Freehold Royalties Income Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	313.46	309.48	314.58	393.02	208.99
Revenue Growth (YoY)	1.29%	-1.62%	-19.96%	88.06%	132.32%
Gross Profit	313.46	309.48	314.58	393.02	208.99
Selling, General & Admin	26.04	19.27	18.77	22.31	17.82
Depreciation & Amortization Expenses	108.5	101.41	96.62	102.61	88.03
Other Operating Expenses	36.94	-17.97	16.46	-7.05	4.85
Total Operating Expenses	171.48	102.71	131.86	117.88	110.69
Operating Income	141.98	206.77	182.72	275.14	98.3
Interest Expense	-18.38	-15.42	-10.28	-6.12	-3.49
Total Non-Operating Income (Expense)	-18.38	-15.42	-10.28	-6.12	-3.49
Pretax Income	123.6	191.36	172.44	269.02	94.81
Provision for Income Taxes	31.82	41.91	40.53	59.84	22.73
Net Income	91.78	149.45	131.9	209.19	72.08
Net Income to Common	91.78	149.45	131.9	209.19	72.08
Net Income Growth	-38.59%	13.30%	-36.95%	190.20%	-
Shares Outstanding (Basic)	164	151	151	151	137
Shares Outstanding (Diluted)	164	152	151	151	137
Shares Change (YoY)	7.87%	0.51%	0.26%	10.14%	15.38%
EPS (Basic)	0.56	0.99	0.88	1.39	0.53
EPS (Diluted)	0.56	0.98	0.88	1.39	0.53
EPS Growth	-42.86%	11.36%	-36.69%	162.26%	-
Free Cash Flow	235.38	223.33	216.92	327.35	162.02
Free Cash Flow Growth	5.39%	2.96%	-33.73%	102.04%	146.36%
Free Cash Flow Per Share	1.44	1.47	1.43	2.17	1.18
Dividends Per Share	1.080	1.080	1.080	0.970	0.490
Dividend Growth	-	-	11.34%	97.96%	64.71%
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%
Operating Margin	45.29%	66.81%	58.08%	70.01%	47.04%
Profit Margin	29.28%	48.29%	41.93%	53.23%	34.49%
FCF Margin	75.09%	72.16%	68.96%	83.29%	77.52%
EBITDA	250.48	308.18	279.34	377.76	186.33
EBITDA Margin	79.91%	99.58%	88.80%	96.12%	89.16%
EBIT	141.98	206.77	182.72	275.14	98.3
EBIT Margin	45.29%	66.81%	58.08%	70.01%	47.04%
Effective Tax Rate	25.75%	21.90%	23.51%	22.24%	23.97%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.