Kesko 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	404.2	379.1	495.6	609.9	571.8
Depreciation & Amortization	584.6	582.9	537.2	488.7	480.1
Loss (Gain) From Sale of Assets	-	-7.9	3.9	3.9	3.5
Asset Writedown & Restructuring Costs	-	40.5	-	2.4	7
Loss (Gain) From Sale of Investments	-	-	-	3.7	1.9
Loss (Gain) on Equity Investments	-	-24.7	-21	-24.1	-34.1
Stock-Based Compensation	-	2.6	-2.3	-9.2	-10.6
Other Operating Activities	11.4	4.1	40.5	5.2	46.5
Change in Accounts Receivable	-17.7	43.8	69.3	-107.2	-146.8
Change in Inventory	-36.3	25.5	58.3	-225.8	-53.2
Change in Other Net Operating Assets	-66.5	-44.8	-137.1	163.7	283.7
Operating Cash Flow	879.7	1,008	1,050	915.2	1,152
Operating Cash Flow Growth	-12.75%	-3.94%	14.67%	-20.56%	-0.03%
Capital Expenditures	-334.4	-491.4	-539.2	-352.4	-239.4
Sale of Property, Plant & Equipment	102.4	45	24.8	14	13.3
Cash Acquisitions	-185.8	-151.6	-140.1	-45.3	-13.2
Divestitures	-	-	9.9	2.2	2.8
Sale (Purchase) of Intangibles	-22.8	-	-	-	-
Investment in Securities	-177.8	-0.1	0.1	0.4	-55.9
Other Investing Activities	76.6	0.1	-	-	0.1
Investing Cash Flow	-541.8	-597.5	-590.2	-344.3	-292.3
Long-Term Debt Issued	63.1	534	283.4	132.6	-
Long-Term Debt Repaid	-358.5	-370.9	-354.3	-332.7	-546.6
Net Debt Issued (Repaid)	-295.4	163.1	-70.9	-200.1	-546.6
Issuance of Common Stock	15.5	-	-	-	-
Common Dividends Paid	-370.2	-320.3	-430.3	-406.7	-297.8
Other Financing Activities	5.4	7.4	9	2.1	10
Financing Cash Flow	-644.7	-149.8	-492.2	-604.7	-834.4
Foreign Exchange Rate Adjustments	-	0.3	-0.7	-0.5	0.2
Miscellaneous Cash Flow Adjustments	-0.1	-	-	-	-
Net Cash Flow	-306.9	261.2	-33.6	-34.3	25.5
Free Cash Flow	545.3	516.8	510.3	562.8	912.6
Free Cash Flow Growth	5.51%	1.27%	-9.33%	-38.33%	-3.79%
Free Cash Flow Margin	4.37%	4.34%	4.33%	4.77%	8.08%
Free Cash Flow Per Share	1.37	1.30	1.28	1.42	2.30
Cash Interest Paid	-	124.2	98.3	73.8	78.3
Cash Income Tax Paid	-	120.2	108.3	174.7	137.2
Levered Free Cash Flow	386.71	498.74	355.78	364.43	737.96
Unlevered Free Cash Flow	473.59	578.55	417.21	409.68	785.53
Change in Working Capital	-120.5	24.5	-9.5	-169.3	83.7

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