ADX:UNION 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	47.02	45.98	38.31	-2.48	2.51	13.22
Depreciation & Amortization	3.24	2.95	5.2	8.13	8.39	7.95
Other Amortization	-	-	-	2.12	3.09	2.92
Gain (Loss) on Sale of Assets	-	-	-14.22	1.3	-0	-0.03
Gain (Loss) on Sale of Investments	-6.66	-5.54	-0.44	-1.25	2.12	-1.94
Change in Accounts Receivable	-	-	-	6.4	-35.19	27.86
Reinsurance Recoverable	44.23	222.24	-87.01	84.15	38.77	-343.25
Change in Insurance Reserves / Liabilities	-21.01	-203.46	55.04	-54.6	-35.34	281.52
Change in Other Net Operating Assets	5.04	-8.89	-4.17	17.83	-1.05	-
Other Operating Activities	-18.57	-22.68	-17.95	-17.08	-7.2	-5.04
Operating Cash Flow	56.45	30.6	-25.24	39.89	2.59	-4.34
Operating Cash Flow Growth	9962.03%	-	-	1437.82%	-	-
Capital Expenditures	-0.29	-0.29	-0.59	-0.93	-1.23	-1.99
Sale of Property, Plant & Equipment	-	-	73.43	0.02	0	0.03
Investment in Securities	-20.92	-24.49	-88.78	-219.94	106.08	90.13
Other Investing Activities	5.98	11.83	20.05	16.97	9.17	6.23
Investing Cash Flow	-15.23	-12.94	4.11	-203.88	114.02	94.39
Total Debt Repaid	-0.3	-0.72	-3.24	-3.39	-2.83	-2.73
Net Debt Issued (Repaid)	-0.3	-0.72	-3.24	-3.39	-2.83	-2.73
Other Financing Activities	-9.2	-	-	-	-	-
Financing Cash Flow	-9.5	-0.72	-3.24	-3.39	-2.83	-2.73
Net Cash Flow	31.71	16.93	-24.37	-167.38	113.79	87.32
Free Cash Flow	56.16	30.31	-25.82	38.97	1.37	-6.33
Free Cash Flow Growth	-	-	-	2752.49%	-	-
Free Cash Flow Margin	16.04%	9.44%	-9.66%	14.61%	0.45%	-1.59%
Free Cash Flow Per Share	0.23	0.12	-0.10	0.16	0.01	-0.03
Cash Interest Paid	9.2	-	-	-	-	-
Levered Free Cash Flow	86.78	708.55	-48.7	-576.06	-33.52	14.1
Unlevered Free Cash Flow	86.78	708.55	-48.7	-576.06	-33.52	14.1
Change in Working Capital	28.25	9.89	-36.14	48.49	-8.43	-33.88

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