LON:IAG 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	5,024	4,283	3,507	1,278	-2,765
Depreciation & Amortization	2,628	2,364	2,063	2,070	1,932
Other Adjustments	-1,614	-193	-826	-378	-942
Change in Receivables	309	-189	-272	-660	-351
Changes in Inventories	-93	-115	-140	-21	-
Changes in Accounts Payable	-273	121	258	886	1,985
Changes in Unearned Revenue	566	336	212	1,236	-
Changes in Other Operating Activities	41	-235	-200	443	-
Operating Cash Flow	6,588	6,372	4,602	4,854	-141
Operating Cash Flow Growth	3.39%	38.46%	-5.19%	-	-
Capital Expenditures	-3,442	-2,816	-3,282	-3,875	-744
Sale of Property, Plant & Equipment	26	584	1,080	837	544
Purchases of Investments	712	-215	-985	-351	91
Proceeds from Sale of Investments	1	-	11	-	-
Other Investing Activities	-66	-55	15	-74	-72
Investing Cash Flow	-2,769	-2,502	-3,161	-3,463	-181
Long-Term Debt Issued	1,160	1,474	1,001	1,436	4,817
Long-Term Debt Repaid	-3,666	-2,147	-5,999	-2,505	-2,265
Net Long-Term Debt Issued (Repaid)	-2,506	-673	-4,998	-1,069	2,552
Repurchase of Common Stock	-1,243	-202	-77	-23	-24
Net Common Stock Issued (Repurchased)	-1,243	-202	-77	-23	-24
Common Dividends Paid	-471	-149	-	-	-
Other Financing Activities	-193	-151	-119	1,036	-293
Financing Cash Flow	-4,413	-1,175	-5,194	-56	2,235
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-174	53	-2	-31	205
Net Cash Flow	-594	2,695	-3,753	1,335	1,913
Free Cash Flow	3,146	3,556	1,320	979	-885
Free Cash Flow Growth	-11.53%	169.39%	34.83%	-	-
FCF Margin	9.47%	-	89.26%	4.24%	-10.47%
Free Cash Flow Per Share	0.63	0.68	0.25	0.18	-0.18
Levered Free Cash Flow	263	-76.2	-5,809	101	2,792
Unlevered Free Cash Flow	3,154	880	-843.25	2,066	860.56