ADX:ADNIC Cash Flow Statement

Financials in millions AED. Fiscal year is January - December.

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2015 - 2019
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2015 - 2019
Net Income	459.16	416.81	401.16	357.59	401.8	371	Upgrade
Depreciation & Amortization	26.43	27.34	21.28	20.02	17.44	18.76	Upgrade
Gain (Loss) on Sale of Investments	-12.07	-18.76	-38.46	15.2	-13.26	9.56	Upgrade
Change in Accounts Receivable	-161.8	-192.94	82.1	75.49	66.03	-131.77	Upgrade
Reinsurance Recoverable	-	-	-	-	73.1	-103.78	Upgrade
Change in Accounts Payable	-	-	-	-	104.35	16.95	Upgrade
Change in Unearned Revenue	-	-	-	-	-14.93	15.8	Upgrade
Change in Insurance Reserves / Liabilities	-	-	-	-	100.56	13.75	Upgrade
Change in Other Net Operating Assets	-14.06	11.92	-4.44	23.18	-59.49	77.57	Upgrade
Other Operating Activities	-224.29	-189.06	-164.19	-148.05	-146.18	-124.98	Upgrade
Operating Cash Flow	61.52	43.46	299.6	335.4	550.66	191.2	Upgrade
Operating Cash Flow Growth	-1.70%	-85.49%	-10.67%	-39.09%	188.00%	-44.99%	Upgrade
Capital Expenditures	-17.73	-19.7	-16.13	-19.4	-26.96	-17.16	Upgrade
Cash Acquisitions	-	-356.4	-	-	-	-	Upgrade
Investment in Securities	-89.43	-308	178.53	-304.56	-343.89	-333.74	Upgrade
Other Investing Activities	239.94	225.46	153.27	143.77	146.5	120.23	Upgrade
Investing Cash Flow	132.7	-458.95	315.21	-181.6	-224.51	-233.33	Upgrade
Total Debt Repaid	-3.77	-0.14	-	-	-	-	Upgrade
Net Debt Issued (Repaid)	-3.77	-0.14	-	-	-	-	Upgrade
Issuance of Common Stock	0.04	-	-	-	-	-	Upgrade
Repurchases of Common Stock	-	-5.27	-	-	-	-	Upgrade
Common Dividends Paid	-256.5	-256.5	-228	-228	-199.5	-144.56	Upgrade
Other Financing Activities	-	-	0.78	-	-	-	Upgrade
Financing Cash Flow	-260.23	-261.91	-227.22	-228	-199.5	-144.56	Upgrade
Net Cash Flow	-66	-677.41	387.59	-74.2	126.65	-186.69	Upgrade
Free Cash Flow	43.8	23.76	283.47	316	523.7	174.04	Upgrade
Free Cash Flow Growth	0.95%	-91.62%	-10.29%	-39.66%	200.92%	-48.45%	Upgrade
Free Cash Flow Margin	0.44%	0.19%	4.09%	4.99%	29.11%	10.44%	Upgrade
Free Cash Flow Per Share	0.08	0.04	0.50	0.55	0.92	0.30	Upgrade
Cash Interest Paid	2.96	1.45	1.53	1.05	0.72	-	Upgrade
Cash Income Tax Paid	45.61	10.78	0	0.02	0.02	0.04	Upgrade
Levered Free Cash Flow	2,276	-2,462	-794.12	-2,995	357.67	50.27	Upgrade
Unlevered Free Cash Flow	2,276	-2,462	-794.12	-2,995	357.67	50.27	Upgrade
Change in Working Capital	-175.86	-181.02	77.66	98.67	269.62	-111.49	Upgrade

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.