LAMDA Development Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	90.54	46.25	27.01	-31.41	191.24
Depreciation & Amortization	11.3	11.16	10.47	8.3	8.34
Other Amortization	1.18	0.93	0.82	0.68	0.26
Gain (Loss) on Sale of Assets	-0.35	-4.1	-6.04	-0.11	-2.09
Gain (Loss) on Sale of Investments	-3.14	-0.61	-	0.44	-
Asset Writedown	-168.62	-22.93	-89.68	-146.03	-325.3
Stock-Based Compensation	4.51	5.38	4.96	7.04	7.14
Income (Loss) on Equity Investments	1.7	0.04	0.06	-0.24	0.35
Change in Accounts Receivable	-141.92	-84.3	-28.43	-58.46	-11.15
Change in Accounts Payable	-	-	-	-	16.05
Change in Other Net Operating Assets	205.86	163.51	60.82	133.36	-
Other Operating Activities	120.09	122.76	146.56	155.1	127.84
Operating Cash Flow	75.35	357.85	121.4	82.87	32.85
Operating Cash Flow Growth	-78.94%	194.77%	46.49%	152.31%	-
Acquisition of Real Estate Assets	-159.14	-112.77	-65.93	-74.41	-27.31
Sale of Real Estate Assets	3.49	18.4	1.02	0.15	14
Net Sale / Acq. of Real Estate Assets	-155.65	-94.37	-64.91	-74.26	-13.31
Cash Acquisition	-	-	-179.75	-139.88	-307.27
Investment in Marketable & Equity Securities	3.83	-11.86	5.58	-10.73	-1.06
Other Investing Activities	6.6	15.15	174.2	210.45	-376.36
Investing Cash Flow	-147.38	-92.77	-65.5	-15.84	-698.51
Short-Term Debt Issued	0.27	0.5	0.44	0.04	-
Long-Term Debt Issued	593.8	675.67	262.04	713.48	15.77
Total Debt Issued	594.07	676.17	262.48	713.51	15.77
Long-Term Debt Repaid	-298.42	-655.2	-284.68	-343.87	-34.02
Total Debt Repaid	-298.42	-655.2	-284.68	-343.87	-34.02
Net Debt Issued (Repaid)	295.65	20.97	-22.2	369.64	-18.25
Issuance of Common Stock	-	25.03	-	-	-
Repurchase of Common Stock	-26.24	-23.9	-8.8	-12.47	-3.38
Other Financing Activities	-89.22	-109.07	-76.29	-71.09	-33.46
Net Cash Flow	108.15	178.11	-51.38	353.11	-720.75
Cash Interest Paid	61.87	71.56	70.38	44.89	33.43
Cash Income Tax Paid	31.08	17.75	42.83	0.95	2.74
Levered Free Cash Flow	-439.16	-87.57	-4.42	305.17	-376.91
Unlevered Free Cash Flow	-399.11	-44.02	40.69	334.06	-354.1
Change in Working Capital	17.59	199.68	27.76	89.03	22.84

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.