Topaz Energy 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	128.74	105.66	47.64	99.36	27.56
Depreciation & Amortization	135.13	124.56	217.39	209.46	155.42
Other Amortization	0.57	0.45	0.71	0.58	0.37
Stock-Based Compensation	7.34	5.36	3.2	1.48	1.98
Other Operating Activities	40.98	43.29	17.36	22.89	5.61
Change in Other Net Operating Assets	-4	-3.05	14.27	-15.89	-25.92
Operating Cash Flow	308.76	276.27	300.58	317.88	165.02
Operating Cash Flow Growth	11.76%	-8.09%	-5.44%	92.63%	97.29%
Capital Expenditures	-130.7	-437.9	-54.54	-354.69	-922.1
Other Investing Activities	-1.49	-2.09	2.58	0.59	0.69
Investing Cash Flow	-132.19	-439.99	-51.96	-354.1	-921.4
Long-Term Debt Issued	31.5	148.32	-	188	278.33
Long-Term Debt Repaid	-	-	-73.66	-	-
Net Debt Issued (Repaid)	31.5	148.32	-73.66	188	278.33
Issuance of Common Stock	1.95	212.03	4.82	6.58	384.93
Common Dividends Paid	-207.69	-191.17	-176.32	-157.29	-108.74
Other Financing Activities	-1.9	-8.77	-	-1.07	-18.33
Financing Cash Flow	-176.14	160.41	-245.16	36.22	536.2
Net Cash Flow	0.43	-3.31	3.46	-	-220.19
Free Cash Flow	178.06	-161.63	246.04	-36.81	-757.08
Free Cash Flow Margin	52.91%	-51.74%	76.55%	-9.96%	-357.89%
Free Cash Flow Per Share	1.15	-1.10	1.69	-0.26	-6.09
Levered Free Cash Flow	115.43	-221.48	224.96	-84.49	-769.21
Unlevered Free Cash Flow	131.61	-204.48	242.88	-76.21	-767.47
Change in Working Capital	-4	-3.05	14.27	-15.89	-25.92

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