Azimut Holding 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	524.67	576.17	434.57	406.46	605.46	381.69
Depreciation & Amortization	21.58	10.2	32.82	35.95	-	-
Other Amortization	12.14	12.14	-	-	-	-
Asset Writedown & Restructuring Costs	-9.01	6.48	0	-	34.96	27.96
Other Operating Activities	169.51	62.71	53.14	35.02	125.81	44.14
Change in Other Net Operating Assets	-921.17	-915.91	-56.12	-517.33	176.55	-79.72
Operating Cash Flow	-151.44	-197.48	468.85	-101.33	926.19	288.31
Operating Cash Flow Growth	-	-	-	-	221.24%	-70.62%
Capital Expenditures	3.11	-2.82	-10.15	-9.82	-16.38	-10.69
Sale of Property, Plant & Equipment	10.68	10.68	-	-	-	-
Cash Acquisitions	-48.68	-0.31	-33.32	-95.43	-98.13	-14.89
Divestitures	242.14	242.14	27.15	-	-	-
Sale (Purchase) of Intangibles	56	49.58	-39.38	-38.43	-34.41	-24.41
Investment in Securities	-103.01	-4.16	-35.37	-59.38	-188.76	-29.48
Other Investing Activities	-4.8	-	17.87	13.4	1.82	0.75
Investing Cash Flow	155.44	295.12	-73.2	-189.66	-335.86	-78.72
Issuance of Common Stock	-	-	-	-	27.46	-
Repurchase of Common Stock	-31.34	-	-	-15.65	-	-44.58
Common Dividends Paid	-351.15	-209.49	-239.23	-272.9	-193.99	-191.66
Other Financing Activities	-21.61	-27.9	-58.26	109.29	-89.4	-30.93
Financing Cash Flow	-404.09	-237.39	-297.49	-179.26	-255.94	-267.16
Net Cash Flow	-400.09	-139.76	98.15	-470.25	334.39	-57.57
Free Cash Flow	-148.34	-200.29	458.7	-111.15	909.81	277.63
Free Cash Flow Growth	-	-	-	-	227.71%	-70.16%
Free Cash Flow Margin	-10.05%	-14.41%	35.89%	-8.51%	53.05%	22.72%
Free Cash Flow Per Share	-1.05	-1.43	3.31	-0.80	6.54	2.00
Levered Free Cash Flow	322.72	302.54	543.21	634.24	180.63	229.1
Unlevered Free Cash Flow	324.5	308.36	549.65	640.71	191.15	239.79
Change in Working Capital	-870.35	-865.18	-62.74	-578.76	159.96	-165.48

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