Arnoldo Mondadori Editore 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	54.03	60.21	62.41	52.07	44.21
Depreciation & Amortization	34.56	32.85	28.75	23.54	22.03
Other Amortization	31.42	29.58	28.62	26.76	16.54
Loss (Gain) From Sale of Assets	-0	-0.09	-1.16	-0.04	-0.47
Asset Writedown & Restructuring Costs	0.99	0.5	7.34	7.74	7.37
Loss (Gain) From Sale of Investments	-	-	-	-	0.27
Loss (Gain) on Equity Investments	0.4	-0.41	-2.96	0.2	1.51
Stock-Based Compensation	2.67	1.23	1.19	0.88	1.11
Other Operating Activities	49.94	47.93	24.2	12.23	-0.68
Change in Accounts Receivable	7.46	-7.49	19.59	14.21	9.64
Change in Inventory	-2.26	-6.56	1.25	-18.87	5.69
Change in Accounts Payable	-15.06	5.44	-22.06	20.84	-10.22
Change in Income Taxes	-19.74	-16.63	-17.51	-21.91	-9.97
Change in Other Net Operating Assets	-27.41	-20.75	-0.96	-11.99	10.38
Operating Cash Flow	116.99	125.82	121.58	100.02	97.4
Operating Cash Flow Growth	-7.02%	3.49%	21.55%	2.69%	15.93%
Capital Expenditures	-14.16	-15.48	-12.01	-9.3	-1.95
Sale of Property, Plant & Equipment	-	-	-	0.09	0.04
Cash Acquisitions	-0.59	-16.49	-	-25.24	-160.54
Divestitures	-	-	8.53	-	-
Sale (Purchase) of Intangibles	-31.41	-32.87	-28.45	-24.81	-15.54
Investment in Securities	-1.36	2.37	2.08	-12.24	32.62
Other Investing Activities	-	-	-1.69	-	-
Investing Cash Flow	-47.52	-62.47	-31.54	-71.5	-145.36
Long-Term Debt Issued	-	53.42	-	-	53.65
Long-Term Debt Repaid	-77.72	-18.15	-41.38	-59.94	-14.76
Net Debt Issued (Repaid)	-77.72	35.27	-41.38	-59.94	38.89
Repurchase of Common Stock	-1.01	-0.53	-0.35	-0.22	-1.52
Common Dividends Paid	-36.5	-31.31	-28.69	-22.16	-
Other Financing Activities	-8.87	-5.23	-4.85	-1.98	-6.89
Financing Cash Flow	-124.1	-1.79	-75.26	-84.3	30.48
Net Cash Flow	-54.63	61.57	14.78	-55.77	-17.48
Free Cash Flow	102.83	110.34	109.57	90.73	95.45
Free Cash Flow Growth	-6.81%	0.70%	20.77%	-4.95%	19.83%
Free Cash Flow Margin	11.04%	11.80%	12.11%	10.05%	11.82%
Free Cash Flow Per Share	0.39	0.42	0.42	0.35	0.36
Cash Interest Paid	3.42	2.55	2.14	0.48	2.2
Cash Income Tax Paid	19.74	16.63	17.51	21.91	9.97
Levered Free Cash Flow	62.67	65.19	63.88	59.81	108.98
Unlevered Free Cash Flow	68.5	71.37	69.65	60.99	110.63
Change in Working Capital	-57.01	-45.99	-19.68	-17.71	5.51

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