APEX INVESTMENT

APEX INVESTMENT P.S.C

APEXStocksAbu Dhabi Securities ExchangeMaterials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (AED)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	168.18M	227.73M	494.85M	179.93M	-32.21M
Free Cash Flow	49.37M	205.53M	467.81M	141.49M	-36.81M
Capital Expenditures	-118.81M	-22.19M	-27.04M	-38.44M	-4.61M
Investing & Financing
Investing Cash Flow	-245.65M	-142.04M	-32.78M	-34.02M	24.33M
Financing Cash Flow	-1.68M	-1.65M	-3.02M	-8.35M	-9.45M
Dividends Paid	—	—	—	—	-99.41K
Operating Activities
Operating Cash Flow	168.18M	227.73M	494.85M	179.93M	-32.21M
Net Income	38.00M	75.64M	-58.43M	187.19M	2.98M
Change in Accounts Payable	150.46M	0.81M	21.04M	-135.14M	-40.83M
Change in Accounts Receivable	-67.48M	-2.24M	322.99M	142.06M	8.02M
Change in Inventory	-64.99M	17.39M	-19.43M	2.29M	5.01M
Change in Other Net Operating Assets	-13.93M	17.88M	64.40M	-27.14M	-1.67M
Change in Working Capital	4.07M	33.84M	389.00M	-17.93M	-29.47M
Other Operating Activities	-1.25M	6.10M	4.45M	2.70M	7.35M
Provision & Write-off of Bad Debts	5.56M	10.51M	-11.10M	12.26M	-1.79M
Depreciation & Amortization	42.12M	37.81M	32.76M	23.21M	14.99M
Other Amortization	46.48K	26.08K	—	—	287.74K
Cash Interest Paid	1.33M	1.44M	1.80M	1.40M	2.40M
Cash Income Tax Paid	12.11M	—	—	—	—
Loss (Gain) on Equity Investments	-2.98M	2.67M	7.87M	6.50M	2.86M
Asset Writedown & Restructuring Costs	1.35M	3.24M	0.88M	-0.03M	—
Investing Activities
Investing Cash Flow	-245.65M	-142.04M	-32.78M	-34.02M	24.33M
Capital Expenditures	-118.81M	-22.19M	-27.04M	-38.44M	-4.61M
Cash Acquisitions	—	—	—	25.43M	—
Investment in Securities	-130.87M	-129.35M	-7.08M	-7.10M	28.70M
Other Investing Activities	3.73M	8.03M	0.94M	-14.35M	0.20M
Sale (Purchase) of Intangibles	-236.42K	—	—	—	—
Sale of Property, Plant & Equipment	0.54M	1.47M	0.39M	0.45M	0.03M
Loss (Gain) From Sale of Assets	-24.20K	-9.64K	-9.64K	-48.47K	-26.84K
Loss (Gain) on Sale of Investments	81.30M	57.90M	129.43M	-33.92M	-29.39M
Financing Activities
Financing Cash Flow	-1.68M	-1.65M	-3.02M	-8.35M	-9.45M
Common Dividends Paid	—	—	—	—	-99.41K
Long-Term Debt Repaid	-347.20K	-204.52K	-67.50K	—	—
Short-Term Debt Repaid	—	—	-1.16M	-6.95M	-6.95M
Total Debt Repaid	-0.35M	-0.20M	-1.23M	-6.95M	-6.95M
Net Debt Issued (Repaid)	-0.35M	-0.20M	-1.23M	-6.95M	-6.95M
Other Financing Activities	-1.33M	-1.44M	-1.80M	-1.40M	-2.40M
Free Cash Flow & Returns
Free Cash Flow	49.37M	205.53M	467.81M	141.49M	-36.81M
Free Cash Flow Growth	-76.0%	-56.1%	+230.6%	—	—
Free Cash Flow Margin	+5.7%	+24.1%	+64.7%	+17.2%	-22.1%
Free Cash Flow Per Share	0.01	0.06	0.13	0.05	-0.07
Levered Free Cash Flow	150.25M	141.45M	431.78M	-606.09M	-30.89M
Unlevered Free Cash Flow	151.08M	142.43M	432.97M	-605.21M	-29.39M
Operating Cash Flow Growth	-26.1%	-54.0%	+175.0%	—	—
Net Cash Flow	-79.15M	84.04M	459.04M	137.57M	-17.33M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (AED)

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	168.18M	227.73M	494.85M	179.93M	-32.21M
Free Cash Flow	49.37M	205.53M	467.81M	141.49M	-36.81M
Capital Expenditures	-118.81M	-22.19M	-27.04M	-38.44M	-4.61M
Investing & Financing
Investing Cash Flow	-245.65M	-142.04M	-32.78M	-34.02M	24.33M
Financing Cash Flow	-1.68M	-1.65M	-3.02M	-8.35M	-9.45M
Dividends Paid	—	—	—	—	-99.41K
Operating Activities
Operating Cash Flow	168.18M	227.73M	494.85M	179.93M	-32.21M
Net Income	38.00M	75.64M	-58.43M	187.19M	2.98M
Change in Accounts Payable	150.46M	0.81M	21.04M	-135.14M	-40.83M
Change in Accounts Receivable	-67.48M	-2.24M	322.99M	142.06M	8.02M
Change in Inventory	-64.99M	17.39M	-19.43M	2.29M	5.01M
Change in Other Net Operating Assets	-13.93M	17.88M	64.40M	-27.14M	-1.67M
Change in Working Capital	4.07M	33.84M	389.00M	-17.93M	-29.47M
Other Operating Activities	-1.25M	6.10M	4.45M	2.70M	7.35M
Provision & Write-off of Bad Debts	5.56M	10.51M	-11.10M	12.26M	-1.79M
Depreciation & Amortization	42.12M	37.81M	32.76M	23.21M	14.99M
Other Amortization	46.48K	26.08K	—	—	287.74K
Cash Interest Paid	1.33M	1.44M	1.80M	1.40M	2.40M
Cash Income Tax Paid	12.11M	—	—	—	—
Loss (Gain) on Equity Investments	-2.98M	2.67M	7.87M	6.50M	2.86M
Asset Writedown & Restructuring Costs	1.35M	3.24M	0.88M	-0.03M	—
Investing Activities
Investing Cash Flow	-245.65M	-142.04M	-32.78M	-34.02M	24.33M
Capital Expenditures	-118.81M	-22.19M	-27.04M	-38.44M	-4.61M
Cash Acquisitions	—	—	—	25.43M	—
Investment in Securities	-130.87M	-129.35M	-7.08M	-7.10M	28.70M
Other Investing Activities	3.73M	8.03M	0.94M	-14.35M	0.20M
Sale (Purchase) of Intangibles	-236.42K	—	—	—	—
Sale of Property, Plant & Equipment	0.54M	1.47M	0.39M	0.45M	0.03M
Loss (Gain) From Sale of Assets	-24.20K	-9.64K	-9.64K	-48.47K	-26.84K
Loss (Gain) on Sale of Investments	81.30M	57.90M	129.43M	-33.92M	-29.39M
Financing Activities
Financing Cash Flow	-1.68M	-1.65M	-3.02M	-8.35M	-9.45M
Common Dividends Paid	—	—	—	—	-99.41K
Long-Term Debt Repaid	-347.20K	-204.52K	-67.50K	—	—
Short-Term Debt Repaid	—	—	-1.16M	-6.95M	-6.95M
Total Debt Repaid	-0.35M	-0.20M	-1.23M	-6.95M	-6.95M
Net Debt Issued (Repaid)	-0.35M	-0.20M	-1.23M	-6.95M	-6.95M
Other Financing Activities	-1.33M	-1.44M	-1.80M	-1.40M	-2.40M
Free Cash Flow & Returns
Free Cash Flow	49.37M	205.53M	467.81M	141.49M	-36.81M
Free Cash Flow Growth	-76.0%	-56.1%	+230.6%	—	—
Free Cash Flow Margin	+5.7%	+24.1%	+64.7%	+17.2%	-22.1%
Free Cash Flow Per Share	0.01	0.06	0.13	0.05	-0.07
Levered Free Cash Flow	150.25M	141.45M	431.78M	-606.09M	-30.89M
Unlevered Free Cash Flow	151.08M	142.43M	432.97M	-605.21M	-29.39M
Operating Cash Flow Growth	-26.1%	-54.0%	+175.0%	—	—
Net Cash Flow	-79.15M	84.04M	459.04M	137.57M	-17.33M