Polaris Renewable Energy Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. 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	-2.75	2.99	11.74	2.5	0.5
Depreciation & Amortization	30.24	29.44	29.17	25.59	26.38
Loss (Gain) on Sale of Assets	-	-	-	-	-1.45
Asset Writedown	2.19	5.28	-	-	-
Stock-Based Compensation	0.39	0.35	0.35	0.38	0.64
Change in Accounts Receivable	1.66	-0.65	0.61	-0.22	10.07
Change in Accounts Payable	-2.21	-1.84	-1.15	-4.25	-0.55
Change in Other Net Operating Assets	1.89	-0.53	0.53	-1.89	-1.59
Other Operating Activities	3.9	0.83	2.66	11.46	7.08
Operating Cash Flow	35.24	35.05	43.96	33.51	41.13
Operating Cash Flow Growth	0.54%	-20.26%	31.20%	-18.53%	2.03%
Capital Expenditures	-0.77	-3.36	-11.39	-32.48	-8.41
Sale of Property, Plant & Equipment	-	-	-	-	0.32
Cash Acquisitions	-	-	-	-32.71	-
Other Investing Activities	-19.45	0.05	0.01	-0.81	-2.05
Investing Cash Flow	-20.22	-3.31	-11.38	-65.99	-10.15
Long-Term Debt Issued	-	175	-	110	-
Long-Term Debt Repaid	-118.86	-16.27	-15.35	-118.54	-21.33
Net Debt Issued (Repaid)	-118.86	158.73	-15.35	-8.54	-21.33
Issuance of Common Stock	-	-	0.47	-	39.35
Repurchase of Common Stock	-1.47	-0.21	-0.21	-	-
Common Dividends Paid	-12.61	-12.64	-12.62	-12.11	-11.14
Other Financing Activities	-6.88	-4.36	-	-9.47	-
Financing Cash Flow	-139.82	141.51	-27.71	-30.13	6.89
Foreign Exchange Rate Adjustments	0.11	0	-0.14	0.01	-0
Net Cash Flow	-124.68	173.25	4.73	-62.61	37.87
Free Cash Flow	34.47	31.69	32.57	1.02	32.72
Free Cash Flow Growth	8.78%	-2.71%	3080.96%	-96.87%	-2.11%
Free Cash Flow Margin	42.83%	41.82%	41.48%	1.64%	54.97%
Free Cash Flow Per Share	1.63	1.50	1.55	0.05	1.72
Cash Interest Paid	-	16.57	17.78	10.85	11.81
Levered Free Cash Flow	25.47	29.92	24.31	-3.34	26.63
Unlevered Free Cash Flow	46.39	42.93	37.15	6.25	36.82
Change in Working Capital	1.34	-3.02	-0.02	-6.36	7.92

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