ALEC Holdings 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
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	686.2	362.42	236.25	184.54
Depreciation & Amortization	262.07	156.97	107.95	54.16
Other Amortization	4.18	2.02	0.21	0.58
Loss (Gain) From Sale of Assets	-2.46	-2.71	-2.66	-2.34
Loss (Gain) From Sale of Investments	20.76	20.87	12.58	-1.24
Loss (Gain) on Equity Investments	1.82	0.03	0.18	2.54
Other Operating Activities	154.84	125.99	107.15	9.91
Change in Accounts Receivable	-2,234	-631.77	-1,847	154.66
Change in Inventory	-8.88	3.06	-5.61	-8.23
Change in Accounts Payable	2,459	972	1,592	-82.11
Change in Unearned Revenue	-46.26	133.76	-	-
Change in Other Net Operating Assets	61.09	-62.74	22.15	-4.84
Operating Cash Flow	1,359	1,080	223.6	307.63
Operating Cash Flow Growth	25.81%	382.97%	-27.32%	-
Capital Expenditures	-386.69	-349.55	-219.2	-74.23
Sale of Property, Plant & Equipment	3.49	2.51	10.67	3.84
Cash Acquisitions	-10	-	-11.5	-352.64
Sale (Purchase) of Intangibles	-6.04	-0.07	-	-1.19
Other Investing Activities	21.91	16.14	-	-
Investing Cash Flow	-377.34	-330.98	-220.03	-424.21
Long-Term Debt Issued	2,321	2,066	1,235	514.2
Short-Term Debt Repaid	-	-	-	-0.44
Long-Term Debt Repaid	-2,588	-2,193	-1,137	-100.2
Total Debt Repaid	-2,588	-2,193	-1,137	-100.64
Net Debt Issued (Repaid)	-267.68	-126.37	98.07	413.57
Common Dividends Paid	-265	-242.54	-100	-85
Other Financing Activities	-76.04	-77.49	-81.71	-15
Financing Cash Flow	-608.72	-446.39	-83.63	313.57
Foreign Exchange Rate Adjustments	0.21	0.31	4.29	-0.64
Net Cash Flow	372.73	302.83	-75.79	196.35
Free Cash Flow	971.88	730.34	4.39	233.4
Free Cash Flow Growth	33.07%	16526.48%	-98.12%	-
Free Cash Flow Margin	7.71%	9.01%	0.07%	6.49%
Free Cash Flow Per Share	0.19	0.15	0.00	0.05
Cash Interest Paid	76.04	76.99	81.71	15
Cash Income Tax Paid	23.9	5.33	1.07	15.82
Levered Free Cash Flow	-8.46	492.95	-395.69	-
Unlevered Free Cash Flow	39.07	541.07	-344.62	-
Change in Working Capital	231.17	414.31	-238.07	59.49

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