WSE:ASE Cash Flow Statement

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

Millions PLN. 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	198.25	199.22	199.94	187.83	149.24
Depreciation & Amortization	80.12	73.66	71.31	72.16	68.05
Other Amortization	26.09	25.06	17.67	21.21	10.49
Loss (Gain) From Sale of Assets	16.19	2.74	1.45	8.29	-0.4
Loss (Gain) From Sale of Investments	2.86	-0.29	-0.91	0.02	1.51
Stock-Based Compensation	0.67	0.72	0.64	0.42	0.08
Other Operating Activities	3.44	-26.22	-12.66	-10.14	10.34
Change in Accounts Receivable	-97.95	44.13	-90.88	-134.88	11.95
Change in Inventory	40.09	-12.15	-52.56	-23.13	-4.53
Change in Other Net Operating Assets	46.9	-103.01	175.61	118.82	-11.89
Operating Cash Flow	316.65	203.86	309.61	240.58	234.84
Operating Cash Flow Growth	55.32%	-34.15%	28.69%	2.44%	14.77%
Capital Expenditures	-80.03	-93.23	-61.81	-59.15	-40.01
Sale of Property, Plant & Equipment	1.45	1.93	1.01	1.33	3.05
Cash Acquisitions	-22.68	-80.94	-60.06	-40.9	-143.98
Divestitures	-1.77	-	0.72	3.42	-
Investment in Securities	-0.18	-0.15	-0.45	-1.21	4.92
Other Investing Activities	0.14	0.11	0.44	0.01	0
Investing Cash Flow	-103.58	-158.48	-119.96	-96.45	-176.06
Long-Term Debt Issued	33.48	110.48	32.22	55.06	31.67
Total Debt Issued	33.48	110.48	32.22	55.06	31.67
Long-Term Debt Repaid	-72.84	-81.46	-52.05	-56.76	-52.93
Net Debt Issued (Repaid)	-39.37	29.02	-19.84	-1.7	-21.25
Common Dividends Paid	-90.82	-85.63	-75.77	-66.43	-51.89
Other Financing Activities	-38.59	-27.03	-37.6	-7.04	-9.38
Financing Cash Flow	-168.77	-83.64	-133.21	-75.16	-82.52
Foreign Exchange Rate Adjustments	-14.02	-7.73	-35.91	-8.83	-20.5
Net Cash Flow	30.28	-45.98	20.53	60.14	-44.23
Free Cash Flow	236.62	110.63	247.8	181.43	194.84
Free Cash Flow Growth	113.88%	-55.35%	36.58%	-6.88%	15.25%
Free Cash Flow Margin	13.15%	6.48%	15.09%	11.59%	16.99%
Free Cash Flow Per Share	4.56	2.13	4.78	3.50	3.75
Cash Interest Paid	8.44	9.28	5.34	3.83	2.67
Cash Income Tax Paid	47.87	54.74	47.99	45.66	35.18
Levered Free Cash Flow	255.13	40.18	207.23	140.09	143.89
Unlevered Free Cash Flow	264.22	51.36	212.81	143.04	146.34
Change in Working Capital	-10.96	-71.03	32.16	-39.2	-4.47

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