Belle Cash Flow Statement

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

Millions PHP. 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	2,096	2,334	1,884	1,396	576.98
Depreciation & Amortization	1,538	1,500	1,339	1,297	1,289
Loss (Gain) From Sale of Assets	-0.75	-0.31	-0.04	-0.94	-0.18
Loss (Gain) From Sale of Investments	-0.72	0.06	-200.62	0.37	23.62
Loss (Gain) on Equity Investments	-10.73	2.34	-2.73	0.42	1.67
Other Operating Activities	219.54	759.51	935.49	1,004	-121.48
Change in Accounts Receivable	640.16	382.75	286.05	290.13	232.44
Change in Inventory	-50.42	-157.28	-2.45	183.08	112.32
Change in Accounts Payable	-199.19	-37.6	-114.73	-264.48	-310.47
Change in Other Net Operating Assets	281.14	-96.03	-42.97	-1,564	-645.47
Operating Cash Flow	4,513	4,688	4,081	2,341	1,159
Operating Cash Flow Growth	-3.72%	14.88%	74.30%	102.06%	-
Capital Expenditures	-50.58	-134.23	-564.38	-22.66	-26.82
Sale of Property, Plant & Equipment	4.81	3.97	0.02	3.87	1.75
Cash Acquisitions	-	-5,088	-	-	-
Sale (Purchase) of Real Estate	-	-	-91.88	-	-
Investment in Securities	-104.64	29.42	881.07	36.71	-448.35
Other Investing Activities	42.57	-4.94	-2,592	65.06	283.11
Investing Cash Flow	-107.84	-5,193	-2,367	82.98	-190.31
Long-Term Debt Issued	-	5,680	1,750	517.5	3,620
Total Debt Issued	-	5,680	1,750	517.5	3,620
Long-Term Debt Repaid	-3,131	-4,439	-1,976	-2,619	-4,273
Total Debt Repaid	-3,131	-4,439	-1,976	-2,619	-4,273
Net Debt Issued (Repaid)	-3,131	1,241	-226.48	-2,101	-652.61
Common Dividends Paid	-566.65	-	-584.9	-	-
Other Financing Activities	-459.1	-550.94	-601.76	-531.37	-826.3
Financing Cash Flow	-4,157	689.85	-1,413	-2,633	-1,479
Foreign Exchange Rate Adjustments	-0.12	0.2	-2.31	-0	0.75
Net Cash Flow	248.36	184.81	298.28	-208.38	-509.77
Free Cash Flow	4,463	4,554	3,516	2,319	1,132
Free Cash Flow Growth	-2.00%	29.50%	51.66%	104.85%	-
Free Cash Flow Margin	84.34%	80.02%	64.07%	44.36%	34.02%
Free Cash Flow Per Share	0.47	0.48	0.37	0.25	0.12
Cash Interest Paid	-	538.56	267.8	233.44	584.64
Cash Income Tax Paid	-	116.64	262.61	28.59	0.01
Levered Free Cash Flow	2,761	2,242	3,780	1,447	968.84
Unlevered Free Cash Flow	3,169	2,726	4,115	1,770	1,346
Change in Working Capital	671.68	91.83	125.9	-1,355	-611.17

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