MERLIN Properties SOCIMI Cash Flow Statement

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

Millions EUR. 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	786.13	283.76	-83.5	263.09	512.22
Depreciation & Amortization	5.04	4.35	2.08	1.89	1.86
Gain (Loss) on Sale of Assets	-9.31	-5.35	7.02	-11.56	1.87
Asset Writedown	-493.85	1.07	335.98	249.27	-195.5
Income (Loss) on Equity Investments	-28.04	-14.07	-39.92	-24.03	-34.56
Change in Accounts Receivable	-24.52	2.5	-12.76	-1.68	-5.7
Change in Accounts Payable	87.62	28.22	5.35	19.61	-30.55
Change in Other Net Operating Assets	52.04	4.14	-21.2	-21.76	19.91
Other Operating Activities	42.11	15.21	41.38	-246.86	-101.82
Operating Cash Flow	415.6	316.78	227.97	222.16	162.46
Operating Cash Flow Growth	31.19%	38.96%	2.61%	36.74%	20.65%
Acquisition of Real Estate Assets	-679.83	-311.48	-309.27	-370.81	-184.72
Sale of Real Estate Assets	127.75	71.28	40.78	109.4	101.35
Net Sale / Acq. of Real Estate Assets	-552.08	-240.2	-268.49	-261.4	-83.37
Cash Acquisition	-	-	-	-	-0
Investment in Marketable & Equity Securities	-19.92	-53.47	-5.35	-5.59	8.71
Other Investing Activities	-	-	-	1,452	75.56
Investing Cash Flow	-576.31	-294.38	-274.75	1,184	-0.45
Long-Term Debt Issued	676.14	390.9	1,022	81.76	494.65
Long-Term Debt Repaid	-628.95	-13.65	-744.41	-1,400	-0.71
Net Debt Issued (Repaid)	47.19	377.26	277.22	-1,318	493.94
Issuance of Common Stock	0.01	0.06	0.42	-	-
Repurchase of Common Stock	-	-	-	-0.14	-0.01
Common Dividends Paid	-123.32	-105.17	-93.67	-104.26	-70.03
Other Financing Activities	-100.91	796.9	7.95	73.43	-88.51
Net Cash Flow	-337.73	1,091	31.77	-294.03	497.4
Cash Interest Paid	127.62	119.41	109.3	100.59	103.86
Cash Income Tax Paid	2.98	-1.2	-1.99	1.53	3.66
Levered Free Cash Flow	256.74	188.76	170.33	180.33	196.27
Unlevered Free Cash Flow	341.7	270.15	238.78	244.94	266.9
Change in Working Capital	113.52	31.83	-35.08	-9.64	-21.6

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