Label Vie 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	578.79	541.81	507.67	748.35	407.24
Depreciation & Amortization	718.41	610.73	532.34	-	-
Other Operating Activities	56.45	-97.6	-24.29	185.49	421.99
Change in Accounts Receivable	-948.7	-247.89	-67.55	-225.15	191.39
Change in Inventory	-1,086	-732.97	-281.69	-493.36	-218.7
Change in Accounts Payable	-	676.84	233.93	-	-
Change in Other Net Operating Assets	944.36	-	-	673.46	424.07
Operating Cash Flow	263.45	750.92	900.42	888.8	1,226
Operating Cash Flow Growth	-64.92%	-16.60%	1.31%	-27.50%	302.53%
Capital Expenditures	-1,796	-1,476	-1,212	-1,145	-1,431
Sale of Property, Plant & Equipment	31.41	514.2	133.51	1,269	2.78
Investment in Securities	533.89	167.1	-138.5	-1,152	-5.35
Investing Cash Flow	-1,231	-794.28	-1,217	-1,027	-1,434
Long-Term Debt Issued	2,060	1,859	1,455	613.2	1,267
Long-Term Debt Repaid	-1,392	-989.04	-433.98	-308.26	-760.37
Net Debt Issued (Repaid)	667.75	870.26	1,021	304.94	507.08
Common Dividends Paid	-333	-280	-250	-400	-170
Other Financing Activities	1.58	2.64	5.87	180.5	-11.77
Financing Cash Flow	336.34	592.9	776.59	85.44	325.31
Net Cash Flow	-630.93	549.54	460.4	-53.08	117.31
Free Cash Flow	-1,533	-724.66	-311.2	-255.82	-205.43
Free Cash Flow Margin	-8.27%	-4.41%	-1.97%	-1.83%	-1.75%
Free Cash Flow Per Share	-529.58	-352.35	-110.95	-90.06	-74.13
Cash Interest Paid	-	227.64	200.1	130.21	136.62
Cash Income Tax Paid	237.83	260.02	222.82	203.14	165.41
Levered Free Cash Flow	-1,100	-899.52	-489.6	-791.88	-799.61
Unlevered Free Cash Flow	-932.77	-757.25	-364.54	-710.5	-714.22
Change in Working Capital	-1,090	-304.02	-115.3	-45.05	396.76

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