Al Waha Capital PJSC 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	1,012	381.28	440.1	344.37	391.04
Depreciation & Amortization	18.45	18.14	20.42	23.97	22.88
Other Amortization	4.14	6.13	7.3	7.11	3.16
Loss (Gain) From Sale of Assets	-320.8	-	-	-33.21	-1.57
Asset Writedown & Restructuring Costs	-12.51	-13.59	-15.06	-0.51	-
Loss (Gain) From Sale of Investments	12.8	-68.02	-5.02	-160.74	27.46
Loss (Gain) on Equity Investments	-9.19	-21.36	-5.06	-13.41	11.49
Provision & Write-off of Bad Debts	0.66	4.13	6.95	4.06	18.71
Other Operating Activities	-456.89	-2,140	1,099	-389.62	1.41
Change in Accounts Receivable	80.71	1,594	-1,984	-221.98	-128.99
Change in Inventory	-0.7	0.36	-0.31	-0.17	-0.38
Change in Accounts Payable	277.79	-323.36	143.68	74.98	96.12
Operating Cash Flow	606.95	-562.31	-292.12	-342.39	422.05
Operating Cash Flow Growth	-	-	-	-	916.73%
Capital Expenditures	-23.77	-7.08	-3.43	-6.42	-6.75
Sale of Property, Plant & Equipment	520.25	-	-	-	-
Divestitures	-	-	-	62.41	-
Sale (Purchase) of Intangibles	-0.51	-0.36	-0.12	-0.03	-0.28
Sale (Purchase) of Real Estate	-0.89	-7.16	-117.73	-36.22	4.1
Other Investing Activities	-	-	-	10.55	1.19
Investing Cash Flow	495.09	-14.61	-121.28	30.3	44.23
Long-Term Debt Issued	110.34	1,175	91.97	35.34	647.58
Short-Term Debt Repaid	-12.5	-	-	-	-
Long-Term Debt Repaid	-727.99	-1,348	-47.49	-285.37	-361.33
Total Debt Repaid	-740.49	-1,348	-47.49	-285.37	-361.33
Net Debt Issued (Repaid)	-630.15	-173.8	44.48	-250.03	286.24
Issuance of Common Stock	-	-	1.8	-	-
Common Dividends Paid	-188.35	-188.35	-150.68	-138.81	-110.31
Other Financing Activities	4.93	973.51	587.4	76.93	74.45
Financing Cash Flow	-813.57	611.36	483	-311.91	250.39
Miscellaneous Cash Flow Adjustments	-733.69	-	-	-	-
Net Cash Flow	-445.22	34.45	69.59	-624	716.67
Free Cash Flow	583.19	-569.39	-295.56	-348.8	415.3
Free Cash Flow Growth	-	-	-	-	1114.56%
Free Cash Flow Margin	37.29%	-42.11%	-210.46%	-312.77%	349.82%
Free Cash Flow Per Share	0.31	-0.31	-0.16	-0.19	0.23
Cash Interest Paid	174.6	309.46	176.72	134.48	118.35
Levered Free Cash Flow	7,756	-68.04	-3,334	-262.36	596.01
Unlevered Free Cash Flow	7,862	118.95	-3,221	-184.02	651.99
Change in Working Capital	357.8	1,271	-1,841	-147.18	-33.25

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.