ENAV 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 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	125.83	112.92	105	78.37
Depreciation & Amortization	131.85	128.47	126.36	129.26
Loss (Gain) From Sale of Assets	0.01	0.02	0.05	0.04
Stock-Based Compensation	0.95	0.92	1.06	0.96
Other Operating Activities	1.61	7.48	-0.47	10.51
Change in Accounts Receivable	76.69	22.2	-76.68	-342.61
Change in Inventory	2.71	-0.08	0.59	0.63
Change in Accounts Payable	-73.71	-38.34	28.66	-26.11
Change in Income Taxes	-5.91	-19.04	22.47	39.1
Change in Other Net Operating Assets	16.52	-2.73	31.21	-42.87
Operating Cash Flow	277.89	210.62	236.9	-157.15
Operating Cash Flow Growth	31.94%	-11.09%	-	-
Capital Expenditures	-103.97	-83.83	-79.76	-71.5
Sale (Purchase) of Intangibles	-15.08	-26.65	-18.01	-14.13
Other Investing Activities	40.3	38.88	27.6	25.74
Investing Cash Flow	-78.76	-71.6	-70.17	-59.89
Short-Term Debt Issued	0.5	-	0.11	-
Long-Term Debt Issued	80	360	180	180
Total Debt Issued	80.5	360	180.11	180
Short-Term Debt Repaid	-	-4.42	-	-1.51
Long-Term Debt Repaid	-18.88	-428.75	-246.21	-63.67
Total Debt Repaid	-18.88	-433.17	-246.21	-65.18
Net Debt Issued (Repaid)	61.62	-73.17	-66.1	114.82
Repurchase of Common Stock	-	-2.16	-	-
Common Dividends Paid	-124.46	-106.44	-58.41	-
Other Financing Activities	-	-	-	9.85
Financing Cash Flow	-62.83	-181.76	-124.51	124.68
Foreign Exchange Rate Adjustments	0.16	-0.11	0.2	0.25
Net Cash Flow	136.46	-42.86	42.42	-92.11
Free Cash Flow	173.92	126.79	157.14	-228.65
Free Cash Flow Growth	37.17%	-19.31%	-	-
Free Cash Flow Margin	17.19%	13.03%	17.32%	-28.57%
Free Cash Flow Per Share	0.32	0.23	0.29	-0.42
Cash Interest Paid	23.35	24.15	6.06	4.23
Cash Income Tax Paid	55.47	61.07	39.57	15.25
Levered Free Cash Flow	14.27	121.74	43.45	5.16
Unlevered Free Cash Flow	29.45	135.24	49.3	9.26
Change in Working Capital	17.64	-39.21	4.9	-376.29

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