ENCE Energía y Celulosa Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-31.25	31.55	-24.72	247.22	-190.41	-26.43
Depreciation & Amortization	90.91	97.41	98.74	95.68	90.53	103.84
Other Amortization	3.11	3.11	3.15	2.68	2.93	3.3
Asset Writedown & Restructuring Costs	0.88	0.18	-7.62	-144	193.5	-31.46
Other Operating Activities	-10.01	12.39	-37.57	34.55	78.3	-29.37
Change in Accounts Receivable	28.61	-32.79	20.41	20.53	-49.41	-10.83
Change in Inventory	-26.19	-29.39	25.34	-34.57	-13.52	3.52
Change in Accounts Payable	-10.17	-3.87	-125.62	79.26	27	54.31
Change in Other Net Operating Assets	0.8	-	1.76	2.34	2.38	-4.53
Operating Cash Flow	46.7	78.6	-46.13	303.68	141.29	62.36
Operating Cash Flow Growth	-60.62%	-	-	114.93%	126.59%	-66.31%
Capital Expenditures	-99.29	-70.89	-89.8	-51.81	-68.28	-92.22
Sale of Property, Plant & Equipment	-	-	-	0	0.41	0.75
Cash Acquisitions	-17.44	-17.44	-	-	-	-
Divestitures	-6	-	-	0.4	-	-
Sale (Purchase) of Intangibles	-6.47	-5.97	-5.93	-3.06	-2.71	-4.82
Investment in Securities	-11.35	-10.55	-0.29	0.56	5.22	58.5
Other Investing Activities	0.1	-	-	-	-	-
Investing Cash Flow	-140.45	-104.85	-96.03	-53.9	-65.35	-37.79
Long-Term Debt Issued	-	59.78	237.77	-	-	78.09
Long-Term Debt Repaid	-	-68.63	-37.3	-151.59	-203.27	-10.77
Net Debt Issued (Repaid)	18.86	-8.84	200.47	-151.59	-203.27	67.32
Issuance of Common Stock	28.18	28.68	50.77	47.76	52.99	48.38
Repurchase of Common Stock	-28.64	-27.74	-50.57	-47.63	-54.93	-48.49
Common Dividends Paid	-3.27	-33.97	-140.61	-66.59	-	-
Other Financing Activities	-0.97	-0.97	2.22	1.22	-13.39	218.63
Financing Cash Flow	14.16	-42.84	62.27	-216.83	-218.6	285.84
Miscellaneous Cash Flow Adjustments	-0.1	-	-	-	-	-
Net Cash Flow	-79.69	-69.09	-79.88	32.95	-142.66	310.41
Free Cash Flow	-52.59	7.71	-135.93	251.87	73.02	-29.86
Free Cash Flow Growth	-	-	-	244.94%	-	-
Free Cash Flow Margin	-6.71%	0.87%	-16.16%	24.95%	8.86%	-4.21%
Free Cash Flow Per Share	-0.21	0.03	-0.56	0.96	0.30	-0.12
Cash Income Tax Paid	-	-3.12	6.64	22.57	8.16	-5.93
Levered Free Cash Flow	-73.96	-29.87	-94.35	218.8	-72.57	4.61
Unlevered Free Cash Flow	-46.48	-4.07	-72.33	235.26	-55.79	19.39
Change in Working Capital	-6.95	-66.05	-78.11	67.55	-33.55	42.47

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.