Davide Campari-Milano 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	567.5	392.4	540.2	511.5	400.8
Depreciation & Amortization	148.3	127.7	110.2	90.5	79.7
Stock-Based Compensation	23.2	27.1	22.1	19.8	-
Other Adjustments	44.9	94.3	27.1	15.6	18.2
Changes in Income Taxes Payable	-42.2	-85.3	-195	-141	-79.1
Changes in Other Operating Activities	-38.2	151	-325.3	-101.2	70.9
Operating Cash Flow	687.6	670.5	156.5	380.4	483.7
Operating Cash Flow Growth	2.55%	328.44%	-58.86%	-21.36%	73.93%
Capital Expenditures	-299.3	-460.1	-315.3	-355.3	-145.8
Sale of Property, Plant & Equipment	29.7	19.6	19.6	12.1	10.1
Purchases of Investments	-1	-98.8	-5	-35.6	-
Payments for Business Acquisitions	-	-1,110	2	-395.7	-3.8
Proceeds from Business Divestments	101.3	-	-	-	-
Other Investing Activities	-37.3	4.1	-22.8	-128.9	-83.5
Investing Cash Flow	-157	-1,602	-277.8	-805.9	-153.2
Short-Term Debt Issued	-43.5	69.2	-50.6	-76.7	19.1
Net Short-Term Debt Issued (Repaid)	-43.5	69.2	-50.6	-76.7	19.1
Long-Term Debt Issued	-	886.6	748.5	443.8	130
Long-Term Debt Repaid	-216.9	-346.6	-250	-96.8	-158.2
Net Long-Term Debt Issued (Repaid)	-216.9	540	498.5	347	-28.2
Issuance of Common Stock	0.1	648.8	54.8	7	68.2
Net Common Stock Issued (Repurchased)	0.1	648.8	54.8	7	68.2
Common Dividends Paid	-78	-78.1	-67.5	-67.6	-61.6
Other Financing Activities	-105.7	-191.7	-94.8	-88.5	-50.2
Financing Cash Flow	-477.5	981.8	319.6	38.2	-115.6
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-16.1	-4.4	-13.4	31.5	28.3
Net Cash Flow	53.1	50.4	198.4	-387.3	214.9
Free Cash Flow	388.3	210.4	-158.8	25.1	337.9
Free Cash Flow Growth	84.55%	-	-	-92.57%	74.72%
FCF Margin	12.73%	6.85%	-5.44%	0.93%	15.55%
Free Cash Flow Per Share	0.31	0.17	-0.14	0.02	0.29
Levered Free Cash Flow	-145.5	544.1	53	96.3	201.4
Unlevered Free Cash Flow	493.05	222.42	-30.03	159.03	435.42

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.