Solidarity Bahrain B.S.C. Cash Flow Statement

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

Millions BHD. 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	10.17	9.42	8.07	5.48	4.56	3.31
Depreciation & Amortization	1.34	1.16	0.86	0.42	0.32	0.48
Other Amortization	0.29	0.29	-	0.16	0.16	-
Gain (Loss) on Sale of Assets	0.01	0.01	-	-	-	-
Gain (Loss) on Sale of Investments	-	-	-	-0.03	0.03	0.04
Change in Accounts Receivable	0	-	-	-	-1.15	1.33
Reinsurance Recoverable	15.72	12.77	-0.8	1.48	-0.59	-0.82
Change in Unearned Revenue	-	-	-	-	-0.2	0.07
Change in Insurance Reserves / Liabilities	-5.44	-3.22	3.12	4.82	1.7	1.37
Change in Other Net Operating Assets	-2.74	-2.4	-0.64	-9.04	0.47	0.24
Other Operating Activities	-7.71	-7.45	-3.15	-2.42	-2.53	-1.71
Operating Cash Flow	-3.94	-3.03	4.88	1.29	3.24	4.29
Operating Cash Flow Growth	-	-	279.24%	-60.26%	-24.48%	7.61%
Capital Expenditures	-0.42	-0.39	-0.79	-0.34	-0.12	-0.14
Sale of Property, Plant & Equipment	0.58	0.58	-	-	-	-
Cash Acquisitions	-75	-75	-	-9.78	8.36	-
Investment in Securities	12.11	6.93	4.61	10.79	-11.05	-3.27
Other Investing Activities	27.67	10.67	2.58	2.7	2.15	2.05
Investing Cash Flow	-23.36	-45.52	6.4	7.04	-0.66	-1.36
Long-Term Debt Issued	-	41.68	9.3	-	-	-
Total Debt Repaid	-9.81	-9.77	-0.33	-0.21	-0.19	-0.22
Net Debt Issued (Repaid)	3.43	31.91	8.97	-0.21	-0.19	-0.22
Issuance of Preferred Stock	11.81	11.81	-	-	-	-
Common Dividends Paid	-7.12	-2.12	-3.33	-2.67	-2.4	-2.1
Other Financing Activities	-0.11	-0.27	-	-	-	-
Financing Cash Flow	7.54	41.33	5.64	-2.87	-2.58	-2.32
Net Cash Flow	-19.76	-7.22	16.92	5.46	-0.01	0.61
Free Cash Flow	-4.37	-3.42	4.09	0.95	3.12	4.15
Free Cash Flow Growth	-	-	332.28%	-69.68%	-24.86%	48.51%
Free Cash Flow Margin	-4.66%	-4.44%	9.58%	2.62%	9.86%	23.28%
Free Cash Flow Per Share	-	-0.02	0.02	0.01	0.02	0.03
Cash Interest Paid	0.27	0.27	-	-	-	-
Levered Free Cash Flow	-10.18	11.17	7.45	6.93	5	4.33
Unlevered Free Cash Flow	-10.18	11.17	7.45	6.93	5	4.33
Change in Working Capital	-6.38	-4.97	1.82	-2.29	0.62	2.17

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