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 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
Cash & Equivalents	0.12	4.56	1.81	2.29	0.01	-
Short-Term Investments	0.69	0.69	0.5	1	0.09	0.14
Cash & Short-Term Investments	0.81	5.26	2.32	3.29	0.1	0.14
Cash Growth	-89.24%	127.04%	-29.68%	3225.25%	-26.67%	-97.68%
Accounts Receivable	41.03	15.98	26.08	18.01	2.23	2
Other Receivables	-	1.12	0.55	0.69	0.26	0.14
Receivables	41.03	17.09	26.63	18.69	2.49	2.14
Prepaid Expenses	1.8	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	43.64	36.49	33.4	29.5	2.82	2.57
Property, Plant & Equipment	271.31	267.11	231	191.87	14	13.3
Long-Term Deferred Tax Assets	22	17.92	26.62	35.21	-	-
Other Long-Term Assets	0.33	0.53	1.11	0.49	0.02	0.02
Total Assets	337.27	322.03	292.13	257.08	16.84	15.88
Accounts Payable	51.79	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	0.13	0.21	0.32	0.18	0.02	0.07
Other Current Liabilities	15.05	2.1	2.04	1.6	-	0.06
Total Current Liabilities	66.98	38.23	41.4	39.6	2.41	4.13
Long-Term Debt	105.83	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	24.69	24.45	27.71	29.71	3.02	3.74
Total Liabilities	197.5	167.97	160.04	152.88	6.14	7.89
Common Stock	57.76	58.28	60.85	62.44	16.56	16.31
Additional Paid-In Capital	-	-	-	-	-	2.69
Retained Earnings	72.5	87.01	65.3	37.35	-8.8	-11.01
Comprehensive Income & Other	9.51	8.78	5.94	4.41	2.93	-
Total Common Equity	139.77	154.06	132.09	104.2	10.7	7.99
Shareholders' Equity	139.77	154.06	132.09	104.2	10.7	7.99
Total Liabilities & Equity	337.27	322.03	292.13	257.08	16.84	15.88
Total Debt	105.96	105.51	91.25	88	0.02	1.29
Net Cash (Debt)	-105.15	-100.25	-88.93	-84.71	0.08	-1.15
Net Cash Per Share	-7.18	-6.74	-5.89	-8.58	0.01	-0.19
Filing Date Shares Outstanding	15.2	15.17	15.15	15.11	6.04	6.01
Total Common Shares Outstanding	15.19	15.17	15.15	15.11	6.04	6.01
Working Capital	-23.34	-1.74	-8	-10.1	0.41	-1.56
Book Value Per Share	9.20	10.15	8.72	6.89	1.77	1.33
Tangible Book Value	139.77	154.06	132.09	104.2	10.7	7.99
Tangible Book Value Per Share	9.20	10.15	8.72	6.89	1.77	1.33

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