DFM:MAZAYA Cash Flow Statement

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

Millions KWD. 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	1.73	1.22	-26.51	-12.99	0.47
Depreciation & Amortization	0.04	0.05	0.34	0.31	0.15
Other Amortization	1.47	1.58	1.48	0.99	0.6
Gain (Loss) on Sale of Assets	-0.78	-2.07	17.5	-0.2	-0.04
Gain (Loss) on Sale of Investments	-0.03	-0.13	0.03	0.08	0.04
Asset Writedown	1.1	-0.15	5.99	12.18	1.58
Income (Loss) on Equity Investments	0.12	0.27	-0	-0.03	-
Change in Accounts Receivable	-0.29	-0.46	0.78	5.77	3.01
Change in Accounts Payable	-1.1	0.77	-0.24	-1.72	-1.62
Change in Other Net Operating Assets	0.03	-0.66	0.88	0.52	-0.41
Other Operating Activities	3.17	4.47	29.43	6.28	4.7
Net Cash from Discontinued Operations	-	-	-22.59	-1.92	0.36
Operating Cash Flow	6.28	6.5	7.75	11.53	7.58
Operating Cash Flow Growth	-3.29%	-16.15%	-32.77%	52.03%	-25.70%
Acquisition of Real Estate Assets	-0.2	-0.23	-0.99	-1.18	-0.84
Sale of Real Estate Assets	5.36	13.65	32.16	1.88	1.01
Net Sale / Acq. of Real Estate Assets	5.16	13.42	31.17	0.71	0.17
Cash Acquisition	-	-	-	-	-0.02
Investment in Marketable & Equity Securities	1.52	-1.54	0.23	-	-
Other Investing Activities	0.58	5.66	-6.19	0.14	0.01
Investing Cash Flow	7.27	17.54	29.23	1.46	0.72
Long-Term Debt Repaid	-11.26	-15.38	-32.97	-8.72	-3.3
Net Debt Issued (Repaid)	-11.26	-15.38	-32.97	-8.72	-3.3
Repurchase of Common Stock	-1.36	-1.74	-1.66	-	-
Common Dividends Paid	-0	-0.03	-0.01	-0	-0
Other Financing Activities	-3.12	-4.11	-5.42	-4.15	-4.73
Foreign Exchange Rate Adjustments	0.01	-0.39	-0.28	-0.41	-0.49
Miscellaneous Cash Flow Adjustments	-	-0.14	0.64	-0.34	0.24
Net Cash Flow	-2.18	2.26	-2.72	-0.64	0.02
Cash Interest Paid	3.12	4.11	5.42	4.15	4.73
Levered Free Cash Flow	2.11	-0.44	9.82	15.46	-12.07
Unlevered Free Cash Flow	3.37	1.32	13.05	18.01	-9.73
Change in Working Capital	-0.96	0.42	1.79	6.52	1.49

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