Bureau Veritas 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	588	569.4	503.7	466.7	420.9
Depreciation & Amortization	299.5	283.7	291.5	297.1	275.2
Other Operating Activities	100.1	90.9	78.1	83.6	108.2
Change in Accounts Receivable	-48.9	-67.6	-130.5	-52.5	-145.7
Change in Accounts Payable	75.7	40.1	-5.2	33	61.6
Change in Other Net Operating Assets	-7.7	88.3	82.1	7	70.5
Operating Cash Flow	1,007	1,005	819.7	834.9	790.7
Operating Cash Flow Growth	0.19%	22.58%	-1.82%	5.59%	-2.27%
Capital Expenditures	-147	-145.9	-157.6	-130.1	-121
Sale of Property, Plant & Equipment	5.2	6.1	14.1	4.7	6.5
Cash Acquisitions	-126.2	-313.9	-58.9	-76.6	-58.4
Divestitures	156.3	105.4	17.5	-1.2	1.6
Investment in Securities	-3	0.5	-5.9	3.5	2.9
Other Investing Activities	0.7	-	-	0.1	0.2
Investing Cash Flow	-114.8	-347.8	-188	-199.9	-172
Long-Term Debt Issued	698.9	1,000	0.9	201.8	46.3
Short-Term Debt Repaid	-35.6	-58.3	-29.6	-17.3	-12.9
Long-Term Debt Repaid	-690.8	-950	-642.3	-221.9	-626.1
Total Debt Repaid	-726.4	-1,008	-671.9	-239.2	-639
Net Debt Issued (Repaid)	-27.5	-7.9	-671	-37.4	-592.7
Issuance of Common Stock	13.4	18.1	5.7	8.6	45.4
Repurchase of Common Stock	-190.7	-191.8	-1.9	-49.8	-
Common Dividends Paid	-430	-406.9	-396.3	-280.9	-186.1
Other Financing Activities	-40.7	-21.7	-17.1	-52.5	-73.2
Financing Cash Flow	-675.5	-610.2	-1,081	-412	-806.6
Foreign Exchange Rate Adjustments	-54	-12.7	-36.7	22.3	11.3
Miscellaneous Cash Flow Adjustments	-1	-3.6	-	-	-
Net Cash Flow	161.4	30.5	-485.6	245.3	-176.6
Free Cash Flow	859.7	858.9	662.1	704.8	669.7
Free Cash Flow Growth	0.09%	29.72%	-6.06%	5.24%	-5.77%
Free Cash Flow Margin	12.87%	13.33%	10.93%	12.47%	13.44%
Free Cash Flow Per Share	1.91	1.89	1.45	1.54	1.47
Cash Interest Paid	40.7	21.7	17.1	52.5	73.2
Cash Income Tax Paid	281.1	280.5	241.3	230	198.6
Levered Free Cash Flow	924.25	632.14	610.5	671.8	549.24
Unlevered Free Cash Flow	978.06	691.08	664.19	722.3	597.8
Change in Working Capital	19.1	60.8	-53.6	-12.5	-13.6

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