Spadel 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	51.19	41.03	28.24	12.79	26.65
Depreciation & Amortization	24.05	22.23	21.9	21.22	20.13
Other Adjustments	12.57	10.7	8.46	3.87	8.58
Change in Receivables	-0.2	5.93	1.31	-1.08	-0.87
Changes in Inventories	-3.91	-1.85	-1.87	-3.58	-1.59
Changes in Accounts Payable	1.06	5.21	9.93	5.26	1.63
Changes in Income Taxes Payable	-11.42	-12.45	-5.81	-5.24	-8.59
Operating Cash Flow	71.24	68.53	61.81	36.22	46.39
Operating Cash Flow Growth	3.96%	10.87%	70.66%	-21.93%	-5.13%
Capital Expenditures	-31.09	-22.81	-20.12	-15.79	-15.82
Sale of Property, Plant & Equipment	-0.44	0.39	0.42	0.43	0.51
Purchases of Intangible Assets	-1.21	-0.68	-1.5	-0.38	-2.09
Purchases of Investments	-1.63	-0.6	-1.25	-1.93	-0.9
Investing Cash Flow	-34.36	-23.7	-22.46	-17.67	-18.3
Common Dividends Paid	-13.28	-9.13	-6.24	-8.3	-8.3
Other Financing Activities	-2.42	-2.18	-2.31	-12.23	-15.65
Financing Cash Flow	-13.6	-9.04	-8.21	-23.51	-24.41
Net Cash Flow	23.28	35.79	31.15	-4.96	3.68
Free Cash Flow	40.15	45.72	41.69	20.43	30.57
Free Cash Flow Growth	-12.18%	9.66%	104.07%	-33.16%	1.55%
FCF Margin	10.05%	12.80%	12.05%	-	10.83%
Free Cash Flow Per Share	9.67	11.02	10.05	4.92	7.37
Levered Free Cash Flow	29.89	31.36	32.26	23.7	22.4
Unlevered Free Cash Flow	28.09	29.13	31.99	4.83	22.74