Polenergia 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	-43.98	301.17	263.59	159.92	337.38	110.55
Depreciation & Amortization	180.3	174.35	162.08	116.42	93.27	96.34
Loss (Gain) on Sale of Assets	139.71	4.3	8.06	37.48	-203.75	-4.93
Change in Accounts Receivable	119.44	219.04	637.05	717.91	-1,702	-159.14
Change in Inventory	42.5	49.54	21.38	-31.57	-8.61	-0.46
Change in Other Net Operating Assets	27.77	-91.63	-553.86	-757.35	1,577	127.49
Other Operating Activities	124.13	115.47	77.27	2.93	51.36	34.3
Operating Cash Flow	589.87	772.23	615.56	245.73	144.83	204.16
Operating Cash Flow Growth	-16.14%	25.45%	150.50%	69.67%	-29.06%	-22.27%
Capital Expenditures	-122.16	-253.76	-320.82	-659.8	-577	-332.02
Sale of Property, Plant & Equipment	0.72	1.43	0.49	0.05	0.06	0.11
Cash Acquisitions	-	-	-	2.47	-	-
Divestitures	-	-	-	-	-1.89	-0.73
Investment in Securities	-1,391	-890.82	-423.14	-121.48	48.79	-23.11
Other Investing Activities	-30.8	0.72	-4.42	-	0.06	0.08
Investing Cash Flow	-1,544	-1,142	-747.89	-778.96	-525.98	-353.75
Long-Term Debt Issued	-	104.92	222.34	518	805.51	347.78
Long-Term Debt Repaid	-	-321.02	-220	-455.62	-379.03	-133.1
Net Debt Issued (Repaid)	804.79	-216.1	2.33	62.38	426.48	214.68
Issuance of Common Stock	750	750	750	1,004	-	-
Other Financing Activities	-153.54	-85.44	-77.94	-51.69	-32.32	-36.44
Financing Cash Flow	1,401	448.46	674.4	1,015	394.17	178.23
Foreign Exchange Rate Adjustments	0.7	-0	0.01	0	-0	-0
Net Cash Flow	448.27	78.24	542.07	481.33	13.02	28.64
Free Cash Flow	467.71	518.47	294.74	-414.07	-432.17	-127.86
Free Cash Flow Growth	0.34%	75.91%	-	-	-	-
Free Cash Flow Margin	10.30%	12.02%	5.26%	-5.86%	-13.96%	-7.16%
Free Cash Flow Per Share	6.04	6.71	4.31	-6.79	-9.51	-2.81
Cash Interest Paid	143.35	85.19	77.34	51.33	32.1	35.87
Levered Free Cash Flow	206.98	311.83	108.6	-554.72	-431.01	-257.09
Unlevered Free Cash Flow	325.32	374.09	161.9	-516.48	-409.65	-234.07
Change in Working Capital	189.71	176.95	104.57	-71.01	-133.43	-32.1

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