Emaar The Economic City Cash Flow Statement

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

Millions SAR. 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	-8.9	-1,135	-253.22	-1,157	-836.53
Depreciation & Amortization	265.66	250.41	255.89	278.53	302.37
Other Amortization	0.92	1.79	0.69	1.87	8.02
Loss (Gain) From Sale of Assets	-74.81	-68.23	-80.78	-7.88	-13.54
Asset Writedown & Restructuring Costs	-316.51	1.09	2.98	93.66	9.5
Loss (Gain) From Sale of Investments	70.63	-69.81	19.12	63.03	55.49
Loss (Gain) on Equity Investments	84.81	92.83	-33.89	-25.05	-45.84
Provision & Write-off of Bad Debts	-	-	-	0.41	38.7
Other Operating Activities	157.35	588.11	227.16	154.37	36.94
Change in Accounts Receivable	-539.18	130.05	12.01	498.69	567.1
Change in Inventory	138.27	-13.24	131.45	48.89	20.66
Change in Accounts Payable	108.02	6.2	-292.01	-205.69	-12.58
Change in Unearned Revenue	33.96	-44.69	-274.29	-154.58	-
Change in Other Net Operating Assets	-4.96	21.57	-59.87	183.61	12.61
Operating Cash Flow	-84.73	-238.5	-344.76	-227.42	142.91
Capital Expenditures	-102.38	-255.77	-53.79	-1.47	-7.29
Sale of Property, Plant & Equipment	0.17	-	5	-	-
Sale (Purchase) of Intangibles	-0.67	-1.1	-0.07	-1.71	-2.8
Sale (Purchase) of Real Estate	2.98	30.11	89.73	21.04	27.5
Investment in Securities	-	-	-	-	101.36
Other Investing Activities	7.3	2.86	2.11	57.7	-0.64
Investing Cash Flow	-92.6	-223.9	42.98	75.56	118.13
Long-Term Debt Issued	500	550	450	148.3	3.98
Long-Term Debt Repaid	-102.14	-14.3	-51.29	-154.73	-68.91
Net Debt Issued (Repaid)	397.86	535.7	398.71	-6.43	-64.93
Other Financing Activities	-	-	-	-	-18.78
Financing Cash Flow	397.86	535.7	398.71	-6.43	-83.71
Net Cash Flow	220.53	73.29	96.94	-158.29	177.33
Free Cash Flow	-187.11	-494.27	-398.54	-228.9	135.62
Free Cash Flow Margin	-16.44%	-116.03%	-38.64%	-63.01%	36.45%
Free Cash Flow Per Share	-0.35	-0.94	-0.76	-0.44	0.32
Cash Interest Paid	56.16	39.38	192.91	200.11	115.26
Levered Free Cash Flow	-151.04	-893.46	-772.88	49.11	-110.99
Unlevered Free Cash Flow	187.88	-507.63	-472.51	227.86	-109.2
Change in Working Capital	-263.89	99.88	-482.7	370.93	587.8

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