Vivopower Plc · NASDAQ:VIVO
Vivopower — Investor Presentation (July 2026)
93 slides from Vivopower's investor presentation, Jul 6, 2026
Slide 1: Company Presentation June 2026
Key YW vivopower Company Presentation June 2026
Slide 2: Important information and disclaimer
Important information and disclaimer Introduction: This Presentation has been prepared by VivoPawer PLC (the "Company", and together with its consolidated subsidiaries, the "Group"), The Presentation i Intended for information purposes only and does not itself constitute, and should notin itself be
Slide 3: Summary of risk factors
Summary of risk factors Risks related to the Group's business and the industry in which it operates ‘The Group has limited operating history as a standalone data center platform focused on Al infrastructure ‘The Group operates in a competitive and rapidly evolving market ‘The Group's operational exp
Slide 4: Executive summary
Executive summary
Slide 5: Independent Nordic focused sovereign AI digital infrastructure provider
VivoPower is an independent Nordic focused sovereign Al digital infrastructure provider Scalable Al digital infrastructure platform focused on multi decade value creation 6 London a o33, lags Global offices - Headquarters Executive team with experience across. Nordic track record developing powered
Slide 6: Nordic focused provider delivering power-secured data centers
th VivoPowe WW A Nordic focused ee \ delivering power- -secure Operational anchor asset transitioning to Al with Nordic centric & EU pipeline + 81.5MW footprint in Norway, of which 41.5MW is under operation generating cash flows * Target EBITDA of ~$130m per annum from conversion to Al data center,
Slide 7: Operational cash-generative data center in Mo i Rana to convert to AI
VivoPower has an existing operational and cash-generative data center in Mo i Rana, Norway, to be converted into an Al facility Mei Rana, Norway 4 n Significant value uplift from Al conversion at Mo i Rana —_— 130m Target EBITDA |) aan so Current operations Post Alof 41.5MW Post Alof 81.5MW ~$806m “
Slide 8: Management and board blend of infrastructure, power, capital markets & AI
VivoPower’s management and board have an uncommon blend of infrastructure, renewable power, capital markets & Al experience Executive Leadership and Management Team? Kevin Chin Executive Chairman & CEO AROWANA Deloitte. JPMorgan pwe ¢ a a Philip von Wulffen < Chair of Investment Committee hstsone BO
Slide 9: Strategy and business model is bricks & mortar focused
VivoPower’s strategy and business model is bricks & mortar focused Secure powered land ‘Acquire greenfield or brownfield sites, secure local zoning and permits, and obtain power agreements below wholesale US$5c/kWh Refinance the powered shell asset Assets are refinanced with long-term, low-cost debt
Slide 10: Powered shell model: AI infrastructure exposure without GPU capex
10 W vivoro VivoPower’s powered shell development model provides Al infrastructure exposure without GPU capex and risk Buy and secure powered land ‘Acquire site, secure grid connection, zoning and permits @) Develop and build powered shell Develop the site, establish grid connection and deliver infr
Slide 11: Nordic region selected for strong fundamentals
VivoPower deliberately selected the Nordic region given its strong fundamentals and competitive position Growing supply shortage in data center capacity = (B f= The Nordics have optimal conditions for data centers Global data center supply shortage, GW 2.9% zi High green energy share Low energy pric
Slide 12: ~3.3GW controlled/secured portfolio and qualified pipeline
VivoPower has a total controlled/secured portfolio and qualified pipeline of ~3.3GW (net) of which ~1.1GW (net) has PCA Total overview of controlled/secured sites and qualified pipeline? Qualified pipeline? 1,910MW FCDC Corp Oy portfolio? VivoPower has executed a HoA to acquire 28% ownership in FCOC
Slide 13: Unit economics underpinned by disciplined targets
VivoPower’s unit economics are underpinned by disciplined targets... Holistic differentiated Operating in Nordic markets with Capital recycling model Recurring digital infrastructure sovereign partnership 1-2 years grid connection lead generates $1.5-$2 per $1 of revenues through powered shell appro
Slide 14: Growth model recycling capital every ~18 months
..Whilst its growth model is based on sustainably recycling capital every ~18 months Illustrative excess cash release from refinancing for a 1OOMW facility ($m) Stage Development _ Refinancing Debt ~84% 65% 2,000 2,000 2,000 — Gross asset value? 668 Original debt (repaid) 1185 305 Faulty released _,
Slide 15: 10-year strategic growth vision and plan
os Acquire: Platform & scale up Secure 100 % control of 2GW of power sites focusing on Nordics, selected EU sites, relationship- based Gulf Cooperation Council (“GCC”) sites Target annual revenues of approximately $1bn Target $500m of annual operating free cash flow Build out Al native agile scaleup
Slide 16: Economic model
ECONOMIC MODEL PORTFOLIO Developing, owning and/or controlling powered land to powered shell level, leasing out to tenants without taking on GPU technology risk ieee) ME " aS CES wr Sw | ee | al! Pre wos i Uncommon blend of data center, infrastructure and real estate development, together with globa
Slide 17: Public markets re-rating companies transitioning to AI infrastructure
Public markets are re-rating companies that successfully transition to Al digital infrastructure Share price development since Company The market rewards companies with credible Al infrastructure exposure Alcstacenterctateny rercaticnines + 1n.2024-2025, REN made a decisive pivot from Bitcoin hostin
Slide 18: Portfolio and Pipeline
Portfolio and Pipeline
Slide 19: 41.5MW Nordic asset augmented by 182MW, FCDC and pipeline
VivoPower’s 41.5MW Nordic asset is augmented by 182MW completed deals, 1.2GW FCDC (net) & 1.9GW pipeline on Siting Operational portfolio ya EN Completed acquisition 1 ~41.5MW aualied Pipeline Hofsites Current grid capacity FCDC Corp Oy's sites? Completed acquisitions portfolio 2 | ~182MW Grid capaci
Slide 20: Mo i Rana asset slated to be AI ready in 2027
VivoPower’s operational asset in Mo i Rana (Norway) is slated to be Al ready in 2027... Al ready data center in Norway + Total capacity of 81.5MW, of which current operating capacity of 41.SMW, and potential expansion capacity of 4OMW * Operational and EBITDA generating data center with existing con
Slide 21: Target construction timetable
..based on the target construction timetable rmi Design reser 41.5MW Al DC 40MW Al DC Frozen construction construction +21.5MW Al DC Phase | Complete Phase Il Complete (in parallel) (41.5MW live Q2'27) (40MW live Q1'28) 1) Concept study; 2) Construction contribution ‘agreement; 3) HV transformer pro
Slide 22: Conversion to AI data centers path to stabilized cashflows
Conversion to Al data centers provides a path to stabilized long term cashflows and profits Current operational site... 41.5MW Current operating capacity ~$10m ‘Annual EBITDA from BTC hosting * First operational site in Norway, ~21,000 m? leased with total area of 51,000 m? + EBITDA generating from
Slide 23: Anchor asset in Mo i Rana underpins Nordic value creation
VivoPower’s anchor asset in Moi Rana underpins its Nordic value creation plan Secured operational asset in Norway, augmented with Nordic centric pipeline 41.5MW Capacity in the Nordics in operation, with additional 40MW expansion at the Mo i Rana site 8 sites In the Nordics out of 12 sites that are
Slide 24: 25MW UAE site with scalable land for up to 100MW
VivoPower’s sovereign first approach is evidenced by a 25MW C$ UAE site with scalable land for up to LOOMW Key site highlights + Located in UAE, providing access to one of the Middle East's fastest growing digital infrastructure markets + 25MW initial capacity with potential expansion to up to 100MW
Slide 25: LOIs for full control of 3 FCDC sites in Finland
VivoPower has issued letters of intent (LOI) for full control of 3 fe FCDC sites in Finland, totaling 560MW FCDC Corp Oy assets, where VivoPower has 28% control with LOI to acquire remaining 72% 7 ‘ : N TAM /AF = SSH = = Wy ull Connection capacity 160MW Connection capacity SsoMW Connection capacity
Slide 26: FCDC portfolio with more Finland sites, 3.8GW gross
FCDC’s portfolio has 7 more Finland sites with 3.8GW gross capacity Country Finland Finland Fintand7 Finland 8 Finland 9 Finland 10 Finland 11 Total Combined with its 28% interest in the 3 sites per previous page (157MW), VivoPower’s interest is a total of 1.21GW (net basis) Acquisition status Land
Slide 27: Market
Market
Slide 28: Data center expansion falls short of AI demand
Accelerating data center expansion still falls short of meeting strong demand for Al digital infrastructure Global data center capacity (GW) Global data center supply shortfall (GW) 2.9% SZCOMIN||| —_ || Jenn || nnn === +15% CAGR | | = |_| 28s, Hi Additional supply shortage (GW) 3038 SpB6e S0By8 Sak
Slide 29: Europe structurally under-supplied
Europe remains structurally under-supplied, with Al and sovereign cloud use cases expected to materially increase demand Hyperscalers largest demand driver Global cloud storage capacity by region (GW) Europe data center denrand by ownership (6) Total ~122.2 GW 23% Enterprise (self-owned) yu 40% ‘ow
Slide 30: Europe data center demand growth but grid constraints
Europe data center demand is set for significant growth, but grid and permitting constraints pose challenges across FLAPD markets DC power demand to surge from 96TWh in 2024 to 236TWh by 2035e Data center demand in Europe in TWh % of total demand 250 6.0% 200 328 5.0% 150 4.5% 100 4.0% eo 3.5% oO 3.
Slide 31: Capacity constraints accelerating growth in secondary markets
Capacity constraints in Europe’s primary hubs are accelerating data center growth in secondary markets FLAPD? and secondary market dynamics Vacancy rates continue to decline Nordic capacity growth is accelerating European market vacancy rates (%) ‘MW installed Secondary Markets, Total: 1 208MW_ M-ca
Slide 32: Capital migrating to low-cost power regions
Capital is migrating to regions with low-cost power, positioning the Nordics as a core growth market Survey on site-selection factors and Nordic relative attractiveness Why the Nordics is an attractive location for data centers Nordic score’ Docent pene 2 abiny — @-Pobtealstabiity u S Great access t
Slide 33: Nordics globally competitive region for data centers
The Nordics is a globally competitive region for data centers The Nordics benefit from low electricity prices High share of green energy Average wholesale electricity prices by region (average 2025, $/MWh) Green energy’ in total electricity generation mix (2025) 96 101 99.9% 98.7% 97.4% 96.4% 94.8%
Slide 34: Financials
Financials
Slide 35: Business model unlocks de-risked equity returns at asset level
VivoPower’s business model unlocks de-risked equity returns at an asset level Illustrative only — investment roadmap and valuations for a 10OMW site = Land, Power Origination, Build & Delivery Implied project Implied equity Development & Entitlement (Powered Shell) value value $2,000m $60m _.~$20m p
Slide 36: Mo i Rana target revenue post-AI conversion
Mo i Rana generates ~$31m annual target revenue, increasing to a target ~$70m annual revenue post-Al conversion of 41.5MW Illustrative revenue bridge for operational Mo i Rana asset ($m) r e BTC revenue [ll Alrental revenue [ll Annualised revenue eat Current annual operating Target revenue uplift fr
Slide 37: EBITDA expected to scale post AI conversion
ad VivoPower’s EBITDA is expected to scale from ~$10m target p.a. to >$60m target p.a. post Al conversion in Mo i Rana Illustrative EBITDA bridge for operational Mo i Rana asset ($m) “ud ~130 ——— “10 Current estimated Targeted revenue uplift Change inopex from Al Annual target EBITDA with Targeted r
Slide 38: General
General
Slide 39: Global advisory council
Global advisory council Khadija Mustafa Ex-Microsoft and G42 (New York) Porter Harris Former SpaceX Lead Battery Engineer (Pasadena) % Rachel Pether Head of 310. for EMEA, ex-Mubadala (Abu Dhabi) von Wulffen OGDC Founder, ex-JAB Consumer Fund Founder (Vienna) a 39 VW vivorower 2 @ % a Adam Traidman
Slide 40: Corporate structure overview
Corporate structure overview AEVITAS Divested, to be deregistered TEMBO To be spun off VIVOPOWER 200% 999% | 201% 200% | 0% 100% Tents EvSauion | renbotecinoogs a aS E VN.P. Holdings Ine (Oormart) Cromwell AS Nordland Data AS 40 WW VIVOPOWER — Notes):2) Name change to Care ig being iaized
Slide 41: Repositioning as pure-play sovereign AI infrastructure platform
VivoPower is repositioning as a pure-play sovereign Al infrastructure platform through the Tembo carve-out and Aevitas divestment VivoPower nfrastructur q + To be the independent trusted digital infrastructure + Tembo is progressing toward a planned Nasdaq listing, * Operationally inactive (dormant)
Slide 42: Capitalization table
Capitalization table ‘Ownership in % ptalization Table Tye Siaet enone nee oe) Ordinary A-shares on issue: 30,724,084 in total distributed across family offices, ‘Common Shares On issue directors and officers, and a free float of ~52% TAG (Emirates family office Family Offices 6 500,000 21.2% i ‘ Ke
Slide 43: Total portfolio and pipeline (MW)
Total portfolio and pipeline (MW) Power Connection Agreement (PCA) pemenien see || Deesomert eace NNN Lar coed cream |) LO en te Moi Rana Operational Fully Ready-to-Build (RTB) Leasehold; optiontreehold’ Hydro nla MoiRana expansion Completed Grid Path Validated Leasehold; option freehold’ Hydro 40 4
Slide 44: P&L
P&L Six month period ended 31 December Year ended 30 June nehoned 2025, 2024 2025 2024 las34 tas 34 RS 1RS (unaudited) (unaudited) (audited) (audited) Revenue from contracts with customers 15 8 ot 16 Cost of sales (0) (63) (60) Pu Gross profit (a5) : a 3 General and administrative expenses. (6,642)
Slide 45: Balance sheet
Balance sheet ‘As at 31 December. 2024 IFRS. 2025 IFRS As at 30June 2024 IFRS 2025 In thousand tas 34 (unaudited) Cash & cash equivalents 4,012 ‘Accounts receivable 69,158 Other short-term receivable 2,039 Assets classified as held for sale - Total current assets 75,209 PPRE-net 427 Intangible asset
Slide 46: Cash flow
Cash flow Six months period ended 31 December Year ended 30 June eee 2025 2024 2025 2024 tas3a as3a IFRS 1FRs (unaudited) (unaudited) (audited) (audited) Net earnings (7,439) (6,164) (14,440) (45,819) Change in working capital and non-cash items (2,439) ” 8,691 4732 Cashflow from operations (9878) (
Slide 47: Risk factors (1/12)
Risk factors (1/12) Risks related to the Group's business and the industryin which it operates. The Group has limited operating history as a standalone data center platform focused on Al infrastructure ‘The Group is in the process of transitioning from a diversified sustainable energy solutions comp
Slide 48: Risk factors (2/12)
Risk factors (2/12) The conversion ofthe Mo Rana Faclty from hosting of btcoin mining to Al infrastructure involves significant execution risk ‘The Group's near-term value creation strategy is dependent on the successful conversion of the Mo i Rana Faclity from hosting of bitcoin mining to Al-grade
Slide 49: Risk factors (3/12)
Risk factors (3/12) The Group depends on third-party delivery partners to build powered shells ‘The Group's business model involves outsourcing the construction of powered shell data centers to specialist EPC firms and delivery partners, including CTS Group and Jones Engineering. The Group's abllty
Slide 50: Risk factors (4/12)
Risk factors (4/12) ‘Sanctions and antimoney loundering risks essociated with the Group's hosting of bitcon mining operations ‘The Group currently hosts a bitcoin mining facility at Mo | Rana, Norway, which is expected to continue generating revenue from bitcoin mining during the transition period p
Slide 51: Risk factors (5/12)
Risk factors (5/12) A significant portion of the Group's pipeline s based on letters of intent rather than binding agreements, and the Group has not conducted full ue dligence on all LOL-stage sites ‘Approximately 1.9 GW of the Group's stated net pipeline of approximately 3.3 GW consists of sites at
Slide 52: Risk factors (6/12)
Risk factors (6/12) The Group may not be able to identify, secure and maintain access to suitable sites with adequate grid capacity on commercially acceptable terms ‘The Group's project development activities depend on its ability to identify and secure suitable sites for data center development tha
Slide 53: Risk factors (7/12)
Risk factors (7/12) Project costs may increase materially, and projects may not remain commercially viable ‘The commercial viability of the Group's projects depends on a number of assumptions, including land costs (currently targeting approximately USD 500,000 per MW), build costs (targeting ess tha
Slide 54: Risk factors (8/12)
Risk factors (8/12) The Group's operations are dependent on reliable and affordable power supply ‘The Group's data center operations and development activities are fundamentally dependent on access to reliable, affordable and scalable power supply. The Group's business model targets power costs belo
Slide 55: Risk factors (9/12)
Risk factors (9/12) The Group's operating and development activities may be subject to uncertainty relating to building, zoning and use permits ‘The use of existing buildings and premises for data center operations, ad the development of new data center sites, may depend on zoning, building permits
Slide 56: Risk factors (10/12)
Risk factors (10/12) The MIP Vika site carries known ground contamination for which Nordland Data bears remediation responsibilty if development works disturb the affected zones Under the New Lease Agreement for MIP Vika, Nordland Data has accepted the site "a is" with knowledge of exsting ground co
Slide 57: Risk factors (11/12)
Risk factors (11/12) The Group is exposed to interest rate risk and currency exchange rate risk ‘The Group's project financing arrangements are expected to involve variable rate debt, exposing the Group to changes in interest rates. in increas in interest rates would increase the Group's financing c
Slide 58: Risk factors (12/12)
Risk factors (12/12) The Group may be exposed to tax risks and changes in tax regulation, ‘The Group is subject to prevalling tax laws and regulations in the jurisdictions in which ft operates Including wit respect to corporate income tax, property tax, value added tax, transfer pricing, withholding
Slide 59: VivoPower
WY vivopower _
Slide 60: Cromwell AS Consolidated Financial Statements
Cromwell AS Consolidated Financial Statements December 31, 2025 and 2024
Slide 61: Cromwell AS Index to Financial Statements
CROMWELL AS Index to Financial Statements Independent Auditors' Report Financial Statements: Consolidated Statements of Revenue Consolidated Balance Sheets Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements
Slide 62: Independent Auditor's Report
MSPC Accountants and Advisors, P.C. INDEPENDENT AUDITOR’S REPORT To the Board of Directors of Cromwell AS Opinion We have audited the accompanying consolidated financial statements of Cromwell AS, which comprise the balance sheets as of December 31, 2025 and 2024, and the related statements of reven
Slide 63: Auditor's Responsibilities for the Audit
Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
Slide 64: Revenue Statement
REVENUE STATEMENT | CROMWELL AS OPERATING INCOME AND OPERATING EXPENSES Note 2025 2024 Revenue 1,2 233 268 585 211 937 389 Other income 1 1722611 1 445 286 Total income 234991195 213 382 675 Raw materials and consumables used 3 195 303290 178 475 306 Employee benefits expense 4 9751 475 13 255 288 D
Slide 65: Balance Sheet
BALANCE SHEET | CROMWELL AS ASSETS Note 2025 2024 NON-CURRENT INTANGIBLE ASSETS Deferred tax asset 8 2578 902 3508 175 Goodwill 5,10 16 902 395 25 691 640 Total intangible assets 19 481 297 29 199 815 PROPERTY, PLANT AND EQUIPMENT Buildings and land 5 3748 154 5 372 150 Machinery and equipment 5 25
Slide 66: Balance Sheet
BALANCE SHEET | CROMWELL AS EQUITY AND LIABILITIES Note 2025 2024 PAID-IN CAPITAL Share capital 12 90 000 60 000 Share premium reserve 126 429 470 78 459 470 Other paid-up equity 7 626 558 7 626 558 Total paid-up equity 134 146 028 86 146 028 RETAINED EARNINGS Uncovered loss -103 614 220 -76 821 226
Slide 67: Indirect Cash Flow
INDIRECT CASH FLOW | CROMWELL AS Note 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Profit/loss before tax -23 644 958 -38 048 227 Ordinary depreciation 17 262 343 13 472 897 Impairment of fixed assets 0 20 154 Change in accounts receivable -205 330 -50 551 Change in other short term receivables -1
Slide 68: Accounting principles
CROMWELL AS Accounting principles The annual accounts have been prepared in conformity with the provisions of the Accounting Act and good accounting practice (Norwegian GAAP). CONSOLIDATION The group accounts include Cromwell and companies where Cromwell AS has a controlling influence. Controlling i
Slide 69: Classification and valuation of fixed assets
CROMWELL AS CLASSIFICATION AND VALUATION OF FIXED ASSETS Fixed assets consist of assets intended for long-term ownership and use. Fixed assets are valued at acquisition cost less depreciation and write-downs. Long-term liabilities are entered on the balance sheet at the nominal amount at the time of
Slide 70: Sales income and intercompany notes
CROMWELL AS Note 1 Sales income 2025 2024 By business area Data center Services 233 268 585 211 937 389 Profitsharing FFR Statnett 1722611 1 445 286 Total 234 991 195 213 382 675 Geographic breakdown Export 63 008 055 20 308 686 Norway 171 983 141 193 073 989 Total 234 991 195 213 382 675 Note 2 Int
Slide 71: Salary costs and non-current assets
CROMWELL AS Note 4 Salary costs and benefits, remuneration to the chief executive, board and auditor SALARY COSTS 2025 2024 Salaries 8 856 734 11811 864 Employment Tax 463 275 964 117 Pension costs 201 105 214 838 Other benefits 230 361 264 469 Total 9751 475 13 255 288 In 2025 the group employed 5
Slide 72: Financial items, charges and guarantees
CROMWELL AS Note 6 Items that are aggregated in the accounts Financial income Other interest income Other financial income (agio) Total financial income Financial costs Other interest costs Other Financial costs (disagio) Total financial costs Note 7 Charges and guarantees Debt secured by charges, m
Slide 73: Tax note
CROMWELL AS Note 8 Tax This years tax expense Payable tax Changes in deferred tax Tax expense on ordinary profit/loss Taxable income: Result before tax Permanent differences Changes in temporary differences Group-contributions Cut interest deduction Allocation of loss to be brought forward Taxable i
Slide 74: Equity capital and subsidiaries
CROMWELL AS Note 9 Equity capital Share capital Premium fund Other paid-in Uncovered loss _ Total equity equity capital capital Pr. 01.01.2024 30 000 0 8 736 764 -32 416 978 -23 650 214 Result of the year -44 404 249 -44 404 249 Sharecapital increase 30.000 78 459 470 78 489 470 Group contributions
Slide 75: Events after the reporting period
CROMWELL AS Note 13 Events after the reporting period On 12 May 2026, the company was acquired by Vivopower following the sale of the company from Cowa. As a result of the transaction, Vivopower became the ultimate parent company of the Group. In addition, all long-term loans were 100% settled on 8
Slide 76: Norwegian GAAP vs IFRS differences
Note 14 Summary of differences between the accounting principles generally accepted in the Norway and International Financial Reporting Standards (IFRSs) Reconciliation to IFRSs The Group financial statements have been prepared in compliance with Norwegian Accounting Act, accounting standards and pr
Slide 77: GAAP vs IFRS effect on net assets
Effect of differences between Norwegian GAAP and IFRS on net assets: A Accounting for Accounting for Accounting for Accounting for ' Norwegian ° Presentation GAAP 2024 financial liabilities Goodwill deferred tax leases under under IFRS IFRS 2024 under IFRS under IFRS under IFRS IFRS Deferred tax ass
Slide 78: GAAP vs IFRS effect on net assets
CROMWELL AS Effect of differences between Norwegian GAAP and IFRS on net assets: ‘Accounting for ‘Accounting for Accounting for ‘Accounting for bell financial liabilities Goodwill deferredtax _leases under iearaie IFRS 2025 under IFRS under IFRS under IFRS IFRS Deferred tax asset 2578902 1699 996 4
Slide 79: GAAP vs IFRS effect on equity
CROMWELL AS Effect of differences between Norwegian GAAP and IFRS on equity: Movement Movement 01.01.2024 song 3hAz2024 NEM 31.12.2025 Share capital 30 000 30000 60000. ~+-30000 90 000 Share premium reserve 0 78459470 78459470 47970000 126 429470 Other paid-up equity 8736764 -1110206 7626558 0 76265
Slide 80: Lease payments reclassification and IFRS differences
CROMWELL AS The effect of the lease payments reclassification on the statement of cash flows for each period presented is summarised below: 2025 2024 Increase in net cash flows from operating activities 3 877 393 2 392 926 Decrease in net cash flows from financing activities -3 877 393 -2 392926 Inc
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