Cash Flow Statement

Operating Cash Flow

+21%

+13%

10Y

Currency: PLN

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	544	158	(400)	122	919	965	1 165	1 384	960	1 150	1 649	1 918	2 240	2 380	2 188	2 411	2 620	2 309	2 398	2 125	2 094	2 107	2 059	2 039	2 273	2 438	2 641	2 627	2 190	1 837	1 514	1 210	1 282	1 239	1 188	142	108	12	682	1 778	1 918	1 971	1 231	1 162	855	694	515	447	294	542	502	403	535	377	467	437	254	181	72	(1)	(1 746)	(1 805)	(1 751)	(1 760)	(60)	(149)	(236)	(173)	10	58	123	254	82	46	49	(120)	46	123	187	1 720	1 672	1 758	1 885	492	724	869	865	909	818	775	767	784	913	877	920	894
Depreciation & Amortization	3 827	3 982	4 070	4 161	4 328	4 380	4 491	4 497	4 331	4 386	4 346	4 491	4 431	4 479	4 385	4 245	4 211	4 270	4 460	4 486	4 489	4 489	4 430	4 394	4 439	4 391	4 352	4 322	4 317	4 310	4 269	4 256	4 150	4 031	3 943	3 836	3 792	3 829	3 853	3 812	3 703	3 544	3 389	3 290	3 261	3 239	3 188	3 162	3 107	3 064	3 077	3 061	3 073	3 035	2 972	2 929	2 871	2 814	2 764	2 743	2 725	2 711	2 670	2 618	2 572	2 574	2 568	2 544	2 544	2 557	2 612	2 687	2 840	2 900	2 953	2 987	2 945	2 922	2 838	2 775	2 730	2 666	2 635	2 609	2 541	2 532	2 553	2 540	2 571	2 593	2 590	2 629	2 589	2 603	2 613	2 632
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	2	5	14	24	30	34	33	31	43	39	32	26	4	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	0	3	2	2	3	3	0	0	0	26	0	26	26	2	0	2	0	2	0	0	0	3	0	0	0
Other Non-Cash Items	702	1 102	1 721	1 237	680	657	334	639	1 610	948	630	222	349	719	1 245	1 461	698	1 379	1 067	1 336	1 041	1 031	982	973	1 068	901	756	645	999	1 047	1 059	987	705	629	722	1 871	1 882	1 886	1 112	(80)	(325)	(2 602)	(1 845)	(1 721)	(1 564)	636	543	453	408	71	155	118	(106)	94	(67)	(96)	144	142	211	229	1 978	2 034	2 010	2 021	333	349	329	(416)	(548)	(559)	(622)	(30)	136	209	203	289	137	126	198	(1 166)	(1 084)	(1 099)	(1 126)	322	256	165	213	201	227	302	313	299	332	387	376	418
Cash Taxes Paid	766	0	0	0	551	809	882	1 019	631	491	422	346	308	325	431	470	503	458	424	295	215	313	765	1 020	1 206	1 126	755	728	667	646	497	410	302	282	331	301	337	327	296	337	188	135	104	(5)	46	133	104	105	105	30	88	77	65	102	45	59	76	78	77	63	32	(10)	19	16	8	(2)	7	8	7	27	24	25	27	11	22	24	26	26	17	164	158	157	160	9	15	53	72	128	154	165	143	114	103	114	99	94
Cash Interest Paid	1 701	1 821	1 876	1 920	1 952	2 025	2 096	2 063	1 999	2 046	1 904	1 930	1 814	1 598	1 400	1 442	1 438	934	887	789	777	641	665	612	586	611	611	648	649	694	559	577	421	345	571	560	566	610	515	508	479	457	502	469	469	502	493	467	458	415	376	411	447	408	299	286	289	306	318	332	353	352	348	363	363	366	375	377	363	368	382	407	386	417	373	374	370	376	370	363	342	318	309	348	382	417	440	339	338	326	324	327	338	345	362	367
Change in Working Capital	1 108	696	320	(40)	195	86	718	670	973	1 430	1 832	1 963	1 492	1 018	(60)	(622)	693	(810)	(663)	(491)	(399)	(351)	(812)	(1 105)	(1 453)	(1 767)	(1 195)	(1 172)	(880)	(677)	(624)	(705)	(596)	(684)	(1 003)	(797)	(1 252)	(935)	(800)	(730)	(127)	(406)	(435)	(511)	(688)	(511)	(546)	(471)	(524)	(474)	(503)	(537)	(749)	(867)	(705)	(691)	(732)	(635)	(490)	(468)	(408)	(581)	(753)	(839)	(781)	(770)	(752)	(397)	(194)	(97)	89	(189)	(200)	(210)	11	31	(123)	111	(210)	(26)	(217)	(273)	(203)	(450)	(581)	(809)	(661)	(510)	(163)	(174)	(325)	(407)	(423)	(431)	(326)	(341)
Cash from Operating Activities	6 181 N/A	5 938 -4%	5 711 -4%	5 480 -4%	6 122 +12%	6 088 -1%	6 708 +10%	7 190 +7%	7 874 +10%	7 914 +1%	8 457 +7%	8 594 +2%	8 512 -1%	8 596 +1%	7 758 -10%	7 495 -3%	8 222 +10%	7 148 -13%	7 262 +2%	7 456 +3%	7 225 -3%	7 276 +1%	6 659 -8%	6 301 -5%	6 327 +0%	5 963 -6%	6 554 +10%	6 422 -2%	6 626 +3%	6 517 -2%	6 218 -5%	5 748 -8%	5 541 -4%	5 215 -6%	4 850 -7%	5 052 +4%	4 530 -10%	4 792 +6%	4 847 +1%	4 780 -1%	5 169 +8%	2 507 -51%	2 340 -7%	2 220 -5%	1 864 -16%	4 058 +118%	3 700 -9%	3 591 -3%	3 285 -9%	3 203 -2%	3 231 +1%	3 045 -6%	2 753 -10%	2 639 -4%	2 667 +1%	2 579 -3%	2 537 -2%	2 502 -1%	2 557 +2%	2 503 -2%	2 549 +2%	2 359 -7%	2 176 -8%	2 040 -6%	2 064 +1%	2 004 -3%	1 909 -5%	1 558 -18%	1 812 +16%	1 959 +8%	2 202 +12%	2 722 +24%	2 858 +5%	2 945 +3%	3 216 +9%	3 187 -1%	3 005 -6%	3 282 +9%	3 013 -8%	3 303 +10%	3 101 -6%	3 052 -2%	3 191 +5%	2 973 -7%	2 940 -1%	2 757 -6%	2 970 +8%	3 140 +6%	3 453 +10%	3 496 +1%	3 345 -4%	3 305 -1%	3 411 +3%	3 436 +1%	3 583 +4%	3 603 +1%
Investing Cash Flow
Capital Expenditures	(6 377)	(5 716)	(5 241)	(4 946)	(4 838)	(4 376)	(4 095)	(4 120)	(3 820)	(3 595)	(3 690)	(3 194)	(3 059)	(2 398)	(2 532)	(2 600)	(3 209)	(3 178)	(3 066)	(3 053)	(3 000)	(2 880)	(3 109)	(3 053)	(3 677)	(3 886)	(3 620)	(3 546)	(2 579)	(2 449)	(2 264)	(1 997)	(2 185)	(1 873)	(1 995)	(2 314)	(2 713)	(2 865)	(2 923)	(2 758)	(2 606)	(2 668)	(2 567)	(2 564)	(2 333)	(2 330)	(2 310)	(2 573)	(2 180)	(2 158)	(2 464)	(2 160)	(2 153)	(2 096)	(1 757)	(1 767)	(1 998)	(5 222)	(5 283)	(5 252)	(5 169)	(2 009)	(1 966)	(2 037)	(1 933)	(1 936)	(2 082)	(2 142)	(2 282)	(2 558)	(2 515)	(2 555)	(2 272)	(2 216)	(2 134)	(2 096)	(2 015)	(2 008)	(2 009)	(1 985)	(1 995)	(1 951)	(1 924)	(1 939)	(2 242)	(2 484)	(2 513)	(2 396)	(2 241)	(2 348)	(2 321)	(2 427)	(2 363)	(2 124)	(2 921)	(2 897)
Other Items	(1 005)	(719)	(411)	(104)	(36)	(58)	(90)	28	46	130	184	371	362	(314)	(189)	(745)	(4 039)	(4 243)	(4 386)	(4 109)	(1 261)	(1 218)	(858)	(922)	631	164	(155)	343	(367)	495	267	(362)	(96)	(189)	92	497	698	525	1 973	1 607	1 516	1 631	19	(127)	(396)	(179)	(129)	366	14	98	786	241	408	193	(630)	(553)	428	528	724	917	95	75	92	395	246	407	398	181	216	443	258	615	353	246	332	7	(49)	(7)	37	560	839	900	922	508	243	475	373	80	195	315	230	437	197	(467)	24	136
Cash from Investing Activities	(7 382) N/A	(6 435) +13%	(5 652) +12%	(5 050) +11%	(4 874) +3%	(4 434) +9%	(4 185) +6%	(4 092) +2%	(3 774) +8%	(3 465) +8%	(3 506) -1%	(2 823) +19%	(2 697) +4%	(2 712) -1%	(2 721) 0%	(3 345) -23%	(7 248) -117%	(7 421) -2%	(7 452) 0%	(7 162) +4%	(4 261) +41%	(4 098) +4%	(3 967) +3%	(3 975) 0%	(3 046) +23%	(3 722) -22%	(3 775) -1%	(3 203) +15%	(2 946) +8%	(1 954) +34%	(1 997) -2%	(2 359) -18%	(2 281) +3%	(2 062) +10%	(1 903) +8%	(1 817) +5%	(2 015) -11%	(2 340) -16%	(950) +59%	(1 151) -21%	(1 090) +5%	(1 037) +5%	(2 548) -146%	(2 691) -6%	(2 729) -1%	(2 509) +8%	(2 439) +3%	(2 207) +10%	(2 166) +2%	(2 060) +5%	(1 678) +19%	(1 919) -14%	(1 745) +9%	(1 903) -9%	(2 387) -25%	(2 320) +3%	(1 570) +32%	(4 694) -199%	(4 559) +3%	(4 335) +5%	(5 074) -17%	(1 934) +62%	(1 874) +3%	(1 642) +12%	(1 687) -3%	(1 529) +9%	(1 684) -10%	(1 961) -16%	(2 066) -5%	(2 115) -2%	(2 257) -7%	(1 940) +14%	(1 919) +1%	(1 970) -3%	(1 802) +9%	(2 089) -16%	(2 064) +1%	(2 015) +2%	(1 972) +2%	(1 425) +28%	(1 156) +19%	(1 051) +9%	(1 002) +5%	(1 431) -43%	(1 999) -40%	(2 009) -1%	(2 140) -7%	(2 316) -8%	(2 046) +12%	(2 033) +1%	(2 091) -3%	(1 990) +5%	(2 166) -9%	(2 591) -20%	(2 897) -12%	(2 761) +5%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(73)	(702)	(702)	(702)	(629)	(225)	(701)	(705)	(705)	(480)	(4)	0	0	0	0	0	0	0	(200)	(263)	(400)	(400)	(200)	(137)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Issuance of Debt	(73)	571	604	294	285	(194)	(471)	(611)	(1 267)	(1 927)	(2 153)	(1 250)	(4 589)	(2 676)	(2 016)	(2 686)	(787)	(1 833)	(1 825)	(2 086)	(2 248)	(1 658)	29	(221)	(465)	346	(653)	(1 394)	855	(791)	(678)	788	(3 736)	663	(130)	(231)	(232)	(233)	(229)	(1 418)	(1 430)	(1 375)	(1 382)	1 049	552	162	125	(984)	(666)	(290)	(435)	(247)	(189)	(228)	177	288	(298)	2 926	2 612	2 253	2 832	(197)	44	(234)	8	(124)	(125)	374	219	(38)	(129)	(927)	(1 204)	(1 062)	(1 447)	(1 167)	(989)	(1 197)	(1 214)	(1 626)	(1 462)	(1 349)	(980)	(473)	(522)	(1 276)	(1 296)	(1 287)	(1 175)	(453)	(773)	(787)	(862)	(523)	(151)	93
Cash Paid for Dividends	0	0	0	0	0	0	(131)	(141)	(141)	(141)	(166)	(169)	(169)	0	(476)	(463)	(463)	0	(1 332)	(1 402)	(1 402)	0	(1 930)	(1 961)	(1 962)	0	(2 050)	(2 055)	(2 054)	0	0	(2 004)	(2 004)	0	0	(2 004)	(2 004)	0	(2 004)	(2 004)	(2 004)	0	(2 005)	(1 970)	(1 970)	0	(1 969)	(656)	(656)	0	0	(656)	(656)	0	0	(656)	(656)	0	0	(328)	(328)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(328)	(328)	0	0	(459)	(459)	0	0	(630)	(630)	0	0	(696)
Other	870	(1 197)	(1 311)	(1 562)	(1 488)	(1 511)	(1 519)	(1 521)	(1 576)	(1 540)	(1 645)	(1 439)	204	(818)	(303)	(322)	(1 057)	(116)	(119)	(109)	(102)	(196)	(198)	(192)	(192)	(27)	(35)	(36)	(787)	(784)	(749)	(781)	3 064	(62)	(122)	(61)	(50)	(37)	120	(46)	(29)	(29)	(136)	3	(5)	0	(5)	(3)	(2)	1	(118)	(120)	(120)	(115)	3	4	5	19	19	18	17	1	1	(1)	(1)	(3)	(3)	0	0	1	59	58	58	0	1	0	0	0	90	91	91	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash from Financing Activities	797 N/A	(626) N/A	(707) -13%	(1 268) -79%	(1 203) +5%	(1 705) -42%	(2 121) -24%	(2 273) -7%	(2 984) -31%	(3 608) -21%	(3 964) -10%	(2 858) +28%	(4 554) -59%	(3 663) +20%	(2 795) +24%	(3 471) -24%	(2 307) +34%	(2 412) -5%	(3 276) -36%	(3 597) -10%	(3 752) -4%	(3 256) +13%	(2 172) +33%	(3 076) -42%	(3 321) -8%	(2 345) +29%	(3 367) -44%	(3 710) -10%	(2 687) +28%	(4 334) -61%	(2 238) +48%	(2 477) -11%	(2 680) -8%	(1 403) +48%	(2 256) -61%	(2 296) -2%	(2 286) +0%	(2 274) +1%	(2 113) +7%	(3 468) -64%	(3 663) -6%	(3 671) 0%	(3 923) -7%	(1 318) +66%	(1 623) -23%	(1 945) -20%	(1 849) +5%	(1 643) +11%	(1 324) +19%	(945) +29%	(1 209) -28%	(1 023) +15%	(965) +6%	(999) -4%	(476) +52%	(364) +24%	(949) -161%	2 289 N/A	1 975 -14%	1 943 -2%	2 521 +30%	(524) N/A	(283) +46%	(235) +17%	7 N/A	(127) N/A	(128) -1%	374 N/A	219 -41%	(37) N/A	(70) -89%	(869) -1 141%	(1 146) -32%	(1 004) +12%	(1 446) -44%	(1 167) +19%	(989) +15%	(1 197) -21%	(1 124) +6%	(1 535) -37%	(1 371) +11%	(1 258) +8%	(980) +22%	(801) +18%	(850) -6%	(1 604) -89%	(1 624) -1%	(1 746) -8%	(1 634) +6%	(912) +44%	(1 232) -35%	(1 417) -15%	(1 492) -5%	(1 153) +23%	(781) +32%	(603) +23%
Change in Cash
Effect of Foreign Exchange Rates	3	9	49	(32)	1	9	3	3	1	0	0	1	(46)	(42)	(56)	(56)	2	(1)	13	11	(9)	(2)	(4)	8	6	7	8	(2)	3	6	5	3	(2)	(4)	(4)	(1)	0	0	(5)	(4)	(3)	(4)	10	12	18	19	13	5	(3)	0	(4)	(1)	0	0	1	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	3	2	2	2	(1)	0	0	1	3	7	8	2	(1)	(8)	(8)	(3)	(3)	0	(2)	(3)	(3)	(3)	0
Net Change in Cash	(401) N/A	(1 114) -178%	(599) +46%	(870) -45%	46 N/A	(42) N/A	405 N/A	828 +104%	1 117 +35%	841 -25%	987 +17%	2 914 +195%	1 215 -58%	2 179 +79%	2 186 +0%	623 -72%	(1 331) N/A	(2 686) -102%	(3 453) -29%	(3 292) +5%	(797) +76%	(80) +90%	516 N/A	(742) N/A	(34) +95%	(97) -185%	(580) -498%	(493) +15%	996 N/A	235 -76%	1 988 +746%	915 -54%	578 -37%	1 746 +202%	687 -61%	938 +37%	229 -76%	178 -22%	1 779 +899%	157 -91%	413 +163%	(2 205) N/A	(4 121) -87%	(1 777) +57%	(2 470) -39%	(377) +85%	(575) -53%	(254) +56%	(208) +18%	198 N/A	340 +72%	102 -70%	43 -58%	(263) N/A	(195) +26%	(104) +47%	18 N/A	97 +439%	(27) N/A	111 N/A	(4) N/A	(99) -2 375%	19 N/A	163 +758%	384 +136%	348 -9%	97 -72%	(29) N/A	(35) -21%	(193) -451%	(125) +35%	(87) +30%	(207) -138%	(26) +87%	(30) -15%	(67) -123%	(46) +31%	69 N/A	(83) N/A	343 N/A	575 +68%	746 +30%	1 216 +63%	749 -38%	93 -88%	(857) N/A	(802) +6%	(930) -16%	(230) +75%	548 N/A	22 -96%	(104) N/A	(250) -140%	(311) -24%	(98) +68%	239 N/A
Free Cash Flow
Free Cash Flow	(196) N/A	222 N/A	470 +112%	534 +14%	1 284 +140%	1 712 +33%	2 613 +53%	3 070 +17%	4 054 +32%	4 319 +7%	4 767 +10%	5 400 +13%	5 453 +1%	6 198 +14%	5 226 -16%	4 895 -6%	5 013 +2%	3 970 -21%	4 196 +6%	4 403 +5%	4 225 -4%	4 396 +4%	3 550 -19%	3 248 -9%	2 650 -18%	2 077 -22%	2 934 +41%	2 876 -2%	4 047 +41%	4 068 +1%	3 954 -3%	3 751 -5%	3 356 -11%	3 342 0%	2 855 -15%	2 738 -4%	1 817 -34%	1 927 +6%	1 924 0%	2 022 +5%	2 563 +27%	(161) N/A	(227) -41%	(344) -52%	(469) -36%	1 728 N/A	1 390 -20%	1 018 -27%	1 105 +9%	1 045 -5%	767 -27%	885 +15%	600 -32%	543 -10%	910 +68%	812 -11%	539 -34%	(2 720) N/A	(2 726) 0%	(2 749) -1%	(2 620) +5%	350 N/A	210 -40%	3 -99%	131 +4 267%	68 -48%	(173) N/A	(584) -238%	(470) +20%	(599) -27%	(313) +48%	167 N/A	586 +251%	729 +24%	1 082 +48%	1 091 +1%	990 -9%	1 274 +29%	1 004 -21%	1 318 +31%	1 106 -16%	1 101 0%	1 267 +15%	1 034 -18%	698 -32%	273 -61%	457 +67%	744 +63%	1 212 +63%	1 148 -5%	1 024 -11%	878 -14%	1 048 +19%	1 312 +25%	662 -50%	706 +7%

Income Statement Balance Sheet Cash Flow Statement

Orange Polska SA
WSE:OPL

Cash Flow Statement

Cash Flow Statement
Orange Polska SA

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Orange Polska SA WSE:OPL

Cash Flow Statement

Cash Flow Statement Orange Polska SA

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Company

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Orange Polska SA
WSE:OPL

Cash Flow Statement
Orange Polska SA