delta holding 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	2020 - 2016
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	2020 - 2016
Net Income	307.19	295.38	188.93	166.25	172.04	Upgrade
Depreciation & Amortization	121.13	108.05	88.29	157.49	130.94	Upgrade
Loss (Gain) From Sale of Assets	-5.11	-80.69	25.76	-14.08	-22.79	Upgrade
Other Operating Activities	18.89	46.1	29.53	31.1	9.96	Upgrade
Change in Other Net Operating Assets	138.73	17.67	185.07	-468.26	147.06	Upgrade
Operating Cash Flow	580.83	386.52	517.59	-127.5	437.23	Upgrade
Operating Cash Flow Growth	50.27%	-25.32%	-	-	156.64%	Upgrade
Capital Expenditures	-191.85	-100.3	-90.71	-58.28	-79.06	Upgrade
Sale of Property, Plant & Equipment	10.09	120.41	19.47	36.88	64.99	Upgrade
Investing Cash Flow	-181.76	20.11	-71.24	-21.4	-14.08	Upgrade
Long-Term Debt Issued	0.39	0.31	2.96	26.94	29.48	Upgrade
Long-Term Debt Repaid	-29.66	-64.01	-73.48	-65.59	-88.84	Upgrade
Net Debt Issued (Repaid)	-29.28	-63.7	-70.52	-38.65	-59.35	Upgrade
Common Dividends Paid	-197.1	-131.4	-122.64	-113.88	-	Upgrade
Other Financing Activities	-58.52	-21.45	-15.82	-16.98	-20.02	Upgrade
Financing Cash Flow	-284.89	-216.55	-208.97	-169.51	-79.37	Upgrade
Net Cash Flow	114.18	190.08	237.38	-318.4	343.78	Upgrade
Free Cash Flow	388.99	286.22	426.88	-185.78	358.16	Upgrade
Free Cash Flow Growth	35.90%	-32.95%	-	-	753.79%	Upgrade
Free Cash Flow Margin	12.54%	9.10%	13.59%	-6.64%	14.09%	Upgrade
Free Cash Flow Per Share	4.44	3.27	4.87	-2.12	4.09	Upgrade
Levered Free Cash Flow	427.66	295.21	334.34	-153.54	283.27	Upgrade
Unlevered Free Cash Flow	429.7	299.64	345.13	-140.98	297.33	Upgrade
Change in Working Capital	138.73	17.67	185.07	-468.26	147.06	Upgrade

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