WSE:PGE 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	-3,975	-3,497	-2,698	-5,012	3,328	3,972
Depreciation & Amortization	3,803	3,804	4,338	4,615	4,159	4,087
Other Amortization	215	215	202	156	99	109
Loss (Gain) on Sale of Assets	222	-31	15	-4	-6	-373
Loss (Gain) on Sale of Investments	-32	-32	12	494	-47	19
Loss (Gain) on Equity Investments	-13	-22	79	-2	-	2
Asset Writedown	9,864	9,864	7,739	8,684	104	216
Change in Accounts Receivable	644	796	2,587	-737	-1,373	-2,958
Change in Inventory	804	801	791	1,236	-2,727	866
Change in Other Net Operating Assets	-1,400	2,371	-4,734	-4,931	9,057	1,620
Other Operating Activities	-205	-783	2,475	-1,230	-985	-121
Operating Cash Flow	9,927	13,486	10,806	3,269	11,609	7,439
Operating Cash Flow Growth	-44.49%	24.80%	230.56%	-71.84%	56.06%	-27.47%
Capital Expenditures	-11,481	-11,543	-10,346	-9,733	-6,661	-4,682
Sale of Property, Plant & Equipment	37	36	20	43	24	59
Cash Acquisitions	-435	-	-	-1,820	-797	-
Divestitures	-	-	-	-	111	250
Investment in Securities	-1,506	-7	-84	-17	-5	-6
Other Investing Activities	121	123	130	76	16	12
Investing Cash Flow	-13,279	-11,406	-10,300	-11,451	-7,296	-4,367
Long-Term Debt Issued	-	6,798	6,914	9,114	2,293	601
Long-Term Debt Repaid	-	-2,676	-8,790	-6,365	-4,352	-1,233
Net Debt Issued (Repaid)	6,435	4,122	-1,876	2,749	-2,059	-632
Issuance of Common Stock	-	-	-	-	3,197	-
Other Financing Activities	-245	244	-300	-421	-297	104
Financing Cash Flow	6,190	4,366	-2,176	2,328	841	-528
Net Cash Flow	2,838	6,446	-1,670	-5,854	5,154	2,544
Free Cash Flow	-1,554	1,943	460	-6,464	4,948	2,757
Free Cash Flow Growth	-	322.39%	-	-	79.47%	-36.27%
Free Cash Flow Margin	-2.52%	3.16%	0.71%	-6.74%	6.74%	5.22%
Free Cash Flow Per Share	-0.69	0.87	0.20	-2.88	2.32	1.48
Cash Interest Paid	831	831	687	702	364	358
Cash Income Tax Paid	1,684	1,684	236	1,954	2,168	1,273
Levered Free Cash Flow	-5,577	256.25	-2,483	-4,787	4,403	5,945
Unlevered Free Cash Flow	-4,748	911.25	-1,764	-4,144	4,751	6,269
Change in Working Capital	48	3,968	-1,356	-4,432	4,957	-472

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