Mandatum Oyj Cash Flow Statement

Financials in millions EUR. Fiscal year is January - December.

Millions EUR. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	148.9	164.9	160.7	542.6	196.3	117
Depreciation & Amortization	4.8	4.6	4.8	8.6	8.1	7.5
Gain (Loss) on Sale of Investments	-191.5	-121.4	-129.4	141.2	-292.1	-114.3
Change in Income Taxes	-28.7	-40.2	-60.4	-13.5	-66	-27.9
Change in Other Net Operating Assets	-607	-700.3	-849.7	-553.6	75.4	-321.6
Other Operating Activities	1,028	1,575	1,927	-1,153	1,769	307.9
Operating Cash Flow	104	72.1	280.2	-15.7	397.9	-283.2
Operating Cash Flow Growth	-35.24%	-74.27%	-	-	-	-
Capital Expenditures	-3.1	-2.3	-5.5	-4.2	-	-1.4
Sale of Property, Plant & Equipment	-	-	-	-	0.2	-
Cash Acquisitions	3.7	-	19.7	-7.1	-12.5	-
Investing Cash Flow	0.6	-2.3	14.2	-11.3	-12.3	-1.4
Long-Term Debt Issued	-	498.5	-	-	-	14.9
Total Debt Repaid	-262.9	-251.5	-101.6	-1.5	-1.5	-
Net Debt Issued (Repaid)	-262.7	247	-101.6	-1.5	-1.5	14.9
Issuance of Common Stock	-	-	-	-	55	-
Common Dividends Paid	-331.8	-165.6	-150	-150	-200	-
Other Financing Activities	-0.1	0.7	-29	-15	-3.4	-0.1
Financing Cash Flow	-594.6	82.1	-280.6	-166.5	-149.9	14.8
Miscellaneous Cash Flow Adjustments	0.1	0.1	-	-	-	0.1
Net Cash Flow	-489.9	152	13.8	-193.5	235.7	-269.7
Free Cash Flow	100.9	69.8	274.7	-19.9	397.9	-284.6
Free Cash Flow Growth	-34.48%	-74.59%	-	-	-	-
Free Cash Flow Margin	20.18%	11.74%	43.64%	-1.86%	12.49%	-17.11%
Free Cash Flow Per Share	0.20	0.14	0.55	-0.04	-	-
Cash Interest Paid	21.7	18.5	13.3	32.1	24.5	33.9
Cash Income Tax Paid	28.7	40.2	60.4	13.5	66	27.9
Levered Free Cash Flow	220.41	231.51	-3,380	285.63	295.48	-
Unlevered Free Cash Flow	281.48	288.26	-3,331	291.63	304.1	-
Change in Working Capital	-635.7	-740.5	-910.1	-567.1	9.4	-349.5

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