Boralex 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	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	-6	33	74	115	8	26
Depreciation & Amortization	335	321	297	293	295	297
Other Adjustments	-68.5	38	44	37	97	40
Change in Receivables	-	44	-10	-	-	-
Changes in Accounts Payable	-	-72	-188	-	-	-
Changes in Other Operating Activities	-26	-32	-202	51	110	-18
Operating Cash Flow	343	362	215	496	513	345
Operating Cash Flow Growth	118.47%	68.37%	-56.65%	-3.31%	48.70%	-4.70%
Capital Expenditures	-431	-611	-398	-260	-246	-167
Purchases of Intangible Assets	-68	-43	-54	-32	-18	-12
Payments for Business Acquisitions	-77	-84	-119	-39	-409	-280
Other Investing Activities	38.5	-60	-7	63	-11	26
Investing Cash Flow	-537	-798	-578	-268	-684	-433
Net Short-Term Debt Issued (Repaid)	6	-2	-57	149	-202	124
Long-Term Debt Issued	696	656	955	269	184	292
Long-Term Debt Repaid	-393	-395	-257	-440	-349	-240
Net Long-Term Debt Issued (Repaid)	303	261	698	-171	-165	52
Common Dividends Paid	-68	-68	-68	-68	-68	-68
Other Financing Activities	-67	-59	-94	-19	696	-33
Financing Cash Flow	174	132	479	-109	261	75
Effect of Exchange Rate Changes on Cash and Cash Equivalents	2	9	-1	4	3	-6
Net Cash Flow	-18	-295	115	123	93	-19
Free Cash Flow	-88	-249	-183	236	267	178
Free Cash Flow Growth	-	-	-	-11.61%	50.00%	-17.97%
FCF Margin	-9.80%	-29.33%	-21.45%	23.09%	31.94%	25.76%
Free Cash Flow Per Share	-0.85	-2.42	-1.78	2.30	2.67	1.68
Levered Free Cash Flow	155	-128	186	140	-178	305
Unlevered Free Cash Flow	-160.6	-245.95	-338.96	252.77	208.78	219.55