S4E S.A. 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	10.06	8.58	7.05	8	6.02	4.1
Depreciation & Amortization	1.5	1.36	0.98	1.08	1.13	1.34
Loss (Gain) From Sale of Assets	0.02	0.02	-0.05	-0.11	-0.04	-0.08
Other Operating Activities	-2.79	-1.87	-4.32	-1.72	-0.55	0.09
Change in Accounts Receivable	-38.39	23.05	-40.07	10.61	-56.74	-34.28
Change in Inventory	-11.68	-8.08	0.03	15.58	-13.98	0.2
Change in Accounts Payable	55.69	4.41	49.72	-8.2	59.85	39.91
Change in Unearned Revenue	13.81	14.78	8.22	25.43	16.69	2.35
Change in Other Net Operating Assets	-12.99	-12.64	-6.6	-19.3	-17.66	4.12
Operating Cash Flow	15.23	29.61	14.96	31.37	-5.28	17.75
Operating Cash Flow Growth	-28.21%	97.86%	-52.30%	-	-	496.50%
Capital Expenditures	-0.86	-0.97	-0.12	-0.38	-0.45	-0.53
Sale of Property, Plant & Equipment	0.11	0.11	0.05	0.11	0.04	0.08
Other Investing Activities	0.97	1.11	0.91	0.05	-	-
Investing Cash Flow	0.22	0.25	0.84	-0.23	-0.41	-0.45
Short-Term Debt Repaid	-	-	-	-	-	-0.72
Long-Term Debt Repaid	-	-0.97	-0.57	-0.72	-0.96	-0.59
Total Debt Repaid	-1.01	-0.97	-0.57	-0.72	-0.96	-1.3
Net Debt Issued (Repaid)	-1.01	-0.97	-0.57	-0.72	-0.96	-1.3
Other Financing Activities	-0.11	-0.09	-0.18	-0.3	-0.23	-0.06
Financing Cash Flow	-1.13	-1.06	-0.75	-1.01	-1.19	-1.36
Foreign Exchange Rate Adjustments	-0.57	-0.73	-0.32	-1.01	-	-
Net Cash Flow	13.75	28.06	14.74	29.12	-6.88	15.95
Free Cash Flow	14.37	28.64	14.85	30.99	-5.73	17.22
Free Cash Flow Growth	-30.10%	92.87%	-52.09%	-	-	556.14%
Free Cash Flow Margin	2.51%	5.56%	3.23%	6.83%	-1.56%	6.93%
Free Cash Flow Per Share	8.26	16.48	8.55	17.84	-3.30	9.91
Cash Interest Paid	0.09	0.09	0.18	0.3	0.28	0.06
Cash Income Tax Paid	4.46	4.46	7.04	5.31	2.22	1.67
Levered Free Cash Flow	12.98	26.64	15.47	29.03	-6.09	16.72
Unlevered Free Cash Flow	13.16	26.7	15.59	29.37	-5.8	16.83
Change in Working Capital	6.44	21.52	11.31	24.11	-11.84	12.3

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