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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	61.55	70.02	34.28	663.11	681.09	334.22
Depreciation & Amortization	166.24	148.9	111	151.43	207.68	105.11
Loss (Gain) From Sale of Assets	0.01	-0.01	-0.15	-543.21	-2.1	-0.47
Asset Writedown & Restructuring Costs	-	-	-	-	7.5	-
Stock-Based Compensation	14.12	12.97	7.43	29.67	12.33	6.26
Other Operating Activities	28.36	2.66	21.55	115.48	-71.89	-147.27
Change in Other Net Operating Assets	-17	-14.11	-0.02	59.2	-39.24	-18.08
Operating Cash Flow	253.27	220.41	174.08	475.67	795.37	279.77
Operating Cash Flow Growth	39.01%	26.62%	-63.40%	-40.20%	184.30%	768.60%
Capital Expenditures	-428.43	-366.55	-189.82	-304.1	-440.62	-612.95
Sale of Property, Plant & Equipment	0.05	0.09	0.13	1,705	1.28	0.45
Cash Acquisitions	-8.23	-8.23	-48.63	-25.3	-	-327.85
Other Investing Activities	40.58	31.35	-2.21	-50.22	-2.96	14.64
Investing Cash Flow	-396.03	-343.34	-240.53	1,325	-442.3	-925.71
Long-Term Debt Issued	-	38.95	76.44	49.3	327.22	544.56
Long-Term Debt Repaid	-	-9.81	-9.48	-159.61	-578.69	-164.86
Net Debt Issued (Repaid)	142.59	29.14	66.95	-110.31	-251.47	379.7
Issuance of Common Stock	0.34	93.17	-	0.05	21.43	274.68
Common Dividends Paid	-	-	-0.05	-1,596	-	-
Other Financing Activities	-0.35	-	0.05	-216.74	-0.1	-9.92
Financing Cash Flow	142.58	122.31	66.95	-1,925	-230.14	644.46
Foreign Exchange Rate Adjustments	0	-	0.01	-0.02	0.23	0.05
Net Cash Flow	-0.18	-0.62	0.52	-123.99	123.15	-1.44
Free Cash Flow	-175.16	-146.14	-15.74	171.57	354.75	-333.18
Free Cash Flow Growth	-	-	-	-51.64%	-	-
Free Cash Flow Margin	-41.23%	-39.50%	-5.72%	28.94%	26.97%	-60.34%
Free Cash Flow Per Share	-0.85	-0.72	-0.09	0.99	2.02	-2.50
Cash Interest Paid	10.22	8.8	8.33	34.6	23.64	12.08
Levered Free Cash Flow	-161.2	-139.52	-39.16	-62.94	172.89	-254.02
Unlevered Free Cash Flow	-159.97	-139.52	-39.16	-37.94	190.91	-245.53
Change in Working Capital	-17	-14.11	-0.02	59.2	-39.24	-18.08

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