Headwater Exploration 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	138.77	153.21	188.03	156.07	162.11	45.83
Depreciation & Amortization	123.47	127.04	124.88	120.2	79.41	44.39
Stock-Based Compensation	40.67	26.01	12	5.24	4.09	2.73
Other Adjustments	57.28	60.52	63.7	43.74	48.52	24.97
Change in Receivables	-23.36	-	-	-	-	-
Changes in Inventories	-0.3	-	-	-	-	-
Changes in Accounts Payable	3.87	-	-	-	-	-
Changes in Other Operating Activities	-33.9	-2	-12.1	7.05	-10.2	-6.26
Operating Cash Flow	267.27	297.14	316.74	303.32	283.93	111.66
Operating Cash Flow Growth	-19.41%	-6.19%	4.42%	6.83%	154.28%	48446.09%
Capital Expenditures	-232.18	-228.29	-222.87	-240.07	-248.92	-140.39
Sale of Property, Plant & Equipment	-	-	-	3.75	-	-
Other Investing Activities	31.68	0.4	-3.99	-7.39	16.87	31.26
Investing Cash Flow	-215.01	-227.89	-226.85	-243.71	-232.06	-109.13
Issuance of Common Stock	-	-	0.55	1.01	1.84	0.02
Repurchase of Common Stock	-7.65	-7.65	-	-	-	-
Net Common Stock Issued (Repurchased)	-7.65	-7.65	0.55	1.01	1.84	0.02
Common Dividends Paid	-104.73	-102.35	-94.92	-94.16	-	-
Other Financing Activities	-2.34	-2.29	1.13	4.15	7.03	35.38
Financing Cash Flow	-114.75	-112.29	-93.24	-89	8.88	35.4
Net Cash Flow	-62.5	-43.04	-3.36	-29.4	60.74	37.93
Free Cash Flow	35.09	68.85	93.87	63.25	35	-28.73
Free Cash Flow Growth	-49.03%	-26.66%	48.42%	80.69%	-	-
FCF Margin	6.64%	13.39%	18.35%	14.86%	9.38%	-17.41%
Free Cash Flow Per Share	0.15	0.29	0.40	0.27	0.15	-0.13
Levered Free Cash Flow	-0.27	49.96	77.95	43.25	-17.6	-56.43
Unlevered Free Cash Flow	-79.36	-51.74	-35.78	-59.54	-107.48	-54.32