WSE:PZU 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	6,699	5,342	5,780	3,781	3,336
Depreciation & Amortization	979	954	857	1,328	850
Other Amortization	538	545	529	-	498
Gain (Loss) on Sale of Assets	1,377	1,565	1,240	3,369	-161
Gain (Loss) on Sale of Investments	-1,403	-744	-506	-704	-591
Change in Accounts Receivable	1,472	1,670	2,337	291	-384
Reinsurance Recoverable	111	-527	-1,091	-944	-439
Change in Insurance Reserves / Liabilities	-	-	-	-	1,702
Change in Other Net Operating Assets	-2,024	15,181	19,442	14,947	2,768
Other Operating Activities	2,679	4,234	-586	-482	-1,380
Operating Cash Flow	10,519	28,341	28,249	21,690	7,412
Operating Cash Flow Growth	-62.88%	0.33%	30.24%	192.63%	-74.06%
Capital Expenditures	-1,508	-1,390	-1,296	-1,026	-1,255
Sale of Property, Plant & Equipment	281	203	65	136	148
Cash Acquisitions	-24	-56	-33	-24	-4
Investment in Securities	-14,286	-29,506	-25,917	-19,457	1,313
Other Investing Activities	9,810	3,972	2,900	2,396	1,835
Investing Cash Flow	-5,773	-26,785	-24,334	-17,358	1,853
Long-Term Debt Issued	46,762	38,344	7,115	26,777	3,121
Total Debt Repaid	-41,477	-33,583	-6,032	-21,526	-7,161
Net Debt Issued (Repaid)	5,285	4,761	1,083	5,251	-4,040
Common Dividends Paid	-3,859	-3,748	-2,072	-1,675	-3,022
Other Financing Activities	-4,942	-5,111	-933	-1,462	-761
Financing Cash Flow	-3,516	-4,098	-1,922	2,114	-7,823
Foreign Exchange Rate Adjustments	-124	-33	-251	67	66
Net Cash Flow	1,106	-2,575	1,742	6,513	1,508
Free Cash Flow	9,011	26,951	26,953	20,664	6,157
Free Cash Flow Growth	-66.56%	-0.01%	30.44%	235.62%	-77.46%
Free Cash Flow Margin	14.23%	44.19%	45.97%	47.00%	15.89%
Free Cash Flow Per Share	10.44	31.22	31.22	23.93	7.13
Cash Interest Paid	425	451	483	238	141
Cash Income Tax Paid	4,841	3,568	1,206	1,573	1,847
Levered Free Cash Flow	19,404	349,438	-8,856	-265,291	20,241
Unlevered Free Cash Flow	24,038	354,590	-3,300	-262,311	20,506
Change in Working Capital	-441	16,324	20,688	14,294	3,624

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Insurance template. Financial Sources.