Photon Energy 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
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
Net Income	-15.7	-13.12	-15.68	6.31	-6.4	-8.65
Depreciation & Amortization	10	10.26	10.54	8.47	10.08	7.96
Other Amortization	0.64	0.64	0.51	0.48	0.59	0.35
Loss (Gain) on Sale of Assets	-	-	-	-	-	0.05
Loss (Gain) on Sale of Investments	0.21	-0.07	-0.19	-1.03	-2.19	0.48
Loss (Gain) on Equity Investments	-0.57	-0.25	-0.22	-0.13	-0.14	-0.09
Change in Accounts Receivable	-4.17	-10.77	1.1	-7.57	-1.58	-1.78
Change in Inventory	2.03	7.35	5.9	-17.89	-1.19	0.13
Change in Accounts Payable	7.85	9.83	-3.99	9.69	-2.35	-1.57
Change in Other Net Operating Assets	-0.14	0.01	-0.69	-0.16	-0.01	-0.22
Other Operating Activities	13.02	10.32	8.97	3.98	9.42	9.35
Operating Cash Flow	15.14	14.32	7.21	2.85	6.22	6
Operating Cash Flow Growth	-38.37%	98.47%	153.39%	-54.24%	3.65%	-2.63%
Capital Expenditures	-6.25	-6.98	-23.28	-27.58	-8.62	-18.31
Cash Acquisitions	-0.08	-0.37	-3.43	-6.21	-	-0.01
Investment in Securities	5.96	5.96	-	0.36	-2.77	-1.86
Other Investing Activities	-	-	-	-	-2.85	-
Investing Cash Flow	0.41	-1.39	-26.71	-33.43	-14.23	-20.17
Long-Term Debt Issued	-	11.36	41.21	51.59	71.51	24.26
Long-Term Debt Repaid	-	-9.21	-14.87	-31.04	-41.76	-5.64
Net Debt Issued (Repaid)	-6.85	2.15	26.34	20.55	29.75	18.63
Issuance of Common Stock	-	-	-	-	7.75	0.17
Other Financing Activities	-12.4	-12.47	-12.28	-11.2	-6.88	-6.7
Financing Cash Flow	-19.25	-10.33	14.06	9.35	30.63	12.1
Net Cash Flow	-3.7	2.6	-5.43	-21.24	22.61	-2.07
Free Cash Flow	8.89	7.34	-16.07	-24.73	-2.4	-12.31
Free Cash Flow Growth	-15.14%	-	-	-	-	-
Free Cash Flow Margin	8.81%	8.10%	-22.75%	-25.99%	-6.59%	-43.56%
Free Cash Flow Per Share	0.15	0.12	-0.27	-0.44	-0.04	-0.24
Cash Interest Paid	10.68	11.54	11.43	8.28	6.08	5.43
Cash Income Tax Paid	2.88	-0.84	4.88	1.73	2.35	-0.82
Levered Free Cash Flow	10.84	3.54	-28.02	-27.05	-11.77	-11.97
Unlevered Free Cash Flow	17.73	10.76	-20.88	-21.26	-7.66	-8.47
Change in Working Capital	5.57	6.42	2.32	-15.92	-5.13	-3.44

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