HWX FINANCIAL STATEMENTS

Headwater Exploration Inc — balance sheet, income statement and cash flow trends

HWXHeadwater Exploration Inc

🇨🇦 Canada · TO · Energy · Oil & Gas E&P

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue575.4 M C$-8.2%

Gross Profit291.2 M C$-13.9%

Operating Income200.2 M C$-24.0%

EBITDA309.5 M C$-20.9%

Net Income138.8 M C$-30.8%

Peer Comparison· Oil & Gas E&P

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
HWX	-8.2%	50.6%	53.8%	24.1%
AKRBP	172.4%	63.8%	67.6%	9.4%
NOG	-6.8%	30.6%	7.7%	-30.3%
TALO	-15.4%	6.8%	22.1%	-42.7%
BPT	11.4%	25.6%	13.9%	-5.5%
CRGY	18.3%	70.3%	33.0%	-7.5%
Industry median	-1.0%	38.9%	51.0%	12.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
HWX	-8.2%	50.6%	53.8%	24.1%
FRU	-8.0%	61.8%	80.8%	29.8%
IPCO	-18.6%	16.0%	32.5%	3.5%
VET	-12.3%	35.9%	61.2%	-44.9%
BTE	-76.5%	18.0%	50.8%	-83.9%
POU	-50.8%	20.1%	36.5%	5.9%
Industry median	-1.0%	38.9%	51.0%	12.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity757.6 M C$74%
Current Liabilities151.9 M C$15%
Long-term Liabilities120.3 M C$12%

Key Figures

YoY change

Total Assets1 B C$+6.4%

Total Liabilities272.2 M C$+11.5%

Total Equity757.6 M C$+4.7%

Cash & ST Investments63.1 M C$-49.8%

Total Debt2.1 M C$-87.0%

Net Debt-61 M C$—

Peer Comparison· Oil & Gas E&P

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
HWX	0.98	0.3%	-0.20	73.6%
AKRBP	1.25	—	—	24.9%
NOG	0.53	143.0%	15.88	32.4%
TALO	1.20	66.3%	2.23	35.6%
BPT	1.16	22.9%	1.68	58.5%
CRGY	0.57	114.8%	4.26	39.0%
Industry median	0.83	38.1%	1.03	52.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
HWX	0.98	0.3%	-0.20	73.6%
FRU	1.73	30.4%	—	71.5%
IPCO	0.79	58.6%	2.18	44.1%
VET	0.63	63.7%	1.16	36.9%
BTE	2.15	6.8%	-1.36	65.6%
POU	2.57	0.9%	-1.96	73.5%
Industry median	0.83	38.1%	1.03	52.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow269.3 M C$-18.8%

Capital Expenditures202.1 M C$-8.3%

Free Cash Flow67.2 M C$-39.6%

Dividends Paid-104.7 M C$-210.2%

Peer Comparison· Oil & Gas E&P

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
HWX	46.8%	11.7%	35.1%	194.0%
AKRBP	89.5%	3.3%	85.4%	948.4%
NOG	69.0%	-36.4%	105.4%	-228.1%
TALO	48.4%	28.1%	29.1%	-113.3%
BPT	43.6%	13.5%	30.1%	-790.3%
CRGY	46.0%	9.8%	36.2%	-615.3%
Industry median	49.1%	15.4%	36.0%	195.0%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
HWX	46.8%	11.7%	35.1%	194.0%
FRU	72.8%	61.2%	16.7%	244.1%
IPCO	25.7%	-18.0%	43.7%	731.7%
VET	49.1%	16.6%	32.6%	-109.4%
BTE	133.3%	21.8%	111.5%	-158.9%
POU	42.5%	-61.3%	103.8%	721.1%
Industry median	49.1%	15.4%	36.0%	195.0%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 3, 26. This content is for informational purposes only and is not investment advice.