LON:0K1E Cash Flow Statement

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

Millions USD. 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	456.57	541.58	567.83	654.78	550.7
Depreciation & Amortization	622.97	586.4	565.86	544	534.42
Stock-Based Compensation	18.75	16.84	15.79	6	16.67
Other Adjustments	-64.94	-86.02	1.6	-140.37	-262.74
Changes in Accrued Expenses	46.62	38.59	29.31	-	-
Changes in Other Operating Activities	9.25	-34.8	-24.45	-10.06	55.93
Operating Cash Flow	1,078	1,098	1,137	1,058	894.97
Operating Cash Flow Growth	-1.83%	-3.42%	7.44%	18.27%	8.62%
Capital Expenditures	-765.72	-937.33	-762.83	-739.73	-557.31
Sale of Property, Plant & Equipment	81.35	84.21	2.95	320.49	293.07
Purchases of Investments	-9.85	-2.87	-16.64	-13.85	-4.67
Proceeds from Sale of Investments	-	9.98	-	-	-
Other Investing Activities	3.99	20.52	1.26	27.85	15.32
Investing Cash Flow	-690.22	-825.5	-775.26	-405.24	-253.59
Short-Term Debt Issued	426	-245	475	20	-172
Net Short-Term Debt Issued (Repaid)	426	-245	475	20	-172
Long-Term Debt Issued	397.42	1,092	-	-	594.42
Long-Term Debt Repaid	-400	-400	-353.86	-126.4	-467.15
Net Long-Term Debt Issued (Repaid)	-2.58	691.65	-353.86	-126.4	127.27
Issuance of Common Stock	1.45	1.23	205.07	1.08	0.65
Repurchase of Common Stock	-27.24	-	-	-	-
Net Common Stock Issued (Repurchased)	-25.78	1.23	205.07	1.08	0.65
Common Dividends Paid	-709.02	-686.9	-651.72	-539.61	-470.4
Preferred Share Dividends Paid	-3.69	-3.69	-3.69	-3.69	-3.69
Other Financing Activities	-55.66	-28.41	-38.71	-74.16	-28.22
Financing Cash Flow	-370.74	-271.12	-367.91	-722.77	-546.4
Net Cash Flow	17.21	1.67	-5.98	-69.53	94.98
Free Cash Flow	312.46	160.96	374.36	318.75	337.66
Free Cash Flow Growth	94.12%	-57.00%	17.45%	-5.60%	-0.70%
FCF Margin	14.14%	7.35%	17.42%	15.78%	18.99%
Free Cash Flow Per Share	2.67	1.38	3.21	2.76	2.94
Levered Free Cash Flow	783.45	627.05	481.83	325.26	522.1
Unlevered Free Cash Flow	526.36	303.29	491.06	429.13	486.65

Updated Dec 31, 2025. Data Source: Fiscal.ai. Real Estate template. Financial Sources.