Pinetree Capital Ltd. (TSX:PNP)

Pinetree Capital Cash Flow Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Net Income	28.34	32.33	5.75	1.18	1.46	1.2
Loss (Gain) From Sale of Investments	-28.73	-32.89	-6.06	-1.88	-2.02	-1.37
Other Operating Activities	1.34	-	-	-	-	-
Change in Accounts Payable	1.03	0.19	-0.07	0.03	0.03	0.05
Change in Income Taxes	-	-	-	-	-	0.02
Change in Other Net Operating Assets	2.79	3.33	-3.51	-3.22	-10.37	-4.98
Operating Cash Flow	4.77	2.96	-3.88	-3.89	-10.91	-5.08
Operating Cash Flow Growth	280.53%	-	-	-	-	-
Issuance of Common Stock	-	-	-	-	18.03	-
Repurchase of Common Stock	-	-	-	-	-0.13	-
Other Financing Activities	-	-	-	-	-0.02	-
Financing Cash Flow	-	-	-	-	17.88	-
Net Cash Flow	4.77	2.96	-3.88	-3.89	6.97	-5.08
Free Cash Flow	4.77	2.96	-3.88	-3.89	-10.91	-5.08
Free Cash Flow Growth	280.53%	-	-	-	-	-
Free Cash Flow Margin	15.68%	8.88%	-58.31%	-170.12%	-455.72%	-302.80%
Free Cash Flow Per Share	0.51	0.32	-0.41	-0.41	-1.43	-1.12
Cash Interest Paid	-	-	-	0.03	0.03	-
Cash Income Tax Paid	0.01	0.01	0.02	0	0.01	0.02
Levered Free Cash Flow	19.05	20.58	3.6	0.88	1.09	2.78
Unlevered Free Cash Flow	19.06	20.59	3.61	0.89	1.1	2.79
Change in Working Capital	3.82	3.52	-3.58	-3.19	-10.35	-4.91

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.