WSE:APS Cash Flow Statement

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

Millions PLN. 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	3.93	7.81	3.38	2.14	1.6	Upgrade
Depreciation & Amortization	0.61	0.54	0.63	0.35	0.4	Upgrade
Loss (Gain) From Sale of Assets	0.02	-0.03	-0.1	-0.09	-0.13	Upgrade
Other Operating Activities	-0.21	-0.1	0.03	-0.04	-0.01	Upgrade
Change in Accounts Receivable	6.63	-3.61	-2.41	-1.19	1.29	Upgrade
Change in Inventory	0.87	-0.42	0.72	-1.5	0.26	Upgrade
Change in Other Net Operating Assets	-3.48	-0.89	0.01	3.53	-2.35	Upgrade
Operating Cash Flow	8.38	3.31	2.28	3.19	1.06	Upgrade
Operating Cash Flow Growth	153.20%	45.25%	-28.47%	201.64%	-48.06%	Upgrade
Capital Expenditures	-0.15	-0.55	-0.27	-0.19	-0.02	Upgrade
Sale of Property, Plant & Equipment	0.08	0.06	0.1	0.09	0.13	Upgrade
Investment in Securities	0.24	-	-	-	-	Upgrade
Other Investing Activities	-	0.01	0.09	-0	5.06	Upgrade
Investing Cash Flow	0.17	-0.48	-0.09	-0.1	5.17	Upgrade
Long-Term Debt Repaid	-0.34	-0.26	-0.24	-0.35	-0.18	Upgrade
Net Debt Issued (Repaid)	-0.34	-0.26	-0.24	-0.35	-0.18	Upgrade
Common Dividends Paid	-2.01	-1.59	-2.01	-2.01	-3.97	Upgrade
Other Financing Activities	-0.08	-0.05	-0.01	0.03	-0	Upgrade
Financing Cash Flow	-2.43	-1.89	-2.26	-2.34	-4.16	Upgrade
Net Cash Flow	6.13	0.93	-0.07	0.75	2.07	Upgrade
Free Cash Flow	8.23	2.76	2.01	3	1.04	Upgrade
Free Cash Flow Growth	198.00%	37.79%	-33.12%	188.94%	-47.31%	Upgrade
Free Cash Flow Margin	25.07%	5.74%	4.97%	8.93%	3.09%	Upgrade
Free Cash Flow Per Share	1.55	0.52	0.38	0.57	0.20	Upgrade
Cash Interest Paid	-	0.05	0.07	0.02	0	Upgrade
Levered Free Cash Flow	5.58	-1.01	2.05	2.5	1.39	Upgrade
Unlevered Free Cash Flow	5.62	-0.96	2.11	2.53	1.41	Upgrade
Change in Working Capital	4.02	-4.91	-1.67	0.83	-0.81	Upgrade

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