Covivio 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	738.7	68.1	-1,419	620.69	923.6
Depreciation & Amortization	145.5	112.9	73.6	58.93	75.17
Other Amortization	1.8	2.5	1.8	13.76	17.74
Gain (Loss) on Sale of Assets	-2.2	-8.7	40.4	-24.08	-12.13
Gain (Loss) on Sale of Investments	-331.4	330.5	-	-	-
Asset Writedown	-	-	2,645	-600.81	-977.89
Stock-Based Compensation	6.9	6.9	7.8	-	8.33
Income (Loss) on Equity Investments	-19.6	-22.9	34.4	-51	-27.37
Change in Accounts Receivable	-0.4	1.9	60.9	49.18	-1.82
Change in Accounts Payable	-57	88.5	93.9	-128.78	13.46
Change in Other Net Operating Assets	-	-	0.1	-	-
Other Operating Activities	374.4	378.9	-552.6	763.51	647.82
Operating Cash Flow	819.6	980.5	1,025	698.06	688.66
Operating Cash Flow Growth	-16.41%	-4.36%	46.86%	1.37%	37.54%
Acquisition of Real Estate Assets	-579.6	-595.8	-484.5	-567.83	-697.51
Sale of Real Estate Assets	290.9	518.8	627.2	687.34	762.17
Net Sale / Acq. of Real Estate Assets	-288.7	-77	142.7	119.51	64.66
Cash Acquisition	-	-	-	-	-73.99
Investment in Marketable & Equity Securities	-0.2	2.2	-0.2	-0.01	-1.07
Other Investing Activities	39.5	10.7	18.5	7.56	33.17
Investing Cash Flow	-85.6	-137.1	171	323.25	27.66
Long-Term Debt Issued	2,314	1,410	1,416	1,442	1,259
Long-Term Debt Repaid	-2,145	-1,735	-1,692	-2,357	-1,651
Net Debt Issued (Repaid)	169.2	-324.5	-275.5	-914.55	-391.96
Issuance of Common Stock	1.4	0.1	-	-	208.89
Repurchase of Common Stock	-18.8	-9.6	-1.2	-38.45	-8.52
Common Dividends Paid	-387.6	-76.4	-73	-353.34	-339.57
Other Financing Activities	-296.6	-328.4	-373.2	-349.49	-356.83
Foreign Exchange Rate Adjustments	0.6	0.1	0.9	-0.92	-0.01
Miscellaneous Cash Flow Adjustments	-	-	-	-0	-0
Net Cash Flow	202.2	104.7	474.2	-635.43	-171.68
Cash Income Tax Paid	33.6	38.9	14.1	19.63	58.37
Levered Free Cash Flow	-406.53	12.51	69.65	164.4	-705
Unlevered Free Cash Flow	-195.89	273.89	292.47	250.31	-620.34
Change in Working Capital	-94.5	112.3	193.6	-82.94	33.4

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