ADX:RAKNIC 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	35.86	15.44	14.54	-35.46	10.47	13.48	Upgrade
Depreciation & Amortization	0.34	0.37	0.71	0.86	1.16	1.97	Upgrade
Other Amortization	1.66	1.61	1.51	1.52	1.48	1.48	Upgrade
Gain (Loss) on Sale of Assets	-	-0.06	-	-0.12	-4.81	-3.82	Upgrade
Gain (Loss) on Sale of Investments	-1.2	-0.09	-0.39	0.23	-0.83	-2.09	Upgrade
Change in Accounts Receivable	-	-	-	-	-7.35	75.07	Upgrade
Reinsurance Recoverable	-48.71	-31.72	-51.58	65.28	-51.18	50.04	Upgrade
Change in Unearned Revenue	-	-	-	-	-3.68	-5.37	Upgrade
Change in Insurance Reserves / Liabilities	84.75	114.11	33.94	-2.51	91.86	-154.41	Upgrade
Change in Other Net Operating Assets	-3.98	-8.67	-5.49	-6	-3.99	-	Upgrade
Other Operating Activities	-15.85	-15.32	-13.88	-10.38	-10.36	-9.43	Upgrade
Operating Cash Flow	54.65	79.48	-14.72	13.8	25.22	-7.69	Upgrade
Operating Cash Flow Growth	17.12%	-	-	-45.27%	-	-	Upgrade
Capital Expenditures	-0.47	-0.64	-0.14	-0.23	-0.56	-1.39	Upgrade
Sale of Property, Plant & Equipment	0	0.06	-	0.13	0.01	-	Upgrade
Purchase / Sale of Intangible Assets	-0.62	-0.88	-0.65	-0.54	-0.24	-	Upgrade
Investment in Securities	-129.38	-22.34	8.49	-81.41	-48.63	0.07	Upgrade
Other Investing Activities	22.21	17.78	16.51	13.25	8.5	11.15	Upgrade
Investing Cash Flow	-108.26	-6.01	24.21	-68.81	-20.87	9.72	Upgrade
Short-Term Debt Issued	-	-	-	16.94	33.06	-	Upgrade
Long-Term Debt Issued	-	15.53	9.38	-	-	-	Upgrade
Total Debt Issued	5.01	15.53	9.38	16.94	33.06	-	Upgrade
Total Debt Repaid	-37.55	-	-	-	-	-	Upgrade
Net Debt Issued (Repaid)	-32.54	15.53	9.38	16.94	33.06	-	Upgrade
Common Dividends Paid	-	-	-	-9.7	-9.7	-	Upgrade
Financing Cash Flow	-32.54	15.53	9.38	7.24	23.35	-	Upgrade
Net Cash Flow	-86.15	89	18.88	-47.76	27.71	2.03	Upgrade
Free Cash Flow	54.18	78.85	-14.86	13.57	24.66	-9.08	Upgrade
Free Cash Flow Growth	17.67%	-	-	-44.98%	-	-	Upgrade
Free Cash Flow Margin	16.03%	25.52%	-5.13%	4.65%	8.07%	-2.31%	Upgrade
Free Cash Flow Per Share	0.45	0.65	-0.12	0.11	0.20	-0.07	Upgrade
Cash Interest Paid	0.74	0.87	1.73	0.5	-	-	Upgrade
Levered Free Cash Flow	-56.03	25.82	-47.53	47.77	36.18	11.78	Upgrade
Unlevered Free Cash Flow	-56.03	25.82	-47.53	47.77	36.18	11.78	Upgrade
Change in Working Capital	32.06	73.72	-23.13	56.77	26.53	-25.46	Upgrade

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