CASHFLOW STATEMENT (in thousands of euro) 31/12/2025 31/12/2024 Pre-tax profit/loss 61,312 74,113 Net depreciation, amortisation and impairment charges on tangible and intangible fixed assets 7,621 6,656 Impairment of goodwill and other non-current assets 0 0 Net allocations to impairment and provisions 3,305 2,355 Share of profit from equity-accounted companies 0 0 Net result from investing activities 87 -43 Net cash flow from financing activities 177 90 Other movements 2,710 1,176 Total non-monetary items included in net income before tax and other adjustments 13,900 10,231 Cash flows related to transactions with credit institutions -214,201 895,596 Cash flows related to transactions with customers 299,598 -988,869 Cash flows related to other transactions affecting financial assets or liabilities -121,578 -265,204 Cash flows related to transactions affecting non-financial assets or liabilities -20,435 28,152 Dividends received from companies accounted for by the equity method 0 0 Taxes paid -13,389 -15,626 Net change in assets and liabilities from operating activities -70,005 -345,951 Cash flows from discontinued operations 0 0 Total net cash flow from operating activities (A) 5,207 -261,607 Cash flows related to equity investments 0 0 Cash flows related to property, plant and equipment and intangible assets -12,365 -6,610 Cash flows from discontinued operations 0 0 Total net cash flow from investing activities (B) -12,365 -6,610 Cash flows arising from transactions with shareholders -44,694 -45,841 Other net cash flows from financing activities -1,395 -2,553 Cash flows from discontinued operations 0 0 Total Net cash flows related to finance transactions (C) -46,089 -48,394 Impact of foreign exchange rate changes on cash and cash equivalents (D) NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (A + B + C + D) -53,247 -316,608 Opening cash and cash equivalents 834,307 1,150,915 Net balance of cash accounts and accounts with central banks * 515,665 766,439 Net balance of accounts, demand loans/borrowings with credit institutions ** 318,642 384,476 Closing cash and cash equivalents 781,060 834,307 Net balance of cash accounts and accounts with central banks * 308,069 515,665 Net balance of accounts, demand loans/borrowings with credit institutions ** 472,991 318,642 CHANGE IN NET CASH AND CASH EQUIVALENTS -53,247 -316,608 * Consisting of the net balance for “Cash & central banks”, excluding accrued interest and including cash flow from entities reclassified under discontinued operations. ** Consisting of the balance of “Non-doubtful current accounts in debit” and “Non-doubtful overnight accounts and advances” as detailed in Note 6.5 and of “Current accounts in credit” and “Overnight accounts and deposits” as detailed in Note 6.7 (excluding accrued interest); Annual Report 2025 77
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