Freehold Royalties Income Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	300.21	313.46	309.48	314.58	393.02	208.99
Revenue Growth (YoY)	-7.99%	1.29%	-1.62%	-19.96%	88.06%	132.32%
Gross Profit	300.21	313.46	309.48	314.58	393.02	208.99
Selling, General & Admin	29.59	26.04	19.27	18.77	22.31	17.82
Depreciation & Amortization Expenses	106.06	108.5	101.41	96.62	102.61	88.03
Other Operating Expenses	27.42	36.94	-17.97	16.46	-7.05	4.85
Total Operating Expenses	163.06	171.48	102.71	131.86	117.88	110.69
Operating Income	137.15	141.98	206.77	182.72	275.14	98.3
Interest Expense	-17.33	-18.38	-15.42	-10.28	-6.12	-3.49
Total Non-Operating Income (Expense)	-17.33	-18.38	-15.42	-10.28	-6.12	-3.49
Pretax Income	119.82	123.6	191.36	172.44	269.02	94.81
Provision for Income Taxes	30.24	31.82	41.91	40.53	59.84	22.73
Net Income	89.58	91.78	149.45	131.9	209.19	72.08
Net Income to Common	89.58	91.78	149.45	131.9	209.19	72.08
Net Income Growth	-41.35%	-38.59%	13.30%	-36.95%	190.20%	-
Shares Outstanding (Basic)	164	164	151	151	151	137
Shares Outstanding (Diluted)	164	164	152	151	151	137
Shares Change (YoY)	5.90%	7.87%	0.51%	0.26%	10.14%	15.38%
EPS (Basic)	0.55	0.56	0.99	0.88	1.39	0.53
EPS (Diluted)	0.55	0.56	0.98	0.88	1.39	0.53
EPS Growth	-44.44%	-42.86%	11.36%	-36.69%	162.26%	-
Shares Outstanding	163.96	163.96	163.96	118.35	118.35	118.35
Free Cash Flow	218.66	235.38	223.33	216.92	327.35	162.02
Free Cash Flow Growth	-7.10%	5.39%	2.96%	-33.73%	102.04%	146.36%
Free Cash Flow Per Share	1.33	1.44	1.47	1.43	2.17	1.18
Dividends Per Share	1.080	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%	100.00%
Operating Margin	45.68%	45.29%	66.81%	58.08%	70.01%	47.04%
Profit Margin	29.84%	29.28%	48.29%	41.93%	53.23%	34.49%
FCF Margin	72.83%	75.09%	72.16%	68.96%	83.29%	77.53%
EBITDA	243.21	250.48	308.18	279.34	377.76	186.33
EBITDA Margin	81.01%	79.91%	99.58%	88.80%	96.12%	89.16%
EBIT	137.15	141.98	206.77	182.72	275.14	98.3
EBIT Margin	45.68%	45.29%	66.81%	58.08%	70.01%	47.04%
Effective Tax Rate	25.23%	25.75%	21.90%	23.51%	22.24%	23.97%

Updated May 12, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.