Quercus TFI 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	60.23	43.23	30.95	14.1	25.12
Depreciation & Amortization	4.02	2.82	2.54	3.6	-12
Other Amortization	-	0.75	0.53	0.71	13.56
Loss (Gain) From Sale of Assets	-2.64	-	-	-	-1.48
Asset Writedown & Restructuring Costs	-	0.95	-	-	-
Loss (Gain) From Sale of Investments	-	16.1	-11.93	-0.42	-3.65
Other Operating Activities	-3.37	-1.97	1.45	-3.45	0.48
Change in Accounts Receivable	-	-2.94	-21.44	18.8	-4.59
Change in Other Net Operating Assets	1.22	-26.78	23.86	-34.46	-4.66
Operating Cash Flow	59.46	32.17	25.96	-1.12	12.77
Operating Cash Flow Growth	84.86%	23.90%	-	-	-18.74%
Capital Expenditures	-	-4	-1.89	-1.5	-0.66
Sale of Property, Plant & Equipment	0.05	-	0	-	0.13
Cash Acquisitions	6.6	-	-0.01	-	55.9
Sale (Purchase) of Intangibles	-4.29	-	-	-	-
Investment in Securities	16.33	16.4	-2.11	2.21	-5.99
Other Investing Activities	4.39	3.34	2.92	2.69	-
Investing Cash Flow	23.08	15.74	-1.08	3.4	49.39
Long-Term Debt Repaid	-1.52	-1.63	-1.15	-2.09	-0.62
Net Debt Issued (Repaid)	-1.52	-1.63	-1.15	-2.09	-0.62
Issuance of Common Stock	36	-	-	-	22.5
Repurchase of Common Stock	-59.04	-29.23	-12.65	-22.32	-17.92
Common Dividends Paid	-1.13	-0.76	-0.49	-0.31	-
Other Financing Activities	-0.18	-0.09	-0.25	-0.15	-0.13
Financing Cash Flow	-25.87	-31.72	-14.54	-24.87	3.83
Net Cash Flow	56.67	16.19	10.34	-22.59	65.99
Free Cash Flow	59.46	28.17	24.07	-2.62	12.11
Free Cash Flow Growth	111.10%	17.02%	-	-	-15.32%
Free Cash Flow Margin	29.04%	18.17%	20.50%	-2.88%	14.72%
Free Cash Flow Per Share	1.29	0.54	0.44	-0.05	0.20
Cash Interest Paid	-	0.21	0.22	0.12	0.13
Cash Income Tax Paid	-	11.2	4.14	4.63	5.05
Levered Free Cash Flow	78	22.68	18.58	-5.9	79.2
Unlevered Free Cash Flow	78.2	22.82	18.72	-5.81	79.23
Change in Working Capital	1.22	-29.72	2.42	-15.66	-9.25

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