BUD:SUNDELL 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	3,521	548.21	2,946	3,612	4,088
Depreciation & Amortization	6.95	4.45	3.33	1.91	0.54
Asset Writedown & Restructuring Costs	-1,783	-1,683	-1,179	-2,158	-2,111
Loss (Gain) From Sale of Investments	-353.27	-	-	-	-
Other Operating Activities	1,260	1,168	792.42	-245.8	-1,632
Change in Accounts Receivable	42.93	1,213	-1,058	-1,252	308.24
Change in Inventory	-1,947	-191.47	7,426	5,119	-1,627
Change in Accounts Payable	567.11	-23.31	-148.02	469.17	-98.13
Change in Unearned Revenue	18,486	7,137	-3,233	-2,669	3,212
Change in Other Net Operating Assets	-4,255	-1,769	-1,325	-116.8	-3,174
Operating Cash Flow	15,545	6,404	4,225	2,761	-1,034
Operating Cash Flow Growth	142.76%	51.58%	52.99%	-	-
Capital Expenditures	-10,449	-3,089	-2,382	-14,040	-834.82
Sale of Property, Plant & Equipment	-	-	1,833	28.53	-
Cash Acquisitions	-	-	-	-	-302.45
Investing Cash Flow	-10,449	-3,089	-549.18	-14,011	-1,137
Long-Term Debt Issued	3.5	2,927	2,005	468.76	5,593
Long-Term Debt Repaid	-3,685	-444.5	-1,560	-245	-530
Net Debt Issued (Repaid)	-3,682	2,483	444.5	223.76	5,063
Issuance of Common Stock	-	-	-	12,236	-
Repurchase of Common Stock	-	-	-	-	-2,581
Common Dividends Paid	-1,790	-3,222	-3,600	-2,629	-
Other Financing Activities	-589.78	-589.4	-609.67	-562.29	-
Financing Cash Flow	-6,062	-1,329	-3,765	9,269	2,481
Foreign Exchange Rate Adjustments	-0.74	-	7.89	-	-
Net Cash Flow	-965.65	1,986	-81.82	-1,981	310.41
Free Cash Flow	5,097	3,315	1,843	-11,278	-1,869
Free Cash Flow Growth	53.74%	79.91%	-	-	-
Free Cash Flow Margin	31.33%	33.72%	8.85%	-71.65%	-22.01%
Free Cash Flow Per Share	3559.11	2314.96	1286.70	-8226.56	-1563.68
Cash Interest Paid	589.78	589.4	609.67	562.29	-
Cash Income Tax Paid	213.99	14.71	7.03	0.01	0.12
Levered Free Cash Flow	-18,503	278.98	-8,832	-8,603	-12,474
Unlevered Free Cash Flow	-18,302	416.99	-8,642	-8,599	-12,468
Change in Working Capital	12,894	6,366	1,662	1,551	-1,379

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