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	355.9	122.13	95.18	22.76	71.66
Depreciation & Amortization	53.33	46.8	41.86	41.2	41.3
Other Amortization	4.73	3.59	2.43	2.46	2.41
Loss (Gain) From Sale of Assets	-	19.12	-3.5	1.73	-13.8
Other Operating Activities	45.52	26.89	41.1	44.43	-4.19
Change in Accounts Receivable	97.22	-131.6	74.96	-88.22	106.31
Change in Inventory	-108.81	-118.63	41.71	-54.03	-120.31
Change in Accounts Payable	-	-	396.95	8.44	59.79
Change in Other Net Operating Assets	25.05	20.64	3.79	14.05	-6.01
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
Divestitures	7.11	-	-	-	0.3
Other Investing Activities	10.83	11.96	1.66	0.01	0.3
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	-86.09	-89.79	-197.07	-137.35	-323.19
Net Debt Issued (Repaid)	-26.09	-85.77	-193.6	-31.16	-20.22
Common Dividends Paid	-90	-43.2	-	-11.25	-67.5
Other Financing Activities	-20.01	-23.77	-36.69	-37.49	-14.29
Financing Cash Flow	-136.1	-152.74	-230.29	-79.91	-102.01
Foreign Exchange Rate Adjustments	0.09	-0.04	0.18	-0.2	0.29
Net Cash Flow	309.3	-216.27	437.75	-81.84	32.64
Free Cash Flow	426.83	-79.18	661.83	-20.65	74.3
Free Cash Flow Growth	-	-	-	-	-62.52%
Free Cash Flow Margin	17.89%	-4.98%	53.76%	-2.14%	8.10%
Free Cash Flow Per Share	9.48	-1.76	14.71	-0.46	1.65
Cash Interest Paid	12.92	15.94	30.83	35.72	12.39
Cash Income Tax Paid	39.33	12.58	10.55	-6.77	26.62
Levered Free Cash Flow	373.63	-108.74	659.53	-42.49	-0.03
Unlevered Free Cash Flow	380.44	-99.61	677.33	-21.02	6.47
Change in Working Capital	13.46	-229.59	517.4	-119.76	39.77

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