Salafin 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	96.12	93.15	90.58	85.75	84.73	Upgrade
Depreciation & Amortization	9.47	10.87	11.98	12.55	12.04	Upgrade
Change in Other Net Operating Assets	88.01	-794.47	-563.56	-393.92	-259.83	Upgrade
Other Operating Activities	42.74	454.74	505.42	514.43	527.94	Upgrade
Operating Cash Flow	236.33	-235.71	44.42	218.81	364.88	Upgrade
Operating Cash Flow Growth	-	-	-79.70%	-40.03%	92.65%	Upgrade
Capital Expenditures	-4.05	-3.68	-5.54	-8.43	-6.66	Upgrade
Other Investing Activities	1.7	2	2.72	2.59	2.41	Upgrade
Investing Cash Flow	-2.34	-1.68	-2.82	-5.85	-4.25	Upgrade
Common Dividends Paid	-92.16	-89.04	-84.35	-162.45	-162.29	Upgrade
Financing Cash Flow	-92.16	-89.04	-84.35	-162.45	-162.29	Upgrade
Net Cash Flow	141.83	-326.43	-42.75	50.51	198.33	Upgrade
Free Cash Flow	232.29	-239.39	38.88	210.38	358.22	Upgrade
Free Cash Flow Growth	-	-	-81.52%	-41.27%	95.90%	Upgrade
Free Cash Flow Margin	33.68%	-35.33%	5.46%	29.59%	49.94%	Upgrade
Free Cash Flow Per Share	74.92	-77.10	12.45	66.24	114.15	Upgrade
Cash Income Tax Paid	104.22	63	58.73	53.82	52.23	Upgrade

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