Topaz Energy 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	56.23	46.39	47.64	99.36	27.56	3.09
Depreciation & Amortization	205.65	196.45	217.39	209.46	155.42	85.49
Other Amortization	0.52	0.45	0.71	0.58	0.37	-
Stock-Based Compensation	5.97	5.36	3.2	1.48	1.98	0.89
Other Operating Activities	37.69	30.67	17.36	22.89	5.61	-0.39
Change in Other Net Operating Assets	-1.51	-3.05	14.27	-15.89	-25.92	-5.44
Operating Cash Flow	304.55	276.27	300.58	317.88	165.02	83.64
Operating Cash Flow Growth	5.83%	-8.09%	-5.44%	92.63%	97.29%	-5.42%
Capital Expenditures	-432.08	-437.9	-54.54	-354.69	-922.1	-1.26
Cash Acquisitions	-	-	-	-	-	-171.46
Other Investing Activities	46.4	-2.09	2.58	0.59	0.69	0.09
Investing Cash Flow	-385.68	-439.99	-51.96	-354.1	-921.4	-172.63
Long-Term Debt Issued	-	148.32	-	188	278.33	-
Long-Term Debt Repaid	-	-	-73.66	-	-	-
Net Debt Issued (Repaid)	86.28	148.32	-73.66	188	278.33	-
Issuance of Common Stock	211.62	212.03	4.82	6.58	384.93	395.42
Common Dividends Paid	-205.95	-191.17	-176.32	-157.29	-108.74	-73.13
Other Financing Activities	-10.39	-8.77	-	-1.07	-18.33	-21.25
Financing Cash Flow	81.57	160.41	-245.16	36.22	536.2	301.04
Net Cash Flow	0.43	-3.31	3.46	-	-220.19	212.05
Free Cash Flow	-127.53	-161.63	246.04	-36.81	-757.08	82.39
Free Cash Flow Margin	-38.42%	-51.74%	76.55%	-9.96%	-357.89%	82.49%
Free Cash Flow Per Share	-0.83	-1.10	1.69	-0.26	-6.09	0.91
Levered Free Cash Flow	-113.88	-194.52	224.96	-84.49	-769.21	81.57
Unlevered Free Cash Flow	-97.4	-177.52	242.88	-76.21	-767.47	81.96
Change in Working Capital	-1.51	-3.05	14.27	-15.89	-25.92	-5.44

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