Boralex Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	7	36	78	30	17
Depreciation & Amortization	321	297	293	295	297
Other Amortization	-	11	12	14	14
Loss (Gain) on Sale of Investments	-	35	-	-	-
Loss (Gain) on Equity Investments	13	-7	-22	-20	11
Asset Writedown	17	5	20	85	4
Change in Accounts Receivable	-	-10	21	-83	-7
Change in Accounts Payable	-	-188	36	194	-5
Change in Other Net Operating Assets	-30	-2	-6	-1	-6
Other Operating Activities	34	38	64	-1	20
Operating Cash Flow	362	215	496	513	345
Operating Cash Flow Growth	68.37%	-56.65%	-3.31%	48.70%	-4.70%
Capital Expenditures	-611	-398	-260	-246	-167
Cash Acquisitions	-	-	-	-8	-274
Sale (Purchase) of Intangibles	-	-3	-12	-10	-12
Investment in Securities	-84	-119	22	-401	-6
Other Investing Activities	-35	-4	2	-11	26
Investing Cash Flow	-798	-578	-268	-684	-433
Long-Term Debt Issued	656	955	418	184	416
Long-Term Debt Repaid	-422	-372	-470	-566	-253
Net Debt Issued (Repaid)	234	583	-52	-382	163
Common Dividends Paid	-68	-68	-68	-68	-68
Other Financing Activities	-34	-36	11	711	-20
Financing Cash Flow	132	479	-109	261	75
Foreign Exchange Rate Adjustments	9	-1	4	3	-6
Net Cash Flow	-295	115	123	93	-19
Free Cash Flow	-249	-183	236	267	178
Free Cash Flow Growth	-	-	-11.61%	50.00%	-17.97%
Free Cash Flow Margin	-29.33%	-21.45%	23.09%	31.94%	25.76%
Free Cash Flow Per Share	-2.13	-1.78	2.29	2.60	1.73
Cash Interest Paid	-	132	122	113	123
Cash Income Tax Paid	-	30	26	7	14
Levered Free Cash Flow	-621.88	111.25	117.38	252.88	150.63
Unlevered Free Cash Flow	-520.63	183.38	189.75	320.13	222.25
Change in Working Capital	-30	-200	51	110	-18

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.