Bursa de Valori Bucuresti Cash Flow Statement

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

Millions RON. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	19.84	11.86	13.1	24.69	10.63	6.46
Depreciation & Amortization	13.35	12.9	8.04	7.46	5.46	4.99
Asset Writedown & Restructuring Costs	-0.02	-	-0.04	0.36	0.6	-
Loss (Gain) From Sale of Investments	0.44	0.44	0.13	0.16	0.11	-
Stock-Based Compensation	2.52	2.13	2.15	2.15	0.91	0.44
Provision & Write-off of Bad Debts	-0.53	-0.2	0.56	-0.69	0.18	-0.29
Other Operating Activities	-9.61	-11.94	-9.72	-5.44	-4.99	-4.02
Change in Accounts Receivable	-1.8	0.3	-2.48	-1.3	-2.14	4.89
Change in Accounts Payable	14.47	-0.29	1.72	-0.53	1.78	-3.09
Change in Unearned Revenue	0.22	0.09	0.25	0.23	0.25	0.08
Change in Other Net Operating Assets	-0.84	-0.96	-0.53	-0.21	0.15	-0.24
Operating Cash Flow	38.04	14.34	13.16	26.89	12.94	9.2
Operating Cash Flow Growth	345.14%	8.92%	-51.05%	107.88%	40.53%	-22.70%
Capital Expenditures	-14.8	-13.01	-18.41	-12.39	-4.8	-2.17
Sale of Property, Plant & Equipment	-0.05	-	-	-	-	-
Divestitures	-	-	-	-	-	0.01
Investment in Securities	-26.33	-18.81	16.84	-28.48	-7.07	25.07
Other Investing Activities	6.57	7.04	7.32	5.75	4.24	4.76
Investing Cash Flow	-34.61	-24.78	5.75	-35.11	-7.63	27.68
Long-Term Debt Repaid	-	-2.13	-1.29	-1.43	-2.19	-1.92
Net Debt Issued (Repaid)	-2.06	-2.13	-1.29	-1.43	-2.19	-1.92
Repurchase of Common Stock	-	-	-5.34	-	-1.07	-
Common Dividends Paid	-0.11	-0.13	-12.32	-10.24	-7.79	-8.53
Other Financing Activities	9.46	9.43	7.73	2.22	6.31	-0.26
Financing Cash Flow	7.29	7.17	-11.22	-9.45	-4.74	-10.71
Miscellaneous Cash Flow Adjustments	-0	-0	-	0	-0	-
Net Cash Flow	10.71	-3.28	7.69	-17.67	0.56	26.17
Free Cash Flow	23.24	1.33	-5.25	14.5	8.13	7.04
Free Cash Flow Growth	-	-	-	78.34%	15.60%	-13.28%
Free Cash Flow Margin	24.28%	1.58%	-6.68%	17.52%	14.38%	15.24%
Free Cash Flow Per Share	2.65	0.15	-0.63	1.64	0.92	0.80
Cash Interest Paid	0.99	0.99	1.08	1.03	-	-
Cash Income Tax Paid	4.45	4.45	4.19	4.42	2.75	1.45
Levered Free Cash Flow	22.72	3.34	-1.39	10	7.78	-2.83
Unlevered Free Cash Flow	23.37	4.01	-0.63	10.65	7.98	-2.61
Change in Working Capital	12.05	-0.85	-1.05	-1.8	0.04	1.65

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