Verano Holdings Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-257.91	-341.86	-117.35	-269.16	-57.51
Depreciation & Amortization	136.15	150.86	151.63	150.33	96.24
Loss (Gain) From Sale of Assets	-2.79	1.1	1.12	-9.4	1.09
Asset Writedown & Restructuring Costs	183.27	327.7	51.62	229.18	-
Loss (Gain) From Sale of Investments	-	-	6.57	-14.1	-
Stock-Based Compensation	11.51	16.95	13.23	39.05	45.25
Other Operating Activities	-20.64	-89.78	-11.17	-55.02	77.97
Change in Accounts Receivable	5.36	-2.75	-22.68	0.82	-6.67
Change in Inventory	-46.76	-15.89	23.89	-24.23	-59.51
Change in Accounts Payable	5.37	-4.18	-8.88	-7.58	9.92
Change in Income Taxes	-58.63	-189.99	-4.43	96.15	109.45
Change in Other Net Operating Assets	97.93	260.03	26.16	-41.97	-35.88
Operating Cash Flow	52.86	112.2	109.71	94.35	182.87
Operating Cash Flow Growth	-52.89%	2.27%	16.28%	-48.41%	155.31%
Capital Expenditures	-41.23	-99.05	-36.33	-119.17	-141.27
Sale of Property, Plant & Equipment	0.35	0.06	2.18	6.25	1.89
Cash Acquisitions	-	-35.88	-	-114.75	-309.82
Divestitures	9.07	-	-	19.83	-
Sale (Purchase) of Intangibles	-	-	-	-	-8.37
Other Investing Activities	-0.8	1.61	-	-	1.73
Investing Cash Flow	-32.6	-133.25	-34.15	-207.85	-455.83
Long-Term Debt Issued	62	-	79.09	497.39	224.73
Long-Term Debt Repaid	-77.93	-63.4	-49.87	-373.9	-10.76
Net Debt Issued (Repaid)	-15.93	-63.4	29.22	123.49	213.97
Other Financing Activities	-9.4	-2.52	-14.87	-24.24	141.71
Financing Cash Flow	-25.32	-65.93	14.35	99.25	355.68
Foreign Exchange Rate Adjustments	-0.01	0.02	-0.01	-0.01	-
Net Cash Flow	-5.07	-86.96	89.91	-14.27	82.72
Free Cash Flow	11.63	13.15	73.38	-24.83	41.61
Free Cash Flow Growth	-11.55%	-82.08%	-	-	262.62%
Free Cash Flow Margin	1.42%	1.50%	7.82%	-2.82%	5.64%
Free Cash Flow Per Share	0.03	0.04	0.21	-0.07	0.14
Cash Interest Paid	48.22	52.57	59.2	48.25	18.71
Cash Income Tax Paid	78.19	81.54	166.63	70.67	27.96
Levered Free Cash Flow	20.2	-141.03	191.83	-71.52	234.67
Unlevered Free Cash Flow	53.69	-106.81	229.2	-40.62	249.84
Change in Working Capital	3.27	47.23	14.06	23.19	17.32

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