Trans-Nationwide Express 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	-176.72	-97.89	16.03	25.22	-39.71
Depreciation & Amortization	22.51	33.22	40.38	46.33	66.54
Other Amortization	3.09	5.48	4.23	5.23	2.37
Loss (Gain) From Sale of Assets	-1.55	-2.35	-8.49	-2.39	-29.26
Loss (Gain) From Sale of Investments	-1.37	-0.73	-4.34	0	-0.08
Other Operating Activities	-35.21	-29.28	1.9	-1.86	3.12
Change in Accounts Receivable	33.4	45.45	-54.55	-24.84	38.81
Change in Inventory	0.48	0.34	1.32	1.2	0.33
Change in Accounts Payable	70.59	77.62	32.94	32.54	-11.33
Operating Cash Flow	-84.79	31.86	29.41	81.45	30.79
Operating Cash Flow Growth	-	8.35%	-63.90%	164.55%	-30.88%
Capital Expenditures	-0.15	-1.22	-9.23	-20.9	-68.3
Sale of Property, Plant & Equipment	1.55	2.35	8.68	2.39	34.54
Investment in Securities	33.37	4.61	-21.68	-22.09	-1.15
Other Investing Activities	-1.67	-4.99	-3.52	-32.92	0.46
Investing Cash Flow	33.1	0.75	-25.75	-73.53	-34.45
Common Dividends Paid	-	-9.96	-9.38	-	-
Financing Cash Flow	-	-9.96	-9.38	-	-
Net Cash Flow	-51.69	22.65	-5.72	7.92	-3.67
Free Cash Flow	-84.94	30.64	20.17	60.55	-37.51
Free Cash Flow Growth	-	51.89%	-66.68%	-	-
Free Cash Flow Margin	-43.17%	11.74%	3.83%	8.67%	-5.53%
Free Cash Flow Per Share	-0.17	0.06	0.04	0.12	-0.07
Cash Income Tax Paid	1.51	5.97	8.05	16.64	1.86
Levered Free Cash Flow	-28.87	113.46	-33.87	26.31	54.81
Unlevered Free Cash Flow	-28.87	113.46	-33.87	26.31	54.81
Change in Working Capital	104.46	123.41	-20.3	8.91	27.82

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