Managem Balance Sheet

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
Cash & Equivalents	4,390	2,589	2,741	2,496	1,727
Cash & Short-Term Investments	4,390	2,589	2,741	2,496	1,727
Cash Growth	69.57%	-5.53%	9.79%	44.54%	88.14%
Accounts Receivable	2,555	1,686	1,532	1,576	2,227
Other Receivables	2,910	2,360	2,131	1,956	1,444
Receivables	5,465	4,046	3,663	3,532	3,671
Inventory	2,775	2,080	1,824	1,759	1,131
Other Current Assets	2,323	769.5	314.1	105.6	92.4
Total Current Assets	14,953	9,484	8,541	7,893	6,622
Property, Plant & Equipment	16,796	15,114	9,858	7,720	6,951
Long-Term Investments	470.4	434.2	461.4	574.7	456.2
Goodwill	305.4	305.4	305.4	305.4	305.4
Other Intangible Assets	4,730	2,629	2,267	1,271	934.6
Long-Term Deferred Tax Assets	298.1	129.2	65.8	11.7	128.6
Long-Term Deferred Charges	-	1,903	1,631	1,431	1,431
Other Long-Term Assets	82.7	178.9	64.6	34.1	8.9
Total Assets	37,706	30,225	23,242	19,305	16,894
Accounts Payable	2,266	2,661	1,925	1,553	1,328
Short-Term Debt	6,487	5,009	3,008	874.3	532.7
Current Portion of Long-Term Debt	-	19.7	1.8	26.3	9.9
Other Current Liabilities	4,572	2,590	2,680	2,659	2,862
Total Current Liabilities	13,325	10,279	7,614	5,113	4,732
Long-Term Debt	10,459	7,885	6,741	5,314	5,293
Long-Term Leases	85.1	66.2	91.3	126.8	132.7
Pension & Post-Retirement Benefits	292	261	252.7	276	298.3
Long-Term Deferred Tax Liabilities	10.9	12	29.5	72.4	32.2
Other Long-Term Liabilities	1,004	302.7	286.2	195.8	161.1
Total Liabilities	25,176	18,807	15,015	11,097	10,649
Common Stock	1,187	1,187	999.1	999.1	999.1
Additional Paid-In Capital	4,449	4,449	1,657	1,657	1,657
Retained Earnings	3,002	619.8	514.4	1,615	861.5
Comprehensive Income & Other	2,840	4,432	4,394	3,306	2,272
Total Common Equity	11,478	10,688	7,565	7,577	5,789
Minority Interest	1,051	730.9	662.7	631	454.9
Shareholders' Equity	12,530	11,419	8,228	8,208	6,244
Total Liabilities & Equity	37,706	30,225	23,242	19,305	16,894
Total Debt	17,031	12,980	9,842	6,341	5,969
Net Cash (Debt)	-12,641	-10,391	-7,102	-3,845	-4,242
Net Cash Per Share	-1065.78	-875.78	-710.78	-384.81	-424.53
Filing Date Shares Outstanding	11.86	11.86	9.99	9.99	9.99
Total Common Shares Outstanding	11.86	11.86	9.99	9.99	9.99
Working Capital	1,627	-795	927.1	2,780	1,890
Book Value Per Share	967.43	900.81	757.16	758.35	579.44
Tangible Book Value	6,443	7,754	4,992	6,001	4,549
Tangible Book Value Per Share	543.03	653.52	499.66	600.59	455.34
Land	-	37.5	37.5	-	53.3
Buildings	-	9,247	9,463	-	7,464
Machinery	-	8,361	8,273	-	7,949
Construction In Progress	-	8,769	3,447	-	834.6

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