Almadev Real Estate Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	-23.07	-11.1	41.35	-0.17
Depreciation & Amortization	0.7	0.75	0.91	1.3
Asset Writedown	-55.35	-56.39	-104.17	-57.35
Stock-Based Compensation	-	-	-4.4	0.12
Income (Loss) on Equity Investments	1.11	1.03	-1.15	0.32
Change in Accounts Receivable	-1.97	-2.07	-2.89	-3.04
Change in Accounts Payable	-28.29	-15.84	35.39	31.34
Change in Other Net Operating Assets	246.07	190.33	-245.25	-11.28
Other Operating Activities	147.7	143.34	133.98	99.92
Operating Cash Flow	154.8	142.16	-145.59	-168.87
Acquisition of Real Estate Assets	-15.8	-16.54	-33.4	-19.01
Sale of Real Estate Assets	-0	-	-	1.45
Net Sale / Acq. of Real Estate Assets	-15.8	-16.54	-33.4	-17.56
Investment in Marketable & Equity Securities	-1.63	-1.63	-1.41	-1.41
Other Investing Activities	38.76	91.1	-84.78	16.82
Investing Cash Flow	21.33	72.94	-119.58	-2.15
Long-Term Debt Issued	-	918.85	463.69	197.86
Long-Term Debt Repaid	-	-1,018	-168.77	-8.31
Net Debt Issued (Repaid)	-73.36	-99.49	294.92	189.55
Issuance of Common Stock	28.85	28.85	30.95	45.97
Other Financing Activities	-130.22	-129.77	-67.95	-72.19
Foreign Exchange Rate Adjustments	6.02	4.18	7.53	-1.53
Net Cash Flow	7.42	18.88	0.28	-9.22
Cash Interest Paid	134.33	136.82	71.5	72.19
Cash Income Tax Paid	0.01	-	0.26	0
Levered Free Cash Flow	-	137.77	-	-
Unlevered Free Cash Flow	-	215.44	-	-
Change in Working Capital	112.62	93.16	-213.05	-214.81