INVICTUS INVESTMENT

Invictus Investment Company PLC

INVICTUSStocksAbu Dhabi Securities ExchangeIndustrials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (AED)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	-430.09M	-296.18M	-348.50M	26.03M	-128.17M
Free Cash Flow	-503.47M	-302.57M	-356.94M	22.91M	-128.77M
Capital Expenditures	-73.38M	-6.39M	-8.44M	-3.13M	-0.60M
Investing & Financing
Investing Cash Flow	-700.65M	-6.32M	-8.56M	-5.07M	2.11M
Financing Cash Flow	1.02B	0.94B	0.19B	0.50B	0.12B
Dividends Paid	-33.00M	-45.00M	-194.06M	-11.78M	-68.23M
Operating Activities
Operating Cash Flow	-430.09M	-296.18M	-348.50M	26.03M	-128.17M
Net Income	225.90M	168.38M	213.67M	454.59M	282.02M
Change in Accounts Payable	-161.42M	79.86M	-384.52M	610.69M	102.56M
Change in Accounts Receivable	-538.60M	-366.55M	-251.04M	-517.31M	-539.54M
Change in Inventory	-240.50M	85.88M	-30.35M	-580.08M	12.40M
Change in Other Net Operating Assets	-68.62M	-402.92M	40.42M	7.38M	0.60M
Change in Working Capital	-1.01B	-0.60B	-0.63B	-0.48B	-0.42B
Other Operating Activities	269.72M	100.76M	74.19M	47.11M	13.44M
Provision & Write-off of Bad Debts	-12.78M	-2.30M	9.08M	0.19M	0.27M
Depreciation & Amortization	63.68M	4.56M	1.55M	0.07M	0.08M
Other Amortization	1.02M	0.78M	0.44M	0.66M	0.00M
Cash Interest Paid	218.97M	120.69M	88.80M	41.89M	16.09M
Cash Income Tax Paid	22.57M	1.53M	—	—	—
Loss (Gain) on Equity Investments	1.27M	-2.51M	1.10M	—	—
Asset Writedown & Restructuring Costs	1.34M	0.73M	—	2.74M	—
Investing Activities
Investing Cash Flow	-700.65M	-6.32M	-8.56M	-5.07M	2.11M
Capital Expenditures	-73.38M	-6.39M	-8.44M	-3.13M	-0.60M
Cash Acquisitions	-626.44M	—	—	—	—
Investment in Securities	—	—	—	—	—
Other Investing Activities	—	—	—	—	2.71M
Sale (Purchase) of Intangibles	-1.70M	-0.53M	-0.14M	-1.94M	—
Sale of Property, Plant & Equipment	862.34K	606.50K	20.00K	—	—
Loss (Gain) From Sale of Assets	-852.29K	-19.22K	-18.10K	—	—
Loss (Gain) on Sale of Investments	16.95M	37.17M	-23.01M	—	—
Financing Activities
Financing Cash Flow	1.02B	0.94B	0.19B	0.50B	0.12B
Common Dividends Paid	-33.00M	-45.00M	-194.06M	-11.78M	-68.23M
Issuance of Common Stock	—	—	—	324.00M	—
Long-Term Debt Issued	—	0.24B	4.68B	—	—
Short-Term Debt Issued	10.55B	6.96B	—	2.05B	1.21B
Total Debt Issued	10.55B	7.19B	4.68B	2.05B	1.21B
Long-Term Debt Repaid	-0.03B	-0.03B	-4.33B	—	—
Short-Term Debt Repaid	-9.22B	-5.97B	—	-1.77B	-1.02B
Total Debt Repaid	-9.25B	-6.00B	-4.33B	-1.77B	-1.02B
Net Debt Issued (Repaid)	1.30B	1.20B	0.35B	0.28B	0.19B
Other Financing Activities	-239.07M	-214.61M	33.50M	-95.45M	-8.60M
Free Cash Flow & Returns
Free Cash Flow	-503.47M	-302.57M	-356.94M	22.91M	-128.77M
Free Cash Flow Margin	-3.8%	-3.4%	-4.4%	+0.4%	-4.4%
Free Cash Flow Per Share	-0.45	-0.27	-0.32	0.03	-32.19
Levered Free Cash Flow	-854.10M	-809.60M	-433.64M	-242.63M	-45.78M
Unlevered Free Cash Flow	-699.39M	-735.95M	-373.73M	-215.34M	-37.91M
Net Cash Flow	-116.17M	643.12M	-167.93M	520.93M	-9.92M
Foreign Exchange Rate Adjustments	-10.39M	8.80M	—	—	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Annual (AED)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	-430.09M	-296.18M	-348.50M	26.03M	-128.17M
Free Cash Flow	-503.47M	-302.57M	-356.94M	22.91M	-128.77M
Capital Expenditures	-73.38M	-6.39M	-8.44M	-3.13M	-0.60M
Investing & Financing
Investing Cash Flow	-700.65M	-6.32M	-8.56M	-5.07M	2.11M
Financing Cash Flow	1.02B	0.94B	0.19B	0.50B	0.12B
Dividends Paid	-33.00M	-45.00M	-194.06M	-11.78M	-68.23M
Operating Activities
Operating Cash Flow	-430.09M	-296.18M	-348.50M	26.03M	-128.17M
Net Income	225.90M	168.38M	213.67M	454.59M	282.02M
Change in Accounts Payable	-161.42M	79.86M	-384.52M	610.69M	102.56M
Change in Accounts Receivable	-538.60M	-366.55M	-251.04M	-517.31M	-539.54M
Change in Inventory	-240.50M	85.88M	-30.35M	-580.08M	12.40M
Change in Other Net Operating Assets	-68.62M	-402.92M	40.42M	7.38M	0.60M
Change in Working Capital	-1.01B	-0.60B	-0.63B	-0.48B	-0.42B
Other Operating Activities	269.72M	100.76M	74.19M	47.11M	13.44M
Provision & Write-off of Bad Debts	-12.78M	-2.30M	9.08M	0.19M	0.27M
Depreciation & Amortization	63.68M	4.56M	1.55M	0.07M	0.08M
Other Amortization	1.02M	0.78M	0.44M	0.66M	0.00M
Cash Interest Paid	218.97M	120.69M	88.80M	41.89M	16.09M
Cash Income Tax Paid	22.57M	1.53M	—	—	—
Loss (Gain) on Equity Investments	1.27M	-2.51M	1.10M	—	—
Asset Writedown & Restructuring Costs	1.34M	0.73M	—	2.74M	—
Investing Activities
Investing Cash Flow	-700.65M	-6.32M	-8.56M	-5.07M	2.11M
Capital Expenditures	-73.38M	-6.39M	-8.44M	-3.13M	-0.60M
Cash Acquisitions	-626.44M	—	—	—	—
Investment in Securities	—	—	—	—	—
Other Investing Activities	—	—	—	—	2.71M
Sale (Purchase) of Intangibles	-1.70M	-0.53M	-0.14M	-1.94M	—
Sale of Property, Plant & Equipment	862.34K	606.50K	20.00K	—	—
Loss (Gain) From Sale of Assets	-852.29K	-19.22K	-18.10K	—	—
Loss (Gain) on Sale of Investments	16.95M	37.17M	-23.01M	—	—
Financing Activities
Financing Cash Flow	1.02B	0.94B	0.19B	0.50B	0.12B
Common Dividends Paid	-33.00M	-45.00M	-194.06M	-11.78M	-68.23M
Issuance of Common Stock	—	—	—	324.00M	—
Long-Term Debt Issued	—	0.24B	4.68B	—	—
Short-Term Debt Issued	10.55B	6.96B	—	2.05B	1.21B
Total Debt Issued	10.55B	7.19B	4.68B	2.05B	1.21B
Long-Term Debt Repaid	-0.03B	-0.03B	-4.33B	—	—
Short-Term Debt Repaid	-9.22B	-5.97B	—	-1.77B	-1.02B
Total Debt Repaid	-9.25B	-6.00B	-4.33B	-1.77B	-1.02B
Net Debt Issued (Repaid)	1.30B	1.20B	0.35B	0.28B	0.19B
Other Financing Activities	-239.07M	-214.61M	33.50M	-95.45M	-8.60M
Free Cash Flow & Returns
Free Cash Flow	-503.47M	-302.57M	-356.94M	22.91M	-128.77M
Free Cash Flow Margin	-3.8%	-3.4%	-4.4%	+0.4%	-4.4%
Free Cash Flow Per Share	-0.45	-0.27	-0.32	0.03	-32.19
Levered Free Cash Flow	-854.10M	-809.60M	-433.64M	-242.63M	-45.78M
Unlevered Free Cash Flow	-699.39M	-735.95M	-373.73M	-215.34M	-37.91M
Net Cash Flow	-116.17M	643.12M	-167.93M	520.93M	-9.92M
Foreign Exchange Rate Adjustments	-10.39M	8.80M	—	—	—