Erbud 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	-35.75	-28.86	10	8.29	8.79
Depreciation & Amortization	52.26	43.11	36.93	33.13	27.65
Other Amortization	1.16	4.03	2.8	2.87	2.63
Loss (Gain) From Sale of Investments	-7.31	-19.09	-	-	-
Loss (Gain) on Equity Investments	3.48	-1.72	-	-	-
Stock-Based Compensation	-	-	-	-	28.34
Other Operating Activities	12.14	-6.98	22.08	-36.9	17.57
Change in Accounts Receivable	-147.6	204.21	259.93	-218.4	-366.8
Change in Inventory	0.46	-32.68	-61.32	-92.79	-41.72
Change in Other Net Operating Assets	83.77	19.72	-13.31	168.18	150.18
Operating Cash Flow	-37.39	181.74	257.11	-135.63	-173.36
Operating Cash Flow Growth	-	-29.32%	-	-	-
Capital Expenditures	-23.97	-94.28	-22.75	-54.2	-88.06
Sale of Property, Plant & Equipment	-	-	-	-	3.9
Cash Acquisitions	-	-	-	-	6.61
Investment in Securities	25.23	-29.44	-13.86	-30.59	-46.55
Other Investing Activities	7.29	6.33	5.8	30.85	10.39
Investing Cash Flow	18.04	-113.39	-33.21	-52.2	-143.71
Long-Term Debt Issued	154.72	112.29	24.38	149.23	147.95
Long-Term Debt Repaid	-141.37	-71.68	-110.3	-110.73	-80.59
Net Debt Issued (Repaid)	13.35	40.61	-85.92	38.5	67.36
Repurchase of Common Stock	-	-	-	-30.98	-70
Common Dividends Paid	-26.69	-26.7	-10.49	-0.5	-3.26
Other Financing Activities	-25.37	-15.6	-28.33	-18.45	393.6
Financing Cash Flow	-38.71	-1.69	-124.74	-11.42	387.7
Net Cash Flow	-58.06	66.66	99.16	-199.25	70.62
Free Cash Flow	-61.36	87.47	234.37	-189.83	-261.43
Free Cash Flow Growth	-	-62.68%	-	-	-
Free Cash Flow Margin	-1.88%	2.94%	7.25%	-4.92%	-8.43%
Free Cash Flow Per Share	-5.14	7.33	19.64	-15.81	-21.25
Cash Interest Paid	25.57	17.96	28.33	18.59	4.79
Cash Income Tax Paid	29.22	40.73	42.21	29.76	62.12
Levered Free Cash Flow	-65.32	90.44	197.93	-189.88	-264.26
Unlevered Free Cash Flow	-47.05	103.03	217.56	-177.58	-259.47
Change in Working Capital	-63.36	191.25	185.29	-143.02	-258.35

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