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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	94.2	182.1	202.9	210.4	681.4	247.1
Depreciation & Amortization	4.6	4.7	4.6	4.8	8.6	8.1
Other Adjustments	525	464	605.3	975.2	-138.6	133.3
Changes in Accrued Expenses	-26.8	-27.8	-18.5	-13.3	-32.1	-24.5
Changes in Income Taxes Payable	-37.8	-43.2	-40.2	-60.4	-13.5	-66
Changes in Other Operating Activities	-171.6	-452.7	-681.7	-836.4	-521.5	99.9
Operating Cash Flow	387.6	126.9	72.2	280.2	-15.7	397.9
Operating Cash Flow Growth	253.97%	75.76%	-74.23%	-	-	-
Capital Expenditures	-4	-3.1	-2.3	-5.5	-4.2	0.2
Payments for Business Acquisitions	-	-	-	-	-7.1	-12.5
Other Investing Activities	-	18.5	-	19.7	-	-
Investing Cash Flow	14.4	15.3	-2.3	14.2	-11.3	12.3
Long-Term Debt Issued	-	-	498.4	-	0	0
Long-Term Debt Repaid	-200	-11.2	-249.8	-100	-	-
Net Long-Term Debt Issued (Repaid)	-200	-11.2	248.6	-100	0	0
Issuance of Common Stock	-	-	3.2	-	-	55
Net Common Stock Issued (Repurchased)	-	-	3.2	-	-	55
Common Dividends Paid	-	-331.8	-165.6	-150	-150	-200
Other Financing Activities	-2.2	-2	-4.2	-30.6	-16.5	-4.9
Financing Cash Flow	-545.1	-345.1	82	-280.6	-166.5	-149.9
Net Cash Flow	-143.1	-202.8	152	13.8	-193.5	235.7
Free Cash Flow	383.6	123.8	69.9	274.7	-19.9	398.1
Free Cash Flow Growth	209.85%	77.11%	-74.55%	-	-	-
FCF Margin	101.24%	25.63%	13.38%	49.92%	-1.85%	12.46%
Free Cash Flow Per Share	0.78	0.25	0.14	0.55	-0.04	-
Levered Free Cash Flow	-342.4	-377.3	-324.6	-850.1	-20.1	213.9
Unlevered Free Cash Flow	-119.84	-345.63	-558.9	-740.08	-12.64	224.38