Polenergia 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	-124.57	301.17	263.59	159.92	337.38
Depreciation & Amortization	183.28	174.35	162.08	116.42	93.27
Loss (Gain) on Sale of Assets	193.17	4.3	8.06	37.48	-203.75
Change in Accounts Receivable	77.37	219.04	637.05	717.91	-1,702
Change in Inventory	6.61	49.54	21.38	-31.57	-8.61
Change in Other Net Operating Assets	-73.24	-91.63	-553.86	-757.35	1,577
Other Operating Activities	185.05	115.47	77.27	2.93	51.36
Operating Cash Flow	447.67	772.23	615.56	245.73	144.83
Operating Cash Flow Growth	-42.03%	25.45%	150.50%	69.67%	-29.06%
Capital Expenditures	-99.84	-253.76	-320.82	-659.8	-577
Sale of Property, Plant & Equipment	0.33	1.43	0.49	0.05	0.06
Cash Acquisitions	-	-	-	2.47	-
Divestitures	-	-	-	-	-1.89
Investment in Securities	-1,019	-890.1	-423.14	-121.48	48.79
Other Investing Activities	-30.8	-	-4.42	-	0.06
Investing Cash Flow	-1,150	-1,142	-747.89	-778.96	-525.98
Long-Term Debt Issued	1,001	104.92	222.34	518	805.51
Long-Term Debt Repaid	-174.83	-321.02	-220	-455.62	-379.03
Net Debt Issued (Repaid)	826.3	-216.1	2.33	62.38	426.48
Issuance of Common Stock	-	750	750	1,004	-
Other Financing Activities	-216.42	-85.44	-77.94	-51.69	-32.32
Financing Cash Flow	609.88	448.46	674.4	1,015	394.17
Foreign Exchange Rate Adjustments	0.71	-0	0.01	0	-0
Net Cash Flow	-91.31	78.24	542.07	481.33	13.02
Free Cash Flow	347.83	518.47	294.74	-414.07	-432.17
Free Cash Flow Growth	-32.91%	75.91%	-	-	-
Free Cash Flow Margin	8.25%	12.02%	5.26%	-5.86%	-13.96%
Free Cash Flow Per Share	4.50	6.71	4.31	-6.79	-9.51
Cash Interest Paid	204.45	85.19	77.34	51.33	32.1
Levered Free Cash Flow	168.26	311.83	108.6	-554.72	-431.01
Unlevered Free Cash Flow	296.3	374.09	161.9	-516.48	-409.65
Change in Working Capital	10.74	176.95	104.57	-71.01	-133.43

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