Wendel 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	-151.8	293.9	142.4	656.3	1,047
Depreciation & Amortization	307.5	333.6	325.8	332.4	371.8
Other Amortization	14.7	5.9	7.3	9.9	14.4
Loss (Gain) on Equity Investments	-21.4	-17.9	6.5	174.4	-919.6
Other Operating Activities	1,437	1,631	1,115	982.9	905
Change in Other Net Operating Assets	110.3	39	-100.3	-23.6	6.2
Operating Cash Flow	1,695	1,594	1,411	1,493	1,424
Operating Cash Flow Growth	6.36%	12.91%	-5.48%	4.89%	1.80%
Capital Expenditures	-208.8	-205.7	-230.3	-269.4	-249.2
Sale of Property, Plant & Equipment	12.9	6.8	28.4	128.3	18.7
Cash Acquisitions	-858.2	-	-	-95.6	-400.3
Divestitures	1,386	-	-	895.7	-
Investment in Securities	-648.9	529	-1,144	-100	-44.2
Other Investing Activities	-219.8	132.6	-357.5	58.4	-76
Investing Cash Flow	-537.1	462.7	-1,703	617.4	-751
Long-Term Debt Issued	1,770	1,215	1,540	729.5	1,083
Long-Term Debt Repaid	-1,724	-1,002	-1,135	-1,027	-1,700
Net Debt Issued (Repaid)	46.5	213.4	405.2	-297	-617.1
Issuance of Common Stock	3	2	1.4	2.2	2.3
Repurchase of Common Stock	-16.3	-91.8	-18	-23.2	-24.7
Common Dividends Paid	-263.2	-171.8	-139.1	-130.1	-126.6
Other Financing Activities	-716.9	-613.5	-453.8	-354.9	-322.9
Financing Cash Flow	-946.9	-661.7	-204.3	-803	-1,089
Foreign Exchange Rate Adjustments	-67.7	-17.7	-41.9	24.3	15.6
Miscellaneous Cash Flow Adjustments	-351.2	-352	-323.6	-298.9	-267.8
Net Cash Flow	-208	1,025	-861.8	1,033	-668.5
Free Cash Flow	1,486	1,388	1,181	1,224	1,175
Free Cash Flow Growth	7.07%	17.51%	-3.50%	4.21%	-0.41%
Free Cash Flow Margin	19.10%	16.79%	16.14%	18.14%	15.65%
Free Cash Flow Per Share	35.01	32.36	26.85	27.99	26.76
Cash Income Tax Paid	351.1	352	323.6	299	267.8
Levered Free Cash Flow	592.43	1,602	-605.43	805.9	218.65
Unlevered Free Cash Flow	742.05	1,784	-466.05	906.65	327.4
Change in Working Capital	110.3	39	-100.3	-23.6	6.2

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