ELI:RAM 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	8.81	28.82	10.41	20.03	15.09	Upgrade
Depreciation & Amortization	0.25	0.49	0.42	3.33	3.21	Upgrade
Other Amortization	-	-	-	0.01	0.01	Upgrade
Other Operating Activities	-1.17	-14.62	15.58	-23.19	3.35	Upgrade
Operating Cash Flow	7.89	14.69	26.42	0.18	21.66	Upgrade
Operating Cash Flow Growth	-46.26%	-44.38%	14797.18%	-99.18%	-5.81%	Upgrade
Acquisition of Real Estate Assets	-0.85	-2.14	-7.65	-4.49	-5.41	Upgrade
Sale of Real Estate Assets	0.78	0.04	0.75	0.1	0.34	Upgrade
Net Sale / Acq. of Real Estate Assets	-0.07	-2.1	-6.89	-4.39	-5.07	Upgrade
Cash Acquisition	-	-	-2.23	-	-	Upgrade
Investment in Marketable & Equity Securities	20.53	54.79	-	-0.78	-	Upgrade
Other Investing Activities	-0.94	0.6	1.09	0.01	0.01	Upgrade
Investing Cash Flow	19.27	53.28	-8.04	-5.17	-5.07	Upgrade
Long-Term Debt Issued	-	48.91	198.26	179.59	134.62	Upgrade
Long-Term Debt Repaid	-0.02	-90.59	-207.87	-188.24	-133.36	Upgrade
Net Debt Issued (Repaid)	-0.02	-41.68	-9.61	-8.66	1.26	Upgrade
Common Dividends Paid	-26.92	-34.87	-21.03	-15.38	-15.38	Upgrade
Other Financing Activities	-0.04	-1.5	-1.49	-0.72	-0.89	Upgrade
Net Cash Flow	0.18	-10.07	-13.74	-29.76	1.58	Upgrade
Cash Interest Paid	0.04	1.41	1.49	0.72	0.89	Upgrade
Cash Income Tax Paid	0.95	-1.56	6.16	1.13	2.08	Upgrade
Levered Free Cash Flow	5.22	32.1	1.92	-0.65	9.6	Upgrade
Unlevered Free Cash Flow	5.26	32.99	3.05	0.07	10.12	Upgrade

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