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 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	535.71	525.67	576.17	434.57	406.46	605.46
Depreciation & Amortization	15.45	12.54	28.83	32.82	35.95	-
Other Amortization	16.25	16.25	-	-	-	-
Asset Writedown & Restructuring Costs	3.15	3.15	-	0	-	34.96
Provision & Write-off of Bad Debts	4.45	4.45	-	-	-	-
Other Operating Activities	130	134.7	62.71	53.14	35.02	125.81
Change in Other Net Operating Assets	-158.56	-143.11	-915.91	-56.12	-517.33	176.55
Operating Cash Flow	569.83	614.2	-197.48	468.85	-101.33	926.19
Operating Cash Flow Growth	90348.89%	-	-	-	-	221.24%
Capital Expenditures	-11.4	-11.4	-2.82	-10.15	-9.82	-16.38
Sale of Property, Plant & Equipment	-	-	10.68	-	-	-
Cash Acquisitions	-76.13	-76.13	-0.31	-33.32	-95.43	-98.13
Divestitures	-	-	242.14	27.15	-	-
Sale (Purchase) of Intangibles	-48.97	-48.97	49.58	-39.38	-38.43	-34.41
Investment in Securities	-14.32	-14.32	-4.16	-35.37	-59.38	-188.76
Other Investing Activities	-177.65	-	-	17.87	13.4	1.82
Investing Cash Flow	-328.47	-150.82	295.12	-73.2	-189.66	-335.86
Issuance of Common Stock	-	-	-	-	-	27.46
Repurchase of Common Stock	-78.22	-61.91	-	-	-15.65	-
Common Dividends Paid	-331.16	-331.16	-209.49	-239.23	-272.9	-193.99
Other Financing Activities	104.6	-7	-27.9	-58.26	109.29	-89.4
Financing Cash Flow	-304.78	-400.06	-237.39	-297.49	-179.26	-255.94
Net Cash Flow	-63.42	63.31	-139.76	98.15	-470.25	334.39
Free Cash Flow	558.43	602.79	-200.29	458.7	-111.15	909.81
Free Cash Flow Growth	-	-	-	-	-	227.71%
Free Cash Flow Margin	36.88%	40.96%	-14.41%	35.89%	-8.51%	53.05%
Free Cash Flow Per Share	3.94	4.25	-1.43	3.31	-0.80	6.54
Levered Free Cash Flow	289.23	373.85	126.93	543.21	634.24	180.63
Unlevered Free Cash Flow	290.72	374.57	132.61	548.62	640.71	191.15
Change in Working Capital	-135.18	-82.55	-865.18	-62.74	-578.76	159.96

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