WSE:KGN Cash Flow Statement

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

Millions PLN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	362.88	277.02	201.76	255.7	149.53	56.25
Depreciation & Amortization	243.51	233.93	228.41	210.12	198.25	185.93
Loss (Gain) on Sale of Assets	3.3	3.3	0.14	2.13	-0.28	-0.6
Asset Writedown	0.56	0.56	0.08	-0.47	4.75	-
Change in Accounts Receivable	-54.02	-60.48	171.15	-298.27	27.85	-97.93
Change in Inventory	5.59	32.78	100.65	-115.26	-30.06	56.33
Change in Accounts Payable	313.39	-67.46	284.36	880.98	-110.93	260.09
Change in Unearned Revenue	-6.66	-6.5	-6.33	-6.79	-7.08	-5.74
Change in Other Net Operating Assets	52.26	342.97	-24.96	-277.73	220.13	-155.34
Other Operating Activities	22.68	47.9	-104.53	-38.5	-26.6	-18.75
Operating Cash Flow	940.6	804.02	850.72	611.91	425.56	280.25
Operating Cash Flow Growth	-15.54%	-5.49%	39.03%	43.79%	51.85%	81.53%
Capital Expenditures	-334.91	-321.82	-284.2	-	-548.54	-324.84
Sale of Property, Plant & Equipment	2.08	2.23	0.21	0.3	4.1	0.62
Sale (Purchase) of Intangibles	-	-	-	-585.42	-	-
Investment in Securities	-	-	-	-10.01	0.08	-0.02
Other Investing Activities	-541.37	2.5	-87.39	-322.4	-85.33	-14.9
Investing Cash Flow	-874.2	-317.09	-371.38	-917.53	-629.69	-339.14
Long-Term Debt Issued	-	-	8.05	311.42	21.29	-
Long-Term Debt Repaid	-	-463.34	-471.51	-10.1	-7.51	-3.03
Net Debt Issued (Repaid)	-43.65	-463.34	-463.46	301.32	13.79	-3.03
Common Dividends Paid	-	-	-	-	-4.77	-
Other Financing Activities	-17.9	-21.39	-18.53	33.41	178.36	69.76
Financing Cash Flow	-61.55	-484.72	-481.99	334.73	187.38	66.73
Net Cash Flow	4.85	2.21	-2.65	29.11	-16.75	7.84
Free Cash Flow	605.69	482.2	566.52	611.91	-122.98	-44.59
Free Cash Flow Growth	-30.38%	-14.88%	-7.42%	-	-	-
Free Cash Flow Margin	21.10%	17.96%	22.12%	19.34%	-6.79%	-3.11%
Free Cash Flow Per Share	40.65	32.36	38.02	41.07	-8.25	-2.99
Cash Interest Paid	21.27	21.27	24.29	-	-	-
Cash Income Tax Paid	-	-0.24	107.77	70.71	36.69	34.73
Levered Free Cash Flow	-100.77	-78.86	344.1	-266.63	7.78	21.08
Unlevered Free Cash Flow	-93.12	-69.57	346.73	-262.25	10.17	22.76
Change in Working Capital	310.56	241.32	524.87	182.93	99.91	57.41

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