Hera 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	494.5	441.4	255.2	333.5
Depreciation & Amortization	513.9	473.5	434.2	423.6
Other Amortization	48.5	45.8	42.9	39.7
Loss (Gain) on Sale of Assets	-1.2	-8.4	41.6	25.5
Loss (Gain) on Sale of Investments	-33.7	9.6	-6.3	25.7
Loss (Gain) on Equity Investments	-12.3	-10.3	-10	-13.2
Asset Writedown	1	6.9	1.5	6.6
Change in Accounts Receivable	-800.9	-81.9	-1,281	-893.8
Change in Inventory	39.5	378.9	-627.4	-196.7
Change in Accounts Payable	-49	-507.7	727.8	858.5
Change in Other Net Operating Assets	438.2	439.9	252.7	279.8
Other Operating Activities	91.6	227	204.2	156.2
Operating Cash Flow	853	1,573	35.7	1,045
Operating Cash Flow Growth	-45.76%	4305.32%	-96.58%	17.28%
Capital Expenditures	-282.1	-242.7	-225.6	-171.9
Sale of Property, Plant & Equipment	8	2.6	3.3	2.5
Cash Acquisitions	-33.1	-76.2	-50.1	-64.1
Divestitures	-	-	-	0.2
Sale (Purchase) of Intangibles	-578.2	-573.1	-483.9	-416.8
Investment in Securities	-0.4	-	-3.2	-11
Other Investing Activities	81.2	30.1	1.1	-1.5
Investing Cash Flow	-804.6	-859.3	-758.4	-662.6
Long-Term Debt Issued	471.1	614.9	2,127	525.1
Long-Term Debt Repaid	-281.4	-1,681	-90.7	-795.2
Net Debt Issued (Repaid)	189.7	-1,066	2,036	-270.1
Repurchase of Common Stock	-6.5	-19.7	-26.7	-0.2
Common Dividends Paid	-201.9	-239.1	-219.5	-193
Other Financing Activities	-46.9	1.8	-10.6	-21
Financing Cash Flow	-65.6	-1,323	1,780	-484.3
Net Cash Flow	-17.2	-609.6	1,057	-101.5
Free Cash Flow	570.9	1,330	-189.9	873.5
Free Cash Flow Growth	-57.07%	-	-	16.34%
Free Cash Flow Margin	4.39%	8.60%	-0.92%	8.00%
Free Cash Flow Per Share	0.40	0.92	-0.13	0.60
Cash Interest Paid	192.6	193.4	128	96.2
Cash Income Tax Paid	193.3	96.6	165.9	156.3
Levered Free Cash Flow	328.93	964.23	-994.51	197.16
Unlevered Free Cash Flow	407.86	1,051	-943.14	242.85
Change in Working Capital	-372.2	229.2	-927.6	47.8

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