BUD:BET Cash Flow Statement

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

Millions HUF. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	5,649	5,839	5,841
Depreciation & Amortization	279	311	332
Loss (Gain) on Equity Investments	-4,520	-4,747	-5,128
Provision & Write-off of Bad Debts	2	4	-1
Other Operating Activities	-61	-175	42
Change in Accounts Receivable	395	719	-585
Change in Inventory	1	4	3
Change in Accounts Payable	-18	-69	-69
Change in Unearned Revenue	-470	-188	-128
Operating Cash Flow	1,257	1,698	307
Operating Cash Flow Growth	-9.50%	453.09%	-
Capital Expenditures	-105	-121	-91
Sale of Property, Plant & Equipment	-	-	8
Sale (Purchase) of Intangibles	-56	-56	-157
Investment in Securities	-1	-2	-1
Other Investing Activities	1,252	3,610	741
Investing Cash Flow	1,090	3,431	500
Long-Term Debt Repaid	-	-142	-132
Net Debt Issued (Repaid)	-148	-142	-132
Common Dividends Paid	-671	-606	-552
Other Financing Activities	-	-	125
Financing Cash Flow	-819	-748	-559
Foreign Exchange Rate Adjustments	98	110	-37
Miscellaneous Cash Flow Adjustments	-	-	-1
Net Cash Flow	1,626	4,491	210
Free Cash Flow	1,152	1,577	216
Free Cash Flow Growth	-6.19%	630.09%	-
Free Cash Flow Margin	27.06%	41.59%	5.95%
Free Cash Flow Per Share	212.80	291.31	39.90
Cash Income Tax Paid	134	171	258
Levered Free Cash Flow	-	1,294	-
Unlevered Free Cash Flow	-	1,314	-
Change in Working Capital	-92	466	-779

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