Highwood Asset Management Balance Sheet

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
Cash & Equivalents	4.56	1.81	2.29	0.01	-
Short-Term Investments	0.69	0.5	1	0.09	0.14
Cash & Short-Term Investments	5.26	2.32	3.29	0.1	0.14
Cash Growth	127.04%	-29.68%	3225.25%	-26.67%	-97.68%
Accounts Receivable	15.98	26.08	18.01	2.23	2
Other Receivables	1.12	0.55	0.69	0.26	0.14
Receivables	17.09	26.63	18.69	2.49	2.14
Prepaid Expenses	2.14	1.88	0.86	0.11	0.17
Other Current Assets	12	2.58	6.66	0.12	0.12
Total Current Assets	36.49	33.4	29.5	2.82	2.57
Property, Plant & Equipment	267.11	231	191.87	14	13.3
Long-Term Deferred Tax Assets	17.92	26.62	35.21	-	-
Other Long-Term Assets	0.53	1.11	0.49	0.02	0.02
Total Assets	322.03	292.13	257.08	16.84	15.88
Accounts Payable	35.92	39.04	33.57	2.39	2.8
Short-Term Debt	-	-	-	-	1.2
Current Portion of Long-Term Debt	-	-	4.25	-	-
Current Portion of Leases	0.21	0.32	0.18	0.02	0.07
Other Current Liabilities	2.1	2.04	1.6	-	0.06
Total Current Liabilities	38.23	41.4	39.6	2.41	4.13
Long-Term Debt	105.3	90.72	82.96	-	-
Long-Term Leases	-	0.21	0.61	-	0.02
Long-Term Deferred Tax Liabilities	-	-	-	0.71	-
Other Long-Term Liabilities	24.45	27.71	29.71	3.02	3.74
Total Liabilities	167.97	160.04	152.88	6.14	7.89
Common Stock	58.28	60.85	62.44	16.56	16.31
Additional Paid-In Capital	-	-	-	-	2.69
Retained Earnings	87.01	65.3	37.35	-8.8	-11.01
Comprehensive Income & Other	8.78	5.94	4.41	2.93	-
Total Common Equity	154.06	132.09	104.2	10.7	7.99
Shareholders' Equity	154.06	132.09	104.2	10.7	7.99
Total Liabilities & Equity	322.03	292.13	257.08	16.84	15.88
Total Debt	105.51	91.25	88	0.02	1.29
Net Cash (Debt)	-100.25	-88.93	-84.71	0.08	-1.15
Net Cash Per Share	-6.74	-5.89	-8.58	0.01	-0.19
Filing Date Shares Outstanding	15.17	15.15	15.11	6.04	6.01
Total Common Shares Outstanding	15.17	15.15	15.11	6.04	6.01
Working Capital	-1.74	-8	-10.1	0.41	-1.56
Book Value Per Share	10.15	8.72	6.89	1.77	1.33
Tangible Book Value	154.06	132.09	104.2	10.7	7.99
Tangible Book Value Per Share	10.15	8.72	6.89	1.77	1.33

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