Etihad Etisalat Company 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	3,466	3,107	2,232	1,657	1,072
Depreciation & Amortization	3,780	3,664	3,647	3,851	3,927
Loss (Gain) From Sale of Assets	-	-	8.83	17.55	17.78
Loss (Gain) on Equity Investments	-117.95	-43.79	-30.05	-28.23	18.85
Provision & Write-off of Bad Debts	7.8	146.32	185.63	111.65	142.57
Other Operating Activities	39.87	-266.71	-41.54	707.67	380.71
Change in Accounts Receivable	-35.39	-834.81	-323.16	-422.13	-935.79
Change in Inventory	69.63	-64.61	-51.76	-12.49	43.46
Change in Accounts Payable	-314.3	-30.3	55.42	-239.69	51.08
Change in Unearned Revenue	-180.24	226.33	91	21.3	-112.82
Change in Other Net Operating Assets	-61.46	433.25	-21.54	20.78	125.47
Operating Cash Flow	6,655	6,337	5,752	5,684	4,729
Operating Cash Flow Growth	5.02%	10.17%	1.20%	20.18%	13.42%
Capital Expenditures	-3,006	-2,588	-1,910	-2,329	-2,132
Sale of Property, Plant & Equipment	1.56	0.43	2.53	0.68	0.33
Sale (Purchase) of Intangibles	-220.8	-82.43	-119.94	-101.5	-87.24
Investment in Securities	1,172	341.44	-120.91	-1,014	-700
Other Investing Activities	565.68	371.83	132.05	37.85	2.9
Investing Cash Flow	-1,488	-1,956	-2,017	-3,406	-2,916
Long-Term Debt Issued	-	4,135	-	-	700
Long-Term Debt Repaid	-1,369	-6,994	-2,070	-1,861	-2,015
Net Debt Issued (Repaid)	-1,369	-2,859	-2,070	-1,861	-1,315
Repurchase of Common Stock	-159.22	-	-	-	-
Common Dividends Paid	-1,876	-1,763	-852.3	-640.23	-377.51
Financing Cash Flow	-3,404	-4,622	-2,922	-2,501	-1,692
Net Cash Flow	1,762	-241.76	813.58	-222.94	121.17
Free Cash Flow	3,649	3,749	3,842	3,354	2,597
Free Cash Flow Growth	-2.69%	-2.41%	14.53%	29.15%	224.42%
Free Cash Flow Margin	18.58%	20.59%	22.92%	21.34%	17.51%
Free Cash Flow Per Share	4.74	4.87	4.99	4.36	3.37
Cash Interest Paid	389.6	447.85	507.6	358.44	299.51
Cash Income Tax Paid	4	2	2.1	2	1.6
Levered Free Cash Flow	3,087	2,580	3,282	2,057	1,730
Unlevered Free Cash Flow	3,436	2,953	3,697	2,421	2,033
Change in Working Capital	-521.76	-270.13	-250.04	-632.24	-828.59

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