BUD:PENSUM 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024
Net Income	67.81	237.24
Depreciation & Amortization	77.12	68.57
Other Operating Activities	63.26	51.55
Change in Accounts Receivable	92.57	-796.15
Change in Accounts Payable	-203.09	26.64
Change in Income Taxes	-195.54	366.54
Change in Other Net Operating Assets	-132.51	231.92
Operating Cash Flow	-230.38	186.3
Capital Expenditures	-1.48	-7.62
Investment in Securities	-289.8	-
Other Investing Activities	-2.86	2.25
Investing Cash Flow	-294.14	-5.36
Long-Term Debt Issued	422.57	-
Long-Term Debt Repaid	-72.86	-134.6
Net Debt Issued (Repaid)	349.71	-134.6
Repurchase of Common Stock	-0.29	-
Common Dividends Paid	-67.47	-
Other Financing Activities	16.89	-51.15
Financing Cash Flow	298.83	-185.75
Net Cash Flow	-225.68	-4.81
Free Cash Flow	-231.86	178.69
Free Cash Flow Margin	-2.62%	2.06%
Free Cash Flow Per Share	-120.28	92.69
Cash Interest Paid	63.26	51.55
Levered Free Cash Flow	-273.15	-
Unlevered Free Cash Flow	-222.34	-
Change in Working Capital	-438.57	-171.06

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