EPA:IAM Cash Flow Statement

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

Millions MAD. 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	6,968	1,801	5,283	2,750	6,008
Depreciation & Amortization	7,730	6,739	5,908	6,537	6,543
Other Amortization	-	405	454	484	523
Provision & Write-off of Bad Debts	-	361	260	353	299
Other Operating Activities	5,253	1,004	2,377	2,178	2,028
Change in Other Net Operating Assets	-1,452	1,288	-1,237	-300	-1,847
Operating Cash Flow	18,499	11,598	13,045	12,002	13,554
Operating Cash Flow Growth	59.50%	-11.09%	8.69%	-11.45%	22.24%
Capital Expenditures	-9,404	-11,663	-7,969	-7,073	-5,289
Sale of Property, Plant & Equipment	22	4	5	2	14
Cash Acquisitions	-	-	-	-	5
Investment in Securities	-662	-220	-325	-381	-38
Other Investing Activities	1	2	2	-	5
Investing Cash Flow	-10,043	-11,877	-8,287	-7,452	-5,303
Short-Term Debt Issued	7,569	6,501	8,402	2,570	1,536
Long-Term Debt Issued	6,191	2,501	1,036	1,621	694
Total Debt Issued	13,760	9,002	9,438	4,191	2,230
Short-Term Debt Repaid	-19,095	-2,338	-10,948	-2,743	-6,145
Total Debt Repaid	-19,095	-2,338	-10,948	-2,743	-6,145
Net Debt Issued (Repaid)	-5,335	6,664	-1,510	1,448	-3,915
Common Dividends Paid	-1,257	-3,691	-1,924	-4,202	-3,525
Other Financing Activities	-1,881	-1,681	-1,590	-1,951	-1,429
Financing Cash Flow	-8,473	1,292	-5,024	-4,705	-8,869
Foreign Exchange Rate Adjustments	4	-46	-593	1	-47
Miscellaneous Cash Flow Adjustments	-	-1	-	1	-1
Net Cash Flow	-13	966	-859	-153	-666
Free Cash Flow	9,095	-65	5,076	4,929	8,265
Free Cash Flow Growth	-	-	2.98%	-40.36%	18.97%
Free Cash Flow Margin	24.80%	-0.18%	13.80%	13.79%	23.09%
Free Cash Flow Per Share	10.35	-0.07	5.77	5.61	9.40
Cash Income Tax Paid	1,326	2,621	4,262	3,827	3,659
Levered Free Cash Flow	9,687	-1,643	3,860	7,153	7,502
Unlevered Free Cash Flow	10,345	-971.25	4,418	7,594	8,018
Change in Working Capital	-1,452	1,288	-1,237	-300	-1,847

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