Havanna Holding 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	11,345	17,019	15,637	7,358	895.06
Depreciation & Amortization	7,810	6,486	3,850	1,559	548.29
Other Amortization	-	-	27.88	13.89	5.84
Loss (Gain) From Sale of Assets	-104.52	-199.22	-274.15	-46.14	-36
Asset Writedown & Restructuring Costs	432.27	2,273	-	-	0.03
Provision & Write-off of Bad Debts	59.3	17.83	32.86	25.18	26.43
Other Operating Activities	7,461	18,515	18,463	7,333	2,203
Change in Accounts Receivable	-1,789	-6,051	-2,632	1,267	-420.44
Change in Inventory	-1,247	-4,228	-935.11	-1,377	-
Change in Accounts Payable	-2,168	4,446	1,273	-300.52	-3.45
Change in Income Taxes	-6,098	-9,152	-11,924	-3,803	-274.33
Change in Other Net Operating Assets	-2,231	4,629	-1,513	457.87	-50.16
Operating Cash Flow	13,468	33,756	22,006	12,488	2,895
Operating Cash Flow Growth	-60.10%	53.40%	76.21%	331.42%	1029.00%
Capital Expenditures	-9,925	-14,978	-10,319	-3,653	-445.39
Sale of Property, Plant & Equipment	139.71	257.64	2,438	386.95	242.01
Sale (Purchase) of Intangibles	-25.33	-64.13	-138.11	-55.63	-17.21
Investment in Securities	3,038	-3,636	-	-	-
Other Investing Activities	-30.21	-403.74	-1,742	-	-
Investing Cash Flow	-6,804	-18,824	-9,761	-3,322	-220.6
Long-Term Debt Issued	39,796	59,542	7,727	2,905	795.41
Long-Term Debt Repaid	-37,895	-40,567	-12,248	-9,438	-2,789
Net Debt Issued (Repaid)	1,901	18,975	-4,520	-6,532	-1,994
Common Dividends Paid	-6,504	-22,391	-8,904	-1,371	-
Other Financing Activities	-426.88	-8,552	898.09	-510.7	104.47
Financing Cash Flow	-5,030	-11,967	-12,526	-8,414	-1,889
Foreign Exchange Rate Adjustments	108.79	-1,232	-246.19	-159.85	-49.06
Miscellaneous Cash Flow Adjustments	-1,162	-2,351	1,159	115.82	13.61
Net Cash Flow	581.33	-619.05	631.26	708.16	749.34
Free Cash Flow	3,543	18,778	11,686	8,835	2,449
Free Cash Flow Growth	-81.13%	60.68%	32.27%	260.72%	1318.00%
Free Cash Flow Margin	2.24%	12.11%	12.08%	20.49%	22.92%
Free Cash Flow Per Share	75.42	399.73	248.78	188.07	52.14
Cash Interest Paid	5,954	7,911	-	-	-
Cash Income Tax Paid	6,397	4,831	-	-	-
Levered Free Cash Flow	1,948	-2,013	-340.54	4,230	270.46
Unlevered Free Cash Flow	6,237	4,760	3,748	5,476	1,084
Change in Working Capital	-13,535	-10,355	-15,730	-3,755	-748.38

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