Freehold Royalties Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2016 - 2020
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2016 - 2020
Net Income	119.67	149.45	131.9	209.19	72.08	-13.93	Upgrade
Depreciation & Amortization	106.93	101.74	96.89	102.7	88.13	89.14	Upgrade
Stock-Based Compensation	0.03	-3.13	-0.53	3.29	6.78	1.32	Upgrade
Other Operating Activities	15.07	-17.08	11.4	1.32	22.66	-3.63	Upgrade
Change in Other Net Operating Assets	1.9	-7.64	-22.75	10.85	-27.63	-7.12	Upgrade
Operating Cash Flow	243.59	223.33	216.92	327.35	162.02	65.77	Upgrade
Operating Cash Flow Growth	8.52%	2.96%	-33.73%	102.04%	146.36%	-37.84%	Upgrade
Capital Expenditures	-307.83	-411.72	-10.65	-190.79	-377	-9.4	Upgrade
Sale of Property, Plant & Equipment	2.29	-	-	-	-	-	Upgrade
Other Investing Activities	0.46	11.35	-10.53	-0.39	0.39	-0.16	Upgrade
Investing Cash Flow	-305.08	-400.37	-21.18	-191.18	-376.61	-9.55	Upgrade
Long-Term Debt Issued	-	176.23	-	3.71	53	-	Upgrade
Long-Term Debt Repaid	-	-0.24	-33.51	-0.2	-0.2	-16.05	Upgrade
Net Debt Issued (Repaid)	67.62	175.99	-33.51	3.52	52.81	-16.05	Upgrade
Issuance of Common Stock	-	-	-	-	223.79	-	Upgrade
Common Dividends Paid	-169.91	-162.75	-162.73	-141.6	-61.97	-39.16	Upgrade
Other Financing Activities	163.79	163.79	-	-	1.16	-1.16	Upgrade
Financing Cash Flow	61.49	177.03	-196.24	-138.08	215.78	-56.36	Upgrade
Foreign Exchange Rate Adjustments	-	-	-0.02	0.25	-0.03	-0.03	Upgrade
Net Cash Flow	-	-	-0.52	-1.67	1.16	-0.17	Upgrade
Free Cash Flow	-64.24	-188.38	206.27	136.55	-214.98	56.37	Upgrade
Free Cash Flow Growth	-	-	51.05%	-	-	0.69%	Upgrade
Free Cash Flow Margin	-20.07%	-60.87%	65.57%	34.74%	-102.87%	62.66%	Upgrade
Free Cash Flow Per Share	-0.41	-1.24	1.36	0.91	-1.57	0.47	Upgrade
Cash Interest Paid	16.67	15.09	10.02	5.93	3.29	3.16	Upgrade
Cash Income Tax Paid	26.05	35.88	63.47	10.47	-	-	Upgrade
Levered Free Cash Flow	-87.79	-201.4	207.54	92.7	-237.62	57.59	Upgrade
Unlevered Free Cash Flow	-77.37	-191.97	213.8	96.46	-235.51	59.63	Upgrade
Change in Working Capital	1.9	-7.64	-22.75	10.85	-27.63	-7.12	Upgrade

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