8 ROYAL GOLD, INC. | INVESTOR PRESENTATION | FEBRUARY 2026 1 – Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See Appendix for additional information. 2 – Calendar 2025. 3 – Cash G&A and Cash G&A margin are non-GAAP financial measures. Cash G&A is calculated as G&A Expense of $49.2M less Non-Cash Employee Stock Compensation Expense of $11.8M. See Appendix for additional information. US $1.030B Revenue US $848M Adjusted EBITDA 1 US $705M Operating Cash Flow US $37M Cash G&A 3 2025 Cash Flow Metrics 2 82% Adjusted EBITDA 1 /Revenue 68% Operating Cash Flow/Revenue 4% Cash G&A 3 Expenses/Revenue ~80% Adjusted EBITDA Margin 1 Sustained Over the Last 5 Years