Salafin 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	-	93.15	90.58	85.75	84.73
Depreciation & Amortization	-	10.87	11.98	12.55	12.04
Change in Other Net Operating Assets	88.01	-794.47	-563.56	-393.92	-259.83
Other Operating Activities	148.33	454.74	505.42	514.43	527.94
Operating Cash Flow	236.33	-235.71	44.42	218.81	364.88
Operating Cash Flow Growth	-	-	-79.70%	-40.03%	92.65%
Capital Expenditures	-4.05	-3.68	-5.54	-8.43	-6.66
Other Investing Activities	1.7	2	2.72	2.59	2.41
Investing Cash Flow	-2.34	-1.68	-2.82	-5.85	-4.25
Common Dividends Paid	-92.16	-89.04	-84.35	-162.45	-162.29
Financing Cash Flow	-92.16	-89.04	-84.35	-162.45	-162.29
Net Cash Flow	141.83	-326.43	-42.75	50.51	198.33
Free Cash Flow	232.29	-239.39	38.88	210.38	358.22
Free Cash Flow Growth	-	-	-81.52%	-41.27%	95.90%
Free Cash Flow Margin	33.68%	-35.33%	5.46%	29.59%	49.94%
Free Cash Flow Per Share	-	-77.10	12.45	66.24	114.15
Cash Income Tax Paid	-	63	58.73	53.82	52.23

Updated Jun 30, 2025. Source: S&P Global Market Intelligence. Financial Services template. Financial Sources.