Highwood Asset Management 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
Operating Revenue	82.94	111.57	35.29	6.68	10.06
Other Revenue	18.92	-	-	-	-
Revenue	101.85	111.57	35.29	6.68	10.06
Revenue Growth (YoY)	-8.71%	216.11%	428.18%	-33.56%	-57.40%
Cost of Revenue	27.85	26.09	10.24	2.14	4.97
Gross Profit	74.01	85.48	25.05	4.54	5.09
Selling, General & Admin	7.35	6.77	5.4	2.78	3.03
Other Operating Expenses	-	2.99	-5.15	0.11	2.5
Operating Expenses	34.1	37.82	8.19	4.03	7.67
Operating Income	39.91	47.66	16.86	0.52	-2.58
Interest Expense	-9.49	-10.98	-4.56	-0.07	-0.1
Interest & Investment Income	-	0.09	0.04	-	-
Other Non Operating Income (Expenses)	-0.01	-0.22	-0.46	-0.09	-0.06
EBT Excluding Unusual Items	30.41	36.54	11.89	0.37	-2.74
Merger & Restructuring Charges	-	-	-0.59	-	-
Gain (Loss) on Sale of Assets	-	-	0.24	2.47	-0
Asset Writedown	-	-	-	-	-0.05
Other Unusual Items	-	-	37.92	0.12	-
Pretax Income	30.41	36.54	49.46	2.96	-2.79
Income Tax Expense	8.7	8.59	3.31	0.71	-0.47
Earnings From Continuing Operations	21.71	27.95	46.14	2.25	-2.32
Net Income	21.71	27.95	46.14	2.25	-2.32
Net Income to Common	21.71	27.95	46.14	2.25	-2.32
Net Income Growth	-22.34%	-39.43%	1954.50%	-	-
Shares Outstanding (Basic)	14	15	10	6	6
Shares Outstanding (Diluted)	15	15	10	6	6
Shares Change (YoY)	-1.56%	52.94%	62.20%	1.23%	-
EPS (Basic)	1.50	1.88	4.75	0.37	-0.39
EPS (Diluted)	1.46	1.85	4.67	0.37	-0.39
EPS Growth	-21.08%	-60.38%	1162.16%	-	-
Free Cash Flow	-4.24	-0.67	-2.39	-1.32	-2.43
Free Cash Flow Per Share	-0.28	-0.04	-0.24	-0.22	-0.40
Gross Margin	72.66%	76.62%	70.98%	67.97%	50.59%
Operating Margin	39.18%	42.72%	47.76%	7.72%	-25.66%
Profit Margin	21.31%	25.05%	130.75%	33.61%	-23.08%
Free Cash Flow Margin	-4.16%	-0.60%	-6.78%	-19.80%	-24.16%
EBITDA	64.33	74.66	24.98	1.25	-0.96
EBITDA Margin	63.16%	66.92%	70.77%	18.63%	-9.50%
D&A For EBITDA	24.42	27	8.12	0.73	1.63
EBIT	39.91	47.66	16.86	0.52	-2.58
EBIT Margin	39.18%	42.72%	47.76%	7.72%	-25.66%
Effective Tax Rate	28.62%	23.52%	6.70%	24.04%	-
Revenue as Reported	101.85	109.5	41.04	6.62	7.59

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