Icade 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	-123	-275.9	-1,250	54.1	400.1
Depreciation & Amortization	18.2	106.9	22.8	21.8	20.5
Gain (Loss) on Sale of Assets	-10.9	-2.9	114.2	-21.1	-51.7
Asset Writedown	359.1	522.8	1,476	265.5	-141.5
Income (Loss) on Equity Investments	4.7	39.3	2.9	-14	12.9
Change in Other Net Operating Assets	-0.1	-0.1	0.1	-122.8	31.5
Other Operating Activities	-69.4	-163.4	22.2	197.4	257.3
Net Cash from Discontinued Operations	-	-	-79.3	-139.2	-
Operating Cash Flow	300.4	366.4	237.5	241.7	529.1
Operating Cash Flow Growth	-18.01%	54.27%	-1.74%	-54.32%	-18.61%
Acquisition of Real Estate Assets	-305.5	-200.2	-304.6	-547.1	-1,027
Sale of Real Estate Assets	192.5	95.8	148.3	653.1	380.3
Net Sale / Acq. of Real Estate Assets	-113	-104.4	-156.3	106	-646.4
Cash Acquisition	-10.7	-14.9	-280.1	-33.2	-232.7
Investment in Marketable & Equity Securities	63.2	72.4	26.8	10.8	5.6
Other Investing Activities	-4.2	-1.9	17.2	-10.7	-36.1
Investing Cash Flow	-63.6	-46.4	1,010	91.5	-846
Long-Term Debt Issued	651.5	391.5	253.1	1,772	1,516
Long-Term Debt Repaid	-1,032	-658.7	-843.6	-1,436	-1,569
Net Debt Issued (Repaid)	-380.4	-267.2	-590.5	336.1	-53.7
Repurchase of Common Stock	-	-1.4	-	-0.1	-
Common Dividends Paid	-326.7	-366.7	-328.1	-317.8	-196.1
Other Financing Activities	114.2	40	41	1.5	23.2
Miscellaneous Cash Flow Adjustments	-	-	70.7	-	-
Net Cash Flow	-356.1	-275.3	440.9	352.9	-543.5
Cash Interest Paid	68.2	75.8	1,062	99.7	103
Cash Income Tax Paid	2.9	-3.5	129	19.3	7.5
Levered Free Cash Flow	690.54	408.85	-954.21	50.56	116.51
Unlevered Free Cash Flow	739.41	454.6	-900.21	99.88	184.26
Change in Working Capital	121.7	139.6	-70.9	-122.8	31.5

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