Royal Exchange Cash Flow Statement

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY	FY 2024	FY 2023	FY 2022
Period Ending	Dec '25 Dec 31, 2025	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Net Income	924.03	-	1,006	-206.22	-289.21
Depreciation & Amortization	14.19	-	6.29	6.47	6.54
Other Amortization	-	-	-	-	1.62
Gain (Loss) on Sale of Assets	-	-	-	-	-254.67
Gain (Loss) on Sale of Investments	-0.26	-	-7.53	-	0.54
Change in Accounts Receivable	-	-	-	-	17.02
Change in Unearned Revenue	-	-	-	-	196.9
Change in Income Taxes	-	-	-	-0.44	-
Change in Insurance Reserves / Liabilities	-	-	-	-41.18	-127.56
Change in Other Net Operating Assets	1,355	-	-326.13	-344.47	1,214
Other Operating Activities	74.92	-	-225.12	20.33	237.22
Operating Cash Flow	1,278	-	-374.61	-1,157	1,155
Capital Expenditures	-177.16	-	-12.39	-3.13	-10.49
Investment in Securities	143.01	-	60	78.49	-207.09
Other Investing Activities	-	-	211.05	-91.9	275.67
Investing Cash Flow	-634.15	-	258.65	-16.55	471.96
Long-Term Debt Issued	525.26	-	-	2,041	-
Total Debt Repaid	-	-	-713.25	-	-2,000
Net Debt Issued (Repaid)	525.26	-	-713.25	2,041	-2,000
Issuance of Common Stock	-	-	1,561	-	-
Common Dividends Paid	-	-	-79.66	-82.85	-
Other Financing Activities	-	-	35.18	-922.43	-93.41
Financing Cash Flow	525.26	-	802.93	1,036	-2,093
Miscellaneous Cash Flow Adjustments	-	-	0	-	453.6
Net Cash Flow	1,169	-	686.98	-137.86	-12.46
Free Cash Flow	1,101	-	-387	-1,160	1,145
Free Cash Flow Margin	61.12%	-	-21.73%	-116.20%	200.96%
Free Cash Flow Per Share	0.00	-	-0.05	-0.23	0.22
Cash Interest Paid	-	-	-	922.43	93.41
Levered Free Cash Flow	-256.16	-	610.38	-1,119	-364.34
Unlevered Free Cash Flow	-94.76	-	739.29	-957.49	-221.08
Change in Working Capital	1,355	-	-326.13	-386.08	1,301

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