Emaar Development PJSC Cash Flow Statement

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

Millions AED. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	12,321	11,316	7,633	6,629	3,808	3,244
Depreciation & Amortization	14.24	13.68	8.46	12.52	9.63	12.4
Loss (Gain) on Equity Investments	-1,073	-716.85	-194.17	-123.61	-174.37	-234.88
Other Operating Activities	3,048	2,861	1,785	1,346	408.36	1,131
Change in Accounts Receivable	3,278	4,111	731.49	3,591	-600.22	-4,839
Change in Inventory	-5,110	-4,380	-4,053	-1,616	321.61	3,290
Change in Accounts Payable	3,456	2,993	-95.06	-3,344	-422.68	706.91
Change in Unearned Revenue	7,575	6,324	6,494	3,089	5,162	1,732
Change in Other Net Operating Assets	-3,359	-1,473	-1,358	180.59	103.32	-845.32
Operating Cash Flow	20,148	21,050	10,951	9,765	8,616	4,197
Operating Cash Flow Growth	17.34%	92.21%	12.15%	13.33%	105.28%	879.91%
Capital Expenditures	-10.63	-7.52	-5	-6.14	-0.35	-0.24
Sale (Purchase) of Real Estate	-	-	-0.6	-	-	-
Investment in Securities	-2,021	-1,505	-	-	-	-
Other Investing Activities	1,448	1,311	990.08	1,178	232.07	52.61
Investing Cash Flow	-583.24	-201.62	984.48	1,172	231.72	52.36
Short-Term Debt Issued	-	1,750	8,446	5,256	-	-
Long-Term Debt Issued	-	-	-	850.09	4,557	600
Total Debt Issued	1,750	1,750	8,446	6,106	4,557	600
Short-Term Debt Repaid	-	-1,750	-10,356	-5,931	-	-
Long-Term Debt Repaid	-	-	-	-1,700	-6,880	-1,096
Total Debt Repaid	-1,750	-1,750	-10,356	-7,631	-6,880	-1,096
Net Debt Issued (Repaid)	-	-	-1,910	-1,525	-2,324	-495.86
Common Dividends Paid	-2,720	-2,720	-2,082	-2,081	-	-
Other Financing Activities	-1,898	-1,893	-2,796	-230.2	-809.25	-1,456
Financing Cash Flow	-4,618	-4,613	-6,788	-3,836	-3,133	-1,952
Net Cash Flow	14,947	16,235	5,148	7,101	5,715	2,297
Free Cash Flow	20,138	21,042	10,946	9,759	8,616	4,197
Free Cash Flow Growth	17.31%	92.23%	12.16%	13.27%	105.28%	881.34%
Free Cash Flow Margin	68.69%	76.56%	57.17%	81.86%	74.66%	26.90%
Free Cash Flow Per Share	5.03	5.26	2.74	2.44	2.15	1.05
Cash Interest Paid	94.53	89.57	335.71	226.3	200.35	139.56
Cash Income Tax Paid	143.2	143.2	-	-	-	-
Levered Free Cash Flow	4,826	6,470	-2,525	3,276	3,060	5,188
Unlevered Free Cash Flow	4,835	6,480	-2,373	3,351	3,169	5,247
Change in Working Capital	5,839	7,576	1,719	1,901	4,564	44.46

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