ETR:P911 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	431	3,592	5,157	4,960	4,032
Depreciation & Amortization	2,844	2,935	2,544	2,421	2,146
Other Amortization	1,241	1,101	959	784	968
Loss (Gain) From Sale of Assets	146	61	14	5	35
Asset Writedown & Restructuring Costs	1,366	52	25	-16	100
Loss (Gain) on Equity Investments	35	185	34	52	23
Other Operating Activities	-281	351	-94	-290	-77
Change in Accounts Receivable	-	177	-190	-247	-409
Change in Inventory	-191	-75	-694	-1,010	-152
Change in Other Net Operating Assets	-1,977	-2,026	-732	455	-250
Operating Cash Flow	3,614	6,353	7,023	7,114	6,416
Operating Cash Flow Growth	-43.11%	-9.54%	-1.28%	10.88%	54.98%
Capital Expenditures	-2,173	-2,174	-2,016	-1,710	-3,043
Sale of Property, Plant & Equipment	29	126	11	8	21
Cash Acquisitions	-31	-34	-152	-257	-23
Divestitures	-	-	1	66	-
Sale (Purchase) of Intangibles	-963	-1,583	-2,081	-1,951	-
Investment in Securities	-391	-413	-40	-741	-611
Other Investing Activities	-	1	-1	-	-1
Investing Cash Flow	-3,752	-4,120	-1,203	-6,606	-5,965
Long-Term Debt Issued	7,414	8,114	5,840	4,319	5,243
Long-Term Debt Repaid	-6,550	-7,693	-4,646	-5,105	-3,924
Net Debt Issued (Repaid)	864	421	1,194	-786	1,319
Issuance of Common Stock	-	-	-	3,057	471
Common Dividends Paid	-2,100	-2,100	-4,895	-3,361	-1,864
Other Financing Activities	28	-	-7	1	-444
Financing Cash Flow	-1,208	-1,679	-3,708	-1,089	-518
Foreign Exchange Rate Adjustments	-42	6	-31	-2	50
Miscellaneous Cash Flow Adjustments	-	-2	-	1	-
Net Cash Flow	-1,388	558	2,081	-582	-17
Free Cash Flow	1,441	4,179	5,007	5,404	3,373
Free Cash Flow Growth	-65.52%	-16.54%	-7.35%	60.21%	146.56%
Free Cash Flow Margin	3.97%	10.43%	12.35%	14.36%	10.18%
Free Cash Flow Per Share	1.58	4.59	5.50	5.93	37.07
Cash Interest Paid	487	462	312	189	159
Cash Income Tax Paid	317	1,454	2,190	2,370	1,552
Levered Free Cash Flow	-287.88	4,585	2,804	5,146	1,791
Unlevered Free Cash Flow	-182.25	4,724	2,919	5,211	1,864
Change in Working Capital	-2,168	-1,924	-1,616	-802	-811

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