Zug Estates 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	85.18	58.72	24.19	39.8	75.56
Depreciation & Amortization	2.79	3.46	3.12	3.05	3.14
Other Amortization	0.42	0.54	0.47	0.5	0.32
Gain (Loss) on Sale of Assets	-	-	-	-	-7.32
Asset Writedown	-52.19	-24.75	11	-6.79	-42.4
Change in Accounts Receivable	0.17	-1.01	4.92	-4.59	7.89
Change in Accounts Payable	0.36	-0.01	0.03	1.13	0.05
Change in Other Net Operating Assets	0.89	3.01	-6.04	3.06	3.32
Other Operating Activities	9.4	5.93	1.31	3.25	7.44
Operating Cash Flow	47.01	45.86	39.04	39.4	48.02
Operating Cash Flow Growth	2.51%	17.47%	-0.90%	-17.95%	-36.81%
Acquisition of Real Estate Assets	-27.96	-10.02	-33.38	-14.73	-10.54
Sale of Real Estate Assets	-	-	4.5	1.35	17.53
Net Sale / Acq. of Real Estate Assets	-27.96	-10.02	-28.88	-13.39	7
Investment in Marketable & Equity Securities	0.04	0.03	0.03	-91.35	0.25
Investing Cash Flow	-27.92	-10.4	-29.2	-105.5	6.71
Short-Term Debt Issued	160.5	24.5	31.85	168	-
Long-Term Debt Issued	99.99	99.84	103.88	99.66	-
Total Debt Issued	260.49	124.34	135.73	267.66	-
Short-Term Debt Repaid	-158.5	-140.48	-122.07	-83.8	-30.8
Long-Term Debt Repaid	-100	-	-	-100	-
Total Debt Repaid	-258.5	-140.48	-122.07	-183.8	-30.8
Net Debt Issued (Repaid)	1.99	-16.14	13.66	83.86	-30.8
Common Dividends Paid	-23.97	-22.44	-20.91	-19.13	-17.34
Miscellaneous Cash Flow Adjustments	-	-	0.21	-	-
Net Cash Flow	-2.88	-3.12	2.8	-1.37	1.49
Levered Free Cash Flow	31.84	29.5	24.62	23.38	45.01
Unlevered Free Cash Flow	38.33	35.91	31	28.23	49.67
Change in Working Capital	1.42	1.98	-1.06	-0.41	11.27

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