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 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	87.39	82.94	111.57	35.29	6.68	10.06
Revenue Growth (YoY)	-20.38%	-25.66%	216.11%	428.18%	-33.56%	-57.40%
Cost of Revenue	29.01	27.85	26.09	10.24	2.14	4.97
Gross Profit	58.38	55.09	85.48	25.05	4.54	5.09
Selling, General & Admin	7.55	7.35	6.77	5.4	2.78	3.03
Other Operating Expenses	6.61	-17.92	2.99	-5.15	0.11	2.5
Operating Expenses	41.27	16.18	37.82	8.19	4.03	7.67
Operating Income	17.11	38.91	47.66	16.86	0.52	-2.58
Interest Expense	-8.59	-8.53	-10.98	-4.56	-0.07	-0.1
Interest & Investment Income	0.06	0.07	0.09	0.04	-	-
Other Non Operating Income (Expenses)	-0.03	-0.04	-0.08	-0.46	-0.09	-0.06
EBT Excluding Unusual Items	8.56	30.42	36.69	11.89	0.37	-2.74
Merger & Restructuring Charges	-0.01	-0.01	-0.15	-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	8.55	30.41	36.54	49.46	2.96	-2.79
Income Tax Expense	3.7	8.7	8.59	3.31	0.71	-0.47
Earnings From Continuing Operations	4.85	21.71	27.95	46.14	2.25	-2.32
Net Income	4.85	21.71	27.95	46.14	2.25	-2.32
Net Income to Common	4.85	21.71	27.95	46.14	2.25	-2.32
Net Income Growth	-84.28%	-22.34%	-39.43%	1954.50%	-	-
Shares Outstanding (Basic)	14	14	15	10	6	6
Shares Outstanding (Diluted)	15	15	15	10	6	6
Shares Change (YoY)	-3.05%	-1.54%	52.94%	62.20%	1.23%	-
EPS (Basic)	0.34	1.50	1.88	4.75	0.37	-0.39
EPS (Diluted)	0.33	1.46	1.85	4.67	0.37	-0.39
EPS Growth	-84.12%	-21.08%	-60.38%	1162.16%	-	-
Free Cash Flow	8.65	-4.24	-0.67	-2.39	-1.32	-2.43
Free Cash Flow Per Share	0.59	-0.28	-0.04	-0.24	-0.22	-0.40
Gross Margin	66.81%	66.42%	76.62%	70.98%	67.97%	50.59%
Operating Margin	19.58%	46.92%	42.72%	47.76%	7.72%	-25.66%
Profit Margin	5.55%	26.17%	25.05%	130.75%	33.61%	-23.08%
Free Cash Flow Margin	9.90%	-5.11%	-0.60%	-6.78%	-19.80%	-24.16%
EBITDA	42.83	64.33	74.66	24.98	1.25	-0.96
EBITDA Margin	49.01%	77.56%	66.92%	70.77%	18.63%	-9.50%
D&A For EBITDA	25.71	25.42	27	8.12	0.73	1.63
EBIT	17.11	38.91	47.66	16.86	0.52	-2.58
EBIT Margin	19.58%	46.92%	42.72%	47.76%	7.72%	-25.66%
Effective Tax Rate	43.29%	28.62%	23.52%	6.70%	24.04%	-
Revenue as Reported	81.79	101.85	109.5	41.04	6.62	7.59

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