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
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
Net Income	395.81	314.61	174.69	87.65	43.5	25.76
Depreciation & Amortization	369.2	292.83	211.57	100.63	81.08	60.46
Other Amortization	31.84	23.26	-	-	-	-
Loss (Gain) From Sale of Assets	-23.02	-27.13	-0.64	-12.71	-	0.14
Loss (Gain) on Equity Investments	-	2	-0.64	3.4	-	-
Other Operating Activities	49.08	30.98	24.44	7.8	8.08	4.59
Change in Other Net Operating Assets	-487.82	-467.19	-170.04	277.54	32.31	-4.77
Operating Cash Flow	335.09	169.35	239.38	464.3	164.96	86.19
Operating Cash Flow Growth	21.17%	-29.25%	-48.44%	181.47%	91.38%	-
Capital Expenditures	-2,320	-2,605	-998.13	-806.11	-598.99	-156.55
Sale of Property, Plant & Equipment	420.07	385.3	22.33	-	-	0.12
Cash Acquisitions	-437.4	-	-19.58	-	-	-
Divestitures	17.94	17.94	-	-	-	-
Sale (Purchase) of Intangibles	-	-	-	-30.85	-13.36	-19.65
Investment in Securities	-	-	-	79.85	16.53	-10.93
Investing Cash Flow	-2,320	-2,202	-995.39	-766.46	-595.82	-191.52
Long-Term Debt Issued	-	350.26	572.36	-	94.22	-
Long-Term Debt Repaid	-	-	-	-46.02	-	-10.79
Net Debt Issued (Repaid)	298.6	350.26	572.36	-46.02	94.22	-10.79
Issuance of Common Stock	974.71	974.75	2.68	768.9	-	307.53
Common Dividends Paid	-141.59	-84.96	-41.66	-26.94	-5	-
Other Financing Activities	493.72	714.89	61.76	-	-	-
Financing Cash Flow	1,625	1,955	595.13	695.94	89.22	296.74
Miscellaneous Cash Flow Adjustments	534.52	322.52	-	-	-	-0
Net Cash Flow	175.16	245.25	-160.88	393.79	-341.64	191.4
Free Cash Flow	-1,985	-2,435	-758.76	-341.8	-434.03	-70.36
Free Cash Flow Margin	-52.26%	-82.45%	-39.78%	-33.03%	-56.54%	-13.87%
Levered Free Cash Flow	-1,653	-1,613	-632.22	-455.7	-448.42	-96.81
Unlevered Free Cash Flow	-1,599	-1,573	-606.97	-437.82	-430.76	-84.07
Change in Working Capital	-487.82	-467.19	-170.04	277.54	32.31	-4.77

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