Energa 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	1,243	305	617	967	968
Depreciation & Amortization	1,478	1,213	1,133	1,076	1,027
Other Amortization	-	66	61	58	52
Loss (Gain) on Sale of Assets	-	-6	-8	-22	-17
Loss (Gain) on Sale of Investments	-	261	-	-42	-8
Loss (Gain) on Equity Investments	-10	73	-9	-71	-185
Asset Writedown	-	373	1	85	81
Change in Accounts Receivable	1,257	530	-1,805	-1,408	-78
Change in Inventory	75	173	-94	-235	30
Change in Other Net Operating Assets	1,246	185	-608	1,449	300
Other Operating Activities	-46	1,109	1,743	2,130	1,489
Operating Cash Flow	5,243	4,282	1,031	3,987	3,659
Operating Cash Flow Growth	22.44%	315.32%	-74.14%	8.96%	41.16%
Capital Expenditures	-5,397	-5,220	-4,342	-4,992	-2,673
Sale of Property, Plant & Equipment	15	7	10	4	21
Cash Acquisitions	-156	-886	-	-	-
Divestitures	21	-	14	-	21
Investment in Securities	-21	-71	-55	126	-
Other Investing Activities	-940	207	-1,115	33	32
Investing Cash Flow	-6,478	-5,963	-5,446	-4,829	-2,598
Long-Term Debt Issued	4,068	6,035	3,508	3,980	2,718
Long-Term Debt Repaid	-769	-1,663	-4,088	-2,677	-3,528
Net Debt Issued (Repaid)	3,299	4,372	-580	1,303	-810
Issuance of Common Stock	-	-	382	586	-
Other Financing Activities	-1,880	-2,224	4,070	-292	-131
Financing Cash Flow	1,419	2,148	3,872	1,597	-941
Foreign Exchange Rate Adjustments	1	1	-38	5	-
Miscellaneous Cash Flow Adjustments	-	-	2	-	-1
Net Cash Flow	185	468	-579	760	119
Free Cash Flow	-154	-938	-3,311	-1,005	986
Free Cash Flow Growth	-	-	-	-	258.54%
Free Cash Flow Margin	-0.71%	-4.49%	-14.99%	-5.00%	7.15%
Free Cash Flow Per Share	-0.37	-2.27	-8.00	-2.43	2.38
Cash Interest Paid	-	776	621	321	204
Cash Income Tax Paid	-	-59	210	638	345
Levered Free Cash Flow	-4,489	-4,243	-423.5	-2,165	-43.13
Unlevered Free Cash Flow	-3,965	-3,802	-47.25	-1,950	92.5
Change in Working Capital	2,578	888	-2,507	-194	252

Source: S&P Global Market Intelligence. Utility template. Financial Sources.