Spartan Delta Cash Flow Statement

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

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	38.88	34.28	663.11	681.09	334.22	47.66
Depreciation & Amortization	133.04	111	151.43	207.68	105.11	27.84
Loss (Gain) From Sale of Assets	-0.03	-0.15	-543.21	-2.1	-0.47	-0.24
Asset Writedown & Restructuring Costs	-	-	-	7.5	-	-
Stock-Based Compensation	11.47	7.43	29.67	12.33	6.26	1.58
Other Operating Activities	20.83	21.55	115.48	-71.89	-147.27	-43.25
Change in Other Net Operating Assets	-4.08	-0.02	59.2	-39.24	-18.08	-1.39
Operating Cash Flow	200.12	174.08	475.67	795.37	279.77	32.21
Operating Cash Flow Growth	11.71%	-63.40%	-40.20%	184.30%	768.60%	-
Capital Expenditures	-259.32	-189.82	-304.1	-440.62	-612.95	-126.03
Sale of Property, Plant & Equipment	0.08	0.13	1,705	1.28	0.45	0.16
Cash Acquisitions	-48.63	-48.63	-25.3	-	-327.85	-
Other Investing Activities	21.44	-2.21	-50.22	-2.96	14.64	12.77
Investing Cash Flow	-286.43	-240.53	1,325	-442.3	-925.71	-113.1
Long-Term Debt Issued	-	76.44	49.3	327.22	544.56	60
Long-Term Debt Repaid	-	-9.48	-159.61	-578.69	-164.86	-63.39
Net Debt Issued (Repaid)	-6.89	66.95	-110.31	-251.47	379.7	-3.39
Issuance of Common Stock	97.75	-	0.05	21.43	274.68	64.12
Common Dividends Paid	-	-0.05	-1,596	-	-	-
Other Financing Activities	-4.58	0.05	-216.74	-0.1	-9.92	-1.8
Financing Cash Flow	86.28	66.95	-1,925	-230.14	644.46	58.92
Foreign Exchange Rate Adjustments	0.01	0.01	-0.02	0.23	0.05	-
Net Cash Flow	-0.02	0.52	-123.99	123.15	-1.44	-21.97
Free Cash Flow	-59.21	-15.74	171.57	354.75	-333.18	-93.82
Free Cash Flow Growth	-	-	-51.64%	-	-	-
Free Cash Flow Margin	-19.01%	-5.89%	28.94%	26.97%	-60.34%	-103.29%
Free Cash Flow Per Share	-0.30	-0.09	0.99	2.02	-2.50	-1.69
Cash Interest Paid	7.32	8.33	34.6	23.64	12.08	0.94
Levered Free Cash Flow	-63.06	-47.42	-62.94	172.89	-254.02	-87.67
Unlevered Free Cash Flow	-57.5	-40.59	-37.94	190.91	-245.53	-85.79
Change in Working Capital	-4.08	-0.02	59.2	-39.24	-18.08	-1.39

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