SES S.A. 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	-95	15	-905	-34	453
Depreciation & Amortization	-	806	692	705	670
Asset Writedown & Restructuring Costs	-	123	3,676	397	724
Other Operating Activities	1,078	-169	-102	-46	-97
Change in Accounts Receivable	-	38	13	442	-492
Change in Inventory	-	-	-26	-6	4
Change in Accounts Payable	-	205	-4	8	-25
Change in Unearned Revenue	-	-19	137	1	42
Change in Other Net Operating Assets	-75	7	-2	4	15
Operating Cash Flow	908	1,006	3,479	1,471	1,294
Operating Cash Flow Growth	-9.74%	-71.08%	136.51%	13.68%	23.36%
Capital Expenditures	-522	-280	-383	-1,312	-243
Sale of Property, Plant & Equipment	3	-	-	-	-
Cash Acquisitions	-	-	-	-435	-
Divestitures	-1,442	-	-	-	-
Sale (Purchase) of Intangibles	-26	-23	-22	-42	-37
Other Investing Activities	322	144	35	-4	-3
Investing Cash Flow	-1,665	-159	-370	-1,793	-283
Long-Term Debt Issued	2,159	1,034	-	744	159
Short-Term Debt Repaid	-	-35	-	-	-
Long-Term Debt Repaid	-2,966	-743	-728	-74	-628
Total Debt Repaid	-2,966	-778	-728	-74	-628
Net Debt Issued (Repaid)	-807	256	-728	670	-469
Issuance of Common Stock	2	-	1	4	618
Repurchase of Common Stock	-	-150	-22	-	-887
Common Dividends Paid	-282	-369	-269	-268	-266
Other Financing Activities	-274	-112	-108	-101	-123
Financing Cash Flow	-1,361	-375	-1,126	305	-1,127
Foreign Exchange Rate Adjustments	-328	142	-123	15	3
Net Cash Flow	-2,446	614	1,860	-2	-113
Free Cash Flow	386	726	3,096	159	1,051
Free Cash Flow Growth	-46.83%	-76.55%	1847.17%	-84.87%	19.70%
Free Cash Flow Margin	13.73%	36.28%	152.51%	8.18%	58.98%
Free Cash Flow Per Share	-	1.69	7.05	0.36	2.34
Cash Interest Paid	-	110	109	103	121
Cash Income Tax Paid	-	168	442	186	31
Levered Free Cash Flow	-316.25	725.5	990.5	-1,128	718.5
Unlevered Free Cash Flow	-316.25	796.75	1,046	-1,050	794.13
Change in Working Capital	-75	231	118	449	-456

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