DRI Healthcare Trust · TSX:DHT.U
DRI Healthcare Trust — Investor Presentation (November 2026)
40 slides from DRI Healthcare Trust's investor presentation, November 2026
Slide 1: Advancing Science in the Pharmaceutical and Biotechnology Sector
Advancing Science in the Pharmaceutical and Biotechnology Sector November 2026 1
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by DRI Healthcare Trust (“DRI Healthcare”). Established as an unincorporated open-ended trust in Ontario, Canada, and publicly trading since its 2021 IPO, DRI Healthcare is a global leader in providing financing to advance innovation in the life science
Slide 3: Executive Summary
Executive Summary DRI Healthcare is a pioneer in pharmaceutical royalty monetization DRI Healthcare excels at sourcing, analyzing and executing strategic royalty acquisitions of growing assets. We provide capital to parties along the biopharmaceutical value chain to help fund the future of innovatio
Slide 4: Pharmaceutical Royalty Model
Pharmaceutical Royalty Model DRI Healthcare sources deals from all parties along the drug development value chain TRADITIONAL ROYALTY SYNTHETIC ROYALTY acquisition opportunities acquisition opportunities Each constituent sells royalties for different reasons Inventors Academic institutions Drug deve
Slide 5: Our Competitive Advantages
Our Competitive Advantages 1 Seasoned team 2 Disciplined capital allocation 3 Proactive sourcing 4 Strong execution Specialized investment Robust investment criteria Proprietary database Fundamental professionals with life that have resulted in tracking royalties on more ground-up diligence science
Slide 6: Track Record of Delivering Growth and Value
Track Record of Delivering Growth and Value Transition from private equity funds to a public entity facilitates longer-term value creation NEW ROYALTIES SIGNIFICANT TRANSACTIONS DRI Healthcare Trust 17 & valued at 2021 - present Public entity 1 Loan $1.8B1 DRUG ROYALTY III valued at 2013 – 2018 15 P
Slide 7: Diversified, Risk-mitigated Portfolio
Diversified, Risk-mitigated Portfolio Provides large pharmaceutical company characteristics without traditional pharma risks and costs Immunology Lysosomal Storage Disorder 2021 17 4% 3% Initial public offering Royalty acquisitions Neurology 35% $1.8B1 7,500+ Hematology 13% 29 Capital deployed Royal
Slide 8: Focused on Closing Accretive Transactions
Focused on Closing Accretive Transactions Completed seventeen royalty transactions since IPO totaling up to $1.8 billion, with over $1.51 billion deployed to date INVESTMENT THESIS TRANSACTION SIZE Provides a well-defined set of near-to-medium-term cash flows that DRI can redeploy into new royalty a
Slide 9: Execution
“a ° . DRI HEALTHCARE a
Slide 10: Q3 2026 Financial Highlights
Q3 2026 Financial Highlights Normalized Total Cash Receipts1 Total income Adjusted EBITDA1 $47.5 million $46.9 million $40.0 million 9% vs. Q3 2025 4% vs. Q3 2025 9% vs. Q3 2025 Adjusted EBITDA Margin1 Adjusted Cash Earnings per Unit1 Declared Cash Distributions per Unit 84% $0.53 $0.11 1. Normalize
Slide 11: Robust Diversified Portfolio
Robust Diversified Portfolio Portfolio currently consists of 29 royalty streams on 22 products By therapeutic area1 By product1 Empaveli / Other Syfovre 1% Lysosomal 2% No individual Storage Disorder 4% Immunology Zejula Xolair 1% product 3% Xenpozyme 3% 4% Juvmo VP2 accounts for Hematology 13% Spin
Slide 12: Portfolio Overview
Portfolio Overview Total Cash Royalty Receipts 1 Net Book Value 2 (millions of U.S. dollars) THERAPEUTIC AREA LTM 09/30/2026 09/30/2026 Neurology - 316.7 Oncology 80.2 161.6 Ophthalmology 35.0 133.8 Ophthalmology - 128.4 Hematology 14.8 76.2 Hematology 5.0 56.2 Neurology 15.2 48.4 Lysosomal Storage
Slide 13: Juvmo (tavapadon) Royalty Transaction
Juvmo (tavapadon) Royalty Transaction Provides a well-defined set of near-to-medium-term cash flows that DRI can redeploy into new royalty acquisitions TRANSACTION OVERVIEW STRONG GROWTH POTENTIAL Juvmo (tavapadon) was approved by the FDA on Parkinson’s disease, which affects approximately 1 Septemb
Slide 14: Lumvoa (Veligrotug) & Elegrobart Royalty Transaction
Lumvoa (Veligrotug) & Elegrobart Royalty Transaction Second pre-approval royalty acquisition with long-dated cashflows, extending overall portfolio duration TRANSACTION OVERVIEW STRONG GROWTH POTENTIAL Lumvoa (veligrotug) was approved by the TED is an autoimmune inflammatory disorder of & FDA in Jun
Slide 15: Casgevy Transaction
Casgevy Transaction Novel deal structure offers predictable annual cash flows plus potential additional payments TRANSACTION OVERVIEW STRONG GROWTH POTENTIAL Approved by the FDA in December 2023 for Potential additional annual sales- the treatment of sickle cell disease (“SCD”) based milestones in e
Slide 16: Strong Cash Generation
Strong Cash Generation Cash available to drive portfolio growth and maintain distributions to Unitholders Adjusted EBITDA1 for the Last Twelve Months Ended September 30, 2026 (millions) LTM Adjusted EBITDA Margin1 $207.2 ($2.1) ($0.8) ($0.5) 90% ($0.9) $202.9 ($21.3) $181.6 2 1 Total Income Net gain
Slide 17: Positioned for Growth
Positioned for Growth 17
Slide 18: 2026 Guidance & Long-Term Growth Agenda
2026 Guidance & Long-Term Growth Agenda 2026 Guidance Multi-Year Aspiration through 20302 Capital Deployment Adjusted EBITDA Target Adjusted EBITDA ($) Growth Rates (%) Over 5 Years (2026 – 2030) $800 Million to Low Teens CAGR $157 to $162 Million1 $1 Billion 2026 to 20301 Reported 2025 Adjusted EBI
Slide 19: Proactive Sourcing Provides Competitive Advantage
Proactive Sourcing Provides Competitive Advantage Our strong relationships and proprietary processes generate exclusive deal flow • Proprietary database tracking over 7,500 royalties on over 2,500 drugs Identify INTELLECTUAL PROPERTY DRIVEN • Built on various data sources, including from Identify dr
Slide 20: Rigorous Due Diligence Process
Rigorous Due Diligence Process ➢ Appointment of internal multi-disciplinary deal team ➢ Individualized diligence plan and deal size considerations Deal Launch ➢ Proactive assessment of deal risks ➢ Strategic engagement of external consultants Commercial SciMed Review IP and LOE Legal Assessment • Mo
Slide 21: $4.5 Billion Pipeline of Potential Opportunities
Address important unmet needs with life-changing therapies for patients Robust pipeline of over $4.5 Billion Marketed by leading biotech or biopharma companies in potential opportunities1 Provides strong intellectual property and regulatory protection 1. As of September 30, 2026. Represents the aggr
Slide 22: Compounding Cash Flows Increase Growth Potential
Compounding Cash Flows Increase Growth Potential Enables future acquisitions and delivers value for Unitholders Virtuous cycle of growing Cumulative effect of compounding returns and reinvestment Annual CF without compounding Annual CF with compounding 1 New asset Total Cash acquisitions Receipts2 C
Slide 23: Growth opportunities from existing assets
Growth opportunities from existing assets1 Additional indications have potential to enhance royalty streams PHASE 1 PHASE 2 PHASE 3 Registration 2 REVEAL-1 (Active): Subcutaneous treatment for Thyroid Eye Disease elegrobart REVEAL-2 (Chronic): Subcutaneous treatment for Thyroid Eye Disease ADELA: Co
Slide 24: Committed to ESG Practices
Committed to ESG Practices Striving to deliver value to our stakeholders, our community, and society as a whole Environmental Social Governance Building a platform Valuing diversity and Accountability and integrity for sustainability community support as core values • Review of our partners’ sustain
Slide 25: Key Priorities
Efficient Execution & Disciplined Expense Management Key priorities Strengthening Asset Risk Framework Disciplined Capital Allocation Focus on long-term, sustainable growth generating strong Unitholder returns 25
Slide 26: DRI Healthcare Units are Undervalued Relative to Royalty Peers
DRI Healthcare Units are Undervalued Relative to Royalty Peers Valuation comparisons highlight underlying value1 PRICE / OPERATING PRICE / BOOK DIVIDEND YIELD CASH FLOW 2 , 3 1.6x 8.0x 3.4% 4.23x 12.17x 1.4% 6.16x 48.6x NA 5.53x 25.02x 0.6% 6.33x 30.25x 0.6% 1. Information sourced from company filin
Slide 27: Investment Highlights
Investment Founded in 1989, DRI Healthcare is a pioneer and a global leader in healthcare royalty investing Highlights We believe we are well positioned to capitalize on generational industry growth delivering attractive uncorrelated cash flows Diversified portfolio of products by therapeutic area a
Slide 28: Contact us
Contact us Katherine Rebejko [email protected] 28
Slide 29: Appendix A: Deal Summaries
Appendix A Deal Summaries 29
Slide 30: Ekterly Royalty Transaction
Ekterly Royalty Transaction First pre-approval royalty acquisition and PIPE investment highlight evolving investment strategy TRANSACTION OVERVIEW EXERCISE OF PUT OPTION Approved by the FDA in July 2025 for the The Trust exercised its contractual put treatment of acute attacks of hereditary option w
Slide 31: Omidria Expansion Transaction
Omidria Expansion Transaction Accretive transaction with both near and long-term cash flow generation TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by FDA in May 2014 and by Replaces annual structured caps from the EMA in July 2015 for intracameral original Omidria transaction, giving use during ca
Slide 32: Orserdu Royalty Transactions
Orserdu Royalty Transactions Uncapped royalties on long-duration asset TRANSACTION OVERVIEW GROWTH POTENTIAL Orserdu I Approved by the FDA in January 2023 and $85 million upfront purchase price the EMA in September 2023 for advanced/metastatic breast cancer Mid-single digit tiered royalty on patient
Slide 33: Vonjo II Royalty Transaction
Vonjo II Royalty Transaction Second royalty on Vonjo increases exposure to long duration high-quality asset TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by the FDA in February 2022 First year of sales strongly exceeded as the only treatment for myelofibrosis analyst consensus estimates with severe
Slide 34: Tzield Royalty Transaction
Tzield Royalty Transaction Proceeds reinvested to generate compound effects for Unitholders ACQUISITION FROM MACROGENICS SALE TO SANOFI Approved by the FDA in November 2022 Sanofi announced agreement to acquire for the treatment of stage 2 Type 1 Provention Bio days after our acquisition diabetes of
Slide 35: Xenpozyme I Royalty Transaction
Xenpozyme I Royalty Transaction Long duration product with strong IP protection anticipated to generate high multiple on invested capital TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by the EMA in June 2022 $26 million in potential milestone and by the FDA in August 2022 for payments based on cumu
Slide 36: Xenpozyme II Royalty Transaction
Xenpozyme II Royalty Transaction Second royalty on long-term asset further increases portfolio duration TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by the EMA in June 2022 and by $26 million in potential milestone the FDA in August 2022 for the treatment of payments based on Xenpozyme ASMD achiev
Slide 37: Zejula Royalty Transaction
Zejula Royalty Transaction Multiple indications in development represent a pipeline in a product TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by the FDA in March 2017 In development for metastatic castrate and by the EMA in November 2017 for sensitive and resistant prostate cancer, the treatment o
Slide 38: Empaveli Royalty Transaction
Empaveli Royalty Transaction Long-term horizon and attractive growth prospects TRANSACTION OVERVIEW GROWTH POTENTIAL Empaveli: Approved by the FDA in Represents a significant advancement in May 2021 and by the EMA in the standard of care for PNH December 2021 for the treatment of Paroxysmal Nocturna
Slide 39: Oracea Royalty Transaction
Oracea Royalty Transaction Strong cash flows generate immediate revenues TRANSACTION OVERVIEW GROWTH POTENTIAL Approved by the FDA in 2006 for It has an established commercial track the treatment of Papulopustular record and brings immediate accretive Rosacea value with substantial royalty receipts
Slide 40: Deal Structure Case Study: CTI BioPharma / Vonjo
Deal Structure Case Study: CTI BioPharma / Vonjo Proven ability to provide flexibility in deal structuring while managing risk • Funding for Vonjo launch preparation Pre-approval $50 million secured loan • Secured loan provided downside protection if approval not granted • Funding for Vonjo launch •
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