ETR:P911 Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	273	445	5,227	7,375	7,081	5,729
Depreciation & Amortization	5,453	5,451	4,088	3,528	3,189	3,214
Other Adjustments	-1,076	-1,102	-866	-779	403	-85
Change in Receivables	-507	-690	-222	-835	-1,230	-1,281
Changes in Inventories	220	-191	-75	-694	-1,010	-152
Changes in Accounts Payable	-370	16	-347	618	1,052	543
Changes in Income Taxes Payable	-172	-317	-1,454	-2,190	-2,370	-1,552
Operating Cash Flow	3,823	3,614	6,353	7,023	7,114	6,416
Operating Cash Flow Growth	-33.42%	-43.11%	-9.54%	-1.28%	10.88%	54.98%
Purchases of Intangible Assets	-3,181	-3,136	-3,757	-4,097	-3,661	-3,043
Proceeds from Sale of Intangible Assets	29	29	126	11	8	21
Purchases of Investments	-14	-109	-346	-90	-278	-328
Proceeds from Sale of Investments	-	25	3	6	18	0
Payments for Business Acquisitions	-	-31	-34	-152	-257	-23
Proceeds from Business Divestments	-	0	0	1	66	0
Other Investing Activities	-377	-530	-113	3,119	-2,502	-2,591
Investing Cash Flow	-3,750	-3,752	-4,120	-1,203	-6,606	-5,965
Long-Term Debt Issued	6,609	6,869	7,997	5,633	4,319	5,243
Long-Term Debt Repaid	-6,171	-6,415	-7,570	-4,533	-4,745	-3,814
Net Long-Term Debt Issued (Repaid)	438	454	427	1,100	-426	1,429
Issuance of Common Stock	8	29	-	-	3,057	471
Net Common Stock Issued (Repurchased)	8	29	-	-	3,057	471
Common Dividends Paid	-1,051	-2,101	-2,101	-4,895	-3,361	-1,864
Other Financing Activities	347	410	-6	86	-360	-554
Financing Cash Flow	-1,277	-1,208	-1,679	-3,708	-1,089	-518
Effect of Exchange Rate Changes on Cash and Cash Equivalents	39	-42	6	-31	-2	50
Net Cash Flow	-1,166	-1,388	558	2,081	-583	-17
Free Cash Flow	3,823	3,614	6,353	7,023	7,114	6,416
Free Cash Flow Growth	5.78%	-43.11%	-9.54%	-1.28%	10.88%	54.98%
FCF Margin	10.67%	9.96%	15.85%	17.33%	18.90%	19.36%
Free Cash Flow Per Share	6.66	7.93	13.95	15.42	15.62	14.09
Levered Free Cash Flow	5,882	5,844	6,231	7,519	5,395	7,514
Unlevered Free Cash Flow	5,296	5,247	6,089	6,355	5,611	5,798

Updated Mar 31, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.