Airtel Networks Zambia Cash Flow Statement

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

Millions ZMW. 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	1,763	1,252	1,139	921.48	693.29
Depreciation & Amortization	-	880.51	766.58	590.43	506.57
Loss (Gain) From Sale of Assets	-	-0.64	-0.51	-0.1	-0.08
Provision & Write-off of Bad Debts	-	3.37	13.38	3.37	3.32
Other Operating Activities	833	770.2	666.54	441.31	330.75
Change in Accounts Receivable	-	-23.01	-77.42	-101.43	140.65
Change in Inventory	-	-	-	-1.12	-0.41
Change in Accounts Payable	-	261.37	9.94	-55.38	-121.6
Change in Other Net Operating Assets	-	-84.24	-148.68	-196.61	-277.26
Operating Cash Flow	2,596	3,059	2,369	1,602	1,275
Operating Cash Flow Growth	-15.14%	29.13%	47.88%	25.62%	-10.56%
Capital Expenditures	-	-786.07	-1,044	-711.15	-555.7
Sale of Property, Plant & Equipment	-	0.1	0.51	1.68	40.47
Sale (Purchase) of Intangibles	-	-	-232.99	-458.35	-192.4
Other Investing Activities	-817	1.26	0.27	0.43	0.09
Investing Cash Flow	-817	-784.71	-1,276	-1,167	-707.54
Long-Term Debt Issued	-	470	990	710.25	240
Total Debt Issued	-	470	990	710.25	240
Long-Term Debt Repaid	-	-1,021	-695.04	-761.01	-664.75
Total Debt Repaid	-	-1,021	-695.04	-761.01	-664.75
Net Debt Issued (Repaid)	-	-551.21	294.96	-50.76	-424.75
Common Dividends Paid	-	-1,037	-1,373	-561.6	-
Other Financing Activities	-1,469	-550.63	-428.99	-277.5	-222.49
Financing Cash Flow	-1,469	-2,139	-1,507	-889.86	-647.24
Foreign Exchange Rate Adjustments	-	-49.42	263.36	7.15	1.45
Net Cash Flow	310	86.25	-150.45	-448.14	-78.1
Free Cash Flow	2,596	2,273	1,325	890.81	719.53
Free Cash Flow Growth	14.20%	71.53%	48.77%	23.80%	-11.27%
Free Cash Flow Margin	28.99%	31.92%	23.19%	20.02%	20.10%
Free Cash Flow Per Share	24.96	21.86	12.74	8.56	6.92
Cash Interest Paid	-	550.63	428.99	277.5	222.49
Cash Income Tax Paid	-	615.03	469.82	429.82	227.29
Levered Free Cash Flow	2,386	1,743	592.59	-55.51	508.01
Unlevered Free Cash Flow	2,945	2,085	858.81	117.93	647.07
Change in Working Capital	-	154.11	-216.16	-354.54	-258.61

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