Pizza Pizza Royalty 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	31.34	30.97	30.98	27.55	23.92
Other Amortization	0.07	0.02	0.02	0.02	0.02
Other Operating Activities	0.39	0.38	0.7	0.86	0.93
Change in Accounts Receivable	0.07	0.22	-0.07	-0.22	0.02
Change in Accounts Payable	0.01	0.08	0.03	0.05	-0.01
Change in Income Taxes	0.2	-1.09	-0.18	0.99	0.09
Change in Other Net Operating Assets	-0.12	0.21	-0.11	-0.26	-0.2
Operating Cash Flow	31.96	30.8	31.35	28.99	24.75
Operating Cash Flow Growth	3.77%	-1.77%	8.14%	17.11%	-1.72%
Investment in Securities	2	1	-	-2.5	-0.75
Investing Cash Flow	2	1	-	-2.5	-0.75
Common Dividends Paid	-33.83	-33.52	-30.78	-27.21	-23.6
Other Financing Activities	-0.32	-	-	-	-
Financing Cash Flow	-34.15	-33.52	-30.78	-27.21	-23.6
Net Cash Flow	-0.2	-1.72	0.57	-0.72	0.41
Cash Interest Paid	1.53	1.02	1.29	1.46	1.34
Cash Income Tax Paid	6.64	7.93	7.18	5.16	5.1
Levered Free Cash Flow	24.21	23.07	23.8	22.37	18.78
Unlevered Free Cash Flow	25.14	23.86	24.58	23.18	19.61
Change in Working Capital	0.16	-0.57	-0.34	0.56	-0.12

Source: S&P Global Market Intelligence. Standard template. Financial Sources.