ZUE 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 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	9.03	10.72	21.03	16.39	11.77	4.26
Depreciation & Amortization	15.56	15.04	14.17	13.16	12.6	13.21
Other Amortization	0.6	0.6	0.61	0.61	0.29	0.09
Loss (Gain) From Sale of Assets	-1.26	-1.26	-5.03	-0.91	-0.65	-0.51
Loss (Gain) From Sale of Investments	-1.11	-	-	-1.15	0.12	-1.02
Other Operating Activities	5.04	0.63	2.99	4.68	-4.8	7.33
Change in Accounts Receivable	62.94	-13.31	7.1	-58.67	13.96	36.54
Change in Inventory	-13.17	42.56	11.31	-43.65	-12.52	5.05
Change in Unearned Revenue	24.58	-91.13	75.77	9.09	3.37	-24.56
Change in Other Net Operating Assets	-58.01	-79.47	9.51	17.85	85.68	-24.08
Operating Cash Flow	44.2	-115.62	137.46	-42.6	109.83	16.31
Operating Cash Flow Growth	38.25%	-	-	-	573.20%	-
Capital Expenditures	-2.55	-5.54	-8.23	-4.82	-6.04	-7.37
Sale of Property, Plant & Equipment	4.33	1.68	12.55	1.31	1.97	1.39
Cash Acquisitions	0.21	-	-0.39	0.36	-	-
Investment in Securities	-1.76	-0.46	0.56	-3.62	-	-
Other Investing Activities	0.21	0.52	0.61	1.13	0.02	0.02
Investing Cash Flow	0.75	-2.53	5.16	-11.5	-4	-6.05
Long-Term Debt Issued	-	-	44.52	25	4.11	20.3
Long-Term Debt Repaid	-	-43.58	-22.46	-11.37	-23.55	-35.94
Net Debt Issued (Repaid)	-44.94	-43.58	22.06	13.63	-19.44	-15.64
Common Dividends Paid	-	-4.78	-1.66	-3.44	-	-
Other Financing Activities	-4.82	-4.84	-2.98	-1.59	-1.15	-1.52
Financing Cash Flow	-49.76	-53.2	17.41	8.6	-20.6	-17.16
Foreign Exchange Rate Adjustments	-0.05	0.47	0.28	0.01	0.02	0.01
Net Cash Flow	-4.86	-170.88	160.3	-45.49	85.25	-6.89
Free Cash Flow	41.66	-121.16	129.23	-47.42	103.79	8.94
Free Cash Flow Growth	59.32%	-	-	-	1060.43%	-
Free Cash Flow Margin	4.21%	-9.94%	8.87%	-5.15%	12.19%	0.99%
Free Cash Flow Per Share	1.85	-5.31	5.68	-2.08	4.56	0.40
Cash Interest Paid	4.82	4.84	2.98	1.59	1.15	1.52
Cash Income Tax Paid	0.64	4.31	6.74	3.36	9.48	0
Levered Free Cash Flow	30.95	-135.67	109.35	-30.23	98.13	-8.79
Unlevered Free Cash Flow	34.22	-132.56	111.43	-29.09	98.89	-7.8
Change in Working Capital	16.34	-141.35	103.68	-75.38	90.49	-7.05

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.