Banca Sistema 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	33.89	25.2	16.51	22.03	23.25	26.15
Depreciation & Amortization	4.16	3.3	3.28	3	2.71	1.96
Other Adjustments	-2,431	70.09	27	17.51	18.7	23.11
Changes in Trading Assets	348.83	-554.73	-16.22	-105.73	-18.9	126.82
Change in Receivables	233.06	534.79	151.62	-570.23	125.18	-19.57
Changes in Trading Liabilities	-27.53	-	-	-	-	-
Changes in Accounts Payable	-540.9	-7.05	81.4	646.2	-31.88	-149.92
Changes in Other Operating Activities	2,548	-208.09	-132.9	-51.29	-24.46	39.16
Operating Cash Flow	168	-136.5	130.68	-38.51	94.6	47.7
Operating Cash Flow Growth	-	-	-	-	98.33%	369.21%
Capital Expenditures	-6.29	-4.16	-0.23	-0.94	-9.45	-5.48
Purchases of Intangible Assets	-0.44	-0.86	-1.53	-2.35	-1.75	-28.89
Purchases of Investments	-	-	-	-	-	-1
Payments for Business Acquisitions	-10.58	-10.58	-	-1.12	-	-
Investing Cash Flow	-17.3	-15.59	-1.77	-4.41	-11.21	-35.37
Issuance of Common Stock	-	-	-	-	37.5	-
Repurchase of Common Stock	0.1	0.25	0.2	-0.56	-	-
Net Common Stock Issued (Repurchased)	0.1	0.25	0.2	-0.56	37.5	-
Common Dividends Paid	-	-5.22	-5.22	-5.77	-13.91	-
Financing Cash Flow	0.1	-4.97	-5.01	-6.33	23.59	0
Net Cash Flow	150.79	-157.06	123.91	-49.25	106.98	12.33
Free Cash Flow	161.71	-140.65	130.45	-39.45	85.14	42.22
Free Cash Flow Growth	-	-	-	-	101.69%	457.37%
FCF Margin	116.85%	-99.64%	124.87%	-32.48%	72.18%	42.35%
Free Cash Flow Per Share	2.01	-1.75	1.63	-0.49	1.06	0.53
Levered Free Cash Flow	2,360	-745.53	-48.17	513.27	-58.74	38.68
Unlevered Free Cash Flow	2,380	-718.16	-51.6	513.77	-58.44	30.8