Terna Cash Flow Statement

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

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	1,102	1,062	885.4	857	789.4	785.5
Depreciation & Amortization	900	856.9	766.4	718.6	656	626.9
Other Amortization	-	-	-	-	-	4.1
Loss (Gain) on Sale of Assets	-9.1	-12.6	-18	-6.9	-13.7	-7.7
Asset Writedown	14.7	14.7	8.7	7	0.3	8.3
Change in Accounts Receivable	-1,039	-1,039	259.6	285.9	-1,592	3.3
Change in Inventory	-33.2	-33.2	22.5	-20.7	-19.8	5.8
Change in Accounts Payable	621.3	621.3	-716.4	604.8	1,169	-274.2
Change in Other Net Operating Assets	172.8	-94.3	-76.3	-148.3	-142.2	-70.7
Other Operating Activities	104.6	87.9	-47.6	25	-13.9	-139.9
Operating Cash Flow	1,839	1,469	1,085	2,324	832.3	941.4
Operating Cash Flow Growth	-3.46%	35.38%	-53.31%	179.19%	-11.59%	-27.33%
Capital Expenditures	-2,746	-2,358	-2,049	-1,492	-1,344	-1,187
Sale of Property, Plant & Equipment	6	12.7	19.4	15.6	32.9	10.5
Cash Acquisitions	-	-	-15.8	-	-31.6	-4.3
Divestitures	79.3	79.3	-	157	-	-
Sale (Purchase) of Intangibles	-266.5	-266.5	-216.2	-212.4	-130.8	-101.6
Investment in Securities	54.1	54.1	-121.3	-348.1	599.6	-117.7
Other Investing Activities	74.2	74.2	48.3	24.8	10.8	10.1
Investing Cash Flow	-2,799	-2,404	-2,334	-1,855	-863.3	-1,390
Long-Term Debt Issued	-	1,724	1,143	-	-	2,612
Long-Term Debt Repaid	-	-	-	-289	-480.8	-
Net Debt Issued (Repaid)	1,724	1,724	1,143	-289	-480.8	2,612
Issuance of Common Stock	842.1	842.1	-	989	-	-
Repurchase of Common Stock	-8	-8	-7	-10	-10	-9.5
Common Dividends Paid	-795.1	-690.6	-671.5	-595.8	-546.7	-526.1
Other Financing Activities	-856.4	-	-	-1.7	-14.3	3.6
Financing Cash Flow	906.1	1,867	464.3	92.5	-1,052	2,080
Net Cash Flow	-53.8	931.6	-785.2	560.8	-1,083	1,632
Free Cash Flow	-907	-889.2	-963.9	831.4	-511.9	-245.2
Free Cash Flow Margin	-23.32%	-24.33%	-30.56%	28.43%	-19.96%	-10.23%
Free Cash Flow Per Share	-	-0.44	-0.47	0.41	-0.26	-0.12
Cash Interest Paid	370.9	370.9	261.9	154.8	214.6	201.2
Cash Income Tax Paid	371.6	371.6	434	380.1	317.9	339.4
Levered Free Cash Flow	-607.93	-1,106	-1,329	778.98	-533.43	-312.26
Unlevered Free Cash Flow	-419.68	-934.95	-1,212	850.16	-475.86	-264.43
Change in Working Capital	-277.8	-544.9	-510.6	721.7	-585.8	-335.8

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.