Akdital S.A Cash Flow Statement

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

Millions MAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	2018 - 2019
Period Ending	Jun '25 Jun 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	2018 - 2019
Net Income	395.81	314.61	174.69	87.65	43.5	25.76	Upgrade
Depreciation & Amortization	369.2	292.83	211.57	100.63	81.08	60.46	Upgrade
Other Amortization	31.84	23.26	-	-	-	-	Upgrade
Loss (Gain) From Sale of Assets	-23.02	-27.13	-0.64	-12.71	-	0.14	Upgrade
Loss (Gain) on Equity Investments	-	2	-0.64	3.4	-	-	Upgrade
Other Operating Activities	49.08	30.98	24.44	7.8	8.08	4.59	Upgrade
Change in Other Net Operating Assets	-487.82	-467.19	-170.04	277.54	32.31	-4.77	Upgrade
Operating Cash Flow	335.09	169.35	239.38	464.3	164.96	86.19	Upgrade
Operating Cash Flow Growth	21.17%	-29.25%	-48.44%	181.47%	91.38%	-	Upgrade
Capital Expenditures	-2,320	-2,605	-998.13	-806.11	-598.99	-156.55	Upgrade
Sale of Property, Plant & Equipment	420.07	385.3	22.33	-	-	0.12	Upgrade
Cash Acquisitions	-437.4	-	-19.58	-	-	-	Upgrade
Divestitures	17.94	17.94	-	-	-	-	Upgrade
Sale (Purchase) of Intangibles	-	-	-	-30.85	-13.36	-19.65	Upgrade
Investment in Securities	-	-	-	79.85	16.53	-10.93	Upgrade
Investing Cash Flow	-2,320	-2,202	-995.39	-766.46	-595.82	-191.52	Upgrade
Long-Term Debt Issued	-	350.26	572.36	-	94.22	-	Upgrade
Long-Term Debt Repaid	-	-	-	-46.02	-	-10.79	Upgrade
Net Debt Issued (Repaid)	298.6	350.26	572.36	-46.02	94.22	-10.79	Upgrade
Issuance of Common Stock	974.71	974.75	2.68	768.9	-	307.53	Upgrade
Common Dividends Paid	-141.59	-84.96	-41.66	-26.94	-5	-	Upgrade
Other Financing Activities	493.72	714.89	61.76	-	-	-	Upgrade
Financing Cash Flow	1,625	1,955	595.13	695.94	89.22	296.74	Upgrade
Miscellaneous Cash Flow Adjustments	534.52	322.52	-	-	-	-0	Upgrade
Net Cash Flow	175.16	245.25	-160.88	393.79	-341.64	191.4	Upgrade
Free Cash Flow	-1,985	-2,435	-758.76	-341.8	-434.03	-70.36	Upgrade
Free Cash Flow Margin	-52.26%	-82.45%	-39.78%	-33.03%	-56.54%	-13.87%	Upgrade
Levered Free Cash Flow	-1,537	-1,488	-795.15	-382.6	-271.92	-79.97	Upgrade
Unlevered Free Cash Flow	-1,483	-1,449	-769.9	-364.72	-254.27	-67.23	Upgrade
Change in Working Capital	-487.82	-467.19	-170.04	277.54	32.31	-4.77	Upgrade

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.