Naturgy BAN Cash Flow Statement

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

Millions ARS. 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	183,092	105,945	26,840	19,423	4,693
Depreciation & Amortization	18,552	15,663	8,536	4,059	1,294
Other Amortization	919.53	4,264	810.43	252.84	66.3
Loss (Gain) on Sale of Assets	-1,430	-427.62	-544.04	-	-
Asset Writedown	-69,328	-29,745	-	-	-
Change in Accounts Receivable	-22,692	-80,697	29,862	14,096	6,727
Change in Inventory	-553.87	-126.61	1,654	379.95	32.05
Change in Accounts Payable	15,336	26,272	-20,732	-20,505	-10,192
Change in Income Taxes	-	-	-4,713	1,110	-954.23
Change in Other Net Operating Assets	-9,983	6,383	-4,537	-42.01	1,283
Other Operating Activities	47,818	64,881	82,291	25,066	7,362
Operating Cash Flow	170,312	125,498	121,079	36,174	9,665
Operating Cash Flow Growth	35.71%	3.65%	234.72%	274.26%	50.29%
Capital Expenditures	-47,541	-30,797	-19,357	-11,677	-3,803
Sale of Property, Plant & Equipment	1,430	427.62	544.04	-	-
Sale (Purchase) of Intangibles	-8,853	-3,179	-3,620	-2,144	-187.21
Investing Cash Flow	-54,964	-33,548	-22,433	-13,821	-3,990
Common Dividends Paid	-97,237	-39,465	-	-	-
Other Financing Activities	-	-0.56	-0.06	-2,668	-3,059
Financing Cash Flow	-97,237	-39,466	-0.06	-2,668	-3,059
Miscellaneous Cash Flow Adjustments	-19,610	-34,480	-95,217	-18,163	-3,708
Net Cash Flow	-1,498	18,004	3,429	1,521	-1,091
Free Cash Flow	122,771	94,701	101,722	24,497	5,863
Free Cash Flow Growth	29.64%	-6.90%	315.25%	317.84%	36.09%
Free Cash Flow Margin	15.13%	13.20%	25.52%	11.90%	7.78%
Free Cash Flow Per Share	377.13	290.90	312.47	75.25	18.01
Cash Interest Paid	-	0.56	0.06	2,668	3,059
Cash Income Tax Paid	29,824	884.67	-	1,386	522.46
Levered Free Cash Flow	67,459	52,852	1,349	5,605	-833.17
Unlevered Free Cash Flow	69,428	52,853	1,350	8,599	1,341
Change in Working Capital	-17,788	-43,601	-9.55	-4,928	-3,018

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