Aedifica NV/SA 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	244.43	204.83	24.54	331.78	281.82
Depreciation & Amortization	2.97	2.9	3.65	3.49	2.34
Gain (Loss) on Sale of Assets	11.67	-0.37	0.86	-0.79	-0.53
Asset Writedown	-47.78	15.04	169.71	-66.77	-156.67
Change in Other Net Operating Assets	25.24	-24.91	-29.22	5.6	15.31
Other Operating Activities	81.32	51.01	60	-54.7	56
Operating Cash Flow	317.85	248.5	229.53	218.6	198.27
Operating Cash Flow Growth	27.91%	8.26%	5.00%	10.25%	64.22%
Acquisition of Real Estate Assets	-144.03	-257.52	-305.14	-558.96	-873.7
Sale of Real Estate Assets	142.13	80.77	73.12	35.72	53.67
Net Sale / Acq. of Real Estate Assets	-1.9	-176.75	-232.02	-523.25	-820.03
Cash Acquisition	-41.87	-107.2	-11.32	-151.86	-
Other Investing Activities	0	24.4	-15.46	-8.3	-0.18
Investing Cash Flow	-43.77	-259.55	-258.8	-683.4	-820.93
Long-Term Debt Issued	-	232.49	-	370.79	418.64
Total Debt Issued	-	232.49	-	370.79	418.64
Long-Term Debt Repaid	-29.61	-0.34	-172.86	-0.18	-
Net Debt Issued (Repaid)	-29.61	232.15	-172.86	370.61	418.64
Issuance of Common Stock	-	-	374.21	251.42	281.16
Common Dividends Paid	-185.65	-166.85	-115.99	-119.08	-47.75
Other Financing Activities	-55.32	-54.05	-51.73	-39.59	-37.61
Net Cash Flow	3.5	0.2	4.36	-1.44	-8.21
Levered Free Cash Flow	185.43	79.98	129.6	92.92	106.29
Unlevered Free Cash Flow	227.25	132.1	174.99	108.6	117.91
Change in Working Capital	25.24	-24.91	-29.22	5.6	15.31

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