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<#> Tiny Conference Call Presentation March 31, 2025
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<#> Legal disclaimer This presentation (the “Presentation”) has been prepared solely for informational purposes from information supplied by Tiny Ltd. (the “Company”) and is being furnished solely for your information and does not constitute an offer to sell, or the solicitation of any offer to sell, or the solicitation of any offer to purchase securities in any jurisdiction. This Presentation is intended for authorized recipients only and includes proprietary and trade information regarding the Company and Serato Audio Research Limited (“Serato”). By accepting this Presentation, each recipient agrees that no portion of this Presentation may be reproduced or distributed in any format without the prior express written consent of the Company. If you were provided with a copy of this Presentation by any person other than a representative of the Company, then it is not intended to be read by you and the copy should be destroyed. The information presented herein: (i) has been prepared by the Company for illustrative purposes only; (ii) is provided as of the date hereof (unless otherwise specifically noted in the Presentation) and is subject to change without notice; and (iii) is not to be considered as a recommendation or invitation to make an investment in the Company. The Company and its respective associates or any of its respective directors, officers, employees, partners, members, agents, professional advisers, representatives or consultants (the “Company Parties”) do not: (i) make any representation, warranty or guarantee, express or implied, as to the fairness, accuracy, completeness, reliability, reasonableness or currency of the information contained in this Presentation; or (ii) undertake to provide any additional information or updates, or to correct any information or statements (including, but not limited to, forward-looking information (as described below)) in this Presentation which such Company Party becomes aware was incorrect or incomplete as of the date of this Presentation, or which subsequently becomes incorrect or incomplete due to any subsequent event or as a result of new information, future developments or otherwise. To the maximum extent permitted by law, no Company Parties will be responsible or liable whatsoever with respect to any use or reliance by any person upon any of the information contained in this Presentation. No Investment Advice This Presentation does not constitute and should not be construed as, an advertisement, public offering, prospectus, offering memorandum or an offer or invitation to sell or any solicitation of any offer to purchase or subscribe for any securities of the Company in Canada, the United States or any other jurisdiction. No securities commission or similar authority of Canada, the United States or any other jurisdiction has reviewed or in any way passed upon this Presentation, and any representation to the contrary is an offence. This Presentation, accordingly, should not be treated as giving investment advice and is not intended to form the basis of any investment decision. It does not, and is not intended to, constitute or form part of, and should not be construed as, any recommendation or commitment by the Company or any of its respective directors, officers, employees, direct or indirect shareholders, agents, subsidiaries, affiliates, advisors or any other person, or as an offer or invitation for the sale or purchase of, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any securities, businesses and/or assets of any entity, nor shall it or any part of it be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever. No person has been authorized to give any information or to make any representations not contained in this Presentation. Any such information or representation that is given or received must not be relied upon. Readers should not construe any portion of this Presentation as legal, tax, regulatory, financial or accounting advice and are urged to consult with their own advisors in relation to such matters. To the extent they deem necessary, recipients of this Presentation should carry out independent investigations in order to determine their interest in participating in transactions involving the Company and its affiliates. In furnishing this Presentation to the recipient, the Company and its respective advisors reserve the right to provide the same or similar information to other persons. No Reliance This Presentation does not purport to be comprehensive or to contain all the information that a recipient may need in order to evaluate the matters or entities described herein. Recipients are responsible for conducting their own investigations and analyses of the Company and the information contained or referred to herein and should not act solely on the basis of any information contained or referred to in this Presentation. No representation or warranty, express or implied, is given and no responsibility or liability is accepted by any person, with respect to the accuracy, fairness or completeness of this Presentation or its contents or any oral or written communication in connection with any matter described herein. In particular, but without limitation, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed for any purpose whatsoever on any projections, targets, estimates or forecasts or any other information contained in this Presentation. In addition, statements contained in this Presentation regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future. In particular, historical results should not be taken as a representation that such trends or results will be replicated in the future. Certain information concerning Serato has been provided by it for inclusion in this Presentation. Although the Company has no knowledge that would indicate that any such information is untrue or incomplete, the Company has not independently verified any of this information and does not assume any responsibility for the accuracy or completeness of this information or for any failure by Serato to disclose events which may have occurred or may affect the significance or accuracy of any such information but which are unknown to the Company. Third-Party Sources This Presentation may contain quotes, information, data (including references to market, industry or peer group data) which has been obtained from or is based upon third party sources, including industry publications, reports and websites. Third party sources may state that the information contained therein has been obtained from sources believed to be reliable, but there is no assurance or guarantee as to the accuracy or completeness of included data. Although the data is believed to be reliable, the Company has not independently verified the accuracy, currency, reliability or completeness of any of the information from third party sources referred to in this Presentation or ascertained from the underlying economic assumptions relied upon by such sources. The Company disclaims any responsibility or liability whatsoever in respect of any information derived from third party sources.
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<#> Legal disclaimer Forward-Looking Information Certain information included in this Presentation may constitute “forward-looking information” within the meaning of Canadian securities law. Any statements about possible events, conditions or financial performance that are based on predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always, using words or phrases such as “expects” or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes”, “intends” or “proposes” or variations of such words and phrases or stating that certain actions, events or results “may”, “could”, “would”, “might”, “target” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information. In particular, but without limiting the foregoing, this Presentation contains forward-looking information pertaining to the following: the anticipated financial results of the Company; the proposed terms and anticipated closing (and timing for closing) of the proposed acquisition of 66% of the issued and outstanding shares of Serato (the “Proposed Transaction”); the anticipated benefits and synergies of the Proposed Transaction; the anticipated financial results of the Company and Serato on a pro forma basis; the anticipated effect of the Proposed Transaction on the Company’s revenue, revenue diversification, growth and deleveraging; the future uses of the Company and Serato’s creative platforms; the Company’s capital allocation and investment strategies; the anticipated position of Serato in relation to technological innovation in the music industry; and the future plans of Serato, the Company and its subsidiaries. Forward-looking information is based on the beliefs of the Company’s management, as well as on assumptions and other factors, which management believes to be reasonable based on information available at the time such information was given, including but not limited to assumptions relating to the ability of the Company to complete the Proposed Transaction in accordance with the terms and timing described herein, the ability of the Company to obtain the requisite regulatory approvals (including TSX Venture Exchange approval), and the ability of the Company to realize the anticipated benefits and synergies of the Proposed Transaction. By its nature, forward-looking information is subject to numerous known and unknown risks and uncertainties, including but not limited to the Risk Factors (defined below). You are cautioned that the assumptions used in the preparation of forward-looking information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. Actual results, performance or achievements could differ materially from those expressed in, or implied by, the forward- looking information. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits the Company will derive from them. Unless otherwise indicated, the information in this Presentation is current as of the date of this Presentation and the Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law. This Presentation should be read in conjunction with the risk factors (the “Risk Factors”) described in the Company’s annual information form for the year ended December 31, 2023 and the Company’s management’s discussion and analyses for the three and nine months ended September 30, 2024 which are available under the Company’s profile on SEDAR+ at www.sedarplus.com. Further, certain statements included in this Presentation may be considered “financial outlook” for the purposes of applicable securities laws. Any financial outlook made in this Presentation is made solely based on information available to the Company and represents the subjective views of the Company’s management and management’s current estimates of future performance as of the date of this Presentation and is subject to the same assumptions, risk factors and other qualifications as forward-looking information, as set out above, and is presented solely for the purpose of conveying the current anticipated expectations of the Company and may not be appropriate for any other purposes. Accordingly, actual results may differ materially from the results contemplated by the projections contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by the Company or the Company Parties or any other person that the results reflected in such projections will be achieved. Figures are presented in Canadian dollars, unless otherwise noted. Non-IFRS Financial Measures and Serato Financial Information This Presentation refers to certain financial performance measures that are not defined by and do not have a standardized meaning under International Financial Reporting Standards (termed “Non-IFRS measures”) such as “EBITDA”, “EBITDA Margin”, “Adjusted EBITDA”, “Adjusted EBITDA Margin”, “Net Debt / Adjusted EBITDA”, “Net Debt” “Recurring Revenue” (or “ARR”)”, “Free Cash Flow”. Non-IFRS measures are used by management to assess the financial and operational performance of the Company. The Company believes that these Non-IFRS measures, in addition to conventional measures prepared in accordance with International Financial Reporting Standards, enable investors to evaluate the Company’s operating results, underlying performance and prospects in a similar manner to the Company’s management. As there are no standardized methods of calculating these Non-IFRS measures, the Company’s approach may differ from those used by others, and accordingly, the use of these measures may not be directly comparable. The Non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with International Financial Reporting Standards. See Appendix “A” for disclosures pertaining to Non-IFRS measures. Additional detail on the Company’s Non-IFRS measures can be found in the Company’s management’s discussion and analyses for the three and nine months ended September 30, 2024 which is available under the Company’s profile on SEDAR+ at www.sedarplus.com. Recipients of this Presentation should be aware that all financial information with respect to Serato is provided for illustrative purposes only and is based on unaudited figures prepared by management of Serato for the 9-month period ended September 30, 2024. There can be no assurance that such financial information is correct or may not be subject to substantial revision.
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<#> Full Year Results Dec. 31, 2023 Dec. 31, 2024 % Change Total Revenue $185.5M $194.2M 5% Adj. EBITDA $27.4M $28.5M – $32.5M 4% – 19% Total Debt $131.2M $116.9M (11%) Net Debt $104.3M $94.1M (10%) Net Debt / Adj. EBITDA 3.8x 2.9X - 3.3x (13%) - (24%) Tiny 2024 Highlights • Adjusted EBITDA1 of $8.5 million to $12.5 million, an increase of 16% - 71% from Q3 2024 of $7.3 million • Reduced net debt2 by $5.4 million in the quarter; net debt of $96.4 million as of December 31, 2024 • Tiny Fund I cash distributions to Tiny Ltd. was $2.2 million3 for the year (not included in Adjusted EBITDA) Q4 Preliminary Results Notes: (1) Adjusted EBITDA is a non-IFRS measure, see Legal Disclaimer. (2) Net debt is a non-IFRS measure defined as total debt net of unrestricted cash. (3) Effective foreign exchange conversion rate of 1.0000 USD to 1.3791 CAD. • Focus on growing both revenue and cash flow in core operations through improved margins and portfolio-wide cost optimization, including a $4.0+ million annual operating expense reduction initiative • Acquisition of MediaNet Solutions at Tiny Ltd., a highly profitable, recurring revenue software business, Repeat (WeCommerce tuck in) and Wholesale Pet (Tiny Fund I final acquisition) • Completed the sale of two non-wholly owned operating companies under the Beam segment: 8020 Design Ltd. and Frosty Studio Focus on Core Business & Strategic Growth • In the last 12 months, Tiny has prioritized debt reduction and reduced net debt 2 by ~$10.2 million • Net leverage improved to 2.9x – 3.3x from 3.8x, a substantial reduction Balance Sheet Improvement 4
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<#> Category Leader Growth Acceleration Portfolio Expansion Combined Strength Acquisition Highlights Notes: (1) Competition & Markets Authority’s estimate based on 2023 revenue. (2) Serato financial information is provided solely for illustrative purposes and is based on unaudited and unreviewed figures pr epared by management of Serato for the nine months ended September 30, 2024. Run-rate revenue is derived by dividing the nine month figure by a factor of 0.75 (nine of twelve months) to arrive at an annualized amount. All figures are subject to adjustment in accordance with audit and other customary procedures. (3) “Run-Rate Revenue”, "Adjusted EBITDA Margin“, “Adjusted EBITDA”, “Net Debt”, and “Recurring Revenue” are Non-IFRS Financial measures. See "Legal disclaimer" and "Non-IFRS Measures" for additional information. (4) Effective foreign exchange rate 1.0000 USD to 1.3604 CAD. Acquiring 66% of Serato for US$66M, equivalent to ~9.6x run-rate Adj. EBITDA For over 25 years, Serato’s innovative solutions have played a key role in redefining how DJs, producers, and artists worldwide create and perform, with a portfolio of industry-leading software including Serato DJ, Scratch Live, Serato Sample, Studio, and the recently introduced Hex FX. #1 in DJ Software Market Share(1) 2M+ Users Globally 165+ Employees ~34% Adj. EBITDA Margin(2,3) ~62% Recurring Revenue(3) US$31M Run-Rate Revenue(2,3,4) 5
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<#> Long Term Revenue Growth Notes: (1) Serato FY ending March 31st (2) “Run-Rate Revenue” is a Non-IFRS Financial measures. See "Legal disclaimer" and "Non- IFRS Measures" for additional information. (3) Based on total revenue for the periods indicated. 6 US$31M FY10A FY11A FY12A FY13A FY14A FY15A FY16A FY17A FY18A FY19A FY20A FY21A FY22A FY23A FY24A Run-Rate
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<#> Serato Directly Aligns with Tiny’s Strategic Priorities Strategic plan to drive accelerated growth Substantially increases Tiny’s recurring revenue profile Higher cash flow to accelerate de-leveraging Serato management strongly aligned with Tiny Maintains current leverage levels at ~3.1x Adj. EBITDA, with a continued focus on reducing to a target of below 2.5x(2,3,4) Serato’s experienced management team remains in place with long-term incentive plans focused on growing intrinsic value Focus on advancing the product roadmap, strengthening digital marketing efforts, and applying other operational best practices Tiny’s ARR is expected to increase by ~68% to ~$66M with the Acquisition of Serato(1,2,3) Focus on recurring revenue platforms Incentive plans aligned to organic growth and long-term Free Cash Flow Increasing cash flow through disciplined investment in organic growth and cost rationalization Managing and reducing debt levels across the Company 7 Notes: (1) Serato financial information is provided solely for illustrative purposes and is based on unaudited and unreviewed figures pr epared by management of Serato for the nine months ended September 30, 2024. All figures are subject to adjustment in accordance with audit and other customary procedures. (2) Tiny figures are for the LTM period ending September 30, 2024. All Serato figures are for the 9-month period ending September 30, 2024 divided by 0.75 (9 of 12 months) to present the figure on an annualized basis. All pro forma information is presented solely for illustrative purposes only and includes various estimates that are subject to material change. Please refer to the Disclaimer for risk factors that could cause actual results to differ materially. Past performance is not indicative of future results. (3) “Annual Recurring Revenue (ARR)”, “Adjusted EBITDA” and “Adjusted EBITDA Margin” are Non-IFRS Financial measures. See “Legal disclaimer” and “Non-IFRS Measures” for additional information. (4) Information reflects the unaudited pro forma financial results of Tiny and Serato on a fully consolidated basis. Pursuant to the terms of the Acquisition, Tiny will acquire 66% of the issued and outstanding shares of Serato. Adjusted to reflect Tiny’s acquisition of 66% of Serato, figures would be as follows ~45% increase in ARR to a range of $55 million to $57 million and leverage levels increased to ~3.5x.
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<#> Leverage levels maintained at ~3.1x Transformational Acquisition for Tiny Accelerates revenue growth and enhances long term cash flow Expands Adj. EBITDA Margin ~68% increase in ARR Estimated Pro Forma Impact (1,2,3,4) Clear Roadmap for EBITDA Growth 2024 ADJ. EBITDA • 2024 Tiny Adj. EBITDA of $28.5M – $32.5M ORGANIC GROWTH & COST RATIONALIZATION • Announced $4.0M Annual Cost Rationalization Initiative, full impact and incremental cost savings into 2025 • Anticipates organic growth across the portfolio into 2025 TINY FUND I DISTRIBUTIONS(5) • ~20% LP interest in Tiny Fund resulting in a $2.2M cash distribution in 2024 and increasing into 2025 with capital fully deployed SERATO ACQUISITION • ~US$31M of run-rate revenue and Adj. EBITDA margin of ~34% for Serato Notes: All figures converted to C$ at relevant historical FX rates. (1) Serato financial information is provided solely for illustrative purposes and is based on unaudited and unreviewed figures pr epared by management of Serato for the nine months ended September 30, 2024. All figures are subject to adjustment in accordance with audit and other customary procedures. (2) All Tiny figures are for the LTM period ending September 30, 2024. All Serato figures are for the 9-month period ending September 30, 2024 divided by 0.75 (9 of 12 months) to present the figure on an annualized basis. All pro forma information is presented solely for illustrative purposes only and includes various estimates that are subject to material change. Please refer to the Disclaimer for risk factors that could cause actual results to differ materially. Past performance is not indicative of future results. (3) “Annual Recurring Revenue (ARR)”, “Adjusted EBITDA”, “Run-rate revenue”, and “Adjusted EBITDA Margin” are Non-IFRS Financial measures. See “Legal disclaimer” and “Non-IFRS Measures” for additional information. (4) Information regarding Tiny following the Acquisition reflects the unaudited pro forma financial results of Tiny and Serato on a fully consolidated basis. Pursuant to the terms of the Acquisition, Tiny will acquire 66% of the issued and outstanding shares of Serato. Adjusted to reflect Tiny’s acquisition of 66% of Serato, Tiny’s ARR would increase by approximately ~45% to a range of $55 million to $57 million, Adjusted EBITDA would increase by ~30% to a range of $38 million to $40 million, and leverage levels increased to ~3.5x. (5) Fund distributions reflect TF1 LP stake distributions only, effective foreign exchange conversion rate of 1.0000 USD to 1.3791 CAD. 8 TINY 2025 AND BEYOND • PF Tiny Adj. EBITDA of $42.5 million to $46.5 million, ~45% increase • Continue disciplined acquisition strategy while improving net leverage through both debt repayment and organic growth Increases Software % of Total Revenue
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Non-IFRS Measures NON-IFRS MEASURES Investors are cautioned that the non-IFRS measures used below should not replace net income or loss (as determined in accordance with IFRS) as an indicator of the Company’s performance. These are supplemental measures management uses in managing the business and making decisions. These measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. These measures are not intended as a substitute for IFRS measures. EBITDA and EBITDA Margin EBITDA is defined as earnings (net income or loss) before finance costs, income taxes, depreciation and amortization. EBITDA is reconciled to net income (loss) from the financial statements. EBITDA Margin is determined by dividing EBITDA by total revenue for the period. EBITDA and EBITDA Margin is frequently used to assess profitability before the impact of finance costs, income taxes, depreciation and amortization. Management uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets. EBITDA and EBITDA Margin are measures commonly reported and widely used as a valuation metric. Recurring Revenue and Annualized Recurring Revenue Recurring Revenue consists of revenues generated through subscriptions that grant access to products and services with recurring billing cycles. The subscriptions are recognized over a time period in accordance with IFRS 15. Recurring Revenue is a part of total revenue disclosed in the financial statements, as determined in accordance with IFRS 15. Annualized recurring revenue consists of the three month period ended September 30, 2024 recurring revenue and multiplying it by four to obtain the annualized amount. Recurring Revenue represents revenues that are stable, and the Company expects to earn continuously. Recurring Revenue % is determined by dividing Recurring Revenue by total revenue for the year. Recurring Revenue is frequently used to determine any indicators of future revenue growth and revenue trends. Recurring Revenue and Recurring Revenue % are measures commonly reported and widely used as a valuation metric. Free Cash Flow, and Adjusted Free Cash Flow Post Debt Servicing Free Cash Flow ("FCF") refers to net cash flows from operating activities before interest paid on debt facilities, and business acquisition costs. Free cash flow is also reconciled from EBITDA where it is the net of EBITDA after income taxes paid, interest paid on debt facilities and before non-cash expenses, business acquisition costs, and changes in non-cash working capital. Adjusted Free Cash Flow Post Debt Servicing ("Adjusted FCF") refers to free cash flow net of acquisition-related compensation, non-recurring project costs, non-recurring professional fees, severance, non-recurring bad debt expense and the scheduled payments on debt facilities. Free Cash Flow and Adjusted Free Cash Flow Post Debt Servicing are frequently used by securities analysts and investors when valuing a business and its underlying assets. It provides a basis to evaluate how much cash is available to repay debt and to reinvest in the Company, which is an important indicator of financial strength and performance. Adjusted EBITDA and Adjusted EBITDA Margin Adjusted EBITDA removes unusual, non-recurring, non-cash or non-operating items from EBITDA such as gains, losses or costs associated with the acquisition or disposal of businesses, share of loss from associates, fair value changes in investments, stock-based payments. The Company believes Adjusted EBITDA provides improved continuity with respect to the comparison of its operating performance over a period of time. Adjusted EBITDA is reconciled to net income/(loss) from the financial statements. Adjusted EBITDA Margin is determined by dividing Adjusted EBITDA by total revenue for the year. Adjusted EBITDA and Adjusted EBITDA Margin is frequently used by securities analysts and investors when evaluating a company’s ability to generate liquidity from its core operations. It provides a basis to evaluate profitability and performance trends by excluding items that the Company does not consider to be controllable or reoccurring activities for this purpose, along with non-cash items which is an industry standard. Adjusted EBITDA and Adjusted EBITDA Margin are measures commonly reported and widely used as a valuation metric. Net Debt and Net Debt to Adjusted EBITDA Net Debt is determined by subtracting cash from debt outstanding. Net Debt to Adjusted EBITDA is a ratio determined by dividing Net Debt by Adjusted EBITDA. Run-Rate Revenue and Run-Rate Adjusted EBITDA Run-rate revenue is derived by dividing the nine months ended September 30, 2024 revenue by a factor of 0.75 (nine of twelve months) to arrive at an annualized amount. Run-rate adjusted EBITDA is derived by dividing the nine months ended September 30, 2024 adjusted EBITDA figure by a factor of 0.75 (nine of twelve months) to arrive at an annualized amount
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Non-IFRS Measures (Cont’d) For the nine months ended September 30, 2024 C$31.8M Annualized for the entire year 0.75 Run rate C$42.4M Average foreign exchange rate, nine- months ended September 30, 2024 1.36 Run rate US$31.2M Run Rate Revenue (Serato) Net income C$5.5M Income tax expense C$2.5M Depreciation and amortization C$0.8M Interest expense C$0.3M EBITDA C$9.1M Adjustments C$1.6M Adjusted EBITDA C$10.7M Revenue C$31.8M Adj. EBITDA Margin 34% Adjusted EBITDA Margin (Serato) for the nine months ended September 30, 2024 Recurring revenue C$19.9M Non-recurring revenue C$11.9M Total revenue for the nine-months ended September 30, 2024 C$31.8M % recurring 62% Recurring Revenue (Serato)
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Non-IFRS Measures (Cont’d) Q4 2024 FY 2024 Earnings/(losses) before taxes C$(23.4M) – C$(27.4M) C$(47.2M) – C$(51.2M) Depreciation and amortization C$8.9M – C$8.9M C$35.3M – C$35.3M Interest expense C$2.4M – C$2.4M C$10.9M – C$10.9M EBITDA C$(12.1M) – C$(16.1M) C$(0.9M) – C$(4.9M) EBITDA Adjustments Share-based payments C$0.8 - C$0.8M C$2.1M – C$2.1M Business acquisition costs C$0.2M – C$0.2M C$0.9M – C$0.9M Impairment of non-financial assets C$18.7M – C$19.7M C$18.7M – C$19.7M Other expenses1 C$3.4M – C4.4M C$2.5 – C$3.5M Non-recurring expenses2 C$0.5M – C$0.5M C$8.2M – C$8.2M EBITDA C$8.5M – C$12.5M C$28.5M – C$32.5M (1) Other expenses include the loss on sale of subsidiaries, fair value gain/(loss) to financial instruments, fair value adjustment to contingent consideration, gain on disposal of intangible assets, share of earnings/(losses) from unlisted equity investments, unrealized foreign exchange gain/(loss) and other expenses/(income) (2) Non-recurring expenses include severance, one-time professional fees, and project-related costs EBITDA and Adjusted EBITDA (Tiny) Q4 2024 Q3 2024 Q2 2024 Q1 2024 Q4 2023 Total debt C$116.9M C$115.0M C$121.1M C$135.8M C$131.2M Cash C$22.8M C$18.7M C$22.5M C$25.9M C$27.2M Net debt C$94.1M C$96.4M C$98.7M C$110.2M C$104.3M Trailing Adjusted EBITDA C$28.5 - $C32.5M C$30.5M C$31.8M C$31.5M C$27.4M Net debt to Adjusted EBITDA Ratio 2.9x – 3.3x 3.2x 3.1x 3.5x 3.8x Net Debt to Adjusted EBITDA (Tiny) All figures reported in the non-IFRS reconciliation above (including, in particular, those relating to FY2024 and Q4 2024) are u naudited and preliminary and subject to change and adjustment as the Company's financial results for the fourth quarter and year ended December 31, 2024 are finalized. Accordingly, investors are cautioned not to place undue reliance on such figures. The preliminary unaudited results provided in this news release constitute forward-looking statements within the meaning of applicable securities laws, are based on several assumptions and are subject to a number of risks and uncertainties. Actual results may differ materially.