Gecina 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	448.2	309.76	-1,787	169.58	849.29
Depreciation & Amortization	-93.16	11.7	11.28	9.88	11.11
Gain (Loss) on Sale of Assets	-2.91	-0.67	-66.97	-5.38	-24.4
Asset Writedown	-123.43	124.06	2,203	287.05	-459.73
Stock-Based Compensation	4.9	5.09	4.55	4.87	4.09
Income (Loss) on Equity Investments	-5.92	-0.43	20.84	6.08	-4.6
Change in Accounts Receivable	-	11.75	4.96	-17.96	20.42
Change in Accounts Payable	-	1.18	-0.15	-7.8	-4.41
Change in Other Net Operating Assets	29.39	41.45	-4.13	-2.62	3.07
Other Operating Activities	221.96	90.84	125.62	48.55	88.41
Operating Cash Flow	479.02	599.85	534.97	483.81	481.68
Operating Cash Flow Growth	-20.14%	12.13%	10.58%	0.44%	-4.55%
Acquisition of Real Estate Assets	-969.8	-449.5	-390.53	-368.82	-360.66
Sale of Real Estate Assets	746.83	53.78	1,254	129.31	506.34
Net Sale / Acq. of Real Estate Assets	-222.97	-395.72	863.38	-239.51	145.68
Investment in Marketable & Equity Securities	-0.01	11.68	-0.25	-58.29	-24.1
Other Investing Activities	9.47	-16.51	20.78	30.76	72.3
Investing Cash Flow	-210.09	-405.94	883.97	-265.09	193.9
Long-Term Debt Issued	4,754	2,747	5,066	6,349	3,487
Long-Term Debt Repaid	-4,620	-2,438	-5,913	-6,028	-3,791
Net Debt Issued (Repaid)	133.98	309.22	-846.54	320.73	-304.05
Issuance of Common Stock	7.28	5.83	4.1	4.28	4.93
Repurchase of Common Stock	-	-3.42	-0.04	-0.01	-
Common Dividends Paid	-403.33	-392.33	-391.32	-390.95	-390.31
Other Financing Activities	-107.96	-77.89	-92.01	-117.3	-145.17
Miscellaneous Cash Flow Adjustments	0	-	0	-	-
Net Cash Flow	-101.1	35.33	93.14	35.47	-159.02
Cash Income Tax Paid	1.3	1.28	2.22	-12.8	8.73
Levered Free Cash Flow	-280.48	-476.41	-64.5	-91.36	109.43
Unlevered Free Cash Flow	-221.86	-419.94	-9.4	-39.44	165.01
Change in Working Capital	29.39	59.49	24.22	-36.82	17.5

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