Ascendis Pharma 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	Jan '23 Jan 1, 2023	Dec '21 Dec 31, 2021
Net Income	-228.03	-378.08	-481.45	-583.19	-383.58
Depreciation & Amortization	17.21	17.25	18.43	17.51	14.95
Other Amortization	0.49	0.47	0.48	0.44	0.45
Loss (Gain) From Sale of Assets	-	-0.09	0.01	0.02	-
Asset Writedown & Restructuring Costs	5.28	-	7.83	-	-
Loss (Gain) on Equity Investments	-16.31	20.06	18.4	17.7	-12.04
Stock-Based Compensation	116.17	95.51	66.66	64.18	66.83
Other Operating Activities	88.13	45.85	2.07	0.11	-56.53
Change in Accounts Receivable	15.59	-118.61	-32.77	-11.53	-6.66
Change in Inventory	-5.92	-86.68	-78.26	-55.27	-75.41
Change in Accounts Payable	-10.37	26.97	3.55	45.94	39.19
Change in Unearned Revenue	0.13	-1.2	-7.08	8.65	5.2
Change in Other Net Operating Assets	71.53	72.36	14.77	-0.26	-10.05
Operating Cash Flow	53.9	-306.2	-467.36	-495.7	-417.65
Capital Expenditures	-8.49	-1.43	-2.44	-14.49	-23.7
Sale of Property, Plant & Equipment	-	0.95	0.05	-	-
Sale (Purchase) of Intangibles	-	-	-	-	-0.53
Investment in Securities	-	7.35	288.87	66.69	-86.35
Other Investing Activities	-	-	-	9.54	-
Investing Cash Flow	-8.49	6.88	286.47	61.73	-110.58
Long-Term Debt Issued	-	134.16	136.26	503.28	-
Long-Term Debt Repaid	-21.96	-11.37	-10.44	-6.36	-6.43
Net Debt Issued (Repaid)	-21.96	122.79	125.82	496.93	-6.43
Issuance of Common Stock	87.08	340.43	10.29	5.15	379.42
Repurchase of Common Stock	-28.79	-	-1.81	-105.31	-21.61
Other Financing Activities	-	-19.29	-	-	-
Financing Cash Flow	36.33	443.93	134.29	396.77	351.39
Foreign Exchange Rate Adjustments	-25.24	22.77	-6.01	35.69	38.59
Net Cash Flow	56.5	167.38	-52.6	-1.5	-138.25
Free Cash Flow	45.41	-307.62	-469.8	-510.19	-441.35
Free Cash Flow Margin	6.31%	-84.60%	-176.14%	-996.97%	-5674.38%
Free Cash Flow Per Share	0.75	-5.31	-8.35	-9.10	-8.06
Cash Interest Paid	22.94	15.21	15.67	9.29	1.84
Cash Income Tax Paid	6.68	5.51	4.47	0	-0.15
Levered Free Cash Flow	164.71	-200.32	-332.95	-156.42	-281.9
Unlevered Free Cash Flow	215.12	-159.38	-305.41	-137.24	-279.45
Change in Working Capital	70.96	-107.16	-99.79	-12.47	-47.72

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