BUD:WABERERS 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	37.6	21.56	29.47	19.3	17.98
Depreciation & Amortization	49	52.52	45.48	37.69	37.57
Other Amortization	-	2.27	1.92	2.48	2.59
Loss (Gain) From Sale of Assets	-0.8	-6.77	-3.36	0.31	-3.07
Asset Writedown & Restructuring Costs	0.2	-	-	-	-
Loss (Gain) From Sale of Investments	-3.2	0.06	-0.41	-0.34	-0.49
Loss (Gain) on Equity Investments	-1.3	-	-	-	-
Other Operating Activities	-26.2	0.15	-23.47	16.26	4.45
Change in Accounts Receivable	-21.2	9.09	1.94	-14.74	-17.24
Change in Inventory	-5.7	0.38	-0.21	-1.68	-1.07
Change in Accounts Payable	11.7	-1.43	-1.88	11.02	6.8
Change in Other Net Operating Assets	159.9	21.38	50.46	-43.47	3.26
Operating Cash Flow	200	99.2	99.93	26.83	50.78
Operating Cash Flow Growth	101.62%	-0.73%	272.50%	-47.17%	-34.02%
Capital Expenditures	-30.5	-18.36	-38.4	-19.4	-6.47
Sale of Property, Plant & Equipment	10.4	0.17	1.05	11.03	7.81
Cash Acquisitions	-1.8	-54.71	-	-	-
Investment in Securities	-8.7	15.89	-35.65	-0.14	-15
Other Investing Activities	20.4	20.84	12.64	0.48	-0.01
Investing Cash Flow	-10.2	-36.17	-60.36	-8.03	-13.66
Long-Term Debt Issued	11.4	0.91	-	110.93	-
Total Debt Issued	11.4	0.91	-	110.93	-
Long-Term Debt Repaid	-56.9	-54.73	-46.09	-93.76	-51.45
Total Debt Repaid	-56.9	-54.73	-46.09	-93.76	-51.45
Net Debt Issued (Repaid)	-45.5	-53.83	-46.09	17.17	-51.45
Repurchase of Common Stock	-	-3.14	-	-	-0.03
Common Dividends Paid	-5.9	-5.39	-4.73	-	-
Other Financing Activities	-13.9	-13.07	-11.81	-4.17	-3.16
Financing Cash Flow	-65.3	-75.43	-62.63	13.01	-54.65
Foreign Exchange Rate Adjustments	1.1	-	-	-0.27	-
Miscellaneous Cash Flow Adjustments	-0.1	-	-	-	0
Net Cash Flow	125.5	-12.4	-23.06	31.54	-17.53
Free Cash Flow	169.5	80.84	61.53	7.43	44.31
Free Cash Flow Growth	109.69%	31.38%	727.89%	-83.23%	-39.41%
Free Cash Flow Margin	20.77%	10.67%	8.65%	1.09%	7.48%
Free Cash Flow Per Share	9.92	4.70	3.52	0.42	2.53
Cash Interest Paid	12.7	13.07	11.81	4.05	3.1
Cash Income Tax Paid	8.2	10.41	5.1	6.2	7.17
Levered Free Cash Flow	624.99	58.18	9.1	14.75	29.09
Unlevered Free Cash Flow	632.37	67.02	17.3	19.73	31.57
Change in Working Capital	144.7	29.41	50.3	-48.87	-8.24

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