47 ROYAL GOLD, INC. | INVESTOR PRESENTATION | JUNE 2025 Non-GAAP Measures Reconciliation of non-GAAP financial measures to U.S. GAAP measures Adjusted EBITDA and Adjusted EBITDA margin: Three Months Ended December 31, Year Ended December 31, (amounts in thousands) 2024 2023 2024 2023 Net income and comprehensive income 107,521 $ 62,963 $ 332,479 $ 240,132 Depreciation, depletion and amortization 33,737 40,090 144,426 164,937 Non-cash employee stock compensation 2,579 2,354 11,892 9,696 Fair value changes in equity securities 24 (25) 66 147 Other non-recurring adjustments — — — 2,440 Interest and other, net (179) 3,396 3,741 20,915 Income tax expense 26,078 13,356 93,613 42,008 Non-controlling interests in operating income of consolidated subsidiaries (113) (183) (456) (692) Adjusted EBITDA $ 169,647 $ 121,951 $ 585,760 $ 479,583 Net income margin 53% 41% 46% 40% Adjusted EBITDA margin 84% 80% 81% 79%