ADES

Ades Holding Company

2382StocksTadawulEnergy

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	2.98B	3.00B	2.28B	1.15B	0.32B
Free Cash Flow	1.14B	0.62B	-1.77B	-2.78B	-0.04B
Capital Expenditures	-1.84B	-2.38B	-4.05B	-3.92B	-0.35B
Investing & Financing
Investing Cash Flow	-2.73B	-3.18B	-3.74B	-6.44B	-1.46B
Financing Cash Flow	1.47B	0.50B	1.89B	5.25B	1.15B
Dividends Paid	-473.40M	-237.50M	—	—	—
Share Repurchase	—	—	—	—	—
Operating Activities
Operating Cash Flow	2.98B	3.00B	2.28B	1.15B	0.32B
Net Income	818.02M	802.50M	442.10M	390.45M	107.81M
Change in Accounts Payable	-106.47M	72.44M	34.56M	321.53M	-87.85M
Change in Accounts Receivable	392.00M	-138.15M	-423.85M	-44.15M	-136.79M
Change in Inventory	-84.56M	-184.46M	-147.62M	-37.12M	3.54M
Change in Other Net Operating Assets	-150.14M	10.54M	31.88M	-39.86M	-55.99M
Change in Unearned Revenue	-246.06M	171.28M	721.94M	—	—
Change in Working Capital	-195.24M	-68.36M	216.92M	200.40M	-277.09M
Other Operating Activities	762.87M	900.60M	774.07M	-100.96M	-152.16M
Provision & Write-off of Bad Debts	—	—	—	236.56M	215.92M
Depreciation & Amortization	1.55B	1.27B	0.80B	0.40B	0.28B
Other Amortization	77.97M	47.14M	45.27M	16.00M	24.75M
Stock-Based Compensation	40.38M	110.65M	—	—	0.07M
Cash Interest Paid	919.09M	858.81M	869.66M	372.52M	247.24M
Cash Income Tax Paid	157.39M	73.81M	26.88M	46.87M	39.21M
Loss (Gain) on Equity Investments	-8.60M	-18.60M	0.96M	0.94M	0.12M
Asset Writedown & Restructuring Costs	28.12M	-38.91M	—	—	113.83M
Investing Activities
Investing Cash Flow	-2.73B	-3.18B	-3.74B	-6.44B	-1.46B
Capital Expenditures	-1.84B	-2.38B	-4.05B	-3.92B	-0.35B
Cash Acquisitions	-1.08B	-0.71B	0.19B	-2.53B	-1.11B
Investment in Securities	88.99M	-100.37M	—	—	—
Other Investing Activities	98.00M	3.53M	122.03M	19.19M	0.21M
Sale (Purchase) of Intangibles	-0.25M	-1.23M	—	-0.02M	-0.10M
Sale of Property, Plant & Equipment	—	—	22.00K	—	—
Loss (Gain) From Sale of Assets	—	—	1.09M	—	—
Loss (Gain) on Sale of Investments	-88.78M	-6.82M	5.02M	—	8.48M
Financing Activities
Financing Cash Flow	1.47B	0.50B	1.89B	5.25B	1.15B
Common Dividends Paid	-473.40M	-237.50M	—	—	—
Issuance of Common Stock	—	—	3.13B	—	0.12B
Repurchase of Common Stock	—	—	—	—	—
Long-Term Debt Issued	10.73B	3.19B	3.45B	6.57B	4.34B
Long-Term Debt Repaid	-7.86B	-1.59B	-3.81B	-0.94B	-3.05B
Net Debt Issued (Repaid)	2.87B	1.60B	-0.37B	5.63B	1.29B
Other Financing Activities	-932.78M	-868.79M	-876.48M	-379.48M	-256.20M
Free Cash Flow & Returns
Free Cash Flow	1.14B	0.62B	-1.77B	-2.78B	-0.04B
Free Cash Flow Growth	+84.1%	—	—	—	—
Free Cash Flow Margin	+17.1%	+10.0%	-40.8%	-112.6%	-2.5%
Free Cash Flow Per Share	1.04	0.57	-2.34	—	—
Levered Free Cash Flow	0.86B	-1.21B	-2.57B	-3.40B	-0.22B
Unlevered Free Cash Flow	1.36B	-0.77B	-2.15B	-3.24B	-0.13B
Operating Cash Flow Growth	-0.5%	+31.2%	+99.1%	+261.8%	-48.9%
Net Cash Flow	1.71B	0.31B	0.43B	-0.04B	-0.00B

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	2.98B	3.00B	2.28B	1.15B	0.32B
Free Cash Flow	1.14B	0.62B	-1.77B	-2.78B	-0.04B
Capital Expenditures	-1.84B	-2.38B	-4.05B	-3.92B	-0.35B
Investing & Financing
Investing Cash Flow	-2.73B	-3.18B	-3.74B	-6.44B	-1.46B
Financing Cash Flow	1.47B	0.50B	1.89B	5.25B	1.15B
Dividends Paid	-473.40M	-237.50M	—	—	—
Share Repurchase	—	—	—	—	—
Operating Activities
Operating Cash Flow	2.98B	3.00B	2.28B	1.15B	0.32B
Net Income	818.02M	802.50M	442.10M	390.45M	107.81M
Change in Accounts Payable	-106.47M	72.44M	34.56M	321.53M	-87.85M
Change in Accounts Receivable	392.00M	-138.15M	-423.85M	-44.15M	-136.79M
Change in Inventory	-84.56M	-184.46M	-147.62M	-37.12M	3.54M
Change in Other Net Operating Assets	-150.14M	10.54M	31.88M	-39.86M	-55.99M
Change in Unearned Revenue	-246.06M	171.28M	721.94M	—	—
Change in Working Capital	-195.24M	-68.36M	216.92M	200.40M	-277.09M
Other Operating Activities	762.87M	900.60M	774.07M	-100.96M	-152.16M
Provision & Write-off of Bad Debts	—	—	—	236.56M	215.92M
Depreciation & Amortization	1.55B	1.27B	0.80B	0.40B	0.28B
Other Amortization	77.97M	47.14M	45.27M	16.00M	24.75M
Stock-Based Compensation	40.38M	110.65M	—	—	0.07M
Cash Interest Paid	919.09M	858.81M	869.66M	372.52M	247.24M
Cash Income Tax Paid	157.39M	73.81M	26.88M	46.87M	39.21M
Loss (Gain) on Equity Investments	-8.60M	-18.60M	0.96M	0.94M	0.12M
Asset Writedown & Restructuring Costs	28.12M	-38.91M	—	—	113.83M
Investing Activities
Investing Cash Flow	-2.73B	-3.18B	-3.74B	-6.44B	-1.46B
Capital Expenditures	-1.84B	-2.38B	-4.05B	-3.92B	-0.35B
Cash Acquisitions	-1.08B	-0.71B	0.19B	-2.53B	-1.11B
Investment in Securities	88.99M	-100.37M	—	—	—
Other Investing Activities	98.00M	3.53M	122.03M	19.19M	0.21M
Sale (Purchase) of Intangibles	-0.25M	-1.23M	—	-0.02M	-0.10M
Sale of Property, Plant & Equipment	—	—	22.00K	—	—
Loss (Gain) From Sale of Assets	—	—	1.09M	—	—
Loss (Gain) on Sale of Investments	-88.78M	-6.82M	5.02M	—	8.48M
Financing Activities
Financing Cash Flow	1.47B	0.50B	1.89B	5.25B	1.15B
Common Dividends Paid	-473.40M	-237.50M	—	—	—
Issuance of Common Stock	—	—	3.13B	—	0.12B
Repurchase of Common Stock	—	—	—	—	—
Long-Term Debt Issued	10.73B	3.19B	3.45B	6.57B	4.34B
Long-Term Debt Repaid	-7.86B	-1.59B	-3.81B	-0.94B	-3.05B
Net Debt Issued (Repaid)	2.87B	1.60B	-0.37B	5.63B	1.29B
Other Financing Activities	-932.78M	-868.79M	-876.48M	-379.48M	-256.20M
Free Cash Flow & Returns
Free Cash Flow	1.14B	0.62B	-1.77B	-2.78B	-0.04B
Free Cash Flow Growth	+84.1%	—	—	—	—
Free Cash Flow Margin	+17.1%	+10.0%	-40.8%	-112.6%	-2.5%
Free Cash Flow Per Share	1.04	0.57	-2.34	—	—
Levered Free Cash Flow	0.86B	-1.21B	-2.57B	-3.40B	-0.22B
Unlevered Free Cash Flow	1.36B	-0.77B	-2.15B	-3.24B	-0.13B
Operating Cash Flow Growth	-0.5%	+31.2%	+99.1%	+261.8%	-48.9%
Net Cash Flow	1.71B	0.31B	0.43B	-0.04B	-0.00B