GPI 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	16.19	103.83	5.57	9.72	11.05
Depreciation & Amortization	55.68	53.18	41.77	26.01	21.88
Other Amortization	0.59	0.63	2.36	1.7	2.57
Loss (Gain) From Sale of Investments	3.09	0.95	1.81	1.18	1.7
Loss (Gain) on Equity Investments	-	-88.83	-0.01	-	-
Provision & Write-off of Bad Debts	8.91	13.24	9.3	0.72	1.14
Other Operating Activities	-0.96	-8.79	4.67	-4.35	0.38
Change in Other Net Operating Assets	-44.65	-38.31	-25.73	-29.41	-25.98
Operating Cash Flow	38.85	35.91	39.75	5.58	12.75
Operating Cash Flow Growth	8.18%	-9.65%	612.62%	-56.24%	23.13%
Capital Expenditures	-21.87	-21.08	-18.76	-9.8	-6.38
Cash Acquisitions	-42.47	-	-172.73	-30.23	-9.55
Divestitures	-	73.89	-	-	-
Sale (Purchase) of Intangibles	-22.63	-33.54	-52.37	-15.46	-14.26
Investment in Securities	-14.57	-6.72	-7.68	-10.06	-6.05
Other Investing Activities	0.25	0.43	1.23	0.64	0.2
Investing Cash Flow	-101.3	12.99	-250.32	-64.91	-36.04
Long-Term Debt Issued	208.42	40.53	148.06	183.4	31.45
Long-Term Debt Repaid	-70.09	-59.72	-75.24	-107.2	-43.96
Net Debt Issued (Repaid)	138.33	-19.18	72.82	76.2	-12.51
Issuance of Common Stock	-	-	-	137.49	22.33
Common Dividends Paid	-17.71	-24.52	-14.41	-9.24	-7.99
Other Financing Activities	3.27	-0.1	15.89	-9.44	-17.77
Financing Cash Flow	123.89	-43.8	74.3	195.01	-15.94
Miscellaneous Cash Flow Adjustments	-	-0	-	-0	-
Net Cash Flow	61.44	5.1	-136.27	135.68	-39.23
Free Cash Flow	16.98	14.84	20.99	-4.22	6.36
Free Cash Flow Growth	14.46%	-29.31%	-	-	22.67%
Free Cash Flow Margin	3.11%	2.91%	4.84%	-1.22%	1.95%
Free Cash Flow Per Share	0.59	0.52	0.73	-0.15	0.35
Cash Interest Paid	20.1	20.44	14.41	8.49	5.67
Cash Income Tax Paid	9.91	10.03	4.89	10.77	5.44
Levered Free Cash Flow	-12.49	-34.55	-67.26	-31.04	-12.09
Unlevered Free Cash Flow	2.35	-20.06	-55.61	-25.18	-7.7
Change in Working Capital	-44.65	-38.31	-25.73	-29.41	-25.98

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