MilDef Group AB Cash Flow Statement

Financials in millions SEK. Fiscal year is January - December.

Millions SEK. 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	218.9	147.7	-220.3	69	14.2	-0.7
Depreciation & Amortization	117.5	102.4	97.8	40.3	23.5	19.5
Other Amortization	8.6	8.6	64.2	19.6	7.3	4.2
Loss (Gain) From Sale of Assets	1	1	-5.9	-2.3	-	-
Asset Writedown & Restructuring Costs	-	-	141.4	-	-	-0.1
Other Operating Activities	64	20	58.7	18	1.6	-13.4
Change in Accounts Receivable	-169.7	-169.7	-10.1	-62.1	-59.2	6.1
Change in Inventory	-107.4	-107.4	-0.1	-55.8	-98.2	-28.6
Change in Other Net Operating Assets	107.2	-5.6	18.7	27.8	34	-42.5
Operating Cash Flow	240.1	-3	144.4	54.5	-76.8	-55.5
Operating Cash Flow Growth	378.29%	-	164.95%	-	-	-
Capital Expenditures	-37.2	-28.6	-10.7	-13.9	-4.8	-10.8
Cash Acquisitions	-37.8	-701	-12.8	-23.1	-303.1	-171.2
Sale (Purchase) of Intangibles	-2	-2	-9.8	-31.9	-13.2	-5.6
Other Investing Activities	0.1	0.1	-	-	-0.2	0.4
Investing Cash Flow	-76.9	-731.5	-33.3	-68.9	-321.3	-187.2
Long-Term Debt Issued	-	474.2	-	89.9	200	30
Total Debt Issued	38.9	474.2	-	89.9	200	30
Long-Term Debt Repaid	-	-94	-140	-51.4	-30.2	-39
Total Debt Repaid	-143.2	-94	-140	-51.4	-30.2	-39
Net Debt Issued (Repaid)	-104.3	380.2	-140	38.5	169.8	-9
Issuance of Common Stock	3.1	6.6	495	-	143.2	389.3
Repurchase of Common Stock	-3.8	-3.8	-	-	-	-
Common Dividends Paid	-23.5	-23.5	-19.9	-	-27.3	-17.4
Other Financing Activities	0.1	0.2	-	-	-	-
Financing Cash Flow	-128.4	359.7	335.1	38.5	285.7	362.9
Foreign Exchange Rate Adjustments	-1.4	-7	2.7	-2.6	3.1	2.1
Miscellaneous Cash Flow Adjustments	0.1	-	-	0.1	-	0.1
Net Cash Flow	33.5	-381.8	448.9	21.6	-109.3	122.4
Free Cash Flow	202.9	-31.6	133.7	40.6	-81.6	-66.3
Free Cash Flow Growth	451.36%	-	229.31%	-	-	-
Free Cash Flow Margin	8.41%	-1.54%	11.13%	3.53%	-11.04%	-14.12%
Free Cash Flow Per Share	4.31	-0.67	3.29	1.01	-2.16	-2.53
Cash Interest Paid	54	54	37.2	35.6	7.2	5.2
Cash Income Tax Paid	11.6	13.9	22.1	12.6	7.6	8.2
Levered Free Cash Flow	159.45	-170.95	272.5	-17.74	-130.95	-73.33
Unlevered Free Cash Flow	182.58	-147.64	287.81	-0.11	-126.08	-70.33
Change in Working Capital	-169.9	-282.7	8.5	-90.1	-123.4	-65

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