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	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	750	864	659	401	504
Depreciation & Amortization	968	884	801	724	666
Loss (Gain) on Sale of Assets	-38	-3	-3	-191	-
Loss (Gain) on Equity Investments	-28	-2	1	-2	-2
Asset Writedown	-	23	17	10	19
Change in Accounts Receivable	-878	-169	1,057	-1,420	-1,285
Change in Inventory	8	10	217	-332	-56
Change in Accounts Payable	1,005	-435	-1,420	2,587	1,329
Change in Other Net Operating Assets	236	122	-82	-512	225
Other Operating Activities	85	165	95	297	-2
Operating Cash Flow	2,108	1,459	1,342	1,562	1,398
Operating Cash Flow Growth	44.48%	8.72%	-14.09%	11.73%	63.89%
Capital Expenditures	-1,166	-1,051	-947	-856	-714
Sale of Property, Plant & Equipment	20	4	48	413	5
Cash Acquisitions	-38	1	8	180	27
Divestitures	445	-	-	-	-
Sale (Purchase) of Intangibles	-515	-461	-429	-384	-360
Investment in Securities	-10	-1,312	-45	-497	-444
Other Investing Activities	-3	-	-	2	-
Investing Cash Flow	-1,267	-2,813	-1,359	-1,142	-1,486
Long-Term Debt Issued	2,903	1,942	943	4,339	1,147
Long-Term Debt Repaid	-3,067	-1,090	-1,541	-2,782	-727
Net Debt Issued (Repaid)	-164	852	-598	1,557	420
Issuance of Common Stock	-	742	-	-	-
Repurchase of Common Stock	-15	-	-	-	-109
Common Dividends Paid	-332	-320	-302	-302	-263
Other Financing Activities	-	-	-38	-55	-8
Financing Cash Flow	-511	1,274	-938	1,200	40
Net Cash Flow	330	-80	-955	1,620	-48
Free Cash Flow	942	408	395	706	684
Free Cash Flow Growth	130.88%	3.29%	-44.05%	3.22%	70.15%
Free Cash Flow Margin	6.72%	3.23%	2.70%	3.06%	6.01%
Free Cash Flow Per Share	-	0.13	0.13	0.23	0.22
Cash Interest Paid	171	-	-	-	-
Cash Income Tax Paid	402	304	317	201	165
Levered Free Cash Flow	893.25	-500.5	-138.25	298.25	107.88
Unlevered Free Cash Flow	1,031	-394.88	-32	358.25	151.63
Change in Working Capital	371	-472	-228	323	213

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