Financials

Income Statement Balance Sheet Cash Flow Ratios

Semi-annual (SAR)

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	21.24M	-9.95M	82.22M	-6.18M	162.52M
Free Cash Flow	26.45M	-35.31M	5.22M	-30.35M	124.43M
Capital Expenditures	5.21M	-25.36M	-77.00M	-24.18M	-38.09M
Investing & Financing
Investing Cash Flow	-16.66M	-12.01M	-59.35M	-27.30M	-74.10M
Financing Cash Flow	4.29M	-11.65M	4.72M	38.50M	-93.79M
Operating Activities
Operating Cash Flow	21.24M	-9.95M	82.22M	-6.18M	162.52M
Net Income	3.35M	7.28M	29.73M	15.38M	4.37M
Change in Accounts Payable	24.53M	-8.43M	28.56M	9.28M	19.99M
Change in Accounts Receivable	53.23M	-46.42M	-74.27M	13.01M	-17.77M
Change in Inventory	-28.36M	-4.32M	-9.66M	-15.02M	5.08M
Change in Other Net Operating Assets	-87.49M	-3.66M	58.23M	-77.32M	91.21M
Change in Unearned Revenue	8.38M	-1.22M	7.22M	6.09M	5.46M
Change in Working Capital	-29.72M	-64.06M	10.08M	-63.95M	103.98M
Other Operating Activities	11.01M	9.00M	8.64M	6.30M	15.58M
Provision & Write-off of Bad Debts	-0.88M	0.21M	-0.49M	0.53M	2.23M
Depreciation & Amortization	40.33M	39.31M	38.16M	37.99M	38.51M
Cash Interest Paid	22.52M	21.33M	19.74M	22.17M	10.79M
Loss (Gain) on Equity Investments	-3.28M	-2.15M	-2.78M	-2.05M	-1.47M
Investing Activities
Investing Cash Flow	-16.66M	-12.01M	-59.35M	-27.30M	-74.10M
Capital Expenditures	5.21M	-25.36M	-77.00M	-24.18M	-38.09M
Cash Acquisitions	—	—	—	—	—
Investment in Securities	-0.16M	3.54M	-1.35M	-1.66M	-0.29M
Other Investing Activities	-21.71M	9.81M	—	—	-32.61M
Sale (Purchase) of Real Estate	—	—	—	-1.47M	-3.11M
Sale of Property, Plant & Equipment	—	—	19.00M	—	—
Loss (Gain) From Sale of Assets	—	—	-0.33M	—	—
Loss (Gain) on Sale of Investments	414.29K	454.47K	-796.79K	-375.02K	-685.58K
Financing Activities
Financing Cash Flow	4.29M	-11.65M	4.72M	38.50M	-93.79M
Long-Term Debt Issued	—	302.54M	—	422.96M	—
Short-Term Debt Issued	—	—	—	—	—
Total Debt Issued	719.33M	302.54M	391.86M	422.96M	226.80M
Long-Term Debt Repaid	—	-314.19M	—	-384.47M	—
Total Debt Repaid	-643.43M	-314.19M	-432.28M	-384.47M	-264.06M
Net Debt Issued (Repaid)	75.90M	-11.65M	-40.42M	38.50M	-37.26M
Other Financing Activities	-71.60M	—	45.14M	—	-56.53M
Free Cash Flow & Returns
Free Cash Flow	26.45M	-35.31M	5.22M	-30.35M	124.43M
Free Cash Flow Growth	+406.8%	—	-95.8%	—	—
Free Cash Flow Margin	+6.0%	-8.6%	+1.1%	-8.8%	+32.4%
Free Cash Flow Per Share	2.20	-2.94	0.44	-2.53	10.37
Levered Free Cash Flow	57.44M	-51.53M	-263.53M	-41.88M	8.12M
Unlevered Free Cash Flow	76.34M	-33.69M	-245.58M	-25.11M	23.22M
Operating Cash Flow Growth	-74.2%	—	-49.4%	—	—
Net Cash Flow	8.87M	-33.61M	27.58M	5.02M	-5.36M

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (SAR)

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	21.24M	-9.95M	82.22M	-6.18M	162.52M
Free Cash Flow	26.45M	-35.31M	5.22M	-30.35M	124.43M
Capital Expenditures	5.21M	-25.36M	-77.00M	-24.18M	-38.09M
Investing & Financing
Investing Cash Flow	-16.66M	-12.01M	-59.35M	-27.30M	-74.10M
Financing Cash Flow	4.29M	-11.65M	4.72M	38.50M	-93.79M
Operating Activities
Operating Cash Flow	21.24M	-9.95M	82.22M	-6.18M	162.52M
Net Income	3.35M	7.28M	29.73M	15.38M	4.37M
Change in Accounts Payable	24.53M	-8.43M	28.56M	9.28M	19.99M
Change in Accounts Receivable	53.23M	-46.42M	-74.27M	13.01M	-17.77M
Change in Inventory	-28.36M	-4.32M	-9.66M	-15.02M	5.08M
Change in Other Net Operating Assets	-87.49M	-3.66M	58.23M	-77.32M	91.21M
Change in Unearned Revenue	8.38M	-1.22M	7.22M	6.09M	5.46M
Change in Working Capital	-29.72M	-64.06M	10.08M	-63.95M	103.98M
Other Operating Activities	11.01M	9.00M	8.64M	6.30M	15.58M
Provision & Write-off of Bad Debts	-0.88M	0.21M	-0.49M	0.53M	2.23M
Depreciation & Amortization	40.33M	39.31M	38.16M	37.99M	38.51M
Cash Interest Paid	22.52M	21.33M	19.74M	22.17M	10.79M
Loss (Gain) on Equity Investments	-3.28M	-2.15M	-2.78M	-2.05M	-1.47M
Investing Activities
Investing Cash Flow	-16.66M	-12.01M	-59.35M	-27.30M	-74.10M
Capital Expenditures	5.21M	-25.36M	-77.00M	-24.18M	-38.09M
Cash Acquisitions	—	—	—	—	—
Investment in Securities	-0.16M	3.54M	-1.35M	-1.66M	-0.29M
Other Investing Activities	-21.71M	9.81M	—	—	-32.61M
Sale (Purchase) of Real Estate	—	—	—	-1.47M	-3.11M
Sale of Property, Plant & Equipment	—	—	19.00M	—	—
Loss (Gain) From Sale of Assets	—	—	-0.33M	—	—
Loss (Gain) on Sale of Investments	414.29K	454.47K	-796.79K	-375.02K	-685.58K
Financing Activities
Financing Cash Flow	4.29M	-11.65M	4.72M	38.50M	-93.79M
Long-Term Debt Issued	—	302.54M	—	422.96M	—
Short-Term Debt Issued	—	—	—	—	—
Total Debt Issued	719.33M	302.54M	391.86M	422.96M	226.80M
Long-Term Debt Repaid	—	-314.19M	—	-384.47M	—
Total Debt Repaid	-643.43M	-314.19M	-432.28M	-384.47M	-264.06M
Net Debt Issued (Repaid)	75.90M	-11.65M	-40.42M	38.50M	-37.26M
Other Financing Activities	-71.60M	—	45.14M	—	-56.53M
Free Cash Flow & Returns
Free Cash Flow	26.45M	-35.31M	5.22M	-30.35M	124.43M
Free Cash Flow Growth	+406.8%	—	-95.8%	—	—
Free Cash Flow Margin	+6.0%	-8.6%	+1.1%	-8.8%	+32.4%
Free Cash Flow Per Share	2.20	-2.94	0.44	-2.53	10.37
Levered Free Cash Flow	57.44M	-51.53M	-263.53M	-41.88M	8.12M
Unlevered Free Cash Flow	76.34M	-33.69M	-245.58M	-25.11M	23.22M
Operating Cash Flow Growth	-74.2%	—	-49.4%	—	—
Net Cash Flow	8.87M	-33.61M	27.58M	5.02M	-5.36M

Financials

Semi-annual (SAR)

NBM

Semi-annual (SAR)