UPM-Kymmene Oyj 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
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
Net Income	480	436	388	1,526	1,286
Depreciation & Amortization	535	1,108	535	455	445
Other Amortization	-	26	25	17	18
Loss (Gain) From Sale of Assets	-57	104	-2	-35	-146
Asset Writedown & Restructuring Costs	-85	-75	203	-	-59
Loss (Gain) on Equity Investments	-	-1	1	-4	-2
Other Operating Activities	141	-166	702	-764	-177
Change in Accounts Receivable	-	-81	854	-400	-445
Change in Inventory	-	-94	293	-665	-271
Change in Other Net Operating Assets	391	95	-730	378	601
Operating Cash Flow	1,405	1,352	2,269	508	1,250
Operating Cash Flow Growth	3.92%	-40.41%	346.65%	-59.36%	24.38%
Capital Expenditures	-428	-596	-1,080	-1,477	-1,521
Sale of Property, Plant & Equipment	104	29	17	48	23
Cash Acquisitions	-124	-28	-20	-138	-
Divestitures	-	16	1	15	157
Investment in Securities	-	6	1	13	1
Other Investing Activities	20	-13	5	-46	17
Investing Cash Flow	-428	-586	-1,076	-1,585	-1,323
Short-Term Debt Issued	32	-	-	439	-
Long-Term Debt Issued	65	600	100	4,402	600
Total Debt Issued	97	600	100	4,841	600
Short-Term Debt Repaid	-	-182	-260	-	-
Long-Term Debt Repaid	-260	-128	-1,605	-2,641	-100
Total Debt Repaid	-260	-310	-1,865	-2,641	-100
Net Debt Issued (Repaid)	-163	290	-1,765	2,200	500
Repurchase of Common Stock	-160	-	-	-	-
Common Dividends Paid	-792	-801	-799	-693	-693
Other Financing Activities	-20	-33	-9	180	-1
Financing Cash Flow	-1,135	-544	-2,573	1,687	-194
Foreign Exchange Rate Adjustments	-19	-2	-16	-3	8
Miscellaneous Cash Flow Adjustments	-	40	-39	-	-1
Net Cash Flow	-177	260	-1,435	607	-260
Free Cash Flow	977	756	1,189	-969	-271
Free Cash Flow Growth	29.23%	-36.42%	-	-	-
Free Cash Flow Margin	10.12%	7.31%	11.37%	-8.27%	-2.76%
Free Cash Flow Per Share	1.85	1.42	2.23	-1.82	-0.51
Cash Interest Paid	126	133	116	43	26
Cash Income Tax Paid	96	144	181	315	276
Levered Free Cash Flow	989	1,042	434.75	-630.75	-201.63
Unlevered Free Cash Flow	1,053	1,111	489.13	-591.38	-172.25
Change in Working Capital	391	-80	417	-687	-115

Source: S&P Global Market Intelligence. Standard template. Financial Sources.