Cash Plus Cash Flow Statement

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

Millions MAD. 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	242.3	196.47	157.75	133.67	108.03
Depreciation & Amortization	49.03	56.59	44.09	22.67	25.22
Other Amortization	19.65	-	13.56	9.07	-
Other Operating Activities	220.52	192.89	112.67	94.34	79.99
Change in Income Taxes	-233.87	-176.67	-118.3	-106.62	-77.31
Change in Other Net Operating Assets	41.8	727.84	340.41	85.26	68.64
Operating Cash Flow	339.42	997.12	550.18	238.38	204.57
Operating Cash Flow Growth	-65.96%	81.23%	130.80%	16.53%	-
Capital Expenditures	-46.94	-51.04	-39.26	-136.37	-29.02
Investment in Securities	-1	-4.04	-0.19	-1.25	-0.1
Investing Cash Flow	-47.94	-55.07	-39.45	-137.63	-29.12
Issuance of Common Stock	157.56	26.53	-	-	-
Common Dividends Paid	-	-	-174.69	-134.32	-
Other Financing Activities	-28.38	-23.3	16.41	103.75	-80.71
Financing Cash Flow	129.18	3.23	-158.28	-30.57	-80.71
Miscellaneous Cash Flow Adjustments	-0	-	-	-	-
Net Cash Flow	420.66	945.28	352.45	70.19	94.74
Free Cash Flow	292.48	946.09	510.92	102.01	175.55
Free Cash Flow Growth	-69.08%	85.17%	400.86%	-41.89%	-
Free Cash Flow Margin	16.32%	59.32%	48.06%	11.39%	23.57%
Free Cash Flow Per Share	11.91	1743.93	1021.84	204.02	351.10
Cash Income Tax Paid	233.87	176.67	118.3	106.62	77.31
Levered Free Cash Flow	342.62	906.74	-158.11	-42.99	-
Unlevered Free Cash Flow	360.13	924.13	-146.79	-35.9	-
Change in Working Capital	-192.07	551.17	222.11	-21.36	-8.66

Source: S&P Capital IQ. Standard template. Financial Sources.