Rai Way 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	88.6	89.91	86.72	73.69	65.38
Depreciation & Amortization	56.4	44.73	42.17	42.67	46.61
Other Amortization	-	5.62	4.61	4.24	3.69
Asset Writedown & Restructuring Costs	-	0.77	0.52	0.32	0.2
Other Operating Activities	4.7	5.63	12.85	4.04	0.98
Change in Accounts Receivable	0.4	-1.07	-9.05	1.27	-5.46
Change in Inventory	-	-	0	0.03	0.08
Change in Accounts Payable	-3	-11.58	4.47	9.1	6.14
Change in Income Taxes	-1.2	-	-	-	-
Change in Other Net Operating Assets	-0.2	-1.74	4.66	1.62	-0.27
Operating Cash Flow	145.7	132.28	146.95	136.99	117.36
Operating Cash Flow Growth	10.15%	-9.98%	7.27%	16.73%	1.18%
Capital Expenditures	-35.2	-41.93	-47.37	-68.87	-79.38
Sale of Property, Plant & Equipment	1.5	-	-	0.01	0.02
Cash Acquisitions	-	-	-	-	-1
Sale (Purchase) of Intangibles	-16.2	-8.13	-10.03	-6.72	-4.58
Investment in Securities	-	-	-	-	0.61
Other Investing Activities	-0.1	-0.05	0.04	0.2	0.06
Investing Cash Flow	-50	-50.1	-57.36	-75.38	-84.26
Short-Term Debt Issued	6.1	5	-	31.91	-
Long-Term Debt Issued	4	-	100.35	-	54
Total Debt Issued	10.1	5	100.35	31.91	54
Short-Term Debt Repaid	-	-	-101.37	-	-0.75
Long-Term Debt Repaid	-16.2	-16.61	-13.37	-8.99	-8.47
Total Debt Repaid	-16.2	-16.61	-114.74	-8.99	-9.21
Net Debt Issued (Repaid)	-6.1	-11.6	-14.39	22.92	44.79
Common Dividends Paid	-89.7	-86.51	-73.83	-65.23	-64.04
Other Financing Activities	-4.2	-4.69	-2.44	-1.35	-0.65
Financing Cash Flow	-100	-102.8	-90.66	-43.67	-19.9
Miscellaneous Cash Flow Adjustments	-	-	-	-	0
Net Cash Flow	-4.3	-20.63	-1.07	17.94	13.19
Free Cash Flow	110.5	90.35	99.58	68.12	37.98
Free Cash Flow Growth	22.30%	-9.26%	46.17%	79.36%	-36.96%
Free Cash Flow Margin	38.76%	32.72%	36.61%	27.75%	16.48%
Free Cash Flow Per Share	-	0.34	0.37	0.25	0.14
Cash Interest Paid	-	4.66	2.58	1.08	0.77
Cash Income Tax Paid	-	38.28	25.46	23.93	24.24
Levered Free Cash Flow	203.89	61.26	73.4	50.52	23.47
Unlevered Free Cash Flow	207.52	65.46	76.59	51.51	24.14
Change in Working Capital	-4	-14.39	0.08	12.03	0.49

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