~~Assets, byLiabilities and Trust Corpus included herein contain information from the Trust’s 2025 Form 10-K.

The properties of the Trust, which the Trust and Trustees hold pursuant to the Trust Agreement on behalf of the unit owners, are overriding royalty rights on sales of gas, sulfur and oil under a concession or leases in the Federal Republic of Germany. The actual concession or leases are held either by Mobil Erdgas-Erdol GmbH ("Mobil Erdgas"), a German operating subsidiary of the ExxonMobil Corporation ("ExxonMobil"), or by Oldenburgische Erdolgesellschaft ("OEG"). As a result of direct and indirect ownership, ExxonMobil owns two-thirds of OEG and the Royal Dutch/Shell Group of Companies owns one-third of OEG. BEB Erdgas und Erdol GmbH ("BEB"), a joint venture in which ExxonMobil and the Royal Dutch/Shell Group each own 50%, administers the concession held by OEG. The Oldenburg concession is the primary area from which the natural gas, sulfur and oil are extracted and currently provides 100% of all the royalties received by the Trust. The Oldenburg concession, at approximately 1,386,000 acres, covers virtually the entire former Grand Duchy of Oldenburg and is in the German federal state of Lower Saxony. None of the leases are active or productive.6

~~Mobil~~Producing ~~Erdgas~~gas and ~~BEB~~oil ~~Erdgas formed~~royalty arights company, ExxonMobil Production Deutschland GmbH ("EMPG"), to carry out all exploration, drilling and production activities. All sales activities are still handled by the operating companies, either Mobil Erdgas or BEB. -

The ~~operating~~rights ~~companies~~to ~~pay monthly~~certain gas and oil royalties in Germany were transferred to the Trust ~~based~~at on their ~~sales~~net ofbook ~~natural~~value ~~gas, sulfur~~by ~~and~~North ~~oil. Of~~European ~~these~~Oil ~~three~~Company ~~products,~~(the ~~natural~~“Company”) ~~gas~~(see ~~provided approximately~~Note ~~93%~~2).The net book value of the ~~cumulative~~ royalty ~~income~~rights ~~received~~has inbeen ~~fiscal 2025. The~~reduced ~~amount~~to one dollar ($1) in view of ~~royalties~~the ~~paid~~fact tothat the ~~Trust~~remaining net book value of royalty rights is ~~primarily~~de ~~based on~~minimis ~~four~~relative ~~factors:~~to ~~the~~annual ~~amount~~royalties ofreceived ~~gas~~and ~~sold,~~distributed by the ~~price~~Trust ofand ~~that~~does ~~gas,~~not ~~the area~~bear ~~from~~any ~~which~~meaningful relationship to the ~~gas~~fair isvalue ~~sold,~~of ~~and~~such rights or the ~~exchange~~actual ~~rate~~amount of proved producing reserves.

~~There~~ ~~are~~Federal ~~two types of natural gas found within the Oldenburg concession, sweet gas~~ and ~~sour gas. Sweet~~state ~~gas~~income ~~has~~taxes little or no contaminants and needs very minor treatment before it can be sold. Sour gas, in comparison, must be processed at the Grossenkneten desulfurization plant before it can be sold. The desulfurization process removes hydrogen sulfide and other contaminants. The hydrogen sulfide in gaseous form is converted to sulfur in a solid form and sold separately. With full operation of the plant, raw gas input capacity stands at approximately 200 million cubic feet utilizing the single remaining processing unit. It is expected that the single unit will be sufficient to handle sour gas production through-~~put~~ from the concession. It is also expected that operating expenses in the future will be somewhat reduced by using a single processing unit. Since sour gas accounts for 71% of overall gas sales and 97% of western gas sales, any future shutdown could significantly impact royalty income. The Trust has insufficient data to predict whether, when, and to what extent any future shutdown may occur.

~~Under one set of rights~~ ~~covering~~ The ~~the western part of the Oldenburg concession (approximately 662~~Trust,~~000~~ ~~acres),~~as ~~the Trust receives~~ a ~~royalty~~grantor ~~payment of 4% on gross receipts from sales by Mobil Erdgas of gas well gas~~trust, ~~oil well gas, crude oil and condensate (the "Mobil Agreement"). Under the Mobil Agreement, there~~ is noexempt ~~deduction of costs prior to the calculation of royalties~~ from ~~gas~~federal ~~well~~income ~~gas~~taxes ~~and~~under ~~oil~~a ~~well~~private ~~gas,~~letter ~~which~~ruling ~~together~~issued ~~accounted for~~by ~~approximately 99% of~~ the ~~cumulative~~Internal ~~royalty~~Revenue ~~income received under this agreement in fiscal 2025~~Service. ~~Historically,~~ ~~the~~The Trust has ~~received significantly~~no ~~greater~~state ~~royalty~~income ~~payments~~tax ~~under the Mobil Agreement, as compared to the OEG Agreement described below, due to the higher royalty rate specified by the Mobil Agreement~~obligations.

~~The~~ ~~Trust~~Cash isand ~~also~~cash ~~entitled under~~equivalents ~~an agreement with Mobil to receive a 2% royalty on gross receipts of sales of sulfur obtained as a by~~-~~product~~ of sour gas produced from the western part of Oldenburg ("the Mobil Sulfur Agreement"). The payment of the sulfur royalty is conditioned upon sales of sulfur by Mobil Erdgas at a selling price above an agreed upon base price. This base price is adjusted annually by an inflation index. In the first nine months of fiscal 2025, the Trust received $188,724 in sulfur royalties under the Mobil Sulfur Agreement from a combination of previous quarters and corrections uncovered during the royalty examination process. In the first nine months of fiscal 2024, the Trust received $68,205 in sulfur royalties under the Mobil Sulfur Agreement.

~~Under~~ ~~another~~Cash ~~set~~and ofcash ~~rights covering~~equivalents ~~the~~are ~~entire~~defined ~~Oldenburg~~as ~~concession~~amounts ~~and~~deposited ~~pursuant~~in tobank ~~the~~accounts ~~agreement with~~and ~~OEG,~~amounts ~~the~~invested ~~Trust~~in ~~receives~~certificates ~~royalties~~of atdeposit ~~the~~and ~~rate of 0~~U.~~6667%~~S. onTreasury ~~gross receipts~~bills ~~from~~with ~~sales~~original bymaturities ~~BEB~~generally of ~~gas~~three ~~well~~months ~~gas,~~or ~~oil~~less ~~well~~from ~~gas,~~the ~~crude~~date ~~oil, condensate,~~of ~~and~~purchase. ~~sulfur~~The ~~(removed~~investment ~~during~~options available to the ~~processing~~Trust ofare ~~sour~~limited ~~gas)~~in ~~less a~~accordance ~~certain~~with ~~allowed~~specific ~~deduction~~provisions of ~~costs (~~the ~~"OEG~~Trust Agreement"). ~~Under~~ In ~~the OEG Agreement~~addition, ~~50% of~~ the ~~field~~Trust ~~handling~~held ~~and~~Euros ~~treatment costs~~15, ~~as reported for state royalty purposes~~000, ~~are deducted from~~ the ~~gross~~equivalent ~~sales~~of ~~receipts prior~~$17,785, toin ~~the~~its ~~calculation~~German ofbank ~~the~~account ~~royalties~~at toJanuary be31, ~~paid to the Trust~~2026.

~~The~~ ~~Mobil~~Net ~~and~~income ~~OEG~~per ~~Agreements as~~unit amended established a new base for the determination of gas prices upon which the Trust's royalties are calculated. This change reflects a shift to the prices calculated for the German Border Import gas Price ("GBIP"). The average GBIP used under the Mobil and OEG Royalty Agreements is increased by 1% and 3%, respectively, for the royalty calculations. This change reduces the scope and cost of the accounting examination, eliminates ongoing disputes with OEG and Mobil regarding sales to related parties, and reduces prior year adjustments to the normally scheduled year-~~end~~ ~~reconciliation. The pricing basis has eliminated certain costs (transportation and plant gas storage), that were previously deducted prior to the royalty calculation under the OEG Agreement.~~

~~For~~ ~~unit~~Net ~~owners,~~income ~~changes~~per ~~in the~~unit ~~currency~~is ~~exchange~~based ~~rate~~upon ~~between~~ the ~~U.S.~~number ~~Dollar~~of ~~and~~units ~~the~~outstanding ~~Euro have an immediate impact. This impact occurs~~ at the ~~time~~end ~~the~~of ~~royalties, which are paid to~~ the ~~Trust in Euros, are converted into U~~period.S. ~~Dollars at~~As ~~the~~of ~~applicable~~both ~~exchange~~January ~~rate~~31, 2026 and ~~promptly~~2025, ~~transferred~~there ~~from~~were ~~Germany to the Trust's bank account in the United States. In relation to the U.S. Dollar~~9,190,590 aunits ~~stronger~~of ~~Euro~~beneficial ~~would~~interest ~~yield more U~~outstanding.S. ~~Dollars and a weaker Euro would yield less U.S. Dollars.~~

~~The~~ ~~Trust's~~New ~~consultant~~accounting ~~in Germany~~pronouncements ~~provides~~- general information to the Trust on the German and European economies and energy markets as well as monitoring the continuing impact of the war in Ukraine and ongoing efforts by the European governments to respond to the economic impacts of the war. This information provides a context in which to evaluate the actions of the operating companies. The Trust's consultant receives reports from EMPG with respect to current and planned drilling and exploration efforts. EMPG has not scheduled any new gas well drilling through 2025. EMPG and the operating companies continue to limit the information flow to that which is required by German law, and the Trust is not able to confirm the accuracy of any of the information supplied by EMPG or the operating companies.

~~Results: Third~~ The ~~Quarter~~Trust is not aware of ~~Fiscal~~any ~~2025~~recently ~~Versus Third~~issued, ~~Quarter~~but ofnot ~~Fiscal~~yet ~~2024~~effective, accounting standards that would be expected to have a significant impact on the Trust’s financial position or results of operations.

~~Total royalty income received~~ ~~during~~ (2) ~~the~~Formation ~~third quarter~~ of ~~fiscal 2025 was derived from sales of gas, sulfur, and oil from~~ the Trust~~'s overriding royalty areas in Germany~~: ~~during the second calendar quarter of 2025.~~ A distribution of 26 cents per unit was paid on August 27, 2025 to owners of record as of August 15, 2025. Comparisons of total royalty income and net income for the third quarter of fiscal 2025 and 2024 are shown below.

	3rd Fiscal Quarter Ended 7/31/2025	3rd Fiscal Quarter Ended 7/31/2024	Percentage Change
Total Royalty Income	$2,617,231	$2,457,422	+6.5%
Net Income	$2,459,107	$2,318,094	+6.1%
Distributions per Unit	$0.26	$0.21	+23.8%

The Trust was formed on September 10, 1975. As of September 30, 1975, the Company was liquidated and the remaining assets and liabilities of the Company,including its royalty rights, were transferred to the Trust. The Trust, on behalf of the owners of beneficial interest in the Trust, holds overriding royalty rights covering gas and oil production in certain concessions or leases in the Federal Republic of Germany.These rights are held under contracts with local German exploration and development subsidiaries of ExxonMobil Corporation and the Royal Dutch/Shell Group of Companies. Under these contracts, the Trust receives various percentage royalties on the proceeds of the sales of certain products from the areas involved. At the present time, royalties are received for sales of gas well gas, oil well gas, crude oil, condensate, and sulfur.

The increase in total royalty income for the third quarter of fiscal 2025 in comparison to the third quarter of fiscal 2024 resulted from the increase in gas prices and the higher average exchange rate applied to the royalty conversions. Total royalty income reflects the inclusion of positive and/or negative adjustments that the operators make during the quarter based upon their corrected royalty calculations for the prior periods, as well as the inclusion of Mobil sulfur royalties. In the third quarter of fiscal 2025, total royalty income was not affected by any prior period adjustments. An overpayment of Mobil royalties of $30,047 was offset against the Mobil sulfur royalty payment of $61,282, which yielded a royalty payment of $31,235. An overpayment of Euros 8,705 under the OEG royalty will be carried over to the fourth quarter of fiscal 2025. In the third quarter of fiscal 2024, total royalty income was not affected because there were no prior period adjustments. Due to an overpayment of Mobil royalties (Euros 395,842) during the third quarter of fiscal 2024, the Mobil sulfur royalty (Euros 39,943) was not be paid until the fourth quarter of fiscal 2024. In addition, there was an overpayment of OEG royalties (Euros 201,509) during the third quarter of fiscal 2024. 7

~~The following table is intended~~ to (3) ~~illustrate~~Related ~~trends~~party ~~based on actual gas sales in each fiscal quarter.~~transactions: Gas royalties shown in the table below are determined based on the actual physical gas sales that occurred during the second calendar quarter of 2025 and the average German Border Import gas Price for the period of February 2025 through April 2025.

Mobil Agreement	2nd Calendar Quarter Ended 6/30/2025	2nd Calendar Quarter Ended 6/30/2024	Percentage Change
Gas Sales (Bcf) 1	2.873	3.073	-6.5%	Gas Prices2 (Ecents/Kwh)3	4.46	3.25	+37.2%	Average Exchange Rate4	1.14	1.08	+5.6%
Gas Royalties	$1,680,818	$1,228,023	+36.9%
Gas Prices ($/Mcf)5	$14.63	$9.99	+46.4%
OEG Agreement
Gas Sales (Bcf)	9.858	10.455	-5.7%
Gas Prices (Ecents/Kwh)	4.55	3.31	+37.5%
Average Exchange Rate	1.14	1.08	+5.6%
Gas Royalties	$769,494	$521,713	+47.5%
Gas Prices ($/Mcf)	$14.50	$9.95	+45.7%

John R. Van Kirk, the former Managing Director of the Trust was reimbursed by the Trust for office expenses at cost. For such office expenses, the Trust reimbursed the Managing Director $3,495 and $1,953 in the first quarter of fiscal 2026 and 2025, respectively. Mr. Van Kirk retired from his position of Managing Director of the Trust as of January 30, 2026.

~~Footnotes 1. Billion cubic feet 2. Gas prices derived from February-April period 3. Euro cents per kilowatt hour~~ (4.) ~~Based~~Employee onbenefit ~~average Euro/dollar exchange rates of cumulative royalty transfers 5. Dollars per thousand cubic feet~~plan:

~~Excluding~~ ~~the~~The ~~effects~~Trust ~~of differences~~established ina ~~prices~~savings ~~and~~incentive ~~average~~match ~~exchange~~plan ~~rates,~~for ~~the~~employees ~~combination~~(SIMPLE ~~of royalty~~IRA) ~~rates~~that onwas ~~gas~~available ~~sold~~to ~~from~~employees ~~western~~of ~~Oldenburg~~the ~~results~~Trust, inone anof ~~effective royalty~~whom ~~rate~~was ~~approximately~~the ~~seven~~Managing ~~times~~Director ~~higher~~until ~~than~~his ~~the~~retirement ~~royalty~~as ~~rate~~of ~~on gas~~January ~~sold~~30, ~~from eastern Oldenburg~~2026. ~~This~~ isThe ofTrustees ~~particular~~have ~~significance~~authorized to the Trust ~~since~~to ~~gas~~make ~~sold~~contributions ~~from~~to ~~western Oldenburg provides~~ the ~~bulk~~accounts of ~~royalties~~ ~~paid~~the toemployees, ~~the~~on ~~Trust. For~~a ~~the~~matching ~~calendar~~basis, ~~quarter~~of ~~ended~~up ~~June~~to ~~30, 2025,~~3% ~~gas~~of ~~sales~~cash ~~from~~compensation ~~western~~paid ~~Oldenburg~~to ~~accounted~~each employee for ~~only~~the ~~29.1%~~First Quarter of ~~all gas~~2026 ~~sales~~and ~~from~~ the ~~Oldenburg~~2025 ~~concession~~calendar year. ~~However,~~ ~~royalties~~As onof ~~these gas~~February ~~sales~~28, ~~provided approximately 77.5%~~2026, orthe ~~$1,906,880~~Trust ~~out~~no oflonger ~~$2,459,191, of~~has ~~all~~employees ~~royalties~~eligible ~~attributable~~for tothe ~~gas~~SIMPLE IRA.

Trust expenses for the third quarter of fiscal 2025 increased 10.6%, or $17,622, to $183,344 compared to $165,722 for the third quarter of fiscal 2024. The increase in expenses for the third quarter of fiscal 2025 reflects higher Trustee fees as specified by the provisions of the Trust Agreement and the timing of the payment of mailing expenses. The Trust received interest income in the amount of $25,220 and $26,394 during the third quarters of fiscal 2025 and 2024 respectively.8

~~The current Statement of~~ ~~Assets,~~ Item Liabilities and Trust Corpus of the Trust at July 31, 2025, compared to that at fiscal year-end (October 31, 2024), shows an increase in assets due to the absence of negative adjustments and higher royalty receipts during the third quarter of fiscal 20252.

~~Results: First Nine Months of Fiscal 2025 Versus~~ ~~First~~ Trustees’ ~~Nine~~Discussion ~~Months~~and Analysis of ~~Fiscal 2024~~Financial

~~Total royalty income received~~ ~~during~~ Condition ~~the first nine months of fiscal 2025 was derived from sales of gas, sulfur~~ and ~~oil~~Results ~~from the Trust's overriding royalty areas in Germany during the fourth calendar quarter~~ of ~~2024 and the first and second calendar quarters of 2025~~Operations. ~~Comparisons of total royalty income~~ ~~and net income for the first nine months of fiscal 2025 and 2024 are shown below.~~

	Nine Months Ended 7/31/2025	Nine Months Ended 7/31/2024	Percentage Change
Total Royalty Income	$5,594,229	$5,115,099	+9.4%
Net Income	$5,005,581	$4,531,078	+10.5%
Distributions per Unit	$0.50	$0.46	+8.7%

Trustees’ Summary

The ~~increase~~Trust inis ~~total~~a ~~royalty income~~passive infixed ~~the~~investment ~~first~~trust ~~nine~~which ~~months~~holds ofoverriding ~~fiscal~~royalty ~~2025~~rights, ~~from~~receives ~~the~~income ~~first~~under ~~nine~~those ~~months of~~rights ~~fiscal 2024 resulted~~ from ~~higher~~certain ~~gas~~operating ~~prices~~companies, ~~under~~pays ~~both~~its ~~the~~expenses ~~Mobil~~ and ~~OEG~~ ~~Agreements. Total~~distributes ~~royalty income also reflects~~ the ~~inclusion~~remaining ~~of various~~net ~~positive~~funds ~~and~~to ~~negative~~its ~~adjustments~~unit ~~that the operators made during the nine-month period, including adjustments from prior periods, as well as the inclusion of Mobil sulfur royalties~~owners. ~~During~~ ~~the~~As ~~first~~mandated ~~nine months of fiscal 2025, total royalty income was reduced because there were prior and current period negative adjustments totaling $1,815,276 but was increased~~ by ~~Mobil~~the ~~sulfur~~Trust ~~royalties of $188~~Agreement,~~724. During~~ ~~the~~distributions ~~first nine months~~ of ~~fiscal 2024, total royalty~~ income ~~declined~~are ~~reflecting~~made ~~prior period~~on ~~negative~~a ~~adjustments~~quarterly ~~totaling $2,150,743 but was increased by Mobil sulfur royalties of $68,205~~basis.

The ~~following~~Trust ~~table~~does isnot ~~intended to~~engage ~~illustrate~~in ~~trends~~any ~~based~~business onor ~~actual~~extractive ~~gas~~operations ~~sales~~of inany ~~each~~kind ofin the ~~fiscal nine-month~~areas ~~periods~~over ~~shown. Gas~~which ~~royalties~~it ~~for~~holds ~~the~~royalty ~~nine-month~~rights ~~periods~~and ~~shown in~~is ~~the~~precluded ~~table~~from ~~below~~engaging ~~are~~in ~~determined~~such ~~based~~activities onby the ~~actual~~Trust ~~physical~~Agreement. ~~gas~~There ~~sales that~~are ~~occurred~~no ~~during~~requirements, ~~the~~therefore, ~~period~~for ~~from~~capital ~~October~~resources 1,with ~~2024~~which ~~through~~to ~~June~~make ~~30,~~capital ~~2025 and~~expenditures ~~the~~or ~~average~~investments ~~German~~in ~~Border~~order ~~Import~~to ~~gas~~continue ~~Price for~~ the ~~period~~receipt of ~~August~~royalty ~~1, 2024~~revenues ~~through~~by ~~April~~the ~~30, 2025~~Trust.

Mobil Agreement	Nine Months Ended 6/30/2025	Nine Months Ended 6/30/2024	Percentage Change
Gas Sales (Bcf)	8.935	9.531	-6.3%	Gas Prices(Ecents/Kwh)	4.28	3.76	+13.8%	Average Exchange Rate	1.09	1.08	+0.9%
Gas Royalties Payable	$4,767,339	$4,413,216	+8.0%
Gas Prices ($/Mcf)	$13.34	$11.58	+15.2%
OEG Agreement
Gas Sales (Bcf)	30.265	32.409	-6.6%
Gas Prices (Ecents/Kwh)	4.37	3.84	+13.8%
Average Exchange Rate	1.12	1.07	+4.7%
Gas Royalties Payable	$1,519,557	$1,270,460	+19.6%
Gas Prices ($/Mcf)	$14.29	$11.33	+26.1%

The properties of the Trust, which the Trust and Trustees hold pursuant to the Trust Agreement on behalf of the unit owners, are overriding royalty rights on sales of gas, sulfur and oil under a concession and leases in the Federal Republic of Germany. The actual concession (the “Oldenburg concession”) and leases are held either by Mobil Erdgas-Erdol GmbH (“Mobil Erdgas”), a German operating subsidiary of the ExxonMobil Corporation (“ExxonMobil”), or by Oldenburgische Erdolgesellschaft (“OEG”). As a result of direct and indirect ownership, ExxonMobil owns two-thirds of OEG and the Royal Dutch/Shell Group of Companies owns one-third of OEG. BEB Erdgas und Erdol GmbH (“BEB”), a joint venture in which ExxonMobil and the Royal Dutch/Shell Group each own 50%, administers the concession held by OEG. The Oldenburg concession is the primary area from which the natural gas, sulfur and oil are extracted and currently provides 100% of all the royalties received by the Trust. The Oldenburg concession, at approximately 1,386,000 acres, is in the German federal state of Lower Saxony. None of the leases are active or productive.

~~For the nine months ended~~ ~~June~~ In 302002, ~~2025,~~Mobil ~~gas~~Erdgas ~~sales~~and ~~from~~BEB ~~western~~formed ~~Oldenburg~~a ~~accounted~~company, ~~for~~ExxonMobil ~~only~~Production ~~29.5% of~~Deutschland ~~all~~GmbH ~~gas~~(“EMPG”), ~~sales~~to ~~from~~carry ~~the~~out ~~Oldenburg~~all ~~concession. However~~exploration, ~~royalties~~drilling, ~~on these~~and ~~gas~~production ~~sales provided approximately 79~~activities.~~8%,~~ orAll ~~$4,142,237~~sales ~~out~~activities ~~of $5,193,271,~~are ofstill ~~all~~handled ~~royalties~~by ~~attributable~~the tooperating ~~gas~~companies, ~~sales~~either ~~from~~Mobil ~~the Oldenburg~~Erdgas ~~concession~~or BEB.

~~Trust~~ The ~~expenses~~operating ~~for~~companies ~~the~~pay ~~first nine~~monthly ~~months~~royalties ofto ~~fiscal~~the ~~2025~~Trust ~~increased~~based ~~2.0%~~on ortheir ~~$12,620~~sales toof ~~$646~~natural gas,~~828 compared~~ ~~to $634~~sulfur,~~208~~ ~~for~~and ~~the~~oil. ~~prior~~Of ~~fiscal~~these ~~year's~~three ~~equivalent~~products, ~~period. The~~natural ~~increase~~gas inprovided ~~expenses~~approximately ~~for~~88% of the ~~first~~cumulative ~~nine~~royalty ~~months~~income ofreceived ~~fiscal~~in ~~2025 reflects~~the ~~higher~~first ~~Trustee~~fiscal ~~fees~~quarter asof ~~specified~~2026. byThe ~~the~~amount ~~provisions~~ of ~~the Trust~~royalties ~~Agreement~~paid ~~and~~to ~~higher~~the ~~transfer agent fees.~~ Trust ~~interest~~is ~~income received~~primarily ~~during~~based ~~the~~on ~~first~~four ~~nine~~factors: ~~months~~the amount of ~~fiscal~~gas ~~2025 increased to $58~~sold,~~180~~ inthe ~~comparison~~price toof ~~$50~~that gas,~~187~~ ~~received in~~ the ~~first~~area ~~nine~~from ~~months~~which ~~of fiscal~~the ~~2024~~gas ~~due~~is tosold ~~higher~~and ~~net~~the ~~income~~exchange rate.

This report on Form 10 Q may contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking. Such statements address future expectations and events or conditions concerning the Trust. You can identify many forward-looking statements by words such as "may," "will," "would," "should," "could," "expects," "aim," "anticipates," "believes," "estimates," "intends," "plan," "predict," "project," "seek," "potential," "opportunities" and other similar expressions and the negatives of such expressions. However, not all forward-looking statements contain these words. Many of these statements are based on information provided to the Trust by the operating companies or by consultants using public information sources. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in any forward-looking statements. These include:9

- On or about the ~~fact~~20th of the months of January, April, July, and October of each year, the operating companies determine the amount of royalties that were payable to the ~~assets~~Trust based on applicable sales during the relevant period. This amount is paid to the Trust in three monthly installments as royalty payments (payable on or about the 15th of each month) during its upcoming fiscal quarter. In addition, the operating companies review the actual amount of royalties that were paid to the Trust ~~are~~for ~~depleting~~that ~~assets~~period and, ifcalculate the ~~operators~~difference ~~developing~~between the ~~concession~~ doamounts ~~not~~paid ~~perform~~and the amounts payable. Any additional ~~development~~amounts ~~projects~~payable (“Positive Adjustment”) by the operating companies would be paid immediately, and any overpayment (“Negative Adjustment”) would be deducted from the ~~assets may~~scheduled ~~deplete~~monthly ~~faster~~royalty ~~than~~payments ~~expected;~~for the following fiscal quarter. In September of each year, the operating companies make the final determination of any necessary underpayment or overpayment of royalties for the prior calendar year. The Trust’s independent accountants based in Germany review the royalty calculations on a biennial basis.

~~- risks~~ There are two types of natural gas found within the Oldenburg concession, sweet gas and ~~uncertainties~~sour ~~concerning levels~~gas. Sweet gas has little or no contaminants and needs very minor treatment before it can be sold. Sour gas, in comparison, must be processed at the Grossenkneten desulfurization plant before it can be sold. The desulfurization process removes hydrogen sulfide and other contaminants. The hydrogen sulfide in gaseous form is converted to sulfur in a solid form and sold separately. With full operation of the plant, raw gas input capacity stands at approximately 200 million cubic feet utilizing the single remaining processing unit. It is expected that the single unit will be sufficient to handle sour gas production through-put from the concession. It is also expected that operating expenses in the future will be somewhat reduced by using a single processing unit. Based on our most recent reserves summary, sour gas accounts for 71% of overall gas sales and 97% of western gas ~~sale~~sales. ~~prices,~~Any ~~general~~future ~~economic conditions~~shutdown could significantly impact royalty income. The Trust has insufficient data to predict whether, when and ~~currency~~to ~~exchange~~what ~~rates;~~extent any future shutdown may occur.

- Under one set of rights covering the ~~ability~~western orpart ~~willingness~~of the Oldenburg concession (approximately 662,000 acres), the Trust receives a royalty payment of 4% on gross receipts from sales by Mobil Erdgas of gas well gas, oil well gas, crude oil, and condensate (the ~~operating~~ ~~companies~~“Mobil toAgreement”). ~~perform~~Historically, the Trust has received significantly greater royalty payments under ~~their~~the ~~contractual~~Mobil ~~obligations~~Agreement, ~~with~~ as compared to the ~~Trust;~~OEG Agreement described below, due to the higher royalty rate specified by that agreement.

The Trust is also entitled under the Mobil Sulfur Agreement to receive a 2% royalty on gross receipts of sales of sulfur obtained as a by- ~~potential~~product ~~disputes~~of ~~with~~sour gas produced from the ~~operating companies~~western ~~and~~part of Oldenburg. The payment of the ~~resolution~~sulfur ~~thereof;~~royalty ~~and~~is conditioned upon sales of sulfur by Mobil Erdgas at a selling price above an agreed upon base price. This base price is adjusted annually by an inflation index. In the first fiscal quarter of 2026, the Trust received $252,431 in sulfur royalties as compared to $70,202 in the same period from the prior year.

~~- political and economic uncertainty arising from geopolitical conflict, such as Russia's invasion of Ukraine.~~10

~~All~~ Under ~~such~~another ~~factors~~set ~~are~~of ~~difficult~~rights tocovering ~~predict,~~the ~~contain uncertainties~~entire ~~that~~Oldenburg ~~may~~concession ~~materially~~and ~~affect~~pursuant ~~actual~~to ~~results,~~the ~~and~~agreement ~~are~~with ~~generally beyond~~OEG, the ~~control~~Trust ofreceives royalties at the ~~Trust~~rate of 0.6667% ~~New~~on ~~factors~~gross ~~emerge~~receipts from ~~time~~sales toby ~~time~~BEB ~~and it~~of isgas ~~not~~well ~~possible~~gas, ~~for~~oil ~~the~~well ~~Trust~~gas, tocrude ~~predict~~oil, ~~all~~condensate, ~~such~~and ~~factors~~sulfur or(removed toduring ~~assess~~ the ~~impact~~processing of ~~each~~sour ~~such~~gas) ~~factor~~less ona certain allowed deduction of costs (the ~~Trust~~“OEG Agreement”). ~~Any~~Under ~~forward-looking~~the ~~statement speaks~~OEG ~~only~~Agreement, as50% of the ~~date~~field onhandling ~~which~~and ~~such~~treatment ~~statement is made~~costs, ~~and~~as ~~the~~reported ~~Trust does~~for ~~not~~state ~~undertake~~royalty ~~any~~purposes, ~~obligation~~are todeducted ~~update~~from ~~any~~the ~~forward-looking~~gross ~~statement to~~sales ~~reflect~~receipts ~~events~~prior orto ~~circumstances~~the ~~after~~calculation of the ~~date~~royalty onto ~~which~~be ~~such~~paid ~~statement is~~to ~~made~~the Trust.

~~Item~~ In 2016, the Mobil and OEG Agreements were amended, establishing a new base for the determination of gas prices upon which the Trust’s royalties are calculated. This change reflects a shift to the prices calculated for the German Border Import gas Price (“GBIP”). The average GBIP used under the Mobil and OEG Royalty Agreements has been and will continue to be increased by 1% and 3%, respectively, for the royalty calculations. ~~Quantitative~~ This change was intended to reduce the scope and ~~Qualitative~~cost ~~Disclosures About~~of ~~Market~~the ~~Risk~~accounting examination, eliminate ongoing disputes with OEG and Mobil regarding sales to related parties, and reduce prior year adjustments to the normally scheduled year-end reconciliation. The pricing basis has eliminated certain costs (transportation and plant gas storage) that were previously deductible prior to the royalty calculation under the OEG Agreement.

~~The~~ For ~~Trust~~unit isowners, achanges ~~smaller reporting~~in ~~company~~the ascurrency ~~defined~~exchange byrate ~~Rule~~between ~~12b-2~~the ofU.S. Dollar and the ~~Securities~~Euro ~~Exchange Act~~have ofan ~~1934~~immediate impact. This impact occurs at the time the royalties, aswhich ~~amended~~are paid to the Trust in Euros, are converted into U.S. Dollars at the applicable exchange rate and ispromptly ~~not~~transferred ~~required~~from Germany to ~~provide~~the Trust’s bank account in the ~~information required~~United ~~under~~States. ~~this~~In ~~item~~relation to the U.S. Dollar, a stronger Euro would yield more U.S. Dollars and a weaker Euro would yield less U.S. Dollars.

~~Item~~ The 4Trust’s consultant in Germany provides general information to the Trust on the German and European economies and energy markets as well as monitoring the continuing impact of the war in Ukraine and ongoing efforts by the European governments to respond to the economic impacts of the war. ~~Controls~~ This information provides a context in which to evaluate the actions of the operating companies. The Trust’s consultant receives reports from EMPG with respect to current and ~~Procedures~~planned drilling and exploration efforts. EMPG has not drilled any new wells since 2014 and has not scheduled any new gas well drilling. EMPG and the operating companies continue to limit the information flow to that which is required by German law, and the Trust is not able to confirm the accuracy of any of the information supplied by EMPG or the operating companies.

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed by the Trust is recorded, processed, summarized, accumulated and communicated to its management, which consists of the Managing Director, to allow timely decisions regarding required disclosure, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms. 11

~~The Managing Director has~~ ~~performed~~ Results: anFirst ~~evaluation~~Quarter of ~~the~~Fiscal ~~effectiveness~~2026 ofversus ~~the~~First ~~design~~Quarter ~~and operation~~ of ~~the~~Fiscal ~~Trust's disclosure controls and procedures as of July 31,~~ 2025 based on the criteria for effective internal control over financial reporting described in the standards promulgated by the Public Company Accounting Oversight Board and the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. ~~Based on that evaluation, the Managing Director concluded that the Trust's disclosure controls and procedures were effective as of July 31, 2025.~~

~~There~~ Total ~~have~~royalty ~~been~~income noreceived ~~changes~~during in the ~~Trust's~~first ~~internal~~quarter ~~control~~of ~~over~~fiscal ~~financial~~2026 ~~reporting~~was ~~identified~~derived ~~in connection~~from ~~with~~sales of gas, sulfur, and oil from the ~~evaluation~~Trust’s ~~described~~overriding ~~above~~royalty ~~that~~areas ~~occurred~~in Germany during the ~~third~~ fourth calendar quarter of ~~fiscal~~ 2025. ~~that~~The ~~have~~distribution ~~materially~~of ~~affected~~$0.22 orper ~~are reasonably~~unit ~~likely~~was paid on February 25, 2026 to ~~materially~~owners ~~affect~~of record as of February 13, 2026. Comparisons of total royalty income and net income for the ~~Trust's~~first ~~internal~~quarter ~~control over~~of ~~financial~~fiscal ~~reporting~~2026 and 2025 are shown below.

PART II -- OTHER INFORMATION

	1st Fiscal Quarter Ended 1/31/2026		1st Fiscal Quarter Ended 1/31/2025		Percentage Change
Total Royalty Income	$	2,212,286	$	505,697		337.5	%
Net Income	$	1,945,021	$	285,468		581.3	%
Distributions per Unit	$	0.22	$	0.04		450.0	%

~~Item~~The 1higher royalty income reported in the fiscal quarter ending January 31, 2026, compared to the same period in 2025 is attributable in part to a small Positive Adjustment this year and a $2,485,712 Negative Adjustment in the first quarter of 2025. ~~Legal~~ ~~Proceedings~~Another contributing factor was an increase in Mobil’s gas sales due to successful well maintenance and full utilization of processing facilities. Additionally, rising sulfur prices resulting from geopolitical disruptions, tightening supply, and increased demand contributed to first quarter of 2026 sulfur royalties of $252,431 compared to $70,202 in the first quarter of 2025.

~~The Trust is not a party to any pending legal proceedings.~~ 12

~~Item~~ The 2table below is intended to illustrate trends based on actual gas sales in each quarter. ~~Unregistered~~ ~~Sales~~Gas royalties shown in the table below are determined based on the actual physical gas sales that occurred during the fourth calendar quarters of ~~Equity~~2025 ~~Securities~~ and ~~Use~~2024 and the average German Border Import gas Price for the periods of ~~Proceeds~~August through October 2025 and 2024. No adjustments for prior periods are reflected in the gas royalties.

Not applicable.

Quarterly Gas Data Providing Basis for Fiscal Quarter Royalties
Mobil Agreement	4^th Calendar Quarter Ended 12/31/2025		4^th Calendar Quarter Ended 12/31/2024		Percentage Change
Gas Sales (Bcf ¹)		3.351		3.199		4.8	%
Average Exchange Rates2		1.16		1.034		12.6	%
Gas Royalties Payable Euros		1,349,925		1,421,601		-5.0	%
Gas Prices ($/Mcf ³)	$	11.73	$	11.49		2.1	%

OEG Agreement
Gas Sales (Bcf ¹)		10.579		10.549		0.3	%
Average Exchange Rates2		1.16		1.035		12.1	%
Gas Royalties Payable Euros		595,129		621,016		-4.2	%
Gas Prices ($/Mcf ³)	$	11.62	$	11.63		0.0	%

~~Item~~1Billion ~~3. Defaults~~cubic ~~Upon Senior Securities.~~feet

~~Not~~ 2Based ~~applicable.~~on average Euro/dollar exchange rates of cumulative royalty transfers

~~Item~~ 3Dollars ~~4. Mine~~per ~~Safety~~thousand ~~Disclosure~~cubic feet. Gas prices derived from August-October period

~~Not~~ Trust ~~applicable~~expenses for the first quarter of fiscal 2026 increased by 22.2%, or $51,972 to $285,937 from $233,965 for the first quarter of fiscal 2025. Factors contributing to the increase include higher Trustee fees based on higher royalties, the biennial royalty examination by the Trust’s German accounting counselors, and fees related to a change of Transfer Agent.

~~Item~~ The ~~5. Other~~current ~~Information~~Statements of Assets, Liabilities and Trust Corpus of the Trust at January 31, 2026, compared to that at fiscal year-end (October 31, 2025), shows an increase in assets due to higher royalty receipts during the first quarter of fiscal 2026.

~~(c) Insider Trading Arrangements~~13

~~During~~ This ~~the~~report ~~quarter~~on ~~ended~~Form ~~July~~10‑Q ~~31,~~may ~~2025,~~contain ~~none~~forward-looking ofstatements ~~our~~intended ~~directors~~to ~~or officers~~qualify ~~(as~~for ~~defined~~the insafe ~~Section~~harbor 16from ofliability established by the Private Securities ~~Exchange~~Litigation Reform Act of ~~1934,~~ as1995. ~~amended),~~All ~~adopted~~statements orother ~~terminated~~than astatements ~~"Rule~~of ~~10b5~~historical fact are forward-1looking. ~~trading arrangement"~~Such statements address future expectations and events or aconditions ~~"non-Rule~~concerning ~~10b5~~the Trust. You can identify many forward-1looking ~~trading~~statements ~~arrangement"~~by ~~(each~~words such as ~~defined~~ in“may,” ~~Item~~“will,” ~~408(a)~~“would,” ~~and~~“should,” ~~(c)~~“could,” ~~respectively~~“expects,” “aim,” “anticipates,” “believes,” “estimates,” “intends,” “plan,” “predict,” “project,” “seek,” “potential,” “opportunities” and other similar expressions and the negatives of ~~Regulation~~such Sexpressions. However, not all forward-K)looking statements contain these words. Many of these statements are based on information provided to the Trust by the operating companies or by consultants using public information sources. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in any forward-looking statements. These include:

~~None.~~ •

~~Item~~ assets 6.of ~~Exhibits.~~the Trust are depleting assets and, if the operators developing the concession do not perform additional development projects, the assets may deplete faster than expected,

• ~~Exhibit 31. Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002~~

~~Exhibit~~ risks ~~32. Certification~~and ofuncertainties ~~Chief~~concerning ~~Executive~~levels ~~Officer~~of ~~and~~gas ~~Chief Financial~~production ~~Officer~~and ~~pursuant~~gas tosale ~~Section~~prices, ~~906~~and ofcurrency ~~the~~exchange ~~Sarbanes-Oxley Act~~rates, ~~of 2002~~

~~SIGNATURE~~ •

~~Pursuant to the~~ ~~requirements of~~ the ~~Securities~~ability ~~Exchange~~or ~~Act~~willingness of ~~1934,~~ the ~~Registrant has~~operating ~~duly~~companies ~~caused this report~~ to beperform ~~signed~~under ontheir ~~its~~contractual ~~behalf~~obligations bywith the ~~undersigned~~ ~~hereunto duly authorized.~~Trust,

~~NORTH EUROPEAN OIL ROYALTY~~ ~~TRUST~~ • ~~(Registrant)~~

~~/s/~~ ~~John~~ potential R.disputes ~~Van~~with ~~Kirk John~~the R.operating ~~Van~~companies ~~Kirk Managing~~and ~~Director~~the resolution thereof,

~~August 29, 2025~~ •

worldwide economic and geopolitical conditions,

•

weather conditions,

•

trade barriers and tariffs,

•

the level of consumer demand,

•

the effect of worldwide energy conservation measures and governmental policies and regulatory incentives for investment in non-fossil fuel energy sources, and

•

the nature and extent of governmental regulation and taxation.

All such factors are difficult to predict, contain uncertainties that may materially affect actual results, and are generally beyond the control of the Trust. New factors emerge from time to time and it is not possible for the Trust to predict all such factors or to assess the impact of each such factor on the Trust. Any forward-looking statement speaks only as of the date on which such statement is made, and the Trust does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made.

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

The Trust is a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934, as amended, and is not required to provide the information required under this item.

Item 4.

Controls and Procedures.

The Trust maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed by the Trust is recorded, processed, summarized, accumulated, and communicated to its management, which consists of the Managing Director (and subsequent to January 30, 2026, the Managing Trustee), to allow timely decisions regarding required disclosure, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

The Managing Trustee has performed an evaluation of the effectiveness of the design and operation of the Trust’s disclosure controls and procedures as of January 31, 2026 based on the criteria for effective internal control over financial reporting described in the standards promulgated by the Public Company Accounting Oversight Board and the Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, the Managing Trustee concluded that the Trust’s disclosure controls and procedures were effective as of January 31, 2026.

There have been no changes in the Trust’s internal control over financial reporting identified in connection with the evaluation described above that occurred during the first quarter of fiscal 2026 that have materially affected or are reasonably likely to materially affect the Trust’s internal control over financial reporting.

Item 1.

Legal Proceedings.

The Trust is not a party to any pending legal proceedings.

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

Not applicable.

Item 3.

Defaults Upon Senior Securities.

Not applicable.

Item 4.

Mine Safety Disclosure.

Not applicable.

Item 5.

Other Information.

During the quarter ended January 31, 2026, none of our directors or officers (as defined in Section 16 of the Securities Exchange Act of 1934, as amended), adopted or terminated a “Rule 10b5-1 trading arrangement” or a“non-Rule 10b5-1 trading arrangement” (each as defined in Item 408(a) and(c), respectively, of Regulation S-K).

Item 6.

Exhibits. PART II -- OTHER INFORMATION


Exhibit 31.	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32.	Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

NORTH EUROPEAN OIL ROYALTY TRUST


	(Registrant)

	/s/ Nancy J. Floyd Prue
	Nancy J. Floyd Prue
	Managing Trustee

March 2, 2026

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Filing Compare · NORTH EUROPEAN OIL ROYALTY TRUST