Freehold Royalties Income Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	320.56	309.48	314.58	393.02	208.99	89.96
Revenue Growth (YoY)	2.52%	-1.62%	-19.96%	88.06%	132.32%	-36.13%
Cost of Revenue	11.73	10.08	9.5	9.64	3.43	2.03
Gross Profit	308.83	299.41	305.08	383.38	205.56	87.93
Selling, General & Admin	17.31	16.64	16.03	14.77	11.82	11.56
Other Operating Expenses	0.78	0.33	0.26	0.09	0.11	0.11
Operating Expenses	129.76	121.31	115.97	125.8	107.02	101.74
Operating Income	179.07	178.1	189.11	257.57	98.54	-13.81
Interest Expense	-17.42	-15.09	-10.02	-6.03	-3.38	-3.26
Currency Exchange Gain (Loss)	6.31	28.35	-6.66	17.48	-0.34	-
EBT Excluding Unusual Items	167.95	191.36	172.44	269.02	94.81	-17.08
Pretax Income	167.95	191.36	172.44	269.02	94.81	-17.08
Income Tax Expense	39.13	41.91	40.53	59.84	22.73	-3.14
Net Income	128.82	149.45	131.9	209.19	72.08	-13.93
Net Income to Common	128.82	149.45	131.9	209.19	72.08	-13.93
Net Income Growth	-2.88%	13.30%	-36.95%	190.20%	-	-
Shares Outstanding (Basic)	161	151	151	151	137	119
Shares Outstanding (Diluted)	161	152	151	151	137	119
Shares Change (YoY)	6.67%	0.51%	0.26%	10.14%	15.38%	-0.02%
EPS (Basic)	0.80	0.99	0.88	1.39	0.53	-0.12
EPS (Diluted)	0.79	0.98	0.88	1.39	0.53	-0.12
EPS Growth	-10.16%	11.95%	-36.96%	162.99%	-	-
Free Cash Flow	-72.37	-188.38	206.27	136.55	-214.98	56.37
Free Cash Flow Per Share	-0.45	-1.24	1.36	0.91	-1.57	0.47
Dividend Per Share	1.080	1.080	1.080	0.970	0.490	0.297
Dividend Growth	-	-	11.34%	97.96%	64.71%	-52.78%
Gross Margin	96.34%	96.75%	96.98%	97.55%	98.36%	97.74%
Operating Margin	55.86%	57.55%	60.12%	65.54%	47.15%	-15.35%
Profit Margin	40.19%	48.29%	41.93%	53.23%	34.49%	-15.49%
Free Cash Flow Margin	-22.57%	-60.87%	65.57%	34.74%	-102.87%	62.66%
EBITDA	288.39	279.84	286	360.28	186.67	75.33
EBITDA Margin	89.96%	90.42%	90.92%	91.67%	89.32%	83.74%
D&A For EBITDA	109.32	101.74	96.89	102.7	88.13	89.14
EBIT	179.07	178.1	189.11	257.57	98.54	-13.81
EBIT Margin	55.86%	57.55%	60.12%	65.54%	47.15%	-15.35%
Effective Tax Rate	23.30%	21.90%	23.51%	22.24%	23.97%	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.