ETR:VH2 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	86.5	35.77	10.15	17.14	26.77
Depreciation & Amortization	26.56	21.25	18.08	16.66	13.05
Loss (Gain) From Sale of Assets	-0.35	0.06	-0.2	-0.22	-0.36
Loss (Gain) on Equity Investments	-21.03	-6.03	-14.74	-16.06	-5.12
Other Operating Activities	52.37	21.61	10.58	9.02	5.16
Change in Inventory	7.34	8.16	18.64	-55.5	1.13
Change in Accounts Payable	21.38	74.77	7.93	18.7	-10.79
Operating Cash Flow	172.77	155.58	50.42	-10.26	29.83
Operating Cash Flow Growth	11.04%	208.55%	-	-	-10.49%
Capital Expenditures	-51.63	-35.65	-30.36	-32.01	-21.4
Cash Acquisitions	-1.15	-0.13	-	-0.18	-3.2
Sale (Purchase) of Intangibles	-0.29	-0.19	-0.71	-0.1	-0.15
Investment in Securities	-11.52	0.36	1.6	-0.27	-3.71
Other Investing Activities	0	0	-	-0	-
Investing Cash Flow	-64.57	-35.6	-29.47	-32.56	-28.46
Long-Term Debt Issued	-	8	15.37	4.99	10.55
Long-Term Debt Repaid	-8.11	-5.49	-20.76	-15.27	-7.25
Net Debt Issued (Repaid)	-8.11	2.51	-5.39	-10.28	3.3
Issuance of Common Stock	-	-	-	-	90
Common Dividends Paid	-6	-2.4	-2.4	-4	-25.12
Other Financing Activities	-2.69	-1.98	-2.52	-5.31	-6.52
Financing Cash Flow	-16.81	-1.87	-10.31	-19.58	61.66
Foreign Exchange Rate Adjustments	0	0	0.01	-	-
Miscellaneous Cash Flow Adjustments	-	-	0	-0	-
Net Cash Flow	91.39	118.12	10.66	-62.41	63.03
Free Cash Flow	121.14	119.94	20.06	-42.28	8.42
Free Cash Flow Growth	1.00%	497.84%	-	-	-35.81%
Free Cash Flow Margin	17.16%	24.03%	5.36%	-11.44%	3.02%
Free Cash Flow Per Share	6.06	6.00	1.00	-2.11	0.43
Cash Interest Paid	1.58	1.41	1.08	0.94	1.09
Cash Income Tax Paid	6.13	9.23	11.58	12.28	9.95
Levered Free Cash Flow	87.54	100.34	3.64	-49.27	5.05
Unlevered Free Cash Flow	88.51	101.19	4.29	-48.69	5.62
Change in Working Capital	28.72	82.93	26.56	-36.81	-9.66

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