Stalexport Autostrady 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	87.42	86.31	132.93	109.23	36.55	90.56
Depreciation & Amortization	97.63	99.16	101.38	90.56	84.99	80.23
Loss (Gain) From Sale of Assets	0.08	-0.03	-0.29	-0.1	1.22	0.33
Loss (Gain) on Equity Investments	-0.09	-0.06	-0.07	-0.14	-0.08	-0.02
Other Operating Activities	5.14	3.36	-41.33	-79.47	-46.62	-9.66
Change in Accounts Receivable	-4.83	2.54	-73.31	-11.55	0.85	-7.13
Change in Inventory	0.92	0.74	-0.16	0	-0.11	-0.05
Change in Accounts Payable	69.86	70.39	-7.62	27.03	13.86	12.68
Change in Unearned Revenue	-1.44	-1.46	-1.04	-0.6	-2.76	2.57
Change in Other Net Operating Assets	-75.52	-80.53	-29.06	16.36	144.24	11.02
Operating Cash Flow	179.17	180.42	81.43	151.32	232.14	180.54
Operating Cash Flow Growth	109.61%	121.57%	-46.19%	-34.82%	28.59%	35.07%
Capital Expenditures	-50.3	-35.86	-272.83	-60.04	-58.34	-57.09
Sale of Property, Plant & Equipment	0.42	0.35	0.67	0.47	0.29	0.29
Investment in Securities	-	-	-	-	1.07	134.84
Other Investing Activities	34.19	37.59	44.03	57.16	32.05	0.27
Investing Cash Flow	-15.7	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	-0.21	-0.19	-0.18	-0.13	-0.13
Common Dividends Paid	-155.78	-155.78	-111.27	-49.45	-59.34	-158.25
Other Financing Activities	-12.47	-12.47	-12.35	-12.68	-9.12	-4.15
Financing Cash Flow	-168.45	-168.45	-123.81	-62.31	-68.59	-162.53
Net Cash Flow	-4.98	14.05	-270.52	86.61	138.62	96.32
Free Cash Flow	128.87	144.56	-191.41	91.28	173.81	123.44
Free Cash Flow Growth	-	-	-	-47.48%	40.80%	32.90%
Free Cash Flow Margin	19.98%	22.64%	-32.84%	17.94%	41.99%	34.27%
Free Cash Flow Per Share	0.52	0.58	-0.77	0.37	0.70	0.50
Cash Interest Paid	0.02	0.02	0	-	-	-
Cash Income Tax Paid	0.37	0.37	53.98	54.49	40.54	42.07
Levered Free Cash Flow	181.93	211.47	-179.32	183.15	167.96	129.36
Unlevered Free Cash Flow	182.25	213.4	-177.21	184.97	169.68	131.06
Change in Working Capital	-11.01	-8.32	-111.19	31.24	156.08	19.1

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