Mutandis SCA 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	200.48	195.31	165.83	101.69	70.27
Short-Term Investments	59.25	292.53	65.33	21.3	67.28
Cash & Short-Term Investments	259.73	487.84	231.16	122.99	137.55
Cash Growth	-46.76%	111.04%	87.94%	-10.58%	63.09%
Accounts Receivable	257.54	284.65	402.12	472.82	399.04
Other Receivables	118.04	158.72	150.28	135.15	116.56
Receivables	375.58	443.37	552.41	607.97	515.6
Inventory	288.81	378.79	315.71	602.82	292.54
Other Current Assets	1.71	2.06	1.12	2.47	3.05
Total Current Assets	925.83	1,312	1,100	1,336	948.73
Property, Plant & Equipment	936.53	859.54	761.31	653.17	489.81
Long-Term Investments	382.09	341.42	218.14	123.72	123.72
Goodwill	495.5	498.08	495.5	419.16	410.58
Other Intangible Assets	501.49	525.89	506.83	439.13	412.7
Long-Term Deferred Tax Assets	1.57	6.28	6.15	6.49	0
Long-Term Deferred Charges	-	0.05	-	0.92	-
Other Long-Term Assets	139.88	159.47	340.83	155.94	130.87
Total Assets	3,383	3,703	3,429	3,135	2,516
Accounts Payable	340.58	364.61	401.43	654.98	475.51
Accrued Expenses	67.84	62.12	69.6	-	56.13
Short-Term Debt	222.43	317.26	258.69	292.74	85.56
Current Portion of Long-Term Debt	94.71	55.05	306.04	250.35	494.01
Other Current Liabilities	99.37	143.2	122.07	171.46	61.4
Total Current Liabilities	824.92	942.24	1,158	1,370	1,173
Long-Term Debt	931.82	1,111	805.52	394.2	330.71
Long-Term Deferred Tax Liabilities	72.37	80.71	57.44	38.15	34
Other Long-Term Liabilities	-0	-0	0	-0	0
Total Liabilities	1,829	2,134	2,021	1,802	1,537
Common Stock	924.67	924.67	924.67	924.67	799.67
Retained Earnings	126.16	159.41	93.02	99.52	59.94
Comprehensive Income & Other	500.55	478.76	385.71	304.17	114.9
Total Common Equity	1,551	1,563	1,403	1,328	974.51
Minority Interest	2.39	5.73	4.95	4.51	4.58
Shareholders' Equity	1,554	1,569	1,408	1,333	979.1
Total Liabilities & Equity	3,383	3,703	3,429	3,135	2,516
Total Debt	1,249	1,484	1,370	937.29	910.28
Net Cash (Debt)	-989.22	-995.73	-1,139	-814.3	-772.74
Net Cash Per Share	-106.98	-107.68	-123.20	-88.04	-
Filing Date Shares Outstanding	9.25	9.25	9.25	9.25	-
Total Common Shares Outstanding	9.25	9.25	9.25	9.25	-
Working Capital	100.91	369.82	-57.44	-33.28	-223.87
Book Value Per Share	167.78	169.02	151.77	143.66	-
Tangible Book Value	554.4	538.88	401.08	470.09	151.24
Tangible Book Value Per Share	59.96	58.28	43.37	50.84	-
Land	-	63.52	-	76.38	-
Buildings	-	292.73	-	177.75	-
Machinery	-	899.85	-	1,030	-
Construction In Progress	-	240.6	-	209.22	-

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