APEX INVESTMENT

APEX INVESTMENT P.S.C

APEXStocksAbu Dhabi Securities ExchangeMaterials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Quarterly (AED)

1-5

	Q4 2025Dec 31, 2025	Q3 2025Sep 30, 2025	Q2 2025Jun 30, 2025	Q1 2025Mar 31, 2025	Q4 2024Dec 31, 2024
Operations
Operating Cash Flow	180.14M	23.82M	-16.23M	-19.55M	74.36M
Free Cash Flow	117.44M	0.44M	-34.59M	-33.93M	112.12M
Capital Expenditures	-62.70M	-23.38M	-18.36M	-14.38M	37.76M
Investing & Financing
Investing Cash Flow	-193.25M	-20.61M	-12.86M	-18.92M	-83.80M
Financing Cash Flow	0.82M	-0.68M	-0.91M	-0.91M	-0.70M
Dividends Paid	—	—	—	—	—
Operating Activities
Operating Cash Flow	180.14M	23.82M	-16.23M	-19.55M	74.36M
Net Income	-16.44M	-17.16M	97.20M	-25.60M	24.50M
Change in Accounts Payable	126.75M	21.66M	23.90M	-21.84M	16.00M
Change in Accounts Receivable	83.19M	-28.68M	-88.04M	-33.95M	39.46M
Change in Inventory	-45.47M	3.08M	-14.22M	-8.38M	11.02M
Change in Other Net Operating Assets	-26.23M	-16.32M	26.74M	1.89M	-24.53M
Change in Working Capital	138.25M	-20.27M	-51.63M	-62.28M	41.96M
Other Operating Activities	-1.16M	-7.38M	2.62M	4.68M	-0.44M
Provision & Write-off of Bad Debts	1.67M	1.63M	1.04M	1.21M	1.60M
Depreciation & Amortization	13.15M	9.87M	9.70M	9.40M	9.39M
Other Amortization	46.48K	—	—	—	26.08K
Cash Interest Paid	—	0.99M	0.25M	0.91M	0.56M
Cash Income Tax Paid	0.01M	12.10M	—	—	—
Loss (Gain) on Equity Investments	-1.48M	-0.79M	-0.42M	-0.29M	1.43M
Asset Writedown & Restructuring Costs	1.35M	—	—	—	3.24M
Investing Activities
Investing Cash Flow	-193.25M	-20.61M	-12.86M	-18.92M	-83.80M
Capital Expenditures	-62.70M	-23.38M	-18.36M	-14.38M	37.76M
Cash Acquisitions	—	—	—	—	—
Investment in Securities	-130.87M	—	4.54M	-4.54M	-129.35M
Other Investing Activities	0.10M	2.80M	0.82M	—	7.82M
Sale (Purchase) of Intangibles	-88.28K	—	-148.14K	—	—
Sale of Property, Plant & Equipment	0.30M	-0.03M	0.28M	—	-0.03M
Loss (Gain) From Sale of Assets	-24.20K	—	—	—	—
Loss (Gain) on Sale of Investments	44.79M	57.93M	-74.74M	53.32M	-7.34M
Financing Activities
Financing Cash Flow	0.82M	-0.68M	-0.91M	-0.91M	-0.70M
Common Dividends Paid	—	—	—	—	—
Total Debt Issued	—	—	—	—	—
Long-Term Debt Repaid	—	—	—	—	—
Total Debt Repaid	0.00M	0.31M	-0.66M	—	-0.14M
Net Debt Issued (Repaid)	0.00M	0.31M	-0.66M	—	-0.14M
Other Financing Activities	0.82M	-0.99M	-0.25M	-0.91M	-0.56M
Free Cash Flow & Returns
Free Cash Flow	117.44M	0.44M	-34.59M	-33.93M	112.12M
Free Cash Flow Growth	+4.7%	—	—	—	-61.1%
Free Cash Flow Margin	+50.6%	+0.2%	-17.0%	-17.3%	+48.7%
Free Cash Flow Per Share	0.03	0.00	-0.01	-0.01	0.03
Levered Free Cash Flow	208.16M	-4.01M	-0.96M	-53.59M	84.20M
Unlevered Free Cash Flow	208.16M	-3.31M	-0.76M	-53.00M	84.57M
Operating Cash Flow Growth	+142.2%	-23.8%	—	—	-74.9%
Net Cash Flow	-12.30M	2.53M	-30.00M	-39.38M	-10.13M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Quarterly (AED)

1-5

	Q4 2025Dec 31, 2025	Q3 2025Sep 30, 2025	Q2 2025Jun 30, 2025	Q1 2025Mar 31, 2025	Q4 2024Dec 31, 2024
Operations
Operating Cash Flow	180.14M	23.82M	-16.23M	-19.55M	74.36M
Free Cash Flow	117.44M	0.44M	-34.59M	-33.93M	112.12M
Capital Expenditures	-62.70M	-23.38M	-18.36M	-14.38M	37.76M
Investing & Financing
Investing Cash Flow	-193.25M	-20.61M	-12.86M	-18.92M	-83.80M
Financing Cash Flow	0.82M	-0.68M	-0.91M	-0.91M	-0.70M
Dividends Paid	—	—	—	—	—
Operating Activities
Operating Cash Flow	180.14M	23.82M	-16.23M	-19.55M	74.36M
Net Income	-16.44M	-17.16M	97.20M	-25.60M	24.50M
Change in Accounts Payable	126.75M	21.66M	23.90M	-21.84M	16.00M
Change in Accounts Receivable	83.19M	-28.68M	-88.04M	-33.95M	39.46M
Change in Inventory	-45.47M	3.08M	-14.22M	-8.38M	11.02M
Change in Other Net Operating Assets	-26.23M	-16.32M	26.74M	1.89M	-24.53M
Change in Working Capital	138.25M	-20.27M	-51.63M	-62.28M	41.96M
Other Operating Activities	-1.16M	-7.38M	2.62M	4.68M	-0.44M
Provision & Write-off of Bad Debts	1.67M	1.63M	1.04M	1.21M	1.60M
Depreciation & Amortization	13.15M	9.87M	9.70M	9.40M	9.39M
Other Amortization	46.48K	—	—	—	26.08K
Cash Interest Paid	—	0.99M	0.25M	0.91M	0.56M
Cash Income Tax Paid	0.01M	12.10M	—	—	—
Loss (Gain) on Equity Investments	-1.48M	-0.79M	-0.42M	-0.29M	1.43M
Asset Writedown & Restructuring Costs	1.35M	—	—	—	3.24M
Investing Activities
Investing Cash Flow	-193.25M	-20.61M	-12.86M	-18.92M	-83.80M
Capital Expenditures	-62.70M	-23.38M	-18.36M	-14.38M	37.76M
Cash Acquisitions	—	—	—	—	—
Investment in Securities	-130.87M	—	4.54M	-4.54M	-129.35M
Other Investing Activities	0.10M	2.80M	0.82M	—	7.82M
Sale (Purchase) of Intangibles	-88.28K	—	-148.14K	—	—
Sale of Property, Plant & Equipment	0.30M	-0.03M	0.28M	—	-0.03M
Loss (Gain) From Sale of Assets	-24.20K	—	—	—	—
Loss (Gain) on Sale of Investments	44.79M	57.93M	-74.74M	53.32M	-7.34M
Financing Activities
Financing Cash Flow	0.82M	-0.68M	-0.91M	-0.91M	-0.70M
Common Dividends Paid	—	—	—	—	—
Total Debt Issued	—	—	—	—	—
Long-Term Debt Repaid	—	—	—	—	—
Total Debt Repaid	0.00M	0.31M	-0.66M	—	-0.14M
Net Debt Issued (Repaid)	0.00M	0.31M	-0.66M	—	-0.14M
Other Financing Activities	0.82M	-0.99M	-0.25M	-0.91M	-0.56M
Free Cash Flow & Returns
Free Cash Flow	117.44M	0.44M	-34.59M	-33.93M	112.12M
Free Cash Flow Growth	+4.7%	—	—	—	-61.1%
Free Cash Flow Margin	+50.6%	+0.2%	-17.0%	-17.3%	+48.7%
Free Cash Flow Per Share	0.03	0.00	-0.01	-0.01	0.03
Levered Free Cash Flow	208.16M	-4.01M	-0.96M	-53.59M	84.20M
Unlevered Free Cash Flow	208.16M	-3.31M	-0.76M	-53.00M	84.57M
Operating Cash Flow Growth	+142.2%	-23.8%	—	—	-74.9%
Net Cash Flow	-12.30M	2.53M	-30.00M	-39.38M	-10.13M