BUD:CIGPANNONIA 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	3,958	1,279	2,874	1,535	1,675
Depreciation & Amortization	531	485	489	410.25	384.3
Gain (Loss) on Sale of Assets	-184	-386	122	243.16	48.95
Gain (Loss) on Sale of Investments	-	4	-2	6.32	-
Stock-Based Compensation	43	-	-	-	-6.78
Change in Accounts Receivable	165	97	-136	-457.52	-150.3
Reinsurance Recoverable	-1,182	-1,312	-1,465	-794.32	169.16
Change in Insurance Reserves / Liabilities	6,877	39,990	12,232	2,017	15,106
Change in Other Net Operating Assets	-8,760	-33,114	-6,297	67.71	-10,550
Other Operating Activities	-1,351	-3,273	-2,125	-974.2	-978.98
Operating Cash Flow	-934	2,663	4,908	2,020	4,790
Operating Cash Flow Growth	-	-45.74%	142.96%	-57.83%	-
Capital Expenditures	-1,502	-358	-242	-496.04	-572.75
Sale of Property, Plant & Equipment	-	-	1	1	25.72
Investment in Securities	1,470	-1,129	-5,788	-107.68	-4,552
Other Investing Activities	2,976	2,000	2,449	2,067	1,164
Investing Cash Flow	2,944	513	-3,580	1,464	-3,935
Total Debt Repaid	-111	-151	-173	-178.02	-187.31
Net Debt Issued (Repaid)	-111	-151	-173	-178.02	-187.31
Repurchases of Common Stock	-	-	-	-	-32
Common Dividends Paid	-	-3,100	-1,690	-1,702	-
Other Financing Activities	-70	-19	-29	-15.47	-10.79
Financing Cash Flow	-181	-3,270	-1,892	-1,895	-230.1
Foreign Exchange Rate Adjustments	204	199	-37	5.15	11.57
Net Cash Flow	2,033	105	-601	1,594	636.13
Free Cash Flow	-2,436	2,305	4,666	1,524	4,217
Free Cash Flow Growth	-	-50.60%	206.16%	-63.86%	-
Free Cash Flow Margin	-7.92%	8.82%	22.02%	11.21%	11.80%
Free Cash Flow Per Share	-25.80	24.41	49.41	16.14	44.66
Cash Interest Paid	69	19	29	15.47	10.79
Cash Income Tax Paid	-31	972	288	206.48	189.16
Levered Free Cash Flow	-127,436	32,710	12,333	79,490	2,164
Unlevered Free Cash Flow	-127,436	32,721	12,340	79,500	2,172
Change in Working Capital	-3,059	5,651	4,157	1,286	4,462

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