DFM:WATANIA 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	31.43	34.36	9.77	13.28	-53.13	21.58
Depreciation & Amortization	7.04	7.09	8.76	11.02	14.6	9.01
Other Amortization	2.7	2.7	2.78	3.42	4.19	4.16
Gain (Loss) on Sale of Investments	-4.02	-8.72	-8.51	-12.97	-1.52	-3.25
Change in Accounts Receivable	83.14	11.29	-15.47	-10.27	18.75	-30.76
Reinsurance Recoverable	53.28	79.04	-196.09	51.8	-3.37	-34.44
Change in Accounts Payable	-41.33	-	-	-13.61	-0.36	-
Change in Unearned Revenue	-	-	-	-	-	3.44
Change in Insurance Reserves / Liabilities	-48.46	-48.46	173.73	-93.69	21.28	26.58
Change in Other Net Operating Assets	-	-	-	-	-	-22.67
Other Operating Activities	-19.63	-19.94	-20.82	-14.71	-7.33	0.54
Operating Cash Flow	62.3	55.96	-52.64	-63.63	4.06	-39.83
Capital Expenditures	-0.63	-0.89	-3.03	-7.66	-1.51	-3.45
Sale of Property, Plant & Equipment	-	-	0.08	5.45	0.21	-
Purchase / Sale of Intangible Assets	-0.18	-0.21	-2.66	-0.14	-0.09	-0.04
Cash Acquisitions	-	-	-	-	48.29	-
Investment in Securities	-21.88	-118.63	116.05	52.18	30.63	69.17
Other Investing Activities	36.57	27.13	24.5	11.15	7.58	-0.57
Investing Cash Flow	13.88	-92.6	134.94	60.97	85.1	65.11
Long-Term Debt Issued	-	51.13	-	-	-	-
Total Debt Repaid	-1.68	-1.95	-27.59	-22.04	-18.55	-108.96
Net Debt Issued (Repaid)	-1.68	49.17	-27.59	-22.04	-18.55	-108.96
Issuance of Common Stock	1.93	-	-	-	-	-
Repurchases of Common Stock	-1.6	-1.6	-5.27	-	-	-
Common Dividends Paid	-	-	-	-	-	-13.8
Other Financing Activities	-6.16	-5.93	-4.68	-	-1.4	-0.98
Financing Cash Flow	-7.52	41.64	-37.54	-22.04	-19.95	-123.74
Net Cash Flow	68.67	5	44.76	-24.71	69.22	-98.47
Free Cash Flow	61.67	55.07	-55.67	-71.29	2.55	-43.28
Free Cash Flow Margin	80.06%	67.56%	-120.85%	-7.22%	0.31%	-8.69%
Free Cash Flow Per Share	0.24	0.21	-0.21	-0.27	0.01	-0.29
Cash Interest Paid	5.93	5.93	4.68	6.07	4.22	5.16
Cash Income Tax Paid	0.08	0.08	-	-	-	-
Levered Free Cash Flow	-59.37	8.59	-95.52	714.9	-641.04	-23.46
Unlevered Free Cash Flow	-55.52	12.3	-92.6	718.7	-638.4	-20.24
Change in Working Capital	46.62	41.87	-37.84	-65.78	36.3	-67

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