Cash Flow Statement

Operating Cash Flow

+69%

+17%

10Y

Currency: CAD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	160	161	162	169	174	179	195	202	212	225	222	231	232	228	227	214	192	191	194	213	239	254	258	276	288	303	309	285	279	281	306	353	383	410	441	449	450	465	466	484	381	376	379	379	482	497	500	515	534	543	565	575	613	604	597	618	601	642	685	707	731	755	748	888	853	778	756	761	755	751	763	618	583	603	599	611	626	537	464	340	274	360	407	500	622	624	635	332	265	266	236	(158)	(176)	(153)	(94)	644
Depreciation & Amortization	68	67	68	69	71	70	69	67	66	67	67	67	66	67	68	69	69	70	70	71	72	74	76	77	79	82	85	99	108	114	119	113	114	111	110	110	106	104	103	101	102	105	107	108	117	124	132	143	147	151	157	164	171	177	184	191	199	203	204	205	207	212	213	219	226	247	272	297	313	348	379	421	467	484	501	508	515	520	531	547	560	574	583	586	582	583	582	582	595	597	605	619	629	634	637	632
Change in Deffered Taxes	17	19	23	16	4	5	(4)	5	21	18	22	15	5	4	3	8	(2)	(8)	(9)	(7)	(2)	6	13	(2)	16	20	14	25	3	1	9	13	20	23	0	0	0	3	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Stock-Based Compensation	0	0	0	0	1	0	0	0	3	0	0	0	5	0	0	0	8	0	0	0	8	2	4	6	8	8	8	8	8	8	8	8	8	8	8	8	8	10	11	11	9	12	14	16	14	15	16	16	22	25	0	27	33	31	38	31	28	26	28	45	34	63	64	49	34	39	41	42	41	35	34	34	34	32	28	29	36	42	47	49	37	39	42	45	67	70	73	76	49	45	36	19	25	30	41	0
Other Non-Cash Items	(1)	1	0	4	1	2	3	1	2	2	1	4	(4)	(1)	1	(2)	6	9	10	10	6	7	7	7	7	7	7	7	(1)	3	2	2	7	60	121	173	239	243	243	242	348	348	346	351	249	268	280	303	330	347	365	362	301	289	289	313	393	411	424	427	385	403	400	198	192	152	140	143	144	181	229	404	372	359	311	329	405	411	382	384	334	277	306	352	389	430	458	707	726	744	742	1 121	1 128	1 144	1 155	519
Cash Taxes Paid	69	84	81	70	43	55	36	43	70	47	60	52	38	35	23	7	58	72	88	116	85	104	106	96	92	106	111	119	125	125	115	119	100	74	83	77	93	162	182	201	206	176	163	153	162	169	171	167	159	140	162	196	239	254	253	249	237	219	224	214	209	275	294	323	299	236	193	150	145	142	150	161	140	104	101	99	123	151	136	118	106	69	72	56	58	146	166	192	216	159	166	152	133	151	154	200
Cash Interest Paid	52	51	44	43	39	36	36	32	34	32	31	29	28	26	25	25	25	22	22	20	20	21	23	23	26	25	25	28	29	31	31	36	35	35	34	26	25	25	25	25	25	26	26	26	35	44	54	65	66	67	68	63	61	59	62	63	64	65	55	48	43	37	38	45	47	59	67	74	83	93	115	125	139	130	116	120	111	120	116	116	117	120	130	136	143	157	162	179	177	183	178	184	192	191	189	184
Change in Working Capital	(45)	(25)	10	(48)	(27)	(43)	(43)	7	(14)	(48)	(57)	(44)	(30)	12	2	22	34	46	52	24	29	(53)	(81)	(62)	(100)	(61)	(35)	(71)	78	100	106	151	61	(8)	(76)	(115)	(206)	(319)	(312)	(334)	(308)	(173)	(168)	(190)	(202)	(268)	(295)	(288)	(355)	(394)	(421)	(463)	(315)	(276)	(284)	(293)	(346)	(195)	(191)	(182)	(250)	(524)	(603)	(601)	(462)	(331)	(242)	(227)	(312)	(294)	(455)	(436)	(360)	(287)	(53)	(209)	(452)	(566)	(581)	(580)	(436)	(478)	(467)	(578)	(493)	(387)	(637)	(352)	(395)	(523)	(494)	(489)	(484)	(402)	(265)	(343)
Cash from Operating Activities	200 N/A	223 +12%	263 +18%	208 -21%	224 +7%	211 -6%	220 +4%	281 +28%	288 +2%	263 -9%	255 -3%	272 +7%	269 -1%	310 +15%	301 -3%	312 +4%	300 -4%	308 +3%	317 +3%	311 -2%	344 +10%	288 -16%	272 -5%	296 +9%	291 -2%	350 +20%	380 +8%	345 -9%	467 +35%	498 +6%	543 +9%	632 +16%	584 -8%	596 +2%	602 +1%	617 +2%	589 -5%	488 -17%	501 +2%	493 -2%	523 +6%	653 +25%	663 +2%	648 -2%	646 0%	621 -4%	618 0%	672 +9%	656 -2%	647 -1%	665 +3%	638 -4%	770 +21%	795 +3%	786 -1%	828 +5%	847 +2%	1 061 +25%	1 123 +6%	1 157 +3%	1 074 -7%	845 -21%	759 -10%	704 -7%	809 +15%	846 +5%	926 +10%	974 +5%	900 -8%	986 +9%	917 -7%	1 007 +10%	1 062 +6%	1 160 +9%	1 359 +17%	1 238 -9%	1 094 -12%	902 -18%	796 -12%	691 -13%	732 +6%	733 +0%	829 +13%	860 +4%	1 100 +28%	1 250 +14%	1 038 -17%	1 269 +22%	1 191 -6%	1 084 -9%	1 089 +0%	1 093 +0%	1 097 +0%	1 223 +11%	1 433 +17%	1 452 +1%
Investing Cash Flow
Capital Expenditures	(63)	(67)	(66)	(68)	(71)	(82)	(84)	(92)	(90)	(80)	(79)	(81)	(82)	(81)	(82)	(84)	(96)	(99)	(103)	(94)	(76)	(76)	(76)	(86)	(102)	(109)	(112)	(116)	(122)	(123)	(127)	(119)	(107)	(112)	(110)	(112)	(112)	(101)	(96)	(105)	(119)	(128)	(133)	(137)	(178)	(199)	(217)	(225)	(224)	(206)	(200)	(209)	(187)	(201)	(208)	(237)	(232)	(264)	(284)	(273)	(321)	(336)	(362)	(369)	(344)	(334)	(334)	(370)	(436)	(497)	(504)	(515)	(576)	(510)	(500)	(475)	(433)	(450)	(460)	(446)	(498)	(477)	(488)	(543)	(641)	(726)	(763)	(763)	(654)	(592)	(534)	(474)	(416)	(383)	(376)	(376)
Other Items	(21)	(36)	(15)	(8)	8	(32)	(35)	(102)	(97)	(57)	(57)	2	6	(78)	(73)	(73)	(88)	(14)	(29)	(27)	(34)	(276)	(260)	(265)	(253)	(160)	(160)	(629)	(634)	(482)	(530)	(63)	(66)	(54)	(5)	4	(260)	(241)	(231)	(235)	32	8	(6)	(7)	(1 447)	(1 449)	(1 445)	(1 448)	(449)	(508)	(514)	(530)	21	(51)	(48)	(104)	(210)	(79)	(65)	12	4	4	(38)	(374)	(379)	(1 695)	(1 466)	(1 086)	(1 071)	(1 448)	(1 642)	(1 921)	(1 919)	(198)	(192)	43	46	(169)	(367)	(349)	(301)	(109)	78	61	9	4	3	3	2	98	99	99	131	53	55	58
Cash from Investing Activities	(84) N/A	(103) -22%	(81) +21%	(76) +6%	(63) +17%	(113) -80%	(119) -6%	(194) -62%	(187) +4%	(137) +27%	(136) +1%	(79) +42%	(75) +5%	(159) -111%	(155) +2%	(157) -1%	(184) -18%	(114) +38%	(132) -16%	(120) +9%	(110) +8%	(352) -219%	(336) +4%	(350) -4%	(354) -1%	(268) +24%	(272) -1%	(745) -173%	(755) -1%	(606) +20%	(657) -8%	(182) +72%	(173) +5%	(166) +4%	(115) +31%	(108) +6%	(372) -245%	(342) +8%	(327) +4%	(340) -4%	(87) +74%	(120) -38%	(139) -16%	(144) -4%	(1 625) -1 029%	(1 648) -1%	(1 662) -1%	(1 673) -1%	(672) +60%	(714) -6%	(714) 0%	(739) -3%	(166) +77%	(252) -51%	(256) -2%	(341) -33%	(442) -30%	(343) +22%	(349) -2%	(262) +25%	(318) -21%	(332) -4%	(400) -20%	(742) -86%	(723) +3%	(2 029) -181%	(1 800) +11%	(1 455) +19%	(1 507) -4%	(1 945) -29%	(2 146) -10%	(2 435) -13%	(2 495) -2%	(708) +72%	(692) +2%	(431) +38%	(387) +10%	(620) -60%	(827) -34%	(796) +4%	(799) 0%	(586) +27%	(410) +30%	(482) -18%	(632) -31%	(722) -14%	(760) -5%	(760) N/A	(652) +14%	(494) +24%	(435) +12%	(375) +14%	(285) +24%	(330) -16%	(321) +3%	(318) +1%
Financing Cash Flow
Net Issuance of Common Stock	9	10	9	8	5	3	2	3	5	11	12	13	14	15	16	(15)	(24)	(52)	(61)	(48)	(30)	(37)	(65)	(47)	(53)	(19)	18	17	15	11	(18)	(8)	(12)	(9)	(27)	(128)	(175)	(187)	(265)	(224)	(216)	(257)	(192)	(148)	(152)	(174)	(173)	(176)	(113)	(25)	15	2	5	(0)	(9)	22	(42)	(57)	(77)	(234)	(347)	(362)	(310)	(152)	12	48	47	41	60	65	699	697	685	665	24	28	33	51	52	46	42	26	32	35	45	45	37	32	11	7	6	(25)	(148)	(271)	(350)	(481)
Net Issuance of Debt	(107)	(133)	(163)	(132)	(134)	(59)	(82)	(48)	(46)	(97)	(75)	(125)	(113)	(90)	(29)	10	28	24	18	(40)	60	58	97	62	91	61	(34)	484	258	219	258	(302)	(261)	(212)	(202)	(91)	108	66	139	137	(5)	24	(93)	(29)	1 182	1 207	1 265	1 145	293	283	229	251	(380)	(221)	(163)	(76)	(87)	(218)	(388)	(324)	(34)	(101)	116	209	27	1 358	998	722	800	1 174	875	1 101	1 229	(491)	(34)	(394)	(533)	(435)	(164)	(15)	95	111	(203)	(191)	(215)	(226)	(36)	(80)	(109)	(320)	(258)	(489)	(562)	(435)	(598)	(203)
Cash Paid for Dividends	(22)	0	(27)	(32)	(37)	0	(44)	(46)	(48)	0	(53)	(56)	(60)	0	(66)	(69)	(72)	0	(77)	(79)	(81)	0	(86)	(90)	(95)	0	(103)	(108)	(112)	0	(117)	(118)	(119)	0	(123)	(126)	(129)	0	(137)	(142)	(147)	0	(155)	(158)	(162)	0	(169)	(172)	(175)	0	(186)	(192)	(198)	0	(206)	(208)	(210)	(263)	(218)	(223)	(228)	(233)	(236)	(240)	(244)	(248)	(250)	(252)	(255)	(257)	(259)	(265)	(270)	(205)	(190)	(172)	(205)	(257)	(259)	(261)	(209)	(208)	(203)	(200)	(199)	(198)	(207)	(215)	(245)	(274)	(296)	(319)	(320)	(320)	(322)	(323)
Other	1	18	1	2	1	1	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(71)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash from Financing Activities	(118) N/A	(127) -8%	(180) -42%	(155) +14%	(165) -7%	(92) +44%	(122) -32%	(90) +27%	(89) +1%	(134) -51%	(116) +13%	(168) -44%	(159) +5%	(135) +15%	(79) +42%	(75) +5%	(69) +8%	(101) -47%	(120) -19%	(167) -39%	(51) +70%	(60) -19%	(55) +9%	(75) -37%	(56) +25%	(53) +5%	(119) -123%	394 N/A	162 -59%	118 -27%	123 +5%	(428) N/A	(392) +9%	(340) +13%	(353) -4%	(345) +2%	(196) +43%	(250) -28%	(263) -5%	(229) +13%	(369) -61%	(381) -3%	(441) -16%	(335) +24%	869 N/A	871 +0%	924 +6%	798 -14%	5 -99%	83 +1 594%	59 -30%	62 +5%	(573) N/A	(419) +27%	(377) +10%	(262) +30%	(339) -29%	(538) -59%	(683) -27%	(781) -14%	(680) +13%	(766) -13%	(500) +35%	(253) +49%	(204) +19%	1 158 N/A	795 -31%	511 -36%	606 +19%	982 +62%	1 315 +34%	1 534 +17%	1 644 +7%	(31) N/A	(200) -539%	(539) -170%	(705) -31%	(641) +9%	(371) +42%	(229) +38%	(72) +69%	(71) +1%	(374) -427%	(356) +5%	(369) -4%	(379) -3%	(206) +46%	(263) -28%	(343) -30%	(587) -71%	(548) +7%	(833) -52%	(1 030) -24%	(1 026) +0%	(1 270) -24%	(1 007) +21%
Change in Cash
Effect of Foreign Exchange Rates	1	2	3	2	(2)	(3)	(7)	(8)	(2)	(0)	1	(0)	(1)	(0)	(2)	3	3	1	3	(0)	3	7	8	11	8	6	9	1	5	(0)	(7)	(3)	(8)	(4)	(2)	(1)	1	(1)	5	2	(0)	1	(5)	(1)	10	11	12	14	7	5	5	2	3	4	16	34	25	25	21	13	10	3	(10)	(18)	(10)	(6)	(11)	(8)	(9)	(9)	(3)	(8)	(5)	2	7	(6)	(13)	(21)	(23)	(9)	(5)	(2)	3	0	(1)	(3)	(3)	0	7	15	11	16	9	(4)	(1)	(10)
Net Change in Cash	(1) N/A	(5) -229%	4 N/A	(21) N/A	(6) +70%	2 N/A	(29) N/A	(10) +66%	9 N/A	(9) N/A	3 N/A	25 +635%	34 +34%	17 -51%	65 +294%	83 +28%	50 -40%	94 +89%	69 -27%	24 -66%	185 +686%	(117) N/A	(111) +6%	(118) -7%	(111) +6%	35 N/A	(3) N/A	(4) -76%	(122) -2 668%	9 N/A	2 -74%	19 +683%	11 -42%	87 +702%	132 +51%	164 +24%	23 -86%	(105) N/A	(85) +19%	(74) +13%	67 N/A	154 +131%	79 -49%	168 +113%	(101) N/A	(145) -44%	(108) +26%	(189) -76%	(4) +98%	20 N/A	15 -26%	(38) N/A	33 N/A	128 +287%	169 +32%	259 +53%	92 -65%	205 +124%	112 -45%	128 +14%	86 -32%	(251) N/A	(151) +40%	(309) -105%	(128) +59%	(32) +75%	(90) -183%	22 N/A	(10) N/A	14 N/A	82 +479%	97 +19%	207 +112%	422 +104%	473 +12%	262 -45%	(11) N/A	(380) -3 451%	(425) -12%	(343) +19%	(144) +58%	74 N/A	48 -35%	22 -54%	98 +345%	146 +49%	69 -53%	246 +257%	203 -17%	18 -91%	117 +550%	(99) N/A	(209) -111%	(137) +34%	(159) -16%	117 N/A
Free Cash Flow
Free Cash Flow	136 N/A	157 +15%	197 +25%	140 -29%	153 +9%	129 -16%	135 +5%	189 +40%	197 +4%	183 -7%	176 -4%	191 +9%	187 -2%	230 +23%	219 -5%	228 +4%	203 -11%	209 +3%	214 +2%	217 +1%	267 +23%	211 -21%	196 -7%	210 +7%	189 -10%	241 +27%	268 +11%	229 -14%	345 +51%	374 +8%	416 +11%	513 +23%	477 -7%	485 +2%	492 +2%	505 +3%	476 -6%	387 -19%	404 +4%	388 -4%	404 +4%	525 +30%	530 +1%	511 -3%	468 -9%	422 -10%	402 -5%	447 +11%	433 -3%	441 +2%	465 +6%	429 -8%	583 +36%	594 +2%	578 -3%	591 +2%	616 +4%	797 +29%	840 +5%	883 +5%	752 -15%	509 -32%	397 -22%	335 -16%	465 +39%	512 +10%	592 +16%	605 +2%	464 -23%	489 +5%	413 -16%	492 +19%	486 -1%	649 +34%	858 +32%	764 -11%	661 -13%	451 -32%	336 -26%	245 -27%	234 -4%	256 +9%	341 +33%	317 -7%	459 +45%	524 +14%	275 -48%	506 +84%	537 +6%	492 -8%	555 +13%	619 +12%	681 +10%	840 +23%	1 057 +26%	1 076 +2%

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Saputo Inc
TSX:SAP

Cash Flow Statement

Cash Flow Statement
Saputo Inc

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Saputo Inc TSX:SAP

Cash Flow Statement

Cash Flow Statement Saputo Inc

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Saputo Inc
TSX:SAP

Cash Flow Statement
Saputo Inc