BUD:SPLUS 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	32.7	24.23	11.49	22.91	-
Asset Writedown	-25.78	-13.7	-5.89	-22	-
Change in Accounts Receivable	-83.76	-0.07	7.48	-17.64	-
Change in Accounts Payable	6.48	-11.26	-6.35	12.68	-
Change in Other Net Operating Assets	31.01	-32.77	-0.13	-3.35	-
Other Operating Activities	16.19	8.07	9.38	6.12	-
Operating Cash Flow	-23.18	-25.51	15.97	-1.28	-
Acquisition of Real Estate Assets	-94.6	-7.27	-3.12	-239.09	-
Net Sale / Acq. of Real Estate Assets	-94.6	-7.27	-3.12	-239.09	-
Cash Acquisition	-0.02	4.97	-	-	-
Investing Cash Flow	-94.61	-2.3	-3.12	-239.09	-
Short-Term Debt Issued	17	12.84	5.01	5	-
Long-Term Debt Issued	68.08	10.42	-	150	-
Total Debt Issued	85.08	23.26	5.01	155	-
Short-Term Debt Repaid	-17.02	-12.84	-10.02	-	-
Long-Term Debt Repaid	-3.05	-5.91	-5.53	-3.94	-
Total Debt Repaid	-20.07	-18.75	-15.55	-3.94	-
Net Debt Issued (Repaid)	65.01	4.52	-10.54	151.06	-
Issuance of Common Stock	100.44	22.08	37.21	94.7	-
Common Dividends Paid	-12.6	-9.97	-3.85	-	-
Other Financing Activities	-12.84	-9.02	-10.56	-2.57	-
Foreign Exchange Rate Adjustments	0.18	-0.08	0.04	0.05	-
Net Cash Flow	22.41	-20.28	25.15	2.87	-
Cash Interest Paid	9.22	8.8	8.86	2.57	-
Cash Income Tax Paid	0.4	-0.04	0.17	0.25	-
Levered Free Cash Flow	-39.61	-38.07	13.78	-4.12	-
Unlevered Free Cash Flow	-32.39	-32.14	21	-2	-
Change in Working Capital	-46.28	-44.1	1	-8.3	-

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