VRG S.A. 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	98.24	87.8	101.73	92.96	66.31
Depreciation & Amortization	136.05	134.24	127.27	109.74	104.09
Asset Writedown & Restructuring Costs	-	-0.93	3.27	-0.51	0.87
Loss (Gain) From Sale of Investments	0.97	-2.89	-4.9	0.32	0.19
Provision & Write-off of Bad Debts	-	0.1	0.18	-0.49	-
Other Operating Activities	22.92	17.48	12.21	11.12	5.89
Change in Accounts Receivable	11.35	-7.07	-3.76	-1.44	0.55
Change in Inventory	-30.15	-171.19	-10.77	-54.09	6.41
Change in Other Net Operating Assets	13.05	40.8	-15.29	17.34	7.21
Operating Cash Flow	252.43	98.34	210.46	174.96	191.52
Operating Cash Flow Growth	156.71%	-53.28%	20.29%	-8.65%	33.74%
Capital Expenditures	-42.74	-46.36	-38.74	-26.97	-15.23
Sale of Property, Plant & Equipment	3.38	8.58	2.24	3.63	1.24
Cash Acquisitions	-	-	-0.58	-	-
Sale (Purchase) of Intangibles	-1.06	-0.7	-1.19	-2.82	-2.56
Other Investing Activities	0.05	0.22	1.98	1.62	0
Investing Cash Flow	-40.37	-38.25	-36.29	-24.54	-16.54
Long-Term Debt Issued	1.16	52.61	-	2.93	-
Long-Term Debt Repaid	-142.08	-136.06	-134.63	-122.21	-101.96
Net Debt Issued (Repaid)	-140.92	-83.45	-134.63	-119.28	-101.96
Issuance of Common Stock	0	-	-	-	-
Common Dividends Paid	-	-21.1	-46.89	-39.86	-
Other Financing Activities	-20.81	-16.5	-10.41	-9.96	-7.3
Financing Cash Flow	-161.73	-121.05	-191.93	-169.1	-109.25
Foreign Exchange Rate Adjustments	0.09	-0.18	-0	-	-
Net Cash Flow	50.43	-61.15	-17.76	-18.67	65.73
Free Cash Flow	209.69	51.98	171.72	147.99	176.3
Free Cash Flow Growth	303.40%	-69.73%	16.04%	-16.06%	39.61%
Free Cash Flow Margin	13.94%	3.78%	13.19%	11.62%	16.48%
Free Cash Flow Per Share	0.89	0.22	0.73	0.63	0.73
Cash Interest Paid	-	16.5	10.41	9.96	7.3
Cash Income Tax Paid	-	23.27	23.79	21.9	18.68
Levered Free Cash Flow	168.42	2.27	144.81	111.99	163.65
Unlevered Free Cash Flow	182.74	12.66	151.37	118.2	168.2
Change in Working Capital	-5.75	-137.46	-29.82	-38.18	14.17

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