Suspension of trading

Financials Galaxy Digital Holdings Toronto S.E.

Equities

GLXY

KYG370921069

Investment Banking & Brokerage Services

Market Closed - Toronto S.E. Other stock markets 02:04:48 20/03/2026 am IST			5-day change	1st Jan Change
28.26 ^CAD	-4.69%		+0.43%	-7.56%

05/05	State Street Investment Management and Galaxy Asset Management Launch State Street Galaxy Onchain Liquidity Sweep Fund	CI
04/05	Circle surges following favorable stablecoin compromise in Congress

Projected Income Statement: Galaxy Digital Holdings

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	1,704	574.6	833.6	1,652	83,934	63,719	78,687	1,05,671
Change	-	-66.28%	45.07%	98.23%	4,979.22%	-24.08%	23.49%	34.29%
EBITDA ¹	-	-	-	-	46.06	-28.09	828.9	1,103
Change	-	-	-	-	-	-160.99%	3,050.48%	33.02%
EBIT ¹	1,249	-106	322.5	294	-325.4	-383.5	90.74	90.45
Change	-	-108.49%	404.14%	-8.82%	-210.66%	-17.88%	123.66%	-0.32%
Interest Paid ¹	-	-103.4	-37.03	-44.01	-80.86	-213.3	-318.8	-1,160
Earnings before Tax (EBT) ¹	2,456	-1,449	426	500.8	-370.3	11.16	238.8	-
Change	-	-158.98%	129.41%	17.54%	-173.94%	103.01%	2,038.8%	-
Net income ¹	2,139	-1,399	401.8	522.9	-330.2	-39.68	168.9	5.746
Change	-	-165.43%	128.71%	30.12%	-163.15%	87.98%	525.76%	-96.6%
Announcement Date	31/03/22	28/03/23	26/03/24	28/03/25	03/02/26	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	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	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	-	27.1	271	346.6	699.4	-153.1	43.82	-51.41	196	146.3	4.101	482.7	355.4	74.37	198.4	999.2	17,962	12,481	40,991	13,986	13,909	15,280	16,724	18,436	17,718	18,752	18,908	20,264
Change	-	-	899.99%	27.87%	101.8%	-121.9%	128.61%	-217.34%	481.2%	-25.33%	-97.2%	11,669.39%	-26.38%	-79.07%	166.79%	403.54%	1,697.76%	-30.52%	228.44%	-65.88%	-0.55%	9.86%	9.45%	10.24%	-3.9%	5.84%	0.83%	7.17%
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-146.4	-	-	-528.5	-	882.9	-708	-255.4	85.7	144.8	156	109.8	163.4	164.6	358.4
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-180.19%	63.93%	133.55%	69.02%	7.72%	-29.63%	48.83%	0.74%	117.73%
EBIT ¹	-1.702	-34.82	81.72	388.8	556.6	-319.2	-125.2	-230.3	74.3	31.54	-135	348.3	151	-165.1	-59.85	368.3	-547.5	229.3	763.5	-761.9	-320.4	20.96	-49.28	-29.87	9.718	-17.16	-24.97	199.2
Change	-	-1,946.12%	334.68%	375.81%	43.17%	-157.34%	60.77%	-83.93%	132.26%	-57.55%	-528.04%	358.01%	-56.65%	-209.34%	63.74%	715.39%	-248.63%	141.88%	232.98%	-199.78%	57.95%	106.54%	-335.09%	39.4%	132.54%	-276.58%	-45.53%	897.66%
Charge d'intérêts ¹	-	-23.23	-24.27	-	-26.08	-24.92	-21.59	-27.78	-	-	-	-12.19	-9.522	-9.401	-9.857	-13.83	-19.66	-19.63	-20.23	-22.55	-34.06	-55.35	-66.47	-68.53	-55.14	-64.82	-67.4	-69.51
Earnings before Tax (EBT) ¹	-	-	748.8	762.1	-151	-742	-94.2	-406.5	186.9	-64.56	-133.5	432.8	592.7	-265.5	-86.14	244.1	-421.3	58.1	764.9	-761.3	-319.4	92.23	100.8	114.9	24.56	21.22	15.67	177.1
Change	-	-	-	1.79%	-119.81%	-391.56%	87.31%	-331.51%	145.98%	-134.54%	-106.7%	424.31%	36.95%	-144.79%	67.56%	383.36%	-272.62%	113.79%	1,216.47%	-199.53%	58.04%	128.87%	9.24%	13.99%	-78.62%	-13.6%	-26.13%	1,030.15%
Net income ¹	-	-439.6	647.2	650.4	-143.1	-718.1	-91.04	-394.2	179.2	-62	-129	409.4	576.9	-245.1	-74.42	249.5	-412.8	19.98	708.5	-658.9	-294.6	4.976	100.7	97.21	26.7	24.78	19.9	161.8
Change	-	-	247.24%	0.5%	-122%	-401.86%	87.32%	-333%	145.47%	-134.59%	-108.04%	417.36%	40.93%	-142.48%	69.64%	435.22%	-265.47%	104.84%	3,445.99%	-192.99%	55.29%	101.69%	1,922.74%	-3.42%	-72.54%	-7.16%	-19.71%	712.95%
Announcement Date	17/05/21	16/08/21	15/11/21	31/03/22	09/05/22	08/08/22	09/11/22	28/03/23	09/05/23	08/08/23	09/11/23	26/03/24	14/05/24	01/08/24	07/11/24	28/03/25	13/05/25	05/08/25	21/10/25	03/02/26	28/04/26	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Galaxy Digital Holdings

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	-	114	-	-	-1,039	534	2,610	2,528
Change	-	-	-	-	-	151.38%	388.76%	-3.14%
Announcement Date	31/03/22	28/03/23	26/03/24	28/03/25	03/02/26	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Galaxy Digital Holdings

Fiscal Period: December	2024	2025	2026	2027	2028
CAPEX ¹	84.33	1,631	818.4	1,318	5,110
Change	-	1,834.57%	-49.84%	61.08%	287.66%
Free Cash Flow (FCF) ¹	-565.1	-	-234.8	-715.9	-4,333
Change	-	-	-	-204.88%	-505.3%
Announcement Date	28/03/25	03/02/26	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Galaxy Digital Holdings

Fiscal Period: December	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	-	-	-	-	0.05%	-0.04%	1.05%	1.04%
EBIT Margin (%)	73.3%	-18.45%	38.68%	17.79%	-0.39%	-0.6%	0.12%	0.09%
EBT Margin (%)	144.15%	-252.12%	51.11%	30.3%	-0.44%	0.02%	0.3%	-
Net margin (%)	125.53%	-243.54%	48.2%	31.64%	-0.39%	-0.06%	0.21%	0.01%
FCF margin (%)	-	-	-	-34.2%	-	-0.37%	-0.91%	-4.1%
FCF / Net Income (%)	-	-	-	-108.09%	-	591.78%	-423.76%	-75,414.57%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	77.83%	-54.07%	-	-	-11.72%	-0.9%	11.54%	23.85%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-19.01x	3.15x	2.29x
Debt / Free cash flow	-	-	-	-	-	-2.27x	-3.65x	-0.58x
Capital Intensity
CAPEX / Current Assets (%)	-	-	-	5.1%	1.94%	1.28%	1.68%	4.84%
CAPEX / EBITDA (%)	-	-	-	-	3,541.98%	-2,913.08%	159.04%	463.49%
CAPEX / FCF (%)	-	-	-	-14.92%	-	-348.52%	-184.14%	-117.93%
Items per share
Cash flow per share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Dividend per Share ¹	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	-	4.413	-	7.865	5.001	6.75	8.4	4.4
Change	-	-	-	-	-36.42%	34.98%	24.44%	-47.62%
EPS ¹	4.88	-3.13	-	1.02	-0.61	-0.1	0.1057	-
Change	-	-164.14%	-	-	-159.8%	83.61%	205.71%	-
Nbr of stocks (in thousands)	1,62,839	1,69,368	-	1,92,690	1,92,417	1,91,851	1,91,851	1,91,851
Announcement Date	31/03/22	28/03/23	-	28/03/25	03/02/26	-	-	-