Jerónimo Martins, SGPS 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	2015 - 2019
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	2015 - 2019
Net Income	643	599	756	590	463	312	Upgrade
Depreciation & Amortization	1,097	1,028	892	773	738	728	Upgrade
Other Amortization	15	15	10	9	7	6	Upgrade
Loss (Gain) From Sale of Assets	13	16	15	4	4	5	Upgrade
Loss (Gain) on Equity Investments	1	1	1	-	-	-	Upgrade
Other Operating Activities	308	190	159	167	147	141	Upgrade
Change in Accounts Receivable	-29	10	-16	-11	-4	23	Upgrade
Change in Inventory	-96	-206	-190	-421	-148	14	Upgrade
Change in Accounts Payable	272	-9	384	931	527	205	Upgrade
Change in Other Net Operating Assets	20	3	-2	36	1	4	Upgrade
Operating Cash Flow	2,253	1,654	2,025	2,095	1,756	1,449	Upgrade
Operating Cash Flow Growth	49.60%	-18.32%	-3.34%	19.30%	21.19%	-2.89%	Upgrade
Capital Expenditures	-1,016	-1,005	-1,080	-887	-584	-514	Upgrade
Sale of Property, Plant & Equipment	21	8	3	57	6	4	Upgrade
Cash Acquisitions	-54	-23	-48	-4	-6	-	Upgrade
Investment in Securities	1	79	-108	-6	-33	-	Upgrade
Other Investing Activities	45	45	49	15	-	22	Upgrade
Investing Cash Flow	-1,003	-896	-1,184	-825	-617	-488	Upgrade
Long-Term Debt Issued	-	283	198	52	-	-	Upgrade
Long-Term Debt Repaid	-	-392	-348	-321	-326	-420	Upgrade
Net Debt Issued (Repaid)	-199	-109	-150	-269	-326	-420	Upgrade
Common Dividends Paid	-371	-412	-346	-494	-181	-217	Upgrade
Other Financing Activities	-379	-345	-256	-187	-169	-170	Upgrade
Financing Cash Flow	-949	-866	-752	-950	-676	-807	Upgrade
Foreign Exchange Rate Adjustments	-9	-7	68	-33	-10	-41	Upgrade
Miscellaneous Cash Flow Adjustments	1	-	-	-	-	-1	Upgrade
Net Cash Flow	293	-115	157	287	453	112	Upgrade
Free Cash Flow	1,237	649	945	1,208	1,172	935	Upgrade
Free Cash Flow Growth	163.19%	-31.32%	-21.77%	3.07%	25.35%	2.01%	Upgrade
Free Cash Flow Margin	3.51%	1.94%	3.09%	4.76%	5.61%	4.85%	Upgrade
Free Cash Flow Per Share	1.97	1.03	1.50	1.92	1.86	1.49	Upgrade
Cash Interest Paid	360	327	241	170	152	155	Upgrade
Cash Income Tax Paid	230	280	254	208	174	174	Upgrade
Levered Free Cash Flow	877.75	191.63	931.25	971.38	1,015	611.02	Upgrade
Unlevered Free Cash Flow	1,097	389.13	1,079	1,075	1,107	703.52	Upgrade
Change in Working Capital	167	-202	176	535	376	246	Upgrade

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