Pirelli & C. 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	467.98	479.08	417.76	302.8
Depreciation & Amortization	552.47	535.8	527.32	496.01
Other Amortization	20.25	22.18	16.95	12.67
Asset Writedown & Restructuring Costs	2.23	30.49	22.42	8.51
Loss (Gain) From Sale of Investments	-	0.04	0.12	-0.01
Loss (Gain) on Equity Investments	-31.39	-15.92	-5.97	-3.97
Other Operating Activities	334.6	234.15	207.75	197.75
Change in Accounts Receivable	2.52	-51.47	37.38	-51.35
Change in Inventory	-132.48	29.28	-342.32	-222.5
Change in Accounts Payable	119.26	132.73	272.84	214.51
Change in Other Net Operating Assets	-42.87	-36.49	-22.6	-35.35
Operating Cash Flow	1,293	1,360	1,132	919.07
Operating Cash Flow Growth	-4.95%	20.17%	23.13%	48.63%
Capital Expenditures	-376.08	-377.41	-303.49	-256.09
Sale of Property, Plant & Equipment	2.23	2.21	4.1	8.53
Cash Acquisitions	-20.27	-	-	-
Divestitures	-	-	-	4.41
Sale (Purchase) of Intangibles	-27.59	-21.62	-31.64	-30.34
Investment in Securities	-2.98	-	1.18	14.82
Other Investing Activities	3.42	3.97	3.23	2.27
Investing Cash Flow	-421.26	-392.86	-326.62	-256.39
Long-Term Debt Issued	1,366	1,128	1,324	886.24
Long-Term Debt Repaid	-1,627	-1,755	-2,228	-1,755
Net Debt Issued (Repaid)	-260.26	-626.9	-904.28	-868.56
Common Dividends Paid	-204.4	-222.87	-185.4	-79.94
Other Financing Activities	-146.05	-129.81	-315.02	-136.15
Financing Cash Flow	-610.7	-979.58	-1,405	-1,085
Foreign Exchange Rate Adjustments	-8.18	-21.96	-0.49	35.82
Net Cash Flow	252.42	-34.54	-600.16	-386.14
Free Cash Flow	916.49	982.45	828.16	662.98
Free Cash Flow Growth	-6.71%	18.63%	24.91%	50.52%
Free Cash Flow Margin	13.00%	14.21%	12.00%	11.85%
Free Cash Flow Per Share	0.92	0.98	0.83	0.66
Cash Income Tax Paid	158.49	138.99	205.46	125.63
Levered Free Cash Flow	526	980.85	444.54	499.59
Unlevered Free Cash Flow	645.97	1,109	522.74	576.03
Change in Working Capital	-53.58	74.05	-54.71	-94.69

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