Highwood Asset Management Balance Sheet

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
Cash & Equivalents	2.13	1.81	2.29	0.01	-	5.68
Short-Term Investments	0.53	0.5	1	0.09	0.14	0.14
Cash & Short-Term Investments	2.66	2.32	3.29	0.1	0.14	5.81
Cash Growth	-58.44%	-29.68%	3225.25%	-26.67%	-97.68%	81.17%
Accounts Receivable	21.43	26.08	18.01	2.23	2	5.15
Other Receivables	1.11	0.55	0.69	0.26	0.14	0.11
Receivables	22.55	26.63	18.69	2.49	2.14	5.26
Prepaid Expenses	4.22	1.88	0.86	0.11	0.17	1.16
Other Current Assets	7.53	2.58	6.66	0.12	0.12	38.64
Total Current Assets	36.96	33.4	29.5	2.82	2.57	50.87
Property, Plant & Equipment	263.55	231	191.87	14	13.3	14.76
Long-Term Deferred Tax Assets	19.86	26.62	35.21	-	-	-
Other Long-Term Assets	1.29	1.11	0.49	0.02	0.02	0.02
Total Assets	321.66	292.13	257.08	16.84	15.88	65.65
Accounts Payable	37.15	39.04	33.57	2.39	2.8	8.11
Short-Term Debt	-	-	-	-	1.2	7
Current Portion of Long-Term Debt	-	-	4.25	-	-	-
Current Portion of Leases	0.29	0.32	0.18	0.02	0.07	0.1
Other Current Liabilities	1.6	2.04	1.6	-	0.06	36.9
Total Current Liabilities	39.04	41.4	39.6	2.41	4.13	52.11
Long-Term Debt	107.1	90.72	82.96	-	-	-
Long-Term Leases	-	0.21	0.61	-	0.02	0.05
Long-Term Deferred Tax Liabilities	-	-	-	0.71	-	0.47
Other Long-Term Liabilities	27.31	27.71	29.71	3.02	3.74	3.26
Total Liabilities	173.45	160.04	152.88	6.14	7.89	55.89
Common Stock	58.93	60.85	62.44	16.56	16.31	16.31
Additional Paid-In Capital	-	-	-	-	2.69	2.14
Retained Earnings	81.29	65.3	37.35	-8.8	-11.01	-8.69
Comprehensive Income & Other	7.99	5.94	4.41	2.93	-	-
Total Common Equity	148.21	132.09	104.2	10.7	7.99	9.76
Shareholders' Equity	148.21	132.09	104.2	10.7	7.99	9.76
Total Liabilities & Equity	321.66	292.13	257.08	16.84	15.88	65.65
Total Debt	107.39	91.25	88	0.02	1.29	7.15
Net Cash (Debt)	-104.73	-88.93	-84.71	0.08	-1.15	-1.34
Net Cash Per Share	-7.01	-5.89	-8.58	0.01	-0.19	-0.22
Filing Date Shares Outstanding	15.17	15.15	15.11	6.04	6.01	6.01
Total Common Shares Outstanding	14.33	15.15	15.11	6.04	6.01	6.01
Working Capital	-2.09	-8	-10.1	0.41	-1.56	-1.24
Book Value Per Share	10.34	8.72	6.89	1.77	1.33	1.62
Tangible Book Value	148.21	132.09	104.2	10.7	7.99	9.76
Tangible Book Value Per Share	10.34	8.72	6.89	1.77	1.33	1.62

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