Aquila Part Prod Com Cash Flow Statement

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

Millions RON. 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	49.91	90.12	96.92	85.22	70.74
Depreciation & Amortization	76.59	60.62	47.9	50.2	50.46
Loss (Gain) From Sale of Assets	0.26	-2.68	-3.15	-1.81	-1.04
Provision & Write-off of Bad Debts	5.23	8.85	25.57	19.78	-2.69
Other Operating Activities	10.01	-13.11	-20.01	-3.85	0.05
Change in Accounts Receivable	-58.28	-67.18	-49.29	-31.61	18.79
Change in Inventory	-110.87	-80.05	-13.54	-24.78	-2.53
Change in Accounts Payable	71.18	52.88	35.59	-26.98	-10.52
Change in Unearned Revenue	17.38	0.01	0.34	-0.1	-0.64
Change in Other Net Operating Assets	-23.29	23.83	-20.1	2.86	-17.11
Operating Cash Flow	38.12	73.28	100.22	68.94	105.52
Operating Cash Flow Growth	-47.98%	-26.88%	45.38%	-34.67%	24.58%
Capital Expenditures	-14.51	-18.66	-11.6	-14.96	-9.01
Sale of Property, Plant & Equipment	2.95	4.28	4.82	2.19	2.01
Cash Acquisitions	-64.29	-61.59	-2.5	-	-19.48
Sale (Purchase) of Intangibles	-8.25	-	-	-	-
Sale (Purchase) of Real Estate	-	-5.25	-	-	-
Investment in Securities	37	148	-25	35	-195
Other Investing Activities	11.52	-0.82	16.37	13.91	8.49
Investing Cash Flow	-35.58	65.96	-17.92	36.14	-213
Short-Term Debt Issued	106.78	6.87	9.88	-	-
Long-Term Debt Issued	51.5	4.49	-	-	-
Total Debt Issued	158.28	11.36	9.88	-	-
Short-Term Debt Repaid	-10.33	-9.9	-	-	-162.96
Long-Term Debt Repaid	-79.85	-47.2	-41.81	-45	-45.51
Total Debt Repaid	-90.18	-57.1	-41.81	-45	-208.47
Net Debt Issued (Repaid)	68.1	-45.74	-31.92	-45	-208.47
Issuance of Common Stock	-	-	-	-	354.16
Common Dividends Paid	-59.82	-84.93	-48.88	-84.55	-21.4
Other Financing Activities	-	0	-	-	-
Financing Cash Flow	8.27	-130.67	-80.8	-129.55	124.3
Net Cash Flow	10.81	8.57	1.5	-24.47	16.82
Free Cash Flow	23.61	54.62	88.62	53.98	96.51
Free Cash Flow Growth	-56.77%	-38.36%	64.17%	-44.07%	28.16%
Free Cash Flow Margin	0.68%	1.85%	3.53%	2.44%	5.00%
Free Cash Flow Per Share	0.02	0.05	0.07	0.04	0.09
Cash Interest Paid	18.43	12.27	6.71	2.77	5.79
Cash Income Tax Paid	29.71	26.47	23.04	12.69	9.82
Levered Free Cash Flow	6.15	11.49	51.22	23.66	84.09
Unlevered Free Cash Flow	17.67	19.16	55.42	25.39	87.71
Change in Working Capital	-103.88	-70.52	-47.01	-80.61	-12

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