BUD:ANY Cash Flow Statement

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

Millions HUF. 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	8,521	7,918	4,267	2,244	3,607
Depreciation & Amortization	2,483	2,416	2,373	2,047	2,182
Other Amortization	48.52	-	-	-	0.99
Loss (Gain) From Sale of Assets	14.44	5.59	0.13	-2.91	-8.6
Asset Writedown & Restructuring Costs	-160.72	-	-	78.01	-
Loss (Gain) From Sale of Investments	-	-	-	-	-498.78
Other Operating Activities	592.44	2,723	1,032	833.09	799.15
Change in Accounts Receivable	4,169	-4,455	-7,916	802.54	-1,559
Change in Inventory	800.93	-3,670	-595.94	-3,219	79.85
Change in Accounts Payable	-4,278	4,446	-617.2	-	-206.76
Change in Other Net Operating Assets	-	-	-	8,925	-
Operating Cash Flow	12,191	9,383	-1,456	11,709	4,395
Operating Cash Flow Growth	29.93%	-	-	166.38%	103.72%
Capital Expenditures	-3,629	-3,913	-1,964	-4,504	-1,414
Sale of Property, Plant & Equipment	-	-	-	2.91	8.6
Cash Acquisitions	-	-	-	-	-668.16
Investment in Securities	-	-	-	-425.02	877.03
Other Investing Activities	-74.58	3.9	-1.31	-4.66	-0.41
Investing Cash Flow	-3,704	-3,909	-1,965	-4,931	-1,196
Short-Term Debt Issued	-	1,844	5,934	198.51	-
Long-Term Debt Issued	1,707	112.39	139.66	3,427	-
Total Debt Issued	1,707	1,956	6,073	3,626	-
Short-Term Debt Repaid	-2,216	-	-	-	-192.09
Long-Term Debt Repaid	-	-1,916	-608	-2,399	-1,920
Total Debt Repaid	-2,216	-1,916	-608	-2,399	-2,112
Net Debt Issued (Repaid)	-509.14	40.41	5,465	1,227	-2,112
Common Dividends Paid	-6,662	-3,742	-2,309	-2,410	-1,234
Other Financing Activities	-324.2	-227.25	-71.18	-498.74	-885.8
Financing Cash Flow	-7,496	-3,929	3,085	-1,682	-4,232
Net Cash Flow	991.12	1,545	-337.06	5,096	-1,033
Free Cash Flow	8,561	5,470	-3,420	7,204	2,982
Free Cash Flow Growth	56.52%	-	-	141.60%	582.52%
Free Cash Flow Margin	11.92%	7.76%	-6.17%	16.68%	7.33%
Free Cash Flow Per Share	596.79	381.30	-238.43	502.19	207.86
Cash Interest Paid	-	693.46	617.62	224.05	-
Cash Income Tax Paid	1,827	1,642	1,039	591.86	624.5
Levered Free Cash Flow	6,769	2,740	-4,465	6,277	2,020
Unlevered Free Cash Flow	7,177	3,137	-4,028	6,431	2,073
Change in Working Capital	692.6	-3,679	-9,129	6,509	-1,686

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