Piaggio & C. SpA 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	34.01	67.23	91.05	84.89	60.05
Depreciation & Amortization	149.58	106.62	108.28	105.34	95.08
Other Amortization	-	32.32	35.2	32.07	31.5
Loss (Gain) From Sale of Assets	-1.16	-0.81	-2.38	-0.19	-0.32
Asset Writedown & Restructuring Costs	1.9	3.07	4.75	4.38	2.96
Loss (Gain) on Equity Investments	2.04	1.65	0.77	0.91	-0.64
Other Operating Activities	17.31	15.19	35.1	25.96	27.33
Change in Accounts Receivable	-2.82	-14.18	7.41	3.38	-3.83
Change in Inventory	49.66	4.32	51.66	-101.14	-88.67
Change in Accounts Payable	-95.66	-47.89	-120.83	116.27	133.6
Change in Other Net Operating Assets	-22.36	-23.45	-25.79	-32.37	-30.56
Operating Cash Flow	132.51	144.06	185.22	239.5	226.5
Operating Cash Flow Growth	-8.02%	-22.22%	-22.66%	5.74%	17.23%
Capital Expenditures	-60.11	-68.13	-54.64	-63.04	-56.89
Sale of Property, Plant & Equipment	2.28	2.1	2.79	0.32	5.33
Sale (Purchase) of Intangibles	-80.05	-114.54	-108	-88.63	-97.2
Other Investing Activities	10.04	14.57	4.37	2.83	1.99
Investing Cash Flow	-127.84	-165.99	-155.49	-148.53	-146.77
Long-Term Debt Issued	105.98	143.96	322.68	73.4	204.87
Long-Term Debt Repaid	-92.98	-91.56	-322.9	-122.01	-223.56
Net Debt Issued (Repaid)	13	52.4	-0.21	-48.61	-18.68
Repurchase of Common Stock	-2.29	-1.28	-1.41	-5.67	-0.05
Common Dividends Paid	-28.21	-69.07	-79.76	-53.4	-39.64
Other Financing Activities	-	6.21	-6.21	-	-
Financing Cash Flow	-17.51	-11.75	-87.58	-107.68	-58.37
Foreign Exchange Rate Adjustments	-14.75	2.79	-5.55	-1.6	10.6
Net Cash Flow	-27.59	-30.9	-63.4	-18.3	31.95
Free Cash Flow	72.39	75.94	130.57	176.45	169.62
Free Cash Flow Growth	-4.67%	-41.84%	-26.00%	4.03%	20.09%
Free Cash Flow Margin	4.82%	4.46%	6.58%	8.45%	10.17%
Free Cash Flow Per Share	0.20	0.21	0.37	0.50	0.47
Cash Interest Paid	42.19	42.29	29.4	21.89	21.38
Cash Income Tax Paid	34.75	32.01	36.74	33.28	28.4
Levered Free Cash Flow	-3.34	-30.92	15.39	96.63	74.03
Unlevered Free Cash Flow	26.99	-0.85	41.66	112.03	88.15
Change in Working Capital	-71.17	-81.2	-87.55	-13.86	10.53

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