Highwood Asset Management 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	21.71	27.95	46.14	2.25	-2.32
Depreciation & Amortization	24.42	27	8.12	0.73	1.63
Loss (Gain) From Sale of Assets	-	-	-	-2.47	0
Asset Writedown & Restructuring Costs	-	-	-	-	0.05
Stock-Based Compensation	2.06	1.74	0.42	0.46	0.55
Other Operating Activities	-2.31	12.45	-40.81	0.56	-0.66
Change in Other Net Operating Assets	10.52	-3.36	2.5	-0.8	-1.4
Operating Cash Flow	56.4	65.78	16.38	0.72	-2.16
Operating Cash Flow Growth	-14.26%	301.67%	2168.14%	-	-
Capital Expenditures	-60.63	-66.45	-18.77	-2.05	-0.27
Sale of Property, Plant & Equipment	1.05	-	0.26	2.47	1.98
Cash Acquisitions	-	-0.48	-108.82	-	-
Other Investing Activities	-4.56	0.26	10.98	0.11	0.69
Investing Cash Flow	-64.14	-66.67	-116.35	0.54	2.39
Long-Term Debt Issued	14.05	18.45	76.3	-	-
Total Debt Issued	14.05	18.45	76.3	-	-
Short-Term Debt Repaid	-	-	-	-1.08	-5.93
Long-Term Debt Repaid	-0.36	-14.24	-0.04	-0.05	-0.11
Total Debt Repaid	-0.36	-14.24	-0.04	-1.13	-6.03
Net Debt Issued (Repaid)	13.7	4.21	76.27	-1.13	-6.03
Issuance of Common Stock	-	-	35	-	-
Repurchase of Common Stock	-2.67	-1.8	-1	-	-
Other Financing Activities	-0.53	-2	-8.01	-	-
Financing Cash Flow	10.5	0.41	102.26	-1.13	-6.03
Net Cash Flow	2.75	-0.48	2.28	0.13	-5.8
Free Cash Flow	-4.24	-0.67	-2.39	-1.32	-2.43
Free Cash Flow Margin	-4.16%	-0.60%	-6.78%	-19.80%	-24.16%
Free Cash Flow Per Share	-0.28	-0.04	-0.24	-0.22	-0.40
Cash Interest Paid	-	10.85	3.59	0.07	0.22
Cash Income Tax Paid	-	-	-	-	0.02
Levered Free Cash Flow	-15.95	-13.75	6.76	-1.33	0.7
Unlevered Free Cash Flow	-10.02	-6.89	9.6	-1.29	0.76
Change in Working Capital	10.52	-3.36	2.5	-0.8	-1.4

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