SPROTT INC.
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
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Sep 30, 2026 · Filed Nov 4, 2026
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EX-99.1 · EBITDA, adjusted EBITDA and adjusted EBITDA margin
EBITDA, adjusted EBITDA and adjusted EBITDA margin
EBITDA in its most basic form is defined as earnings before interest expense, income taxes, depreciation and amortization. Adjusted EBITDA further adjusts for items noted in the below reconciliation table. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by net revenues.
EBITDA, adjusted EBITDA and adjusted EBITDA margin are measures commonly used in the investment industry by management, investors and investment analysts in understanding and comparing results by factoring out the impact of different financing methods, capital structures, amortization techniques and income tax rates between companies in the same industry. While other companies, investors or investment analysts may not utilize the same method of calculating EBITDA (or adjustments thereto), the Company believes its adjusted EBITDA metric results in a better comparison of the Company's underlying operations against its peers and a better indicator of recurring results from operations as compared to other non-IFRS financial measures. Adjusted EBITDA margin is a key indicator of the Company’s profitability on a per dollar of revenue basis, and as such, is commonly used in the financial services sector by analysts, investors and management.
Neither EBITDA, adjusted EBITDA or adjusted EBITDA margin have a standardized meaning under IFRS. Consequently, they should not be considered in isolation, nor should they be used in substitute for measures of performance prepared in accordance with IFRS.
The following table outlines how our EBITDA, adjusted EBITDA and adjusted EBITDA margin measures are determined:
| 3 months ended | 9 months ended | |||
|---|---|---|---|---|
| (In thousands $) | Sep. 30, 2026 | Sep. 30, 2025 | Sep. 30, 2026 | Sep. 30, 2025 |
| Net income for the period | 22,004 | 13,159 | 85,479 | 38,617 |
| Net income margin (1) | 29% | 20% | 29% | 22% |
| Adjustments: | ||||
| Interest expense | 388 | 261 | 980 | 827 |
| Provision for income taxes | 7,705 | 4,109 | 32,399 | 13,263 |
| Depreciation and amortization | 799 | 647 | 2,161 | 1,825 |
| EBITDA | 30,896 | 18,176 | 121,019 | 54,532 |
| Adjustments: | ||||
| (Gain) loss on investments (2) | (1,711) | (7,012) | (3,199) | (11,249) |
| Stock-based compensation (3) | 16,528 | 22,374 | 56,272 | 47,217 |
| Foreign exchange (gain) loss | 124 | (666) | (1,257) | 3,151 |
| Severance, new hire accruals and other | 235 | 111 | 557 | 195 |
| Carried interest and performance fees | (82) | (1,757) | (52,115) | (16,564) |
| Carried interest and performance fee payouts - internal | 33 | 690 | 31,154 | 1,988 |
| Carried interest and performance fee payouts - external | — | — | 2,247 | — |
| Adjusted EBITDA | 46,023 | 31,916 | 154,678 | 79,270 |
| Adjusted EBITDA margin | 69% | 65% | 71% | 62% |
(1)Calculated as IFRS net income divided by IFRS total revenue.
(2)This adjustment removes the income effects of gains or losses on short-term investments, co-investments, and private holdings to ensure the reporting objectives of our adjusted EBITDA metric are met.
(3)The movement in the quarter and on a year-to-date basis was primarily due to the Company's "cash-settled" stock-based compensation plan which requires mark-to-market accounting under IFRS 2.
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