Emak S.p.A. 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	13.51	5.76	19.08	30.27	32.51
Depreciation & Amortization	32.4	30.38	27.38	24.7	22.98
Other Amortization	-	1.67	1.7	1.67	1.41
Loss (Gain) From Sale of Assets	-0.15	-0.24	-0.18	-0.07	-0.16
Asset Writedown & Restructuring Costs	-	4.41	-	2.96	-
Loss (Gain) on Equity Investments	0.01	-0	-0	-	-
Other Operating Activities	0.74	-0.5	-0.5	2.88	4.61
Change in Accounts Receivable	6.21	-10.28	0.31	10.65	-17.52
Change in Inventory	-1.85	-14.36	11.98	-12.59	-49.02
Change in Accounts Payable	-7.1	14.34	-4.27	-43.13	34.34
Change in Other Net Operating Assets	-0.3	1.46	1.63	-3.67	0.41
Operating Cash Flow	43.46	32.64	57.12	13.67	29.56
Operating Cash Flow Growth	33.15%	-42.85%	317.94%	-53.77%	-31.17%
Capital Expenditures	-19.58	-24.13	-22.85	-21.35	-17.05
Sale of Property, Plant & Equipment	0.15	0.24	0.18	0.07	0.16
Cash Acquisitions	-	-11.89	-20.3	-3.36	-2.74
Divestitures	0.02	-	-	-	-
Investment in Securities	-0.5	0.08	-0.92	-0.09	-0.02
Investing Cash Flow	-19.92	-35.7	-43.9	-24.73	-19.64
Long-Term Debt Issued	-	8.85	-	39.64	-
Long-Term Debt Repaid	-13.88	-8.62	-9.55	-6.43	-25.31
Net Debt Issued (Repaid)	-13.88	0.23	-9.55	33.22	-25.31
Issuance of Common Stock	0.49	0.07	-	-	-
Repurchase of Common Stock	-	-	-0.26	-0.27	-0.17
Common Dividends Paid	-5.07	-7.33	-10.58	-12.27	-7.36
Other Financing Activities	-	-0.24	-0.2	-0.16	-0.05
Financing Cash Flow	-18.46	-7.27	-20.6	20.52	-32.89
Foreign Exchange Rate Adjustments	-0.28	2.47	-3.06	-2.94	2.51
Net Cash Flow	4.81	-7.86	-10.44	6.52	-20.45
Free Cash Flow	23.88	8.52	34.27	-7.68	12.52
Free Cash Flow Growth	180.36%	-75.15%	-	-	-56.56%
Free Cash Flow Margin	3.90%	1.42%	6.05%	-1.27%	2.13%
Free Cash Flow Per Share	0.15	0.05	0.21	-0.05	0.08
Cash Interest Paid	10.01	13.99	11.7	3.91	2.13
Cash Income Tax Paid	6.31	6.75	9.23	14.8	10.08
Levered Free Cash Flow	31.5	7.02	16.49	-16.25	6.21
Unlevered Free Cash Flow	39.78	16.8	25.25	-13.04	8.04
Change in Working Capital	-3.03	-8.85	9.65	-48.74	-31.79

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.