DFM:GULFNAV 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 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	34.33	13.74	33.31	80.47	80.46
Depreciation & Amortization	63.99	51.81	46.78	50.24	29.3
Provision & Write-off of Bad Debts	14.27	12.54	-11.62	-	-
Other Operating Activities	92.25	94.07	105.19	-2.03	-5.88
Change in Accounts Receivable	-69.79	-41.58	-5.78	-5.68	-14.56
Change in Inventory	-0.71	-0.16	0.21	-0.24	0.26
Change in Accounts Payable	-43.24	-37.34	-2.33	24.99	1.71
Change in Unearned Revenue	-12.76	-3.59	6.13	-	-
Change in Other Net Operating Assets	-0.61	-0.04	-0.26	-0.67	2.9
Operating Cash Flow	77.72	89.45	171.63	147.08	94.19
Operating Cash Flow Growth	-46.67%	-47.88%	16.69%	56.16%	-
Capital Expenditures	-70.4	-58.27	-20.33	-8.41	-218.19
Cash Acquisitions	520.78	520.78	-	-	-
Other Investing Activities	31.26	55.91	1.09	-58.36	103.6
Investing Cash Flow	481.64	518.42	-19.24	-66.77	-114.59
Long-Term Debt Issued	-	583.57	-	-	-
Long-Term Debt Repaid	-	-595.37	-73.28	-53.4	-25.17
Net Debt Issued (Repaid)	-31.68	-11.81	-73.28	-53.4	-25.17
Common Dividends Paid	-460	-460	-	-	-
Other Financing Activities	-87.94	-92.75	-58.07	-30.66	-26.19
Financing Cash Flow	-579.62	-564.56	-131.35	-84.05	-51.36
Net Cash Flow	-20.26	43.31	21.04	-3.75	-71.76
Free Cash Flow	7.33	31.18	151.3	138.67	-124
Free Cash Flow Growth	-95.26%	-79.39%	9.11%	-	-
Free Cash Flow Margin	2.09%	10.14%	53.86%	46.30%	-80.84%
Free Cash Flow Per Share	-	0.01	-	-	-
Cash Interest Paid	51.83	60.13	50.98	-	-
Levered Free Cash Flow	-	-291.01	-	103.29	-
Unlevered Free Cash Flow	-	-237.02	-	160.89	-
Change in Working Capital	-127.11	-82.7	-2.03	18.4	-9.69