TSX:MRG.UN 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	2020 - 2016
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	2020 - 2016
Net Income	102.97	101.86	176.34	219.28	242.09	Upgrade
Other Amortization	5.66	4.83	4.64	4.72	4.35	Upgrade
Asset Writedown	-37.83	-60.37	-81	-208.25	-288.66	Upgrade
Income (Loss) on Equity Investments	-5.26	-12.38	-1.99	-2.03	-2.41	Upgrade
Change in Accounts Receivable	1.56	-2.49	2.69	-3.81	-1.56	Upgrade
Change in Accounts Payable	-0.75	5.36	0.56	4.36	5.72	Upgrade
Change in Other Net Operating Assets	-0.7	0.78	-1.24	-0.89	2.58	Upgrade
Other Operating Activities	22.12	48.56	-11.03	61.79	101.58	Upgrade
Operating Cash Flow	87.76	86.14	88.97	75.17	63.7	Upgrade
Operating Cash Flow Growth	1.88%	-3.17%	18.35%	18.02%	27.07%	Upgrade
Acquisition of Real Estate Assets	-71.3	-48.04	-209.01	-261.92	-30.01	Upgrade
Sale of Real Estate Assets	-	-	-	250.86	-	Upgrade
Net Sale / Acq. of Real Estate Assets	-71.3	-48.04	-209.01	-11.06	-30.01	Upgrade
Investment in Marketable & Equity Securities	-	-	-	-	-1.29	Upgrade
Investing Cash Flow	-71.3	-48.04	-209.01	-11.06	-31.3	Upgrade
Long-Term Debt Issued	245.54	318.97	240.9	212.63	194.21	Upgrade
Total Debt Issued	245.54	318.97	240.9	212.63	194.21	Upgrade
Long-Term Debt Repaid	-217.74	-172.84	-224.8	-175.89	-113.69	Upgrade
Total Debt Repaid	-217.74	-172.84	-224.8	-175.89	-113.69	Upgrade
Net Debt Issued (Repaid)	27.8	146.13	16.1	36.74	80.52	Upgrade
Repurchase of Common Stock	-24.34	-26.29	-23.53	-	-	Upgrade
Common Dividends Paid	-26.32	-26.81	-26.95	-26.67	-26.56	Upgrade
Other Financing Activities	72	-99.77	155.22	-88.96	-87.01	Upgrade
Foreign Exchange Rate Adjustments	-2.23	2.08	2.4	2.84	-0.09	Upgrade
Net Cash Flow	63.38	33.43	3.19	-11.93	-0.74	Upgrade
Cash Interest Paid	72.31	64.24	58.36	49.01	44.94	Upgrade
Levered Free Cash Flow	127.34	-10.31	222.95	-36.28	-28.42	Upgrade
Unlevered Free Cash Flow	179.85	37.24	265.84	0.07	9.59	Upgrade
Change in Working Capital	0.11	3.65	2.01	-0.34	6.74	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.