Metsä Board 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	-156.6	25.3	94.8	409.9	292.1
Depreciation & Amortization	130.6	106	93.8	83	85.6
Loss (Gain) From Sale of Assets	-9.7	-33.1	-59.1	-59.5	-28.2
Asset Writedown & Restructuring Costs	35	7.6	-	0.1	4.6
Loss (Gain) on Equity Investments	37.4	8.8	-24.2	-163.1	-114.4
Other Operating Activities	-28.3	19.5	131.7	112.9	40.4
Change in Accounts Receivable	37.7	-24	103	-27.6	-53.9
Change in Inventory	93.9	-76.1	109.5	-128.8	-19.3
Change in Accounts Payable	99.6	3.8	-106.7	5.1	122.7
Operating Cash Flow	239.6	37.8	342.8	232	329.6
Operating Cash Flow Growth	533.86%	-88.97%	47.76%	-29.61%	7.12%
Capital Expenditures	-136	-164	-218.4	-274.2	-213.7
Sale of Property, Plant & Equipment	11.5	35	58.9	41.1	30.4
Cash Acquisitions	-	-	-	-13.6	-
Divestitures	-	-0.5	-	24.5	-
Investment in Securities	0.2	0.5	-	16.9	0.2
Other Investing Activities	2.6	-0.9	-0.2	-	0.1
Investing Cash Flow	-121.7	-129.9	-159.7	-205.3	-183
Short-Term Debt Issued	-	95.8	-	-	-
Long-Term Debt Issued	198.4	-	4.7	63.3	-
Total Debt Issued	198.4	95.8	4.7	63.3	-
Short-Term Debt Repaid	-47.6	-	-0.4	-0.5	-0.4
Long-Term Debt Repaid	-123.3	-21.8	-18.9	-81	-7.6
Total Debt Repaid	-170.9	-21.8	-19.3	-81.5	-8
Net Debt Issued (Repaid)	27.5	74	-14.6	-18.2	-8
Repurchase of Common Stock	-	-	-	-7.8	-
Common Dividends Paid	-24.9	-88.8	-206.8	-146.3	-92.4
Other Financing Activities	0.1	-	-22.9	-10.8	261.1
Financing Cash Flow	2.7	-14.8	-244.3	-183.1	160.7
Foreign Exchange Rate Adjustments	6.2	-2.1	-3.5	-11.6	3
Miscellaneous Cash Flow Adjustments	-	-	-	-0.1	-
Net Cash Flow	126.8	-109	-64.7	-168.1	310.3
Free Cash Flow	103.6	-126.2	124.4	-42.2	115.9
Free Cash Flow Growth	-	-	-	-	-24.50%
Free Cash Flow Margin	5.80%	-6.49%	6.39%	-1.70%	5.55%
Free Cash Flow Per Share	0.29	-0.36	0.35	-0.12	0.33
Cash Interest Paid	17.2	16.5	11.1	3.6	11.2
Cash Income Tax Paid	0.2	17.2	-24.1	66.5	31.1
Levered Free Cash Flow	157.98	-107.96	27.25	-181.69	97.31
Unlevered Free Cash Flow	170.54	-98.15	34.75	-179.32	101.62
Change in Working Capital	231.2	-96.3	105.8	-151.3	49.5

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