Mandatum 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	156	164.9	160.7	542.6	196.3
Depreciation & Amortization	4.7	4.6	4.8	8.6	8.1
Gain (Loss) on Sale of Investments	-277.7	-121.4	-129.4	141.2	-292.1
Change in Income Taxes	-	-40.2	-60.4	-13.5	-66
Change in Other Net Operating Assets	-452.7	-700.3	-849.7	-553.6	75.4
Other Operating Activities	943.7	1,575	1,927	-1,153	1,769
Operating Cash Flow	126.9	72.1	280.2	-15.7	397.9
Operating Cash Flow Growth	76.01%	-74.27%	-	-	-
Capital Expenditures	-3.1	-2.3	-5.5	-4.2	-
Sale of Property, Plant & Equipment	-	-	-	-	0.2
Cash Acquisitions	18.5	-	19.7	-7.1	-12.5
Other Investing Activities	-0.1	-	-	-	-
Investing Cash Flow	15.3	-2.3	14.2	-11.3	-12.3
Long-Term Debt Issued	-	498.5	-	-	-
Total Debt Repaid	-13.4	-251.5	-101.6	-1.5	-1.5
Net Debt Issued (Repaid)	-13.4	247	-101.6	-1.5	-1.5
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
Financing Cash Flow	-345.1	82.1	-280.6	-166.5	-149.9
Miscellaneous Cash Flow Adjustments	0.1	0.1	-	-	-
Net Cash Flow	-202.8	152	13.8	-193.5	235.7
Free Cash Flow	123.8	69.8	274.7	-19.9	397.9
Free Cash Flow Growth	77.36%	-74.59%	-	-	-
Free Cash Flow Margin	23.32%	11.74%	43.64%	-1.86%	12.49%
Free Cash Flow Per Share	0.25	0.14	0.55	-0.04	-
Cash Interest Paid	27.8	18.5	13.3	32.1	24.5
Cash Income Tax Paid	43.2	40.2	60.4	13.5	66
Levered Free Cash Flow	379.91	231.51	-3,380	285.63	295.48
Unlevered Free Cash Flow	425.1	288.26	-3,331	291.63	304.1
Change in Working Capital	-452.7	-740.5	-910.1	-567.1	9.4

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