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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	712	750	864	659	401	504
Depreciation & Amortization	969	955	893	801	724	666
Loss (Gain) on Sale of Assets	-39	-38	-3	-3	-191	-
Loss (Gain) on Equity Investments	-27	-28	-2	1	-2	-2
Asset Writedown	13	13	14	17	10	19
Change in Accounts Receivable	-706	-878	-169	1,057	-1,420	-1,285
Change in Inventory	-25	8	10	217	-332	-56
Change in Accounts Payable	871	1,005	-435	-1,420	2,587	1,329
Change in Other Net Operating Assets	236	236	122	-82	-512	225
Other Operating Activities	-340	85	165	95	297	-2
Operating Cash Flow	1,664	2,108	1,459	1,342	1,562	1,398
Operating Cash Flow Growth	-10.15%	44.48%	8.72%	-14.09%	11.73%	63.89%
Capital Expenditures	-1,207	-1,166	-1,051	-947	-856	-714
Sale of Property, Plant & Equipment	20	20	4	48	413	5
Cash Acquisitions	-9	-38	-1,309	8	180	27
Divestitures	470	445	-	-	-	-
Sale (Purchase) of Intangibles	-487	-515	-461	-429	-384	-360
Investment in Securities	-7	-10	-2	-45	-497	-444
Other Investing Activities	13	-3	6	-	2	-
Investing Cash Flow	-1,207	-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	-	-3,029	-1,081	-1,541	-2,782	-727
Net Debt Issued (Repaid)	185	-126	861	-598	1,557	420
Issuance of Common Stock	-	-	742	-	-	-
Repurchase of Common Stock	-25	-15	-	-	-	-109
Common Dividends Paid	-370	-370	-329	-302	-302	-263
Other Financing Activities	-	-	-	-38	-55	-8
Financing Cash Flow	-210	-511	1,274	-938	1,200	40
Net Cash Flow	247	330	-80	-955	1,620	-48
Free Cash Flow	457	942	408	395	706	684
Free Cash Flow Growth	-39.47%	130.88%	3.29%	-44.05%	3.22%	70.15%
Free Cash Flow Margin	3.12%	6.70%	3.17%	2.70%	3.06%	6.01%
Free Cash Flow Per Share	0.15	0.30	0.13	0.13	0.23	0.22
Cash Interest Paid	181	171	173	-	-	-
Cash Income Tax Paid	402	402	304	317	201	165
Levered Free Cash Flow	560.88	921.75	-408.75	-138.25	298.25	107.88
Unlevered Free Cash Flow	675.25	1,038	-303.13	-32	358.25	151.63
Change in Working Capital	376	371	-472	-228	323	213

Source: S&P Global Market Intelligence. Utility template. Financial Sources.