BCBA:TGSU2 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	420,860	370,164	51,212	219,157	40,772
Depreciation & Amortization	201,961	129,666	132,025	132,729	18,721
Loss (Gain) on Sale of Investments	11,079	-187,400	-434,892	-143,605	-
Loss (Gain) on Equity Investments	-3,728	-243.8	66.2	-611.26	-41.35
Asset Writedown	6,851	-36,812	2,418	652.65	-
Change in Accounts Receivable	-70,314	-120,863	-84,661	-52,982	-10,692
Change in Inventory	-6,700	4,005	-12,708	-4,502	-1,165
Change in Accounts Payable	46,867	30,454	63,927	30,107	5,261
Change in Income Taxes	-185,454	4,150	-20,795	-172,093	-7,715
Change in Unearned Revenue	-10,052	-10,018	42,647	5,569	-906.57
Change in Other Net Operating Assets	-168,724	-62,565	-59,329	-76,219	-15,044
Other Operating Activities	309,021	363,629	732,535	301,951	29,963
Operating Cash Flow	551,667	484,167	412,818	240,154	59,024
Operating Cash Flow Growth	13.94%	17.28%	71.90%	306.88%	37.14%
Capital Expenditures	-320,463	-289,811	-294,162	-171,619	-18,795
Investment in Securities	-134,031	-95,087	-155,364	-101,097	-40,550
Other Investing Activities	-	-	-	-	354.49
Investing Cash Flow	-454,494	-384,898	-449,526	-272,715	-58,991
Long-Term Debt Issued	887,257	585,356	77,837	41,806	-
Long-Term Debt Repaid	-1,410	-616,704	-24,152	-17,216	-
Net Debt Issued (Repaid)	885,847	-31,348	53,685	24,590	-
Common Dividends Paid	-231,152	-	-	-	-
Other Financing Activities	-1	-	-	-	-1,869
Financing Cash Flow	654,694	-31,348	53,685	24,590	-1,869
Foreign Exchange Rate Adjustments	16,198	170.95	3,160	1,984	629.53
Miscellaneous Cash Flow Adjustments	-42,853	-22,488	-26,035	-32,246	-3,848
Net Cash Flow	725,212	45,603	-5,898	-38,234	-5,055
Free Cash Flow	231,204	194,356	118,656	68,536	40,229
Free Cash Flow Growth	18.96%	63.80%	73.13%	70.36%	28.48%
Free Cash Flow Margin	13.44%	15.93%	12.03%	6.14%	23.21%
Free Cash Flow Per Share	307.14	258.19	157.63	91.05	53.44
Cash Interest Paid	65,025	32,062	34,379	38,824	7,305
Cash Income Tax Paid	186,113	3,991	24,346	174,196	8,360
Levered Free Cash Flow	-39,694	289,994	-62,150	96,845	41,146
Unlevered Free Cash Flow	15,714	324,813	-28,631	125,659	46,585
Change in Working Capital	-394,377	-154,837	-70,919	-270,120	-30,262

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