AGF Management Cash Flow Statement

Financials in millions CAD. Fiscal year is December - November.

Millions CAD. Fiscal year is Dec - Nov.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Nov '25 Nov 30, 2025	Nov '24 Nov 30, 2024	Nov '23 Nov 30, 2023	Nov '22 Nov 30, 2022	Nov '21 Nov 30, 2021
Net Income	127.83	96.31	87.7	66.65	39.3
Depreciation & Amortization	8.26	8.07	7.82	10.23	8.88
Other Amortization	1.34	1.33	1.3	1.43	1.61
Loss (Gain) From Sale of Investments	-31.92	-35.21	-23.73	-12.97	-2.1
Loss (Gain) on Equity Investments	-1.38	-0.9	-3.43	0.32	-3.15
Stock-Based Compensation	11.35	10.41	8.97	7.7	9.64
Other Operating Activities	-0.3	14.31	6.82	7.66	-15.64
Change in Accounts Receivable	-7.23	-4.23	-2.1	-2.82	-0.08
Change in Accounts Payable	-2.62	11.39	-2.9	-13.17	5.03
Change in Other Net Operating Assets	9.52	13.1	6.78	-0.42	4.31
Operating Cash Flow	114.87	114.59	87.24	64.6	47.8
Operating Cash Flow Growth	0.24%	31.35%	35.05%	35.14%	-48.30%
Capital Expenditures	-3.51	-1.1	-1.94	-15.12	-11.68
Cash Acquisitions	-	-40.9	-	-	-
Sale (Purchase) of Intangibles	-1.43	-1.1	-1.5	-1.22	-1.59
Investment in Securities	-76.09	-22.95	-34.03	-24	-11.33
Other Investing Activities	-	-12.61	-	-	-
Investing Cash Flow	-81.02	-78.66	-37.47	-40.33	-24.6
Long-Term Debt Issued	27	9	-	22	-
Total Debt Issued	27	9	-	22	-
Long-Term Debt Repaid	-6.2	-6.12	-21.65	-4.76	-4.5
Total Debt Repaid	-6.2	-6.12	-21.65	-4.76	-4.5
Net Debt Issued (Repaid)	20.8	2.88	-21.65	17.24	-4.5
Issuance of Common Stock	4.68	7.77	6.54	3.36	5.25
Repurchase of Common Stock	-27.5	-10.72	-13.38	-46	-7.5
Common Dividends Paid	-33.92	-28.95	-27.33	-26.22	-23.51
Other Financing Activities	-3.22	-4.41	-2.12	-0.52	-0.47
Financing Cash Flow	-39.16	-33.42	-57.93	-52.13	-30.73
Net Cash Flow	-5.31	2.51	-8.17	-27.86	-7.53
Free Cash Flow	111.36	113.48	85.3	49.48	36.12
Free Cash Flow Growth	-1.87%	33.05%	72.39%	36.98%	-60.24%
Free Cash Flow Margin	18.92%	20.70%	18.08%	10.55%	7.82%
Free Cash Flow Per Share	1.65	1.70	1.27	0.71	0.50
Cash Interest Paid	3.22	4.41	2.12	0.52	0.47
Cash Income Tax Paid	37.69	26.1	28.66	15.37	34.73
Levered Free Cash Flow	116.83	128.43	90.44	49.89	30.82
Unlevered Free Cash Flow	120.44	132.78	93.49	51.58	32.57
Change in Working Capital	-0.33	20.26	1.79	-16.41	9.26

Source: S&P Global Market Intelligence. Standard template. Financial Sources.