MTN Uganda Cash Flow Statement

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

Millions UGX. 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	678,763	641,548	493,077	406,050	340,410
Depreciation & Amortization	550,351	440,175	382,290	362,267	383,793
Other Amortization	-	55,682	59,888	44,848	37,507
Loss (Gain) From Sale of Assets	-	-500.8	-1,055	-28,817	1,386
Asset Writedown & Restructuring Costs	-	1,093	292.91	509.39	-
Other Operating Activities	132,256	414.29	-5,600	9,287	93,815
Change in Accounts Receivable	-	-44,486	-36,410	-12,947	-27,031
Change in Inventory	-	4,612	14,687	-19,622	353.7
Change in Accounts Payable	-	26,070	39,427	108,717	51,449
Change in Unearned Revenue	-	-887.33	15,633	8,798	-2,939
Change in Other Net Operating Assets	-	13,482	-1,255	8,274	15,045
Operating Cash Flow	1,361,370	1,137,201	960,974	887,364	893,789
Operating Cash Flow Growth	19.71%	18.34%	8.29%	-0.72%	52.53%
Capital Expenditures	-412,454	-376,870	-319,028	-295,574	-212,796
Sale of Property, Plant & Equipment	1,169	1,186	1,144	4,833	2,943
Sale (Purchase) of Intangibles	-62,289	-37,468	-33,365	-42,086	-106,618
Investing Cash Flow	-473,574	-413,152	-351,249	-332,827	-316,472
Long-Term Debt Issued	222,000	80,000	60,000	-	50,000
Long-Term Debt Repaid	-226,895	-440,244	-247,634	-200,132	-265,143
Net Debt Issued (Repaid)	-4,895	-360,244	-187,634	-200,132	-215,143
Common Dividends Paid	-649,282	-458,975	-382,855	-338,212	-230,206
Financing Cash Flow	-654,177	-819,219	-570,489	-538,343	-445,350
Foreign Exchange Rate Adjustments	2,447	8,567	-1,446	-4,236	-2,324
Net Cash Flow	236,065	-86,603	37,790	11,958	129,644
Free Cash Flow	948,916	760,332	641,946	591,791	680,993
Free Cash Flow Growth	24.80%	18.44%	8.48%	-13.10%	73.83%
Free Cash Flow Margin	26.31%	23.96%	24.04%	25.54%	33.06%
Free Cash Flow Per Share	42.36	33.96	28.67	26.43	30.42
Cash Interest Paid	299,053	288,515	269,780	190,971	31,862
Cash Income Tax Paid	444,900	276,317	223,580	186,892	171,981
Levered Free Cash Flow	946,991	636,869	598,350	539,351	444,170
Unlevered Free Cash Flow	1,144,850	818,344	770,518	659,046	536,362
Change in Working Capital	-	-1,210	32,082	93,220	36,878

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