VIE:P911 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	952	3,592	5,157	4,960	4,032	3,162
Depreciation & Amortization	3,291	2,935	2,544	2,421	2,146	2,295
Other Amortization	1,728	1,101	959	784	968	965
Loss (Gain) From Sale of Assets	168	61	14	5	35	49
Asset Writedown & Restructuring Costs	52	52	25	-16	100	97
Loss (Gain) on Equity Investments	136	185	34	52	23	15
Other Operating Activities	-581	351	-94	-290	-77	386
Change in Accounts Receivable	121	177	-190	-247	-409	-734
Change in Inventory	545	-75	-694	-1,010	-152	-223
Change in Other Net Operating Assets	-1,566	-2,026	-732	455	-250	-1,872
Operating Cash Flow	4,846	6,353	7,023	7,114	6,416	4,140
Operating Cash Flow Growth	-16.61%	-9.54%	-1.28%	10.88%	54.98%	-7.71%
Capital Expenditures	-1,890	-2,174	-2,016	-1,710	-3,043	-2,772
Sale of Property, Plant & Equipment	131	126	11	8	21	48
Cash Acquisitions	-34	-34	-152	-257	-23	-
Divestitures	-	-	1	66	-	-
Sale (Purchase) of Intangibles	-792	-1,583	-2,081	-1,951	-	-
Investment in Securities	-816	-413	-40	-741	-611	-346
Other Investing Activities	2	1	-1	-	-1	-
Investing Cash Flow	-3,442	-4,120	-1,203	-6,606	-5,965	-3,019
Long-Term Debt Issued	-	8,114	5,840	4,319	5,243	3,222
Long-Term Debt Repaid	-	-7,693	-4,646	-5,105	-3,924	-2,652
Net Debt Issued (Repaid)	1,467	421	1,194	-786	1,319	570
Issuance of Common Stock	-	-	-	3,057	471	1,028
Common Dividends Paid	-2,100	-2,100	-4,895	-3,361	-1,864	-1,802
Other Financing Activities	-176	-	-7	1	-444	282
Financing Cash Flow	-809	-1,679	-3,708	-1,089	-518	78
Foreign Exchange Rate Adjustments	52	6	-31	-2	50	-29
Miscellaneous Cash Flow Adjustments	-2	-2	-	1	-	-
Net Cash Flow	645	558	2,081	-582	-17	1,170
Free Cash Flow	2,956	4,179	5,007	5,404	3,373	1,368
Free Cash Flow Growth	-16.45%	-16.54%	-7.35%	60.21%	146.56%	-8.37%
Free Cash Flow Margin	7.70%	10.43%	12.35%	14.36%	10.18%	4.77%
Free Cash Flow Per Share	-	4.59	5.50	5.93	37.07	15.03
Cash Interest Paid	462	462	312	189	159	-
Cash Income Tax Paid	935	1,454	2,190	2,370	1,552	837
Levered Free Cash Flow	3,429	4,009	-1,020	5,131	4,248	4,340
Unlevered Free Cash Flow	3,568	4,148	-905.38	5,196	4,321	4,421
Change in Working Capital	-900	-1,924	-1,616	-802	-811	-2,829

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.