Quercus TFI 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	55.52	43.23	30.95	14.1	25.12	17.84
Depreciation & Amortization	3.11	2.82	2.54	3.6	-12	0.78
Other Amortization	0.96	0.75	0.53	0.71	13.56	0.05
Loss (Gain) From Sale of Assets	-	-	-	-	-1.48	-4.17
Asset Writedown & Restructuring Costs	0.95	0.95	-	-	-	-
Loss (Gain) From Sale of Investments	23.53	16.1	-11.93	-0.42	-3.65	-
Other Operating Activities	-2.38	-1.97	1.45	-3.45	0.48	0.19
Change in Accounts Receivable	-0.64	-2.94	-21.44	18.8	-4.59	-4.85
Change in Other Net Operating Assets	16.97	-26.78	23.86	-34.46	-4.66	5.89
Operating Cash Flow	98.04	32.17	25.96	-1.12	12.77	15.71
Operating Cash Flow Growth	190.31%	23.90%	-	-	-18.74%	26.42%
Capital Expenditures	-2.53	-4	-1.89	-1.5	-0.66	-1.42
Sale of Property, Plant & Equipment	0.05	-	0	-	0.13	0.07
Cash Acquisitions	-	-	-0.01	-	55.9	-
Investment in Securities	28.04	16.4	-2.11	2.21	-5.99	-18.19
Other Investing Activities	4.18	3.34	2.92	2.69	-	0.29
Investing Cash Flow	29.74	15.74	-1.08	3.4	49.39	-19.25
Long-Term Debt Repaid	-	-1.63	-1.15	-2.09	-0.62	-0.3
Net Debt Issued (Repaid)	-1.59	-1.63	-1.15	-2.09	-0.62	-0.3
Issuance of Common Stock	-	-	-	-	22.5	-
Repurchase of Common Stock	-59.04	-29.23	-12.65	-22.32	-17.92	-19.56
Common Dividends Paid	-1.13	-0.76	-0.49	-0.31	-	-
Other Financing Activities	-0.15	-0.09	-0.25	-0.15	-0.13	-0.04
Financing Cash Flow	-61.91	-31.72	-14.54	-24.87	3.83	-19.9
Net Cash Flow	65.86	16.19	10.34	-22.59	65.99	-23.43
Free Cash Flow	95.51	28.17	24.07	-2.62	12.11	14.3
Free Cash Flow Growth	222.02%	17.02%	-	-	-15.32%	20.51%
Free Cash Flow Margin	50.67%	18.17%	20.50%	-2.88%	14.72%	25.11%
Free Cash Flow Per Share	2.08	0.54	0.44	-0.05	0.20	0.25
Cash Interest Paid	0.18	0.21	0.22	0.12	0.13	0.04
Cash Income Tax Paid	14.44	11.2	4.14	4.63	5.05	3.46
Levered Free Cash Flow	84.68	22.68	18.58	-5.9	79.2	11
Unlevered Free Cash Flow	84.79	22.82	18.72	-5.81	79.23	11.09
Change in Working Capital	16.33	-29.72	2.42	-15.66	-9.25	1.04

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