ARE - Alexandria Real Estate Equities, Inc.

ARE

Valuation Ratios

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Price to Earnings	54.19	234.76	45.81	58.21
Price to Sales	5.39	7.51	9.10	15.49
Book Value Per Common Share	131.49	131.66	131.69	118.85	98.53
Price to Book	0.74	0.96	1.11	1.88
Price to Operating Cash Flow	11.16	13.29	18.19	32.43
Price to Free Cash Flow
Enterprise Value to EBITDA

Breakdown	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31
Price to Earnings	-39.88	-102.30	-1321.57		54.47	95.88	132.90		92.69	119.46	285.43		48.68	195.99	-209.64		56.36	66.40	4107.50
Price to Sales	6.25	8.14	20.81		8.78	13.10	28.82		8.04	13.71	30.61		11.80	18.60	51.76		18.75	26.81	47.02
Book Value Per Common Share	119.76	122.32	123.60	131.49	133.03	132.52	132.88	131.66	132.66	131.60	132.04	131.69	130.03	125.26	125.44	118.85	114.06	112.78	110.15	98.53
Price to Book	0.70	0.59	0.75	0.74	0.89	0.88	0.97	0.96	0.75	0.86	0.95	1.11	1.08	1.16	1.60	1.88	1.68	1.61	1.49
Price to Operating Cash Flow	12.88	18.51	75.86		16.61	26.72	64.97		14.23	24.73	70.19		25.36	44.16	166.61		37.89	58.72	106.40
Price to Free Cash Flow
Enterprise Value to EBITDA

Earnings Data

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Earning YoY	233.33	-83.02	-16.97	-36.48
Revenue YoY	7.99	11.46	22.46	12.12
EBITDA YoY
Net Profit YoY	211.61	-80.13	-8.68	-25.90

Breakdown	2025-09-30	2025-06-30	2024-09-30	2024-06-30	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2021-09-30	2021-06-30
Earning YoY			78.69	25.77	13.68	115.91		289.19		23.72	6750.00
Revenue YoY	49.46	100.51	51.54	99.69	50.46	101.87		52.42	104.67	55.36	106.20
EBITDA YoY
Net Profit YoY			77.31	27.38	14.46	115.51	-4.16	281.05		26.23	4741.83

Financial Strength

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Cash Per Common Share	5.25	5.91	7.04	4.43	5.73
Quick Ratio
Current Ratio
Debt to Equity	0.50	0.48	0.45	0.47	0.57
Long-Term Debt to Equity

Breakdown	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31
Cash Per Common Share	5.21	4.66	4.21	5.24	5.41	4.93	5.64	5.87	5.22	7.17	9.21	6.66	8.99	5.19	7.20	4.11	3.59	3.47	4.92	5.29
Quick Ratio
Current Ratio
Debt to Equity	0.57	0.55	0.54	0.50	0.52	0.50	0.50	0.48	0.48	0.48	0.49	0.45	0.48	0.49	0.49	0.47	0.55	0.54	0.57	0.57
Long-Term Debt to Equity

Profitability

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
ROA	0.68	0.23	1.21	1.59	2.91
ROE	1.02	0.34	1.74	2.34	4.56
Gross Margin	70.82	70.23	69.75	70.51	71.88
Operating Margin
EBITDA Margin
Net Profit Margin	10.36	3.59	20.15	27.02	40.89

Breakdown	2025-09-30	2025-06-30	2025-03-31	2024-09-30	2024-06-30	2024-03-31	2023-09-30	2023-06-30	2023-03-31	2022-09-30	2022-06-30	2022-03-31	2021-09-30	2021-06-30	2021-03-31
ROA	-0.76	-0.25	-0.02	0.80	0.46	0.36	0.42	0.37	0.17	1.12	0.31	-0.38	1.48	1.25	0.03
ROE	-1.19	-0.39	-0.03	1.21	0.69	0.54	0.62	0.55	0.26	1.65	0.46	-0.57	2.29	1.93	0.04
Gross Margin	69.63	70.34	70.14	71.26	71.64	71.61	70.10	70.40	70.47	69.83	70.00	70.52	70.87	71.52	71.26
Operating Margin
EBITDA Margin
Net Profit Margin	-15.35	-7.63	-1.18	16.55	14.15	22.17	9.02	11.86	11.11	24.36	9.74	-24.32	32.29	39.74	1.69

Dividends

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Dividend Yield
Dividend Payout Ratio

Breakdown	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31
Dividend Yield
Dividend Payout Ratio

Financial Statements

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Assets	47,557,423.00	45,838,582.00	43,226,659.00	35,924,570.00	26,461,182.00
Cash and Short-Term Investments	902,771.00	1,009,827.00	1,137,688.00	650,180.00	722,443.00
Cash and Cash Equivalents	902,771.00	1,009,827.00	1,137,688.00	650,180.00	722,443.00
Short-Term Investments	0	0	0	0	0
Net Receivables	1,193,440.00	1,058,530.00	950,260.00	846,714.00	730,084.00
Inventory	0	0	0	0	0
Other Current Assets	0	0	0	0	0
Property, Plant, Equipment Net	804,058.00	543,060.00	581,486.00	500,729.00	367,050.00
Real Estate	105,620,482.00	71,299,337.00	66,662,722.00	54,976,180.00	39,380,959.00
Goodwill	0	0	0	0	0
Intangible Assets	0	0	0	0	286,100.00
Long-Term Investments	39,873.00	37,780.00	38,435.00	38,483.00	332,349.00
Non-Current Deferred Assets	0	0	0	0	0
Other Non-Current Assets	0	0	0	0	0
Liabilities	15,904,769.00	14,911,366.00	13,329,163.00	11,463,719.00	9,567,337.00
Payables and Expenses	0	0	0	0	0
Account Payables	0	0	0	0	0
Current Accrued Liabilities	0	0	0	0	0
Short-Term Debt	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0
Long-Term Debt	12,094,465.00	11,096,028.00	10,100,717.00	8,316,678.00	7,232,370.00
Other Non-Current Liabilities	0	0	0	0	0
Equity	31,652,654.00	30,927,216.00	29,897,496.00	24,460,851.00	16,893,845.00
Shareholders Equity	22,643,428.00	22,633,192.00	22,485,388.00	18,783,047.00	13,467,751.00
Capital Stock	1,722.00	1,719.00	1,707.00	1,580.00	1,367.00
Share Premium	17,933,572.00	18,485,352.00	18,991,492.00	16,195,256.00	11,730,970.00
Retained Earnings	0	0	0	0	0
Treasury Shares	0	0	0	0	0
Accumulated Other Comprehensive Income	-46,252.00	-15,896.00	-20,812.00	-7,294.00	-6,625.00
Minority Interest	4,489,447.00	4,135,338.00	3,701,248.00	2,834,096.00	3,413,021.00
Investments	86,155.00	83,771.00	84,484.00	84,345.00	672,031.00
Debt	24,638,069.00	22,550,422.00	20,377,920.00	17,051,743.00	14,926,590.00
Net Debt	23,735,298.00	21,540,595.00	19,240,232.00	16,401,563.00	14,204,147.00
Common Shares Outstanding	172,203.44	171,910.60	170,748.39	158,043.88	136,690.33

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Revenues	3,116,394.00	2,885,699.00	2,588,962.00	2,114,150.00	1,885,637.00
Cost Of Revenue	909,265.00	859,180.00	783,153.00	623,555.00	530,224.00
Gross Profit	2,207,129.00	2,026,519.00	1,805,809.00	1,490,595.00	1,355,413.00
Selling, General and Administrative Expenses	168,359.00	199,354.00	177,278.00	151,461.00	133,341.00
Interest Expense	185,838.00	74,204.00	94,203.00	142,165.00	171,609.00
EBT	0	0	0	0	0
Income Tax	0.00	0.00	0.00	0.00	0.00
Equity Method Investments Income	4,459.00	-3,420.00	2,745.00	31,955.00	8,148.00
Net Income Including Non-Controlling Interests	135,165.00	-73,716.00	372,619.00	488,212.00	714,747.00
Net Income Non-Controlling Interests	187,784.00	177,355.00	149,041.00	83,035.00	56,212.00
Net Income	322,949.00	103,639.00	521,660.00	571,247.00	770,959.00
Deprecation and Amortization	1,202,380.00	1,093,473.00	1,002,146.00	821,061.00	698,104.00
EPS	0.00	0.00	0.00	0.00	0.01
Diluted EPS	0.00	0.00	0.00	0.00	0.01
Average Shares Outstanding Basic	172,071.00	170,909.00	161,659.00	146,921.00	126,106.00
Average Shares Outstanding Diluted	172,071.00	170,909.00	161,659.00	147,460.00	126,490.00

Breakdown	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31
Operating Cash Flow	1,504,524.00	1,630,550.00	1,294,321.00	1,010,197.00	882,510.00
Operating Net Income	510,733.00	280,994.00	670,701.00	654,282.00	827,171.00
Deprecation and Amortization	1,202,380.00	1,093,473.00	1,002,146.00	821,061.00	698,104.00
Deferred Income Tax	0	0	0	0	0
Share Based Compensation	59,634.00	82,858.00	57,740.00	48,669.00	43,502.00
Change in Working Capital	86,809.00	219,315.00	278,405.00	217,124.00	68,138.00
Other Operating Activities	-355,032.00	-46,090.00	-714,671.00	-730,939.00	-754,405.00
Investing Cash Flow	-1,510,695.00	-2,500,619.00	-5,080,458.00	-7,107,324.00	-3,278,161.00
Capital Expenditure	0.00	0.00	0.00	0.00	0.00
Net Purchase/Sale of PPE	0	0	0	0	0
Net Purchase/Sale of Investments Net	410,284.00	372,868.00	441,252.00	833,187.00	315,804.00
Net Purchase/Sale of Business	0	0	0	408,618.00	3,444.00
Other Investing Activities	-1,920,979.00	-2,873,487.00	-5,521,710.00	-8,349,129.00	-3,597,409.00
Financing Cash Flow	-93,315.00	674,156.00	4,229,772.00	5,916,361.00	2,750,356.00
Net Issuance/Repayment of Debt	27,120,006.00	21,854,205.00	33,708,318.00	71,168,316.00	54,960,451.00
Net Issuance/Repurchase of Equity	77,210.00	103,846.00	3,204,544.00	6,984,600.00	7,050,862.00
Dividends Paid	898,557.00	847,483.00	757,742.00	655,968.00	532,980.00
Other Financing Activities	-28,189,088.00	-22,131,378.00	-33,440,832.00	-72,892,523.00	-59,793,937.00
Net Change in Cash	-100,924.00	-197,204.00	442,748.00	-182,478.00	355,016.00
Cash at Beginning of Period	660,771.00	857,975.00	415,227.00	597,705.00	242,689.00
Cash at End of Period	559,847.00	660,771.00	857,975.00	415,227.00	597,705.00
Free Cash Flow	0	0	0	0	0

Breakdown	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31
Assets	46,021,780.00	46,466,694.00	46,320,054.00	47,557,423.00	48,409,410.00	47,553,148.00	47,192,137.00	45,838,582.00	45,613,675.00	44,891,835.00	44,929,780.00	43,226,659.00	41,882,830.00	40,080,835.00	39,338,411.00	35,924,570.00	33,542,111.00	31,482,676.00	29,351,262.00	26,461,182.00
Cash and Short-Term Investments	887,019.00	794,069.00	717,611.00	902,771.00	930,997.00	848,670.00	969,676.00	1,009,827.00	892,001.00	1,225,808.00	1,573,500.00	1,137,688.00	1,451,938.00	837,444.00	1,138,559.00	650,180.00	541,557.00	506,551.00	676,098.00	722,443.00
Cash and Cash Equivalents	887,019.00	794,069.00	717,611.00	902,771.00	930,997.00	848,670.00	969,676.00	1,009,827.00	892,001.00	1,225,808.00	1,573,500.00	1,137,688.00	1,451,938.00	837,444.00	1,138,559.00	650,180.00	541,557.00	506,551.00	676,098.00	722,443.00
Short-Term Investments	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Receivables	1,263,787.00	1,238,986.00	1,217,459.00	1,193,440.00	1,223,156.00	1,197,158.00	1,146,405.00	1,058,530.00	1,019,563.00	991,317.00	983,062.00	950,260.00	926,754.00	912,768.00	889,313.00	846,714.00	823,968.00	788,310.00	759,523.00	730,084.00
Inventory	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Current Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Property, Plant, Equipment Net	776,678.00	771,477.00	776,179.00	804,058.00	812,707.00	542,875.00	541,680.00	543,060.00	556,973.00	559,433.00	577,688.00	581,486.00	585,393.00	592,675.00	589,030.00	500,729.00	423,233.00	426,872.00	401,930.00	367,050.00
Real Estate	71,758,329.00	72,406,798.00	72,215,815.00	105,620,482.00	74,933,530.00	73,983,140.00	73,133,489.00	71,299,337.00	71,248,538.00	69,665,180.00	68,860,884.00	66,662,722.00	64,125,391.00	61,890,676.00	59,916,812.00	54,976,180.00	50,561,273.00	47,316,914.00	44,125,706.00	39,380,959.00
Goodwill	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	286,100.00
Long-Term Investments	39,601.00	40,234.00	50,086.00	39,873.00	40,170.00	40,535.00	40,636.00	37,780.00	37,695.00	37,801.00	38,355.00	38,435.00	38,285.00	37,587.00	38,456.00	38,483.00	321,737.00	323,622.00	325,928.00	332,349.00
Non-Current Deferred Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Liabilities	16,681,622.00	16,513,883.00	16,183,244.00	15,904,769.00	16,558,209.00	15,951,521.00	15,665,725.00	14,911,366.00	14,783,823.00	14,475,898.00	14,784,362.00	13,329,163.00	13,606,799.00	13,226,938.00	13,001,694.00	11,463,719.00	11,847,498.00	11,064,348.00	10,653,014.00	9,567,337.00
Payables and Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Account Payables	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Current Accrued Liabilities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Short-Term Debt	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Long-Term Debt	12,044,999.00	12,042,607.00	12,640,144.00	12,094,465.00	12,092,012.00	12,089,561.00	12,087,113.00	11,096,028.00	11,093,725.00	11,091,424.00	11,089,124.00	10,100,717.00	10,098,588.00	10,096,462.00	10,094,337.00	8,316,678.00	8,314,851.00	8,313,025.00	8,311,512.00	7,232,370.00
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Equity	29,340,158.00	29,952,811.00	30,136,810.00	31,652,654.00	31,851,201.00	31,601,627.00	31,526,412.00	30,927,216.00	30,829,852.00	30,415,937.00	30,145,418.00	29,897,496.00	28,276,031.00	26,853,897.00	26,336,717.00	24,460,851.00	21,694,613.00	20,418,328.00	18,698,248.00	16,893,845.00
Shareholders Equity	20,391,818.00	20,834,887.00	21,076,600.00	22,643,428.00	22,889,175.00	22,794,747.00	22,849,378.00	22,633,192.00	22,669,522.00	22,485,921.00	22,549,484.00	22,485,388.00	21,007,555.00	20,217,907.00	19,845,059.00	18,783,047.00	17,206,486.00	16,446,598.00	15,125,086.00	13,467,751.00
Capital Stock	1,703.00	1,701.00	1,701.00	1,722.00	1,722.00	1,720.00	1,720.00	1,719.00	1,710.00	1,709.00	1,709.00	1,707.00	1,626.00	1,615.00	1,614.00	1,580.00	1,532.00	1,507.00	1,457.00	1,367.00
Share Premium	16,669,802.00	17,200,949.00	17,509,148.00	17,933,572.00	18,238,438.00	18,284,611.00	18,434,690.00	18,485,352.00	18,651,185.00	18,812,318.00	18,902,821.00	18,991,492.00	17,639,434.00	17,149,571.00	16,934,094.00	16,195,256.00	14,727,735.00	14,194,023.00	12,994,748.00	11,730,970.00
Retained Earnings	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Treasury Shares	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Accumulated Other Comprehensive Income	-32,203.00	-27,415.00	-46,202.00	-46,252.00	-22,529.00	-27,710.00	-23,815.00	-15,896.00	-24,984.00	-16,589.00	-20,536.00	-20,812.00	-24,725.00	-11,851.00	-5,727.00	-7,294.00	-6,029.00	-4,508.00	-5,799.00	-6,625.00
Minority Interest	4,420,314.00	4,554,156.00	4,525,299.00	4,489,447.00	4,469,309.00	4,391,806.00	4,326,703.00	4,135,338.00	4,033,313.00	3,917,186.00	3,757,911.00	3,701,248.00	3,629,432.00	3,313,189.00	3,241,023.00	2,834,096.00	4,474,377.00	3,958,208.00	3,559,866.00	3,413,021.00
Investments	85,611.00	86,735.00	107,047.00	86,155.00	87,320.00	87,892.00	88,741.00	83,771.00	82,287.00	82,553.00	84,907.00	84,484.00	84,329.00	82,243.00	84,482.00	84,345.00	651,223.00	653,954.00	659,412.00	672,031.00
Debt	12,044,999.00	24,545,714.00	25,732,122.00	24,638,069.00	24,618,436.00	24,583,329.00	24,563,757.00	22,550,422.00	22,514,161.00	22,458,016.00	22,398,534.00	20,377,920.00	20,318,309.00	20,267,205.00	20,619,740.00	17,051,743.00	17,027,218.00	17,082,018.00	17,081,836.00	14,926,590.00
Net Debt	11,157,980.00	23,751,645.00	25,014,511.00	23,735,298.00	23,687,439.00	23,734,659.00	23,594,081.00	21,540,595.00	21,622,160.00	21,232,208.00	20,825,034.00	19,240,232.00	18,866,371.00	19,429,761.00	19,481,181.00	16,401,563.00	16,485,661.00	16,575,467.00	16,405,738.00	14,204,147.00
Common Shares Outstanding	0	0	0	172,203.44	0	0	0	171,910.60	0	0	0	170,748.39	0	0	0	158,043.88	0	0	0	136,690.33

Breakdown	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31
Revenues	2,272,142.00	1,520,198.00	758,158.00	-1,516,005.00	2,327,449.00	1,535,842.00	769,108.00	-1,358,274.00	2,128,483.00	1,414,695.00	700,795.00	-1,203,613.00	1,918,681.00	1,258,829.00	615,065.00	-892,394.00	1,537,227.00	989,468.00	479,849.00
Cost Of Revenue	690,062.00	450,828.00	226,395.00	-413,450.00	668,833.00	435,568.00	218,314.00	-402,974.00	636,454.00	418,767.00	206,933.00	-354,588.00	578,801.00	377,612.00	181,328.00	-244,014.00	447,838.00	281,843.00	137,888.00
Gross Profit	1,582,080.00	1,069,370.00	531,763.00	-1,102,555.00	1,658,616.00	1,100,274.00	550,794.00	-955,300.00	1,492,029.00	995,928.00	493,862.00	-849,025.00	1,339,880.00	881,217.00	433,737.00	-648,380.00	1,089,389.00	707,625.00	341,961.00
Selling, General and Administrative Expenses	89,027.00	59,803.00	30,675.00	-106,009.00	135,629.00	91,684.00	47,055.00	-82,985.00	140,065.00	94,078.00	48,196.00	-82,267.00	134,286.00	84,328.00	40,931.00	-64,218.00	109,807.00	71,876.00	33,996.00
Interest Expense	161,024.00	106,172.00	50,876.00	-71,810.00	130,179.00	86,629.00	40,840.00	-12,613.00	42,237.00	30,826.00	13,754.00	-65,615.00	76,681.00	53,697.00	29,440.00	-73,230.00	107,303.00	71,625.00	36,467.00
EBT	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Income Tax	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Equity Method Investments Income	-11,127.00	-9,630.00	-1,402.00	4,695.00	-4,976.00	-415.00	5,155.00	3,715.00	-1,783.00	654.00	-6,006.00	1,336.00	473.00	433.00	503.00	535.00	21,737.00	6,146.00	3,537.00
Net Income Including Non-Controlling Interests	-476,018.00	-208,355.00	-56,540.00	-351,578.00	243,560.00	121,269.00	121,914.00	-248,431.00	60,484.00	80,200.00	34,031.00	141,816.00	359,249.00	53,300.00	-181,746.00	-297,072.00	438,218.00	356,357.00	-9,291.00
Net Income Non-Controlling Interests	127,323.00	92,414.00	47,601.00	-98,459.00	141,634.00	95,978.00	48,631.00	-85,659.00	131,584.00	87,599.00	43,831.00	-60,573.00	108,092.00	69,345.00	32,177.00	-29,359.00	58,134.00	36,848.00	17,412.00
Net Income	-348,695.00	-115,941.00	-8,939.00	-450,037.00	385,194.00	217,247.00	170,545.00	-334,090.00	192,068.00	167,799.00	77,862.00	81,243.00	467,341.00	122,645.00	-149,569.00	-326,431.00	496,352.00	393,205.00	8,121.00
Deprecation and Amortization	1,028,415.00	688,185.00	342,062.00	-535,720.00	872,272.00	578,274.00	287,554.00	-518,913.00	808,227.00	538,857.00	265,302.00	-458,916.00	737,666.00	482,737.00	240,659.00	-312,624.00	581,807.00	370,965.00	180,913.00
EPS	-0.00	-0.00	-0.00	-0.00	0.00	0.00	0.00	-0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.00	-0.00	0.00	0.00	0.00
Diluted EPS	-0.00	-0.00	-0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-0.00	0.00	0.00	0.00	0.00
Average Shares Outstanding Basic	170,278.00	170,328.00	170,522.00	172,264.00	172,058.00	172,013.00	171,949.00	171,098.00	170,890.00	170,864.00	170,784.00	165,472.00	161,554.00	161,412.00	158,198.00	153,686.00	150,854.00	145,825.00	137,319.00
Average Shares Outstanding Diluted	170,278.00	170,328.00	170,522.00	172,264.00	172,058.00	172,013.00	171,949.00	171,098.00	170,890.00	170,864.00	170,784.00	165,472.00	161,554.00	161,412.00	158,198.00	154,533.00	151,561.00	146,058.00	137,688.00

Breakdown	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31
Operating Cash Flow	1,101,668.00	668,190.00	207,949.00	-819,933.00	1,230,346.00	752,954.00	341,157.00	-660,996.00	1,201,933.00	784,043.00	305,570.00	-320,043.00	893,158.00	530,120.00	191,086.00	-414,307.00	760,637.00	451,814.00	212,053.00
Operating Net Income	-221,372.00	-23,527.00	38,662.00	-548,496.00	526,828.00	313,225.00	219,176.00	-419,749.00	323,652.00	255,398.00	121,693.00	20,670.00	575,433.00	191,990.00	-117,392.00	-355,790.00	554,486.00	430,053.00	25,533.00
Deprecation and Amortization	1,028,415.00	688,185.00	342,062.00	-535,720.00	872,272.00	578,274.00	287,554.00	-518,913.00	808,227.00	538,857.00	265,302.00	-458,916.00	737,666.00	482,737.00	240,659.00	-312,624.00	581,807.00	370,965.00	180,913.00
Deferred Income Tax	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Share Based Compensation	32,887.00	22,594.00	10,064.00	-36,280.00	47,157.00	31,632.00	17,125.00	-13,872.00	48,266.00	31,978.00	16,486.00	-30,810.00	46,154.00	28,368.00	14,028.00	-22,881.00	34,416.00	24,688.00	12,446.00
Change in Working Capital	15,225.00	-94,483.00	-92,002.00	-215,743.00	189,553.00	50,685.00	62,314.00	-82,326.00	193,565.00	81,343.00	26,733.00	-66,482.00	188,440.00	94,527.00	61,920.00	-61,126.00	165,018.00	54,118.00	59,114.00
Other Operating Activities	246,513.00	75,421.00	-90,837.00	516,306.00	-405,464.00	-220,862.00	-245,012.00	373,864.00	-171,777.00	-123,533.00	-124,644.00	215,495.00	-654,535.00	-267,502.00	-8,129.00	338,114.00	-575,090.00	-428,010.00	-65,953.00
Investing Cash Flow	-1,437,538.00	-1,029,653.00	-654,779.00	2,809,597.00	-1,956,959.00	-1,468,479.00	-894,854.00	2,083,703.00	-2,110,556.00	-1,434,101.00	-1,039,665.00	4,225,157.00	-3,720,618.00	-3,096,199.00	-2,488,798.00	4,900,406.00	-5,433,393.00	-4,136,457.00	-2,437,880.00
Capital Expenditure	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Net Purchase/Sale of PPE	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Purchase/Sale of Investments Net	262,019.00	162,779.00	82,002.00	-226,876.00	327,322.00	208,716.00	101,122.00	-242,754.00	305,662.00	213,174.00	96,786.00	-234,516.00	336,358.00	230,321.00	109,089.00	-295,410.00	597,631.00	396,058.00	134,908.00
Net Purchase/Sale of Business	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	381,474.00	9,048.00	9,048.00	9,048.00
Other Investing Activities	-1,699,557.00	-1,192,432.00	-736,781.00	3,036,473.00	-2,284,281.00	-1,677,195.00	-995,976.00	2,326,457.00	-2,416,218.00	-1,647,275.00	-1,136,451.00	4,459,673.00	-4,056,976.00	-3,326,520.00	-2,597,887.00	4,814,342.00	-6,040,072.00	-4,541,563.00	-2,581,836.00
Financing Cash Flow	360,850.00	330,099.00	370,775.00	-1,983,609.00	645,405.00	620,460.00	624,429.00	-1,872,174.00	618,962.00	752,558.00	1,174,810.00	-4,470,723.00	3,279,025.00	2,668,900.00	2,752,570.00	-4,132,738.00	4,442,763.00	3,444,082.00	2,162,254.00
Net Issuance/Repayment of Debt	29,754,562.00	16,384,562.00	5,648,532.00	-7,746,512.00	16,515,006.00	10,912,706.00	7,438,806.00	8,620,590.00	5,156,205.00	5,156,205.00	2,921,205.00	-29,407,821.00	27,359,503.00	19,093,318.00	16,663,318.00	-29,768,832.00	49,645,716.00	30,975,716.00	20,315,716.00
Net Issuance/Repurchase of Equity	208,187.00	208,187.00	208,187.00	77,210.00	0	0	0	103,846.00	0	0	0	-685,434.00	1,599,146.00	646,316.00	1,644,516.00	-837,058.00	2,758,545.00	2,266,464.00	2,796,649.00
Dividends Paid	684,419.00	457,217.00	229,987.00	-438,591.00	671,366.00	443,958.00	221,824.00	-413,157.00	633,032.00	418,477.00	209,131.00	-361,770.00	564,118.00	371,547.00	183,847.00	-289,182.00	482,408.00	311,760.00	150,982.00
Other Financing Activities	-30,286,318.00	-16,719,867.00	-5,715,931.00	6,124,284.00	-16,540,967.00	-10,736,204.00	-7,036,201.00	-10,183,453.00	-5,170,275.00	-4,822,124.00	-1,955,526.00	25,984,302.00	-26,243,742.00	-17,442,281.00	-15,739,111.00	26,762,334.00	-48,443,906.00	-30,109,858.00	-21,101,093.00
Net Change in Cash	24,332.00	-31,899.00	-76,093.00	4,204.00	-81,134.00	-94,918.00	70,924.00	-449,664.00	-290,264.00	102,315.00	440,409.00	-565,567.00	450,941.00	102,435.00	454,939.00	350,607.00	-229,651.00	-240,132.00	-63,302.00
Cash at Beginning of Period	559,847.00	559,847.00	559,847.00	555,643.00	660,771.00	660,771.00	660,771.00	1,110,435.00	857,975.00	857,975.00	857,975.00	1,423,542.00	415,227.00	415,227.00	415,227.00	64,620.00	597,705.00	597,705.00	597,705.00
Cash at End of Period	584,179.00	527,948.00	483,754.00	559,847.00	579,637.00	565,853.00	731,695.00	660,771.00	567,711.00	960,290.00	1,298,384.00	857,975.00	866,168.00	517,662.00	870,166.00	415,227.00	368,054.00	357,573.00	534,403.00
Free Cash Flow	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0