62 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JANUARY 2025 Non-GAAP Measures Adjusted EBITDA, Adjusted EBITDA margin, net debt/cash and net debt/cash to TTM adjusted EBITDA: Reconciliation of non-GAAP financial measures to U.S. GAAP measures Three Months Ended September 30, Nine Months Ended September 30, (amounts in thousands) 2024 2023 2024 2023 Net income and comprehensive income 96,330 $ 49,499 $ 224,958 $ 177,170 Depreciation, depletion and amortization 36,177 40,106 110,689 124,847 Non-cash employee stock compensation 2,977 2,763 9,313 7,342 Fair value changes in equity securities 425 462 42 171 Other non-recurring adjustments — — — 2,440 Interest and other, net 581 4,849 3,920 17,519 Income tax expense 21,510 10,752 67,535 28,652 Non-controlling interests in operating income of consolidated subsidiaries (88) (162) (343) (509) Adjusted EBITDA $ 157,912 $ 108,269 $ 416,114 $ 357,632 Net income margin 50% 36% 44% 39% Adjusted EBITDA margin 81% 78% 81% 79% Three Months Ended September 30, June 30, March 31, December 31, (amounts in thousands) 2024 2024 2024 2023 Net income and comprehensive income $ 96,330 $ 81,320 $ 47,309 $ 62,963 Depreciation, depletion and amortization 36,177 35,747 38,765 40,090 Non-cash employee stock compensation 2,977 3,348 2,988 2,354 Fair value changes in equity securities 425 63 (447) (25) Interest and other, net 581 1,709 1,630 3,396 Income tax expense 21,510 18,991 27,033 13,356 Non-controlling interests in operating income of consolidated subsidiaries (88) (112) (143) (183) Adjusted EBITDA $ 157,912 $ 141,066 $ 117,135 $ 121,951 Net income margin 50% 47% 32% 41% Adjusted EBITDA margin 81% 81% 79% 80% TTM adjusted EBITDA $ 538,064 Debt $ — Cash and equivalents (127,882) Net debt / (cash) $ (127,882) Net debt / (cash) to TTM adjusted EBITDA (0.24)x