Cash Flow Statement

Operating Cash Flow

+43%

10Y

+89%

Currency: EUR

	Dec-2005	Jun-2006	Dec-2006	Jun-2007	Dec-2007	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	88	100	100	85	110	115	122	110	159	113	103	85	89	102	115	206	276	282	283	221	218	220	206	213	280	284	293	300	254	259	286	295	295	305	306	308	312	324	329	340	359	357	384	359	375	382	392	418	422	423	441	528	527	524	525	435	446	455	456	407	403	343	245	409	503	590	671	656	585	609	632	736	757	758	760
Depreciation & Amortization	121	147	166	170	176	190	238	197	243	189	209	225	136	230	234	224	224	223	221	234	235	238	239	240	255	273	291	313	320	326	335	339	342	343	340	338	339	340	340	346	350	361	370	384	388	389	389	392	396	403	349	434	498	561	456	457	459	463	467	470	474	479	484	479	488	495	504	526	536	546	560	563	569	578	581
Change in Deffered Taxes	35	0	34	0	(11)	0	0	(15)	0	0	0	(17)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	59	99	45	72	19	8	7	(5)	(17)	(18)	(40)	(11)	(46)	(58)	(37)	114	137	176	218	152	181	155	170	168	129	151	151	139	190	201	193	204	203	203	204	205	192	185	180	203	211	210	215	223	219	219	182	162	168	163	186	90	85	79	75	181	180	212	206	329	285	296	508	315	344	363	186	358	376	330	327	242	219	190	210
Cash Taxes Paid	0	0	0	(31)	20	0	0	(51)	0	0	0	41	0	0	0	109	0	0	60	126	0	67	62	129	129	131	119	132	132	137	101	89	91	82	139	127	126	131	121	138	138	141	149	148	159	147	164	177	170	175	133	123	126	199	187	185	185	176	156	156	154	117	140	166	169	158	150	97	91	67	235	193	190	223	40
Cash Interest Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	109	0	0	82	121	130	158	98	145	141	140	136	131	161	166	186	178	163	155	156	159	153	152	131	151	142	140	142	129	128	129	126	127	128	126	128	115	111	106	103	82	83	90	89	96	92	102	117	128	159	186	203	193	216	234	178	193	156	149	189
Change in Working Capital	(187)	160	85	(137)	48	166	126	151	81	(16)	(28)	(45)	(28)	(10)	90	(173)	(227)	(300)	(437)	(242)	(305)	(270)	(225)	(378)	(328)	(394)	(411)	(269)	(348)	(394)	(325)	(331)	(253)	(181)	(236)	(294)	(232)	(234)	(188)	(226)	(295)	(237)	(307)	(212)	(282)	(330)	(333)	(350)	(320)	(242)	(258)	(322)	(312)	(220)	(243)	(181)	(93)	(123)	(183)	(160)	(435)	(546)	(1 321)	(1 166)	(527)	(863)	3	32	(645)	(445)	(492)	(689)	(485)	(265)	(388)
Cash from Operating Activities	116 N/A	505 +338%	429 -15%	190 -56%	343 +81%	479 +40%	493 +3%	438 -11%	466 +6%	288 -38%	253 -12%	236 -7%	249 +6%	265 +6%	402 +52%	371 -8%	410 +10%	381 -7%	285 -25%	365 +28%	329 -10%	342 +4%	391 +14%	243 -38%	337 +38%	315 -7%	324 +3%	483 +49%	415 -14%	393 -5%	490 +25%	507 +4%	587 +16%	670 +14%	615 -8%	557 -9%	612 +10%	615 +1%	660 +7%	663 +0%	625 -6%	691 +11%	662 -4%	755 +14%	700 -7%	660 -6%	631 -4%	622 -1%	667 +7%	747 +12%	781 +4%	730 -7%	743 +2%	832 +12%	813 -2%	891 +10%	993 +11%	1 007 +2%	946 -6%	1 045 +11%	727 -30%	571 -21%	(83) N/A	36 N/A	808 +2 163%	585 -28%	1 364 +133%	1 573 +15%	851 -46%	1 040 +22%	1 027 -1%	853 -17%	1 060 +24%	1 260 +19%	1 163 -8%
Investing Cash Flow
Capital Expenditures	(739)	(719)	(390)	(386)	(506)	(494)	(610)	(428)	(491)	(405)	(376)	(382)	(329)	(253)	(178)	(348)	(158)	(172)	(198)	(329)	(155)	(215)	(239)	(278)	(303)	(275)	(287)	(307)	(310)	(324)	(331)	(329)	(337)	(338)	(341)	(346)	(355)	(358)	(368)	(384)	(388)	(397)	(410)	(441)	(447)	(456)	(462)	(464)	(478)	(493)	(509)	(533)	(532)	(522)	(524)	(506)	(528)	(550)	(550)	(589)	(602)	(629)	(675)	(710)	(736)	(741)	(760)	(816)	(817)	(842)	(863)	(860)	(895)	(930)	(966)
Other Items	(148)	(335)	(126)	(43)	15	(2)	6	(2)	(25)	(32)	(52)	(51)	(91)	(144)	(191)	(7)	(176)	(154)	(135)	2	(182)	(100)	(62)	(9)	39	1	(3)	(17)	(29)	(18)	(32)	12	24	(9)	10	(81)	(95)	(73)	(47)	7	(38)	(102)	(141)	(118)	(72)	16	29	27	2	(19)	(43)	(54)	(67)	(51)	(10)	(12)	34	(20)	(121)	(74)	(77)	(83)	(24)	(49)	(81)	(36)	(4)	(44)	20	(35)	23	56	(22)	(49)	(41)
Cash from Investing Activities	(886) N/A	(1 055) -19%	(515) +51%	(429) +17%	(491) -14%	(496) -1%	(604) -22%	(430) +29%	(516) -20%	(437) +15%	(428) +2%	(433) -1%	(420) +3%	(397) +5%	(369) +7%	(354) +4%	(334) +6%	(326) +3%	(333) -2%	(327) +2%	(337) -3%	(315) +7%	(301) +4%	(288) +4%	(263) +8%	(274) -4%	(290) -6%	(324) -12%	(339) -5%	(342) -1%	(363) -6%	(317) +13%	(313) +1%	(347) -11%	(330) +5%	(427) -29%	(451) -6%	(431) +4%	(415) +4%	(377) +9%	(426) -13%	(499) -17%	(551) -10%	(559) -1%	(519) +7%	(441) +15%	(433) +2%	(438) -1%	(476) -9%	(512) -8%	(552) -8%	(587) -6%	(599) -2%	(572) +4%	(534) +7%	(519) +3%	(494) +5%	(570) -15%	(671) -18%	(663) +1%	(679) -2%	(712) -5%	(698) +2%	(758) -9%	(817) -8%	(777) +5%	(764) +2%	(859) -12%	(797) +7%	(877) -10%	(840) +4%	(805) +4%	(918) -14%	(978) -7%	(1 007) -3%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	0	0	0	0	0	0	0	0	(10)	0	0	0	(4)	(2)	(5)	(10)	(5)	(9)	(8)	0	(4)	(1)	(0)	(2)	104	106	100	89	(19)	(16)	2	7	19	9	(6)	1	(13)	(5)	(2)	(10)	15	0	(23)	(1)	(23)	(7)	30	20	31	18	(11)	(30)	(55)	(58)	(18)	(12)	(0)	4	(31)	(29)	(27)	(27)	(21)	(22)	(20)	(19)	(15)	(11)	(7)	45	102	107
Net Issuance of Debt	419	411	201	179	264	100	198	77	140	282	298	468	405	337	192	153	123	52	55	(38)	37	243	253	179	136	67	93	377	265	96	154	(120)	(274)	(307)	(337)	(264)	(284)	(205)	(199)	(317)	(28)	31	52	30	39	142	90	85	157	13	135	(182)	(158)	(150)	(280)	470	423	80	179	(270)	(237)	424	1 490	2 036	1 570	828	(453)	(1 066)	(678)	(339)	(180)	190	689	599	316
Cash Paid for Dividends	(53)	(77)	(77)	(90)	(90)	(93)	(93)	(93)	(95)	(95)	(95)	(95)	(94)	(96)	(97)	(98)	(99)	(119)	(119)	(117)	(120)	(111)	(117)	(117)	(113)	(131)	(131)	(131)	(132)	(137)	(138)	(137)	(140)	(143)	(145)	(145)	(143)	(144)	(144)	(145)	(144)	(144)	(142)	(141)	0	(149)	(147)	(151)	0	(160)	(163)	(162)	0	(13)	(161)	(163)	0	(165)	(176)	(193)	(196)	(388)	(233)	(220)	(218)	(233)	(232)	(239)	(237)	(247)	(258)	(249)	0	(277)	(261)
Other	421	375	(13)	(18)	(29)	6	2	(8)	(16)	(19)	(18)	(10)	(11)	(15)	(14)	121	0	123	124	(1)	0	(1)	0	(4)	(4)	(9)	(9)	(6)	(6)	(3)	(4)	(5)	(32)	(30)	(35)	(33)	(6)	(6)	0	(0)	0	(2)	(2)	(1)	0	2	(9)	(10)	(12)	(14)	(3)	(2)	(2)	(1)	(1)	(1)	0	0	(21)	(21)	(32)	(32)	(11)	(11)	0	0	2	2	0	2	(0)	0	0	(234)	(232)
Cash from Financing Activities	788 N/A	709 -10%	111 -84%	72 -35%	146 +102%	14 -91%	108 +689%	(25) N/A	30 N/A	168 +466%	185 +10%	353 +91%	300 -15%	226 -25%	81 -64%	171 +112%	141 -18%	51 -64%	50 -2%	(161) N/A	(93) +43%	123 N/A	137 +12%	54 -61%	17 -67%	(73) N/A	(49) +33%	344 N/A	233 -32%	56 -76%	101 +82%	(282) N/A	(463) -64%	(479) -3%	(511) -7%	(423) +17%	(424) 0%	(360) +15%	(342) +5%	(476) -39%	(178) +63%	(117) +35%	(102) +12%	(97) +5%	(102) -5%	(28) +72%	(67) -139%	(99) -47%	(14) +86%	(131) -858%	(11) +92%	(314) -2 836%	(305) +3%	(174) +43%	(471) -171%	250 N/A	202 -19%	(103) N/A	(31) +70%	(484) -1 483%	(461) +5%	(27) +94%	1 217 N/A	1 780 +46%	1 325 -26%	574 -57%	(706) N/A	(1 323) -88%	(933) +29%	(600) +36%	(448) +25%	(66) +85%	486 N/A	190 -61%	(70) N/A
Change in Cash
Effect of Foreign Exchange Rates	0	0	0	0	0	0	0	0	0	1	1	0	2	1	1	0	1	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Change in Cash	17 N/A	160 +855%	25 -85%	(168) N/A	(3) +98%	(3) -32%	(3) +3%	(17) -421%	(20) -16%	21 N/A	12 -43%	157 +1 216%	131 -16%	95 -28%	115 +22%	188 +63%	217 +16%	107 -51%	2 -98%	(123) N/A	(101) +18%	150 N/A	226 +50%	9 -96%	91 +909%	(33) N/A	(15) +54%	503 N/A	309 -38%	106 -66%	227 +114%	(92) N/A	(188) -104%	(156) +17%	(226) -45%	(293) -29%	(263) +10%	(176) +33%	(97) +45%	(190) -96%	21 N/A	76 +260%	9 -88%	99 +1 012%	79 -20%	191 +141%	130 -32%	85 -35%	177 +109%	104 -41%	218 +109%	(172) N/A	(161) +6%	86 N/A	(192) N/A	623 N/A	701 +12%	335 -52%	244 -27%	(102) N/A	(412) -306%	(168) +59%	436 N/A	1 057 +142%	1 316 +25%	382 -71%	(106) N/A	(610) -477%	(880) -44%	(436) +50%	(261) +40%	(17) +93%	628 N/A	471 -25%	86 -82%
Free Cash Flow
Free Cash Flow	(623) N/A	(214) +66%	40 N/A	(197) N/A	(163) +17%	(15) +91%	(117) -672%	10 N/A	(25) N/A	(116) -360%	(122) -5%	(146) -19%	(80) +45%	12 N/A	224 +1 730%	23 -90%	252 +984%	210 -17%	87 -58%	36 -59%	174 +387%	128 -27%	151 +19%	(35) N/A	34 N/A	39 +16%	37 -7%	176 +379%	105 -40%	69 -35%	159 +131%	178 +12%	251 +41%	332 +32%	274 -17%	211 -23%	257 +22%	257 +0%	292 +14%	279 -5%	237 -15%	294 +24%	252 -14%	314 +25%	254 -19%	204 -20%	169 -17%	157 -7%	189 +20%	254 +35%	272 +7%	197 -28%	211 +7%	310 +47%	289 -7%	385 +33%	465 +21%	457 -2%	395 -14%	457 +16%	126 -73%	(58) N/A	(758) -1 213%	(674) +11%	72 N/A	(156) N/A	604 N/A	757 +25%	34 -96%	199 +486%	164 -17%	(7) N/A	165 N/A	330 +100%	197 -40%

Income Statement Balance Sheet Cash Flow Statement

Hera SpA
MIL:HER

Cash Flow Statement

Cash Flow Statement
Hera SpA

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Hera SpA MIL:HER

Cash Flow Statement

Cash Flow Statement Hera SpA

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Hera SpA
MIL:HER

Cash Flow Statement
Hera SpA