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	2015 - 2019
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	2015 - 2019
Net Income	524.67	576.17	434.57	406.46	605.46	381.69	Upgrade
Depreciation & Amortization	21.58	10.2	32.82	35.95	-	-	Upgrade
Other Amortization	12.14	12.14	-	-	-	-	Upgrade
Asset Writedown & Restructuring Costs	-9.01	6.48	0	-	34.96	27.96	Upgrade
Other Operating Activities	169.51	62.71	53.14	35.02	125.81	44.14	Upgrade
Change in Other Net Operating Assets	-921.17	-915.91	-56.12	-517.33	176.55	-79.72	Upgrade
Operating Cash Flow	-151.44	-197.48	468.85	-101.33	926.19	288.31	Upgrade
Operating Cash Flow Growth	-	-	-	-	221.24%	-70.62%	Upgrade
Capital Expenditures	3.11	-2.82	-10.15	-9.82	-16.38	-10.69	Upgrade
Sale of Property, Plant & Equipment	10.68	10.68	-	-	-	-	Upgrade
Cash Acquisitions	-48.68	-0.31	-33.32	-95.43	-98.13	-14.89	Upgrade
Divestitures	242.14	242.14	27.15	-	-	-	Upgrade
Sale (Purchase) of Intangibles	56	49.58	-39.38	-38.43	-34.41	-24.41	Upgrade
Investment in Securities	-103.01	-4.16	-35.37	-59.38	-188.76	-29.48	Upgrade
Other Investing Activities	-4.8	-	17.87	13.4	1.82	0.75	Upgrade
Investing Cash Flow	155.44	295.12	-73.2	-189.66	-335.86	-78.72	Upgrade
Issuance of Common Stock	-	-	-	-	27.46	-	Upgrade
Repurchase of Common Stock	-31.34	-	-	-15.65	-	-44.58	Upgrade
Common Dividends Paid	-351.15	-209.49	-239.23	-272.9	-193.99	-191.66	Upgrade
Other Financing Activities	-21.61	-27.9	-58.26	109.29	-89.4	-30.93	Upgrade
Financing Cash Flow	-404.09	-237.39	-297.49	-179.26	-255.94	-267.16	Upgrade
Net Cash Flow	-400.09	-139.76	98.15	-470.25	334.39	-57.57	Upgrade
Free Cash Flow	-148.34	-200.29	458.7	-111.15	909.81	277.63	Upgrade
Free Cash Flow Growth	-	-	-	-	227.71%	-70.16%	Upgrade
Free Cash Flow Margin	-10.05%	-14.41%	35.89%	-8.51%	53.05%	22.72%	Upgrade
Free Cash Flow Per Share	-1.05	-1.43	3.31	-0.80	6.54	2.00	Upgrade
Levered Free Cash Flow	322.72	302.54	543.21	634.24	180.63	229.1	Upgrade
Unlevered Free Cash Flow	324.5	308.36	549.65	640.71	191.15	239.79	Upgrade
Change in Working Capital	-870.35	-865.18	-62.74	-578.76	159.96	-165.48	Upgrade

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