Cash Flow Statement

Operating Cash Flow

-51%

-66%

10Y

Currency: EUR

	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	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	Sep-2015	Mar-2016	Sep-2016	Mar-2017	Sep-2017	Mar-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	7 200	2 919	3 312	3 087	3 140	3 081	2 813	2 931	2 996	3 070	3 075	3 073	2 419	2 347	2 368	1 996	2 244	2 126	1 939	2 179	2 218	2 374	2 505	2 423	3 579	3 628	530	768	(4 267)	(4 287)	(1 087)	(1 198)	(1 279)	(1 746)	(4 229)	(4 490)	(579)	(696)	1 387	1 316	1 419	1 277	850	365	1 103	(232)	(433)	10	(1 806)	(1 152)	(1 200)	(647)	617	1 226	1 630	1 209	1 377	7 352	6 567	6 584	6 305	(8 400)	(8 348)	(8 715)	(11 140)	(2 654)	(3 134)	(2 967)	(1 011)	(1 107)	(827)	(297)	(84)	83	365	(50)	62
Depreciation & Amortization	6 646	4 915	4 999	5 117	5 232	5 418	5 579	5 704	5 487	5 432	5 497	5 418	5 811	5 764	5 773	5 737	5 906	5 600	5 523	5 582	5 551	5 576	5 597	5 546	5 547	5 555	5 531	5 538	5 494	5 415	5 338	5 294	5 340	4 494	4 318	4 117	4 553	4 474	4 402	4 387	4 284	4 266	4 219	(43)	(48)	120	242	(74)	(191)	4 255	4 464	5 696	4 846	4 927	4 864	4 779	4 651	4 616	4 545	4 536	4 546	4 490	4 467	4 517	4 618	4 777	4 871	4 911	4 880	3 292	4 866	4 067	3 637	3 189	2 720	3 029	2 969
Change in Deffered Taxes	0	1 131	1 814	1 934	1 347	1 638	1 784	2 242	1 843	1 894	1 864	1 724	930	978	(471)	(588)	(1 043)	(1 055)	30	(220)	(48)	(22)	(14)	(214)	(750)	(827)	(863)	(567)	189	193	279	89	79	146	93	192	347	288	137	196	187	71	55	101	331	65	(281)	(25)	(215)	(195)	(401)	(132)	129	271	346	165	(154)	(6 538)	(6 617)	(6 674)	(6 412)	3 894	4 010	4 026	6 659	2 645	2 669	2 686	64	154	116	35	32	82	11	42	(8)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	14	0	0	0	15	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	21	166	(8)	32	(66)	(110)	(260)	(384)	(494)	(457)	(431)	(871)	(800)	(667)	(213)	361	355	306	80	(44)	(97)	(93)	(179)	84	(183)	(166)	2 964	2 726	7 136	7 404	4 213	4 251	4 165	4 095	6 270	6 798	2 357	1 902	(409)	(296)	(569)	(335)	(1 151)	6	290	(10)	34	(7)	1 887	2 383	2 382	2 195	314	(149)	(574)	(810)	(926)	(1 051)	(364)	29	(123)	3 877	3 650	3 835	4 156	(100)	119	(38)	(205)	(1 367)	(514)	(1 696)	(1 667)	(1 215)	(1 269)	(111)	11
Cash Taxes Paid	0	1 505	1 537	950	708	684	916	1 020	566	590	364	434	501	495	518	647	633	808	835	1 875	2 301	2 115	2 064	1 355	1 392	1 437	1 551	1 410	1 381	1 381	1 414	1 480	1 522	1 234	1 104	2 565	863	829	808	(1 255)	427	429	0	26	117	(9)	687	5	(479)	739	737	747	486	118	135	115	(47)	(223)	(251)	4	132	242	231	26	23	(164)	(134)	(126)	(117)	71	97	59	53	30	34	50	0
Cash Interest Paid	0	3 655	4 556	2 793	2 796	2 926	2 947	2 873	3 108	3 319	3 410	3 597	3 569	3 651	3 528	3 510	3 429	3 336	3 346	3 282	3 250	3 121	3 122	3 031	3 079	3 132	3 076	3 014	3 044	3 124	3 127	3 497	3 518	3 278	3 270	1 201	4 456	4 520	5 073	8 157	4 985	4 883	0	721	1 701	(108)	(187)	(60)	32	1 978	1 946	2 417	1 847	1 750	1 728	1 675	1 575	1 520	1 480	1 466	1 420	1 440	1 451	1 511	1 542	1 668	1 708	1 831	1 938	1 931	2 219	2 279	2 150	1 839	1 537	1 150	0
Change in Working Capital	(3 980)	42	(586)	(1 284)	309	(344)	(440)	(792)	(651)	(177)	203	631	330	(56)	726	592	933	514	148	(1 153)	(2 088)	(2 270)	(2 494)	(1 588)	(1 320)	(416)	(222)	141	(40)	(922)	(293)	(171)	216	16	(17)	11	190	516	(95)	43	(623)	(777)	767	719	(1 250)	139	(558)	(359)	586	(699)	(98)	(311)	(298)	(325)	569	1 498	2 023	2 172	1 311	(29)	(349)	475	371	1 241	585	227	146	(457)	197	417	(163)	781	534	(132)	93	(680)	(643)
Cash from Operating Activities	9 887 N/A	9 173 -7%	9 531 +4%	8 886 -7%	9 962 +12%	9 683 -3%	9 476 -2%	9 701 +2%	9 181 -5%	9 762 +6%	10 208 +5%	9 975 -2%	8 690 -13%	8 366 -4%	8 183 -2%	8 098 -1%	8 395 +4%	7 491 -11%	7 720 +3%	6 344 -18%	5 536 -13%	5 565 +1%	5 415 -3%	6 251 +15%	6 873 +10%	7 774 +13%	7 940 +2%	8 606 +8%	8 512 -1%	7 803 -8%	8 450 +8%	8 265 -2%	8 521 +3%	7 005 -18%	6 435 -8%	6 628 +3%	6 868 +4%	6 484 -6%	5 422 -16%	5 646 +4%	4 698 -17%	4 502 -4%	4 740 +5%	1 148 -76%	426 -63%	82 -81%	(996) N/A	(455) +54%	261 N/A	4 592 +1 659%	5 147 +12%	6 801 +32%	5 608 -18%	5 950 +6%	6 835 +15%	6 841 +0%	6 971 +2%	6 551 -6%	5 442 -17%	4 446 -18%	3 967 -11%	4 336 +9%	4 150 -4%	4 904 +18%	4 878 -1%	4 895 +0%	4 671 -5%	4 135 -11%	3 925 -5%	2 402 -39%	3 478 +45%	2 890 -17%	2 452 -15%	2 007 -18%	1 920 -4%	2 230 +16%	2 391 +7%
Investing Cash Flow
Capital Expenditures	0	(5 106)	(5 278)	(5 202)	(5 173)	(5 286)	(5 221)	(5 270)	(5 114)	(5 217)	(5 372)	(5 410)	(5 520)	(5 470)	(5 852)	(5 503)	(5 365)	(4 766)	(4 006)	(4 310)	(4 543)	(4 631)	(4 642)	(4 483)	(4 583)	(4 442)	(4 599)	(4 835)	(6 095)	(6 148)	(6 327)	(6 285)	(5 196)	(4 451)	(4 332)	(4 296)	(4 400)	(4 318)	(4 145)	(4 003)	(4 984)	(5 264)	(6 944)	(26)	1 315	144	(766)	(438)	861	(6 478)	(6 371)	(7 320)	(6 179)	(4 924)	(3 608)	(3 497)	(3 527)	(4 697)	(4 435)	(4 784)	(4 861)	(5 297)	(5 574)	(5 825)	(7 666)	(6 305)	(6 208)	(5 689)	(3 765)	(2 172)	(3 991)	(3 196)	(2 782)	(1 954)	(1 425)	(1 700)	(1 708)
Other Items	(3 537)	(14 471)	(15 363)	(13 338)	(12 406)	1 995	2 620	1 580	923	131	(165)	(191)	1 274	1 113	1 472	927	(1 509)	(1 689)	(2 039)	(2 442)	(26)	1 032	(388)	201	1 264	1 078	2 179	1 267	(206)	(174)	(915)	(39)	513	(164)	680	514	589	388	336	(378)	(726)	(2 114)	1 360	2 856	(340)	(1 103)	946	27	(1 173)	2 164	2 310	2 525	2 179	1 669	487	613	563	1 620	1 636	1 102	1 055	180	542	(95)	1 294	970	474	1 229	(42)	(650)	344	396	6 846	7 315	6 879	6 982	587
Cash from Investing Activities	(3 537) N/A	(19 577) -453%	(20 641) -5%	(18 540) +10%	(17 579) +5%	(3 291) +81%	(2 601) +21%	(3 690) -42%	(4 191) -14%	(5 086) -21%	(5 537) -9%	(5 601) -1%	(4 246) +24%	(4 357) -3%	(4 380) -1%	(4 576) -4%	(6 874) -50%	(6 455) +6%	(6 045) +6%	(6 752) -12%	(4 569) +32%	(3 599) +21%	(5 030) -40%	(4 282) +15%	(3 319) +22%	(3 364) -1%	(2 420) +28%	(3 568) -47%	(6 301) -77%	(6 322) 0%	(7 242) -15%	(6 324) +13%	(4 683) +26%	(4 615) +1%	(3 652) +21%	(3 782) -4%	(3 811) -1%	(3 930) -3%	(3 809) +3%	(4 381) -15%	(5 710) -30%	(7 378) -29%	(5 584) +24%	2 830 N/A	975 -66%	(959) N/A	180 N/A	(411) N/A	(312) +24%	(4 314) -1 283%	(4 061) +6%	(4 795) -18%	(4 000) +17%	(3 255) +19%	(3 121) +4%	(2 884) +8%	(2 964) -3%	(3 077) -4%	(2 799) +9%	(3 682) -32%	(3 806) -3%	(5 117) -34%	(5 032) +2%	(5 920) -18%	(6 372) -8%	(5 335) +16%	(5 734) -7%	(4 460) +22%	(3 807) +15%	(2 822) +26%	(3 647) -29%	(2 800) +23%	4 064 N/A	5 361 +32%	5 454 +2%	5 282 -3%	(1 121) N/A
Financing Cash Flow
Net Issuance of Common Stock	0	45	146	151	(58)	(160)	(253)	(258)	2	0	(2)	(2)	0	0	0	1	1	0	1	0	0	0	44	67	67	67	23	0	240	238	238	238	(2)	0	0	9	9	0	0	11	14	200	189	(186)	(186)	0	16	0	0	22	0	5	10	10	0	13	12	1 164	0	1 156	1 110	(42)	0	(35)	9	2	0	0	0	0	0	0	0	0	0	0	0
Net Issuance of Debt	0	9 921	10 893	17 394	11 153	(2 474)	(4 811)	(5 212)	(4 977)	(2 002)	(1 050)	(4 540)	(2 393)	(2 504)	(1 509)	(399)	(691)	579	2 339	529	180	(1 415)	(3 157)	(1 885)	(2 878)	(2 151)	(3 623)	(2 960)	584	(341)	1 973	1 542	(1 831)	(207)	(3 317)	(3 220)	(3 183)	(3 572)	(514)	(1 854)	(195)	4 131	582	(5 125)	405	1 941	(1 508)	(1 492)	761	(1 486)	325	(779)	(924)	(430)	(1 275)	(837)	(2 881)	(3 091)	(3 075)	(2 768)	(1 384)	1 714	(2 028)	(1 522)	495	(2 763)	741	572	(221)	(30)	(1 090)	(1 809)	(7 803)	(7 407)	(6 478)	(6 739)	(1 293)
Cash Paid for Dividends	(2 780)	0	0	0	(2 328)	0	0	0	(2 997)	0	0	(2 830)	(2 831)	0	0	(1 665)	(1 665)	0	(2 715)	(1 050)	(1 050)	0	(1 060)	(1 061)	(1 093)	(1 093)	(1 358)	(1 358)	(1 326)	(1 326)	(1 028)	(1 027)	(1 031)	0	(432)	(474)	(537)	0	(250)	(252)	(252)	(255)	(204)	3	(23)	0	(219)	0	(20)	(256)	(281)	(502)	(269)	(279)	(294)	(389)	(383)	(390)	(374)	(370)	(388)	(368)	(370)	(69)	(67)	(68)	(80)	(117)	(179)	(273)	(190)	(179)	(143)	(159)	(155)	(168)	(174)
Other	251	(2 506)	(2 111)	(2 112)	0	(2 337)	(2 941)	(2 945)	0	(2 978)	(2 818)	15	0	(2 839)	(1 665)	(2 858)	(27)	(8)	1 627	(10)	(11)	(4)	0	0	0	(154)	(155)	(155)	(211)	(56)	(56)	(56)	0	0	0	(46)	79	0	0	43	160	160	1 097	0	0	0	0	294	89	(110)	(657)	(660)	(872)	(415)	(895)	(676)	24	308	837	2 545	2 220	1 860	2 048	111	144	(40)	(27)	(135)	62	62	65	168	269	311	314	329	(10)
Cash from Financing Activities	(2 529) N/A	7 460 N/A	8 928 +20%	15 433 +73%	8 767 -43%	(4 971) N/A	(8 005) -61%	(8 415) -5%	(7 972) +5%	(4 980) +38%	(3 870) +22%	(7 357) -90%	(5 224) +29%	(5 343) -2%	(3 174) +41%	(2 091) +34%	(2 382) -14%	(1 094) +54%	1 251 N/A	(532) N/A	(881) -66%	(2 469) -180%	(4 173) -69%	(2 879) +31%	(3 904) -36%	(3 331) +15%	(5 113) -53%	(4 473) +13%	(713) +84%	(1 485) -108%	1 127 N/A	697 -38%	(2 864) N/A	(1 171) +59%	(3 749) -220%	(3 731) +0%	(3 632) +3%	(4 021) -11%	(676) +83%	(2 052) -204%	(273) +87%	4 236 N/A	1 664 -61%	(5 308) N/A	(659) +88%	1 941 N/A	(1 484) N/A	(1 198) +19%	836 N/A	(1 830) N/A	(591) +68%	(1 914) -224%	(2 055) -7%	(1 114) +46%	(2 454) -120%	(1 889) +23%	(3 228) -71%	(2 009) +38%	(1 448) +28%	563 N/A	1 558 +177%	3 164 +103%	(392) N/A	(1 515) -286%	581 N/A	(2 869) N/A	636 N/A	315 -50%	(345) N/A	(241) +30%	(1 215) -404%	(1 820) -50%	(7 677) -322%	(7 255) +5%	(6 319) +13%	(6 578) -4%	(1 477) +78%
Change in Cash
Effect of Foreign Exchange Rates	0	(9)	64	106	141	143	42	(3)	(16)	(35)	4	6	24	(6)	10	(26)	(117)	(61)	(53)	14	172	171	218	154	148	48	(23)	(67)	(110)	(45)	(84)	(86)	(247)	(189)	(323)	(391)	(526)	(668)	(423)	(305)	(101)	(74)	(470)	83	582	(2)	(281)	(43)	33	(63)	(38)	(39)	5	(10)	(99)	(165)	(171)	(159)	(90)	39	13	13	171	(54)	(8)	(40)	(180)	12	(4)	18	10	(59)	(75)	(101)	(80)	(58)	(24)
Net Change in Cash	3 821 N/A	(2 953) N/A	(2 118) +28%	5 885 N/A	1 291 -78%	1 564 +21%	(1 088) N/A	(2 407) -121%	(2 998) -25%	(339) +89%	805 N/A	(2 977) N/A	(756) +75%	(1 340) -77%	639 N/A	1 405 +120%	(978) N/A	(119) +88%	2 873 N/A	(926) N/A	258 N/A	(332) N/A	(3 570) -975%	(756) +79%	(202) +73%	1 127 N/A	384 -66%	498 +30%	1 388 +179%	(49) N/A	2 251 N/A	2 552 +13%	727 -72%	1 030 +42%	(1 289) N/A	(1 276) +1%	(1 101) +14%	(2 135) -94%	514 N/A	(1 092) N/A	(1 386) -27%	1 286 N/A	350 -73%	(1 247) N/A	1 324 N/A	1 062 -20%	(2 581) N/A	(2 107) +18%	818 N/A	(1 615) N/A	457 N/A	53 -88%	(442) N/A	1 571 N/A	1 161 -26%	1 903 +64%	608 -68%	1 306 +115%	1 105 -15%	1 366 +24%	1 732 +27%	2 396 +38%	(1 103) N/A	(2 585) -134%	(921) +64%	(3 349) -264%	(607) +82%	2 N/A	(231) N/A	(643) -178%	(1 374) -114%	(1 789) -30%	(1 236) +31%	12 N/A	975 +8 025%	876 -10%	(231) N/A
Free Cash Flow
Free Cash Flow	9 887 N/A	4 067 -59%	4 253 +5%	3 684 -13%	4 789 +30%	4 397 -8%	4 255 -3%	4 431 +4%	4 067 -8%	4 545 +12%	4 836 +6%	4 565 -6%	3 170 -31%	2 896 -9%	2 331 -20%	2 595 +11%	3 030 +17%	2 725 -10%	3 714 +36%	2 034 -45%	993 -51%	934 -6%	773 -17%	1 768 +129%	2 290 +30%	3 332 +46%	3 341 +0%	3 771 +13%	2 417 -36%	1 655 -32%	2 123 +28%	1 980 -7%	3 325 +68%	2 554 -23%	2 103 -18%	2 332 +11%	2 468 +6%	2 166 -12%	1 277 -41%	1 643 +29%	(286) N/A	(762) -166%	(2 204) -189%	1 122 N/A	1 741 +55%	226 -87%	(1 762) N/A	(893) +49%	1 122 N/A	(1 886) N/A	(1 224) +35%	(519) +58%	(571) -10%	1 026 N/A	3 227 +215%	3 344 +4%	3 444 +3%	1 854 -46%	1 007 -46%	(338) N/A	(894) -164%	(961) -7%	(1 424) -48%	(921) +35%	(2 788) -203%	(1 410) +49%	(1 537) -9%	(1 554) -1%	160 N/A	230 +44%	(513) N/A	(306) +40%	(330) -8%	53 N/A	495 +834%	530 +7%	683 +29%

Income Statement Balance Sheet Cash Flow Statement

Telecom Italia SpA
MIL:TIT

Cash Flow Statement

Cash Flow Statement
Telecom Italia SpA

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Telecom Italia SpA MIL:TIT

Cash Flow Statement

Cash Flow Statement Telecom Italia SpA

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Telecom Italia SpA
MIL:TIT

Cash Flow Statement
Telecom Italia SpA