Financials Pollard Banknote Limited

Equities

PBL

CA73150R1055

Casinos & Gaming

Market Closed - Toronto S.E. Other stock markets 20:57:37 09/02/2026 GMT			5-day change	1st Jan Change
19.64 ^CAD	+0.77%		+3.97%	+1.24%

12-16	Pollard Banknote Awarded Contract by Oklahoma Lottery for Player Loyalty Program	MT
12-16	Oklahoma Lottery Commission Selects Pollard Banknote to Provide Turnkey Loyalty Solution and Related Digital Services	CI

Projected Income Statement: Pollard Banknote Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	414.1	459	482.3	520.4	557.1	593.3	644.2
Change	-	10.84%	5.08%	7.9%	7.05%	6.5%	8.58%
EBITDA ¹	80.6	84	80.5	91.3	114.5	121.2	142.2
Change	-	4.22%	-4.17%	13.42%	25.41%	5.86%	17.32%
EBIT ¹	50	33.5	34.2	46	69.8	72.36	97.38
Change	-	-33%	2.09%	34.5%	51.74%	3.66%	34.58%
Interest Paid ¹	-10.92	-7.234	-	-13.4	-20.16	-11.83	-10.94
Earnings before Tax (EBT) ¹	46.1	27.1	22.2	37.5	52.1	57.48	86.44
Change	-	-41.21%	-18.08%	68.92%	38.93%	10.33%	50.38%
Net income ¹	33.3	19.7	19.3	31.4	35.2	42.22	66.47
Change	-	-40.84%	-2.03%	62.69%	12.1%	19.95%	57.44%
Announcement Date	10/03/21	09/03/22	07/03/23	05/03/24	10/03/25	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4
Net sales ¹	103.7	112.2	113.4	116.9	116.5	113.9	115.9	125.5	126.9	124.6	130.3	128.7	135.5	125.7	137.8	153.2	140.3	146.2	142.7	156.3	148.5	160.6	167.6	166	-
Change	-	8.2%	1.07%	3.09%	-0.34%	-2.23%	1.76%	8.28%	1.12%	-1.81%	4.57%	-1.23%	5.28%	-7.2%	9.59%	11.18%	-8.42%	4.21%	-2.39%	9.52%	-4.97%	8.13%	4.37%	-0.99%	-
EBITDA ¹	20.3	23.3	22.6	19.4	18.7	19	18.9	20.2	22.4	18.6	22.1	24.8	25.7	23.7	32.3	33.3	25.2	30.6	29.2	32	29.36	34.74	36.01	36.92	35
Change	-	14.78%	-3%	-14.16%	-3.61%	1.6%	-0.53%	6.88%	10.89%	-16.96%	18.82%	12.22%	3.63%	-7.78%	36.29%	3.1%	-24.32%	21.43%	-4.58%	9.59%	-8.24%	18.32%	3.64%	2.54%	-5.2%
EBIT ¹	14.1	12.3	12.1	4.4	4.7	9.3	8.7	6.7	9.4	7.6	9.9	14.6	14	13.37	19.9	22.5	14.1	18.3	17.42	17.8	18.78	23.71	25.04	24.64	-
Change	-	-12.77%	-1.63%	-63.64%	6.82%	97.87%	-6.45%	-22.99%	40.3%	-19.15%	30.26%	47.47%	-4.11%	-4.5%	48.84%	13.07%	-37.33%	29.79%	-4.82%	2.19%	5.48%	26.29%	5.6%	-1.59%	-
Charge d'intérêts ¹	-0.984	-1.1	-1.135	-2.9	-1.559	-1.786	-2.1	-2	-	-2.7	-2.8	-5.3	-2.6	-5.1	-2.5	-2.705	-7.122	-2.824	-3.1	-2.9	-2.941	-2.858	-2.776	-2.693	-
Earnings before Tax (EBT) ¹	16.4	10.7	11.7	1.5	3.2	8	4	-	10.2	5.1	8.8	9.3	14.3	8.29	14.6	22.3	7	15.8	10.82	15.1	15.84	20.85	22.26	21.95	-
Change	-	-34.76%	9.35%	-87.18%	113.33%	150%	-50%	-	-	-50%	72.55%	5.68%	53.76%	-42.03%	76.12%	52.74%	-68.61%	125.71%	-31.51%	39.53%	4.87%	31.7%	6.76%	-1.41%	-
Net income ¹	12.2	7.5	7.7	-0.6	5.2	6.4	2.5	-0.2	10.5	4.8	7.5	7.7	11.3	6.929	11.9	18.2	-1.8	11.7	8.021	10.3	12.18	16.04	17.12	16.88	-
Change	-	-38.52%	2.67%	-107.79%	966.67%	23.08%	-60.94%	-108%	5,350%	-54.29%	56.25%	2.67%	46.75%	-38.68%	71.74%	52.94%	-109.89%	750%	-31.44%	28.41%	18.22%	31.7%	6.76%	-1.41%	-
Announcement Date	10/03/21	13/05/21	11/08/21	10/11/21	09/03/22	11/05/22	10/08/22	09/11/22	07/03/23	11/05/23	10/08/23	07/11/23	05/03/24	08/05/24	13/08/24	13/11/24	10/03/25	07/05/25	13/08/25	12/11/25	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Pollard Banknote Limited

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	146	128	-	134	146	145	124
Change	-	-12.33%	-	-	8.96%	-0.8%	-14.48%
Announcement Date	10/03/21	09/03/22	07/03/23	05/03/24	10/03/25	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Pollard Banknote Limited

Fiscal Period: December	2020	2021	2023	2024	2025	2026
CAPEX ¹	12.96	-	-	-	-	-
Change	-	-	-	-	-	-
Free Cash Flow (FCF) ¹	46.69	34.31	50.05	48.36	21.29	56.73
Change	-	-26.52%	-	-3.38%	-55.98%	166.47%
Announcement Date	10/03/21	09/03/22	05/03/24	10/03/25	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Pollard Banknote Limited

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	-	19.46%	18.3%	16.69%	17.54%	20.55%	20.43%	22.07%
EBIT Margin (%)	-	12.07%	7.3%	7.09%	8.84%	12.53%	12.2%	15.12%
EBT Margin (%)	-	11.13%	5.9%	4.6%	7.21%	9.35%	9.69%	13.42%
Net margin (%)	-	8.04%	4.29%	4%	6.03%	6.32%	7.12%	10.32%
FCF margin (%)	-	11.28%	7.48%	-	9.62%	8.68%	3.59%	8.81%
FCF / Net Income (%)	-	140.22%	174.17%	-	159.39%	137.38%	50.42%	85.34%
Profitability
ROA	7.17%	6.53%	4.02%	1.96%	0.88%	1.99%	-	-
ROE	18.28%	25.06%	11.28%	8.4%	11.93%	11.56%	-	-
Financial Health
Leverage (Debt/EBITDA)	-	1.81x	1.53x	-	1.47x	1.28x	1.19x	0.87x
Debt / Free cash flow	-	3.13x	3.74x	-	2.68x	3.02x	6.79x	2.18x
Capital Intensity
CAPEX / Current Assets (%)	-	3.13%	-	-	-	-	-	-
CAPEX / EBITDA (%)	-	16.08%	-	-	-	-	-	-
CAPEX / FCF (%)	-	27.75%	-	-	-	-	-	-
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EPS ¹	-	1.28	0.73	0.71	1.15	1.28	1.483	2.283
Change	-	-	-42.97%	-2.74%	61.97%	11.3%	15.89%	53.93%
Nbr of stocks (in thousands)	-	25,636	26,918	26,918	26,955	27,061	27,068	27,068
Announcement Date	-	10/03/21	09/03/22	07/03/23	05/03/24	10/03/25	-	-