BUD:CIGPANNONIA 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	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,577	1,279	2,874	1,535	1,675	667.8
Depreciation & Amortization	520	485	489	410.25	384.3	370.64
Gain (Loss) on Sale of Assets	-399	-386	122	243.16	48.95	193.58
Gain (Loss) on Sale of Investments	-11	4	-2	6.32	-	-
Stock-Based Compensation	-	-	-	-	-6.78	3.72
Change in Accounts Receivable	89	97	-136	-457.52	-150.3	401.09
Reinsurance Recoverable	-1,187	-1,312	-1,465	-794.32	169.16	-159.48
Change in Insurance Reserves / Liabilities	23,850	39,990	12,232	2,017	15,106	4,592
Change in Other Net Operating Assets	-25,057	-33,114	-6,297	67.71	-10,550	-3,824
Other Operating Activities	-1,529	-3,273	-2,125	-974.2	-978.98	-2,241
Operating Cash Flow	-3,356	2,663	4,908	2,020	4,790	-214.35
Operating Cash Flow Growth	-	-45.74%	142.96%	-57.83%	-	-
Capital Expenditures	-1,180	-358	-242	-496.04	-572.75	-26.21
Sale of Property, Plant & Equipment	-	-	1	1	25.72	41.65
Purchase / Sale of Intangible Assets	-	-	-	-	-	-150.33
Investment in Securities	3,414	-1,129	-5,788	-107.68	-4,552	-1,084
Other Investing Activities	2,704	2,000	2,449	2,067	1,164	945.36
Investing Cash Flow	4,938	513	-3,580	1,464	-3,935	-274.63
Total Debt Repaid	-110	-151	-173	-178.02	-187.31	-359.88
Net Debt Issued (Repaid)	-110	-151	-173	-178.02	-187.31	-359.88
Repurchases of Common Stock	-	-	-	-	-32	-
Common Dividends Paid	-	-3,100	-1,690	-1,702	-	-
Other Financing Activities	-61	-19	-29	-15.47	-10.79	-4.01
Financing Cash Flow	-171	-3,270	-1,892	-1,895	-230.1	-363.88
Foreign Exchange Rate Adjustments	165	199	-37	5.15	11.57	-58.5
Miscellaneous Cash Flow Adjustments	-2	-	-	-	-	-
Net Cash Flow	1,574	105	-601	1,594	636.13	-911.36
Free Cash Flow	-4,536	2,305	4,666	1,524	4,217	-240.56
Free Cash Flow Growth	-	-50.60%	206.16%	-63.86%	-	-
Free Cash Flow Margin	-15.29%	8.82%	22.02%	11.21%	11.80%	-0.95%
Free Cash Flow Per Share	-48.04	24.41	49.41	16.14	44.66	-2.55
Cash Interest Paid	61	19	29	15.47	10.79	4.01
Cash Income Tax Paid	318	972	288	206.48	189.16	245.07
Levered Free Cash Flow	-6,507	32,710	12,333	79,490	2,164	492.66
Unlevered Free Cash Flow	-6,495	32,721	12,340	79,500	2,172	498.26
Change in Working Capital	-2,363	5,651	4,157	1,286	4,462	1,328

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