BUD:RABA 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	2,915	42.98	1,184	1,632	1,283
Depreciation & Amortization	3,104	2,760	2,545	2,608	2,438
Other Amortization	-	-	0.02	0.16	0.48
Loss (Gain) From Sale of Assets	-7,975	-2,049	5.1	-401.28	-823.03
Asset Writedown & Restructuring Costs	3,211	650	10.46	-	-
Loss (Gain) From Sale of Investments	-	31.35	-	-	-
Loss (Gain) on Equity Investments	7.85	-	-	-	-
Provision & Write-off of Bad Debts	14.19	90.07	69.99	69.15	48.62
Other Operating Activities	-767.44	877.03	-517.45	501.83	555.25
Change in Accounts Receivable	1,597	-1,605	2,512	-3,505	-1,783
Change in Inventory	626.75	650.81	1,620	-5,758	-4,509
Change in Accounts Payable	354.21	-1,939	-316.25	3,089	1,110
Operating Cash Flow	3,088	-491.24	7,112	-811.12	-1,482
Capital Expenditures	-5,043	-5,819	-6,059	-3,094	-4,051
Sale of Property, Plant & Equipment	8,102	2,086	0.43	1,110	3,057
Cash Acquisitions	-	-36.75	-2.45	-382.77	-
Other Investing Activities	72.86	115.08	298.84	10.32	2.15
Investing Cash Flow	3,131	-3,654	-5,762	-2,357	-991.94
Long-Term Debt Issued	4,831	10,009	5,533	15,969	6,765
Long-Term Debt Repaid	-4,949	-9,662	-10,918	-5,466	-6,405
Net Debt Issued (Repaid)	-118.13	346.67	-5,384	10,503	359.65
Financing Cash Flow	-118.13	346.67	-5,384	10,503	359.65
Foreign Exchange Rate Adjustments	-	37.83	-114.89	-19.8	57.6
Net Cash Flow	6,101	-3,761	-4,149	7,315	-2,057
Free Cash Flow	-1,955	-6,310	1,053	-3,905	-5,534
Free Cash Flow Margin	-3.60%	-10.93%	1.45%	-6.07%	-11.92%
Free Cash Flow Per Share	-144.90	-472.57	78.88	-292.45	-414.43
Cash Interest Paid	-	480.16	443.89	135.21	40.19
Cash Income Tax Paid	-	856.74	670.98	365.82	307.89
Levered Free Cash Flow	3,551	-5,341	1,373	-5,352	-8,719
Unlevered Free Cash Flow	3,938	-5,024	1,650	-5,268	-8,699
Change in Working Capital	2,578	-2,893	3,816	-6,175	-5,182

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