Valiant Holding 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	154.71	150.38	144.26	129.51	123.13
Depreciation & Amortization	18.65	19.85	23.8	22.36	22.83
Gain (Loss) on Sale of Investments	-2.52	-1.76	-3.6	2.37	-0.28
Provision for Credit Losses	13.36	14.66	21.2	-	-
Change in Trading Asset Securities	16.91	42.5	157.33	-207.43	-49.71
Accrued Interest Receivable	-8.37	-6.46	-13.68	-3.42	-2.11
Change in Other Net Operating Assets	-97.86	-343.25	-1,334	-1,971	-1,047
Other Operating Activities	1.42	-4.17	-7.52	8.21	22.55
Operating Cash Flow	96.31	-128.27	-1,012	-2,019	-930.1
Capital Expenditures	-11.25	-10.3	-11.3	-10.3	-
Sale of Property, Plant and Equipment	-	0.03	0.1	0.87	-
Investment in Securities	-508.44	-1,190	200.44	-14.99	71.33
Purchase / Sale of Intangibles	-1.53	-1.87	-1.78	-1.48	-12.22
Investing Cash Flow	-520.8	-1,203	185.32	-20.98	56.37
Long-Term Debt Issued	508.8	711.91	1,041	26.89	914.8
Long-Term Debt Repaid	-62.22	-	-	-	-26.66
Net Debt Issued (Repaid)	446.58	711.91	1,041	26.89	888.14
Repurchase of Common Stock	-4.06	-0.03	-0.01	-0.02	-0.01
Common Dividends Paid	-91.6	-86.86	-78.96	-78.96	-78.96
Net Increase (Decrease) in Deposit Accounts	-	-	-449.63	386.03	1,137
Other Financing Activities	-	-	-12.26	-3.92	-2.58
Financing Cash Flow	350.92	625.02	500.19	330.01	1,944
Net Cash Flow	39.04	-567.24	-326.79	-1,201	1,070
Free Cash Flow	85.06	-138.57	-1,024	-2,029	-930.1
Free Cash Flow Margin	15.48%	-25.12%	-187.54%	-452.53%	-215.99%
Free Cash Flow Per Share	5.39	-8.77	-64.81	-128.49	-58.90

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