Pinetree Capital 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	9.89	32.33	5.75	1.18	1.46	Upgrade
Loss (Gain) From Sale of Investments	-10.42	-32.89	-6.06	-1.88	-2.02	Upgrade
Change in Accounts Payable	0.64	0.19	-0.07	0.03	0.03	Upgrade
Change in Income Taxes	0.6	-	-	-	-	Upgrade
Change in Other Net Operating Assets	-0.28	3.33	-3.51	-3.22	-10.37	Upgrade
Operating Cash Flow	0.43	2.96	-3.88	-3.89	-10.91	Upgrade
Operating Cash Flow Growth	-85.37%	-	-	-	-	Upgrade
Issuance of Common Stock	-	-	-	-	18.03	Upgrade
Repurchase of Common Stock	-	-	-	-	-0.13	Upgrade
Other Financing Activities	-	-	-	-	-0.02	Upgrade
Financing Cash Flow	-	-	-	-	17.88	Upgrade
Net Cash Flow	0.43	2.96	-3.88	-3.89	6.97	Upgrade
Cash Interest Paid	-	-	-	0.03	0.03	Upgrade
Cash Income Tax Paid	-	0.01	0.02	0	0.01	Upgrade
Levered Free Cash Flow	2.09	20.58	3.6	0.88	1.09	Upgrade
Unlevered Free Cash Flow	2.1	20.59	3.61	0.89	1.1	Upgrade
Change in Working Capital	0.96	3.52	-3.58	-3.19	-10.35	Upgrade

Source: S&P Capital IQ. Standard template. Financial Sources.