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 2025	FY 2024	FY 2023
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	9,964	9,635	5,839	5,841
Depreciation & Amortization	276	284	311	332
Loss (Gain) From Sale of Investments	-2,899	-2,899	-	-
Loss (Gain) on Equity Investments	-4,073	-4,060	-4,747	-5,128
Provision & Write-off of Bad Debts	-2	-1	4	-1
Other Operating Activities	-1,412	-1,301	-175	42
Change in Accounts Receivable	-215	339	719	-585
Change in Inventory	-	-10	4	3
Change in Accounts Payable	-160	-187	-69	-69
Change in Unearned Revenue	-	-470	-188	-128
Operating Cash Flow	1,479	1,330	1,698	307
Operating Cash Flow Growth	20.73%	-21.67%	453.09%	-
Capital Expenditures	-183	-135	-121	-91
Sale of Property, Plant & Equipment	17	17	-	8
Sale (Purchase) of Intangibles	-88	-88	-56	-157
Investment in Securities	-1	-1	-2	-1
Other Investing Activities	1,303	1,281	3,610	741
Investing Cash Flow	1,048	1,074	3,431	500
Long-Term Debt Repaid	-	-116	-109	-132
Net Debt Issued (Repaid)	-102	-116	-109	-132
Common Dividends Paid	-671	-671	-606	-552
Other Financing Activities	-25	-30	-33	125
Financing Cash Flow	-798	-817	-748	-559
Foreign Exchange Rate Adjustments	-99	-131	110	-37
Miscellaneous Cash Flow Adjustments	-	-	-	-1
Net Cash Flow	1,630	1,456	4,491	210
Free Cash Flow	1,296	1,195	1,577	216
Free Cash Flow Growth	16.65%	-24.22%	630.09%	-
Free Cash Flow Margin	27.90%	27.23%	41.59%	5.95%
Free Cash Flow Per Share	239.40	220.75	291.31	39.90
Cash Interest Paid	25	30	33	-
Cash Income Tax Paid	129	129	171	258
Levered Free Cash Flow	878	820.13	1,294	-
Unlevered Free Cash Flow	878	838.88	1,314	-
Change in Working Capital	-375	-328	466	-779