NEPI Rockcastle 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	498.84	587.57	476.8	435.17	235
Depreciation & Amortization	3.21	2.05	1.47	1.47	0.64
Gain (Loss) on Sale of Assets	-	-25.93	-5.64	-1.12	-2
Asset Writedown	-162.25	-195.38	-164.47	-141.7	-34.65
Stock-Based Compensation	7.35	3.04	2	1.47	-
Change in Accounts Receivable	-19.13	-38.4	-22.18	-12.48	-6.06
Change in Accounts Payable	1.8	28.01	13.79	18.61	11.55
Other Operating Activities	119.51	55.12	61.7	8.36	59.77
Operating Cash Flow	453.55	429.12	366.9	298.61	258.03
Operating Cash Flow Growth	5.69%	16.96%	22.87%	15.72%	9.14%
Acquisition of Real Estate Assets	-199.54	-899.23	-193.05	-459.94	-71.17
Sale of Real Estate Assets	-	180.94	21.9	3.36	61.09
Net Sale / Acq. of Real Estate Assets	-199.54	-718.29	-171.14	-456.58	-10.08
Cash Acquisition	-1.16	-	-	-36.98	-2.83
Other Investing Activities	-	-	-	-	0.15
Investing Cash Flow	-200.69	-718.29	-171.14	-493.56	-12.75
Long-Term Debt Issued	544.3	936.97	200	753.57	73.52
Long-Term Debt Repaid	-518.47	-550.02	-232.22	-526.07	-250.71
Net Debt Issued (Repaid)	25.83	386.95	-32.22	227.5	-177.19
Issuance of Common Stock	0.02	295.26	0.18	0.11	-
Repurchase of Common Stock	-331.45	-183.23	-58.4	-12.2	-1.98
Common Dividends Paid	-77.11	-100.42	-14.65	-241.22	-210.22
Other Financing Activities	-4.65	0.59	-2.77	-27.23	-0.57
Net Cash Flow	-134.5	109.98	87.89	-247.99	-144.67
Cash Interest Paid	91.91	103.64	77.46	50.57	56.75
Cash Income Tax Paid	33.7	28.8	30.26	9.48	6.41
Levered Free Cash Flow	232.93	433.82	126.47	157.18	210.4
Unlevered Free Cash Flow	300.84	504.2	177.1	192.68	249.56
Change in Working Capital	-13.1	2.66	-4.96	-5.04	-0.74