ENCE Energía y Celulosa 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	-54.46	31.55	-24.72	247.22	-190.41
Depreciation & Amortization	90.12	97.41	98.74	95.68	90.53
Other Amortization	-	3.11	3.15	2.68	2.93
Asset Writedown & Restructuring Costs	0.91	0.18	-7.62	-144	193.5
Loss (Gain) From Sale of Investments	6.7	-	-	-	-
Other Operating Activities	-33.96	12.39	-37.57	34.55	78.3
Change in Accounts Receivable	71.64	-32.79	20.41	20.53	-49.41
Change in Inventory	-10.38	-29.39	25.34	-34.57	-13.52
Change in Accounts Payable	-20.3	-3.87	-125.62	79.26	27
Change in Other Net Operating Assets	-	-	1.76	2.34	2.38
Operating Cash Flow	50.28	78.6	-46.13	303.68	141.29
Operating Cash Flow Growth	-36.03%	-	-	114.93%	126.59%
Capital Expenditures	-92.58	-70.89	-89.8	-51.81	-68.28
Sale of Property, Plant & Equipment	0.16	-	-	0	0.41
Cash Acquisitions	-0	-17.44	-	-	-
Divestitures	-	-	-	0.4	-
Sale (Purchase) of Intangibles	-5.84	-5.97	-5.93	-3.06	-2.71
Investment in Securities	11.38	-10.55	-0.29	0.56	5.22
Investing Cash Flow	-86.89	-104.85	-96.03	-53.9	-65.35
Long-Term Debt Issued	13.13	59.78	237.77	-	-
Long-Term Debt Repaid	-20.63	-68.63	-37.3	-151.59	-203.27
Net Debt Issued (Repaid)	-7.5	-8.84	200.47	-151.59	-203.27
Issuance of Common Stock	22.34	28.68	50.77	47.76	52.99
Repurchase of Common Stock	-23.53	-27.74	-50.57	-47.63	-54.93
Common Dividends Paid	-	-33.97	-140.61	-66.59	-
Other Financing Activities	8.81	-0.97	2.22	1.22	-13.39
Financing Cash Flow	0.12	-42.84	62.27	-216.83	-218.6
Net Cash Flow	-36.49	-69.09	-79.88	32.95	-142.66
Free Cash Flow	-42.31	7.71	-135.93	251.87	73.02
Free Cash Flow Growth	-	-	-	244.94%	-
Free Cash Flow Margin	-5.00%	0.87%	-16.16%	24.95%	8.86%
Free Cash Flow Per Share	-0.17	0.03	-0.56	0.96	0.30
Cash Income Tax Paid	-	-3.12	6.64	22.57	8.16
Levered Free Cash Flow	21.88	-29.87	-94.35	218.8	-72.57
Unlevered Free Cash Flow	21.88	-4.07	-72.33	235.26	-55.79
Change in Working Capital	40.96	-66.05	-78.11	67.55	-33.55

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