48 ROYAL GOLD, INC. | INVESTOR PRESENTATION | DECEMBER 2025 Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures Adjusted EBITDA and Adjusted EBITDA margin: (amounts in thousands) Net income and comprehensive income Depreciation, depletion and amortization Non-cash employee stock compensation Fair value changes in equity securities Other non-recurring adjustments Interest and other, net Income tax expense Non-controlling interests in operating income of consolidated subsidiaries Adjusted EBITDA Net income margin Adjusted EBITDA margin Year Ended December 31, 2024 2023 $ 332,479 $ 240,132 144,426 164,937 11,892 9,696 66 147 — 2,440 3,741 20,915 93,613 42,008 (456) (692) $ 585,760 $ 479,583 46% 40% 81% 79%