Covivio Hotels 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	307.7	224.6	-11.6	478.79	50.29
Depreciation & Amortization	97.5	57.5	43.2	41.14	42.34
Other Amortization	0.3	1.2	0.4	0.23	1.57
Gain (Loss) on Sale of Assets	-3.6	-12.2	-0.3	-3.38	1.61
Asset Writedown	-105.4	-29.8	264.5	-292.71	-53.35
Stock-Based Compensation	-	-0.1	-	-	-
Income (Loss) on Equity Investments	-8.6	-15.1	2	-19.43	-10.69
Change in Accounts Receivable	2.6	9.9	13.5	18.43	-38.62
Change in Accounts Payable	-33.7	16.7	6.7	-35.1	33.77
Change in Other Net Operating Assets	-0.1	-0.1	-	-	-0
Other Operating Activities	54.1	95.5	5.8	69.43	131.63
Operating Cash Flow	311.1	348.2	324.1	256.88	158.44
Operating Cash Flow Growth	-10.66%	7.44%	26.17%	62.13%	96.51%
Acquisition of Real Estate Assets	-53.4	-135.3	-37.8	-71.06	-73.75
Sale of Real Estate Assets	75.7	368	24	168.33	69.22
Net Sale / Acq. of Real Estate Assets	22.3	232.7	-13.8	97.27	-4.54
Cash Acquisition	-2.2	-254.3	-1.6	-0.93	-1.14
Other Investing Activities	28.3	6.2	5	3.55	2.23
Investing Cash Flow	74.6	80.8	-5.8	99.99	-2.99
Long-Term Debt Issued	323.4	722.9	624.3	44.27	656.15
Long-Term Debt Repaid	-843.7	-417.8	-682.6	-216.85	-884.77
Net Debt Issued (Repaid)	-520.3	305.1	-58.3	-172.58	-228.61
Issuance of Common Stock	-	0.1	0.1	-	248.13
Repurchase of Common Stock	-0.1	-	-	-0.02	-
Common Dividends Paid	-39.4	-192.6	-185.2	-96.29	-34.46
Other Financing Activities	-66.5	-73.8	-84.2	-114.34	-85.54
Foreign Exchange Rate Adjustments	0.6	0.1	0.9	-0.92	-0.01
Miscellaneous Cash Flow Adjustments	-	-	0.1	-0	-
Net Cash Flow	-240	467.9	-8.3	-27.27	54.96
Cash Income Tax Paid	13.7	16.2	9.4	4.07	12.43
Levered Free Cash Flow	198.14	194.29	-9.67	162.9	-82.34
Unlevered Free Cash Flow	262.53	267.46	55.37	201.27	-49.22
Change in Working Capital	-30.9	26.6	20.1	-17.2	-4.96

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.