TAQA Morocco 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	980.72	1,053	1,037	1,303	1,005	Upgrade
Depreciation & Amortization	812.77	825.15	842.45	798.03	807.9	Upgrade
Change in Other Net Operating Assets	-211.99	-809.81	518.55	-358.85	-92.32	Upgrade
Other Operating Activities	231.29	335.94	228.08	519.38	234.25	Upgrade
Operating Cash Flow	1,813	1,404	2,626	2,261	1,955	Upgrade
Operating Cash Flow Growth	29.11%	-46.54%	16.15%	15.69%	-13.59%	Upgrade
Capital Expenditures	-165.39	-292.37	-328.39	-242.13	-213.41	Upgrade
Sale of Property, Plant & Equipment	-	-	0.02	0.03	0.59	Upgrade
Cash Acquisitions	0.42	-	-	-	-	Upgrade
Investment in Securities	-99.7	-	-	-	-	Upgrade
Other Investing Activities	-	-	0	-	-	Upgrade
Investing Cash Flow	-264.67	-292.37	-328.37	-242.11	-212.83	Upgrade
Long-Term Debt Issued	-	-	6,600	-	-	Upgrade
Long-Term Debt Repaid	-663.42	-678.2	-4,416	-1,018	-1,032	Upgrade
Net Debt Issued (Repaid)	-663.42	-678.2	2,184	-1,018	-1,032	Upgrade
Common Dividends Paid	-1,186	-1,098	-1,773	-1,030	-1,011	Upgrade
Financing Cash Flow	-1,849	-1,776	411.88	-2,048	-2,042	Upgrade
Miscellaneous Cash Flow Adjustments	-0	-	-	-	0	Upgrade
Net Cash Flow	-300.88	-664.07	2,710	-28.4	-300.62	Upgrade
Free Cash Flow	1,647	1,112	2,298	2,019	1,741	Upgrade
Free Cash Flow Growth	48.19%	-51.62%	13.81%	15.96%	365.47%	Upgrade
Free Cash Flow Margin	15.49%	10.22%	17.42%	14.84%	22.29%	Upgrade
Free Cash Flow Per Share	69.85	47.13	97.43	85.60	73.82	Upgrade
Levered Free Cash Flow	1,639	1,005	1,550	2,731	1,676	Upgrade
Unlevered Free Cash Flow	1,945	1,340	1,771	3,025	1,987	Upgrade
Change in Working Capital	-211.99	-809.81	518.55	-358.85	-92.32	Upgrade

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