Testa Residencial SOCIMI 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	78.38	14.67	-100.29	83.83	41.39
Depreciation & Amortization	2.85	0.54	0.24	0.07	0.49
Other Amortization	-	1.77	1.29	0.97	0.61
Asset Writedown	-114.33	-65.95	46.76	-90.52	-
Change in Accounts Receivable	-2.94	-0.81	0.21	-0.4	-
Change in Other Net Operating Assets	-7.35	-29	-5.45	-1.31	-4.7
Other Operating Activities	6.17	56.21	47.61	11.57	-51.79
Operating Cash Flow	-37.22	-21.82	-9.63	5.41	-14
Acquisition of Real Estate Assets	-12.86	-16.64	-24.18	-29.56	-
Sale of Real Estate Assets	196.03	183.43	128.63	216.81	-
Net Sale / Acq. of Real Estate Assets	183.17	166.79	104.45	187.24	-
Investment in Marketable & Equity Securities	-	-	-69.64	-0.1	-45.4
Other Investing Activities	0.01	-	-	-	-
Investing Cash Flow	180.12	163.49	31.51	184.53	-45.4
Short-Term Debt Issued	-	0.05	285.78	0.67	-
Long-Term Debt Issued	1,532	10.37	19.18	16.71	20.2
Total Debt Issued	1,532	10.42	304.96	17.39	20.2
Long-Term Debt Repaid	-1,591	-168.78	-297.86	-169.31	-
Total Debt Repaid	-1,591	-168.78	-297.86	-169.31	-
Net Debt Issued (Repaid)	-59.16	-158.36	7.11	-151.93	20.2
Issuance of Common Stock	0	0	0.01	0	-
Repurchase of Common Stock	-0	-0.08	-0.2	-0.08	-
Common Dividends Paid	-	-	-2.03	-	-
Net Cash Flow	83.75	-16.77	26.76	37.93	-39.2
Cash Interest Paid	-	93.77	97.73	49.72	-
Cash Income Tax Paid	-	1.45	0.73	1.13	0.5
Levered Free Cash Flow	-5.48	-119.84	54.46	2.29	-16.29
Unlevered Free Cash Flow	59.47	-47.05	121.63	40.64	21.6
Change in Working Capital	-10.28	-29.8	-5.24	-1.71	-4.7

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