Aedifica NV/SA 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	2020 - 2016
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	2020 - 2016
Net Income	244.43	204.83	24.54	331.78	281.82	Upgrade
Depreciation & Amortization	2.97	2.9	3.65	3.49	2.34	Upgrade
Gain (Loss) on Sale of Assets	11.67	-0.37	0.86	-0.79	-0.53	Upgrade
Asset Writedown	-47.78	15.04	169.71	-66.77	-156.67	Upgrade
Change in Other Net Operating Assets	25.24	-24.91	-29.22	5.6	15.31	Upgrade
Other Operating Activities	81.32	51.01	60	-54.7	56	Upgrade
Operating Cash Flow	317.85	248.5	229.53	218.6	198.27	Upgrade
Operating Cash Flow Growth	27.91%	8.26%	5.00%	10.25%	64.22%	Upgrade
Acquisition of Real Estate Assets	-144.03	-257.52	-305.14	-558.96	-873.7	Upgrade
Sale of Real Estate Assets	142.13	80.77	73.12	35.72	53.67	Upgrade
Net Sale / Acq. of Real Estate Assets	-1.9	-176.75	-232.02	-523.25	-820.03	Upgrade
Cash Acquisition	-41.87	-107.2	-11.32	-151.86	-	Upgrade
Other Investing Activities	0	24.4	-15.46	-8.3	-0.18	Upgrade
Investing Cash Flow	-43.77	-259.55	-258.8	-683.4	-820.93	Upgrade
Long-Term Debt Issued	-	232.49	-	370.79	418.64	Upgrade
Total Debt Issued	-	232.49	-	370.79	418.64	Upgrade
Long-Term Debt Repaid	-29.61	-0.34	-172.86	-0.18	-	Upgrade
Net Debt Issued (Repaid)	-29.61	232.15	-172.86	370.61	418.64	Upgrade
Issuance of Common Stock	-	-	374.21	251.42	281.16	Upgrade
Common Dividends Paid	-185.65	-166.85	-115.99	-119.08	-47.75	Upgrade
Other Financing Activities	-55.32	-54.05	-51.73	-39.59	-37.61	Upgrade
Net Cash Flow	3.5	0.2	4.36	-1.44	-8.21	Upgrade
Levered Free Cash Flow	185.43	79.98	129.6	92.92	106.29	Upgrade
Unlevered Free Cash Flow	227.25	132.1	174.99	108.6	117.91	Upgrade
Change in Working Capital	25.24	-24.91	-29.22	5.6	15.31	Upgrade

Source: S&P Capital IQ. Real Estate template. Financial Sources.