Altarea SCA 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	8.4	6.1	-472.9	326.8	211.6
Depreciation & Amortization	33.8	47.3	126.4	31.4	47.6
Other Amortization	-	-	-	6.9	5.4
Gain (Loss) on Sale of Assets	-3.8	-0.3	3.8	-1.8	1.1
Gain (Loss) on Sale of Investments	1.9	5.9	2.8	-38.5	-46.2
Asset Writedown	28.2	-2.8	190.1	-27.2	-35.1
Stock-Based Compensation	14.8	16.2	21.6	25.1	23.4
Income (Loss) on Equity Investments	4.7	-11.3	68.8	-71	-19.1
Change in Accounts Receivable	155.5	-	-	-	-
Change in Accounts Payable	-238.8	-	-	-	-
Change in Other Net Operating Assets	-75.4	159.8	421.2	-106.3	-76.5
Other Operating Activities	139.9	211.4	-31.3	51.3	101.8
Operating Cash Flow	135.4	432.3	330.5	196.7	214
Operating Cash Flow Growth	-68.68%	30.80%	68.02%	-8.08%	-51.90%
Acquisition of Real Estate Assets	-168.4	-64.6	-35.5	-36.1	-97
Sale of Real Estate Assets	0.3	11	-	-	12
Net Sale / Acq. of Real Estate Assets	-168.1	-53.6	-35.5	-36.1	-85
Cash Acquisition	-0.1	-16.8	3.1	-3.7	-17.7
Investment in Marketable & Equity Securities	-52.7	21.5	0.1	-110.1	-10.4
Other Investing Activities	76	48.2	92	116.7	134.1
Investing Cash Flow	-111	-20.7	48.6	130	131.3
Long-Term Debt Issued	880.2	689	408.2	430.3	1,564
Long-Term Debt Repaid	-987.5	-720.4	-696.6	-1,274	-1,933
Net Debt Issued (Repaid)	-107.3	-31.4	-288.4	-843.9	-368.4
Issuance of Common Stock	102.5	92	34.3	9.3	357.9
Repurchase of Common Stock	-	-	-5.5	-26.3	-31.3
Common Dividends Paid	-179.1	-168.9	-206	-199.8	-91
Other Financing Activities	-238.2	-193.2	-176.2	50.1	125.9
Miscellaneous Cash Flow Adjustments	-2.1	-	-	-	-
Net Cash Flow	-399.8	110.1	-262.7	-683.9	338.4
Cash Interest Paid	144.9	153	110	67.7	90.4
Cash Income Tax Paid	1.3	-14	25.6	34.6	34.7
Levered Free Cash Flow	-581.95	290.4	241.9	23	124.08
Unlevered Free Cash Flow	-77.58	354.03	289.71	50.04	156.8
Change in Working Capital	-92.5	159.8	421.2	-106.3	-76.5

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