Morguard 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	185.34	178.9	239.63	58.24	112.25	256.62
Depreciation & Amortization	1.28	-	-	-	-	-
Stock-Based Compensation	0.41	-	-	-	-	-
Other Adjustments	60.38	84.46	12.21	230.63	168.17	-28.41
Change in Receivables	3.5	-	-	-	-	-
Changes in Accounts Payable	-6.2	-	-	-	-	-
Changes in Other Operating Activities	-23.1	-48.93	-1.65	9.03	-27.57	37.23
Operating Cash Flow	244.45	214.44	250.2	297.89	252.85	265.44
Operating Cash Flow Growth	2.08%	-14.29%	-16.01%	17.81%	-4.74%	25.27%
Capital Expenditures	-235.1	-223.83	-219.47	-337.83	-432.3	-178.79
Sale of Property, Plant & Equipment	5.7	6	571.33	3.07	354.07	40.71
Purchases of Investments	-	-	-	-8.19	20.7	-2.3
Proceeds from Sale of Investments	32.86	12.01	32.83	10.79	-	14.2
Other Investing Activities	-	-	-	-	-26.98	0.56
Investing Cash Flow	-196.54	-205.82	384.68	-332.16	-84.51	-125.62
Short-Term Debt Issued	-	-	-	-	327.63	305.23
Short-Term Debt Repaid	-	-	-	-	-151.6	-454
Net Short-Term Debt Issued (Repaid)	-	-	-	-	176.03	-148.76
Long-Term Debt Issued	629.9	974.89	995.23	900.28	887.87	976.47
Long-Term Debt Repaid	-712.7	-767.65	-1,547	-877.78	-1,186	-881.12
Net Long-Term Debt Issued (Repaid)	-82.8	207.24	-551.36	22.49	-297.85	95.35
Repurchase of Common Stock	-3.1	-5.25	-11.25	-21.31	-8.48	-1.01
Net Common Stock Issued (Repurchased)	-3.1	-5.25	-11.25	-21.31	-8.48	-1.01
Common Dividends Paid	-8.51	-8.52	-6.98	-6.49	-6.62	-6.59
Other Financing Activities	-181.06	-152.89	-53.01	-50.97	-12.69	-40.78
Financing Cash Flow	-5.94	38.62	-613.37	37.65	-234.49	-106.63
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-1.33	-3.34	2.7	1.33	4.3	-1.63
Net Cash Flow	41.97	47.23	21.51	3.38	-66.14	33.2
Free Cash Flow	9.35	-9.39	30.72	-39.94	-179.44	86.66
Free Cash Flow Growth	-	-	-	-	-	-27.98%
FCF Margin	0.85%	-0.85%	2.77%	-3.31%	-16.02%	8.48%
Free Cash Flow Per Share	0.87	-0.88	2.84	-3.66	-16.19	7.81
Levered Free Cash Flow	-170.72	109.36	-510.68	-232.13	-458.92	54.79
Unlevered Free Cash Flow	114.32	102.45	186.5	40.8	-67.2	94.45

Updated May 5, 2026. Data Source: Fiscal.ai. Real Estate template. Financial Sources.