Qatar Navigation Q.P.S.C. Cash Flow Statement

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

Millions QAR. 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	1,271	1,122	1,030	1,013	724.15
Depreciation & Amortization	514.53	438.98	388.01	366.62	364.31
Other Amortization	2.01	3.12	3.2	3.3	3.38
Loss (Gain) From Sale of Assets	-88.12	-7.61	-10.19	-20.82	4.7
Asset Writedown & Restructuring Costs	9.63	117.22	19.67	165.73	147.63
Loss (Gain) From Sale of Investments	13.08	0.91	0.89	3.35	4.2
Loss (Gain) on Equity Investments	-643.46	-728.55	-647.53	-721.26	-680.9
Provision & Write-off of Bad Debts	-18.94	-15.31	7.96	45.16	10.49
Other Operating Activities	-46.62	-118.49	-72.32	-82.11	-48.7
Change in Accounts Receivable	76.72	-82.31	43.81	-181.21	-110.09
Change in Inventory	-0.06	20.58	20.57	-12.36	-26.11
Change in Accounts Payable	83.85	-24.02	-114.88	-66.24	118.47
Operating Cash Flow	1,173	726.47	669.39	512.9	511.53
Operating Cash Flow Growth	61.52%	8.53%	30.51%	0.27%	-1.63%
Capital Expenditures	-481.06	-824.41	-219.05	-226.36	-222.6
Sale of Property, Plant & Equipment	5.77	100.24	21	69.31	136.17
Sale (Purchase) of Intangibles	-0.22	-0.32	-0.93	-1.25	-0.2
Sale (Purchase) of Real Estate	-47.89	-76.13	-22.87	-140.93	-20.5
Investment in Securities	-745.04	-82.7	300.87	136.72	151.36
Other Investing Activities	965.78	304.98	539.46	544.7	527.15
Investing Cash Flow	-302.66	-578.33	618.48	382.19	571.38
Long-Term Debt Issued	-	357	182.5	-	146
Long-Term Debt Repaid	-290.21	-273.41	-838.58	-568.52	-816.84
Net Debt Issued (Repaid)	-290.21	83.59	-656.08	-568.52	-670.84
Common Dividends Paid	-454.47	-426.06	-397.66	-340.85	-340.85
Other Financing Activities	-41.89	-32.09	-49.77	-60.46	-72.69
Financing Cash Flow	-786.57	-374.56	-1,104	-969.82	-1,084
Net Cash Flow	84.14	-226.42	184.36	-74.73	-1.47
Free Cash Flow	692.3	-97.94	450.34	286.54	288.92
Free Cash Flow Growth	-	-	57.16%	-0.82%	-3.22%
Free Cash Flow Margin	20.81%	-3.45%	15.31%	8.72%	10.38%
Free Cash Flow Per Share	0.61	-0.09	0.40	0.25	0.25
Cash Interest Paid	41.89	32.09	49.77	59.21	72.69
Levered Free Cash Flow	1,035	-73.21	413.44	247.7	685.57
Unlevered Free Cash Flow	1,061	-53.16	444.54	284.7	731
Change in Working Capital	160.52	-85.75	-50.5	-259.81	-17.73

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