v3.26.1
Consolidated statements of cash flows - CAD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net earnings $ 589,542,000 $ 171,842,000
Adjustments for:    
Depreciation and amortization 293,094,000 280,702,000
Deferred sales (24,747,000) 61,180,000
Unrealized losses (gains) on derivatives (145,751,000) 149,629,000
Share-based compensation 9,656,000 6,775,000
Loss on disposal of assets 3,117,000 1,042,000
Finance costs 115,175,000 147,171,000
Finance income (23,172,000) (21,228,000)
Share of loss (earnings) from equity-accounted investees (216,386,000) 10,844,000
Other income (1,460,000) (307,000)
Foreign exchange (gains) losses 61,740,000 (65,517,000)
Other operating income (28,333,000) (37,683,000)
Income tax expense 187,719,000 84,874,000
Interest received 23,172,000 21,228,000
Income taxes paid (90,206,000) (38,486,000)
Dividends from equity-accounted investees 446,749,000 185,447,000
Other operating items 208,523,000 (52,225,000)
Net cash provided by operations 1,408,432,000 905,288,000
Investing activities    
Additions to property, plant and equipment (333,025,000) (211,635,000)
Increase in short-term investments (99,603,000) 0
Decrease (increase) in long-term receivables, investments and other (1,137,000) 4,816,000
Proceeds from sale of property, plant and equipment 245,000 377,000
Net cash used in investing (433,520,000) (206,442,000)
Financing activities    
Increase in long-term debt 0 497,022,000
Decrease in long-term debt (285,240,000) (1,041,590,000)
Interest paid (52,642,000) (88,818,000)
Proceeds from issuance of shares, stock option plan 2,170,000 16,656,000
Lease principal payments (2,733,000) (2,051,000)
Dividends paid (104,480,000) (69,641,000)
Net cash used in financing (442,925,000) (688,422,000)
Increase in cash and cash equivalents, during the year 531,987,000 10,424,000
Exchange rate changes on foreign currency cash balances (17,589,000) 23,229,000
Cash and cash equivalents, beginning of year 600,462,000 566,809,000
Cash and cash equivalents, end of year 1,114,860,000 600,462,000
Cash and cash equivalents is comprised of:    
Cash 805,875,000 204,715,000
Cash equivalents 308,985,000 395,747,000
Cash and cash equivalents $ 1,114,860,000 $ 600,462,000