TSX:PEY 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	418.59	280.57	292.64	390.66	152.25
Depreciation & Amortization	400.86	387.15	321.36	308.81	267.23
Loss (Gain) From Sale of Assets	-	-	-	1.25	-1.51
Stock-Based Compensation	14.69	14.11	15.16	11.7	5.98
Other Operating Activities	-1.75	7.61	28.78	104.94	38.01
Change in Other Net Operating Assets	25.18	-16.7	-13.06	-5.59	-4.07
Operating Cash Flow	857.56	672.74	644.87	811.78	457.87
Operating Cash Flow Growth	27.47%	4.32%	-20.56%	77.29%	125.50%
Capital Expenditures	-473.35	-456.87	-411.03	-473.2	-328.95
Sale of Property, Plant & Equipment	1.43	0.47	-	-	-
Cash Acquisitions	-	-	-699.36	-48.28	-36.11
Other Investing Activities	19.46	24.16	-36.48	4.57	13.63
Investing Cash Flow	-452.45	-432.24	-1,147	-516.91	-351.43
Long-Term Debt Issued	-	75	644	-	49.54
Total Debt Issued	-	75	644	-	49.54
Long-Term Debt Repaid	-177.39	-124.46	-101.43	-211.43	-156.35
Total Debt Repaid	-177.39	-124.46	-101.43	-211.43	-156.35
Net Debt Issued (Repaid)	-177.39	-49.46	542.57	-211.43	-106.82
Issuance of Common Stock	74.13	45.64	214.06	24.72	11.54
Common Dividends Paid	-264.33	-257.91	-226.37	-102.17	-15
Other Financing Activities	-0.09	-2.31	-2.99	0.21	0.25
Financing Cash Flow	-367.69	-264.04	527.27	-288.68	-110.04
Net Cash Flow	37.42	-23.54	25.27	6.19	-3.59
Free Cash Flow	384.21	215.87	233.84	338.58	128.93
Free Cash Flow Growth	77.98%	-7.68%	-30.94%	162.61%	-
Free Cash Flow Margin	35.86%	25.19%	24.73%	22.97%	15.34%
Free Cash Flow Per Share	1.89	1.09	1.30	1.93	0.76
Cash Interest Paid	70.12	79.36	64.57	48.78	58.91
Cash Income Tax Paid	95.22	65.22	56.28	-	-
Levered Free Cash Flow	404.27	240.31	-221.85	236.69	142.92
Unlevered Free Cash Flow	448.82	299.18	-186.03	266.1	179.8
Change in Working Capital	25.18	-16.7	-13.06	-5.59	-4.07

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