VAT Group AG Cash Flow Statement

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

Millions CHF. 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	214.28	211.8	190.31	306.78	217.44
Depreciation & Amortization	48.77	43.49	42.33	40.97	43.06
Other Adjustments	66.81	47.77	45.75	61.2	49.97
Change in Receivables	3.01	-29.57	42.83	-43.83	-31.14
Changes in Inventories	48.42	-49.87	25.86	-81.04	-47.78
Changes in Accounts Payable	-35.65	28.44	-49.57	54.59	33.41
Changes in Accrued Expenses	-8.88	21.31	-1.03	-1.09	7.56
Changes in Income Taxes Payable	-37.1	-32.28	-45.02	-37.52	-30.55
Changes in Other Operating Activities	-0.48	-0.44	4.94	-6.1	-2.18
Operating Cash Flow	299.17	240.64	256.41	293.97	239.79
Operating Cash Flow Growth	24.32%	-6.15%	-12.78%	22.59%	44.32%
Capital Expenditures	-58.21	-46.65	-60.27	-58.97	-32.43
Sale of Property, Plant & Equipment	0.03	0.04	0.29	0.02	0.33
Purchases of Intangible Assets	-10.1	-9.02	-8.97	-7.27	-10.54
Payments for Business Acquisitions	-	-	-	-	-1.59
Other Investing Activities	-0.51	-1.77	1.29	0.43	0.13
Investing Cash Flow	-68.78	-57.39	-67.65	-65.8	-44.1
Long-Term Debt Issued	195	140	310	80	110
Long-Term Debt Repaid	-225	-110	-310	-80	-170
Net Long-Term Debt Issued (Repaid)	-30	30	0	0	-60
Repurchase of Common Stock	-5.42	-7.02	-5.74	-4.46	-4.34
Net Common Stock Issued (Repurchased)	-5.42	-7.02	-5.74	-4.46	-4.34
Common Dividends Paid	-187.36	-187.42	-187.44	-164.96	-134.98
Other Financing Activities	-9.11	-8.07	-12.41	-7.82	-7.38
Financing Cash Flow	-231.89	-172.5	-205.58	-177.24	-206.71
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-15.68	3.27	-13.43	-3.72	0.29
Net Cash Flow	-1.51	10.75	-16.83	50.93	-11.01
Free Cash Flow	240.97	194	196.14	234.99	207.37
Free Cash Flow Growth	24.21%	-1.09%	-16.53%	13.32%	30.96%
FCF Margin	22.45%	20.59%	22.15%	20.51%	23.01%
Free Cash Flow Per Share	8.03	6.47	6.54	7.83	6.91
Levered Free Cash Flow	141.14	205.8	107.55	217.62	128.53
Unlevered Free Cash Flow	184.05	173.78	127.31	220.2	194.54

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.