STEF SA Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	157.24	191.61	146.36	110.01
Depreciation & Amortization	265.93	170.37	181.06	175.7
Other Amortization	4.51	3.36	2.14	2.82
Loss (Gain) From Sale of Assets	-7.87	-1.88	-8.59	-0.8
Asset Writedown & Restructuring Costs	-	-	14.42	25.81
Loss (Gain) From Sale of Investments	-0.67	-	-	-
Loss (Gain) on Equity Investments	-8.07	-9.71	-10.45	-8.17
Other Operating Activities	-12.05	-2.92	31.56	3.11
Change in Accounts Receivable	-6.27	-	-	-
Change in Inventory	24.01	-	-	-
Change in Accounts Payable	-26.86	-	-	-
Change in Income Taxes	-28.04	-9.87	11.45	17.54
Change in Other Net Operating Assets	35.4	12.72	-82.85	42.19
Operating Cash Flow	397.27	356.55	263.48	368.22
Operating Cash Flow Growth	11.42%	35.32%	-28.44%	66.27%
Capital Expenditures	-351.24	-330	-222.18	-161.7
Sale of Property, Plant & Equipment	7.34	6.5	17.23	5.68
Cash Acquisitions	-98.91	77.41	-81.69	-135.33
Sale (Purchase) of Intangibles	-4.05	-5.77	-2.61	-3.43
Other Investing Activities	3.47	2.1	-1.63	2.41
Investing Cash Flow	-447.36	-244.99	-295.13	-295.12
Long-Term Debt Issued	285.25	176.45	304.35	208.5
Long-Term Debt Repaid	-242.66	-171.07	-295.08	-184.49
Net Debt Issued (Repaid)	42.59	5.39	9.27	24.01
Issuance of Common Stock	0.55	0.53	0.03	0.27
Common Dividends Paid	-63.95	-49.72	-37.26	-30.96
Other Financing Activities	-	-0.14	-6.75	0
Financing Cash Flow	-20.81	-43.95	-34.71	-6.68
Foreign Exchange Rate Adjustments	0.97	1.05	-0.87	-
Miscellaneous Cash Flow Adjustments	-	-	-	-0
Net Cash Flow	-69.93	68.66	-67.23	66.42
Free Cash Flow	46.03	26.56	41.31	206.52
Free Cash Flow Growth	73.35%	-35.72%	-80.00%	1144.99%
Free Cash Flow Margin	0.96%	0.60%	0.99%	5.89%
Free Cash Flow Per Share	3.65	2.10	3.27	16.48
Cash Income Tax Paid	35.02	64.1	51.65	28.94
Levered Free Cash Flow	53.26	3.94	18.49	155.73
Unlevered Free Cash Flow	79.11	21.24	24.17	160.37
Change in Working Capital	-1.75	2.86	-71.4	59.73

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