Surge 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	44.7	-53.72	15.75	231.72	407.61	-747.3
Depreciation & Amortization	295.11	289.91	254.88	158.96	-216.28	108.47
Other Amortization	1.55	1.55	1.42	2.7	2.75	2.48
Loss (Gain) From Sale of Assets	18.31	48.39	-4.03	3.24	-28.36	5.09
Asset Writedown & Restructuring Costs	-96.5	-	-	-	-	628.05
Stock-Based Compensation	9.6	9.01	8.77	4.93	3.92	5.72
Provision & Write-off of Bad Debts	0.27	0.27	0.63	-0.16	-0.06	0.95
Other Operating Activities	10.46	-23.95	-1.94	-120.99	-87.25	52
Change in Other Net Operating Assets	-12.46	7.19	-9.35	-4.27	18.14	16.72
Operating Cash Flow	271.04	278.65	266.14	276.13	100.48	72.19
Operating Cash Flow Growth	-7.66%	4.70%	-3.62%	174.79%	39.19%	-51.69%
Capital Expenditures	-176.31	-195.1	-181.57	-169.94	-103.79	-52.77
Sale of Property, Plant & Equipment	8.98	45.92	2.57	0.03	102.59	6.04
Cash Acquisitions	-5.78	-3.54	-4.24	-169.28	-19.2	-
Other Investing Activities	-7.1	-0.29	5.68	6.92	4.4	4.07
Investing Cash Flow	-180.2	-153	-177.56	-332.27	-16	-42.67
Long-Term Debt Issued	-	170.6	58.15	120.25	92.97	32.5
Long-Term Debt Repaid	-	-223.57	-119.14	-117.73	-200.03	-63.6
Net Debt Issued (Repaid)	-8.82	-52.97	-60.99	2.52	-107.06	-31.1
Issuance of Common Stock	-	-	19.63	80.51	23	10.27
Repurchase of Common Stock	-14.15	-11.22	-	-	-	-
Common Dividends Paid	-51.94	-50.02	-46.82	-17.9	-	-8.58
Other Financing Activities	-6.94	-3.84	-0.4	-8.98	-0.42	-0.11
Financing Cash Flow	-81.85	-118.05	-88.58	56.15	-84.48	-29.52
Net Cash Flow	8.99	7.59	-	-	-	-
Free Cash Flow	94.73	83.54	84.57	106.18	-3.3	19.42
Free Cash Flow Growth	-0.69%	-1.21%	-20.35%	-	-	-35.17%
Free Cash Flow Margin	18.62%	15.32%	15.14%	17.50%	-0.93%	10.15%
Free Cash Flow Per Share	0.94	0.83	0.84	1.22	-0.06	0.49
Levered Free Cash Flow	99.62	104.09	88.52	78.39	-92.97	-342.5
Unlevered Free Cash Flow	116	122.46	110.42	91.91	-79	-322.89
Change in Working Capital	-12.46	7.19	-9.35	-4.27	18.14	16.72

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