GVS S.p.A. Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023
Period Ending	Jun '26 Jun 30, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023
Net Income	56.19	25.8	42.96	18.32
Depreciation & Amortization	46.41	45.31	44.29	44.13
Other Adjustments	10.18	42.38	21.73	34.15
Change in Receivables	-6.05	-1.56	-1.2	19.15
Changes in Inventories	-7.51	-13.39	3.19	14.64
Changes in Accounts Payable	10.75	7.22	4.82	-17.39
Changes in Income Taxes Payable	-11	-14.53	-15	-10.51
Changes in Other Operating Activities	-8.47	-16.33	-3.67	-0.91
Operating Cash Flow	90.5	74.9	97.13	101.57
Operating Cash Flow Growth	39.48%	-22.89%	-4.37%	-
Capital Expenditures	-23.73	-54.12	-29.2	-21.31
Sale of Property, Plant & Equipment	1.9	1.95	0.52	0.36
Purchases of Intangible Assets	-11.88	-9.51	-8.15	-6.86
Purchases of Investments	-0.91	-0.4	-75.13	-96.6
Proceeds from Sale of Investments	0.72	28.59	47.5	98.69
Cash Acquisitions	-7.89	-20.09	-19.46	-1.1
Investing Cash Flow	-41.79	-53.58	-83.92	-26.83
Short-Term Debt Issued	-	-	-	2.17
Net Short-Term Debt Issued (Repaid)	-	-	-	2.17
Long-Term Debt Issued	103.03	40.48	0.21	75
Long-Term Debt Repaid	-136.79	-53.13	-79.48	-68.88
Net Long-Term Debt Issued (Repaid)	-33.76	-12.65	-79.27	6.13
Repurchase of Common Stock	-10.38	-10.28	-0.3	-0.06
Net Common Stock Issued (Repurchased)	-10.38	-10.28	-0.3	-0.06
Other Financing Activities	-20.42	-20.13	-22.71	-23.15
Financing Cash Flow	-18.83	-43.06	-102.28	-14.91
Foreign Exchange Rate Adjustments	0.55	-2.56	0.59	-3.53
Net Cash Flow	29.89	-21.74	-89.07	59.83
Free Cash Flow	66.78	20.78	67.93	80.26
Free Cash Flow Growth	582.07%	-69.41%	-15.36%	-
FCF Margin	15.49%	4.80%	15.57%	18.56%
Free Cash Flow Per Share	0.36	0.11	0.39	0.46
Levered Free Cash Flow	13.5	-40.06	-41.46	30.58
Unlevered Free Cash Flow	48.93	-5.16	48.1	44.4