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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	452.52	475.05	416.81	401.16	357.59	401.8
Depreciation & Amortization	24.68	25.47	27.34	21.28	20.02	17.44
Gain (Loss) on Sale of Investments	-12.93	-21.96	-18.76	-38.46	15.2	-13.26
Change in Accounts Receivable	-38.59	165.08	-192.94	82.1	75.49	66.03
Reinsurance Recoverable	-	-	-	-	-	73.1
Change in Accounts Payable	-	-	-	-	-	104.35
Change in Unearned Revenue	-	-	-	-	-	-14.93
Change in Insurance Reserves / Liabilities	-	-	-	-	-	100.56
Change in Other Net Operating Assets	59.46	43.81	11.92	-4.44	23.18	-59.49
Other Operating Activities	-247.25	-232.62	-189.06	-164.19	-148.05	-146.18
Operating Cash Flow	226.64	443.57	43.46	299.6	335.4	550.66
Operating Cash Flow Growth	-	920.63%	-85.49%	-10.67%	-39.09%	188.00%
Capital Expenditures	-27.49	-28.81	-19.7	-16.13	-19.4	-26.96
Cash Acquisitions	-	-	-356.4	-	-	-
Investment in Securities	-231.34	-103.03	-308	178.53	-304.56	-343.89
Other Investing Activities	241.6	241.95	225.46	153.27	143.77	146.5
Investing Cash Flow	-17.33	110.02	-458.95	315.21	-181.6	-224.51
Total Debt Repaid	-1.19	-2.86	-0.14	-	-	-
Net Debt Issued (Repaid)	-1.19	-2.86	-0.14	-	-	-
Repurchases of Common Stock	-	-	-5.27	-	-	-
Common Dividends Paid	-267.9	-256.5	-256.5	-228	-228	-199.5
Other Financing Activities	0.45	0.45	-	0.78	-	-
Financing Cash Flow	-268.64	-258.91	-261.91	-227.22	-228	-199.5
Net Cash Flow	-59.33	294.67	-677.41	387.59	-74.2	126.65
Free Cash Flow	199.15	414.76	23.76	283.47	316	523.7
Free Cash Flow Growth	-	1645.91%	-91.62%	-10.29%	-39.66%	200.92%
Free Cash Flow Margin	1.87%	4.26%	0.19%	4.09%	4.99%	29.11%
Free Cash Flow Per Share	-	0.73	0.04	0.50	0.55	0.92
Cash Interest Paid	2.93	2.93	1.45	1.53	1.05	0.72
Cash Income Tax Paid	43.1	43.1	10.78	0	0.02	0.02
Levered Free Cash Flow	1,587	2,309	-2,462	-794.12	-2,995	357.67
Unlevered Free Cash Flow	1,587	2,309	-2,462	-794.12	-2,995	357.67
Change in Working Capital	20.87	208.89	-181.02	77.66	98.67	269.62

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.