HORIZON EDUCATIONAL

Horizon Educational Company

9603StocksTadawulConsumer Discretionary

Financials

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (SAR)

	H1 2026Dec 31, 2025	H2 2025Jun 30, 2025	H1 2025Dec 31, 2024	H2 2024Jun 30, 2024	H1 2024Dec 31, 2023
Operations
Operating Cash Flow	20.82M	3.66M	12.39M	-2.66M	14.47M
Free Cash Flow	16.85M	-23.47M	8.46M	-4.00M	12.34M
Capital Expenditures	-3.98M	-27.13M	-3.93M	-1.35M	-2.13M
Investing & Financing
Investing Cash Flow	-3.98M	-26.43M	16.07M	-21.35M	-2.13M
Financing Cash Flow	—	-3.75M	-5.06M	25.20M	-8.34M
Dividends Paid	—	-3.75M	-3.75M	—	-9.00M
Operating Activities
Operating Cash Flow	20.82M	3.66M	12.39M	-2.66M	14.47M
Net Income	7.89M	5.26M	4.68M	4.68M	5.56M
Change in Accounts Payable	3.91M	-0.65M	1.83M	-3.91M	3.79M
Change in Accounts Receivable	-23.13M	14.54M	-15.37M	16.54M	-16.60M
Change in Inventory	-1.70M	-0.55M	—	-0.14M	—
Change in Other Net Operating Assets	-0.45M	0.16M	-0.17M	-2.19M	-0.02M
Change in Unearned Revenue	30.96M	-17.29M	19.02M	-19.73M	20.18M
Change in Working Capital	9.58M	-3.78M	5.31M	-9.43M	7.34M
Other Operating Activities	0.94M	1.05M	0.69M	0.80M	0.32M
Provision & Write-off of Bad Debts	150.00K	163.90K	60.00K	—	—
Depreciation & Amortization	2.27M	1.66M	1.64M	1.30M	1.25M
Investing Activities
Investing Cash Flow	-3.98M	-26.43M	16.07M	-21.35M	-2.13M
Capital Expenditures	-3.98M	-27.13M	-3.93M	-1.35M	-2.13M
Investment in Securities	—	—	20.00M	-20.00M	—
Sale of Property, Plant & Equipment	—	700.00K	—	—	—
Loss (Gain) From Sale of Assets	—	-700.00K	—	—	—
Financing Activities
Financing Cash Flow	—	-3.75M	-5.06M	25.20M	-8.34M
Common Dividends Paid	—	-3.75M	-3.75M	—	-9.00M
Issuance of Common Stock	—	—	—	27.00M	—
Long-Term Debt Repaid	—	—	-1.31M	—	-0.96M
Total Debt Repaid	—	—	-1.31M	-0.15M	-0.96M
Net Debt Issued (Repaid)	—	—	-1.31M	-0.15M	-0.96M
Other Financing Activities	—	—	—	-1.65M	1.62M
Free Cash Flow & Returns
Free Cash Flow	16.85M	-23.47M	8.46M	-4.00M	12.34M
Free Cash Flow Growth	+99.1%	—	-31.4%	—	—
Free Cash Flow Margin	+49.4%	-115.5%	+41.4%	-19.1%	+58.4%
Free Cash Flow Per Share	6.74	-9.40	3.96	-1.59	6.17
Levered Free Cash Flow	12.83M	-20.53M	5.61M	3.43M	—
Unlevered Free Cash Flow	13.17M	-19.79M	5.92M	3.61M	—
Operating Cash Flow Growth	+68.0%	—	-14.4%	—	—
Net Cash Flow	16.85M	-26.52M	23.40M	1.19M	4.00M

Income Statement Balance Sheet Cash Flow Ratios

Annual Semi-annual

Semi-annual (SAR)

	H1 2026Dec 31, 2025	H2 2025Jun 30, 2025	H1 2025Dec 31, 2024	H2 2024Jun 30, 2024	H1 2024Dec 31, 2023
Operations
Operating Cash Flow	20.82M	3.66M	12.39M	-2.66M	14.47M
Free Cash Flow	16.85M	-23.47M	8.46M	-4.00M	12.34M
Capital Expenditures	-3.98M	-27.13M	-3.93M	-1.35M	-2.13M
Investing & Financing
Investing Cash Flow	-3.98M	-26.43M	16.07M	-21.35M	-2.13M
Financing Cash Flow	—	-3.75M	-5.06M	25.20M	-8.34M
Dividends Paid	—	-3.75M	-3.75M	—	-9.00M
Operating Activities
Operating Cash Flow	20.82M	3.66M	12.39M	-2.66M	14.47M
Net Income	7.89M	5.26M	4.68M	4.68M	5.56M
Change in Accounts Payable	3.91M	-0.65M	1.83M	-3.91M	3.79M
Change in Accounts Receivable	-23.13M	14.54M	-15.37M	16.54M	-16.60M
Change in Inventory	-1.70M	-0.55M	—	-0.14M	—
Change in Other Net Operating Assets	-0.45M	0.16M	-0.17M	-2.19M	-0.02M
Change in Unearned Revenue	30.96M	-17.29M	19.02M	-19.73M	20.18M
Change in Working Capital	9.58M	-3.78M	5.31M	-9.43M	7.34M
Other Operating Activities	0.94M	1.05M	0.69M	0.80M	0.32M
Provision & Write-off of Bad Debts	150.00K	163.90K	60.00K	—	—
Depreciation & Amortization	2.27M	1.66M	1.64M	1.30M	1.25M
Investing Activities
Investing Cash Flow	-3.98M	-26.43M	16.07M	-21.35M	-2.13M
Capital Expenditures	-3.98M	-27.13M	-3.93M	-1.35M	-2.13M
Investment in Securities	—	—	20.00M	-20.00M	—
Sale of Property, Plant & Equipment	—	700.00K	—	—	—
Loss (Gain) From Sale of Assets	—	-700.00K	—	—	—
Financing Activities
Financing Cash Flow	—	-3.75M	-5.06M	25.20M	-8.34M
Common Dividends Paid	—	-3.75M	-3.75M	—	-9.00M
Issuance of Common Stock	—	—	—	27.00M	—
Long-Term Debt Repaid	—	—	-1.31M	—	-0.96M
Total Debt Repaid	—	—	-1.31M	-0.15M	-0.96M
Net Debt Issued (Repaid)	—	—	-1.31M	-0.15M	-0.96M
Other Financing Activities	—	—	—	-1.65M	1.62M
Free Cash Flow & Returns
Free Cash Flow	16.85M	-23.47M	8.46M	-4.00M	12.34M
Free Cash Flow Growth	+99.1%	—	-31.4%	—	—
Free Cash Flow Margin	+49.4%	-115.5%	+41.4%	-19.1%	+58.4%
Free Cash Flow Per Share	6.74	-9.40	3.96	-1.59	6.17
Levered Free Cash Flow	12.83M	-20.53M	5.61M	3.43M	—
Unlevered Free Cash Flow	13.17M	-19.79M	5.92M	3.61M	—
Operating Cash Flow Growth	+68.0%	—	-14.4%	—	—
Net Cash Flow	16.85M	-26.52M	23.40M	1.19M	4.00M