INVICTUS INVESTMENT

Invictus Investment Company PLC

INVICTUSStocksAbu Dhabi Securities ExchangeIndustrials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (AED)

1-5

	H2 2025Dec 31, 2025	H1 2025Jun 30, 2025	H2 2024Dec 31, 2024	H1 2024Jun 30, 2024	H2 2023Dec 31, 2023
Operations
Operating Cash Flow	92.14M	-522.24M	-138.21M	-157.97M	-32.57M
Free Cash Flow	51.04M	-554.51M	-140.69M	-161.88M	-24.00M
Capital Expenditures	-41.10M	-32.28M	-2.48M	-3.91M	8.56M
Investing & Financing
Investing Cash Flow	-27.39M	-673.25M	-2.40M	-3.92M	8.58M
Financing Cash Flow	211.56M	813.41M	868.95M	67.87M	-0.68M
Dividends Paid	—	-33.00M	—	-45.00M	-0.00M
Operating Activities
Operating Cash Flow	92.14M	-522.24M	-138.21M	-157.97M	-32.57M
Net Income	134.07M	91.82M	84.15M	84.23M	77.16M
Change in Accounts Payable	111.48M	-272.89M	1.70M	78.16M	-244.47M
Change in Accounts Receivable	-84.76M	-453.85M	-134.59M	-231.96M	-111.87M
Change in Inventory	-178.36M	-62.13M	35.60M	50.29M	158.10M
Change in Other Net Operating Assets	-48.89M	-19.73M	-231.38M	-171.54M	41.81M
Change in Working Capital	-200.53M	-808.60M	-328.68M	-275.05M	-156.43M
Other Operating Activities	135.31M	134.41M	64.93M	35.83M	40.63M
Provision & Write-off of Bad Debts	-9.47M	-3.31M	-5.24M	2.94M	7.68M
Depreciation & Amortization	39.54M	24.14M	3.24M	1.32M	0.76M
Other Amortization	1.02M	—	0.78M	—	0.44M
Cash Interest Paid	117.19M	101.78M	73.60M	47.08M	47.12M
Cash Income Tax Paid	11.11M	11.47M	1.53M	—	—
Loss (Gain) on Equity Investments	-1.06M	2.33M	0.47M	-2.98M	2.17M
Asset Writedown & Restructuring Costs	1.34M	—	0.73M	—	—
Investing Activities
Investing Cash Flow	-27.39M	-673.25M	-2.40M	-3.92M	8.58M
Capital Expenditures	-41.10M	-32.28M	-2.48M	-3.91M	8.56M
Cash Acquisitions	8.96M	-635.40M	—	—	—
Other Investing Activities	1.20M	-1.20M	—	—	—
Sale (Purchase) of Intangibles	2.69M	-4.39M	-0.52M	-0.01M	—
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	-20.02M	36.97M	41.43M	-4.26M	-4.95M
Financing Activities
Financing Cash Flow	211.56M	813.41M	868.95M	67.87M	-0.68M
Common Dividends Paid	—	-33.00M	—	-45.00M	-0.00M
Issuance of Common Stock	—	—	—	—	—
Long-Term Debt Issued	—	4.53B	—	2.99B	—
Short-Term Debt Issued	—	—	—	—	—
Total Debt Issued	6.02B	4.53B	4.20B	2.99B	2.72B
Long-Term Debt Repaid	—	-3.53B	—	-2.83B	—
Short-Term Debt Repaid	—	—	—	—	—
Total Debt Repaid	-5.72B	-3.53B	-3.17B	-2.83B	-2.73B
Net Debt Issued (Repaid)	0.30B	1.00B	1.04B	0.16B	-0.00B
Other Financing Activities	-90.27M	-148.80M	-168.83M	-45.78M	2.17M
Free Cash Flow & Returns
Free Cash Flow	51.04M	-554.51M	-140.69M	-161.88M	-24.00M
Free Cash Flow Growth	—	—	—	—	—
Free Cash Flow Margin	+0.7%	-9.1%	-3.0%	-3.8%	-0.6%
Free Cash Flow Per Share	0.05	-0.50	-0.13	-0.15	-0.02
Levered Free Cash Flow	-195.05M	-659.05M	-530.93M	-278.66M	-57.48M
Unlevered Free Cash Flow	-109.66M	-589.73M	-489.20M	-246.75M	-22.31M
Operating Cash Flow Growth	—	—	—	—	—
Net Cash Flow	268.92M	-385.09M	737.14M	-94.02M	-24.66M
Foreign Exchange Rate Adjustments	-7.39M	-3.01M	8.80M	—	—

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (AED)

1-5

	H2 2025Dec 31, 2025	H1 2025Jun 30, 2025	H2 2024Dec 31, 2024	H1 2024Jun 30, 2024	H2 2023Dec 31, 2023
Operations
Operating Cash Flow	92.14M	-522.24M	-138.21M	-157.97M	-32.57M
Free Cash Flow	51.04M	-554.51M	-140.69M	-161.88M	-24.00M
Capital Expenditures	-41.10M	-32.28M	-2.48M	-3.91M	8.56M
Investing & Financing
Investing Cash Flow	-27.39M	-673.25M	-2.40M	-3.92M	8.58M
Financing Cash Flow	211.56M	813.41M	868.95M	67.87M	-0.68M
Dividends Paid	—	-33.00M	—	-45.00M	-0.00M
Operating Activities
Operating Cash Flow	92.14M	-522.24M	-138.21M	-157.97M	-32.57M
Net Income	134.07M	91.82M	84.15M	84.23M	77.16M
Change in Accounts Payable	111.48M	-272.89M	1.70M	78.16M	-244.47M
Change in Accounts Receivable	-84.76M	-453.85M	-134.59M	-231.96M	-111.87M
Change in Inventory	-178.36M	-62.13M	35.60M	50.29M	158.10M
Change in Other Net Operating Assets	-48.89M	-19.73M	-231.38M	-171.54M	41.81M
Change in Working Capital	-200.53M	-808.60M	-328.68M	-275.05M	-156.43M
Other Operating Activities	135.31M	134.41M	64.93M	35.83M	40.63M
Provision & Write-off of Bad Debts	-9.47M	-3.31M	-5.24M	2.94M	7.68M
Depreciation & Amortization	39.54M	24.14M	3.24M	1.32M	0.76M
Other Amortization	1.02M	—	0.78M	—	0.44M
Cash Interest Paid	117.19M	101.78M	73.60M	47.08M	47.12M
Cash Income Tax Paid	11.11M	11.47M	1.53M	—	—
Loss (Gain) on Equity Investments	-1.06M	2.33M	0.47M	-2.98M	2.17M
Asset Writedown & Restructuring Costs	1.34M	—	0.73M	—	—
Investing Activities
Investing Cash Flow	-27.39M	-673.25M	-2.40M	-3.92M	8.58M
Capital Expenditures	-41.10M	-32.28M	-2.48M	-3.91M	8.56M
Cash Acquisitions	8.96M	-635.40M	—	—	—
Other Investing Activities	1.20M	-1.20M	—	—	—
Sale (Purchase) of Intangibles	2.69M	-4.39M	-0.52M	-0.01M	—
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	-20.02M	36.97M	41.43M	-4.26M	-4.95M
Financing Activities
Financing Cash Flow	211.56M	813.41M	868.95M	67.87M	-0.68M
Common Dividends Paid	—	-33.00M	—	-45.00M	-0.00M
Issuance of Common Stock	—	—	—	—	—
Long-Term Debt Issued	—	4.53B	—	2.99B	—
Short-Term Debt Issued	—	—	—	—	—
Total Debt Issued	6.02B	4.53B	4.20B	2.99B	2.72B
Long-Term Debt Repaid	—	-3.53B	—	-2.83B	—
Short-Term Debt Repaid	—	—	—	—	—
Total Debt Repaid	-5.72B	-3.53B	-3.17B	-2.83B	-2.73B
Net Debt Issued (Repaid)	0.30B	1.00B	1.04B	0.16B	-0.00B
Other Financing Activities	-90.27M	-148.80M	-168.83M	-45.78M	2.17M
Free Cash Flow & Returns
Free Cash Flow	51.04M	-554.51M	-140.69M	-161.88M	-24.00M
Free Cash Flow Growth	—	—	—	—	—
Free Cash Flow Margin	+0.7%	-9.1%	-3.0%	-3.8%	-0.6%
Free Cash Flow Per Share	0.05	-0.50	-0.13	-0.15	-0.02
Levered Free Cash Flow	-195.05M	-659.05M	-530.93M	-278.66M	-57.48M
Unlevered Free Cash Flow	-109.66M	-589.73M	-489.20M	-246.75M	-22.31M
Operating Cash Flow Growth	—	—	—	—	—
Net Cash Flow	268.92M	-385.09M	737.14M	-94.02M	-24.66M
Foreign Exchange Rate Adjustments	-7.39M	-3.01M	8.80M	—	—