Newag Cash Flow Statement

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

Millions PLN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	313.05	122.13	95.18	22.76	71.66	218.66
Depreciation & Amortization	53.42	46.8	41.86	41.2	41.3	35.47
Other Amortization	3.59	3.59	2.43	2.46	2.41	1.98
Loss (Gain) From Sale of Assets	15.93	19.12	-3.5	1.73	-13.8	-8.72
Other Operating Activities	46.16	26.89	41.1	44.43	-4.19	-8.12
Change in Accounts Receivable	-41.07	-71.03	74.96	-88.22	106.31	80.22
Change in Inventory	-116.4	-118.63	41.71	-54.03	-120.31	1.83
Change in Accounts Payable	43.2	-60.57	396.95	8.44	59.79	-72.85
Change in Other Net Operating Assets	21.77	20.64	3.79	14.05	-6.01	10.91
Operating Cash Flow	339.66	-11.07	694.48	-7.18	137.15	259.38
Operating Cash Flow Growth	-1.92%	-	-	-	-47.12%	778.97%
Capital Expenditures	-55.17	-68.1	-32.65	-13.47	-62.86	-61.14
Sale of Property, Plant & Equipment	3.84	3.72	4.31	18.83	52.83	1.9
Divestitures	7.11	-	-	-	0.3	0.6
Other Investing Activities	9.94	11.96	1.66	0.01	0.3	0.67
Investing Cash Flow	-31.28	-52.42	-26.62	5.44	-2.8	-36.93
Long-Term Debt Issued	-	4.02	3.47	106.19	302.97	206.84
Long-Term Debt Repaid	-	-89.79	-197.07	-137.35	-323.19	-292.46
Net Debt Issued (Repaid)	-39.05	-85.77	-193.6	-31.16	-20.22	-85.62
Common Dividends Paid	-90	-43.2	-	-11.25	-67.5	-45
Other Financing Activities	-20.44	-23.77	-36.69	-37.49	-14.29	-13.65
Financing Cash Flow	-149.49	-152.74	-230.29	-79.91	-102.01	-144.27
Foreign Exchange Rate Adjustments	-0	-0.04	0.18	-0.2	0.29	0.27
Net Cash Flow	158.89	-216.27	437.75	-81.84	32.64	78.45
Free Cash Flow	284.5	-79.18	661.83	-20.65	74.3	198.24
Free Cash Flow Growth	-0.42%	-	-	-	-62.52%	-
Free Cash Flow Margin	12.80%	-4.98%	53.76%	-2.14%	8.10%	15.02%
Free Cash Flow Per Share	6.32	-1.76	14.71	-0.46	1.65	4.41
Cash Interest Paid	13.38	15.94	30.83	35.72	12.39	11.42
Cash Income Tax Paid	36.5	12.58	10.55	-6.77	26.62	44.53
Levered Free Cash Flow	220.78	-109.16	659.53	-42.49	-0.03	108.6
Unlevered Free Cash Flow	229.07	-100.04	677.33	-21.02	6.47	117.39
Change in Working Capital	-92.49	-229.59	517.4	-119.76	39.77	20.11

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