Morgan Advanced Materials Cash Flow Statement

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

Millions GBP. 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	21.1	50.3	47.3	88	73.8
Depreciation & Amortization	42.4	43.2	40	38.9	39.1
Other Amortization	0.6	1.2	2.8	3.9	4.9
Loss (Gain) From Sale of Assets	-28	-3	-1.6	-0.7	-6.8
Asset Writedown & Restructuring Costs	15.6	-	-	6.5	12.4
Loss (Gain) From Sale of Investments	7.3	-1.9	-0.9	-	-
Loss (Gain) on Equity Investments	-	-	-	-	-0.4
Stock-Based Compensation	2	2.8	2.9	5.1	4.5
Other Operating Activities	-14.7	8.1	-6.1	11.7	3.9
Change in Accounts Receivable	34.2	-0.5	-4	-26.5	-17.2
Change in Inventory	6	6.7	-12.3	-25.2	-20.1
Change in Accounts Payable	10.2	8.4	13.3	7	28.3
Change in Other Net Operating Assets	-2.6	-2.1	-3.6	-90.8	-22.7
Operating Cash Flow	117.8	113.3	78.5	19	105.4
Operating Cash Flow Growth	3.97%	44.33%	313.16%	-81.97%	-4.01%
Capital Expenditures	-67.1	-96.1	-60.4	-58	-31.6
Sale of Property, Plant & Equipment	1	5.4	1.8	0.6	5.5
Cash Acquisitions	-	-	-	-	-1.9
Divestitures	17.4	-	-	-	0.8
Investment in Securities	0.9	1.6	-5.6	0.4	13.3
Other Investing Activities	-4.4	3.1	4	1.6	0.8
Investing Cash Flow	-52.2	-86	-60.2	-55.4	-13.1
Long-Term Debt Issued	38.8	121.3	247.2	113.3	27.3
Long-Term Debt Repaid	-79.4	-98.6	-202.8	-48	-108.2
Net Debt Issued (Repaid)	-40.6	22.7	44.4	65.3	-80.9
Issuance of Common Stock	-	0.2	0.6	0.5	0.3
Repurchase of Common Stock	-18.8	-8.2	-4.7	-2.9	-5.9
Common Dividends Paid	-34.1	-34.5	-34.2	-31.6	-19.1
Other Financing Activities	-6	-13.2	-8.1	-7.9	-6.6
Financing Cash Flow	-99.5	-33	-2	23.4	-112.2
Foreign Exchange Rate Adjustments	-3.4	-7.3	-9.5	3.4	-0.6
Net Cash Flow	-37.3	-13	6.8	-9.6	-20.5
Free Cash Flow	50.7	17.2	18.1	-39	73.8
Free Cash Flow Growth	194.77%	-4.97%	-	-	-7.52%
Free Cash Flow Margin	5.09%	1.56%	1.62%	-3.51%	7.76%
Free Cash Flow Per Share	0.18	0.06	0.06	-0.14	0.26
Cash Interest Paid	24.4	20.5	17.9	9.4	8.4
Cash Income Tax Paid	33.8	29.2	30.3	31.8	25.4
Levered Free Cash Flow	69.88	41.59	47.68	19.24	75.93
Unlevered Free Cash Flow	85.31	54.71	58.93	25.11	81.18
Change in Working Capital	47.8	12.5	-6.6	-135.5	-31.7

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