Adler Group 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	-1,070	873.6	-1,656	-1,557	-1,177	190.8
Depreciation & Amortization	4.25	8.55	10.35	20.17	19.65	11.3
Gain (Loss) on Sale of Investments	13.64	13.64	28.35	427.23	23	102.82
Asset Writedown	301.6	483.18	1,173	761.85	-415.14	-413.67
Stock-Based Compensation	0.55	-	-	0.37	0.76	0.55
Income (Loss) on Equity Investments	-0.98	-	5.11	-0.21	-0.76	5.67
Change in Accounts Receivable	-	-	-	-134.51	44.48	129.41
Change in Accounts Payable	-	-	-	-185.41	-66.97	-15.29
Change in Other Net Operating Assets	86.85	118.74	112.24	131.54	-560.16	-139.49
Other Operating Activities	539.7	-1,666	201.15	-28.09	1,463	270.61
Operating Cash Flow	-124.78	-168.51	-126.56	-138.22	-276.24	124.76
Operating Cash Flow Growth	-	-	-	-	-	40.55%
Acquisition of Real Estate Assets	-24.57	-46.62	-57.47	-170.09	-276.96	-292.44
Sale of Real Estate Assets	44.04	41.87	178.57	1,365	1,546	246.58
Net Sale / Acq. of Real Estate Assets	19.47	-4.75	121.1	1,195	1,269	-45.86
Cash Acquisition	-	-	-	-	-	-64.69
Investment in Marketable & Equity Securities	74.15	-	-	67.88	-140.05	-27.34
Other Investing Activities	21.25	25.47	14.47	16.56	15.23	7.04
Investing Cash Flow	419.51	34.21	154.57	1,526	1,134	-178.37
Short-Term Debt Issued	-	-	-	-	315	175.57
Long-Term Debt Issued	-	907.52	1,248	237.33	2,789	2,529
Total Debt Issued	298.04	907.52	1,248	237.33	3,104	2,705
Short-Term Debt Repaid	-	-24.46	-24.5	-	-370.39	-534.18
Long-Term Debt Repaid	-	-637.14	-1,247	-1,313	-2,972	-2,504
Total Debt Repaid	-696.42	-661.6	-1,272	-1,313	-3,342	-3,038
Net Debt Issued (Repaid)	-398.39	245.93	-24.16	-1,076	-238.58	-333.44
Issuance of Common Stock	-	-	-	-	-	457.34
Common Dividends Paid	-	-	-	-	-54.05	-
Other Financing Activities	-74.19	-215.83	-181.37	-294.79	-385.12	-260.2
Miscellaneous Cash Flow Adjustments	55.74	-26.22	167.94	-185.62	-	178.38
Net Cash Flow	-122.11	-130.43	-9.57	-168.72	179.67	-11.53
Cash Interest Paid	52.2	146.71	119.62	173.61	306.47	187.29
Cash Income Tax Paid	92.04	96.61	20.63	27.78	55.43	23.77
Levered Free Cash Flow	-1,142	-216	50.14	1,716	-2,009	-1,640
Unlevered Free Cash Flow	325.6	22.28	233.38	1,818	-1,877	-1,531
Change in Working Capital	86.85	118.74	112.24	237.33	-190.03	-43.31

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