BUD:EPROLIUSIA 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	526.75	1,042	403.74	-120.17
Depreciation & Amortization	2.84	1.04	0.91	0.91
Asset Writedown	-148.49	-587.64	-76.84	385.76
Change in Accounts Receivable	-32.59	206.87	-113.24	-105.36
Change in Accounts Payable	-6.09	8.36	-37.39	70.09
Change in Other Net Operating Assets	-23.36	21.19	62.07	-33.13
Other Operating Activities	105.78	82.15	63.7	59.66
Operating Cash Flow	451.23	780.37	322.42	268.59
Operating Cash Flow Growth	-42.18%	142.04%	20.04%	-
Acquisition of Real Estate Assets	-29.51	-368.41	-1,155	-1,340
Net Sale / Acq. of Real Estate Assets	-29.51	-368.41	-1,155	-1,340
Investing Cash Flow	-29.51	-368.41	-1,155	-1,340
Long-Term Debt Issued	420	288.29	700	1,000
Long-Term Debt Repaid	-422.1	-413.36	-64.29	-64.29
Net Debt Issued (Repaid)	-2.1	-125.07	635.71	935.71
Common Dividends Paid	-420	-176.7	-	-
Other Financing Activities	-61.39	-72.84	-63.74	-61.89
Foreign Exchange Rate Adjustments	-4.81	-0.16	-0.05	3.25
Miscellaneous Cash Flow Adjustments	0.02	-0.02	-	-
Net Cash Flow	-66.55	37.18	-260.47	-194.44
Cash Interest Paid	61.39	72.84	63.74	61.89
Levered Free Cash Flow	185.95	150.51	-1,040	-
Unlevered Free Cash Flow	249.39	196.07	-999.79	-
Change in Working Capital	-64.18	237.68	-88.75	-64.85

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