Azimut Holding 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	525.67	576.17	434.57	406.46	605.46
Depreciation & Amortization	12.54	28.83	32.82	35.95	-
Other Amortization	16.25	-	-	-	-
Asset Writedown & Restructuring Costs	3.15	-	0	-	34.96
Provision & Write-off of Bad Debts	4.45	-	-	-	-
Other Operating Activities	134.7	62.71	53.14	35.02	125.81
Change in Other Net Operating Assets	-143.11	-915.91	-56.12	-517.33	176.55
Operating Cash Flow	614.2	-197.48	468.85	-101.33	926.19
Operating Cash Flow Growth	-	-	-	-	221.24%
Capital Expenditures	-11.4	-2.82	-10.15	-9.82	-16.38
Sale of Property, Plant & Equipment	-	10.68	-	-	-
Cash Acquisitions	-76.13	-0.31	-33.32	-95.43	-98.13
Divestitures	-	242.14	27.15	-	-
Sale (Purchase) of Intangibles	-48.97	49.58	-39.38	-38.43	-34.41
Investment in Securities	-14.32	-4.16	-35.37	-59.38	-188.76
Other Investing Activities	-	-	17.87	13.4	1.82
Investing Cash Flow	-150.82	295.12	-73.2	-189.66	-335.86
Issuance of Common Stock	-	-	-	-	27.46
Repurchase of Common Stock	-61.91	-	-	-15.65	-
Common Dividends Paid	-331.16	-209.49	-239.23	-272.9	-193.99
Other Financing Activities	-7	-27.9	-58.26	109.29	-89.4
Financing Cash Flow	-400.06	-237.39	-297.49	-179.26	-255.94
Net Cash Flow	63.31	-139.76	98.15	-470.25	334.39
Free Cash Flow	602.79	-200.29	458.7	-111.15	909.81
Free Cash Flow Growth	-	-	-	-	227.71%
Free Cash Flow Margin	40.96%	-14.41%	35.89%	-8.51%	53.05%
Free Cash Flow Per Share	4.25	-1.43	3.31	-0.80	6.54
Levered Free Cash Flow	373.85	126.93	543.21	634.24	180.63
Unlevered Free Cash Flow	374.57	132.61	548.62	640.71	191.15
Change in Working Capital	-82.55	-865.18	-62.74	-578.76	159.96

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