Adler Group 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	-486.62	873.6	-1,656	-1,557	-1,177
Depreciation & Amortization	9.44	8.55	10.35	20.17	19.65
Gain (Loss) on Sale of Investments	51.44	13.64	28.35	427.23	23
Asset Writedown	92.45	483.18	1,173	761.85	-415.14
Stock-Based Compensation	-	-	-	0.37	0.76
Income (Loss) on Equity Investments	0.05	-	5.11	-0.21	-0.76
Change in Accounts Receivable	-	-	-	-134.51	44.48
Change in Accounts Payable	-	-	-	-185.41	-66.97
Change in Other Net Operating Assets	-11.42	118.74	112.24	131.54	-560.16
Other Operating Activities	280.47	-1,666	201.15	-28.09	1,463
Operating Cash Flow	-64.19	-168.51	-126.56	-138.22	-276.24
Acquisition of Real Estate Assets	-35.18	-46.62	-57.47	-170.09	-276.96
Sale of Real Estate Assets	101.53	41.87	178.57	1,365	1,546
Net Sale / Acq. of Real Estate Assets	66.34	-4.75	121.1	1,195	1,269
Investment in Marketable & Equity Securities	56.55	-	-	67.88	-140.05
Other Investing Activities	3.39	25.47	14.47	16.56	15.23
Investing Cash Flow	406.98	34.21	154.57	1,526	1,134
Short-Term Debt Issued	-	-	-	-	315
Long-Term Debt Issued	294.51	907.52	1,248	237.33	2,789
Total Debt Issued	294.51	907.52	1,248	237.33	3,104
Short-Term Debt Repaid	-19.89	-24.46	-24.5	-	-370.39
Long-Term Debt Repaid	-647.97	-637.14	-1,247	-1,313	-2,972
Total Debt Repaid	-667.86	-661.6	-1,272	-1,313	-3,342
Net Debt Issued (Repaid)	-373.35	245.93	-24.16	-1,076	-238.58
Common Dividends Paid	-	-	-	-	-54.05
Other Financing Activities	-76.24	-215.83	-181.37	-294.79	-385.12
Miscellaneous Cash Flow Adjustments	73.54	-26.22	167.94	-185.62	-
Net Cash Flow	-33.25	-130.43	-9.57	-168.72	179.67
Cash Interest Paid	57.33	146.71	119.62	173.61	306.47
Cash Income Tax Paid	26.08	96.61	20.63	27.78	55.43
Levered Free Cash Flow	241.27	-216	50.14	1,716	-2,009
Unlevered Free Cash Flow	431.32	22.28	233.38	1,818	-1,877
Change in Working Capital	-11.42	118.74	112.24	237.33	-190.03

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