WSE:CAV 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	3.34	10.84	90.5	27.15	189.62
Depreciation & Amortization	5.72	6.68	7.75	5.71	3.73
Asset Writedown	-33.41	-68.51	-150.62	-105.21	-257.26
Stock-Based Compensation	-	-	-	-	6.33
Income (Loss) on Equity Investments	-0.06	0.08	14.26	-9.44	-30.16
Change in Accounts Receivable	-17.95	-10.29	20.26	-8.99	-19.99
Change in Other Net Operating Assets	114.96	182.62	19.62	-9.63	-2.84
Other Operating Activities	54.21	81.74	52.55	-24.48	20.36
Operating Cash Flow	-79.46	65.02	-19.49	-125.22	-121.45
Acquisition of Real Estate Assets	-141.96	-207.29	-415.03	-676.27	-527.51
Sale of Real Estate Assets	-	12.86	16.41	644.33	0.09
Net Sale / Acq. of Real Estate Assets	-141.96	-194.43	-398.62	-31.94	-527.42
Other Investing Activities	0.21	0.49	1.38	3.7	0.79
Investing Cash Flow	-184.83	-188.97	-390.14	-22.23	-504.33
Long-Term Debt Issued	937.58	526.53	881.02	992.27	768.38
Long-Term Debt Repaid	-600.87	-362.79	-398.87	-908.88	-187.7
Net Debt Issued (Repaid)	336.72	163.74	482.16	83.39	580.68
Issuance of Common Stock	-	-	-	-	194.36
Other Financing Activities	-45.64	-84.54	-57.19	-21.22	-30.69
Net Cash Flow	26.79	-44.75	15.34	-85.28	118.58
Cash Interest Paid	99.05	80.64	57.19	21.22	23.53
Cash Income Tax Paid	11.65	3.53	3.6	45.2	21.77
Levered Free Cash Flow	-840.72	6.64	-209.1	-132.38	-33.87
Unlevered Free Cash Flow	-769.37	67.71	-158.32	-114.25	-17.95
Change in Working Capital	-109.27	34.18	-33.92	-18.95	-54.08

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