TAQA Morocco 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	980.72	1,053	1,037	1,303	1,005
Depreciation & Amortization	812.77	825.15	842.45	798.03	807.9
Change in Other Net Operating Assets	-211.99	-809.81	518.55	-358.85	-92.32
Other Operating Activities	231.29	335.94	228.08	519.38	234.25
Operating Cash Flow	1,813	1,404	2,626	2,261	1,955
Operating Cash Flow Growth	29.11%	-46.54%	16.15%	15.69%	-13.59%
Capital Expenditures	-165.39	-292.37	-328.39	-242.13	-213.41
Sale of Property, Plant & Equipment	-	-	0.02	0.03	0.59
Cash Acquisitions	0.42	-	-	-	-
Investment in Securities	-99.7	-	-	-	-
Other Investing Activities	-	-	0	-	-
Investing Cash Flow	-264.67	-292.37	-328.37	-242.11	-212.83
Long-Term Debt Issued	-	-	6,600	-	-
Long-Term Debt Repaid	-663.42	-678.2	-4,416	-1,018	-1,032
Net Debt Issued (Repaid)	-663.42	-678.2	2,184	-1,018	-1,032
Common Dividends Paid	-1,186	-1,098	-1,773	-1,030	-1,011
Financing Cash Flow	-1,849	-1,776	411.88	-2,048	-2,042
Miscellaneous Cash Flow Adjustments	-0	-	-	-	0
Net Cash Flow	-300.88	-664.07	2,710	-28.4	-300.62
Free Cash Flow	1,647	1,112	2,298	2,019	1,741
Free Cash Flow Growth	48.19%	-51.62%	13.81%	15.96%	365.47%
Free Cash Flow Margin	15.49%	10.22%	17.42%	14.84%	22.29%
Free Cash Flow Per Share	69.85	47.13	97.43	85.60	73.82
Levered Free Cash Flow	1,639	1,005	1,550	2,731	1,676
Unlevered Free Cash Flow	1,945	1,340	1,771	3,025	1,987
Change in Working Capital	-211.99	-809.81	518.55	-358.85	-92.32

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