BUD:WABERERS 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	36.26	21.56	29.47	19.3	17.98	-41.89
Depreciation & Amortization	53.82	52.52	45.48	37.69	37.57	51.33
Other Amortization	2.27	2.27	1.92	2.48	2.59	-
Loss (Gain) From Sale of Assets	-4.77	-6.77	-3.36	0.31	-3.07	-0.2
Asset Writedown & Restructuring Costs	-	-	-	-	-	14.29
Loss (Gain) From Sale of Investments	0.06	0.06	-0.41	-0.34	-0.49	-
Provision & Write-off of Bad Debts	-	-	-	-	-	0.97
Other Operating Activities	152.05	0.15	-23.47	16.26	4.45	19.73
Change in Accounts Receivable	-4.71	9.09	1.94	-14.74	-17.24	38.41
Change in Inventory	-1.12	0.38	-0.21	-1.68	-1.07	1.24
Change in Accounts Payable	6.47	-1.43	-1.88	11.02	6.8	-38.47
Change in Other Net Operating Assets	44.28	21.38	50.46	-43.47	3.26	31.56
Operating Cash Flow	284.6	99.2	99.93	26.83	50.78	76.97
Operating Cash Flow Growth	164.42%	-0.73%	272.50%	-47.17%	-34.02%	49.58%
Capital Expenditures	-18.36	-18.36	-38.4	-19.4	-6.47	-3.84
Sale of Property, Plant & Equipment	0.57	0.17	1.05	11.03	7.81	9.57
Cash Acquisitions	-56.51	-54.71	-	-	-	-
Investment in Securities	-70.51	15.89	-35.65	-0.14	-15	0.04
Other Investing Activities	24.94	20.84	12.64	0.48	-0.01	-12.35
Investing Cash Flow	-119.87	-36.17	-60.36	-8.03	-13.66	-6.58
Long-Term Debt Issued	-	0.91	-	110.93	-	-
Total Debt Issued	3.41	0.91	-	110.93	-	-
Long-Term Debt Repaid	-	-54.73	-46.09	-93.76	-51.45	-43.56
Total Debt Repaid	-52.13	-54.73	-46.09	-93.76	-51.45	-43.56
Net Debt Issued (Repaid)	-48.73	-53.83	-46.09	17.17	-51.45	-43.56
Repurchase of Common Stock	-0.04	-3.14	-	-	-0.03	-
Common Dividends Paid	-5.89	-5.39	-4.73	-	-	-
Other Financing Activities	-12.67	-13.07	-11.81	-4.17	-3.16	-1.59
Financing Cash Flow	-67.33	-75.43	-62.63	13.01	-54.65	-45.15
Foreign Exchange Rate Adjustments	-	-	-	-0.27	-	-
Miscellaneous Cash Flow Adjustments	-0.1	-	-	-	0	-
Net Cash Flow	97.3	-12.4	-23.06	31.54	-17.53	25.24
Free Cash Flow	266.24	80.84	61.53	7.43	44.31	73.13
Free Cash Flow Growth	231.84%	31.38%	727.89%	-83.23%	-39.41%	81.27%
Free Cash Flow Margin	33.87%	10.67%	8.65%	1.09%	7.48%	12.85%
Free Cash Flow Per Share	18.15	4.70	3.52	0.42	2.53	4.16
Cash Interest Paid	12.67	13.07	11.81	4.05	3.1	1.57
Cash Income Tax Paid	5.91	10.41	5.1	6.2	7.17	4.86
Levered Free Cash Flow	31.89	58.18	9.1	14.75	29.09	78.09
Unlevered Free Cash Flow	40.04	67.02	17.3	19.73	31.57	80.64
Change in Working Capital	44.91	29.41	50.3	-48.87	-8.24	32.74

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