Deutsche Börse AG 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	-	1,949	1,724	1,494	1,210
Depreciation & Amortization	-	271.4	236.4	212.3	186.5
Other Amortization	-	208.2	148.4	122.2	95.4
Loss (Gain) From Sale of Assets	-	0.6	0.1	-57.9	0.3
Asset Writedown & Restructuring Costs	-	16.2	33.7	21.1	11.8
Other Operating Activities	-	78.9	292.7	637.5	-440.4
Change in Accounts Receivable	-	437.4	484.7	-1,418	-358.2
Change in Accounts Payable	-	-550.5	-370.9	-	-
Change in Other Net Operating Assets	-	-	-	1,472	203.8
Operating Cash Flow	-	2,411	2,549	2,484	908.9
Operating Cash Flow Growth	-	-5.43%	2.64%	173.25%	-35.63%
Capital Expenditures	-	-58.1	-49.5	-109.6	-37.8
Sale of Property, Plant & Equipment	-	3.5	-	-	-
Cash Acquisitions	-	-14.3	-3,842	-185.5	-1,843
Divestitures	-	-	-	27.1	-
Sale (Purchase) of Intangibles	-	-302.5	-218.3	-215.5	-167.7
Investment in Securities	-	-53.8	-260.4	-819.8	-854.8
Other Investing Activities	-	365.2	373.2	-103.2	735.3
Investing Cash Flow	-	-60	-3,997	-1,407	-2,168
Short-Term Debt Issued	-	-	129.9	1,056	2,701
Long-Term Debt Issued	-	-	2,969	1,079	999.1
Total Debt Issued	-	-	3,099	2,135	3,700
Short-Term Debt Repaid	-	-65	-126.5	-2,397	-1,900
Long-Term Debt Repaid	-	-251.2	-125.6	-75.9	-418.6
Total Debt Repaid	-	-316.2	-252.1	-2,473	-2,319
Net Debt Issued (Repaid)	-	-316.2	2,847	-337.6	1,382
Issuance of Common Stock	-	9.4	-	11.9	8.7
Repurchase of Common Stock	-	-297.8	-	-	-
Common Dividends Paid	-	-697.8	-661.5	-587.6	-550.6
Other Financing Activities	-	-51.5	108.3	-37.8	-40.9
Financing Cash Flow	-	-1,354	2,293	-951.1	798.7
Foreign Exchange Rate Adjustments	-	-28.5	-1.7	-37.8	-6.3
Miscellaneous Cash Flow Adjustments	-	-	-	-	-0.1
Net Cash Flow	-	968.3	843.6	88.2	-466.8
Free Cash Flow	-	2,353	2,500	2,374	871.1
Free Cash Flow Growth	-	-5.88%	5.29%	172.53%	-35.51%
Free Cash Flow Margin	-	33.50%	41.00%	45.43%	19.96%
Free Cash Flow Per Share	-	12.77	13.54	12.90	4.74
Cash Interest Paid	-	2,098	1,801	660.5	340.9
Cash Income Tax Paid	-	724.7	576.5	365.4	470.7
Levered Free Cash Flow	-	354.48	1,187	2,204	1,921
Unlevered Free Cash Flow	-	466.54	1,256	2,256	1,964
Change in Working Capital	-	-113.1	113.8	54	-154.4

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