Jerónimo Martins, SGPS Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	519	646	599	756	590	463
Depreciation & Amortization	864	1,143	1,043	902	782	745
Other Adjustments	447.5	557	493	445	395	347
Change in Receivables	20	5	10	-16	-11	-4
Changes in Inventories	-184	-238	-206	-190	-421	-148
Changes in Accounts Payable	849	550	-9	384	931	527
Changes in Income Taxes Payable	-227	-286	-280	-254	-208	-174
Changes in Other Operating Activities	4,423	5,106	4,073	4,382	4,107	3,487
Operating Cash Flow	2,326	2,425	1,654	2,025	2,095	1,756
Operating Cash Flow Growth	55.48%	46.61%	-18.32%	-3.34%	19.30%	21.20%
Capital Expenditures	-764	-1,057	-1,005	-1,080	-887	-584
Sale of Property, Plant & Equipment	13	17	8	3	57	6
Purchases of Investments	-	0	-1	0	-17	0
Proceeds from Sale of Investments	-	-	2	0	-	-
Payments for Business Acquisitions	-66	-85	-20	-48	-4	-6
Other Investing Activities	31.5	103	121	-59	25	-32
Investing Cash Flow	-781	-1,018	-893	-1,184	-825	-617
Long-Term Debt Issued	-27	303	376	198	52	-40
Long-Term Debt Repaid	-	-100	-93	-	-	-
Net Long-Term Debt Issued (Repaid)	-27	203	283	198	52	-40
Common Dividends Paid	-194	-388	-429	-363	-511	-198
Other Financing Activities	-591	-785	-719	-589	-491	-438
Financing Cash Flow	-867	-974	-869	-752	-950	-676
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-15	12	-7	68	-33	-10
Net Cash Flow	129	433	-108	89	320	463
Free Cash Flow	1,562	1,368	649	945	1,208	1,172
Free Cash Flow Growth	14.18%	110.79%	-31.32%	-21.77%	3.07%	25.32%
FCF Margin	4.28%	3.80%	1.94%	3.09%	4.76%	5.61%
Free Cash Flow Per Share	2.49	2.18	1.03	1.50	1.92	1.86
Levered Free Cash Flow	5,572	6,067	4,498	5,098	4,946	4,276
Unlevered Free Cash Flow	5,883	6,117	4,426	5,051	5,032	4,451