BME:GAM 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	6.74	4.4	9.07	7.66	2.63
Depreciation & Amortization	57.6	54.93	49.6	41.22	32.06
Other Amortization	3.31	2.54	1.94	1.71	0.91
Asset Writedown & Restructuring Costs	0.77	0.71	0.55	0.75	0.94
Loss (Gain) on Equity Investments	-	-	-0.01	0.27	-0.19
Stock-Based Compensation	-	-	-	-	0.04
Other Operating Activities	17.2	14.44	7.12	2.89	8.26
Change in Accounts Receivable	-7.18	-6.27	-9.13	-7.54	-9.05
Change in Inventory	2.59	-5.99	8.51	-10.37	-9.05
Change in Accounts Payable	2.63	-2.19	2.94	7.47	10.39
Change in Other Net Operating Assets	13.98	16.39	11.11	5.48	3.49
Operating Cash Flow	97.63	78.96	81.69	49.54	40.44
Operating Cash Flow Growth	23.65%	-3.34%	64.89%	22.50%	1.75%
Capital Expenditures	-46.69	-45.76	-63.78	-44.41	-31.1
Sale of Property, Plant & Equipment	-	-	-	7.79	-
Cash Acquisitions	-	-	-19.94	-5.8	-8.71
Sale (Purchase) of Intangibles	-1.48	-1.2	-	-	-
Other Investing Activities	-0.42	-	-	-	-
Investing Cash Flow	-48.59	-46.96	-83.72	-42.42	-39.81
Long-Term Debt Issued	-	2.52	-	33.34	3.06
Long-Term Debt Repaid	-116.15	-78.62	-58.05	-56.72	-56.85
Total Debt Repaid	-116.15	-78.62	-58.05	-56.72	-56.85
Net Debt Issued (Repaid)	-116.15	-76.1	-58.05	-23.38	-53.79
Issuance of Common Stock	-	-	-	3.44	-
Repurchase of Common Stock	-0.5	-0.15	-0.43	-0.05	-
Other Financing Activities	70.68	35.54	42.05	56.52	46.06
Financing Cash Flow	-45.97	-40.71	-16.43	36.53	-7.73
Net Cash Flow	3.08	-8.71	-18.46	43.66	-7.09
Free Cash Flow	50.94	33.2	17.91	5.14	9.34
Free Cash Flow Growth	53.47%	85.33%	248.80%	-45.05%	-47.89%
Free Cash Flow Margin	16.11%	10.92%	6.38%	2.30%	5.55%
Free Cash Flow Per Share	0.54	0.35	0.19	0.05	0.10
Cash Interest Paid	19.22	19.5	15.54	6.86	4.54
Cash Income Tax Paid	2.34	2.78	1.89	1.81	0.9
Levered Free Cash Flow	9.3	-3.37	-5.5	-13	-6.77
Unlevered Free Cash Flow	15.44	4.48	0.65	-9.78	-3.21
Change in Working Capital	12.02	1.94	13.42	-4.95	-4.21

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