Akdital S.A Cash Flow Statement

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

Millions MAD. 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	443.68	314.61	174.69	87.65	43.5
Depreciation & Amortization	16.4	321.78	211.57	100.63	81.08
Other Amortization	5.09	-	-	-	-
Loss (Gain) From Sale of Assets	-19.56	-27.13	-0.64	-12.71	-
Loss (Gain) on Equity Investments	-	2	-0.64	3.4	-
Other Operating Activities	509.68	25.28	24.44	7.8	8.08
Change in Other Net Operating Assets	-803.13	-467.19	-170.04	277.54	32.31
Operating Cash Flow	152.18	169.35	239.38	464.3	164.96
Operating Cash Flow Growth	-10.14%	-29.25%	-48.44%	181.47%	91.38%
Capital Expenditures	-2,218	-2,605	-998.13	-806.11	-598.99
Sale of Property, Plant & Equipment	446.61	385.3	22.33	-	-
Cash Acquisitions	-448.82	-	-19.58	-	-
Divestitures	-	17.94	-	-	-
Sale (Purchase) of Intangibles	-	-	-	-30.85	-13.36
Investment in Securities	-	-	-	79.85	16.53
Investing Cash Flow	-2,221	-2,202	-995.39	-766.46	-595.82
Long-Term Debt Issued	2,261	350.26	572.36	-	94.22
Long-Term Debt Repaid	-	-	-	-46.02	-
Net Debt Issued (Repaid)	2,261	350.26	572.36	-46.02	94.22
Issuance of Common Stock	1.31	974.75	2.68	768.9	-
Common Dividends Paid	-141.59	-84.96	-41.66	-26.94	-5
Other Financing Activities	-339.01	714.89	61.76	-	-
Financing Cash Flow	1,782	1,955	595.13	695.94	89.22
Foreign Exchange Rate Adjustments	-12.33	-	-	-	-
Miscellaneous Cash Flow Adjustments	-279.25	322.52	-	-	-
Net Cash Flow	-578.3	245.25	-160.88	393.79	-341.64
Free Cash Flow	-2,066	-2,435	-758.76	-341.8	-434.03
Free Cash Flow Margin	-46.81%	-82.45%	-39.78%	-33.03%	-56.54%
Levered Free Cash Flow	-2,679	-1,607	-632.22	-455.7	-448.42
Unlevered Free Cash Flow	-2,605	-1,568	-606.97	-437.82	-430.76
Change in Working Capital	-803.13	-467.19	-170.04	277.54	32.31

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