Marshalls 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	14.4	31	18.6	26.8	54.81
Depreciation & Amortization	38.9	39.8	41.6	40.4	27.73
Other Amortization	-	1.7	1.7	1.8	1.97
Loss (Gain) From Sale of Assets	0.1	-1.9	-2	-1.2	-9.19
Asset Writedown & Restructuring Costs	4.5	-	7.3	14	0.23
Stock-Based Compensation	1	1.1	2.8	1.2	2.3
Other Operating Activities	-7.5	2.4	-4.5	-0.4	5.57
Change in Accounts Receivable	2.2	13.8	25.8	22.9	-16.7
Change in Inventory	1	-13.1	10.1	-4.1	-18.11
Change in Accounts Payable	-15.7	2	-23.7	-16.1	19.74
Change in Other Net Operating Assets	-	-	-	-	-2.82
Operating Cash Flow	38.9	76.8	77.7	85.3	65.54
Operating Cash Flow Growth	-49.35%	-1.16%	-8.91%	30.16%	429.71%
Capital Expenditures	-16	-9.2	-18.3	-27.8	-19.04
Sale of Property, Plant & Equipment	0.8	4.4	6.9	1.4	14.89
Cash Acquisitions	-	-2.6	-3	-86.2	-
Divestitures	-	-	-1.4	-	-
Sale (Purchase) of Intangibles	-0.5	-2.4	-2.5	-2.3	-2.89
Other Investing Activities	-	-	0.1	-	0
Investing Cash Flow	-15.7	-9.8	-18.2	-114.9	-7.03
Long-Term Debt Issued	32.1	25	44.8	303.5	32.66
Long-Term Debt Repaid	-49	-85.3	-94	-400.8	-132.11
Net Debt Issued (Repaid)	-16.9	-60.3	-49.2	-97.3	-99.46
Issuance of Common Stock	-	-	-	182.7	-
Repurchase of Common Stock	-0.9	-1.4	-0.3	-1.1	-3.57
Common Dividends Paid	-19.2	-21	-31.6	-38.7	-17.92
Other Financing Activities	-	-	-	-1.2	-
Financing Cash Flow	-37	-82.7	-81.1	44.4	-120.95
Foreign Exchange Rate Adjustments	-0.2	0.1	-0.2	0.3	-0.06
Net Cash Flow	-14	-15.6	-21.8	15.1	-62.5
Free Cash Flow	22.9	67.6	59.4	57.5	46.5
Free Cash Flow Growth	-66.12%	13.80%	3.30%	23.66%	-
Free Cash Flow Margin	3.62%	10.92%	8.85%	7.99%	7.89%
Free Cash Flow Per Share	0.09	0.27	0.23	0.24	0.23
Cash Interest Paid	16.1	11.7	16.5	9.9	3.53
Cash Income Tax Paid	9	8.8	10.4	11.6	13.53
Levered Free Cash Flow	23.26	73.74	62.28	23.75	33.17
Unlevered Free Cash Flow	31.58	82.61	73.03	30.38	35.45
Change in Working Capital	-12.5	2.7	12.2	2.7	-17.88

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