Maxim Power 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
Period Ending	Sep '25 Sep 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
Net Income	13.93	21.95	28.3	42.28	78.51	9.26
Depreciation & Amortization	15.7	14.91	10.03	10.77	8.03	5.53
Other Amortization	0.85	1.43	1.38	1.69	1.7	1.95
Loss (Gain) on Sale of Assets	-1.48	-2.81	0.1	0.04	-	-
Asset Writedown	-	-	2	7.86	5.35	-
Stock-Based Compensation	1.83	1.8	0.69	0.54	0.45	0.4
Change in Accounts Receivable	3.51	41.63	-32.77	5.66	-13.81	-2.89
Change in Accounts Payable	-5.91	-1.41	6.78	-3.54	3.81	-5.69
Change in Other Net Operating Assets	1.1	2.06	-2.7	-3.73	0.13	-0.36
Other Operating Activities	-1.46	4.51	9.82	14.85	21.05	-1.24
Operating Cash Flow	27.11	84.07	23.62	76.41	105.22	6.96
Operating Cash Flow Growth	-61.75%	255.98%	-69.09%	-27.38%	1410.86%	26.83%
Capital Expenditures	-13.15	-7.19	-27.42	-81.09	-88.58	-20.18
Sale of Property, Plant & Equipment	9.93	2.81	0.1	3.72	-	-
Other Investing Activities	14.97	11.68	-4.77	19.58	3.26	-5.71
Investing Cash Flow	11.75	7.3	-32.1	-57.79	-85.31	-25.89
Long-Term Debt Issued	-	-	-	37	-	14.76
Total Debt Issued	-	-	-	37	-	14.76
Long-Term Debt Repaid	-	-53.51	-2.85	-9.14	-10.75	-0.75
Total Debt Repaid	-51.37	-53.51	-2.85	-9.14	-10.75	-0.75
Net Debt Issued (Repaid)	-51.37	-53.51	-2.85	27.86	-10.75	14.01
Issuance of Common Stock	0.27	0.11	0.47	0.11	0.36	-
Repurchase of Common Stock	-0.52	-1.27	-0.15	-1.37	-0.03	-0.84
Common Dividends Paid	-31.85	-31.85	-	-	-	-
Other Financing Activities	-1.42	-7.12	-8.11	-7.33	-8.18	-2.83
Financing Cash Flow	-84.89	-93.65	-10.64	19.28	-18.6	10.35
Foreign Exchange Rate Adjustments	0.04	0.08	-0	-0.07	-0.02	-0.09
Net Cash Flow	-45.98	-2.19	-19.12	37.83	1.29	-8.66
Free Cash Flow	13.97	76.88	-3.81	-4.68	16.64	-13.21
Free Cash Flow Margin	15.02%	75.75%	-9.18%	-3.31%	10.66%	-28.28%
Free Cash Flow Per Share	0.22	1.21	-0.06	-0.07	0.26	-0.26
Cash Interest Paid	0.93	6.63	8.11	7.33	5.37	2.83
Cash Income Tax Paid	0.17	-4.62	9.6	0.01	-	-
Levered Free Cash Flow	15.18	57.35	-62.58	-46.19	-45.01	-26.09
Unlevered Free Cash Flow	15.45	60.95	-58.95	-43.29	-42.15	-24.56
Change in Working Capital	-0.77	42.28	-28.69	-1.62	-9.87	-8.94

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.