Highwood Asset Management 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	91.99	111.57	35.29	6.68	10.06	23.61
Revenue Growth (YoY)	-10.59%	216.11%	428.18%	-33.56%	-57.40%	-35.48%
Cost of Revenue	27.29	26.09	10.24	2.14	4.97	16.67
Gross Profit	64.71	85.48	25.05	4.54	5.09	6.94
Selling, General & Admin	7.02	6.77	5.4	2.78	3.03	7.03
Other Operating Expenses	-4.65	2.99	-5.15	0.11	2.5	-5.38
Operating Expenses	30.4	37.82	8.19	4.03	7.67	9.87
Operating Income	34.31	47.66	16.86	0.52	-2.58	-2.93
Interest Expense	-8.92	-10.98	-4.56	-0.07	-0.1	-1.42
Interest & Investment Income	0.08	0.09	0.04	-	-	0.04
Other Non Operating Income (Expenses)	-0.19	-0.22	-0.46	-0.09	-0.06	-1.14
EBT Excluding Unusual Items	25.27	36.54	11.89	0.37	-2.74	-5.43
Merger & Restructuring Charges	0.13	-	-0.59	-	-	-
Gain (Loss) on Sale of Assets	-	-	0.24	2.47	-0	21.2
Asset Writedown	-	-	-	-	-0.05	-27.49
Other Unusual Items	-	-	37.92	0.12	-	-
Pretax Income	25.4	36.54	49.46	2.96	-2.79	-11.72
Income Tax Expense	7.5	8.59	3.31	0.71	-0.47	-2.44
Earnings From Continuing Operations	17.9	27.95	46.14	2.25	-2.32	-9.28
Net Income	17.9	27.95	46.14	2.25	-2.32	-9.28
Net Income to Common	17.9	27.95	46.14	2.25	-2.32	-9.28
Net Income Growth	-75.75%	-39.43%	1954.50%	-	-	-
Shares Outstanding (Basic)	15	15	10	6	6	6
Shares Outstanding (Diluted)	15	15	10	6	6	6
Shares Change (YoY)	-1.95%	52.94%	62.20%	1.23%	-	0.57%
EPS (Basic)	1.23	1.88	4.75	0.37	-0.39	-1.54
EPS (Diluted)	1.20	1.85	4.67	0.37	-0.39	-1.54
EPS Growth	-75.27%	-60.38%	1162.16%	-	-	-
Free Cash Flow	-3.75	-0.67	-2.39	-1.32	-2.43	4.4
Free Cash Flow Per Share	-0.25	-0.04	-0.24	-0.22	-0.40	0.73
Gross Margin	70.34%	76.62%	70.98%	67.97%	50.59%	29.40%
Operating Margin	37.29%	42.72%	47.76%	7.72%	-25.66%	-12.40%
Profit Margin	19.46%	25.05%	130.75%	33.61%	-23.08%	-39.32%
Free Cash Flow Margin	-4.07%	-0.60%	-6.78%	-19.80%	-24.16%	18.65%
EBITDA	60.94	74.66	24.98	1.25	-0.96	4.67
EBITDA Margin	66.25%	66.92%	70.77%	18.63%	-9.50%	19.77%
D&A For EBITDA	26.64	27	8.12	0.73	1.63	7.6
EBIT	34.31	47.66	16.86	0.52	-2.58	-2.93
EBIT Margin	37.29%	42.72%	47.76%	7.72%	-25.66%	-12.40%
Effective Tax Rate	29.52%	23.52%	6.70%	24.04%	-	-
Revenue as Reported	97.63	109.5	41.04	6.62	7.59	29.42

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