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 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	93.06	125.83	112.92	105	78.37
Depreciation & Amortization	125.66	131.85	128.47	126.36	129.26
Loss (Gain) From Sale of Assets	0	0.01	0.02	0.05	0.04
Stock-Based Compensation	1.89	0.95	0.92	1.06	0.96
Other Operating Activities	41.14	56.03	7.48	-0.47	10.51
Change in Accounts Receivable	-28.73	-14.29	22.2	-76.68	-342.61
Change in Inventory	1.23	2.71	-0.08	0.59	0.63
Change in Accounts Payable	-19.63	-30.33	-38.34	28.66	-26.11
Change in Income Taxes	-52.67	-56.54	-19.04	22.47	39.1
Change in Other Net Operating Assets	178.67	61.67	-2.73	31.21	-42.87
Operating Cash Flow	340.62	277.89	210.62	236.9	-157.15
Operating Cash Flow Growth	22.57%	31.94%	-11.09%	-	-
Capital Expenditures	-84.98	-103.97	-83.83	-79.76	-71.5
Sale (Purchase) of Intangibles	-28.14	-15.08	-26.65	-18.01	-14.13
Other Investing Activities	36.15	40.3	38.88	27.6	25.74
Investing Cash Flow	-76.97	-78.76	-71.6	-70.17	-59.89
Short-Term Debt Issued	-	-	-	0.11	-
Long-Term Debt Issued	-	80.5	360	180	180
Total Debt Issued	-	80.5	360	180.11	180
Short-Term Debt Repaid	-	-	-	-	-1.51
Long-Term Debt Repaid	-20.08	-18.88	-433.17	-246.21	-63.67
Total Debt Repaid	-20.08	-18.88	-433.17	-246.21	-65.18
Net Debt Issued (Repaid)	-20.08	61.62	-73.17	-66.1	114.82
Repurchase of Common Stock	-6.52	-	-2.16	-	-
Common Dividends Paid	-146.17	-124.46	-106.44	-58.41	-
Other Financing Activities	-	-	-	-	9.85
Financing Cash Flow	-172.76	-62.83	-181.76	-124.51	124.68
Foreign Exchange Rate Adjustments	-0.31	0.16	-0.11	0.2	0.25
Net Cash Flow	90.58	136.46	-42.86	42.42	-92.11
Free Cash Flow	255.64	173.92	126.79	157.14	-228.65
Free Cash Flow Growth	46.99%	37.17%	-19.31%	-	-
Free Cash Flow Margin	26.01%	17.40%	13.03%	17.32%	-28.57%
Free Cash Flow Per Share	0.47	0.32	0.23	0.29	-0.42
Cash Interest Paid	18.98	23.35	24.15	6.06	4.23
Cash Income Tax Paid	51.25	55.47	61.07	39.57	15.25
Levered Free Cash Flow	63.85	-6.4	119.57	43.45	5.16
Unlevered Free Cash Flow	77.03	8.78	133.07	49.3	9.26
Change in Working Capital	78.88	-36.78	-39.21	4.9	-376.29

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