BMV:ARA Cash Flow Statement

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

Millions MXN. 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	905.21	685.74	661.95	644.47	582.91
Depreciation & Amortization	159.97	90.82	81.67	73.23	71.12
Other Amortization	-	8.15	12.81	8.36	12.4
Loss (Gain) on Equity Investments	-127.29	-93.74	-68.63	-108.13	-89.06
Other Operating Activities	168.95	374.89	420.09	374.36	326.49
Change in Accounts Receivable	-152.99	163.55	-78.51	-10.2	102.64
Change in Inventory	-1,050	-1,099	-976.53	-549.69	-177.65
Change in Accounts Payable	750.13	57.82	-127.78	157.08	89.97
Change in Unearned Revenue	-	190.49	-27.91	47.23	61.92
Change in Income Taxes	-	13.45	-44.85	-291.94	28.45
Change in Other Net Operating Assets	-209.07	-70.8	-50.59	-106.87	-33.57
Operating Cash Flow	444.96	321.32	-198.27	237.89	975.61
Operating Cash Flow Growth	38.48%	-	-	-75.62%	7.55%
Capital Expenditures	-122.74	-55.37	-88.61	-54.96	-38.48
Sale (Purchase) of Real Estate	-	-	-7.24	-60.28	-84.62
Other Investing Activities	78.64	25	1	10	20
Investing Cash Flow	-44.09	-30.37	-94.86	-105.24	-103.1
Long-Term Debt Issued	200	300	1,200	390	1,500
Long-Term Debt Repaid	-326.44	-211.51	-1,172	-182.01	-1,714
Net Debt Issued (Repaid)	-126.44	88.5	28.49	208	-213.69
Repurchase of Common Stock	-9.7	-10.08	-53.46	-90.2	-1.14
Common Dividends Paid	-200	-	-200	-290	-200
Other Financing Activities	-302.65	-330.98	-329.7	-205.29	-167.1
Financing Cash Flow	-638.79	-252.56	-554.67	-377.49	-581.93
Net Cash Flow	-237.93	38.38	-847.8	-244.84	290.58
Free Cash Flow	322.22	265.95	-286.88	182.93	937.13
Free Cash Flow Growth	21.16%	-	-	-80.48%	4.22%
Free Cash Flow Margin	3.90%	3.74%	-4.25%	2.63%	14.70%
Free Cash Flow Per Share	0.26	0.22	-0.23	0.15	0.74
Cash Interest Paid	302.65	329.16	313.18	202.02	140.11
Cash Income Tax Paid	24.45	29.64	110.66	324.65	44.59
Levered Free Cash Flow	-253.28	-417.89	-809.06	294.41	1,028
Unlevered Free Cash Flow	-188.22	-371.48	-758.36	330.92	1,055
Change in Working Capital	-661.87	-744.54	-1,306	-754.38	71.75

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