Newag 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	431.73	150.37	113	21.66	79.38
Depreciation & Amortization	138.6	-98.48	44.29	43.67	43.71
Other Adjustments	-5.27	38.41	23.58	61.3	-31.72
Change in Receivables	31.66	-71.03	74.96	-88.22	106.31
Changes in Inventories	-108.81	-118.63	41.71	-54.03	-120.31
Changes in Accounts Payable	65.57	-60.57	396.95	8.44	59.79
Operating Cash Flow	472.94	-11.07	694.48	-7.18	137.15
Operating Cash Flow Growth	-	-	-	-	-47.12%
Capital Expenditures	-46.12	-68.1	-32.65	-13.47	-62.86
Sale of Property, Plant & Equipment	0.55	3.72	4.31	18.83	52.83
Proceeds from Sale of Investments	7.11	0	0	0	0.3
Other Investing Activities	10.83	11.96	1.72	0.08	6.93
Investing Cash Flow	-27.63	-52.42	-26.62	5.44	-2.8
Long-Term Debt Issued	60	4.02	3.47	106.19	302.97
Long-Term Debt Repaid	-60.74	-71.4	-183.3	-107.08	-266.68
Net Long-Term Debt Issued (Repaid)	-0.74	-67.38	-179.83	-0.89	36.29
Common Dividends Paid	-90	-43.2	0	-11.25	-67.5
Other Financing Activities	-45.36	-42.16	-50.46	-67.77	-68.9
Financing Cash Flow	-136.1	-152.74	-230.29	-79.91	-100.11
Effect of Exchange Rate Changes on Cash and Cash Equivalents	0.09	-0.04	0.18	-0.2	-
Net Cash Flow	309.3	-216.27	437.75	-81.84	34.25
Free Cash Flow	426.83	-79.18	661.83	-20.65	74.3
Free Cash Flow Growth	-	-	-	-	-62.52%
FCF Margin	17.89%	-4.98%	53.76%	-2.14%	8.10%
Free Cash Flow Per Share	9.49	-1.76	14.71	-0.46	1.65
Levered Free Cash Flow	404.4	-291.03	365.65	6.48	28.28
Unlevered Free Cash Flow	413.11	-214.76	569.63	40.89	4.43