WSE:GPW Cash Flow Statement

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

Millions PLN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	192.96	148.72	156	144.96	161.25	152.26
Depreciation & Amortization	38.91	31.54	32.25	36.83	35.25	36.22
Asset Writedown & Restructuring Costs	28.36	34.51	0.05	9.75	0.18	4.02
Loss (Gain) From Sale of Investments	-12	-9.81	-11.11	-5.17	-0.61	2.32
Loss (Gain) on Equity Investments	-43.19	-37.1	-34.14	-28.26	-24.38	-15.75
Other Operating Activities	1.61	-8.95	-4.74	-30.21	-4.23	8.18
Change in Accounts Receivable	6.67	5.4	5.63	99.54	-122.56	-9.27
Change in Inventory	-	-	-	0.02	-0.01	0.04
Change in Accounts Payable	-14.85	2.11	6.04	3.98	-1.41	3.53
Change in Unearned Revenue	-2.92	-4.48	11.89	9.39	8.64	0.87
Change in Other Net Operating Assets	-10.42	-15.44	-14.91	-24.61	0.97	48.96
Operating Cash Flow	185.13	146.49	146.38	216.21	53.09	231.38
Operating Cash Flow Growth	27.82%	0.07%	-32.30%	307.27%	-77.05%	21.09%
Capital Expenditures	-23.9	-10.21	-23.67	-25.66	-12.09	-13.41
Sale of Property, Plant & Equipment	0.41	0.39	-	-	4.49	0.1
Cash Acquisitions	-	-	-	8.43	-	-
Sale (Purchase) of Intangibles	-50.75	-44.96	-49.8	-34.55	-31.27	-23.03
Investment in Securities	604.03	437.87	-110.34	208.45	27.8	31.94
Other Investing Activities	-513.19	-512.39	26.53	27.06	7.34	9.31
Investing Cash Flow	16.67	-127.29	-157.29	183.73	-3.73	4.92
Long-Term Debt Repaid	-	-8.32	-6.7	-250.73	-5.58	-5.3
Total Debt Repaid	-8.78	-8.32	-6.7	-250.73	-5.58	-5.3
Net Debt Issued (Repaid)	-8.78	-8.32	-6.7	-250.73	-5.58	-5.3
Common Dividends Paid	-132.26	-125.96	-113.36	-115.03	-105.21	-100.72
Other Financing Activities	0.06	-	-0.33	-4.96	-0.09	5.07
Financing Cash Flow	-140.97	-134.28	-120.39	-370.71	-110.88	-100.95
Foreign Exchange Rate Adjustments	0.24	0.54	-0.57	0.09	-0.17	0.54
Net Cash Flow	61.06	-114.55	-131.86	29.32	-61.69	135.89
Free Cash Flow	161.23	136.28	122.71	190.55	41	217.96
Free Cash Flow Growth	22.46%	11.06%	-35.60%	364.79%	-81.19%	19.86%
Free Cash Flow Margin	30.70%	29.32%	27.58%	48.95%	10.06%	53.96%
Free Cash Flow Per Share	3.85	3.25	2.92	4.54	0.98	5.19
Cash Interest Paid	-	-	0.34	4.96	5.81	7.92
Cash Income Tax Paid	33.75	26.18	27.96	44.91	36.59	32.85
Levered Free Cash Flow	34.1	21.87	36.81	124.25	-28.84	169.53
Unlevered Free Cash Flow	39.26	26.91	37.38	127.93	-23.72	181.4
Change in Working Capital	-21.52	-12.41	8.64	88.32	-114.37	44.13

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.