Aradel Holdings Cash Flow Statement

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

Millions NGN. 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	397,934	257,871	52,747	14,339	29,464
Depreciation & Amortization	115,629	80,132	16,652	13,200	19,594
Other Amortization	567.37	505.67	69.46	-	18.7
Loss (Gain) From Sale of Assets	-45.58	-	-	-4.28	-7.72
Loss (Gain) From Sale of Investments	143,984	5,066	1,013	519.96	-
Loss (Gain) on Equity Investments	-196,962	-31,617	-3,222	-5,497	-9,776
Provision & Write-off of Bad Debts	315.89	3,422	-	-	28.2
Other Operating Activities	-160,479	-45,908	68,569	15,930	-14,397
Change in Accounts Receivable	-42,014	-18,665	-17,938	-14,008	3,497
Change in Inventory	-3,547	-4,220	-7,656	-1,145	-522.78
Change in Accounts Payable	-41,157	63,336	33,399	8,992	6,655
Change in Unearned Revenue	-1,910	1,008	1,772	-	-
Change in Other Net Operating Assets	-2,646	954.99	-6,405	-378.73	86.8
Operating Cash Flow	209,670	311,885	139,000	31,946	34,642
Operating Cash Flow Growth	-32.77%	124.38%	335.10%	-7.78%	39.68%
Capital Expenditures	-145,994	-136,548	-48,768	-10,065	-18,967
Sale of Property, Plant & Equipment	45.58	-	-	4.28	7.72
Sale (Purchase) of Intangibles	-227.23	-222.62	-93.54	-	-
Investment in Securities	-493,281	-12,031	-2,875	-281.56	411.98
Other Investing Activities	33,606	20,052	6,684	753.3	3,243
Investing Cash Flow	-605,851	-128,750	-45,053	-9,589	-15,304
Long-Term Debt Issued	503,790	-	19,312	37,678	4,130
Long-Term Debt Repaid	-116,575	-32,439	-49,421	-6,255	-12,066
Net Debt Issued (Repaid)	387,215	-32,439	-30,109	31,423	-7,936
Common Dividends Paid	-139,035	-71,690	-14,121	-4,345	-1,521
Other Financing Activities	-28,476	-9,662	-5,453	-3,362	-2,435
Financing Cash Flow	219,704	-113,791	-49,683	23,716	-11,892
Foreign Exchange Rate Adjustments	-15,313	159,449	83,223	1,342	255.29
Net Cash Flow	-191,789	228,793	127,488	47,416	7,700
Free Cash Flow	63,676	175,337	90,232	21,882	15,675
Free Cash Flow Growth	-63.68%	94.32%	312.36%	39.60%	452.47%
Free Cash Flow Margin	9.13%	30.17%	40.80%	33.10%	30.40%
Free Cash Flow Per Share	14.66	40.35	20.77	5.04	3.61
Cash Interest Paid	26,628	9,445	5,453	3,362	2,435
Cash Income Tax Paid	46,689	27,177	6,487	2,633	415.66
Levered Free Cash Flow	652,431	188,483	41,767	10,842	8,435
Unlevered Free Cash Flow	666,669	201,134	46,886	12,513	10,486
Change in Working Capital	-91,273	42,414	3,172	-6,540	9,717

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