Gecina 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	Jun '25 Jun 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	509.28	309.76	-1,787	169.58	849.29	155.07
Depreciation & Amortization	11.53	11.7	11.28	9.88	11.11	9.66
Gain (Loss) on Sale of Assets	1.58	-0.67	-66.97	-5.38	-24.4	4.32
Asset Writedown	-80.84	124.06	2,203	287.05	-459.73	229.58
Stock-Based Compensation	4.98	5.09	4.55	4.87	4.09	4.2
Income (Loss) on Equity Investments	-4.34	-0.43	20.84	6.08	-4.6	-4.4
Change in Accounts Receivable	9.35	11.75	4.96	-17.96	20.42	4.34
Change in Accounts Payable	18.89	1.18	-0.15	-7.8	-4.41	14.05
Change in Other Net Operating Assets	3.73	41.45	-4.13	-2.62	3.07	-0.84
Other Operating Activities	46.37	90.84	125.62	48.55	88.41	89.82
Operating Cash Flow	516.42	599.85	534.97	483.81	481.68	504.67
Operating Cash Flow Growth	-5.48%	12.13%	10.58%	0.44%	-4.55%	-18.65%
Acquisition of Real Estate Assets	-413.84	-449.5	-390.53	-368.82	-360.66	-277.75
Sale of Real Estate Assets	705.83	53.78	1,254	129.31	506.34	467.17
Net Sale / Acq. of Real Estate Assets	291.99	-395.72	863.38	-239.51	145.68	189.42
Investment in Marketable & Equity Securities	0.55	11.68	-0.25	-58.29	-24.1	-1.44
Other Investing Activities	-12.99	-16.51	20.78	30.76	72.3	-8.72
Investing Cash Flow	271.83	-405.94	883.97	-265.09	193.9	179.74
Long-Term Debt Issued	-	2,747	5,066	6,349	3,487	3,840
Long-Term Debt Repaid	-	-2,438	-5,913	-6,028	-3,791	-3,896
Net Debt Issued (Repaid)	44.16	309.22	-846.54	320.73	-304.05	-55.72
Issuance of Common Stock	10.61	5.83	4.1	4.28	4.93	6.72
Repurchase of Common Stock	-	-3.42	-0.04	-0.01	-	-
Common Dividends Paid	-396.24	-392.33	-391.32	-390.95	-390.31	-389.35
Other Financing Activities	-96.67	-77.89	-92.01	-117.3	-145.17	-109.78
Miscellaneous Cash Flow Adjustments	0	-	0	-	-	0
Net Cash Flow	350.11	35.33	93.14	35.47	-159.02	136.28
Cash Income Tax Paid	1.41	1.28	2.22	-12.8	8.73	7.97
Levered Free Cash Flow	505.42	-476.41	-64.5	-91.36	109.43	589.2
Unlevered Free Cash Flow	564.91	-419.94	-9.4	-39.44	165.01	648.38
Change in Working Capital	27.87	59.49	24.22	-36.82	17.5	16.42

Source: S&P Global Market Intelligence. Real Estate template. Financial Sources.