Air Arabia PJSC Cash Flow Statement

Financials in millions AED. Fiscal year is January - December.

Millions AED. 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	1,628	1,467	1,547	1,222	719.93
Depreciation & Amortization	616.82	643.53	641.65	627.62	614.04
Other Amortization	4.98	5.06	5.68	6.34	6.45
Loss (Gain) From Sale of Assets	-	-	-	-43.03	-
Loss (Gain) From Sale of Investments	-	-	-	-9.84	-
Loss (Gain) on Equity Investments	-189.98	-124.75	-88.12	-36.23	-89.7
Provision & Write-off of Bad Debts	0.47	1.64	47.82	47.34	27.26
Other Operating Activities	-29.6	6.38	-71.75	51.97	88.13
Change in Accounts Receivable	-132.74	12.58	-27.66	-94.87	515.02
Change in Inventory	-43.59	-4.74	-15.97	-9.24	2.06
Change in Accounts Payable	578.89	40.76	255.61	404.38	-125.28
Change in Unearned Revenue	264.68	311.95	9.73	21.54	190.73
Change in Other Net Operating Assets	161.99	-80.7	-	-	-
Operating Cash Flow	2,860	2,279	2,304	2,188	1,949
Operating Cash Flow Growth	25.53%	-1.10%	5.32%	12.27%	148.14%
Capital Expenditures	-2,328	-579.65	-378.04	-256.03	-52.46
Sale (Purchase) of Intangibles	-18.28	-9.35	-11.35	-9.43	-10.37
Sale (Purchase) of Real Estate	-32.36	-79.33	-16.4	-	-
Investment in Securities	444.76	-834.41	-504.36	-1,026	-246.18
Other Investing Activities	317.59	355.69	216.67	118.32	41.64
Investing Cash Flow	-1,462	-1,109	-644.67	-1,173	-267.36
Short-Term Debt Issued	-	-	-	101.85	-
Long-Term Debt Issued	849.57	-	-	-	-
Total Debt Issued	849.57	-	-	101.85	-
Short-Term Debt Repaid	-	-	-13.79	-	-514.31
Long-Term Debt Repaid	-641.74	-716.42	-723.05	-740.04	-627.33
Total Debt Repaid	-641.74	-716.42	-736.84	-740.04	-1,142
Net Debt Issued (Repaid)	207.84	-716.42	-736.84	-638.19	-1,142
Common Dividends Paid	-1,167	-933.34	-700.01	-396.67	-
Other Financing Activities	-66.67	-82.09	-10.47	-78.13	-106.76
Financing Cash Flow	-1,026	-1,732	-1,447	-1,113	-1,248
Net Cash Flow	372.46	-562.08	212.12	-98.58	432.87
Free Cash Flow	532.8	1,699	1,926	1,932	1,896
Free Cash Flow Growth	-68.64%	-11.79%	-0.29%	1.88%	150.69%
Free Cash Flow Margin	6.84%	25.11%	32.10%	36.85%	59.74%
Free Cash Flow Per Share	0.11	0.36	0.41	0.41	0.41
Cash Interest Paid	66.67	82.09	10.47	78.13	106.76
Cash Income Tax Paid	130.5	-	-	-	-
Levered Free Cash Flow	293.1	994.36	1,383	1,350	1,159
Unlevered Free Cash Flow	334.77	1,046	1,447	1,422	1,245
Change in Working Capital	829.24	279.84	221.7	321.81	582.53

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