Leonardo S.p.a. 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	1,059	1,074	658	927	586	241
Depreciation & Amortization	543	550	484	448	407	439
Other Amortization	113	113	85	103	78	74
Asset Writedown & Restructuring Costs	61	61	45	20	42	268
Loss (Gain) From Sale of Investments	53	53	31	56	-2	-1
Loss (Gain) on Equity Investments	-121	-121	-148	-142	-138	-26
Provision & Write-off of Bad Debts	-	-	-	-	-	15
Other Operating Activities	388	257	452	244	414	348
Change in Accounts Receivable	592	592	338	-446	-1,131	-489
Change in Inventory	-867	-867	-387	207	488	-167
Change in Other Net Operating Assets	-169	-169	-372	-265	-2	-425
Operating Cash Flow	1,642	1,541	1,186	1,152	742	275
Operating Cash Flow Growth	24.02%	29.93%	2.95%	55.26%	169.82%	-56.96%
Capital Expenditures	-895	-895	-782	-762	-615	-311
Sale of Property, Plant & Equipment	16	16	13	16	19	18
Investment in Securities	-	-	-	-	-19	-200
Other Investing Activities	586	126	507	-45	74	55
Investing Cash Flow	-293	-753	-262	-791	-541	-438
Long-Term Debt Issued	-	137	90	66	800	592
Long-Term Debt Repaid	-	-638	-19	-1,388	-770	-51
Net Debt Issued (Repaid)	-272	-501	71	-1,322	30	541
Common Dividends Paid	-319	-161	-81	-79	-	-80
Other Financing Activities	-16	-16	-2	-1	-	-1
Financing Cash Flow	-607	-678	-12	-1,402	30	460
Foreign Exchange Rate Adjustments	-34	39	-16	73	35	-46
Net Cash Flow	708	149	896	-968	266	251
Free Cash Flow	747	646	404	390	127	-36
Free Cash Flow Growth	37.82%	59.90%	3.59%	207.09%	-	-
Free Cash Flow Margin	3.91%	3.64%	2.64%	2.65%	0.90%	-0.27%
Free Cash Flow Per Share	-	1.12	0.70	0.68	0.22	-0.06
Cash Interest Paid	179	179	173	169	-	247
Cash Income Tax Paid	160	160	200	58	53	98
Levered Free Cash Flow	887.13	444.75	378.38	395.75	276	74.98
Unlevered Free Cash Flow	964	531	470.25	470.75	363.5	182.48
Change in Working Capital	-444	-444	-421	-504	-645	-1,081

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