Max's Group 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	364.52	418.51	485.82	618.12	450.11
Depreciation & Amortization	804.07	940.76	1,043	995.82	1,003
Other Amortization	28	24.54	0.75	3.57	2.56
Loss (Gain) From Sale of Assets	8.9	17.55	-48.61	30.28	-439.15
Provision & Write-off of Bad Debts	-29.31	-10.98	-	0.28	-
Other Operating Activities	85.48	9.62	96.36	96.45	-260.39
Change in Accounts Receivable	230.39	-360.36	-10.39	-121.09	-75.72
Change in Inventory	47.01	42.76	48.15	-211.58	-210.55
Change in Accounts Payable	-261.59	-94.22	-384.19	-72.64	434.24
Change in Unearned Revenue	-6.86	-2.27	-28.07	-7.13	-12.85
Change in Other Net Operating Assets	-65.08	-19.51	6.05	-46.8	-18.02
Operating Cash Flow	1,206	966.41	1,209	1,285	873.19
Operating Cash Flow Growth	24.74%	-20.08%	-5.91%	47.19%	78.59%
Capital Expenditures	-529.28	-536.7	-488.81	-210.81	-379.74
Sale of Property, Plant & Equipment	-	1.96	234.29	227.7	170.57
Sale (Purchase) of Intangibles	-32.7	-49.12	-25.87	-11.19	-33.27
Other Investing Activities	-36.43	145.38	-19.84	-85.07	0.25
Investing Cash Flow	-598.41	-438.48	-300.24	-79.37	-242.19
Short-Term Debt Issued	-	450	-	-	-
Long-Term Debt Issued	175	-	376.03	1,468	1,231
Total Debt Issued	175	450	376.03	1,468	1,231
Short-Term Debt Repaid	-	-	-	-830.36	-
Long-Term Debt Repaid	-726.69	-1,241	-1,283	-1,224	-1,664
Total Debt Repaid	-726.69	-1,241	-1,283	-2,054	-1,664
Net Debt Issued (Repaid)	-551.69	-790.74	-907.41	-586.73	-432.79
Repurchase of Common Stock	-	-	-3.85	-	-
Common Dividends Paid	-145.95	-175	-200	-	-
Financing Cash Flow	-697.64	-965.74	-1,111	-586.73	-432.79
Net Cash Flow	-90.53	-437.8	-202.22	619.18	198.21
Free Cash Flow	676.24	429.72	720.47	1,074	493.45
Free Cash Flow Growth	57.37%	-40.36%	-32.95%	117.75%	-
Free Cash Flow Margin	5.65%	3.53%	6.02%	9.78%	6.46%
Free Cash Flow Per Share	0.87	0.55	0.93	1.38	0.63
Cash Interest Paid	267.82	233.2	244.88	196.15	168.92
Cash Income Tax Paid	76.13	243.35	246.85	178.17	115.3
Levered Free Cash Flow	504.96	280.22	621.79	982.07	-47.9
Unlevered Free Cash Flow	695.37	460.78	819.99	1,159	121.39
Change in Working Capital	-56.14	-433.59	-368.44	-459.24	117.11

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