S4 Capital Cash Flow Statement

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

Millions GBP. 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	-24.8	-306.9	-14.3	-160.5	-56.72
Depreciation & Amortization	67.9	67	77.9	83.4	56.46
Loss (Gain) From Sale of Assets	0.5	-	-	-	-
Asset Writedown & Restructuring Costs	-21.5	308.4	0.3	22.3	-
Loss (Gain) on Equity Investments	-	-0.1	-0.2	-	-
Stock-Based Compensation	4	6.8	10.1	14.2	13.88
Other Operating Activities	41.3	-5	-82.7	118.3	74.3
Change in Accounts Receivable	66.1	-44.4	11.3	-48.7	-131.66
Change in Accounts Payable	-9.4	58.3	-13.1	49.3	98.37
Operating Cash Flow	124.1	84.1	-10.7	78.3	54.62
Operating Cash Flow Growth	47.56%	-	-	43.35%	-11.43%
Capital Expenditures	-2.3	-4	-5.9	-16.4	-11.12
Sale of Property, Plant & Equipment	0.1	0.1	-	-	-
Cash Acquisitions	-0.3	-7	-3.1	-123.7	-86.6
Sale (Purchase) of Intangibles	-2.4	-4.2	-2.1	-1.5	-3.46
Investment in Securities	-	-	-	-	-0.32
Other Investing Activities	1.9	2.8	-2.2	1.8	-5.12
Investing Cash Flow	-3	-12.3	-13.3	-139.8	-106.62
Long-Term Debt Issued	-	-	-	-	342.99
Total Debt Issued	-	-	-	-	342.99
Long-Term Debt Repaid	-13.2	-12.9	-16.5	-16.3	-121.8
Total Debt Repaid	-13.2	-12.9	-16.5	-16.3	-121.8
Net Debt Issued (Repaid)	-13.2	-12.9	-16.5	-16.3	221.2
Issuance of Common Stock	-	-	0.2	0.2	1.14
Repurchase of Common Stock	-	-2.5	-	-	-
Common Dividends Paid	-6.1	-	-	-	-
Other Financing Activities	-24.1	-29.1	-26.7	-16.3	-13.91
Financing Cash Flow	-43.4	-44.5	-43	-32.4	208.43
Foreign Exchange Rate Adjustments	-5.3	-4.6	-10.9	18.4	0.64
Net Cash Flow	72.4	22.7	-77.9	-75.5	157.07
Free Cash Flow	121.8	80.1	-16.6	61.9	43.5
Free Cash Flow Growth	52.06%	-	-	42.29%	-19.85%
Free Cash Flow Margin	16.14%	9.44%	-1.64%	5.79%	6.34%
Free Cash Flow Per Share	0.18	0.12	-0.03	0.10	0.08
Cash Interest Paid	23.6	29.1	26.7	16.3	5.53
Cash Income Tax Paid	3.5	9	20.5	19	18.99
Levered Free Cash Flow	124.69	69.78	-65.05	196.99	110.27
Unlevered Free Cash Flow	142.56	87.28	-49.05	207.24	115.13
Change in Working Capital	56.7	13.9	-1.8	0.6	-33.29

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.