WSE:GPW Cash Flow Statement

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

Millions PLN. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	148.72	156	144.96	161.25
Depreciation & Amortization	31.54	32.25	36.83	35.25
Asset Writedown & Restructuring Costs	34.51	0.05	9.75	0.18
Loss (Gain) From Sale of Investments	-9.81	-11.11	-5.17	-0.61
Loss (Gain) on Equity Investments	-37.1	-34.14	-28.26	-24.38
Other Operating Activities	-8.95	-4.74	-30.21	-4.23
Change in Accounts Receivable	5.4	5.63	99.54	-122.56
Change in Inventory	-	-	0.02	-0.01
Change in Accounts Payable	2.11	6.04	3.98	-1.41
Change in Unearned Revenue	-4.48	11.89	9.39	8.64
Change in Other Net Operating Assets	-15.44	-14.91	-24.61	0.97
Operating Cash Flow	146.49	146.38	216.21	53.09
Operating Cash Flow Growth	0.07%	-32.30%	307.27%	-77.05%
Capital Expenditures	-10.21	-23.67	-25.66	-12.09
Sale of Property, Plant & Equipment	0.39	-	-	4.49
Cash Acquisitions	-	-	8.43	-
Sale (Purchase) of Intangibles	-44.96	-49.8	-34.55	-31.27
Investment in Securities	437.87	-110.34	208.45	27.8
Other Investing Activities	-512.39	26.53	27.06	7.34
Investing Cash Flow	-127.29	-157.29	183.73	-3.73
Long-Term Debt Repaid	-8.32	-6.7	-250.73	-5.58
Total Debt Repaid	-8.32	-6.7	-250.73	-5.58
Net Debt Issued (Repaid)	-8.32	-6.7	-250.73	-5.58
Common Dividends Paid	-125.96	-113.36	-115.03	-105.21
Other Financing Activities	-	-0.33	-4.96	-0.09
Financing Cash Flow	-134.28	-120.39	-370.71	-110.88
Foreign Exchange Rate Adjustments	0.54	-0.57	0.09	-0.17
Net Cash Flow	-114.55	-131.86	29.32	-61.69
Free Cash Flow	136.28	122.71	190.55	41
Free Cash Flow Growth	11.06%	-35.60%	364.79%	-81.19%
Free Cash Flow Margin	29.32%	27.58%	48.95%	10.06%
Free Cash Flow Per Share	3.25	2.92	4.54	0.98
Cash Interest Paid	-	0.34	4.96	5.81
Cash Income Tax Paid	26.18	27.96	44.91	36.59
Levered Free Cash Flow	21.87	36.81	124.25	-28.84
Unlevered Free Cash Flow	26.91	37.38	127.93	-23.72
Change in Working Capital	-12.41	8.64	88.32	-114.37

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