Terna 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	1,112	1,062	885.4	857	789.4
Depreciation & Amortization	960.9	856.9	766.4	718.6	656
Loss (Gain) on Sale of Assets	-3.8	-12.6	-18	-6.9	-13.7
Asset Writedown	-	14.7	8.7	7	0.3
Change in Accounts Receivable	-	-1,039	259.6	285.9	-1,592
Change in Inventory	-	-33.2	22.5	-20.7	-19.8
Change in Accounts Payable	-	621.3	-716.4	604.8	1,169
Change in Other Net Operating Assets	436.2	-94.3	-76.3	-148.3	-142.2
Other Operating Activities	13.5	87.9	-47.6	25	-13.9
Operating Cash Flow	2,518	1,469	1,085	2,324	832.3
Operating Cash Flow Growth	71.47%	35.38%	-53.31%	179.19%	-11.59%
Capital Expenditures	-3,515	-2,358	-2,049	-1,492	-1,344
Sale of Property, Plant & Equipment	1.6	12.7	19.4	15.6	32.9
Cash Acquisitions	-	-	-15.8	-	-31.6
Divestitures	-	79.3	-	157	-
Sale (Purchase) of Intangibles	-	-266.5	-216.2	-212.4	-130.8
Investment in Securities	-	54.1	-121.3	-348.1	599.6
Other Investing Activities	-	74.2	48.3	24.8	10.8
Investing Cash Flow	-3,513	-2,404	-2,334	-1,855	-863.3
Long-Term Debt Issued	-	1,724	1,143	-	-
Long-Term Debt Repaid	-	-	-	-289	-480.8
Net Debt Issued (Repaid)	-	1,724	1,143	-289	-480.8
Issuance of Common Stock	-	842.1	-	989	-
Repurchase of Common Stock	-	-8	-7	-10	-10
Common Dividends Paid	-795.9	-690.6	-671.5	-595.8	-546.7
Other Financing Activities	-48.9	-	-	-1.7	-14.3
Financing Cash Flow	-844.8	1,867	464.3	92.5	-1,052
Net Cash Flow	-1,840	931.6	-785.2	560.8	-1,083
Free Cash Flow	-996.6	-889.2	-963.9	831.4	-511.9
Free Cash Flow Margin	-24.71%	-24.33%	-30.56%	28.43%	-19.96%
Free Cash Flow Per Share	-	-0.44	-0.47	0.41	-0.26
Cash Interest Paid	-	370.9	261.9	154.8	214.6
Cash Income Tax Paid	-	371.6	434	380.1	317.9
Levered Free Cash Flow	249.75	-1,106	-1,329	778.98	-533.43
Unlevered Free Cash Flow	363.19	-934.95	-1,212	850.16	-475.86
Change in Working Capital	436.2	-544.9	-510.6	721.7	-585.8

Source: S&P Global Market Intelligence. Utility template. Financial Sources.