Befesa 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	86.59	50.82	57.97	106.22	99.75	47.61
Depreciation & Amortization	73.54	80.86	78.54	66.28	51.46	35.8
Other Amortization	2.5	2.5	2.13	1.8	1.79	1.64
Loss (Gain) From Sale of Assets	-0.68	-0.82	-23.25	-47.77	-	-1.03
Asset Writedown & Restructuring Costs	8.34	8.34	1.51	2.06	8.9	18.13
Other Operating Activities	44.85	64.26	31.64	10.61	-1.39	-12.12
Change in Accounts Receivable	1.6	-20.19	44.11	-11.64	-66.77	-11.53
Change in Inventory	-8.41	-3.13	1.61	-0.06	-21.26	12.4
Change in Accounts Payable	-19.85	9.17	-46.83	9.83	45.41	1.65
Operating Cash Flow	188.47	191.82	147.43	137.33	117.9	92.54
Operating Cash Flow Growth	4.22%	30.11%	7.35%	16.48%	27.40%	-9.73%
Capital Expenditures	-62.86	-74.44	-101.39	-104.19	-75.53	-52.54
Sale of Property, Plant & Equipment	-	-	-	0.21	-	0.1
Cash Acquisitions	-	-	13.85	-44.97	-373.69	-
Sale (Purchase) of Intangibles	-4.61	-4.12	-3.43	-2.46	-2.16	-2.28
Investment in Securities	-	-	0.11	-	1.91	0.83
Investing Cash Flow	-67.47	-78.57	-90.85	-151.4	-449.47	-53.89
Long-Term Debt Issued	-	24.01	3.85	24.2	130.37	20.24
Long-Term Debt Repaid	-	-29.7	-24.58	-21.09	-10.41	-4.53
Net Debt Issued (Repaid)	-49.94	-5.68	-20.74	3.11	119.96	15.71
Issuance of Common Stock	-	-	-	-	332.26	-
Common Dividends Paid	-25.6	-29.2	-50	-50	-46.8	-24.87
Dividends Paid	-25.6	-29.2	-50	-50	-46.8	-24.87
Other Financing Activities	-38.98	-82.39	-39.6	-	-3.65	-
Financing Cash Flow	-114.52	-117.27	-110.34	-46.89	401.77	-9.16
Foreign Exchange Rate Adjustments	-2.99	-0.15	-1.3	-1.38	-0.67	-0.4
Net Cash Flow	3.49	-4.17	-55.06	-62.34	69.53	29.1
Free Cash Flow	125.62	117.38	46.04	33.14	42.37	40
Free Cash Flow Growth	26.26%	154.95%	38.91%	-21.79%	5.93%	42.25%
Free Cash Flow Margin	10.33%	9.47%	3.90%	2.92%	5.16%	6.62%
Free Cash Flow Per Share	3.16	2.93	1.15	0.83	1.14	1.17
Cash Interest Paid	38.98	42.39	30.1	21.24	16.87	17.01
Cash Income Tax Paid	16.71	-4.21	16.57	21.86	15.24	16.63
Levered Free Cash Flow	17.36	106.25	-50.94	-41.84	114.26	65.85
Unlevered Free Cash Flow	39.73	131.1	-28.58	-27.58	123.86	75.38
Change in Working Capital	-26.66	-14.14	-1.11	-1.87	-42.61	2.52

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