ADRIATIC osiguranje d.d. Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. 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	1.83	4.06	3.61	5.55	9.73
Depreciation & Amortization	2.38	2.65	2.41	0.21	2.1
Other Amortization	-	-	-	0.15	0.09
Gain (Loss) on Sale of Assets	-2.9	-0.08	-0.04	2.63	-0.21
Change in Accounts Receivable	38.94	27.18	6.08	23.12	-1.16
Reinsurance Recoverable	-0.61	1.51	-0.42	-0.29	-3.19
Change in Income Taxes	-1.62	2.33	6.05	-1.28	-0.51
Change in Deferred Taxes	-0.87	1.13	-0.72	-2.85	-
Change in Insurance Reserves / Liabilities	-	-	-	-	30.29
Change in Other Net Operating Assets	-32.42	-11.52	-5.02	-8.19	0.63
Other Operating Activities	8.27	12.27	9.28	-0.19	-2.8
Operating Cash Flow	13.4	35.42	16.94	19.85	33.77
Operating Cash Flow Growth	-62.17%	109.07%	-14.65%	-41.23%	68.23%
Capital Expenditures	-	-0.61	-0.59	-	-4.08
Sale of Property, Plant & Equipment	4.96	0.09	0	0.09	0.53
Purchase / Sale of Intangible Assets	-0.7	-0.03	-0.03	-1.28	-8.34
Investment in Securities	-	-	-	-	-10.11
Other Investing Activities	-15.05	-12.46	-22.39	-4.61	-0.71
Investing Cash Flow	-10.78	-13	-23.01	-5.81	-18.61
Long-Term Debt Issued	0.21	-	-	0.21	4.39
Total Debt Repaid	-2.62	-2.73	-3.74	-3.4	-7.38
Net Debt Issued (Repaid)	-2.4	-2.73	-3.74	-3.19	-2.99
Common Dividends Paid	-6.01	-	-	-3.6	-3.92
Other Financing Activities	-0.04	-0.04	-0.08	-0.18	-
Financing Cash Flow	-8.45	-2.78	-3.83	-6.97	-6.91
Net Cash Flow	-5.83	19.64	-9.89	7.08	8.25
Free Cash Flow	13.4	34.81	16.35	19.85	29.69
Free Cash Flow Growth	-61.51%	112.94%	-17.63%	-33.16%	173.61%
Free Cash Flow Margin	4.90%	14.61%	7.94%	10.38%	19.77%
Free Cash Flow Per Share	107.18	278.49	130.79	158.78	237.55
Cash Interest Paid	0.04	0.04	0.08	0.18	-
Cash Income Tax Paid	0.91	1.13	1.84	3.13	2.76
Levered Free Cash Flow	-0.7	1.87	42.35	-179.75	21.27
Unlevered Free Cash Flow	-0.7	1.87	42.35	-179.75	21.27
Change in Working Capital	3.8	21.09	22.61	10.5	26.06

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