Kestrel Group Cash Flow Statement

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

Millions USD. 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	42.98	49.54	-1.29	-38.57	-60.04	26.65
Stock-Based Compensation	1.45	-	-	-	-	-
Other Adjustments	-39.98	-73.28	0.13	-12.02	-3.02	-19.86
Changes in Receivables	9.57	9.08	-	-1.88	9.78	-6.19
Changes in Reinsurance Contract Assets	5.28	2.63	-	14.09	10.82	0.59
Changes in Deferred Acquisition Costs	-	-	-	7.4	11.6	15.01
Changes in Accrued Expenses	-12.93	-18.74	-1.57	-33.13	18.22	-6.53
Changes in Unearned Premiums	-7.03	-6.52	-	-20.79	-32.66	-43.42
Changes in Claims Reserves	-71.02	-54.28	-	-4.19	-154.97	-377.71
Changes in Other Operating Activities	1.82	-1.61	1.47	29.31	4.35	17.02
Operating Cash Flow	-110.4	-96.14	-1.27	-59.78	-195.93	-394.43
Purchases of Investments	-146.31	-106.22	-	-247.84	-191.87	-367.29
Proceeds from Sale of Investments	234.64	150.94	-	306.45	378.02	830.96
Proceeds from Business Divestments	39.9	79.81	-	-	2.73	0.42
Other Investing Activities	25.13	22.41	-	-0.1	-0.09	-0.03
Investing Cash Flow	199.94	146.95	-	58.51	188.79	464.06
Long-Term Debt Repaid	-	-	-	-0.1	-	-
Net Long-Term Debt Issued (Repaid)	-	-	-	-0.1	-	-
Repurchase of Common Stock	-0.49	-	-	-2.92	-1.01	-2.48
Net Common Stock Issued (Repurchased)	-0.49	-	-	-2.92	-1.01	-2.48
Repurchase of Preferred Stock	-	-	-	-	-9.98	-136.26
Net Preferred Stock Issued (Repurchased)	-	-	-	-	-9.98	-136.26
Common Dividends Paid	-20	-40	-	-	-	-
Other Financing Activities	-	-	-	-	0.01	-0.17
Financing Cash Flow	-40.49	-40	-	-3.02	-10.98	-138.9
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-0.16	0.39	-	0.34	-1.34	-0.47
Net Cash Flow	48.9	11.2	-1.27	-3.95	-19.46	-69.74
Free Cash Flow	-110.4	-96.14	-1.27	-59.78	-195.93	-394.43
FCF Margin	-254.37%	-282.36%	-32.93%	-1590.36%	-337.04%	-399.54%
Free Cash Flow Per Share	-15.84	-16.77	-0.46	-13.72	-44.98	-91.65
Levered Free Cash Flow	26.84	22.51	-1.4	0.55	67.77	100.32
Unlevered Free Cash Flow	-24.99	-31.36	-1.4	0.64	-36.53	13.2

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