Jerónimo Martins, SGPS Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	643	599	756	590	463	312
Depreciation & Amortization	1,097	1,028	892	773	738	728
Other Amortization	15	15	10	9	7	6
Loss (Gain) From Sale of Assets	13	16	15	4	4	5
Loss (Gain) on Equity Investments	1	1	1	-	-	-
Other Operating Activities	308	190	159	167	147	141
Change in Accounts Receivable	-29	10	-16	-11	-4	23
Change in Inventory	-96	-206	-190	-421	-148	14
Change in Accounts Payable	272	-9	384	931	527	205
Change in Other Net Operating Assets	20	3	-2	36	1	4
Operating Cash Flow	2,253	1,654	2,025	2,095	1,756	1,449
Operating Cash Flow Growth	49.60%	-18.32%	-3.34%	19.30%	21.19%	-2.89%
Capital Expenditures	-1,016	-1,005	-1,080	-887	-584	-514
Sale of Property, Plant & Equipment	21	8	3	57	6	4
Cash Acquisitions	-54	-23	-48	-4	-6	-
Investment in Securities	1	79	-108	-6	-33	-
Other Investing Activities	45	45	49	15	-	22
Investing Cash Flow	-1,003	-896	-1,184	-825	-617	-488
Long-Term Debt Issued	-	283	198	52	-	-
Long-Term Debt Repaid	-	-392	-348	-321	-326	-420
Net Debt Issued (Repaid)	-199	-109	-150	-269	-326	-420
Common Dividends Paid	-371	-412	-346	-494	-181	-217
Other Financing Activities	-379	-345	-256	-187	-169	-170
Financing Cash Flow	-949	-866	-752	-950	-676	-807
Foreign Exchange Rate Adjustments	-9	-7	68	-33	-10	-41
Miscellaneous Cash Flow Adjustments	1	-	-	-	-	-1
Net Cash Flow	293	-115	157	287	453	112
Free Cash Flow	1,237	649	945	1,208	1,172	935
Free Cash Flow Growth	163.19%	-31.32%	-21.77%	3.07%	25.35%	2.01%
Free Cash Flow Margin	3.51%	1.94%	3.09%	4.76%	5.61%	4.85%
Free Cash Flow Per Share	1.97	1.03	1.50	1.92	1.86	1.49
Cash Interest Paid	360	327	241	170	152	155
Cash Income Tax Paid	230	280	254	208	174	174
Levered Free Cash Flow	877.75	191.63	931.25	971.38	1,015	611.02
Unlevered Free Cash Flow	1,097	389.13	1,079	1,075	1,107	703.52
Change in Working Capital	167	-202	176	535	376	246

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