Diversified Royalty 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	68.78	64.99	56.5	45.18	37.28	30.5
Revenue Growth (YoY)	6.88%	15.04%	25.04%	21.20%	22.25%	0.11%
Cost of Revenue	-0.06	-	-	2.27	1.97	1.49
Gross Profit	68.84	64.99	56.5	42.91	35.31	29
Selling, General & Admin	4.3	4.44	4.38	1.4	1.18	1.1
Operating Expenses	7.07	6.6	5.76	2.58	2.21	2.42
Operating Income	61.77	58.39	50.73	40.34	33.11	26.58
Interest Expense	-14.43	-15.09	-14.03	-12.2	-9.22	-8.79
Interest & Investment Income	-	-	-	0.17	0.03	0.07
Currency Exchange Gain (Loss)	0	0	-0.02	0.03	-	-0
Other Non Operating Income (Expenses)	-0.87	-0.67	0.19	2.71	7.04	-3.69
EBT Excluding Unusual Items	46.47	42.64	36.87	31.05	30.96	14.17
Asset Writedown	-8.2	-8.2	0.09	-7.55	1.72	-25.9
Other Unusual Items	3.05	3.05	6.63	-	-	-
Pretax Income	41.32	37.49	43.59	23.5	32.68	-11.73
Income Tax Expense	11.62	10.87	11.87	7.94	9.17	-2.85
Net Income	29.7	26.62	31.72	15.56	23.52	-8.89
Net Income to Common	29.7	26.62	31.72	15.56	23.52	-8.89
Net Income Growth	-6.31%	-16.09%	103.86%	-33.83%	-	-
Shares Outstanding (Basic)	168	162	143	126	122	119
Shares Outstanding (Diluted)	170	164	144	127	136	119
Shares Change (YoY)	7.32%	13.61%	13.57%	-6.43%	14.05%	8.57%
EPS (Basic)	0.18	0.16	0.22	0.12	0.19	-0.07
EPS (Diluted)	0.17	0.16	0.22	0.12	0.19	-0.07
EPS Growth	-14.01%	-27.27%	83.33%	-36.76%	-	-
Free Cash Flow	44.71	46.48	30.81	28.37	27.57	22.1
Free Cash Flow Per Share	0.26	0.28	0.21	0.22	0.20	0.19
Dividend Per Share	0.256	0.249	0.241	0.224	0.206	0.208
Dividend Growth	3.53%	3.45%	7.66%	8.68%	-1.01%	-6.79%
Gross Margin	100.09%	100.00%	100.00%	94.97%	94.72%	95.10%
Operating Margin	89.81%	89.85%	89.80%	89.27%	88.80%	87.16%
Profit Margin	43.18%	40.96%	56.15%	34.44%	63.08%	-29.13%
Free Cash Flow Margin	65.00%	71.52%	54.53%	62.80%	73.95%	72.47%
EBITDA	61.87	58.5	50.83	40.44	33.19	-
EBITDA Margin	89.95%	90.01%	89.97%	89.49%	89.04%	-
D&A For EBITDA	0.1	0.1	0.1	0.1	0.09	-
EBIT	61.77	58.39	50.73	40.34	33.11	26.58
EBIT Margin	89.81%	89.85%	89.80%	89.27%	88.80%	87.16%
Effective Tax Rate	28.12%	29.00%	27.23%	33.78%	28.04%	-
Revenue as Reported	68.78	64.99	56.5	45.18	37.28	30.5

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