Leonardo S.p.a. 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	2015 - 2019
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	2015 - 2019
Net Income	1,059	1,074	658	927	586	241	Upgrade
Depreciation & Amortization	543	550	484	448	407	439	Upgrade
Other Amortization	113	113	85	103	78	74	Upgrade
Asset Writedown & Restructuring Costs	61	61	45	20	42	268	Upgrade
Loss (Gain) From Sale of Investments	53	53	31	56	-2	-1	Upgrade
Loss (Gain) on Equity Investments	-121	-121	-148	-142	-138	-26	Upgrade
Provision & Write-off of Bad Debts	-	-	-	-	-	15	Upgrade
Other Operating Activities	388	257	452	244	414	348	Upgrade
Change in Accounts Receivable	592	592	338	-446	-1,131	-489	Upgrade
Change in Inventory	-867	-867	-387	207	488	-167	Upgrade
Change in Other Net Operating Assets	-169	-169	-372	-265	-2	-425	Upgrade
Operating Cash Flow	1,642	1,541	1,186	1,152	742	275	Upgrade
Operating Cash Flow Growth	24.02%	29.93%	2.95%	55.26%	169.82%	-56.96%	Upgrade
Capital Expenditures	-895	-895	-782	-762	-615	-311	Upgrade
Sale of Property, Plant & Equipment	16	16	13	16	19	18	Upgrade
Investment in Securities	-	-	-	-	-19	-200	Upgrade
Other Investing Activities	586	126	507	-45	74	55	Upgrade
Investing Cash Flow	-293	-753	-262	-791	-541	-438	Upgrade
Long-Term Debt Issued	-	137	90	66	800	592	Upgrade
Long-Term Debt Repaid	-	-638	-19	-1,388	-770	-51	Upgrade
Net Debt Issued (Repaid)	-272	-501	71	-1,322	30	541	Upgrade
Common Dividends Paid	-319	-161	-81	-79	-	-80	Upgrade
Other Financing Activities	-16	-16	-2	-1	-	-1	Upgrade
Financing Cash Flow	-607	-678	-12	-1,402	30	460	Upgrade
Foreign Exchange Rate Adjustments	-34	39	-16	73	35	-46	Upgrade
Net Cash Flow	708	149	896	-968	266	251	Upgrade
Free Cash Flow	747	646	404	390	127	-36	Upgrade
Free Cash Flow Growth	37.82%	59.90%	3.59%	207.09%	-	-	Upgrade
Free Cash Flow Margin	3.91%	3.64%	2.64%	2.65%	0.90%	-0.27%	Upgrade
Free Cash Flow Per Share	-	1.12	0.70	0.68	0.22	-0.06	Upgrade
Cash Interest Paid	179	179	173	169	-	247	Upgrade
Cash Income Tax Paid	160	160	200	58	53	98	Upgrade
Levered Free Cash Flow	887.13	444.75	378.38	395.75	276	74.98	Upgrade
Unlevered Free Cash Flow	964	531	470.25	470.75	363.5	182.48	Upgrade
Change in Working Capital	-444	-444	-421	-504	-645	-1,081	Upgrade

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