FIRST MILLS

First Milling Co.

2283StocksTadawulMaterials

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	342.10M	305.94M	307.51M	232.48M	315.04M
Free Cash Flow	342.10M	252.35M	188.36M	195.41M	277.44M
Capital Expenditures	—	-53.59M	-119.14M	-37.07M	-37.60M
Investing & Financing
Investing Cash Flow	-184.17M	-56.11M	-119.40M	-37.10M	-38.69M
Financing Cash Flow	-258.24M	-249.39M	-211.33M	-219.08M	-637.62M
Dividends Paid	—	-163.67M	-76.04M	-179.47M	-614.42M
Share Repurchase	—	-25.32M	—	—	—
Operating Activities
Operating Cash Flow	342.10M	305.94M	307.51M	232.48M	315.04M
Net Income	277.44M	250.90M	220.21M	217.48M	198.48M
Change in Accounts Payable	—	11.21M	4.79M	-16.60M	78.30M
Change in Accounts Receivable	—	-13.80M	0.48M	-4.48M	-2.36M
Change in Inventory	—	-10.78M	-37.61M	-5.43M	1.89M
Change in Other Net Operating Assets	—	15.12M	28.54M	-11.89M	-28.89M
Change in Working Capital	—	1.75M	-3.80M	-38.40M	48.94M
Other Operating Activities	64.66M	-10.28M	32.78M	-5.20M	17.55M
Provision & Write-off of Bad Debts	—	314.59K	622.03K	675.59K	—
Depreciation & Amortization	—	55.00M	47.57M	51.02M	43.13M
Other Amortization	—	4.54M	3.08M	4.39M	0.48M
Stock-Based Compensation	—	2.85M	7.31M	—	—
Cash Interest Paid	—	100.15M	70.53M	48.92M	—
Miscellaneous Cash Flow Adjustments	1.09M	—	—	81.54M	—
Investing Activities
Investing Cash Flow	-184.17M	-56.11M	-119.40M	-37.10M	-38.69M
Capital Expenditures	—	-53.59M	-119.14M	-37.07M	-37.60M
Other Investing Activities	-184.17M	—	—	—	—
Sale (Purchase) of Intangibles	—	-3.80M	-0.71M	-1.21M	-1.10M
Sale of Property, Plant & Equipment	—	1.27M	0.45M	1.18M	0.01M
Loss (Gain) From Sale of Assets	—	0.86M	-0.26M	2.51M	6.46M
Financing Activities
Financing Cash Flow	-258.24M	-249.39M	-211.33M	-219.08M	-637.62M
Common Dividends Paid	—	-163.67M	-76.04M	-179.47M	-614.42M
Issuance of Common Stock	—	—	—	550.00M	—
Repurchase of Common Stock	—	-25.32M	—	—	—
Long-Term Debt Issued	—	144.45M	—	—	—
Short-Term Debt Issued	—	—	10.38M	—	—
Total Debt Issued	—	144.45M	10.38M	—	—
Long-Term Debt Repaid	—	-204.84M	-145.68M	-589.61M	-23.20M
Net Debt Issued (Repaid)	—	-60.39M	-135.29M	-589.61M	-23.20M
Other Financing Activities	-258.24M	—	—	—	—
Free Cash Flow & Returns
Free Cash Flow	342.10M	252.35M	188.36M	195.41M	277.44M
Free Cash Flow Growth	+35.6%	+34.0%	-3.6%	-29.6%	+26.2%
Free Cash Flow Margin	+29.8%	+24.1%	+19.5%	+21.4%	+34.6%
Free Cash Flow Per Share	6.15	4.53	3.38	21.86	5.15
Levered Free Cash Flow	—	130.94M	79.77M	113.46M	189.65M
Unlevered Free Cash Flow	—	185.35M	135.69M	132.60M	197.04M
Operating Cash Flow Growth	+11.8%	-0.5%	+32.3%	-26.2%	+23.5%
Net Cash Flow	-99.23M	0.43M	-23.22M	57.84M	-361.27M

Income Statement Balance Sheet Cash Flow Ratios

Annual Quarterly

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	342.10M	305.94M	307.51M	232.48M	315.04M
Free Cash Flow	342.10M	252.35M	188.36M	195.41M	277.44M
Capital Expenditures	—	-53.59M	-119.14M	-37.07M	-37.60M
Investing & Financing
Investing Cash Flow	-184.17M	-56.11M	-119.40M	-37.10M	-38.69M
Financing Cash Flow	-258.24M	-249.39M	-211.33M	-219.08M	-637.62M
Dividends Paid	—	-163.67M	-76.04M	-179.47M	-614.42M
Share Repurchase	—	-25.32M	—	—	—
Operating Activities
Operating Cash Flow	342.10M	305.94M	307.51M	232.48M	315.04M
Net Income	277.44M	250.90M	220.21M	217.48M	198.48M
Change in Accounts Payable	—	11.21M	4.79M	-16.60M	78.30M
Change in Accounts Receivable	—	-13.80M	0.48M	-4.48M	-2.36M
Change in Inventory	—	-10.78M	-37.61M	-5.43M	1.89M
Change in Other Net Operating Assets	—	15.12M	28.54M	-11.89M	-28.89M
Change in Working Capital	—	1.75M	-3.80M	-38.40M	48.94M
Other Operating Activities	64.66M	-10.28M	32.78M	-5.20M	17.55M
Provision & Write-off of Bad Debts	—	314.59K	622.03K	675.59K	—
Depreciation & Amortization	—	55.00M	47.57M	51.02M	43.13M
Other Amortization	—	4.54M	3.08M	4.39M	0.48M
Stock-Based Compensation	—	2.85M	7.31M	—	—
Cash Interest Paid	—	100.15M	70.53M	48.92M	—
Miscellaneous Cash Flow Adjustments	1.09M	—	—	81.54M	—
Investing Activities
Investing Cash Flow	-184.17M	-56.11M	-119.40M	-37.10M	-38.69M
Capital Expenditures	—	-53.59M	-119.14M	-37.07M	-37.60M
Other Investing Activities	-184.17M	—	—	—	—
Sale (Purchase) of Intangibles	—	-3.80M	-0.71M	-1.21M	-1.10M
Sale of Property, Plant & Equipment	—	1.27M	0.45M	1.18M	0.01M
Loss (Gain) From Sale of Assets	—	0.86M	-0.26M	2.51M	6.46M
Financing Activities
Financing Cash Flow	-258.24M	-249.39M	-211.33M	-219.08M	-637.62M
Common Dividends Paid	—	-163.67M	-76.04M	-179.47M	-614.42M
Issuance of Common Stock	—	—	—	550.00M	—
Repurchase of Common Stock	—	-25.32M	—	—	—
Long-Term Debt Issued	—	144.45M	—	—	—
Short-Term Debt Issued	—	—	10.38M	—	—
Total Debt Issued	—	144.45M	10.38M	—	—
Long-Term Debt Repaid	—	-204.84M	-145.68M	-589.61M	-23.20M
Net Debt Issued (Repaid)	—	-60.39M	-135.29M	-589.61M	-23.20M
Other Financing Activities	-258.24M	—	—	—	—
Free Cash Flow & Returns
Free Cash Flow	342.10M	252.35M	188.36M	195.41M	277.44M
Free Cash Flow Growth	+35.6%	+34.0%	-3.6%	-29.6%	+26.2%
Free Cash Flow Margin	+29.8%	+24.1%	+19.5%	+21.4%	+34.6%
Free Cash Flow Per Share	6.15	4.53	3.38	21.86	5.15
Levered Free Cash Flow	—	130.94M	79.77M	113.46M	189.65M
Unlevered Free Cash Flow	—	185.35M	135.69M	132.60M	197.04M
Operating Cash Flow Growth	+11.8%	-0.5%	+32.3%	-26.2%	+23.5%
Net Cash Flow	-99.23M	0.43M	-23.22M	57.84M	-361.27M