A2A S.p.A. Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	732	864	659	401	504	364
Depreciation & Amortization	936	884	801	724	666	555
Loss (Gain) on Sale of Assets	-18	-3	-3	-191	-	4
Loss (Gain) on Equity Investments	-2	-2	1	-2	-2	-
Asset Writedown	23	23	17	10	19	16
Change in Accounts Receivable	-1,180	-169	1,057	-1,420	-1,285	-123
Change in Inventory	-20	10	217	-332	-56	53
Change in Accounts Payable	1,239	-435	-1,420	2,587	1,329	25
Change in Other Net Operating Assets	-59	122	-82	-512	225	-116
Other Operating Activities	133	165	95	297	-2	75
Operating Cash Flow	1,784	1,459	1,342	1,562	1,398	853
Operating Cash Flow Growth	6.38%	8.72%	-14.09%	11.73%	63.89%	21.86%
Capital Expenditures	-1,156	-1,051	-947	-856	-714	-451
Sale of Property, Plant & Equipment	7	4	48	413	5	38
Cash Acquisitions	35	1	8	180	27	36
Sale (Purchase) of Intangibles	-495	-461	-429	-384	-360	-287
Investment in Securities	-1,318	-1,312	-45	-497	-444	-139
Other Investing Activities	-4	-	-	2	-	1
Investing Cash Flow	-2,495	-2,813	-1,359	-1,142	-1,486	-802
Long-Term Debt Issued	-	1,942	943	4,339	1,147	1,080
Long-Term Debt Repaid	-	-1,090	-1,541	-2,782	-727	-262
Net Debt Issued (Repaid)	403	852	-598	1,557	420	818
Issuance of Common Stock	-	742	-	-	-	-
Repurchase of Common Stock	-10	-	-	-	-109	-
Common Dividends Paid	-331	-320	-302	-302	-263	-256
Other Financing Activities	-6	-	-38	-55	-8	-35
Financing Cash Flow	56	1,274	-938	1,200	40	527
Net Cash Flow	-655	-80	-955	1,620	-48	578
Free Cash Flow	628	408	395	706	684	402
Free Cash Flow Growth	-3.53%	3.29%	-44.05%	3.22%	70.15%	25.62%
Free Cash Flow Margin	4.58%	3.23%	2.70%	3.06%	6.01%	6.01%
Free Cash Flow Per Share	0.20	0.13	0.13	0.23	0.22	0.13
Cash Income Tax Paid	365	304	317	201	165	123
Levered Free Cash Flow	102.38	-500.5	-138.25	298.25	107.88	-96.88
Unlevered Free Cash Flow	204.88	-394.88	-32	358.25	151.63	-46.88
Change in Working Capital	-20	-472	-228	323	213	-161

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.