FBD Holdings 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	47.16	67.21	69.54	57.56	96.41
Depreciation & Amortization	10.23	10.33	10.27	12.09	17.34
Other Amortization	6.36	5.72	2.53	1.94	1.47
Gain (Loss) on Sale of Investments	-7.44	-10.13	-7.96	19.62	-
Stock-Based Compensation	-	-	-	-	2.65
Change in Accounts Receivable	-	-	-	-	5.46
Change in Insurance Reserves / Liabilities	14.69	9.61	-26.27	2.88	-66.72
Change in Other Net Operating Assets	-7.84	-2.55	7.66	8.18	1.27
Other Operating Activities	2.07	3.45	4.51	-0.8	6.06
Operating Cash Flow	65.72	84.13	65.09	102.75	54.2
Operating Cash Flow Growth	-21.88%	29.25%	-36.65%	89.56%	-31.48%
Capital Expenditures	-5.52	-4.61	-3.59	-5.85	-5.96
Purchase / Sale of Intangible Assets	-12.35	-14.77	-16.19	-6.99	-5.4
Investment in Securities	40.91	24.49	7.26	-56.12	-4.47
Investing Cash Flow	23.04	5.17	-12.52	-68.96	-15.8
Total Debt Repaid	-0.83	-0.92	-0.96	-0.97	-0.96
Net Debt Issued (Repaid)	-0.83	-0.92	-0.96	-0.97	-0.96
Repurchases of Common Stock	-4.01	-4	-	-	-
Common Dividends Paid	-36.22	-35.9	-35.88	-35.59	-
Preferred Dividends Paid	-0.28	-0.28	-0.28	-0.28	-
Total Dividends Paid	-36.51	-36.18	-36.17	-35.87	-
Other Financing Activities	-2.5	-2.5	-2.5	-2.5	-2.5
Financing Cash Flow	-71.02	-79.5	-75.48	-39.34	-3.46
Foreign Exchange Rate Adjustments	-0.02	0.13	0.07	-0.19	-
Net Cash Flow	17.72	9.92	-22.84	-5.74	34.94
Free Cash Flow	60.2	79.52	61.5	96.89	48.25
Free Cash Flow Growth	-24.30%	29.31%	-36.53%	100.83%	-33.43%
Free Cash Flow Margin	11.86%	17.10%	14.55%	26.56%	13.47%
Free Cash Flow Per Share	1.63	2.17	1.68	2.66	1.34
Cash Interest Paid	2.5	2.5	2.5	2.5	2.5
Cash Income Tax Paid	11.22	11.14	12.16	12.6	0.08
Levered Free Cash Flow	81.37	97.26	28.89	-115.92	11.47
Unlevered Free Cash Flow	82.98	98.86	30.49	-114.32	13.06
Change in Working Capital	6.84	7.06	-18.61	11.06	-69.77

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