ADX:INVICTUS Cash Flow Statement

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

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	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	225.9	168.38	213.67	454.59	282.02
Depreciation & Amortization	63.68	4.56	1.55	0.07	0.08
Other Amortization	1.02	0.78	0.44	0.66	0
Loss (Gain) From Sale of Assets	-0.85	-0.02	-0.02	-	-
Asset Writedown & Restructuring Costs	1.34	0.73	-	2.74	-
Loss (Gain) From Sale of Investments	16.95	37.17	-23.01	-	-
Loss (Gain) on Equity Investments	1.27	-2.51	1.1	-	-
Provision & Write-off of Bad Debts	-12.78	-2.3	9.08	0.19	0.27
Other Operating Activities	269.72	100.76	74.19	47.11	13.44
Change in Accounts Receivable	-538.6	-366.55	-251.04	-517.31	-539.54
Change in Inventory	-240.5	85.88	-30.35	-580.08	12.4
Change in Accounts Payable	-161.42	79.86	-384.52	610.69	102.56
Change in Other Net Operating Assets	-68.62	-402.92	40.42	7.38	0.6
Operating Cash Flow	-430.09	-296.18	-348.5	26.03	-128.17
Capital Expenditures	-73.38	-6.39	-8.44	-3.13	-0.6
Sale of Property, Plant & Equipment	0.86	0.61	0.02	-	-
Cash Acquisitions	-626.44	-	-	-	-
Sale (Purchase) of Intangibles	-1.7	-0.53	-0.14	-1.94	-
Other Investing Activities	-	-	-	-	2.71
Investing Cash Flow	-700.65	-6.32	-8.56	-5.07	2.11
Short-Term Debt Issued	10,546	6,958	-	2,051	1,214
Long-Term Debt Issued	-	236.36	4,677	-	-
Total Debt Issued	10,546	7,195	4,677	2,051	1,214
Short-Term Debt Repaid	-9,220	-5,971	-	-1,768	-1,021
Long-Term Debt Repaid	-28.68	-27.09	-4,328	-	-
Total Debt Repaid	-9,249	-5,998	-4,328	-1,768	-1,021
Net Debt Issued (Repaid)	1,297	1,196	349.69	283.19	192.97
Issuance of Common Stock	-	-	-	324	-
Common Dividends Paid	-33	-45	-194.06	-11.78	-68.23
Other Financing Activities	-239.07	-214.61	33.5	-95.45	-8.6
Financing Cash Flow	1,025	936.82	189.13	499.96	116.13
Foreign Exchange Rate Adjustments	-10.39	8.8	-	-	-
Net Cash Flow	-116.17	643.12	-167.93	520.93	-9.92
Free Cash Flow	-503.47	-302.57	-356.94	22.91	-128.77
Free Cash Flow Margin	-3.80%	-3.39%	-4.41%	0.38%	-4.37%
Free Cash Flow Per Share	-0.45	-0.27	-0.32	0.03	-32.19
Cash Interest Paid	218.97	120.69	88.8	41.89	16.09
Cash Income Tax Paid	22.57	1.53	-	-	-
Levered Free Cash Flow	-854.1	-809.6	-433.64	-242.63	-45.78
Unlevered Free Cash Flow	-699.39	-735.95	-373.73	-215.34	-37.91
Change in Working Capital	-1,009	-603.73	-625.49	-479.32	-423.98

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