FNM 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	48.9	59.33	80.86	68.48	40.88
Depreciation & Amortization	152.5	132.02	104.63	86.1	76.2
Loss (Gain) From Sale of Assets	-	-0.02	-0.4	-1.47	-0.36
Asset Writedown & Restructuring Costs	-	4.28	1.27	5.95	1.79
Loss (Gain) From Sale of Investments	-	-7.59	0.82	-0.04	-
Loss (Gain) on Equity Investments	-	-13.28	-6.36	-0.82	-5.72
Provision & Write-off of Bad Debts	-	1.47	0.83	1.46	1.7
Other Operating Activities	-4.1	12.53	23.2	39.31	59.42
Change in Accounts Receivable	-	29.67	-18.76	-24.42	-9.75
Change in Inventory	-	-1.01	-1.3	-4.34	1.69
Change in Accounts Payable	-	-14.6	11.59	9.27	-0.41
Change in Other Net Operating Assets	-86.7	-6.79	-13.69	-34.26	-25.01
Operating Cash Flow	110.6	196	182.69	145.22	140.42
Operating Cash Flow Growth	-43.57%	7.28%	25.80%	3.42%	1786.33%
Capital Expenditures	-	-86.69	-42.94	-84.48	-36.1
Sale of Property, Plant & Equipment	-	0.77	6.37	7.24	1.32
Cash Acquisitions	-	-61.81	-	-	-363.8
Divestitures	-	-	-	1.34	-
Sale (Purchase) of Intangibles	-	-2.15	-5.23	-3.03	-2.16
Investment in Securities	60.9	5.14	10.64	-8.4	-11.01
Other Investing Activities	-106.8	-5.18	-40.03	-49.39	-77.52
Investing Cash Flow	-45.9	-81.42	63.96	-157.2	-547.72
Long-Term Debt Issued	-	120	4.74	-	1,265
Total Debt Issued	-	120	4.74	-	1,265
Long-Term Debt Repaid	-	-97.9	-68.47	-70.99	-748.65
Net Debt Issued (Repaid)	-	22.1	-63.73	-70.99	515.98
Common Dividends Paid	-8.1	-10	-10	-	-
Other Financing Activities	-	-21.63	-14.68	-31.6	-10.19
Financing Cash Flow	-8.1	-9.53	-88.41	-102.59	505.79
Miscellaneous Cash Flow Adjustments	-	-0.85	0.08	-0.34	-
Net Cash Flow	56.6	104.2	158.32	-114.9	98.49
Free Cash Flow	110.6	109.31	139.76	60.74	104.32
Free Cash Flow Growth	1.18%	-21.79%	130.08%	-41.77%	-
Free Cash Flow Margin	16.43%	12.06%	18.61%	9.00%	17.87%
Free Cash Flow Per Share	-	0.25	0.32	0.14	0.24
Cash Interest Paid	-	22.17	14.68	9.74	10.19
Cash Income Tax Paid	4.5	34.11	30.92	18.12	14.81
Levered Free Cash Flow	76.38	80.65	223.79	7.12	146.93
Unlevered Free Cash Flow	91.7	94.3	233.85	14.17	154.7
Change in Working Capital	-86.7	7.27	-22.15	-53.75	-33.49

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