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 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	67.15	60.23	43.23	30.95	14.1	25.12
Depreciation & Amortization	4.05	4.01	2.82	2.54	3.6	-12
Other Amortization	0.05	0.01	0.75	0.53	0.71	13.56
Loss (Gain) From Sale of Assets	-	-	-	-	-	-1.48
Loss (Gain) From Sale of Investments	-1.76	-2.05	17.06	-11.93	-0.42	-3.65
Other Operating Activities	-3.25	-3.96	-1.97	1.45	-3.45	0.48
Change in Accounts Receivable	-9.17	-3.86	-2.94	-21.44	18.8	-4.59
Change in Other Net Operating Assets	71.55	5.08	-26.78	23.86	-34.46	-4.66
Operating Cash Flow	128.63	59.46	32.17	25.96	-1.12	12.77
Operating Cash Flow Growth	121.34%	84.86%	23.90%	-	-	-18.74%
Capital Expenditures	-	-	-	-1.89	-1.5	-0.66
Sale of Property, Plant & Equipment	0.08	0.05	-	0	-	0.13
Cash Acquisitions	6.6	6.6	-	-0.01	-	55.9
Sale (Purchase) of Intangibles	-4.29	-4.29	-4	-	-	-
Investment in Securities	17.32	16.33	16.4	-2.11	2.21	-5.99
Other Investing Activities	3.58	4.39	3.34	2.92	2.69	-
Investing Cash Flow	23.23	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)	-1.45	-1.52	-1.63	-1.15	-2.09	-0.62
Issuance of Common Stock	36	36	-	-	-	22.5
Repurchase of Common Stock	-59.04	-59.04	-29.23	-12.65	-22.32	-17.92
Common Dividends Paid	-1.13	-1.13	-0.76	-0.49	-0.31	-
Other Financing Activities	-0.21	-0.18	-0.09	-0.25	-0.15	-0.13
Financing Cash Flow	-25.83	-25.87	-31.72	-14.54	-24.87	3.83
Net Cash Flow	126.03	56.67	16.19	10.34	-22.59	65.99
Free Cash Flow	128.63	59.46	32.17	24.07	-2.62	12.11
Free Cash Flow Growth	121.34%	84.86%	33.63%	-	-	-15.32%
Free Cash Flow Margin	57.68%	29.35%	20.75%	20.50%	-2.88%	14.72%
Free Cash Flow Per Share	2.73	1.25	0.62	0.44	-0.05	0.20
Cash Interest Paid	1.02	0.18	0.21	0.22	0.12	0.13
Cash Income Tax Paid	17.63	16.34	11.2	4.14	4.63	5.05
Levered Free Cash Flow	107.89	77.03	22.68	18.58	-5.9	79.2
Unlevered Free Cash Flow	108.03	77.15	22.82	18.72	-5.81	79.23
Change in Working Capital	62.38	1.22	-29.72	2.42	-15.66	-9.25

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