Stalexport Autostrady 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	86.31	132.93	109.23	36.55	90.56
Depreciation & Amortization	99.16	101.38	90.56	84.99	80.23
Loss (Gain) From Sale of Assets	-0.03	-0.29	-0.1	1.22	0.33
Loss (Gain) on Equity Investments	-0.06	-0.07	-0.14	-0.08	-0.02
Other Operating Activities	3.36	-41.33	-79.47	-46.62	-9.66
Change in Accounts Receivable	2.54	-73.31	-11.55	0.85	-7.13
Change in Inventory	0.74	-0.16	0	-0.11	-0.05
Change in Accounts Payable	70.39	-7.62	27.03	13.86	12.68
Change in Unearned Revenue	-1.46	-1.04	-0.6	-2.76	2.57
Change in Other Net Operating Assets	-80.53	-29.06	16.36	144.24	11.02
Operating Cash Flow	180.42	81.43	151.32	232.14	180.54
Operating Cash Flow Growth	121.57%	-46.19%	-34.82%	28.59%	35.07%
Capital Expenditures	-35.86	-272.83	-60.04	-58.34	-57.09
Sale of Property, Plant & Equipment	0.35	0.67	0.47	0.29	0.29
Investment in Securities	-	-	-	1.07	134.84
Other Investing Activities	37.59	44.03	57.16	32.05	0.27
Investing Cash Flow	2.09	-228.14	-2.4	-24.93	78.31
Long-Term Debt Repaid	-0.21	-0.19	-0.18	-0.13	-0.13
Net Debt Issued (Repaid)	-0.21	-0.19	-0.18	-0.13	-0.13
Common Dividends Paid	-155.78	-111.27	-49.45	-59.34	-158.25
Other Financing Activities	-12.47	-12.35	-12.68	-9.12	-4.15
Financing Cash Flow	-168.45	-123.81	-62.31	-68.59	-162.53
Net Cash Flow	14.05	-270.52	86.61	138.62	96.32
Free Cash Flow	144.56	-191.41	91.28	173.81	123.44
Free Cash Flow Growth	-	-	-47.48%	40.80%	32.90%
Free Cash Flow Margin	22.64%	-32.84%	17.94%	41.99%	34.27%
Free Cash Flow Per Share	0.58	-0.77	0.37	0.70	0.50
Cash Interest Paid	0.02	0	-	-	-
Cash Income Tax Paid	0.37	53.98	54.49	40.54	42.07
Levered Free Cash Flow	211.47	-179.32	183.15	167.96	129.36
Unlevered Free Cash Flow	213.4	-177.21	184.97	169.68	131.06
Change in Working Capital	-8.32	-111.19	31.24	156.08	19.1

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