Telecom Italia 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	297	-610	-1,441	-2,925	-8,652
Depreciation & Amortization	2,938	3,189	3,292	4,777	4,490
Loss (Gain) From Sale of Assets	-4	-73	-35	-242	-120
Asset Writedown & Restructuring Costs	69	94	-6	9	4,118
Loss (Gain) on Equity Investments	23	20	29	-23	-38
Other Operating Activities	298	693	1,347	271	252
Change in Accounts Receivable	-232	138	-5	-81	257
Change in Inventory	-12	-23	-11	-35	-39
Change in Accounts Payable	-98	-80	28	484	337
Change in Income Taxes	51	72	-12	-478	-313
Change in Other Net Operating Assets	-752	-251	153	493	150
Operating Cash Flow	2,588	2,579	3,218	4,895	4,336
Operating Cash Flow Growth	0.35%	-19.86%	-34.26%	12.89%	-33.81%
Capital Expenditures	-1,531	-1,954	-2,172	-6,305	-4,013
Sale of Property, Plant & Equipment	95	280	3	62	4
Cash Acquisitions	-1	-4	19	-1,316	-
Divestitures	-	4,169	-	1,278	172
Investment in Securities	-23	-34	-49	-26	-100
Other Investing Activities	1	-414	242	3	3
Investing Cash Flow	-1,378	4,940	-3,339	-5,335	-5,117
Short-Term Debt Issued	1,103	-	241	-	704
Long-Term Debt Issued	1,542	1,886	4,037	2,288	4,082
Total Debt Issued	2,645	1,886	4,278	2,288	4,786
Short-Term Debt Repaid	-	-862	-	-436	-
Long-Term Debt Repaid	-4,369	-8,431	-4,308	-4,615	-3,072
Total Debt Repaid	-4,369	-9,293	-4,308	-5,051	-3,072
Net Debt Issued (Repaid)	-1,724	-7,407	-30	-2,763	1,714
Issuance of Common Stock	-	-	-	2	-
Common Dividends Paid	-273	-159	-273	-68	-368
Other Financing Activities	-25	160	-237	-40	1,818
Financing Cash Flow	-2,022	-7,406	-540	-2,869	3,164
Foreign Exchange Rate Adjustments	-8	-101	18	-40	13
Net Cash Flow	-820	12	-643	-3,349	2,396
Free Cash Flow	1,057	625	1,046	-1,410	323
Free Cash Flow Growth	69.12%	-40.25%	-	-	-89.49%
Free Cash Flow Margin	7.70%	4.32%	7.31%	-8.93%	2.11%
Free Cash Flow Per Share	-	0.03	0.05	-0.07	0.01
Cash Interest Paid	829	1,839	1,931	1,668	1,440
Cash Income Tax Paid	7	30	71	-164	242
Levered Free Cash Flow	-620.88	428.75	1,714	-3,492	3,593
Unlevered Free Cash Flow	519.75	1,274	2,688	-2,666	4,334
Change in Working Capital	-1,083	-62	307	3,028	4,286

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