BELEX:NIIS Cash Flow Statement

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

Millions RSD. 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	-4,552	10,845	44,667	92,375	20,957
Depreciation & Amortization	28,847	27,120	25,061	25,310	25,658
Other Amortization	-	-	339.1	321.77	335.93
Asset Writedown & Restructuring Costs	2,829	-160.49	13.13	2.84	543.4
Loss (Gain) From Sale of Investments	14.67	-9.35	-	-	-
Loss (Gain) on Equity Investments	-771.42	105.92	137.72	-1,284	164.53
Provision & Write-off of Bad Debts	-	-	7.3	89.99	-19.49
Other Operating Activities	-4,126	789.41	-31,143	13,555	4,203
Change in Accounts Receivable	11,214	1,181	2,881	-6,783	-7,457
Change in Inventory	12,909	15,841	-2,211	-21,347	-9,189
Change in Accounts Payable	-	-	-11,355	11,426	6,394
Change in Other Net Operating Assets	-2,950	5,265	-413.92	396.91	585.77
Operating Cash Flow	43,415	60,977	27,984	114,063	42,175
Operating Cash Flow Growth	-28.80%	117.90%	-75.47%	170.45%	41.99%
Capital Expenditures	-31,718	-60,282	-43,363	-25,438	-22,774
Sale of Property, Plant & Equipment	587.49	211.75	104.7	393.16	410.96
Cash Acquisitions	-	-	568.31	-	-
Investment in Securities	215.3	30,824	-24,351	-6,092	76.23
Other Investing Activities	-15.28	58.6	29.37	-170.39	-32.5
Investing Cash Flow	-30,930	-29,188	-67,012	-31,307	-22,319
Long-Term Debt Issued	4,465	12,055	4,200	5,811	17,230
Total Debt Issued	4,465	12,055	4,200	5,811	17,230
Long-Term Debt Repaid	-24,417	-13,962	-8,159	-14,878	-23,385
Total Debt Repaid	-24,417	-13,962	-8,159	-14,878	-23,385
Net Debt Issued (Repaid)	-19,952	-1,907	-3,959	-9,067	-6,156
Common Dividends Paid	-2,534	-10,478	-23,365	-5,782	-1,001
Other Financing Activities	-	700.61	-	-	-
Financing Cash Flow	-22,486	-11,685	-27,324	-14,849	-7,157
Foreign Exchange Rate Adjustments	-214.12	-852.02	-294.81	-1,060	95.26
Net Cash Flow	-10,216	19,252	-66,647	66,848	12,795
Free Cash Flow	11,697	694.75	-15,380	88,626	19,402
Free Cash Flow Growth	1583.60%	-	-	356.79%	1238.51%
Free Cash Flow Margin	4.03%	0.17%	-3.73%	17.25%	6.57%
Free Cash Flow Per Share	71.76	4.26	-94.32	543.51	118.99
Cash Interest Paid	2,601	3,302	2,709	1,471	1,423
Cash Income Tax Paid	1,998	4,945	29,871	8,084	280.74
Levered Free Cash Flow	12,851	-11,054	-33,907	60,222	10,854
Unlevered Free Cash Flow	14,599	-8,836	-31,940	61,346	11,882
Change in Working Capital	21,173	22,286	-11,099	-16,307	-9,667

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