Estoril Sol, SGPS 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
Changes in Income Taxes Payable	-	-0.1	-0.05	-0.13	-0.12
Changes in Other Operating Activities	30	28.56	39.79	56.55	18.25
Operating Cash Flow	30	28.46	39.74	56.41	18.13
Operating Cash Flow Growth	5.44%	-28.39%	-29.56%	211.20%	-
Capital Expenditures	-4.89	-10.7	-3.24	-0.1	-0.09
Purchases of Intangible Assets	-16.18	-15.9	-41.09	-0.01	-0.01
Other Investing Activities	5.85	-17.93	0.09	0.13	0.06
Investing Cash Flow	-15.23	-44.53	-44.24	0.02	-0.05
Long-Term Debt Issued	-	-	-	38.25	86.6
Long-Term Debt Repaid	-0.48	-0.4	-0.3	-47.39	-84.68
Net Long-Term Debt Issued (Repaid)	-0.48	-0.4	-0.3	-9.14	1.92
Common Dividends Paid	-9.85	-6	-15.5	-3	-9.7
Other Financing Activities	-0.3	-0.25	-0.21	-0.27	-0.31
Financing Cash Flow	-10.63	-6.66	-16.01	-12.41	-8.09
Net Cash Flow	4.15	-22.73	-20.51	44.02	9.99
Free Cash Flow	25.11	17.76	36.5	56.32	18.03
Free Cash Flow Growth	41.40%	-51.34%	-35.19%	212.28%	-
FCF Margin	20.21%	13.95%	27.76%	40.25%	20.48%
Free Cash Flow Per Share	2.10	1.49	3.06	4.72	1.51
Levered Free Cash Flow	-0.62	5.29	41.86	80.03	31.12
Unlevered Free Cash Flow	16.51	22.7	60.09	99.35	37.47