Elisa 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	342	358.4	375.2	374.1	343.6
Depreciation & Amortization	296.4	279.1	268.5	263.4	266.6
Loss (Gain) From Sale of Assets	-	-2.7	-4.2	-0.1	-1.8
Asset Writedown & Restructuring Costs	2	5.1	5.7	0.2	-
Loss (Gain) From Sale of Investments	-	-0.8	0.1	0.1	-0.1
Other Operating Activities	3.3	-3.8	-12.5	-18.4	-15.9
Change in Accounts Receivable	6.9	29.9	-2.4	-16.2	-31.7
Change in Inventory	13.2	5.5	15	-13.3	-17.6
Change in Accounts Payable	24.8	-19.8	2.4	2	52.6
Operating Cash Flow	688.6	650.9	647.8	591.8	595.7
Operating Cash Flow Growth	5.79%	0.48%	9.46%	-0.66%	-0.72%
Capital Expenditures	-279	-306.7	-304.7	-270.9	-258.8
Sale of Property, Plant & Equipment	4.6	3	4.6	0.1	0.8
Cash Acquisitions	-	-0.6	-4.1	-20.6	-5.6
Divestitures	-	0.1	3.7	-0.2	-
Investment in Securities	-14.6	-86.8	-0.3	-0.3	-10
Other Investing Activities	-	-0.1	-	-0.1	-
Investing Cash Flow	-289.1	-394.9	-300.8	-291.9	-274.1
Short-Term Debt Issued	-	323	-	124.8	-
Long-Term Debt Issued	598.8	99.8	298.2	-	100.4
Total Debt Issued	598.8	422.8	298.2	124.8	100.4
Short-Term Debt Repaid	-267	-	-90.5	-	-19.6
Long-Term Debt Repaid	-248.4	-291.7	-227.1	-125.2	-197.2
Total Debt Repaid	-515.4	-291.7	-317.6	-125.2	-216.8
Net Debt Issued (Repaid)	83.4	131.1	-19.4	-0.4	-116.4
Common Dividends Paid	-381.4	-359.8	-343.5	-328.1	-310.9
Other Financing Activities	-0.8	-0.1	-7.2	-	-0.1
Financing Cash Flow	-298.8	-228.8	-370.1	-328.5	-427.4
Foreign Exchange Rate Adjustments	-1.1	-0.8	1.1	-0.1	-0.2
Miscellaneous Cash Flow Adjustments	-	0.1	-	-	-
Net Cash Flow	99.6	26.5	-22	-28.7	-106
Free Cash Flow	409.6	344.2	343.1	320.9	336.9
Free Cash Flow Growth	19.00%	0.32%	6.92%	-4.75%	-3.96%
Free Cash Flow Margin	18.15%	15.71%	15.73%	15.07%	16.86%
Free Cash Flow Per Share	2.55	2.14	2.14	2.00	2.10
Cash Interest Paid	-	33	24	12.6	17.4
Cash Income Tax Paid	82.2	86.5	81.6	85	75.7
Levered Free Cash Flow	328.1	266.18	249.53	253.9	261.9
Unlevered Free Cash Flow	359.29	291.68	268.15	263.84	270.03
Change in Working Capital	44.9	15.6	15	-27.5	3.3

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.