ALK-Abelló Cash Flow Statement

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

Millions DKK. 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	1,197	815	486	335	219
Depreciation & Amortization	284	234	214	208	197
Other Amortization	34	32	30	28	25
Loss (Gain) From Sale of Assets	-	-	-	-	33
Asset Writedown & Restructuring Costs	10	6	1	2	20
Stock-Based Compensation	45	51	30	27	36
Other Operating Activities	396	226	109	51	-34
Change in Accounts Receivable	-389	78	-69	-172	-5
Change in Inventory	-126	-272	-132	-74	-84
Change in Accounts Payable	366	43	-2	11	61
Operating Cash Flow	1,817	1,213	667	416	468
Operating Cash Flow Growth	49.79%	81.86%	60.34%	-11.11%	55.48%
Capital Expenditures	-276	-260	-310	-298	-218
Cash Acquisitions	-10	-115	-	-	-
Sale (Purchase) of Intangibles	-84	-1,043	-69	-55	-45
Investment in Securities	-15	1	4	2	-3
Investing Cash Flow	-385	-1,417	-375	-351	-266
Long-Term Debt Issued	-	671	671	60	226
Long-Term Debt Repaid	-734	-329	-682	-133	-496
Net Debt Issued (Repaid)	-734	342	-11	-73	-270
Issuance of Common Stock	-	6	-	42	31
Other Financing Activities	-26	-38	-20	-11	-72
Financing Cash Flow	-760	310	-31	-42	-311
Foreign Exchange Rate Adjustments	-21	9	-8	4	5
Net Cash Flow	651	115	253	27	-104
Free Cash Flow	1,541	953	357	118	250
Free Cash Flow Growth	61.70%	166.95%	202.54%	-52.80%	138.09%
Free Cash Flow Margin	24.41%	17.21%	7.40%	2.62%	6.38%
Free Cash Flow Per Share	6.95	4.30	1.61	0.53	1.13
Cash Interest Paid	51	13	23	14	23
Cash Income Tax Paid	81	95	60	78	100
Levered Free Cash Flow	527.63	-328.25	84.13	3	132.38
Unlevered Free Cash Flow	547	-287.63	97.88	18	146.75
Change in Working Capital	-149	-151	-203	-235	-28

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.