SPROTT INC.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2025 · Filed Feb 19, 2026
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Contents
EX-99.2 · Managed equities
Managed equities
| 3 months ended | 12 months ended | |||
|---|---|---|---|---|
| (In thousands $) | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2025 | Dec. 31, 2024 |
| Management fees | 11,794 | 7,776 | 36,654 | 29,057 |
| Fund expense recoveries | (469) | (280) | (1,461) | (1,046) |
| Fund expenses | (833) | (454) | (2,574) | (1,759) |
| Direct payouts | (1,870) | (1,124) | (5,854) | (4,116) |
| Carried interest and performance fees | 35,607 | 2,310 | 52,163 | 7,118 |
| Carried interest and performance fee payouts | (14,607) | (752) | (16,593) | (1,003) |
| Net fees | 29,622 | 7,476 | 62,335 | 28,251 |
| Finance income | 59 | 133 | 220 | 355 |
| Co-investment income | — | 52 | — | 145 |
| Less: Carried interest and performance fees (net of payouts) | (21,000) | (1,558) | (35,570) | (6,115) |
| Total net revenues | 8,681 | 6,103 | 26,985 | 22,636 |
| Add: Carried interest and performance fees (net of payouts) | 21,000 | 1,558 | 35,570 | 6,115 |
| Gain (loss) on investments | 2,823 | (606) | 10,605 | 2,529 |
| Fund expenses (1) | 833 | 454 | 2,574 | 1,759 |
| Direct payouts (2) | 16,477 | 1,876 | 22,447 | 5,119 |
| Fund expense recoveries | 469 | 280 | 1,461 | 1,046 |
| Total revenues | 50,283 | 9,665 | 99,642 | 39,204 |
| Net compensation | 4,591 | 3,396 | 16,050 | 13,647 |
| Fund expenses (1) | 833 | 454 | 2,574 | 1,759 |
| Direct payouts (2) | 16,477 | 1,876 | 22,447 | 5,119 |
| Severance, new hire accruals and other | 125 | 100 | 318 | 158 |
| Impact of market value fluctuation and graded vesting amortization on cash-settled equity plans (3) | 2,986 | — | 6,806 | — |
| SG&A | 1,318 | 1,290 | 4,403 | 4,888 |
| Interest expense | 108 | 143 | 253 | 982 |
| Depreciation and amortization | 96 | 96 | 391 | 378 |
| Foreign exchange (gain) loss | 670 | (1,421) | 2,206 | (1,375) |
| Total expenses | 27,204 | 5,934 | 55,448 | 25,556 |
| Income before income taxes | 23,079 | 3,731 | 44,194 | 13,648 |
| Adjusted EBITDA (4) | 4,044 | 2,136 | 11,230 | 7,363 |
| Adjusted EBITDA margin | 47% | 35% | 42% | 33% |
| Total AUM | 5,655,902 | 2,872,973 | 5,655,902 | 2,872,973 |
| Average AUM | 5,307,162 | 3,208,676 | 4,109,267 | 3,024,080 |
(1)Includes fund expenses. This is included in "Fund expenses" on the income statement.
(2)Includes direct payouts and internal carried interest and performance fee payout. This is included in "Compensation" on the income statement.
(3)The increase in the quarter and on a full-year basis was primarily due to the Company transitioning its employees, effective January 1, 2025, to a "cash-settled" stock-based compensation plan. This required mark-to-market accounting under IFRS 2 which led to market value fluctuations that were driven by NYSE:SII being up 18% in the quarter and 132% on a full-year basis. The balance also includes the effect of the new program's requirement to use graded vesting amortization.
(4) Effective Q1 2025, we changed the name of one of our key non-IFRS measures: "adjusted base EBITDA" to "adjusted EBITDA". This was made to simplify wording and there was no impact to its calculation.
Income before income taxes was $23.1 million for the quarter, up $19.3 million from $3.7 million for the quarter ended December 31, 2024 and was $44.2 million on a full-year basis, up $30.5 million from $13.6 million for the year ended December 31, 2024. Our earnings in the quarter and on a full-year basis benefited from performance fee crystallization in certain funds and carried interest crystallization on the wind downof a legacy fixed-term exploration LP in this segment. These increases were partially offset by higher stock-based compensation expense from our new cash-settled stock plan, which accelerates vesting and adds market volatility per IFRS 2 requirements. In contrast, last year, we had an equity-settled program that required each vest to be valued at the original grant date fair value on a constant basis over the entire amortization period.
Adjusted EBITDA was $4 million for the quarter, up $1.9 million or 89% from $2.1 million for the quarter ended December 31, 2024 and was $11.2 million on a full-year basis, up $3.9 million or 53% from $7.4 million for the year ended December 31, 2024. Our adjusted EBITDA in the quarter and on a full-year basis benefited from higher management fees resulting from market value appreciation across the majority of our funds in this segment.
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