Labrador Iron Ore Royalty Income Statement

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	2020 - 2016
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	2020 - 2016
Revenue	165.88	207.51	200.17	232.32	279.47	Upgrade
Revenue Growth (YoY)	-20.06%	3.67%	-13.84%	-16.87%	38.40%	Upgrade
Cost of Revenue	6.17	6.26	6.02	6.42	6.17	Upgrade
Gross Profit	159.71	201.25	194.15	225.9	273.3	Upgrade
Selling, General & Admin	3.04	3.06	3.05	3.09	3	Upgrade
Other Operating Expenses	32.87	41.17	39.71	46.14	55.56	Upgrade
Operating Expenses	35.91	44.23	42.77	49.24	58.56	Upgrade
Operating Income	123.8	157.02	151.38	176.66	214.73	Upgrade
Interest & Investment Income	0.65	1.5	1.13	0.54	0.26	Upgrade
Earnings From Equity Investments	15.86	60.64	84.68	154.1	229.59	Upgrade
Pretax Income	140.31	219.16	237.2	331.31	444.58	Upgrade
Income Tax Expense	39.72	44.12	50.89	65.86	64.81	Upgrade
Net Income	100.58	175.04	186.31	265.45	379.77	Upgrade
Net Income to Common	100.58	175.04	186.31	265.45	379.77	Upgrade
Net Income Growth	-42.54%	-6.05%	-29.82%	-30.10%	67.16%	Upgrade
Shares Outstanding (Basic)	64	64	64	64	64	Upgrade
Shares Outstanding (Diluted)	64	64	64	64	64	Upgrade
Shares Change (YoY)	-0.18%	0.15%	0.03%	-	-	Upgrade
EPS (Basic)	1.57	2.73	2.91	4.15	5.93	Upgrade
EPS (Diluted)	1.57	2.73	2.91	4.15	5.93	Upgrade
EPS Growth	-42.43%	-6.19%	-29.84%	-30.10%	67.16%	Upgrade
Dividend Per Share	1.550	3.000	2.550	3.100	6.000	Upgrade
Dividend Growth	-48.33%	17.65%	-17.74%	-48.33%	135.29%	Upgrade
Gross Margin	96.28%	96.98%	96.99%	97.23%	97.79%	Upgrade
Operating Margin	74.63%	75.67%	75.63%	76.04%	76.84%	Upgrade
Profit Margin	60.64%	84.35%	93.08%	114.26%	135.89%	Upgrade
EBIT	123.8	157.02	151.38	176.66	214.73	Upgrade
EBIT Margin	74.63%	75.67%	75.63%	76.04%	76.84%	Upgrade
Effective Tax Rate	28.31%	20.13%	21.45%	19.88%	14.58%	Upgrade
Revenue as Reported	166.53	209	201.3	232.86	279.73	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.