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	3,915	630.38	1,953	2,111	1,783
Depreciation & Amortization	3,104	2,760	2,545	2,586	2,400
Other Adjustments	-5,374	348.81	-96.58	1,167	-135.25
Change in Receivables	1,597	-1,605	2,512	-3,505	-1,783
Changes in Inventories	626.75	650.81	1,620	-5,758	-4,509
Changes in Accounts Payable	354.21	-1,939	-316.25	3,089	1,110
Changes in Income Taxes Payable	-703.2	-856.74	-670.98	-365.82	-307.89
Changes in Other Operating Activities	-432.38	-480.16	-443.89	-135.21	-40.19
Operating Cash Flow	3,088	-491.24	7,112	-811.12	-1,482
Operating Cash Flow Growth	-	-	-	-	-
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	0	-36.75	-2.45	-382.77	0
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 Long-Term 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	-	-	-114.89	-19.8	57.6
Net Cash Flow	6,101	-3,799	-4,034	7,335	-2,115
Free Cash Flow	-1,955	-6,310	1,053	-3,905	-5,534
Free Cash Flow Growth	-	-	-	-	-
FCF Margin	-3.61%	-10.93%	1.45%	-6.07%	-11.92%
Free Cash Flow Per Share	-144.90	-440.46	78.88	-292.45	-414.43
Levered Free Cash Flow	702.99	-5,294	-7,526	8,456	-3,756
Unlevered Free Cash Flow	634.04	-5,535	-1,457	-1,171	-2,847