delta holding 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	307.19	295.38	188.93	166.25	172.04
Depreciation & Amortization	121.13	108.05	88.29	157.49	130.94
Loss (Gain) From Sale of Assets	-5.11	-80.69	25.76	-14.08	-22.79
Other Operating Activities	18.89	46.1	29.53	31.1	9.96
Change in Other Net Operating Assets	138.73	17.67	185.07	-468.26	147.06
Operating Cash Flow	580.83	386.52	517.59	-127.5	437.23
Operating Cash Flow Growth	50.27%	-25.32%	-	-	156.64%
Capital Expenditures	-191.85	-100.3	-90.71	-58.28	-79.06
Sale of Property, Plant & Equipment	10.09	120.41	19.47	36.88	64.99
Investing Cash Flow	-181.76	20.11	-71.24	-21.4	-14.08
Long-Term Debt Issued	0.39	0.31	2.96	26.94	29.48
Long-Term Debt Repaid	-29.66	-64.01	-73.48	-65.59	-88.84
Net Debt Issued (Repaid)	-29.28	-63.7	-70.52	-38.65	-59.35
Common Dividends Paid	-197.1	-131.4	-122.64	-113.88	-
Other Financing Activities	-58.52	-21.45	-15.82	-16.98	-20.02
Financing Cash Flow	-284.89	-216.55	-208.97	-169.51	-79.37
Net Cash Flow	114.18	190.08	237.38	-318.4	343.78
Free Cash Flow	388.99	286.22	426.88	-185.78	358.16
Free Cash Flow Growth	35.90%	-32.95%	-	-	753.79%
Free Cash Flow Margin	12.54%	9.10%	13.59%	-6.64%	14.09%
Free Cash Flow Per Share	4.44	3.27	4.87	-2.12	4.09
Levered Free Cash Flow	427.66	295.21	334.34	-153.54	283.27
Unlevered Free Cash Flow	429.7	299.64	345.13	-140.98	297.33
Change in Working Capital	138.73	17.67	185.07	-468.26	147.06

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