TPZ FINANCIAL STATEMENTS

Topaz Energy Corp — balance sheet, income statement and cash flow trends

TPZTopaz Energy Corp

🇨🇦 Canada · TO · Energy · Oil & Gas Midstream

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

Revenue328.7 M C$+0.7%

Gross Profit183.3 M C$-42.6%

Operating Income165.1 M C$-45.6%

EBITDA360.9 M C$+18.4%

Net Income150.5 M C$+186.8%

Peer Comparison· Oil & Gas Midstream

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
TPZ	0.7%	55.8%	109.8%	45.8%
KNTK	6.2%	25.1%	69.5%	13.5%
STNG	-2.8%	51.8%	72.0%	48.4%
DHT	4.2%	47.5%	79.5%	58.6%
INSW	14.5%	55.1%	112.0%	55.4%
TNK	-12.8%	34.9%	51.4%	42.6%
Industry median	9.4%	40.8%	44.7%	17.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity1.5 B C$68%
Current Liabilities24.4 M C$1%
Long-term Liabilities672.8 M C$31%

Key Figures

YoY change

Total Assets2.2 B C$+18.6%

Total Liabilities697.2 M C$+20.4%

Total Equity1.5 B C$+17.7%

Cash & ST Investments997 K C$—

Total Debt539.9 M C$+1.8%

Net Debt538.9 M C$+1.6%

Peer Comparison· Oil & Gas Midstream

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
TPZ	2.93	35.9%	1.49	68.3%
KNTK	0.59	-233.0%	3.32	-23.5%
STNG	13.98	17.0%	-0.54	83.7%
DHT	1.83	41.1%	0.84	69.1%
INSW	7.34	27.8%	0.21	76.4%
TNK	9.40	1.5%	-1.86	91.6%
Industry median	1.26	102.3%	3.34	33.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
TPZ	2.93	35.9%	1.49	68.3%
GEI	1.17	281.9%	5.29	19.4%
KEY	1.60	249.1%	1.89	19.1%
ALA	0.88	116.0%	6.17	33.4%
PPL	0.83	82.3%	3.69	46.7%
Industry median	1.26	102.3%	3.34	33.4%

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 Flow311.4 M C$+9.0%

Capital Expenditures31.8 M C$-90.7%

Free Cash Flow279.6 M C$—

Dividends Paid-209.5 M C$-207.1%

Peer Comparison· Oil & Gas Midstream

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
TPZ	94.7%	85.1%	9.7%	206.9%
KNTK	36.1%	20.6%	25.2%	266.5%
STNG	57.1%	44.9%	12.2%	118.0%
DHT	55.9%	-23.1%	79.0%	95.4%
INSW	45.8%	12.3%	33.4%	82.7%
TNK	36.6%	13.7%	22.8%	85.8%
Industry median	36.3%	9.5%	17.1%	182.4%

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.