Freehold Royalties 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	91.78	149.45	131.9	209.19	72.08
Depreciation & Amortization	108.5	101.41	96.62	102.61	88.03
Stock-Based Compensation	6.92	2.93	3.05	8.34	7.07
Other Adjustments	27.37	-22.81	8.09	-3.64	22.47
Changes in Other Operating Activities	0.8	-7.64	-22.75	10.85	-27.63
Operating Cash Flow	235.38	223.33	216.92	327.35	162.02
Operating Cash Flow Growth	5.39%	2.96%	-33.73%	102.04%	146.36%
Sale of Property, Plant & Equipment	2.29	-	-	-	-
Payments for Business Acquisitions	-44.13	-411.72	-10.65	-190.79	-377
Other Investing Activities	-0.27	11.35	-10.53	-0.39	0.39
Investing Cash Flow	-42.11	-400.37	-21.18	-191.18	-376.61
Issuance of Common Stock	-	165.48	-	-	223.79
Net Common Stock Issued (Repurchased)	-	165.48	-	-	223.79
Common Dividends Paid	-177.08	-162.75	-162.73	-141.6	-61.97
Other Financing Activities	-16.19	174.3	-33.51	3.52	53.96
Financing Cash Flow	-193.27	177.03	-196.24	-138.08	215.78
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-	-	-0.02	0.25	-0.03
Net Cash Flow	-	-	-0.51	-1.91	1.19
Free Cash Flow	235.38	223.33	216.92	327.35	162.02
Free Cash Flow Growth	5.39%	2.96%	-33.73%	102.04%	146.36%
FCF Margin	75.09%	72.16%	68.96%	83.29%	77.52%
Free Cash Flow Per Share	1.44	1.47	1.43	2.17	1.18
Levered Free Cash Flow	201.09	243.21	205.78	322.66	132.48
Unlevered Free Cash Flow	214.73	255.25	213.64	327.41	135.13

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.