Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual (SAR)

1-5

	2025Dec 31, 2025	2024Dec 31, 2024	2023Dec 31, 2023	2022Dec 31, 2022	2021Dec 31, 2021
Operations
Operating Cash Flow	146.09M	63.94M	225.80M	112.04M	144.06M
Free Cash Flow	139.87M	52.59M	219.91M	104.52M	141.30M
Capital Expenditures	-6.22M	-11.35M	-5.88M	-7.52M	-2.77M
Investing & Financing
Investing Cash Flow	-28.33M	-203.13M	149.39M	-132.50M	-134.67M
Financing Cash Flow	-127.19M	-134.88M	-94.76M	-0.83M	-2.41M
Dividends Paid	-115.60M	-131.20M	-88.56M	-132.10M	-288.73M
Operating Activities
Operating Cash Flow	146.09M	63.94M	225.80M	112.04M	144.06M
Net Income	296.06M	296.20M	271.54M	300.36M	318.31M
Change in Accounts Payable	-19.02M	-50.65M	6.74M	-14.26M	26.57M
Change in Accounts Receivable	24.41M	15.74M	21.18M	-24.13M	-13.78M
Change in Other Net Operating Assets	32.49M	-33.76M	—	—	—
Change in Working Capital	37.88M	-68.68M	27.92M	-38.40M	12.79M
Other Operating Activities	-87.06M	-72.92M	10.36M	-9.73M	-3.19M
Provision & Write-off of Bad Debts	-2.84M	7.91M	8.50M	11.93M	5.36M
Depreciation & Amortization	42.71M	44.50M	42.85M	38.38M	34.50M
Loss (Gain) on Equity Investments	-47.99M	-125.86M	-97.50M	-190.47M	-226.52M
Asset Writedown & Restructuring Costs	—	—	—	—	2.83M
Investing Activities
Investing Cash Flow	-28.33M	-203.13M	149.39M	-132.50M	-134.67M
Capital Expenditures	-6.22M	-11.35M	-5.88M	-7.52M	-2.77M
Investment in Securities	-123.54M	-456.70M	45.00M	-206.12M	-131.39M
Other Investing Activities	26.84M	348.29M	91.58M	272.78M	—
Sale (Purchase) of Real Estate	74.58M	-83.36M	18.69M	-191.68M	-0.55M
Sale of Property, Plant & Equipment	16.52K	—	—	41.13K	37.39K
Loss (Gain) From Sale of Assets	-90.67M	-17.19M	-37.88M	-0.04M	-0.03M
Loss (Gain) on Sale of Investments	-2.00M	-0.01M	—	—	—
Financing Activities
Financing Cash Flow	-127.19M	-134.88M	-94.76M	-0.83M	-2.41M
Common Dividends Paid	-115.60M	-131.20M	-88.56M	-132.10M	-288.73M
Long-Term Debt Repaid	-4.99M	-3.69M	-6.20M	-6.20M	-6.20M
Net Debt Issued (Repaid)	-4.99M	-3.69M	-6.20M	-6.20M	-6.20M
Other Financing Activities	-6.60M	—	—	137.47M	292.52M
Free Cash Flow & Returns
Free Cash Flow	139.87M	52.59M	219.91M	104.52M	141.30M
Free Cash Flow Growth	+166.0%	-76.1%	+110.4%	-26.0%	-13.8%
Free Cash Flow Margin	+36.4%	+16.4%	+64.8%	+40.4%	+56.3%
Free Cash Flow Per Share	0.62	0.30	1.24	0.59	0.80
Levered Free Cash Flow	148.30M	5.36M	167.09M	57.48M	179.42M
Unlevered Free Cash Flow	150.19M	6.93M	168.78M	59.29M	181.35M
Operating Cash Flow Growth	+128.5%	-71.7%	+101.5%	-22.2%	-13.2%
Net Cash Flow	-9.42M	-274.07M	280.43M	-21.29M	6.98M

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	146.09M	63.94M	225.80M	112.04M	144.06M
Free Cash Flow	139.87M	52.59M	219.91M	104.52M	141.30M
Capital Expenditures	-6.22M	-11.35M	-5.88M	-7.52M	-2.77M
Investing & Financing
Investing Cash Flow	-28.33M	-203.13M	149.39M	-132.50M	-134.67M
Financing Cash Flow	-127.19M	-134.88M	-94.76M	-0.83M	-2.41M
Dividends Paid	-115.60M	-131.20M	-88.56M	-132.10M	-288.73M
Operating Activities
Operating Cash Flow	146.09M	63.94M	225.80M	112.04M	144.06M
Net Income	296.06M	296.20M	271.54M	300.36M	318.31M
Change in Accounts Payable	-19.02M	-50.65M	6.74M	-14.26M	26.57M
Change in Accounts Receivable	24.41M	15.74M	21.18M	-24.13M	-13.78M
Change in Other Net Operating Assets	32.49M	-33.76M	—	—	—
Change in Working Capital	37.88M	-68.68M	27.92M	-38.40M	12.79M
Other Operating Activities	-87.06M	-72.92M	10.36M	-9.73M	-3.19M
Provision & Write-off of Bad Debts	-2.84M	7.91M	8.50M	11.93M	5.36M
Depreciation & Amortization	42.71M	44.50M	42.85M	38.38M	34.50M
Loss (Gain) on Equity Investments	-47.99M	-125.86M	-97.50M	-190.47M	-226.52M
Asset Writedown & Restructuring Costs	—	—	—	—	2.83M
Investing Activities
Investing Cash Flow	-28.33M	-203.13M	149.39M	-132.50M	-134.67M
Capital Expenditures	-6.22M	-11.35M	-5.88M	-7.52M	-2.77M
Investment in Securities	-123.54M	-456.70M	45.00M	-206.12M	-131.39M
Other Investing Activities	26.84M	348.29M	91.58M	272.78M	—
Sale (Purchase) of Real Estate	74.58M	-83.36M	18.69M	-191.68M	-0.55M
Sale of Property, Plant & Equipment	16.52K	—	—	41.13K	37.39K
Loss (Gain) From Sale of Assets	-90.67M	-17.19M	-37.88M	-0.04M	-0.03M
Loss (Gain) on Sale of Investments	-2.00M	-0.01M	—	—	—
Financing Activities
Financing Cash Flow	-127.19M	-134.88M	-94.76M	-0.83M	-2.41M
Common Dividends Paid	-115.60M	-131.20M	-88.56M	-132.10M	-288.73M
Long-Term Debt Repaid	-4.99M	-3.69M	-6.20M	-6.20M	-6.20M
Net Debt Issued (Repaid)	-4.99M	-3.69M	-6.20M	-6.20M	-6.20M
Other Financing Activities	-6.60M	—	—	137.47M	292.52M
Free Cash Flow & Returns
Free Cash Flow	139.87M	52.59M	219.91M	104.52M	141.30M
Free Cash Flow Growth	+166.0%	-76.1%	+110.4%	-26.0%	-13.8%
Free Cash Flow Margin	+36.4%	+16.4%	+64.8%	+40.4%	+56.3%
Free Cash Flow Per Share	0.62	0.30	1.24	0.59	0.80
Levered Free Cash Flow	148.30M	5.36M	167.09M	57.48M	179.42M
Unlevered Free Cash Flow	150.19M	6.93M	168.78M	59.29M	181.35M
Operating Cash Flow Growth	+128.5%	-71.7%	+101.5%	-22.2%	-13.2%
Net Cash Flow	-9.42M	-274.07M	280.43M	-21.29M	6.98M

Financials

Annual (SAR)

ARDCO

Annual (SAR)