EPA:URW 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	1,268	146.2	-1,629	178.2	-972.1
Depreciation & Amortization	26.8	127.6	49.3	15.1	87.5
Gain (Loss) on Sale of Assets	-120.1	8.6	10.3	-30.9	-208.3
Gain (Loss) on Sale of Investments	-33.7	-69.8	-86.5	-7.7	-2.6
Asset Writedown	-143.3	1,118	2,480	1,111	1,343
Stock-Based Compensation	24.5	23.8	18.9	17.8	12.5
Income (Loss) on Equity Investments	-492	-38.3	166.7	47.5	568
Change in Other Net Operating Assets	-27.9	-93.3	-43.6	129.4	215.2
Other Operating Activities	1,544	967.9	1,091	976.2	677.2
Operating Cash Flow	2,047	2,190	2,057	2,436	1,721
Operating Cash Flow Growth	-6.56%	6.50%	-15.59%	41.59%	20.91%
Acquisition of Real Estate Assets	-894.9	-1,308	-1,181	-904.8	-888.9
Sale of Real Estate Assets	719.1	493.7	298.8	585.5	923.6
Net Sale / Acq. of Real Estate Assets	-175.8	-814.6	-882.2	-319.3	34.7
Cash Acquisition	-62.2	-68.9	-72.6	-	-28.2
Investment in Marketable & Equity Securities	904.9	415.1	217.7	717.9	850.5
Investing Cash Flow	650.7	-537.1	-791.4	280.8	620.8
Long-Term Debt Issued	1,339	1,569	2,409	908.8	1,833
Long-Term Debt Repaid	-5,216	-2,531	-769.2	-1,879	-3,438
Net Debt Issued (Repaid)	-3,877	-962.7	1,640	-970.2	-1,605
Issuance of Common Stock	20	5.2	5.1	4.6	3.6
Repurchase of Common Stock	-	-	-174.7	-	-
Common Dividends Paid	-588.9	-446.7	-58.7	-48.1	-48.1
Other Financing Activities	-817.5	-478.1	-546.4	-629.1	-593.6
Foreign Exchange Rate Adjustments	-40.2	15.6	44.4	7.3	13.7
Net Cash Flow	-2,607	-213.6	2,175	1,082	111.9
Cash Interest Paid	970.6	1,097	989.2	690	662.2
Cash Income Tax Paid	85.6	121.9	73.4	64.7	27.3
Levered Free Cash Flow	1,573	235.86	89.31	874.28	716.54
Unlevered Free Cash Flow	2,091	928.43	710.94	1,324	1,140
Change in Working Capital	-27.9	-93.3	-43.6	129.4	215.2