HESAY 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	4,524	4,603	4,311	3,367	2,445
Depreciation & Amortization	926	660	577	532	484
Other Amortization	-	101	89	75	79
Loss (Gain) From Sale of Assets	3	-2	-14	-1	-4
Asset Writedown & Restructuring Costs	-	83	106	123	65
Loss (Gain) on Equity Investments	-47	-44	-105	-50	-34
Stock-Based Compensation	132	142	104	55	59
Other Operating Activities	33	-193	42	-3	-43
Change in Accounts Receivable	-	4	-122	-54	-30
Change in Inventory	-	-313	-662	-324	-116
Change in Accounts Payable	-	-60	42	203	71
Change in Other Net Operating Assets	-233	130	-52	248	421
Operating Cash Flow	5,374	5,139	4,328	4,184	3,405
Operating Cash Flow Growth	4.57%	18.74%	3.44%	22.88%	107.37%
Capital Expenditures	-1,161	-1,067	-578	-414	-403
Sale of Property, Plant & Equipment	1	1	-	1	3
Cash Acquisitions	-60	-229	-288	-1	-
Sale (Purchase) of Intangibles	-	-	-115	-104	-127
Sale (Purchase) of Real Estate	-	-	-166	-	-2
Investment in Securities	-171	118	-52	-160	-192
Other Investing Activities	115	-18	204	99	52
Investing Cash Flow	-1,276	-1,195	-995	-579	-669
Long-Term Debt Issued	8	-	-	-	-
Long-Term Debt Repaid	-341	-306	-278	-261	-220
Net Debt Issued (Repaid)	-333	-306	-278	-261	-220
Repurchase of Common Stock	-8	-37	-130	-123	-158
Common Dividends Paid	-2,753	-1,595	-1,376	-844	-485
Other Financing Activities	-42	-61	-10	-9	-6
Financing Cash Flow	-3,136	-3,046	-1,794	-1,237	-869
Foreign Exchange Rate Adjustments	-364	119	-138	159	110
Miscellaneous Cash Flow Adjustments	-1	-	1	1	1
Net Cash Flow	597	1,017	1,402	2,528	1,978
Free Cash Flow	4,213	4,072	3,750	3,770	3,002
Free Cash Flow Growth	3.46%	8.59%	-0.53%	25.58%	129.69%
Free Cash Flow Margin	26.33%	26.84%	27.93%	32.49%	33.42%
Free Cash Flow Per Share	40.11	38.81	35.77	35.93	28.60
Levered Free Cash Flow	3,729	3,685	3,065	3,092	2,859
Unlevered Free Cash Flow	3,729	3,721	3,100	3,121	2,879
Change in Working Capital	-233	-239	-794	73	346

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