ZSE:INA 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	179	181.83	250.01	251.48	170.98
Depreciation & Amortization	216.2	188.03	188.14	237.55	230.46
Other Amortization	-	4.58	7.26	7.72	7.32
Loss (Gain) From Sale of Assets	-3.4	-2.65	-18.95	-11.65	-4.79
Asset Writedown & Restructuring Costs	19.2	1.08	-1.06	-0.09	10.64
Loss (Gain) on Equity Investments	-4.6	-5.53	-6.69	3.63	1.2
Provision & Write-off of Bad Debts	-	2.64	0.07	-0.37	-7.19
Other Operating Activities	31.4	23.65	-98.62	217.92	108.18
Change in Accounts Receivable	-28.3	13.21	15.22	-193.79	-220.21
Change in Inventory	-10.2	-96.89	38.14	-166.9	-128.67
Change in Accounts Payable	-29.3	-13.9	70.17	110.23	291.67
Operating Cash Flow	370	296.05	443.68	455.73	459.59
Operating Cash Flow Growth	24.98%	-33.27%	-2.65%	-0.84%	55.38%
Capital Expenditures	-240.3	-283.33	-300.63	-356.77	-213.16
Sale (Purchase) of Intangibles	-23.2	-30.97	-16.82	-12.42	-17.43
Investment in Securities	-	-0.06	-49.43	159.24	-175.64
Other Investing Activities	24.1	21.68	44.1	31.45	33.26
Investing Cash Flow	-239.3	-292.46	-321.5	-178.03	-372.97
Long-Term Debt Issued	2,336	2,638	1,059	1,328	1,977
Total Debt Issued	2,336	2,638	1,059	1,328	1,977
Long-Term Debt Repaid	-2,273	-2,427	-1,041	-1,430	-1,856
Total Debt Repaid	-2,273	-2,427	-1,041	-1,430	-1,856
Net Debt Issued (Repaid)	63.1	210.47	18.43	-102.26	120.95
Common Dividends Paid	-119.8	-240	-200	-129.94	-77.84
Other Financing Activities	-21.5	-15.43	-14.68	-1.25	-1.73
Financing Cash Flow	-78.2	-44.96	-196.25	-233.45	41.38
Foreign Exchange Rate Adjustments	-0.5	-0.03	-1.63	2.82	-1.2
Miscellaneous Cash Flow Adjustments	-0.5	-	-	-	-
Net Cash Flow	51.5	-41.41	-75.71	47.06	126.81
Free Cash Flow	129.7	12.72	143.06	98.96	246.43
Free Cash Flow Growth	919.81%	-91.11%	44.56%	-59.84%	82.39%
Free Cash Flow Margin	3.38%	0.33%	3.67%	2.12%	8.27%
Free Cash Flow Per Share	12.97	1.27	14.31	9.90	24.64
Cash Interest Paid	21.5	15.43	14.68	1.25	1.73
Cash Income Tax Paid	45.9	58.38	165.91	3.81	2.93
Levered Free Cash Flow	58.15	-103.9	85.84	253.62	-159.89
Unlevered Free Cash Flow	77.72	-76.77	103.9	260.48	-153.57
Change in Working Capital	-67.8	-97.58	123.52	-250.46	-57.22

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.