WSE:HDR 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	-11.23	-11.69	-2.26	9.05	7.08
Depreciation & Amortization	12.88	12.43	12.38	10.14	9.18
Other Amortization	-	0.22	0.4	0.51	-
Loss (Gain) From Sale of Assets	0.02	-0.04	-0.12	0.01	-0.07
Other Operating Activities	-1.37	-1.07	-2.11	1.16	1.12
Change in Accounts Receivable	0.17	-0.21	14.5	-4.62	-17.04
Change in Inventory	0.33	0.77	8.59	-7.9	-12.82
Change in Accounts Payable	6.28	3.73	-15.41	2.35	14.3
Change in Unearned Revenue	-1.34	-1.39	-1.64	-1.65	-1.87
Change in Other Net Operating Assets	-0.45	1.65	0.08	-1.89	1.36
Operating Cash Flow	5.28	4.41	14.42	7.16	1.25
Operating Cash Flow Growth	19.72%	-69.40%	101.24%	475.42%	-90.09%
Capital Expenditures	-0.11	-0.31	-0.94	-2.51	-5.5
Sale of Property, Plant & Equipment	-	0.08	0.11	0.04	0.1
Sale (Purchase) of Intangibles	-	-	-	-	-0.96
Investment in Securities	0.06	-	-	-	-
Investing Cash Flow	-0.05	-0.23	-0.84	-2.47	-6.36
Long-Term Debt Issued	1.96	5.27	4.6	1.99	7.69
Long-Term Debt Repaid	-6.53	-6.37	-11.66	-2.99	-3.03
Net Debt Issued (Repaid)	-4.57	-1.1	-7.07	-1	4.66
Common Dividends Paid	-	-0.72	-4.8	-4.8	-4.8
Other Financing Activities	-1.35	-1.61	-1.68	0.4	-0.14
Financing Cash Flow	-5.91	-3.43	-13.54	-5.4	-0.28
Foreign Exchange Rate Adjustments	0.01	0.01	0.01	0.07	0.14
Net Cash Flow	-0.67	0.77	0.05	-0.63	-5.25
Free Cash Flow	5.18	4.11	13.47	4.66	-4.26
Free Cash Flow Growth	26.09%	-69.53%	189.45%	-	-
Free Cash Flow Margin	4.50%	3.73%	10.71%	2.80%	-3.25%
Free Cash Flow Per Share	2.16	1.71	5.62	1.94	-1.77
Cash Interest Paid	1.29	1.6	1.71	1.07	0.14
Cash Income Tax Paid	1.92	1.87	2.93	1.56	1.14
Levered Free Cash Flow	10.16	9.31	18.64	5.46	-6.25
Unlevered Free Cash Flow	11.21	10.39	19.83	6.12	-6.13
Change in Working Capital	4.99	4.55	6.11	-13.71	-16.06

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