BUL:BSE Cash Flow Statement

Financials in millions BGN. Fiscal year is January - December.

Millions BGN. 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	16.2	16.9	12.52	4.53	6.61
Depreciation & Amortization	0.7	0.7	0.7	0.69	0.61
Other Amortization	0.14	0.12	0.12	0.1	0.11
Other Operating Activities	-179.74	274.57	62.67	-53.15	136.17
Operating Cash Flow	-162.7	292.29	76.01	-47.82	143.49
Operating Cash Flow Growth	-	284.53%	-	-	113.30%
Capital Expenditures	-0.27	-12.51	-0.08	-0.26	-0.67
Sale of Property, Plant & Equipment	-	-	-	0.03	0.04
Sale (Purchase) of Intangibles	-	-0.12	-0.16	-0.08	-0.02
Investment in Securities	217.7	-321.03	-196.38	0.55	-9.98
Other Investing Activities	6.89	10.78	3.91	-0.31	0.07
Investing Cash Flow	224.33	-322.88	-192.7	-0.07	-10.55
Long-Term Debt Repaid	-	-0.11	-0.1	-0.03	-0.08
Net Debt Issued (Repaid)	-	-0.11	-0.1	-0.03	-0.08
Issuance of Common Stock	2.17	0.3	-	-	0.41
Repurchase of Common Stock	-	-	-	-	-0.85
Common Dividends Paid	-21.08	-1.81	-6.25	-2.91	-4
Other Financing Activities	-0.13	-0.12	-0.07	-0.12	0.21
Financing Cash Flow	-19.03	-1.74	-6.42	-3.07	-4.31
Miscellaneous Cash Flow Adjustments	-0.01	-0.01	-0.01	-0.04	-0.1
Net Cash Flow	42.59	-32.33	-123.12	-51	128.53
Free Cash Flow	-162.97	279.78	75.93	-48.08	142.82
Free Cash Flow Growth	-	268.47%	-	-	113.01%
Free Cash Flow Margin	-730.74%	1460.68%	427.48%	-278.02%	891.29%
Free Cash Flow Per Share	-12.38	21.67	5.89	-4.98	14.68
Cash Income Tax Paid	1.89	1.91	1.38	0.96	1.05
Levered Free Cash Flow	54.22	-42.22	-124.27	-49.14	141.45
Unlevered Free Cash Flow	54.22	-42.21	-124.27	-49.14	141.46

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.