TSX:MRG.UN 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
Property Revenue	354.65	344.19	331.62	278.49	245.57
Revenue	354.65	344.19	331.62	278.49	245.57
Revenue Growth (YoY)	3.04%	3.79%	19.08%	13.41%	-1.25%
Property Expenses	122.21	118.46	112.85	94.2	83.55
Total Property Expenses	122.21	118.46	112.85	94.2	83.55
Property Taxes	42.71	44.31	38.53	33.08	32.52
Gross Profit	189.73	181.42	180.24	151.22	129.5
Selling, General & Admin	23.24	22.18	21.98	19.36	14.39
Operating Income	166.49	159.24	158.26	131.86	115.1
Interest Income	7.61	15.12	5.38	3.82	2.69
Interest Expense	-91.92	-83	-75.19	-63.68	-65.72
Other Non-Operating Income (Expense)	27.89	17.44	104.24	230.66	258.28
Total Non-Operating Income (Expense)	-56.42	-50.45	34.43	170.81	195.25
Pretax Income	122.38	112.68	193.36	309.9	310.49
Provision for Income Taxes	10.84	13.28	8.08	70.34	65.52
Net Income	102.97	101.86	176.34	219.28	242.09
Minority Interest in Earnings	8.57	-2.46	8.95	20.28	2.89
Net Income to Common	102.97	101.86	176.34	219.28	242.09
Net Income Growth	1.09%	-42.24%	-19.59%	-9.42%	38.16%
Shares Outstanding (Basic)	35	54	56	39	56
Shares Outstanding (Diluted)	35	57	59	56	60
Shares Change (YoY)	-38.40%	-3.07%	3.89%	-6.92%	0.07%
EPS (Basic)	2.95	1.87	3.17	5.61	4.30
EPS (Diluted)	2.95	1.80	3.01	3.89	4.00
EPS Growth	64.11%	-40.41%	-22.51%	-2.79%	233.47%
Free Cash Flow	16.47	38.1	-75.74	-145.92	33.68
Free Cash Flow Growth	-56.79%	-	-	-	-23.75%
Free Cash Flow Per Share	-	0.67	-1.29	-2.59	0.56
Dividends Per Share	0.765	0.743	0.723	0.703	0.700
Dividend Growth	2.91%	2.77%	2.89%	0.49%	-
Gross Margin	53.50%	52.71%	54.35%	54.30%	52.73%
Operating Margin	46.95%	46.27%	47.72%	47.35%	46.87%
Profit Margin	31.45%	28.88%	55.87%	86.02%	99.76%
FCF Margin	4.64%	11.07%	-22.84%	-52.40%	13.72%
EBITDA	166.49	159.24	158.26	131.86	115.1
EBIT	166.49	159.24	158.26	131.86	115.1
EBIT Margin	46.95%	46.27%	47.72%	47.35%	46.87%
Effective Tax Rate	8.86%	11.79%	4.18%	22.70%	21.10%

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